Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Daewoo E&C gears up for global expansion
South Korean builder Daewoo E&C is accelerating its overseas operations, gearing up to become a top global developer. To support Daewoo E&C's efforts, Jungheung Group Vice Chairman Jung Won-ju, along with a business delegation, met with newly elected Philippines President Ferdinand Marcos Jr. earlier this month to discuss potential roles the construction company could play in developing the island nation’s infrastructure and real estate. Jungheung Group is the largest shareholder of Daewo
Aug. 30, 2022
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LIG donates W200m for flood relief
South Korean conglomerate LIG Group said Tuesday that it has delivered a 200 million won ($148,228) relief package to the Hope Bridge Korea Disaster Relief Association to aid flood victims. South Korea recently sustained heavy damages from torrential downpours in early August, leaving over 15,600 residential and retail properties flooded and 1,774 hectares of agricultural lands damaged. Twenty people were reported dead or missing, with over 7,850 people being displaced, according to the Central
Aug. 30, 2022
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Industry ministry seeks W10.7t in 2023 budget for chip, nuclear sectors
The industry ministry said Tuesday it has requested 10.74 trillion won ($7.95 billion) in its budget for next year to spur semiconductors, nuclear energy and other advanced industry sectors, and to strengthen supply chains. The budget for 2023 marked a 3.7 percent drop from this year's 11.16 trillion won, as the ministry has been focusing on the development of key future strategic technologies while ensuring financial soundness, according to the Ministry of Trade, Industry and Energy. The p
Aug. 30, 2022
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Minister says inflation law ‘highly likely’ to violate FTA
South Korean Minister of Trade Industry and Energy Lee Chang-yang said Monday the US Inflation Reduction Act that bans tax benefits for electric vehicles built outside of North America is highly likely to breach the US-Korea FTA and WTO rules. Asked whether the act violated the US-Korea FTA or WTO rules during a parliamentary committee meeting on trade and industry, Lee said, “It is highly likely to be violating those rules and we will bring a complaint at the WTO if necessary.” T
Aug. 29, 2022
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Hanwha chief’s eldest son nominated as vice chairman
Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-youn, has been tentatively promoted to the group’s vice chairman as he is expected to take on a bigger role in the group’s management, Hanwha Group said Monday. The decision came about a year after the 38-year-old became the CEO of Hanwha Solutions, the group’s company with business areas in multinational energy services, petrochemical and real estate in September 2021. According to the announcement, Kim has a
Aug. 29, 2022
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Execs paid over W500m up 13% in H1
Data from market intelligence firm FnGuide showed Monday that 885 officials at companies listed on the Korean stock market were paid 500 million won ($370,000) or higher in the first half of this year, up 13.3 percent from 781 people in the same period last year. According to FnGuide’s data, the total amount of the officials’ remuneration logged 1.23 trillion won, a 5.2 percent increase on year. About 57.1 percent of the officials were paid between 500 million won and 1 billion won
Aug. 29, 2022
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‘An alien working at Samsung,' S. Korean tech giant unveils new avatar
Samsung Electronics revealed Monday a teaser which featured its new virtual alien avatar named G-Nusmas. According to Samsung’s video posted online, the small blue extraterrestrial invader, originally from a planet called Nowus-129, accidentally arrived on Earth through a crash landing. The alien’s name is Samsung spelt backwards, while the name of its home planet is a whimsical wordplay on the address of the company’s headquarters. The alien’s full background story wi
Aug. 29, 2022
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Hyundai Rotem wins W499b K2 tank deal in Poland
Hyundai Rotem Co., South Korea's sole tank manufacturer, said Monday it has signed a 499 billion won ($372 million) K2 tank deal in Poland. Hyundai Rotem signed the deal with Poland's state defense procurement agency to build 180 K2 tanks for the Polish military by December 2027, the company said in a statement. "The planned shipment of K2 tanks will be the first of its kind for South Korea and it will help the country emerge as a major player in the defense industry market (in the long ter
Aug. 29, 2022
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S. Korean firms pressured by global buyers to use renewable energy
Amid the importance of renewable electricity highlighted in global supply chains, 28.8 percent of large South Korean manufacturers are facing pressure from global buyers to use renewable energy in the production process, a survey from the Korea Chamber of Commerce and Industry showed Sunday. Regarding the requested timeline by the global buyers, the survey showed that 33.3 percent of South Korean manufacturers were asked to use renewable energy by 2025 while 9.5 percent of foreign companies de
Aug. 28, 2022
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Brand-name apartment builders lose face over flood damage
South Korea’s largest builders have lost face after Seoul’s worst storm in a century earlier this month caused flood damage at luxury apartments and exposed other construction mishaps at residential buildings. The record-breaking torrential rain on the night of Aug. 8 flooded the basement parking lots of several large apartment complexes in southern Seoul and Seongnam, a city just southeast of Seoul, not to mention hundreds of smaller dwellings, farms, barns and shops across s
Aug. 28, 2022
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Samsung heir opens up about his first vacation with mom
Samsung Electronics Vice Chairman Lee Jae-yong revealed that he recently went on a summer vacation with his mother for the first time in his life, local reports said Friday. The notoriously private Samsung heir told his employees that his six-day trip with his mother involved watching a lot of TV shows. The 54-year-old added that he watched dramas she recommended and once stayed in for the entire day. Lee was responding to questions from millennial and Generation Z staffers working at Samsun
Aug. 26, 2022
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Korea kick-starts bid to host Busan Expo 2030
SEJONG -- South Korea on Friday finalized its bid to host the World Expo 2030 in its second-largest city of Busan, and announced it would send in the formal bid to the Bureau International des Expositions on Sept. 7. The bidding committee, led by the co-chairs Prime Minister Han Duck-soo and Korea Chamber of Commerce and Industry chairman Chey Tae-won, hammered out the last details of the bidding plan at a meeting in Seoul, according to the Ministry of Trade, Industry and Energy. A task force
Aug. 26, 2022
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AMCHAM forum urges sustainable regulation for Korea‘s digital growth
While touting South Korea’s unrivaled position as a digital hub in the Asia-Pacific region, foreign executives and experts called for a need to create sustainable regulatory environment to foster the country‘s digital prowess at a forum hosted by the American Chamber of Commerce on Friday. “Korea is a optimal place for digital transformation, and will rise as a regional digital hub for Asia Pacific,“ said James Kim AMCHAM Chairman & CEO, at the Digital Innovation For
Aug. 26, 2022
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Busan city hosts Global Healthcare Week to promote health industry
A global healthcare exhibition kicked off in Busan on Thursday to test the southeastern port city’s potential of becoming a healthcare hub in Northeast Asia, organizers said. The three-day 2022 Global Healthcare Week, which is taking place at BEXCO, brings experts, companies and hospitals specializing in senior care, beauty, bio, food and fitness together to provide the latest information, products and services on how to live well and happy, they said. A total of 145 organizations are par
Aug. 26, 2022
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Construction of Posco’s recycling plant in Poland completed
South Korean steelmaker Posco Holdings said Friday that it has completed construction of a used secondary battery recycling plant in Poland, which will serve as a base for Posco to expand its eco-friendly business to around the world. The Poland Legnica Sourcing Center (PLSC), located in Brzeg Dolny, some 30 kilometers northwest of Warsaw, can annually process 7,000 tons of used batteries and scraps of waste left after battery production. Used batteries shredded to a powdery black mass at the
Aug. 26, 2022
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Samsung SDI chief meets with Indiana state over EV battery JV
South Korean battery maker Samsung SDI Co. said Friday its management has met with a group of government officials from the U.S. state of Indiana in Seoul and discussed the ongoing battery joint venture with Stellantis N.V. Choi Yoon-ho, CEO of Samsung SDI, met with Indiana Gov. Eric Holcomb and Bradley Chambers, the secretary of commerce for the state of Indiana, during the delegation's visit to Samsung SDI's production site in Cheonan, about 90 kilometers south of Seoul, on Thursday,
Aug. 26, 2022
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Female bank worker forced to cook, wash dishes at work
A bank employee in Namwon, North Jeolla Province, was forced to cook, wash dishes and clean clothes at her workplace over the last two years, a civic group said while filing the case to anti-corruption and labor dispute agencies. According to Gapjil 119, a civic group that campaigns against workplace abuses, one of the female employees working at MG Community Credit Cooperatives said she had to cook rice at 11 a.m. and report to her branch manager how well the rice was done. She also claims sh
Aug. 25, 2022
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Kyobo Life builds Korean language school in Indonesia
Kyobo Life Insurance Co., a South Korean life insurer, said on Thursday it has established the Cia-Cia Hangeul School on Buton Island, Indonesia, in partnership with the Korea Cia-Cia Cultural Exchange Association. The Cia-Cia are one of Indonesia’s 350 minorities who in 2009 officially chose to use the Korean alphabet, Hangeul, to preserve its fading language. The Cia-Cia local language, also known as Butonese, does not have its own writing system. They use Hangeul to mimic the pronuncia
Aug. 25, 2022
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Hyundai Rotem wins W755.7b train car order in Egypt
Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Thursday it has received a 755.7 billion-won (US$560 million) order for subway train cars in Egypt. Under the deal signed with Egypt's National Authority for Tunnels (NAT), Hyundai Rotem will supply subway train cars for the No. 2 and No. 3 subway lines in Cairo by 2028, the company said in a statement. Hyundai Rotem is an affiliate of Hyundai Motor Group, which has Hyundai Motor Co. and Kia Corp. under its win
Aug. 25, 2022
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Oriental Brewery VP shares how beer company could go green
South Korea’s largest beer maker Oriental Brewery introduced its climate change-tackling technology at the Conference of Global Climate Action Fund, according to the company on Wednesday. The conference, initiated for the first time and scheduled to be held from Monday to Friday, was co-hosted by the W Foundation and United Nations Climate Change Convention. It was designed to support private sector efforts to achieve carbon neutrality. At the conference, Nataly Borges, vice president o
Aug. 24, 2022