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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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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Asiana to expand flights to Europe amid eased virus curbs
Asiana Airlines Inc., South Korea's second-biggest carrier, said Monday it will expand flights on its European routes later this month as eased virus restrictions unleash pent-up demand. Asiana Airlines will increase flights on the routes from Incheon to Frankfurt and London beginning May 28 and May 30, respectively, the company said in a statement. The carrier will resume the routes from Incheon to Paris and Rome on June 18 and June 22, respectively, while planning to resume flights on routes f
May 9, 2022
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[From the Scene] Recycling used EV batteries for Jeju carbon neutrality
SEOGWIPO, Jeju Island -- For Jeju, the goal of achieving carbon neutrality will not be achieved only through promoting electric vehicles, solar and wind energy, but also from recycling used batteries. The EV Battery Industrialization Center of Jeju Technopark is on a mission to extend the resort island‘s green efforts by collecting used EV batteries and reusing them. The agency is the only public entity, funded by both the local and central government, in South Korea seeking ways to make t
May 8, 2022
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Hyundai Motor opens future mobility studio in Montana
Hyundai Motor Group said Friday its future mobility unit, called Hyundai New Horizons Studio, has opened a new research center in Bozeman, Montana. With about 25 billion won ($20 million) being invested, the center will serve as the unit’s headquarters and oversee the development of “Ultimate Mobility Vehicles” or UMV for the South Korean auto giant’s futuristic push. Hyundai New Horizons Studio, established in September 2020, aims to redefine transportatio
May 6, 2022
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SKT, SK Square invest W50b in metaverse game maker
SK Group’s telecom carrier SK Telecom and investment unit SK Square are investing 50 billion won ($39 million) in game maker Haegin to strengthen its competitiveness in the AI and metaverse service, companies said Friday. With each contributing 25 billion won, the two ICT subsidiaries of SK Group will step up as the third largest shareholder of Haegin. Haegin, a games company established in 2017 by Lee Young-il, has launched four games globally such as Play Together, a Korea
May 6, 2022
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SK shieldus scraps IPO plans on poor market sentiment
South Korean cybersecurity service provider SK shieldus Co. withdrew its plans for an initial public offering (IPO) Friday, citing lackluster investor confidence. SK shieldus, the cybersecurity arm of South Korean telecom giant SK Telecom Co., said it had submitted a delisting notice to the Financial Supervisory Service the same day, about a month after reporting an IPO plan in late March. The decision came as the company received lackluster response from domestic and foreign institutional inv
May 6, 2022
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Legoland opens after decade of delays
A Legoland theme park opened to the public on Children’s Day, Thursday, in Chuncheon, Gangwon Province, 11 years after the deal was signed between the local government and Merlin Entertainments. Merlin, the world’s second-largest operator of visitor attractions behind Walt Disney, had faced opening delays several times because the joint project attracted little capital from local investors and hit a snag over what to do with ancient artifacts found on the site where the park was be
May 5, 2022
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AmCham Korea chairman offers tips for expanding business in US
James Kim, chairman and CEO of the American Chamber of Commerce in Korea, shared his insight into doing business in the US at the Global Business Forum, highlighting the need to understand the two countries’ different dynamics. The forum was hosted by The Korea Herald on Wednesday in Seoul. In his special lecture, titled “Act to Win: How to Connect Korea and the US,” he said Korean companies should understand their selling points to expand business opportunities in the US, es
May 5, 2022
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Korea to pour W877b into pharma industry
SEJONG -- The Korean government has decided to inject 877.7 billion won ($693 million) into the pharmaceutical industry which will be used for the development of new drugs, especially medicines and vaccines for variants of COVID-19, and fostering the nation’s bio-related manpower. The government also plans to support businesses which have been developing innovative vaccines or other medicines by raising the so-called “K-global vaccine fund” worth 500 billion won, officials sai
May 5, 2022
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Creditors of Edison EV file for company's bankruptcy amid failed SsangYong acquisition
Edison EV, an affiliate South Korean electric vehicle maker Edison Motors Co., said Wednesday its creditors have filed for the company's bankruptcy with a local court, amid the parent company's recent failure in completing a deal to acquire SsangYong Motors Co. Edison EV said in a regulatory filing that eight creditors of the company have filed for the company's bankruptcy with Suwon District Court. The company said its outstanding corporate bonds amounted to 3.6 billon won ($2.84 million). Th
May 4, 2022
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S. Koreans think ideal ‘workcation’ should last 12.8 days: survey
If given a chance to work remotely while on holiday, South Koreans said about 13 days a year may be enough for the so-called “workcation,” according to a survey on Wednesday. The findings of the survey, conducted by online accommodation bookings platform Good Choice among 350 respondents, showed pollsters picked an average of 12.8 days as ideal for a workcation. Most of them said they have yet to experience the new work trend, but over 90 percent said they would give it a go if they
May 4, 2022
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HDC to rebuild collapsed Gwangju apartment to restore public trust
HDC Group Chairman Chung Mong-gyu said Wednesday that HDC Hyundai Development Co. would demolish and rebuild an apartment complex in Gwangju that claimed nine lives in January from a fatal collapse caused by loose safety. “Following the request of residents who were expected to move in to the apartment complex in Gwangju, HDC Hyundai Development Co. decided to entirely demolish all of eight buildings of the complex and rebuild I-Park from scratch,” said Chung during a press c
May 4, 2022
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Hanjin eyeing W1tr in global biz sales by 2025
South Korean logistics company Hanjin Transportation Co. said Wednesday it will strengthen its global business to nearly triple the segment's revenue in the next three years. The company said in a statement it is targeting to boost sales from the global business division to 1 trillion won ($789 million) by 2025 from 375.5 billion won in 2021. To that end, Hanjin will seek to establish a digital forwarding platform, bolster its cross-border e-commerce through the expansion of its global dist
May 4, 2022
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Kakao Q1 net swells by over fivefold on gains from Dunamu stock disposal
Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Wednesday its first-quarter net profit jumped by more than fivefold from a year earlier, due to one-off gains from the disposal of its stocks in a local crypto exchange operator. Net income reached 1.32 trillion won ($1 billion) in the January-March period, compared with 239.8 billion won the previous year, the company said in a regulatory filing. Its fourth-quarter net profit in 2021 was 224 billion won. Operating p
May 4, 2022
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Samsung keeps No. 1 spot on S. Korea's top 500 firms' list
Global tech giant Samsung Electronics Co. retained the No. 1 spot on the list of South Korea's top 500 firms by sales, with 39 businesses newly making the list, a corporate tracker said Wednesday. Samsung Electronics, the flagship unit of South Korea's leading family-controlled conglomerate Samsung Group, remained the biggest company last year, with its top line coming to 279.6 trillion won ($221 billion), according to CEO Score. Leading automaker Hyundai Motor Co., the marquee unit of automakin
May 4, 2022
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Hyundai, Kia's April US sales fall 18% amid chip shortages
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States fell 18 percent last month from a year earlier due mainly to the prolonged chip shortages. Hyundai and Kia sold a total of 120,731 vehicles in the US in April from 147,700 units a year ago, according to the companies' sales data. Hyundai's sales declined 20 percent on-year to 61,668 units last month from 77,523 a year ago, while Kia's dropped 16 percent to 59,063 from 70,177 during the same per
May 4, 2022
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Annual EV expo in Jeju kicks off; aims to add UAMs next year
SEOGWIPO, Jeju Island -- The International Electric Vehicle Expo, an annual exhibition of green cars, kicked off Tuesday for its ninth run bringing around 200,000 industry experts and visitors from around 50 countries to the South Korean island of Jeju. While the expo preparation committee had promised to expand the participation of finished car brands this year, only two, Tesla and Polestar, took part in this year’s event. But the chairman stressed that they must also focus on giving S
May 3, 2022
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Korean Air president urges to scrap PCR testing upon departure, arrival
The president of South Korean flag carrier Korean Air on Tuesday called for lifting rules that obligate passengers to submit PCR test results before departure and on arrival here. Referring to other countries that have entirely scrapped COVID testing for travelers from April, Woo Ki-hong, the president of Korea Air, said the South Korean government has hampered local air carriers’ efforts in resuming their international operations. “Other airlines have expanded up to the 90 percent
May 3, 2022
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[Photo News] Bank while you shop
KB Kookmin Bank opened a unmanned branch within top retailer Emart‘s No Brand store in Express Bus Terminal in Seoul on Tuesday. The branch, launched in partnership with Emart, connects users with bank tellers through video calls and provides basic services including wiring, issuance of debit cards and more.
May 3, 2022
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Kakao Games Q1 net profit up 54% thanks to 'Odin,' better cost management
Kakao Games Corp., the gaming unit of South Korean tech giant Kakao Corp., reported Tuesday its first-quarter net profit rose 54.2 percent on-year to 28.3 billion won ($22.3 million) thanks to the popularity of its mobile title "Odin Valhalla Rising" and improved cost management. Operating profit spiked 169.7 percent on-year to 42.1 billion won in the January-March period, while sales rose 104.7 percent to 266.3 billion won, according to a regulatory filing. A Kakao Games official sa
May 3, 2022
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KakaoBank's Q1 earnings jump 43.2% on increased customers
KakaoBank Corp., a South Korean internet-only bank, Tuesday reported a 43.2 percent jump in its first-quarter earnings as its customer base continued to expand amid the coronavirus pandemic. Net income came to 66.80 billion won (US$52.8 million) in the January-March period, compared with 46.66 billon won tallied a year earlier, the company said in a regulatory filing. Operating profit also surged 63.8 percent on-year to a record quarterly high of 88.41 billion won, with sales advancing 50.5 perc
May 3, 2022