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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Trade minister nominee vows regulatory reform
Lee Chang-yang, a professor of economics and public policy at Korea Advanced Institute of Science and Technology, vowed regulatory reforms to boost the corporate sector as he was introduced by President-elect Yoon Seok-yeol as the trade minister nominee on Sunday. The 60-year-old bureaucrat-turned-professor is likely to be tasked with discontinuing the Moon Jae-in administration’s nuclear power phase-out policy and handling the rise of protectionism in the global trade landscape, as well
April 10, 2022
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Ex-Jeju governor tapped to spearhead Yoon’s supply-centered real estate policy
Won Hee-ryong, the former governor of Jeju Special Self-Governing Province who coordinated President-elect Yoon Suk-yeol’s campaign, was named as the nominee for minister of land, infrastructure and transport Sunday. “The nominee has a high understanding of land policies which is one of the key sectors the new administration would have to work on to stabilize the real estate market, promote balanced regional growth, and come up with a systematic public transportation in metropolitan
April 10, 2022
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[Newsmaker] Eating out more expensive due to rising costs, demand
Eating-out costs in South Korea saw the sharpest on-year surge in 23 years in March with a 6.6 percent on-year increase, according to the Korean Statistical Information Service on Sunday. Of the 39 types of foods that people normally eat while dining out, including hamburgers, jajangmyeon (noodle with black soybean sauce), and gimbap, all saw a price increase. Galbitang (beef soup) showed the highest spike in price last month compared to the same month last year with an 11.7 percent increase,
April 10, 2022
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Eland Retail, its parent firm fined over unfair biz practice
South Korea's antitrust regulator said Sunday it has decided to impose a combined 4.08 billion won ($3.33 million) in fines on Eland Retail Ltd., an operator of outlet malls, and its parent company Eland World for unfair business activity. Fashion company Eland World, the de facto holding company of Eland Group, unduly received financial support from its affiliate Eland Retail between 2013 and 2017, according to the Fair Trade Commission (FTC). At that time, Eland World suffered from a liquidity
April 10, 2022
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Samsung Electronics remains favorite pick among retail stock investors
Despite the recent bearish price movement, South Korean tech titan Samsung Electronics remained a favorite pick among retail stock investors in hopes of a price rebound of the market bellwether. From January until Friday, retail investors purchased 20.9 trillion won ($17 billion) worth of Samsung Electronics common shares on the stock market, meaning nearly one in four retail stock investment went to the single company, the Korea Exchange data showed Sunday. The volume of Samsung stock purcha
April 10, 2022
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Eco-friendly cars make up over 20% of Hyundai, Kia domestic sales this year: data
Over 1 in 5 vehicles sold by Hyundai Motor Co. and its smaller affiliate Kia Corp. so far this year have been eco-friendly cars, backed by their growing popularity, industry data showed Sunday. The two South Korean automakers sold a combined 64,417 hybrid and electric vehicles in the January-March period, accounting for 23.5 percent of the entire domestic sales of 273,762 vehicles, according to the companies' earnings reports. It marks the first time the proportion of eco-friendly car sales has
April 10, 2022
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S. Korea to release 7.23m more barrels of oil reserves over Ukraine crisis
South Korea has decided to release 7.23 million barrels of strategic crude reserves, in addition to its recent commitment of 4.42 million barrels, to help bring down high energy prices amid the ongoing Ukraine crisis, the industry ministry said Friday. Last week, 31 member nations of the International Energy Agency (IEA) agreed to release 120 million barrels of oil from their emergency reserves, following their similar decision last month to release 60 million barrels of oil, in response to the
April 8, 2022
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Posco Chemical starts building high-nickel cathode plant
Posco Chemical, a chemical and battery materials producer under steel giant Posco Group, said Thursday that it had kicked off construction for a new plant that can produce 30,000 metric tons of high-purity nickel cathodes, a key material used in electric vehicle batteries. Targeting to begin operations in 2024, the new factory will be established on over 120,000 square meters of land in Pohang, North Gyeongsang Province, with an annual production capacity at 30,000 tons. The firm, which
April 7, 2022
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US firms willing to invest more in Korea: AmCham survey
A majority of American businesses in South Korea were optimistic that investment here will continue over the next two years, and picked Korea as the second most preferred location for regional headquarters in Asia after Singapore, survey results showed on Thursday. In an annual survey of member companies by the American Chamber of Commerce in Korea, 44 percent of the respondents said they will increase investment in Korea through 2024, while another 42.9 percent said there will be no change to
April 7, 2022
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Ernst & Young Han Young names Sae-A chairman top entrepreneur of year
Global accounting firm Ernst & Young’s Korean member firm Ernst & Young Han Young (EY Korea) on Wednesday handed its top master entrepreneur award to local apparel manufacturer Global Sae-A Chairman Kim Woong-ki, the firm said Thursday. Kim was recognized at the 15th EY Entrepreneur of The Year Award ceremony held at Seoul Shilla Hotel. Ernst & Young’s annual award – currently stretching across 60 countries and 145 cities worldwide -- recognizes busines
April 7, 2022
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Bidding war heats up for SsangYong Motor
Chemical-to-financial conglomerate KG Group has jumped into what has become a fierce bidding war for SsangYong Motor, the debt-ridden carmaker owned by India’s Mahindra Group, in a 1.5 trillion won ($1.2 billion) deal. According to industry insiders Thursday, KG Group recently submitted its letter of intent to acquire SsangYong Motor to the lead manager of the deal, EY Hanyoung. KG Group was founded in 2003 based on the country’s first fertilizer company Gyeonggi Chemical, w
April 7, 2022
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KT bets big on content biz, targets W5tr in sales by 2025
South Korean telecommunications operator KT vowed Thursday to nearly double sales by 2025 through fostering its value chain in the media business focused on original content production and securing intellectual property rights. KT Studio Genie, the firm’s wholly owned content production subsidiary launched last year, will play a key part in the value chain by manufacturing original contents, the telecom operator said in a press briefing. Through the value chain, KT expects to increase
April 7, 2022
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FDI pledges to S. Korea up 15% in Q1 despite global uncertainties
Foreign direct investment (FDI) pledges to South Korea jumped 14.9 percent in the first quarter from a year earlier to reach the highest first-quarter figure ever, data showed Thursday. The country received $5.45 billion worth of FDI commitments in the January-March period, compared with $4.74 billion logged a year earlier, according to the Ministry of Trade, Industry and Energy. The amount of investment that actually arrived in South Korea stood at $4.33 billion, marking a 2.6 percent on-year d
April 7, 2022
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Korea Aerospace wins aircraft parts order in Israel
Korea Aerospace Industries Co., South Korea's sole aircraft manufacturer, said Thursday it has received a plane parts order from Israel Aerospace Industries Ltd. (IAI). KAI obtained an order to supply "future mid cabin fairing package parts" for Israel's largest aerospace and defense company's G280 twin-engine business jet, the company said in a statement. KAI didn't provide the contract's value and other details. KAI received aircraft parts deals for the G280 business jet in 2019 and
April 7, 2022
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KOMSCO, Kyrgyzstan sign MOU for digital cooperation
The state-owned Korea Minting, Security Printing and ID Card Operating Corporation said Wednesday it has signed a memorandum of understanding with Kyrgyzstan‘s Ministry of Digital Development to digitize government-issued documents, including identification cards and certificates of tax payment. In 2017, KOMSCO supplied Kyrgyzstan with IC chip-containing resident cards as part of its official development assistance efforts. The recent MOU aims to adapt these physical documents into mobile
April 6, 2022
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S. Korean shipbuilders rank first in Q1 new global orders
South Korean shipbuilders won half of new global ship orders in the first quarter of the year to take the top spot in the world, industry data showed Wednesday. Local shipyards, led by Hyundai Heavy Industries Co., clinched 4.57 million compensated gross tons (CGTs) in new orders in the January-March period, or 50 percent of the global total at 9.2 million CGTs, according to data from global market researcher Clarkson Research Service. It represents the first time in seven years that South Korea
April 6, 2022
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Internet-only K-Bank flies high after 5 yrs of operation
K-Bank, a South Korean internet-only bank, said Wednesday that it garnered more than 7.5 million customers in five years of its launch thanks to a steep increase in mid- and low-credit loans and the rising popularity of mobile banking. K-Bank has enjoyed brisk business growth in the recent years, as during the pandemic customers increasingly sought mobile banking, which provides easier access than offline branches. K-Bank's loans grew 1.56 trillion won ($1.28 billion) per year on average since i
April 6, 2022
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Galaxy S22 sales expected to top 1 million in S. Korea this week
Samsung Electronics Co. said Wednesday the sales of its latest Galaxy S series are expected to surpass 1 million units in South Korea later this week, two weeks faster than its predecessor did. The Galaxy S22 series was launched on Feb. 25 with three models -- the Galaxy S22, Galaxy S22 Plus and Galaxy S22 Ultra -- promising stronger performance for daytime and nighttime shooting, among others. Samsung said its latest flagship smartphone series passed 900,000 in sales earlier this month on its h
April 6, 2022
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Kia vehicle sales jump 18% in India in March
Kia Corp., South Korea's second-biggest carmaker, said Wednesday its on-year vehicle sales jumped 18 percent in India last month on demand for its multipurpose model. Kia sold 22,622 vehicles in India last month, marking the biggest monthly sales figure since it entered the emerging market in August 2019, according to the company's sales data. The result was helped by increased sales of the Carens MPV. Sales of the Carens jumped to 7,008 units in March from 5,109 in February and 575 in January,
April 6, 2022
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Sanctions on big S. Korean firms rise 10.4% in 2021
Domestic and foreign sanctions on big South Korean firms increased more than 10 percent on-year in 2021 with the amount of fines on them soaring over 50 percent, a corporate tracker said Wednesday. Local and overseas regulators imposed a total of 571 sanctions on 225 large corporations in Asia's fourth-largest economy, up 10.4 percent from a year earlier, according to CEO Score. The companies, which rank among the country's top 500 by sales, were slapped with a combined fine of some 887 billion
April 6, 2022