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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20 minors registered as CEOs making over 100 million won
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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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Man killed by fellow hunter who mistook him for wild boar
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Hyundai's Genesis tops 700,000 in global sales
South Korean leading carmaker Hyundai Motor Co. said Sunday that its independent Genesis brand surpassed 700,000 units in accumulative global sales, thanks to the rising popularity of its brand power. The premium brand's global sales totaled 700,612 units from its launch in November 2015 to end-February 2022, 30.5 percent of which were sold overseas, according to Hyundai Motor's investor relations data. Genesis' global sales jumped by 100,000 units in the past three months, backed by fast-growin
March 20, 2022
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Apple to launch new budget iPhone SE in S. Korea next week
Apple Inc. will launch its newly upgraded iPhone SE smartphone in South Korea next week, the country's telecom operators said Friday, as the US tech giant aims to expand its leadership in the budget-friendly smartphone market. Last week, Apple unveiled its low-end iPhone SE featuring better battery life and access to 5G connection, as well as the iPad Air and new green versions of the iPhone 13. Apple's latest iPhone SE will go on sale in South Korea next Friday. The new budget 5G phone will be
March 18, 2022
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Duty-free purchase limit scrapped for Koreans
South Korea’s Finance Ministry will no longer limit duty-free item purchases to $5,000 for outbound Korean nationals starting Friday, it said Thursday. But a government cap on how much is exempt from tax remains unchanged. Duties are exempt for purchases up to $600 of goods, one bottle of liquor worth up to $400, 200 cigarettes, and up to 60 milliliters of perfume. The Finance Ministry explained that the tax exemption limit in other countries are also around $500 and $600 and there was n
March 17, 2022
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Samsung SDI hints at new EV battery plant in US
Samsung SDI CEO Choi Yoon-ho on Thursday hinted at the possibility of building the battery maker’s own plant in the US, a burgeoning market for electric vehicles where the company is setting up a joint venture with Stellantis, the maker of Jeep, Fiat and Peugeot vehicles. “Adding to the joint venture with Stellantis, we think there needs to be our own production base in the US,” Choi told reporters after a general meeting of shareholders in Seoul. “We are conside
March 17, 2022
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Ex-Samsung VP convicted for union busting
The Supreme Court on Thursday upheld an additional 16-month jail sentence to former Samsung Electronics Vice President Kang Kyung-hoon for his attempts to break up a labor union in South Korea‘s largest conglomerate. This is the final court ruling that found the executive guilty over his scheme to sabotage labor union activities at Everland, an operator of an amusement park in Korea. Everland was considered a key affiliate in Samsung’s corporate structure, and has been merged into S
March 17, 2022
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Coupang Eats set to begin alcohol delivery
Coupang Eats, the food delivery service launched by South Korean e-commerce giant Coupang, is getting into delivering drinks. The company said on its webpage earlier this week that it will start allowing restaurants signed up on the platform to sell alcohol, in an effort to help them increase sales. The new service will be rolled out within the first half of this year. Coupang Eats had kept alcohol off the platform since its debut in May 2019. The move was in contrast to its top tw
March 17, 2022
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Naver halts sales of items suggestive of Japanese colonial rule on Zepeto
South Korean IT giant Naver has become an open target on Thursday for selling fashion items suggestive of Japanese outfits that were popular when Korea was under colonial rule on its metaverse platform Zepeto. Fashion items evidently inspired by styles that were trending during the 1912-26 Taisho era were on sale from Tuesday, according to users. Naver seems to have not considered the cultural and political context of such fashion items for Koreans, some argued. The Taisho era was a time of rel
March 17, 2022
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S. Korea to launch antidumping probe into copper pipes from China, Vietnam
South Korea's trade commission said Thursday it plans to launch an antidumping investigation into seamless copper pipes from China and Vietnam. The Korea Trade Commission under the industry ministry said it has decided to launch the antidumping probe on the judgment that cheap imports of such products caused damage to the related industry in South Korea. Seamless cooper pipes are commonly used in air conditioners, refrigerators, and cooling and heating systems due to their high levels of corrosi
March 17, 2022
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T'way Air targets W3tr in sales by 2027 on expanded fleet
T'way Air, a South Korean low-cost carrier, said Thursday it targets to achieve 3 trillion won ($2.5 billion) in sales by 2027, as it aims to expand its fleet and serve long-haul routes. T'way Air added an A330-300 chartered plane last month for operations on the Gimpo-Jeju route from later this month, with two more A330-300s scheduled to arrive by May. "We are planning to operate 20 large-sized planes and 30 mid- and small-sized ones by 2027 to achieve the (3 trillion won) sales target. To
March 17, 2022
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Jin Air resumes Busan-Guam route amid vaccinations
Jin Air Co., the budget carrier unit of Korean Air Lines Co., said Thursday it has resumed flights to Guam to preemptively respond to pent-up travel demand despite the extended COVID-19 pandemic. On Wednesday, Jin Air began operating two flights a week on the Busan-Guam route as South Korea moves to further ease virus curbs amid accelerating vaccinations. Jin Air also offers flights from Incheon to Guam, Fukuoka, Cebu, Indonesia's capital city of Dhaka and China's Xian mainly to meet travel dema
March 17, 2022
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Korea backs US economic framework for Indo-Pacific
South Korea‘s trade minister and businesses on Tuesday voiced their support for the new US economic framework for the Indo-Pacific, saying that the 10-year-old bilateral trade agreement between the two countries should be the foundation for the new economic order. At an occasion held to celebrate the 10th anniversary of the Korea-US FTA on Tuesday in Washington, D.C., Woo Tae-hee, executive vice chairman of the Korea Chamber of Commerce and Industry said the free trade agreement should co
March 16, 2022
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Daewoo E&C CEO to put safety first
Baek Jung-wan, new chief of Daewoo Engineering & Construction, said Wednesday that he would make worker safety a top priority as the builder seeks a synergistic alliance with parent company Jungheung Group, whose acquisition was greenlighted a month ago. “We’ll focus on our social responsibilities and to do that, the life of our workers comes first,” Baek said at an inauguration ceremony. The builder recently named a chief safety officer to ensure its safety guidelines are
March 16, 2022
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Keyeast to raise W1.3b via stock offering
Keyeast Co. on Wednesday announced that it will sell stocks to raise 1.3 billion won($1.1 million). The proceeds from the stock sale will be used mainly to finance its operations. According to a regulatory filing, the company will issue 104,773 common shares at a price of 12,466 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)
March 16, 2022
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15 chicken-processing firms fined W176b for price fixing
South Korea's antitrust regulator said Wednesday it has decided to impose a combined fine of 175.8 billion won ($141.4 million) on 15 poultry-processing companies for colluding to fix prices. Sixteen companies, including industry leader Harim Co. and Orpum Co., colluded to fix prices and supplies of chickens on 45 occasions between November 2005 and July 2017, according to the Fair Trade Commission (FTC). The companies held a combined share of more than 77 percent in the market and their 12-year
March 16, 2022
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Renault drops Samsung's brand from new name of S. Korean operations
Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Wednesday it has dropped the Samsung brand from its new company name as the deal with the South Korean conglomerate over the brand's use ends in August. Starting Wednesday, the company will use the new name of Renault Korea Motors while pushing ahead with the procedure to change the corporate name by August, a company spokesman said over the phone. From January to February, its vehicle sales jumped 84 percent to 24,82
March 16, 2022
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Air Busan expands flights to Saipan amid vaccinations
Air Busan Co., a budget carrier unit of Asiana Airlines Inc., said Wednesday it has expanded flights on the Busan-Saipan route to preemptively respond to pent-up travel demand amid rising vaccinations and eased virus curbs. On Jan. 23, Air Busan began to offer one flight per week on the Saipan route following a travel bubble agreement with Saipan, a quarantine-free travel partnership between two or more cities or countries with similar levels of COVID-19 cases. Starting Wednesday, the low-cost c
March 16, 2022
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6 companies to recall over 92,000 vehicles over faulty parts
Hyundai Motor Co., Kia Corp. and four other companies will voluntarily recall more than 92,000 vehicles to fix faulty components, the transport ministry said Wednesday. These are the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The six firms, including Ford Sales Service Korea and Porsche Korea, are recalling a combined 92,450 units of 12 different models, the Ministry of Land, Infrastructure and Transport said in a statement. The p
March 16, 2022
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Generational shift speeds up in chaebol leadership
Chaebol scions in their 40s and 50s are increasingly taking over their fathers’ sprawling business empires recently, speeding up a generational shift at South Korea’s family-run conglomerates. According to a report by chaebol tracker Korea CXO Institute on Tuesday, there were a total of 270 executives at the nation’s 200 largest companies who are scions of the ownership families born in 1970 or later. Of them, the number of those with the chairman title was 21, including tw
March 15, 2022
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SK Geo Centric to accelerate waste plastic recycling push with PureCycle
SK Geo Centric announced Tuesday a $55 million investment in US-based waste plastic recycling firm PureCycle Technologies, as well as plans to create a joint venture with the US firm within this year. SK Geo Centric was the new investor taking part in PureCycle‘s $250 million private fundraising via common stocks, announced March 9, along with existing shareholders including Sylebra Capital and Samlyn Capital. The net proceeds will support the construction of PureCycle plants in Ohio and
March 15, 2022
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Container freight rates skyrocket in Feb. on cargo recovery
Outbound container shipping costs shot up in February from a year earlier on a recovery in global sea cargo, government data showed Tuesday, in a big burden to South Korean exporters. The average rate for a 40-foot container from Asia's fourth-largest economy to the European Union came to 14.02 million won ($11,300) last month, up a whopping 261.5 percent from a year earlier, according to the data from the Korea Customs Service (KCS). Compared with the previous month, the cost was up 9.5 percent
March 15, 2022