Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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Korean language teaching expert says demand has outstripped supply
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Shinsegae Q3 net soars on department store biz growth
South Korea's No. 2 retailer Shinsegae Inc. said Tuesday that its third-quarter net income steeply increased as its department store business got a boost from pent-up demand amid the extended coronavirus pandemic. Net income came to 188.9 billion won ($160.3 million) on a consolidated basis in the July-September period, sharply up from a profit of 858 million won a year ago, according to a corporate regulatory filing. Operating income rose 307.1 percent on-year to 102.4 billion won, and sales
Nov. 9, 2021
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Manufacturers' Q3 domestic supply grows at slower pace amid auto chip shortage
South Korean manufacturers' domestic supply rose at a slower pace in the third quarter from three months earlier mainly because a shortage of auto chips dented vehicle production, data showed Tuesday. The manufacturing domestic supply index stood at 105.3 in the July-September period, up 2 percent from a year earlier, according to the data from Statistics Korea. The reading slowed from the second quarter when it grew at the fastest-ever on-year pace of 9.1 percent. The index, which measures b
Nov. 9, 2021
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KT Q3 net up 47% on 5G growth
KT Corp., a South Korean telecom giant, said Tuesday its third-quarter net income rose 46.9 percent from a year earlier on the back of robust growth of 5G network subscribers as well as its media content businesses. Net income for the July-September period stood at 337.7 billion won ($286.7 million) on a consolidated basis, compared with a net profit of 229.9 billion won the previous year, according to a company statement. Operating income reached 382.4 billion won, up 30 percent over the cite
Nov. 9, 2021
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S. Korean shipbuilders retake No. 1 spot in global new orders in Oct.
South Korean shipbuilders regained the No. 1 ranking from their Chinese rivals in global new orders in October, bagging more than half of the global orders, industry data showed Tuesday. Local shipbuilders led by Hyundai Heavy Industries Co. won a combined 1.12 million compensated gross tons (CGTs) in new orders last month, taking up 52 percent of 2.13 million CGT global orders, according to data provided by global market researcher Clarkson Research Service. Chinese shipbuilders, which ranked
Nov. 9, 2021
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Hyundai Heavy Industries wins W636.3b order for Aegis destroyer
Hyundai Heavy Industries Co. said Tuesday that it has signed a 636.3 billion won ($ 539.7 million) deal to build an Aegis destroyer of the South Korean Navy. Under the deal with the Defense Acquisition Program Administration, Hyundai Heavy Industries will deliver the warship, which is the second of three upgraded Aegis destroyers named Gwanggaeto-III Batch II, to the Navy by 2026. Hyundai Heavy Industries is set to deliver the first of the three upgraded destroyers to the Navy by 2024. The fi
Nov. 9, 2021
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Posco named world's most competitive steelmaker for 12th year
South Korea's top steelmaker Posco said Tuesday it was named the world's most competitive steelmaker in a global industry report for the 12th consecutive year. In an annual assessment of 35 steelmakers worldwide, global steel information service provider World Steel Dynamics (WSD) gave Posco the top mark of 8.54 points out of 10, according to the South Korean company. The WSD report, which ranks the steelmakers based on 23 categories, gave top scores for Posco in eight segments, including tech
Nov. 9, 2021
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NHN Q3 net up 38.7% on robust IT, payment business
NHN Corp., a South Korean leading information technology company, on Tuesday said its third-quarter net profit jumped 38.7 percent from a year earlier, buoyed by increased revenue from its payment and IT services, including cloud. Net income came to 44.5 billion won ($37.6 million) on a consolidated basis in the July-September period, up from 32.1 billion won a year earlier, according to its regulatory filing. Its operating profit gained 18.6 percent to 27.9 billion won and sales grew 14.8 per
Nov. 9, 2021
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S. Korea, Chile sign MOU on hydrogen energy cooperation
South Korea and Chile signed a memorandum of understanding Tuesday to expand cooperation in the low-carbon hydrogen sector, Seoul's industry ministry said Tuesday. South Korea's Second Vice Industry Minister Park Ki-young held a signing ceremony with Chilean Minister for Energy and Mining Juan Carlos Jobet in Seoul for the agreement, which calls for exchanging technologies of producing, storing, transporting and using clean hydrogen, according to Seoul's Ministry of Trade, Industry and Energy.
Nov. 9, 2021
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Samsung, SK hynix withhold key data in US request for chip biz info
Samsung Electronics Co. and SK hynix Inc. on Tuesday submitted information on their chip businesses to the United States but withheld some key data considered trade secrets in an apparent delicate balancing act. The two South Korean chipmakers made the filings about two months after the US Department of Commerce requested data on the ongoing chip crisis that has hobbled global automakers and other electronic product manufacturers. Washington had asked major chipmakers to "voluntarily"
Nov. 9, 2021
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Number of tour agencies dips 6% in 2 years amid pandemic
The number of travel agencies in South Korea has declined nearly 6 percent over the past two years in the wake of the coronavirus pandemic, industry data showed Tuesday. There were 21,231 tour agencies in Asia's fourth-largest economy as of end-September, down 6.1 percent from two years earlier, according to the data from the Korea Tourism Association. The number fell to 21,540 a year earlier from 22,609 in September 2019 and continued to go south this year. The decrease came as pandemic-indu
Nov. 9, 2021
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[Herald Interview] KidsLoop aims to personalize learning for every kid
Artificial intelligence is on track to fundamentally change education, making personalized learning possible for every child, said Robert Hardman, chief technology officer of KidsLoop. In a recent interview with The Korea Herald, he also said artificial intelligence would be a necessity, not a luxury, in education in just a matter of five years. Hardman cited the example of medicine to explain the process of how AI can personalize education. “Medicine decoded the human genome that the
Nov. 8, 2021
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Let automakers enter used car market: consumer group
A consumer group said on Monday that large automakers should be allowed to enter the secondhand car market where consumers are suffering due to opaque pricing and insufficient after-sales maintenance service. Nearly 2.52 million used cars are sold annually in South Korea -- 1.32 times the sales volume of new cars -- and over 55 percent of those sales are direct transactions between individuals. The reason direct sales account for a huge chunk of the market is because there is no competitive
Nov. 8, 2021
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75% of restaurant owners face labor shortage
Some three-quarters of restaurants say they are experiencing a labor shortage, as young people continue to shun jobs in the service industry while COVID-19 has limited foreign workers from entering the country. According to a report on the labor shortage in the restaurant industry by the Korea Foodservice Industry Research Institute on Monday, 74.9 percent of 207 restaurant owners polled in a September survey said the worker crunch has worsened. Only 4.8 percent said the situation had improved
Nov. 8, 2021
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Korea has sharpest wage growth among midlevel employees in OECD: report
In Korea, wage goes sharply up between the 10th year to the 20th year in employment, due to a widespread seniority-based salary system, a report said Monday. According to an analysis by professor Lee Sang-hee of Korea Polytechnic University, South Korea saw the sharpest hike in one’s salary of 15.1 percent in the 10-year period, compared to other members of the Organization for Economic Cooperation and Development. The OECD average was a 5.9 percent increase. Professor Lee
Nov. 8, 2021
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Meritz Securities Q3 net swells 17.7% on more fee income
Major South Korean brokerage house Meritz Securities Co. said Monday its third-quarter earnings rose nearly 18 percent from a year ago on increased fee income. Net profit stood at 191.2 billion won ($161.3 million) in the July-September period, up 17.7 percent from a year earlier, the company said in a regulatory filing. Its operating income expanded 15.4 percent on-year to 240.2 billion won in the quarter, and revenue soared 81.4 percent to 6.14 trillion won. Meritz Securities said its third
Nov. 8, 2021
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Korea Aerospace wins $360m maintenance deal in Iraq
Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Monday it has received a US$360 million repair and maintenance deal for trainer jets in Iraq. In the three-year deal signed with the Iraqi defense ministry, KAI will provide repair and maintenance services for the T-50IQ advanced trainer jets operated by the Iraqi air force as well as training programs for pilots and engineers, the company said in a statement. KAI exported 24 T-50IQ trainer jets to Iraq in 201
Nov. 8, 2021
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Asiana to increase flights to Singapore on travel bubble deal
Asiana Airlines Inc., South Korea's second-biggest airline, said Monday it will increase the number of flights to Singapore starting this month as the two countries recently signed a travel bubble agreement. A travel bubble refers to a quarantine-free travel partnership between two or more cities or countries with similar levels of COVID-19 cases. Asiana has been operating three flights a week -- on Tuesdays, Wednesdays and Fridays -- on the Singapore route, and passengers are required to unde
Nov. 8, 2021
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Senior GM official to visit S. Korea this week
A senior official of General Motors will visit South Korea this week, sources said Sunday, raising expectations he could unveil new production plans for the Korean unit of the US carmaker. Steven Kiefer, president of General Motors' international operations, will arrive in South Korea on Monday for a five-day stay, according to the sources from the labor union of GM Korea. Kiefer is expected to visit GM Korea's plants, including those in Bupyeong and Changwon, and meet officials of the state-
Nov. 7, 2021
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Urea crisis not over; battery, chip supply chains at mercy of China
While desperately searching for alternative sources of urea, a key ingredient for a liquid solution essential for diesel vehicles, South Korea is forced to reexamine its reliance on China for other materials and realize the need to preemptively respond to supply chain risks. The country’s supplies of diesel exhaust fluid are currently at dangerously low levels after Chinese authorities last month imposed a de facto export ban on DEF, an emissions control solution without which diesel c
Nov. 7, 2021
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Instant noodle prices up 11%, sharpest gain since 2009
Prices of instant noodle products rose 11 percent from a year ago in October, the largest jump since 2009, leading an overall increase in food prices, government data showed Sunday. According to the state-run Statistics Korea, ramen prices reached the highest on record last month, growing by the largest margin since February 2009, when the country saw a 14.3 percent growth in instant noodle prices. The market’s four main players -- Nongshim, Ottogi, Samyang and Paldo --have a
Nov. 7, 2021