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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Netflix, streaming platforms come under fire for loose ratings
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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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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Court rules Samsung Securities must cover half of investors' damages in 2018 dividend error
A Seoul district court has ruled Samsung Securities Co. must compensate investors for half of their damages incurred due to a 2018 dividend error by an accidental stock issuance, judicial sources said Sunday. The Seoul Central District Court recently ruled partially in favor of three investors who filed damages suits against the brokerage firm for the "fat-finger" error caused by an official at the firm on April 6, 2018. If the ruling is confirmed, Samsung Securities must give between
Sept. 26, 2021
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LG Uplus to offer Disney+ to IPTV users
LG Uplus Corp., a major South Korean mobile carrier, said Sunday it will offer Disney+ through its internet protocol television (IPTV) platform as the flagship streaming service from US media giant Walt Disney Co. is set to launch in the country in November. The carrier said it has signed a deal with Walt Disney Company Korea so that Disney+ will be accessible from its U+tv platform, strengthening competitiveness against rivals KT Corp. and SK Telecom Co. LG Uplus already bundles Netflix with it
Sept. 26, 2021
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Samsung reinforcing supply chain in Asia to expand production
Samsung Electronics Co. is reinforcing its supply chain in Asia to meet increased demand of its products amid the pandemic, industry insiders said Friday, as the South Korean tech giant eyes to build more plants and expand its workforce. Samsung is currently building a TV manufacturing plant in Karachi, Pakistan. It is expected to be in operation in the fourth quarter of the year and produce 50,000 units annually. The news was recently revealed by Abdul Razak Dawood, adviser for commerce and
Sept. 24, 2021
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[Newsmaker] Korea raises electricity price for first time in 8 years
A family of four in South Korea will see electricity bills rise as much as 1,050 won ($0.89) per month starting October as the Korea Electric Power Corp. decided to raise utility prices for the first time in eight years to mitigate skyrocketing fuel costs. According to the state-run utility firm Thursday, the electricity bill will go up 3 won per kilowatt-hour, the first increase since November 2013. For an average four-member household that consumes 350 kW of electricity per month, this would
Sept. 23, 2021
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Number of top online lender Kakao Bank customers passes 17m
South Korea's leading internet-only lender Kakao Bank said Thursday its customer number has surpassed the 17 million mark nearly four years after its launch. Kakao Bank, led by Kakao Corp., the operator of the country's dominant messaging app KakaoTalk, said its customers numbered 17.17 million as of the end of August. Kakao Bank said slightly over 15 million customers have accounts at the online lender, with 2.15 million people using its services. Kakao Bank has achieved the milestone four year
Sept. 23, 2021
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KEPCO to up electricity rate for 1st time in 8 yrs amid rising costs
The Korea Electric Power Corp. (KEPCO), South Korea's state-run utility firm, announced Thursday it plans to raise the electricity rate in the fourth quarter of 2021 to reflect the hike in the global price of resources. KEPCO said it plans to terminate the discount of 3 won ($0.0025) per kilowatt-hour, which has been applied since the first quarter, in October, effectively raising costs for households. Under the new rates, an average four-member household is expected to pay 1,050 won extra eve
Sept. 23, 2021
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Chip dearth forecast to have limited impact on automakers' profit
A global shortage of chips used in autos is expected to have a limited impact on third-quarter earnings of South Korea's top two carmakers Hyundai Motor Co. and Kia Corp., a market tracker said Thursday. The market consensus for Hyundai's operating profit amounts to 1.78 trillion won ($1.51 billion) for the July-September period, according to an analysis by Yonhap Infomax, the financial news arm of Yonhap. Yonhap Infomax has analyzed earnings forecasts for the leading automakers, which 17 loca
Sept. 23, 2021
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[Herald Interview] Satrec Initiative poised for leap in Korea’s space rush
This is the second installment in a series of interviews with executives of Korean companies with space ambitions. -- Ed. About a month from now, South Korea will launch its first homegrown rocket “Nuri.” A successful launch of the domestically made space launch vehicle is expected to herald a new space era for the country, where government-led programs transition to market-oriented ventures, with a key hindrance -- the decades-old Korea-US missile guidelines that put curb
Sept. 22, 2021
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[Herald Interview] Refining the design of Korea’s top delivery app
Baedal Minjok, widely known as Baemin, has enjoyed a surge in popularity during the COVID-19 pandemic. As the use of delivery apps exploded, the volume of transactions on Baemin jumped 78.4 percent to 15.7 trillion won ($13.27 billion) last year. But as efforts to solidify its position continue, design continues to play a crucial role. “One of the things we consider when we design the app is not to convey information in a dry way. What makes Baemin is the hidden wit and fun here and ther
Sept. 22, 2021
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Hyundai, Kia's eco-friendly vehicle sales in US more than double in Aug.
Hyundai Motor Co. and its affiliate Kia Corp.'s environment friendly vehicle sales in the United States more than doubled in August compared with a year ago, led by solid demand for their hybrid sport utility vehicles, industry data showed Wednesday. Hyundai and Kia sold a combined 8,312 eco-friendly cars in the US in August, a 124.4 percent jump from a year earlier, according to their data. Hyundai's eco-friendly car sales soared 245.4 percent on-year to 5,817 units in August, far surpassing
Sept. 22, 2021
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Airlines cut aircraft fleets amid pandemic-driven slump
South Korea's airlines have drastically reduced their aircraft fleets over the past two years as demand for air travel dried up due to the prolonged COVID-19 pandemic, industry data showed Wednesday. The total number of aircraft operated by the nation's 10 carriers currently stands at 372, down from 414 in 2019, according to the data compiled by the transport ministry. Korean Air Lines Co., the country's leading full-service carrier, operates 159 planes, down from 170 in 2019, and its smalle
Sept. 22, 2021
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Posco reaches 1 million ton in production capacity for high strength steel
Posco said Friday it has established a 1 million-ton production facility for giga steel, an ultrahigh-strength steel product used for cars. Amid the expanding global market for eco-friendly cars and rising demand for lightweight vehicles, Posco said it has invested about 500 billion won ($425 million) since 2017 to build and expand the production facility for the high-strength steel inside the Gwangyang steel mill in Gwangyang, South Jeolla Province. “Since its first production of steel
Sept. 17, 2021
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SKC forges ties with Kuwait to expand eco-friendly plastic business
SKC, the chemical affiliate of SK Group, will cooperate with Kuwait’s state-operated petrochemical giant Petrochemical Industries Company to expand its environment-friendly plastic business in Kuwait, the company said on Friday. PIC is the world’s fifth petrochemical firm by production volume. SKC and PIC established the joint venture SK picglobal in March 2020. SKC said the company inked a memorandum of understanding with PIC and SK picglobal in Los Angeles on Thursday there to
Sept. 17, 2021
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Chip, display sectors among primary victims of technology theft
More than 110 trade secrets from South Korean businesses and institutions have been leaked to overseas rivals over the past five years, data showed Friday, with the semiconductor and display industries being the primary targets. The number of trade secrets stolen from South Korean firms from January 2016 to August this year came to 112, according to the data released by Rep. Kim Kyung-man of the ruling Democratic Party, compiled by the Ministry of Trade, Industry and Energy. By sector, those lin
Sept. 17, 2021
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Hyundai Motor deploys Boston Dynamics' Spot robot at factory
South Korean automaker Hyundai Motor Group said Friday it has launched a pilot project to deploy a robot to inspect safety at its factory, the first collaboration with US-based startup Boston Dynamics. The automotive group said the factory safety service robot based on Boston Dynamic's four-legged robot Spot went into pilot operation at its subsidiary Kia Corp.'s plant in Gwangmyeong, southwest of Seoul. It is the first project launched between the two companies after the automotive group in Jun
Sept. 17, 2021
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Only six Korean firms among ‘top 500 global leaders,’ FKI says
Only six South Korean companies made it on the list of the world’s top 500 global leading firms, compiled by the Federation of Korea Industries, the business lobby group said in a report Thursday. The list is made by its affiliate research body based on operating profits and sales revenue data from S&P Capital IQ, an international market research and information provider. A total of six companies -- Samsung Electronics, SK hynix, Hyundai Motor, LG Electronics, Posco and Kepco &ndas
Sept. 16, 2021
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Xiaomi looking to expand presence in S. Korea with new tablet
Xiaomi Corp. said Thursday its new tablet PC will go on sale in South Korea next week as the Chinese tech giant eyes to expand its presence here. Xiaomi Pad 5, which was first unveiled in China last month, will be available on South Korean online retailers from next Thursday with a price tag of 449,000 won ($380). This is the first time since 2014 Xiaomi is releasing a new tablet product in South Korea. The company said it decided to sell the new tablet in the country to meet growing demand
Sept. 16, 2021
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Naver's cloud unit aims for No. 3 in Asia Pacific region by 2023
The cloud affiliate of South Korea's leading internet portal operator, Naver Corp., said Thursday it aims for the No. 3 position in the Asian Pacific region by 2023. "We aim to reach the No. 2 position in the country, and No. 3 in Japanese and Southeast Asian markets by 2023," Jang Beom-sik, an official of Naver Cloud, said during an online conference. "We aim to secure the new growth engine by investing 80 percent of our annual sales into technology and human resources." N
Sept. 16, 2021
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LG Electronics completes 1st phase of smart home appliance factory upgrades
LG Electronics Inc. said Thursday the first phase of home appliance manufacturing facility upgrades at its main production base in South Korea has been completed as the company aims to improve productivity with a better automation system. The tech giant said its reconstructed production building at LG Smart Park in Changwon, 400 kilometers south of Seoul, started its initial stage operations. LG earlier announced it will invest a total of 800 billion won ($683 million) to upgrade its C
Sept. 16, 2021
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Samsung to hold developer conference online next month
Samsung Electronics Co. said Thursday its technology conference will take place online for the first time next month amid the pandemic. The South Korean tech giant said it decided to hold the Samsung Developer Conference (SDC) on Oct. 26. The event was canceled last year due to COVID-19 concerns. The SDC, which started in 2013, is an annual event that brings thousands of developers, content creators and designers to discuss future technologies and services. Samsung has been also unveiling its
Sept. 16, 2021