Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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[Best Brand] Lemonex recognized for innovative drug delivery tech
Global biotherapeutics and bioengineering firm Lemonex won a ministerial award for its innovative next-generation drug delivery technology called DegradaBALL. At the 12th Innobiz Company Award held Dec. 17 -- sponsored by the Ministry of SMEs and Startups and hosted by The Korea Herald and the Herald Business -- Lemonex received an Industry and Energy Ministerial prize for the innovative technology. DegradaBALL is Lemonex’s original technology that delivers novel drug candidates to topi
Dec. 30, 2020
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[Best Brand] Hyundai Mobis strives for sustainable management
Hyundai Mobis, an auto parts arm of Hyundai Motor Group, has been recognized for its continued efforts for sustainable corporate management. The Seoul-based company on Dec. 4 was awarded with the Prime Minister’s prize for striving for inclusive growth across the ecosystem of the local auto parts industry. In April, when the country was in the midst of the first wave of the COVID-19 outbreak, the firm offered a helping hand to its partners, endorsing a three-month rollover on receivabl
Dec. 30, 2020
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After a year of COVID-19, who are the market winners and losers?
Amid the worldwide crisis known as COVID-19, South Korea’s industries have faced mixed fates this year, with some riding on the effects of the pandemic, strict social distancing rules and accompanying market turbulence and others succumbing. On momentum from the contactless consumer trend, the information technology sector has thrived, apparently ending years of sluggish semiconductor sales. The biotechnology industry has basked in the spotlight as companies raced to develop diagnostic
Dec. 30, 2020
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Hyundai Motor Group lists nine car-related products in 2020 Good Design Awards
Hyundai Motor Group said Wednesday that nine products from its three auto brands have won prizes for transportation design at the 2020 Good Design Awards. The All-New Avante (launched in the US under the name Elantra), Concept Car 45, Prophecy, Hi-Charger, K5, Sorento, G80, GV80, Genesis Copper Design Theme were all selected, South Korea’s second-largest conglomerate said in a release. The three car models by Hyundai Motor -- All-New Avante, Concept Car 45, and Prophecy -- were all mark
Dec. 30, 2020
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Daewoo Shipbuilding cancels W891b deal
Daewoo Shipbuilding & Marine Engineering Co. said Wednesday that it has canceled an 891 billion-won ($820 million) container ship deal due to a shipper's failure to comply with contract terms. The unidentified African company signed the deal with Daewoo Shipbuilding in December last year, but it has since not carried out conditions necessary for the deal to take effect, Daewoo Shipbuilding said in a regulatory filing. Daewoo Shipbuilding said the deal cancellation did not cause financial l
Dec. 30, 2020
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Online lender Kakao Bank conducts W1tr rights issue
Kakao Bank, South Korea's top internet-only lender, said Wednesday it has recently completed a capital increase of 1 trillion won ($920 million) to improve its loss-absorbing ability and provide more loans for low- and mid-credit borrowers. TPG Capital of the United States and Anchor Equity Partners of Hong Kong have newly bought shares worth 250 billion won, or a 2.61 percent stake, respectively, the lender said. An additional 500 billion won worth of shares have been sold to existing shareho
Dec. 30, 2020
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S. Korea to invest over W150b into climate research in 2021
South Korea said Wednesday it will spend 150.1 billion won ($137.8 million) on climate and environment-related research next year, up 12.9 percent from this year, to bolster the country's efforts to become carbon neutral by 2050. The Ministry of Science and ICT said it will invest in 30 new climate and environment-related research projects next year, such as committing 3.6 billion won into four projects that develop technology to improve energy efficiency in buildings. South Korea has recently
Dec. 30, 2020
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Samsung heir becomes S. Korea's richest stockholder after father's death
Lee Jae-young, vice chairman of global tech giant Samsung Electronics Co., has emerged as South Korea's richest stockholder following his father's death, a corporate tracker said Wednesday. The value of Lee's stock holdings came to 9.1 trillion won ($8.3 billion) as of Tuesday, up from 7.4 trillion won at the end of last year, according to CEO Score. Lee Kun-hee, the younger Lee's father, died on Oct. 25 at age 78, more than six years after being hospitalized for a heart attack. The late Sams
Dec. 30, 2020
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Kia union votes to accept wage freeze amid pandemic
Unionized workers at Kia Motors have voted to accept a new annual wage deal with management, the company said Tuesday. In a vote by 27,050 members of the labor union, 58.6 percent, or 15,856, agreed to the company's proposals, including 1 1/2 months of merit-based remuneration, 1.2 million won ($1,080) in special COVID-19 allowance and 1.5 million won in gift certificates per person, instead of freezing basic pay, according to a company official. The company also agreed to restore the 25-mi
Dec. 29, 2020
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Coway’s air purifier and humidifier combo an optimal choice to keep the air clean and fresh
In the year of the COVID-19 pandemic, indoor air quality has become an important issue for many. Coway, moving quickly to respond to consumer need, has introduced Dual Clean, an air purifier and humidifier combo model for those who want clean, fresh and pleasant air. Dual Clean uses ultrafine water vapor to add moisture to the air, instead of water droplets. The company explained that its fine vapor sprayer helps keep the air crisp but prevents it from feeling damp. This combo model also
Dec. 29, 2020
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Chaebol see leadership change in COVID-19 era
Overwhelmed by the unprecedented COVID-19 pandemic this year, South Korea’s conglomerates have gone all-out to overhaul their business structures in light of the crisis. Additionally, key groups embraced leadership changes, with third or fourth-generation scions officially taking the front line, and appointed young talents to strategic posts -- signaling a new generation cycle in the business realm. Stepping into the spotlight was Lee Jae-yong, chief of the No. 1 conglomerate Samsung Gr
Dec. 29, 2020
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Hyundai Steel develops furnace valve that eliminates air pollution
Hyundai Steel is the first company in the world to develop a technology that can completely eliminate emissions from its blast furnaces, the company said Tuesday. According to South Korea’s No. 2 steelmaker, it has successfully “purified” hazardous gas inside a blast furnace using the “First Safety Valve,” during the process of re-ventilating hot air inside the furnace after general maintenance. After toxic gas emissions at its furnace breathers were pointed out
Dec. 29, 2020
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Celltrion’s COVID-19 antibody treatment applies for use in Korea
Local biologics company Celltrion on Tuesday filed for approval of its COVID-19 antibody treatment for use here, in what Seoul officials hope will be a new weapon in the country’s war against the new coronavirus in the absence of vaccines. The Drug Ministry said it will attempt to review the safety and efficacy of the proposed COVID-19 treatment in the next 40 days. If approved, the drug is anticipated to be ready for use in February in Korea. Celltrion plans to submit similar applicati
Dec. 29, 2020
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Seoul finalizes energy mix, to invest in nuclear decommissioning
The government has finalized its energy mix for 2020-2034, aiming to increase the use of renewables while reducing the dependence on nuclear and coal-fired power plants. According to the Ninth Basic Plan for Electricity Supply and Demand approved by a review committee affiliated with the Ministry of Trade, Industry and Energy, renewable energy will account for 40.3 percent of South Korea’s nameplate capacity in 2034, reaching 77.8 gigawatts, from 20.2 gigawatts in 2020. Renewables&rsqu
Dec. 29, 2020
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S. Korea to jack up R&D spending for future growth engines
South Korea said Tuesday it plans to invest around 5 trillion won ($4.5 billion) in research and development (R&D) projects in 2021 to foster new growth engines while seeking green growth. The amount marks a 19 percent jump from 4.1 trillion won allocated this year, according to the Ministry of Trade, Industry and Energy. "The policy reflects the government's willingness to expand investment in R&D projects in new areas despite the economic fallout from the COVID-19 pandemic,"
Dec. 29, 2020
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Biz sentiment for Jan. worsens amid tougher virus curbs: survey
Business sentiment for January worsened as the COVID-19 pandemic shows no signs of a slowdown despite tougher social distancing rules, a survey showed Tuesday. The business survey index (BSI) of the country's top 600 companies by sales came to 91.7 for January, down from the 98.9 for December, the Korea Economic Research Institute (KERI) said in a statement. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. "The third wave of
Dec. 29, 2020
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Solid demand for automobiles in US, semiconductors in China in 2021: report
The US is expected to become the most promising market for local carmakers next year, while China is to yield the greatest opportunities for chipmakers, according to big data analysis released Monday. The state-run Korea Trade-Investment Promotion Agency’s report looks into market prospects of major markets overseas for Korean exporters expected to lead the post-pandemic economic recovery. Markets that would show solid demand for automobiles in 2021 include the US, Germany, the UK and
Dec. 28, 2020
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[Newsmaker] Delivery Hero to sell Yogiyo under watchdog’s antitrust policy
Germany-based Delivery Hero will concede its food delivery services Yogiyo as a cost of acquiring Woowa Brothers, the operator of market champion app Baemin, officials said Monday. The apparently reluctant decision came after South Korea’s antitrust watchdog disapproved the monopolistic merger of the top two apps in the fast-growing food delivery market. “We request that the Fair Trade Commission send the final notice in the first quarter next year,” the company posted on
Dec. 28, 2020
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More karaokes close; pharmacies stay strong
The COVID-19 crisis has dealt a severe blow to small businesses as a whole, but the latest data on business closures reveals some have suffered more than others. Karaoke lounges, indoor golf ranges and DVD rooms were hit hardest by the pandemic with the biggest increases in closing rates, according to the report by a state-run Korea Development Institute. The think tank at the request of the government analyzed the second-quarter business closure data to find that closures in the three type
Dec. 28, 2020
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S. Korea to maintain nuclear phaseout scheme, scale back coal power generation
South Korea said Monday it will gradually diversify its energy mix by using more sustainable sources, such as solar power, and scale back the use of coal and nuclear power, in line with the country's goal to achieve zero carbon emissions by 2050. Under the ninth basic plan on the electricity supply, which will run through 2034, sustainable energy sources will take up 8.6 percent of the country's energy mix, soaring from this year's 3.3 percent, according to the Ministry of Trade, Industry and E
Dec. 28, 2020