Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Yoon honors veterans of Korean War in trip to Philippines
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Ex-president's daughter investigated for drunk driving accident
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'Culinary Class Wars' producers deny trying to spice up results
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China's days as world's factory are over, iPhone maker says
A key supplier to Apple and a dozen other tech giants plans to split its supply chain between the Chinese market and the US, declaring that China’s time as factory to the world is finished because of the trade war. Hon Hai Precision Industry Chairman Young Liu said it’s gradually adding more capacity outside of China, the main base of production for gadgets from iPhones to Dell desktops and Nintendo Switches. The proportion outside the country is now at 30 percent, up from 25 pe
Aug. 12, 2020
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Hanwha Q Cells wins top award in Germany
Hanwha Q Cells said Wednesday it has received a prestigious award in Germany, taking the first place in the electrical industry category, topping major local players including R. Stahl and Dehn und Söhne. Arranged by German publication Focus Money, the award commissioned the Institute for Management and Economic Research to analyze 15.7 million online customer responses on some 5,000 companies across 270 industries and chose the most reputable companies evaluated by various categories. P
Aug. 12, 2020
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Korea technically has no vaccine supply secured
As nations battle over access to a potential COVID-19 vaccine, Korea is under pressure to secure its share. But as some nations cut corners, the government says it won’t sacrifice safety in its quest for a solution. Currently, the Ministry of Food and Drug Safety has approved two clinical phase 1 2/a trials of COVID-19 vaccines in the country. One is American company Inovio’s INO-4800 being tested here by the International Vaccine Institute and the other is Genexine’s GX-19. T
Aug. 12, 2020
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[Monitor] Vegetable prices surge due to monsoon
Agricultural produce prices have surged as the monsoon season continued for nearly 50 days, according to data by the Ministry of Agriculture, Food and Rural Affairs. The ministry said it will implement measures to stabilize supplies of vegetables that are consumed the most during the summer and autumn seasons such as Chinese cabbage, radish, zucchini and perilla leaves. (khnews@heraldcorp.com)
Aug. 12, 2020
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Jeju Air Q2 net losses widen on failed Eastar merger
Jeju Air Co., South Korea's biggest low-cost carrier, on Tuesday announced a revised second-quarter earnings report, which showed the company posted larger net losses than initially estimated due to the unsuccessful acquisition of debt-ridden Eastar Jet Co. Net losses reached 100.6 billion won ($84.4 million) in the April-June period, which was 17.4 billion won higher than the previous announcement, the company said in a regulatory filing. Jeju Air attributed the adjustment to the cost
Aug. 11, 2020
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[Newsmaker] Beirut explosion raises questions on Busan safety
The Port of Busan, where some 1,240 tons of ammonium nitrate are stored, is drawing criticism from worried local residents as there is no unified command center to manage the explosive material -- the cause of a deadly explosion in Beirut, Lebanon. According to local sources, the entry, exit, storage and monitoring of the material in question are conducted separately, leaving a loophole in proper management. Currently, when ships carrying ammonium nitrate enter or leave the port, the Busan P
Aug. 11, 2020
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GS Group donates W1b to help victims of heavy rains
GS Group said Tuesday it has donated 1 billion won to the Community Chest of Korea to help victims affected by the recent heavy downpour in South Korea. “We hope the donation will support those who suffered from heavy monsoon rains,” a company official said. “The group will continue its relief efforts.” GS Group affiliates have been separately joining relief efforts to support recovery efforts. GS Caltex last month delivered 100 million won worth relief kits to a l
Aug. 11, 2020
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Samsung Biologics to build fourth super plant by 2023
Samsung Biologics on Tuesday announced its plans to invest 1.74 trillion won ($1.46 billion) and hire 1,800 new employees for a massive fourth plant in Songdo, Incheon, by 2023. “At 256,000 liters output in a single generation, the new plant will renew our record as the biggest single biologics generator,” said CEO Kim Tae-han. “After construction, Samsung Biologics will have a combined 620,000-liter output at its Songdo complex 1, accounting for 30 percent of the world&rsq
Aug. 11, 2020
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[Monitor] Business sentiment of small firms improves
The business sentiment of small and micro businesses in South Korea improved in the second quarter, although it remained lower than the pre-pandemic level. A survey conducted by the Korea Federation of Credit Guarantee Foundations showed Monday that the business survey index covering 2,183 small businesses reached 47.4, up 30.7 points from the first quarter. An index above 100 means more are optimistic. The BSI in the first quarter plunged to 16.7 from 57.7 in the fourth quarter of 2019 due
Aug. 11, 2020
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Moon’s solar power initiative pays heavy price by cutting down 2.3m trees
South Korean President Moon Jae-in is facing severe criticism amid the longest and deadliest monsoon season in South Korea, as his push for solar power has left the whole nation susceptible to landslides. With 12 landslides reported from mountainside solar farms as of Sunday, concerns are mounting over additional incidents as Moon’s drive for solar farms in recent years has eradicated a natural deterrent against landslides: trees. According to Korea Forest Service, a total of 2.32 mi
Aug. 10, 2020
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Medytox publishes full text of USITC’s initial determination against Daewoong
Medytox on Monday released a file containing the full text of the US International Trade Commission’s initial determination against Daewoong in a trade dispute between the two South Korean pharmaceutical companies. The document is 274 pages long, and Medytox said it would allow individual readers to make their own judgments about the case. Daewoong said last week that the ITC’s decision was groundless. Medytox and Daewoong are embroiled in a high-profile battle over the former&rsq
Aug. 10, 2020
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SK to commercialize world’s 1st NCM battery with 90% nickel
SK Innovation will become the world's first battery maker to commercialize nickel cobalt manganese (NCM) batteries that contain 90 percent nickel, according to industry sources Monday. The South Korean battery maker will supply lithium-ion batteries that contain 90 percent nickel, 5 percent cobalt and 5 percent manganese inside cathodes to Ford F-150 electric pickup trucks set for release in 2023, they said. “SK Innovation is ready to mass-produce NCM 9-1/2-1/2 batteries (or “N
Aug. 10, 2020
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HMM sells stake in Algeciras terminal
HMM said Monday it has secured stable business for Spain’s container terminal Total Terminal International Algeciras through strategic partnership with French shipping company CMA CGM. The South Korean shipping firm said it has signed a contract to sell a 50 percent stake in Algeciras container terminal to CMA CGM. HMM still maintains its status as the largest shareholder by holding 25 million plus one shares through a special purpose company. Through the contract, HMM can secure pr
Aug. 10, 2020
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[Monitor] Kospi nears 2,400, buoyed by retail investors
Seoul’s main bourse Kospi broke its daily record for the four consecutive day from Tuesday through Friday last week, raising expectations it may exceed the 2,400-point mark soon. According to data by Korea Exchange, the benchmark index on Friday closed at 2,351.67, rising 9.06 points, or 0.39 percent, from the previous day. The closing price marked the highest in one year and 10 months. On Aug. 27 2018, the index stood at 2,355.43. During Friday’s trading, the Kospi even reach
Aug. 10, 2020
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[Graphic News] Mobile game sales hit record high in H1
Sales of mobile games here soared to a record high in the first half of the year amid the coronavirus pandemic that has largely confined people to their homes, industry data showed. Combined sales of three app markets - Google’s Play Store for Android devices, Apple’s App Store for iPhones and ONE - stood at 2.83 trillion won ($2.37 billion) in the January-June period, up 1.3 times from a year earlier, according to data from mobile big data platform IGAWorks. The figure also
Aug. 10, 2020
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Korea mulls excluding Tesla from EV subsidy list
The South Korean government said Sunday it plans to recalibrate its subsidy program for electric vehicles as almost half of the grants in the January-June period were for premium Tesla brands. The Ministry of Environment is poised to revise the current calculation system for EV subsidies by October after discussions with municipalities, related experts and concerning associations. High-end EV brands are expected to be removed after consultations, as Tesla alone devoured 43 percent of total 2
Aug. 9, 2020
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LG U+ taps into 5G for self-driving forklifts
LG U+ on Sunday unveiled a 5G solution that can control up to 50 self-driving forklift trucks simultaneously. According to the South Korean telecommunications company, it has signed a memorandum of understanding with global forklift maker Clark Material Handling Asia, Chinese logistics solutions company Mushiny and domestic measurement solutions firm KN to develop a 5G-based unmanned forklift that can work without the help of a professional operator. “This is a solution that allows t
Aug. 9, 2020
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[Weekender] Investing in stocks? Why not sneakers?
Even non-sneakerheads are realizing the lucrative nature of sneaker resale these days. O Jee-ye had never been much interested in expensive shoes. Shoes kissed ground-level microbes. They wore out much quicker than other items of clothing. What shoes are for, O thought, was for protection. They were good if breathable, durable, didn’t give her blisters and matched the day’s outfit. It was a shock for O when she learned through a close friend of hers that he easily makes 300,000 w
Aug. 8, 2020
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Hanjin KAL to buy new shares of Jin Air in Nov.
Hanjin KAL Corp. said Friday it will spend 53.6 billion won (US$45.2 million) to buy new shares to be issued by its low-cost carrier Jin Air Co. Earlier in the day, the board of directors of Hanjin KAL, the parent of Jin Air, decided on the purchase of Jin Air's 7.36 million new shares, Hanjin KAL said in a regulatory filing. After the purchase slated to take place in November this year, Hanjin KAL's stake of Jin Air will be lowered to 56.38 percent from the current 60 percent, Hanjin KAL
Aug. 7, 2020
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Hanwha Q Cells to buy US energy software company
Hanwha Q Cells, a leading solar power solutions provider, said Friday that it will buy US energy software company Geli to further its standing in the industry. The energy business arm of Hanwha Solutions said it plans to acquire a 100 percent stake in the American company, with the entire deal to be completed within the year. The process involves getting the go-ahead from the Committee on Foreign Investment in the United States, the company said. Geli, also referred to as Growing Energy Labs,
Aug. 7, 2020