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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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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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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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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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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Kakao Games’ pre-IPO market value soars to W2.8tr from COVID-19
The coronavirus pandemic is turning out to be a blessing in disguise for game companies who are staying resilient in South Korea, with Kakao Games’ market valuation soaring -- a blessing in disguise after its failed attempt for an initial public offering in 2018. According to over-the-counter trading platform Pstock, Kakao Games’ market value soared to 2.8 trillion won ($2.3 billion) as of Friday from 1.7 trillion on June 11, when it applied for a preliminary IPO examination on th
July 20, 2020
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Tests of COVID-19 treatments in Korea gain speed
Research for COVID-19 treatments and vaccines in Korea has been picking up speed, with GC Pharma announcing Monday it preemptively began producing plasma-derived COVID-19 treatment drug samples on Friday. GC Pharma plans to apply to the Drug Ministry with the clinical phase 2 test designs of its plasma-derived COVID-19 treatment by the end of this month. If approved, it will join 13 clinical trials in varying stages that are underway in Korea. Of them, 11 are for treatments and two are for va
July 20, 2020
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LS family doles out W33b worth shares to children amid falling prices
The owner family of LS Group recently bequeathed about 33 billion won ($27 million) worth of shares to children and relatives, regulatory filings showed Monday. The move by the South Korean conglomerate came as stock prices of its affiliates have plunged in the wake of the COVID-19 pandemic, which allows them to pay lower gift taxes. Group Chairman Koo Ja-yeol, LS-Nikko Copper Chairman Koo Ja-hong, LS Cable & System Chairman Koo Ja-yub and heads of other units have given a total of 959,
July 20, 2020
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[Monitor] Consumption rises during state-led sales festival
During the state-led sales festival, called the “Korea Donghaeng Sale,” aiming to boost consumption amid the pandemic, non-face-to-face sales of department stores and large discount stores were estimated at 25.94 billion won ($21.56 million), data showed Thursday. Between June 26 and July 12, sales at the nation’s major three department stores increased 4 percent on-year. Sales at the top three large discount stores decreased 1.4 percent on-year due to mandatory holidays. B
July 20, 2020
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S. Korean drugmakers to sell generic version of Pfizer's smoking cessation drug
South Korean pharmaceutical companies will start selling generic versions of the smoking cessation drug Champix, following the expiration of its patent here, industry sources said Monday. The drug by US pharmaceutical giant Pfizer, also referred to as varenicline tartrate, helps people to stop smoking by relieving cravings for nicotine and easing severe withdrawal symptoms. Local companies, such as Hanmi Pharm Co. and Jeil Pharmaceutical Co., have both developed their own versions of the tre
July 20, 2020
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Three-fourths of Korean big firms use flextime amid coronavirus
Three-fourths of large companies in South Korea are resorting to flextime in the wake of the coronavirus pandemic, a poll showed Monday. According to the survey of 120 big businesses concerned, 75 percent of the respondents said they have newly adopted or expanded flextime due to the COVID-19 outbreak. Nearly 30 percent of them newly introduced flexible working, with the remainder supplementing or expanding existing flextime systems, showed the survey taken by the Korea Economic Research Inst
July 20, 2020
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[Photo News] SK's flexible material ready to roll out
An SK IE Technology official checks on rolls of flexible cover window, a material used for flexible displays, waiting for shipment at the company’s factory in Jeungpyeong, North Chungcheong Province, on Sunday. SKIET began commercial production of the material on the same day. (khnews@heraldcorp.com)
July 19, 2020
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Korean watchdog to examine Tesla’s ad for autopilot
The South Korean Fair Trade Commission has launched an internal review of Tesla’s advertisement that describes the car’s autopilot function as self-driving technology, according to industry sources Sunday. The watchdog is examining whether Tesla violated fair labeling and advertising laws, and has made inquiries into the Trade Ministry and related authorities regarding self-driving technology. The FTC’s decision came amid growing controversies over Tesla’s misleadin
July 19, 2020
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Kogas, Hyundai Motor to create JV for hydrogen charging stations
Korea Gas Corp. said Sunday it would set up a joint venture with Hyundai Motor Group to build and run integrated hydrogen charging stations after signing a memorandum to expand sustainable hydrogen infrastructure and boost competitiveness in the hydrogen business. According to the state-run natural gas company, the integrated hydrogen charging stations can accommodate eco-friendly vehicles that run on hydrogen, liquefied natural gas and electricity. Also, they can produce, charge and sell hy
July 19, 2020
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Doosan Heavy eyes sales of W1tr from offshore wind power business by 2025
Doosan Heavy Industries & Construction said on Sunday that it plans to see its offshore wind power business generate around 1 trillion won ($831 million) in annual revenue by 2025. In a statement, CEO Park Gee-won said his company would contribute to creating South Korea’s ecosystem for offshore wind power as a leading company in the field and pledged to be actively get on board with the government’s Green New Deal. “The domestic market is expected to grow rapidly thanks
July 19, 2020
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Mobile version of retro PC-based games set for launch in H2
A slew of highly-anticipated mobile games based on classic PC titles have been or are set to be launched during the second half of this year, as game publishers aim to attract more mobile game users. In the lineup is "The Kingdom of the Winds: Yeon," by major game publisher Nexon Co., that began the service on mobile platforms on Wednesday, 20 years after the original PC game became available. "The Kingdom of the Winds," a massively multiplayer online role-playing game (MM
July 19, 2020
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[Eye Plus] Naksansa, a jewel on the east coast
In Yangyang, Gangwon Province, nestled on a mountain called Obongsan and looking out to the East Sea with an unobstructed view, lies a Buddhist haven and jewel -- Naksansa. The temple was founded in 671 during the Silla Kingdom by Ven. Uisang. Naksan is an abbreviation of “Botanakgasan” in Korean and refers to Mount Potalaka, where Avalokitesvara Bodhisattva is believed to have lived. It is not only a picturesque destination, but also a valuable historical site that
July 18, 2020
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SK Biopharmaceuticals may be included in KOSPI 200 in Sept.
SK Biopharmaceuticals Co. Ltd., a unit of South Korean conglomerate SK Group, is likely to be added to the list of 200 major stocks listed on the main bourse in September, as its market capitalization has run high for a certain period after its market debut, industry sources said Saturday. SK Biopharmaceuticals has flown high since its market debut on July 2, emerging as the 18th most-valued stock on the main bourse with a market cap of 15 trillion won on Friday. For an early inclusion in t
July 18, 2020
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Hyundai Motor Group chief hospitalized but not in serious condition: group officials
Hyundai Motor Group Chairman Chung Mong-koo has been hospitalized for a health problem, but he is not in serious condition, group officials said Friday. Chung, 82, is in hospital due to "inflammation" inside his large intestine, and treatment has been proceeding well, the officials said, adding that he will be released from the hospital as soon as the treatment is complete. They, however, declined to provide details on when and where Chung has been hospitalized. Rumors swirled late
July 17, 2020
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S. Korea to build more offshore wind farms
South Korea said Friday it will build more wind farms off the southwestern coast of the country in line with its efforts to stay away from fossil fuel-powered energy generation and boost the virus-ravaged economy. Under the plan, South Korea will complete the construction of offshore wind farms with a combined capacity of 2.4 gigawatts (GW) by 2028, according to the Ministry of Trade, Industry and Energy. The total budget for the project in North Jeolla Province is estimated at 14 trillion wo
July 17, 2020
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SK Holdings invests additional W100b in Chinese EV parts developer
SK Group’s investment-focused subsidiary SK Holdings will invest an additional 100 billion won ($82.9 million) in Wason, a Chinese manufacturer of copper foil. Copper foil is a core ingredient in anodes, one of the main components of electric vehicle batteries. SK Holdings announced the decision Friday, adding that this is in addition to April 2019’s 270 billion won investment. Wason is globally No. 1 in copper foil manufacturing. As of July 2020, Wason has an annual manufactur
July 17, 2020
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Smilegate establishes first overseas base in Barcelona
South Korean game and investment company Smilegate said Friday it has established its first overseas base in Barcelona, Spain. Smilegate Barcelona will serve as a springboard for the company’s deepening competition against global game houses in the console games field. “With Smilegate Barcelona as the bridgehead, we will kick spur the development of new intellectual properties that are competitive in the global market,” a Smilegate official said. The affiliate will focus on
July 17, 2020
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Hyundai Robotics, HEC to jointly develop construction robots
South Korea’s Hyundai Robotics said Friday it has joined hands with Hyundai Engineering & Construction to develop products for the construction sector. The two affiliates of Hyundai Heavy Industries Group have signed a memorandum of understanding to collaborate on research and development of construction robotics technologies. Under the agreement, they will jointly develop robots for construction sites, as well as mobile service robots and core technologies for autonomous driving
July 17, 2020
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Smilegate transforms its hit game CrossFire into 36-episode drama series in China
Smilegate said Thursday a 36-episode drama series based on its first-person shooter game CrossFire will be broadcast in China starting Monday. Launched in 2007, CrossFire is the most popular FPS game in China, with accumulated global revenue of 12.6 trillion won ($10.4 billion). According to the South Korean game maker, CrossFire is the first Korean game played professionally in an esports competition to be turned into a drama series. Smilegate and Chinese drama production company Youhug Me
July 16, 2020
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Rules tweaked to equip K2 tanks with controversial domestic part
Controversy is brewing over the South Korean military’s decision to alter rules in relation to key parts for K2 tanks that had failed previous test numerous times. According to the Defense Acquisition Program Administration on Thursday, it will run another test on a tank transmission system built by a domestic company S&T Dynamics based on revised terms. The system failed performance tests six times in 2014. DAPA’s change of test rules is seen as an attempt to materialize the
July 16, 2020