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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[KH Explains] Can G-Star level up?
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Ex-president's daughter investigated for drunk driving accident
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KT to buy stake in Hyundai Heavy's robotics unit
KT Corp., a major South Korean telecommunications firm, on Tuesday said it will acquire a 10 percent stake in a robotics unit of shipbuilding giant Hyundai Heavy Industries Group to enhance its competitiveness in smart factory and robot solutions. KT said it will acquire the stake in Hyundai Robotics Co., the largest industrial robot manufacturer here, for 50 billion won ($41.4 million). Hyundai Robotics is a wholly owned subsidiary of Hyundai Heavy Industries Holdings Co., the holding comp
June 16, 2020
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S. Korean companies' sales, profitability narrow in Q1 amid pandemic
South Korean businesses' sales and profitability worsened in the first quarter from three months earlier, central bank data showed Tuesday, amid slowing demand at home and abroad caused by the spread of the new coronavirus. In the January-March period, sales of local businesses dropped at an average 1.5 percent from the same period last year, accelerating from an average 0.5 percent on-year decline in the last three months of 2019, according to the data from the Bank of Korea. The quarterly r
June 16, 2020
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Cash-strapped Doosan to sell core construction equipment maker unit
Cash-strapped Doosan Group plans to sell its key construction equipment maker unit Doosan Infracore Co. as part of its self-rescue measures to receive financial support from creditor banks, industry sources said Tuesday. South Korea's 15th-largest conglomerate is seeking to sell its shares and assets to improve its financial structure and repay debts held by the flagship unit Doosan Heavy Industries & Construction Co. in return for a 3.6 trillion-won ($2.98 billion) lifeline from state-run
June 16, 2020
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[Monitor] Change in global market share of chipmakers
With China gearing up to enter the global semiconductor market, there have been notable changes in the market share of major memory chip producers in the last 10 years, data by the Federation of Korean Industries showed. According to the FKI, the United States, home to chipmakers like Intel, Qualcomm and Micron, kept its solid lead in the market with around 45 percent share for the past decade. Its share slightly dropped from 48 percent in 2010 to 47 percent in 2019. South Korea, the world&
June 16, 2020
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LG introduces new smartphone Velvet in Europe
LG Electronics Inc. on Tuesday introduced its new smartphone, the Velvet, in Europe as the South Korean tech firm hopes its latest handset can end a long slump in its mobile business amid the virus pandemic. Starting with Germany on Tuesday, LG will release the Velvet in major European countries, like Italy, Spain and the Netherlands. The company said it will also launch the Velvet in the Americas and other Asian countries in coming weeks. LG said the Velvet will be available in 10 colors, i
June 16, 2020
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S. Korea to extend anti-dumping duties on Japanese steel plates for 3 years
SEJONG -- South Korea's finance ministry said Tuesday it will extend anti-dumping duties on Japanese stainless steel plates for three years. South Korea has imposed the 13.17 percent anti-dumping tariff on the Japanese products since 2011, citing substantial damage to the local industry. The plates are widely used in different industries, including the petrochemical, shipbuilding and chip segments. The tariff mainly targets those from Japan's Nippon Steel Stainless Steel Corp., Nippon Yakin
June 16, 2020
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Nexon eyes successful launch of mobile version of 'Dungeon Fighter' in China
South Korean gaming giant Nexon Co. is making all-out efforts for the successful launch of a mobile edition of its flagship title "Dungeon & Fighter" in China, industry sources said Tuesday. Neople, a subsidiary under Nexon responsible for the development of the mega-hit game, has recently opened a new office in Seoul that can house more than 300 employees, they said. Neople also recently announced a plan to newly hire hundreds of employees, such as programmers and overseas mark
June 16, 2020
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Mediforum acquires domestic rights to TauRX’s Alzheimer’s treatment
Mediforum, previously C-TRI, said Monday that it has signed for the domestic rights to LMTX, a pioneering Alzheimer’s disease treatment being developed by Singapore’s TauRX. Mediforum will complete the acquisition of the full intellectual rights to LMTX in Korea by the third quarter of this year, for which it will establish a subsidiary company in Korea. It is too early to say if this subsidiary will be a joint venture with TauRX, Mediforum said. LMTX is currently the only Alzheim
June 15, 2020
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SK Energy develops unmanned system to detect gas
SK Energy, an affiliate of SK Innovation, said Monday it has developed a gas detection system that will no longer require workers to manually check for remaining gas inside concealed facilities to enhance safety. “Petrochemical facilities have a lot of concealed facilities such as tanks, towers and oil drums where gas leaks occur. When workers conduct maintenance, they have to get inside and check if there is any remaining gas. With the sensors, they can now detect it automatically and
June 15, 2020
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[Monitor] South Korea’s govt. budget to grow 6% in 2021
South Korea’s government budget is expected to hover around 542 trillion won ($449 billion) next year, rising 6 percent from the 2020 budget, according to plans submitted by each government branch to the Ministry of Economy and Finance. The ministry said the combined budget requested by each government branch for 2021 stood at 542.9 trillion won. The budget amount, if approved, will be up 6 percent from the 2020 budget. The country’s government budget has been increasing around
June 15, 2020
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S. Korea's chip industry needs better govt. support: biz lobby group
South Korea's chip industry needs more support from the government to fend off challenges from fast-rising China and catch up to the dominant leader, the United States, a Seoul-based business lobby group said Monday. According to the Federation of Korean Industries (FKI), South Korea had an average 18 percent market share over the past decade, only behind the US with 49 percent. Japan came in third with 13 percent, followed by Europe with 9 percent, Taiwan with 6 percent and China with 4 perc
June 15, 2020
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[Graphic News] Auto exports fall nearly 60% in May amid pandemic
South Korea’s auto exports more than halved in May from a year earlier due to falling demand in the face of the new coronavirus pandemic that as infected more than 7 million people, data showed. Local carmakers shipped 95,400 units of cars overseas last month, down 57.6 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, auto exports also fell 54.1 percent over the period to reach $1.81 billion. In the fi
June 15, 2020
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Tougher regulations eyed to stop S. Korean boats' illegal fishing overseas
South Korea said Monday it will revamp its regulations to prevent possible illegal fishing activities by South Korean-flagged boats operating overseas, after the country had been on the verge of being labeled as one of the nations engaging in unregulated fishing. Previously, inspections had been carried out for illegal fishing activities only on foreign-flagged boats arriving in South Korea. The new measure will be implemented on the first batch of 12 deep-sea squid fishing boats in July, acc
June 15, 2020
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2020 liquor exhibition held under stricter hygiene measures
Seoul International Wines & Spirits Expo 2020 was held from Friday to Sunday to present novel items related to drinking, under stricter disinfection measures amid the COVID-19 outbreak. A total of 330 companies participated in the three-day annual event, the only wine and spirits exhibition of its kind in Korea, to promote their products, including beer, wine, traditional drinks and related devices, such as homebrewing machines. Held amid the prolonging COVID-19 crisis, the organizer sa
June 14, 2020
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[News Focus] Are AR glasses really around the corner?
Glasses that show you directions on a road you have previously never walked, or that present a meeting room table filled with participants not physically occupying the seats in the same room -- these may become a thing of the real world soon enough. When Google first put forth the first generation of a glasses-type wearable augmented reality device in 2012, the immediate question that arose took issue with the hefty price range, security issues and heavy design. The next generation of AR glas
June 14, 2020
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[Weekender] Fake meat no more faux pas in Korea
Kim Jin-kyung first encountered “fake meat” several years ago, when she had a Korean course meal at a restaurant. The idea of “bean meat,” a brownish lump neatly laid on a plate, was fascinating, but the taste came short of her expectations. Years have passed and now Kim is having fun exploring different meat alternatives that are more abundant in flavor than her first experience. “There are not many, but still some decent fake meat products that are plant-based
June 13, 2020
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Hyundai Rotem delivers donation for people who served nation
Hyundai Rotem delivered a donation to the Ministry of Patriots and Veterans Affairs’ regional office in Suwon, Gyeonggi Province, Friday, the company said. The donation will be used to assist people who have been recognized for meritorious service to the country but who are having financial difficulties. The latest donation was made by Hyundai Rotem’s executives and employees to commemorate people who died serving the country. South Korea celebrated Memorial Day on June 6. Sin
June 12, 2020
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100,000 Samsung employees put heads together to solve COVID-19 conundrum
More than 100,000 Samsung Electronics employees held an online discussion in April about how to minimize the impact of the coronavirus outbreak, according to the company’s 2020 Sustainability Report, released Friday. The report said 107,000 Samsung Electronics employees participated in the two-week discussion using its collective intelligence platform Mosaic and came up with 1,620 ideas. “After review, Samsung Electronics will filter ideas on daily quarantine, sterilization, he
June 12, 2020
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Tesla pushes LG Chem to No. 2 in Chinese EV battery market
LG Chem ranked second in the Chinese electric vehicle battery market for the January-March period this year, according to industry data. Market tracker the China Battery Enterprise Alliance said Thursday that LG Chem supplied EV batteries in China with a combined capacity of 2,087 megawatt-hours, surpassing local competitor BYD’s 1,943 megawatt-hours. Another local competitor, CATL, was in first place with 6,173 megawatt-hours. “LG Chem equipped 39,393 Tesla Model 3s built in Sh
June 12, 2020
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Nintendo Switch sales spike 30% in Korea amid COVID-19 outbreak
Daewon Media, which retails more than half of all Nintendo Switch game consoles here, said Friday that sales of the Japanese game consoles spiked 30 percent in the first quarter, thanks to the nationwide popularity of the hit game Animal Crossing: New Horizons amid the coronavirus outbreak. The South Korean game distributor said it sold 82,848 Nintendo Switch consoles in the first quarter, a 30.4 percent increase on-year, and 287,590 Nintendo Switch games in the same period, a 57.4 percent s
June 12, 2020