Korean Air to stop serving ramyeon onboard for safety

Korean Air said Thursday it would no longer serve instant cup noodles to economy class passengers on long-distance routes for safety reasons, starting Aug. 15. The nation's flag carrier said the decision aims to reduce the risk of accidental scalding from hot liquids. Cup noodles will be replaced with other offerings, including corn dogs, pizzas and hot pockets. Korean Air's decision comes amid a surge in severe turbulence in recent years. According to a recent study, incidents of seve

Aug. 1, 2024

[Photo News] LG Chem's wheelchair art

LG Chem, in partnership with the social enterprise Circle of Change Lab, has donated 100 custom-designed spoke guards made from recycled plastic to 10 children using wheelchairs. These guards, which protect fingers and clothing from getting caught on wheels, feature custom designs that allow kids to express their personalities with favorite characters, drawings and patterns. LG Chem provided the materials and covered processing costs, producing 100 LETZero guards for this project. One recipient

Aug. 1, 2024

[Photo News] 63 years of IBK

Industrial Bank of Korea celebrated its 63rd anniversary at its headquarters in central Seoul, Thursday. At the event, IBK Chairman and CEO Kim Sung-tae shared his vision to make the policy lender become a "leading global financial service provider." He stressed the importance of IBK's role in providing the right financial services for customers, supporting small business owners, leading digital innovation, maintaining sound financials and fulfilling social responsibility. (Indust

Aug. 1, 2024

Overdue wages hit all-time high in H1: data

South Korea recorded an accumulated over 1.04 trillion won ($764 million) in overdue wages in the first half of this year, marking the highest-ever figure in either half of a year, government data showed Thursday. It marked the first time that overdue wages across the country had surpassed 1 trillion won, according to the Ministry of Employment and Labor. In total, 150,503 employees had overdue wages between January and June of this year. Last year's overdue wages had already marked an al

Aug. 1, 2024

Seoul stocks open higher on dovish Fed

South Korean stocks started higher Thursday, driven by the US Federal Reserve's rate-cut signals. The benchmark Korea Composite Stock Price Index (Kospi) gained 18.65 points, or 0.67 percent, to 2,789.34 in the first 15 minutes of trading. At its rate-setting meeting, the US central bank froze its key rate in the 5.25-5.50 percent range. Chair Jerome Powell said a reduction in policy rate "could be on the table" at its upcoming meeting next month. The comments pushed up US stocks,

Aug. 1, 2024

Exports extend gains to 10th straight month in July

South Korea's exports extended on-year gains to the tenth straight month in July on the back of the robust performance of semiconductors, data showed Thursday. Outbound shipments rose 13.9 percent on-year to $57.4 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports added 10.5 percent on-year to $53.8 billion, resulting in a trade surplus of $3.62 billion. South Korea has been maintaining a trade surplus for 14 consecutive months. The com

Aug. 1, 2024

US mulling restrictions to keep Samsung, SK hynix, Micron from supplying HBM chips to China: Bloomberg

The United States is considering a new measure meant to prevent Samsung Electronics Co., SK hynix Inc. and Micron Technology Inc. from supplying high-bandwidth memory (HBM) chips to Chinese firms, Bloomberg reported Wednesday. Citing people familiar with the matter, the news outlet said that the US is weighing the unilateral restrictions on China's access to artificial intelligence (AI) memory chips and equipment capable of making those chips "as soon as next month," though no fin

Aug. 1, 2024

Fed freezes key rate for 8th straight time, hints at September cut possibility

The US Federal Reserve on Wednesday held its benchmark lending rate steady for an eighth consecutive time, while its chair said a rate cut could be "on the table" as soon as September if conditions are met. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to maintain the rate in the 5.25 to 5.50 percent range, a 23-year high, and pointed out "some further progress" toward its inflation target of 2 percent. Albeit in a cautious t

Aug. 1, 2024

Samsung Electronics, striking labor union still struggle to make compromise

Samsung Electronics and its largest labor union are still at odds over any breakthrough in their wage negotiations amid an ongoing strike, industry sources said Wednesday. The negotiations between management and the National Samsung Electronics Union (NSEU) started Monday after their previous talks ended without an agreement last week. Last week's meeting was the first management-labor discussion since NSEU's full-scale strike started on July 8. The NSEU has proposed three days of &quo

July 31, 2024

Seoul shares spike over 1% on tech gains amid rate cut hopes

Seoul shares ended sharply higher Wednesday on tech gains amid expectations that the US Federal Reserve may begin a rate cutting cycle within months. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index shot up 32.50 points, or 1.19 percent, to close at 2,770.69. Trade volume was moderate at 543.14 million shares worth 11.84 trillion won ($8.6 billion), with gainers outnumbering losers 586 to 302. Institutions and foreigners bought a combined 202 billion won

July 31, 2024

Hyundai Group chair named honorary province governor

Hyundai Group Chairperson Hyun Jeong-eun has been reappointed honorary governor of North Chungcheong Province, in recognition of her and Hyundai’s contributions to regional development, the group said Wednesday. The appointment ceremony was held Wednesday at Hyundai Group’s headquarters in central Seoul, attended by Kim Yong-hwan, governor of North Chungcheong Province, and Hyundai Group Chairperson Hyun Jeong-eun. "North Chungcheong Province, with its geographical advantage at

July 31, 2024

Samsung projects 15-fold surge in Q2 earnings on AI chip boom

Samsung Electronics said Wednesday that it will continue its earnings growth by expanding sales of the high-performance high bandwidth memory chip in the second half, particularly the fifth-generation HBM3E, to meet rising demand in the fast-growing artificial intelligence market. “Customer evaluation of the 8-layer HBM3E product is currently in progress, and mass production supply is scheduled to begin in earnest in the third quarter,” Kim Jae-june, executive vice president in cha

July 31, 2024

Regulators look into shady cash flow within Qoo10

Once a prominent figure in the Korean e-commerce sector, Qoo10 Group's CEO Ku Young-bae is now facing allegations of a Ponzi scheme involving delayed payments amounting to thousands of billions of won for vendors on local online marketplaces Tmon and WeMakePrice. These accusations emerged after Ku disclosed during a National Assembly hearing on Tuesday that the Singapore-based parent company used assets from its Korean subsidiaries to acquire American e-commerce platform Wish in February. Ku dis

July 31, 2024

Hyundai Motor signs mobility partnership with UN humanitarian agency

Hyundai Motor Company announced Wednesday that it signed a mobility sector partnership with the United Nations World Food Programme, the world's largest humanitarian organization dedicated to fighting hunger across the globe. The agreement ceremony took place at the Hyundai Motor Studio in Goyang, Gyeonggi Province, with Hyundai Motor Company CEO Chang Jae-hoon and WFP Executive Director Cindy McCain in attendance. Established to combat hunger in developing nations, the WFP aims to create a

July 31, 2024

KT&G, Philip Morris team up on US filings

South Korean tobacco maker KT&G said Wednesday it has signed a memorandum of understanding with Philip Morris International, the global leader in smoke-free cigarettes, to collaborate on regulatory submissions in the US prior to officially launching its products there. Focused on KT&G's heated tobacco products, this agreement demonstrates both companies’ commitment to collaborating on the premarket tobacco product application process with the US Food and Drug Administration, a

July 31, 2024

Global IP alliances propel Korea’s patent office to new heights

The Korean Intellectual Property Office is stepping up its international efforts to protect intellectual property rights for export enterprises. From July 9 to 11, KIPO took part in the 65th World Intellectual Property Organization General Assembly in Geneva, Switzerland. There, KIPO held bilateral discussions on the sidelines of the event with ten different intellectual property bodies, including offices from Brazil, Denmark, Germany, India, Australia, the UK, France, Canada, Argentina, and the

July 31, 2024

Korean Intellectual Property Office chief vows bold steps to safeguard export innovations

The Korean Intellectual Property Office is accelerating global efforts to enhance intellectual property rights for Korean export companies. At the recent World Intellectual Property Organization General Assembly, KIPO engaged in bilateral meetings with representatives from 10 countries. KIPO Commissioner Kim Wan-ki shared the key outcomes in an interview with The Korea Herald. "We signed two IP cooperation MOUs (memorandums of understanding) with the heads of patent offices from 10 countrie

July 31, 2024

Hanwha Aerospace logs record profit in Q2

Hanwha Aerospace posted record operating profit of 358.8 billion won ($260 million) in the second quarter thanks to arms exports to Poland, the Korean defense firm said Wednesday. According to the company, operating profit surged by 357 percent compared to the second quarter of last year. Hanwha Aerospace logged 2.79 trillion won in revenue, up 46 percent on year. The earnings exceeded market expectations. Hanwha explained that the delivery of six units of K9 self-propelled howitzers and 18 unit

July 31, 2024

[Photo News] Hyundai Group chair named honorary governor

Hyundai Group Chairperson Hyun Jeong-eun (right) has been reappointed as honorary governor of North Chungcheong Province, recognizing her contributions to the region's development. This marks Hyun’s second term in the position, following her first in 2022. This recognition highlights Hyundai Group’s engagements in the region, including the relocation of Hyundai Elevator’s headquarters to the area and corporate social responsibility activities in collaboration with the loca

July 31, 2024

LG Energy Solution, Samsung SDI get closer to 46-series battery mass-production

LG Energy Solution and Samsung SDI are nearing mass production of the 46-series cylindrical battery, which is anticipated to be the next generation in battery technology. Samsung SDI is accelerating its timeline, aiming to start mass production of the 46-series cylindrical batteries in early 2025, over a year ahead of the initial schedule. The company has already set up a production line at its plant in Cheonan, South Chungcheong Province, and is rolling out prototypes for major clients, includi

July 31, 2024