Most Popular
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Trump picks ex-N. Korea policy official as his principal deputy national security adviser
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S. Korea not to attend Sado mine memorial: foreign ministry
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First snow to fall in Seoul on Wednesday
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Man convicted after binge eating to avoid military service
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Wealthy parents ditch Korean passports to get kids into international school
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Toxins at 622 times legal limit found in kids' clothes from Chinese platforms
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[Weekender] Korea's traditional sauce culture gains global recognition
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BLACKPINK's Rose stays at No. 3 on British Official Singles chart with 'APT.'
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Sales of ultra-luxury super cars exceed 6,000 units
The number of ultra-expensive luxury cars priced at over 300 million won ($231,00) sold in South Korea has exceeded 6,000 units, a report showed Tuesday. As of April, 6,299 units of high-priced cars were registered nationwide, according to a report from Rep. Yang Kyung-suk of the main opposition Democratic Party of Korea, citing data from the Ministry of Land, Infrastructure and Transport. Vehicles priced between 300 million and 500 million won hit 5,006 units, while the ones priced at over 500
July 4, 2023
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[From the Scene] Kia's Gwangju plant ups automation
GWANGJU -- A line of pressing machines continuously stamped out automotive body panels inside Kia’s manufacturing plant in Gwangju on Thursday. The pressers never seemed to miss a beat as they kept stamping out the panels, offering a glimpse of the automatized operations at the South Korean carmaker’s major domestic production site. A similar scene could be observed at the next stop, the welding shop. A large electronic display board hanging down from the ceiling showed how the autom
July 4, 2023
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Green fuels forum to be held next week
The Korea Automobile Journalists Association, the US Embassy in South Korea and the US Grains Council are set to co-host the 2023 International Green Fuels Symposium on July 11 at the Four Seasons Hotel in Jongno-gu, Seoul. Sponsored by the South Korean Ministry of Land, Infrastructure, and Transport, the Ministry of Environment, and the Korea Biofuels Forum, this year’s theme is “The Role of Green Fuels in Realizing 2050 Carbon Neutrality”. The event will explore recent global
July 4, 2023
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[News Focus] Korea adds plans to relax visa rules
Contained in the government's economic plans for 2023 announced Tuesday was a stimulus option that had been neglected for years: immigration. Reaffirming plans announced by the Justice Ministry last week, the government said it would revise immigration policies in the fourth quarter to increase the rapidly-aging country's economically active population. The policy changes include extending the duration of work visas, as well as expanding the range of industries eligible for work visa
July 4, 2023
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SK Square, SK hynix set up investment unit in Singapore
SK Square, the investment arm of SK Group, said Tuesday that it has set up a semiconductor investment company in Singapore, with a total investment of 100 billion won ($77 million) together with SK hynix, Shinhan Financial Group and LIG Nex1 and others. The new firm, TGC Square, aims to finance global and domestic chip companies specializing in manufacturing and supplying semiconductor components and equipment. The company plans to spend nearly 60 percent of its initial investment funds on Japan
July 4, 2023
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Five Guys sells 15,000 burgers in 1st week in Seoul
South Korea’s first Five Guys burger restaurant located in Gangnam-gu, southern Seoul, sold around 15,000 burgers during its first week, according to FG Korea, a food subsidiary of Hanwha Galleria, Tuesday. On average, Five Guys sold more than 2,000 burgers a day and up to 200 burgers an hour. Customers from various regions across Korea came to eat at Five Guys, including Seoul, Gyeonggi, Daejeon, Daegu and Busan, the company said. There were even some that flew to Korea from Japan, which
July 4, 2023
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Korea's ramen exports hit record high amid K-ramen boom
South Korea posted its highest-ever semi-annual ramen exports figure amid the increased global demand for Korean instant noodle products, data found Tuesday. According to the data from the Korea Agro-Fisheries and Food Trade Corporation, a quasi-government agency, Korean ramen exports were tentatively tallied at $446.2 million, as of June. The number recorded a 16.4 percent jump from the previous record high of $383.2 million, logged in the first half of 2022. Korea's semi-annual ramen expo
July 4, 2023
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[Photo News] Starbucks pumpkin latte for shared growth
Starbucks Korea said Tuesday that its third drink developed with the Korean Commission for Corporate Partnership and the national cooperative association of cafe owners, named the Okcheon Sweet Pumpkin Latte, will go on sale at 150 cafes owned by small business owners across the nation. The drink is the specialty coffee chain’s third attempt at launching unique beverage recipes using locally sourced ingredients in a bid to ramp up its contribution to the local economy.
July 4, 2023
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[Herald Interview] EU seeks cooperation with South Korea to de-risk from China amid supply chain woes
The European Union is keen on cooperating with South Korea in chips, digital trade and clean technology, the European Commissioner for Internal Market Thierry Breton said Friday, amid mounting geopolitical uncertainties. "It is important that like-minded partners cooperate by coordinating policies, align on issues related to economic security and discuss trade-distorting practices, not only to ensure a level global playing field, but also to guarantee that supply chains are resilient to ext
July 4, 2023
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FDI pledges to S. Korea hit record high in H1
Foreign direct investment pledges to South Korea jumped 54.2 percent on-year in the first six months of this year to reach a record high for any first-half period, data showed Tuesday. The country received $17.09 billion of FDI commitments in the January-June period, compared with $11.09 billion logged a year earlier, according to the Ministry of Trade, Industry and Energy. This year's figure is the largest ever for any January-June period, with the previous record being $13.14 billion in 2
July 4, 2023
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Lotte's new copper foil unit eyes 30% global market share by 2028
Lotte Energy Materials Corp. aims to boost its global market share in high-end copper foil manufacturing to 30 percent over the next five years, with a push to expand its presence in Europe and North America, its CEO said Tuesday. The new copper foil unit under South Korea's Lotte Group unveiled its growth ambitions as it seeks to become a main global player in the burgeoning electric vehicle components market. Lotte Energy Materials, formerly Iljin Materials Co., set sail under the new nam
July 4, 2023
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Seoul shares open tad higher amid eased inflation woes
South Korean stocks opened a tad higher Tuesday, driven by tech heavyweights and signs of easing inflation. The benchmark Korea Composite Stock Price Index advanced 4.13 points, or 0.16 percent, to 2,606.6 in the first 15 minutes of trading. All US stock indexes finished higher Monday ahead of a one-day close for the Independence Day holiday amid signs of moderating inflation. Tesla Inc. advanced 6.9 percent on record quarterly sales. South Korea also saw its consumer price growth slow for the
July 4, 2023
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S. Korea's consumer prices up 2.7% in June, slow for 5th month
South Korea's consumer price growth slowed for the fifth straight month in June, falling below 3 percent for the first time in 21 months, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2.7 percent last month from a year earlier, compared with a 3.3 percent increase tallied in May, according to the report from Statistics Korea. It also marked the first time for the on-year growth in consumer prices to fall below 3 percent since September 2021, the data showed. The price
July 4, 2023
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Hyundai, Kia US sales rise 9.9% in June on SUVs, eco-friendly models
Hyundai Motor Co. and its affiliate Kia Corp. said Tuesday their combined sales in the United States rose 9.9 percent in June from a year earlier on robust sales of SUVs and environment-friendly models. Last month, Hyundai and Kia sold 145,849 vehicles in the world's most important automobile market, up from 132,739 units a year earlier, according to the companies' sales data. Hyundai's sales climbed 11 percent to 75,354 units in June from 67,597 a year ago, while Kia's were
July 4, 2023
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Coupang launches luxury beauty shopping service Rocket Luxury
South Korea's top e-commerce retailer Coupang said Monday it has launched a new service allowing customers to buy luxury beauty brands' products at its platform. At Rocket Luxury, customers will be able to purchase products of 16 high-end beauty brands from home and abroad, including Estee Lauder, MAC, Bobby Brown and Hera, directly bought by Coupang. The products will be delivered through the "rocket delivery" service, which offers delivery service within 24 hours upon order
July 3, 2023
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KG Mobility to take over Edison Motors
KG Mobility said Monday it will look to strengthen its commercial vehicle portfolio after being picked as the final candidate to acquire Edison Motors. With approval from the local court in Changwon, South Gyeongsang Province, of KG Mobility as the final takeover candidate, Edison Motors can complete the corporate rehabilitation process once it submits a debt recovery plan and acquires an agreement from creditors. KG Mobility said it plans to transform Edison Motors into a firm that can contribu
July 3, 2023
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AfreecaTV bolsters ties with World Union of Billiards in Portugal
AfreecaTV, one of South Korea’s biggest livestreaming platforms, met with global billiards industry officials at the venue of the Porto Three-Cushion World Cup in Portugal on Thursday to discuss ways to globally develop the billiards industry through its platform. AfreecaTV exclusively livestreamed two Three-Cushion World Cup tournaments, held in Portugal and Vietnam this year, respectively. “The key to the billiards industry’s success lies in a strong partnership with all the
July 3, 2023
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[KH explains] Pressured into price cuts at home, ramen makers in export predicament
South Korean ramen manufacturers are in a rush to cut prices of their flagship ramen and snack products, following the government’s pressure to lower prices of daily necessities. But Samyang Foods, the nation’s second-largest ramen maker, cannot lower the price of Spicy Buldak Ramen, a bestselling product that now sells better overseas than at home. In the January-March period this year, the instant noodle made 163 billion won ($124 million), or 66 percent of the company’s quar
July 3, 2023
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Korean investors snap up Japanese stocks amid yen weakness
Korean investors have poured money into Japanese stocks this year, taking advantage of a weaker yen and the roaring Japanese stock market, according to data from the Korea Securities Depository on Monday. In recent months, the Korean currency has been traded in the 900 won range against 100 Japanese yen, as the Bank of Japan continues to maintain negative rates to spur the local economy. Backed by the record low yen, more local investors are scooping up Japanese shares. The KSD data showed that
July 3, 2023
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Seoul shares rally 1.5% on strong techs, easing inflation
South Korean stocks rallied Monday, boosted by strong tech companies that tracked US peers and signs of inflation cooling in the US economy. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 38.19 points, or 1.49 percent, to close at 2,602.47. Trading volume was moderate at 607.3 million shares worth 8.86 trillion won ($6.77 billion), with gainers outnumbering decliners 606 to 269. "The fact that the University of Michigan consumer senti
July 3, 2023