SK bioscience's COVID-19 vaccine wins approval in Britain

SK bioscience Co., a pharmaceutical affiliate of South Korea's SK Group, said Tuesday its COVID-19 vaccine SKYCovione has won approval from British authorities. The British Medicines and Healthcare products Regulatory Agency has approved the Korean vaccine for use as a primary vaccination in those aged 18 and over in the United Kingdom, according to the company. SK bioscience said it is SKYCovione's first permission outside Korea and it has become the eighth COVID-19 vaccine authoriz

May 30, 2023

Proportion of women execs at major firms nears 7 % in Q1

The proportion of female executives at South Korea's major companies came to 7 percent in the first quarter of 2023 following last year's implementation of a related law, a corporate tracker said Tuesday. The number of female executives at 349 out of the country's top 500 firms by sales reached 997 at end-March, accounting for 6.8 percent of the total 14,718, according to the Leaders Index. The proportion was up 0.5 percentage point from a year earlier and 1.7 times the tally for

May 30, 2023

Seoul shares open higher as US debt jitters ease

South Korean stocks opened higher Tuesday on a breakthrough in US debt ceiling negotiations. The benchmark Korea Composite Stock Price Index added 17.36 points, or 0.68 percent, to 2,576.17 in the first 15 minutes of trading. Over the weekend, US President Joe Biden and House Speaker Kevin McCarthy agreed to raise the nation's debt ceiling. Now, the deal would need to get enough bipartisan support in Congress before the June 5 deadline to avert a potentially devastating federal default. Sou

May 30, 2023

[Contribution] Taxpayer support can serve as springboard for SMEs

By Kim Tae-ho National Tax Service vice commissioner Amid high inflation and elevated interest rates worldwide, the growth of the global economy is being hampered by sluggish domestic demand, as well as contractions in the manufacturing sector and trade. In an effort to overcome the global economic downturn, the Korean government has designated key industries such as semiconductors, secondary batteries and displays as national strategic technologies. This designation aims to expand tax ben

May 29, 2023

[Photo News] LG's CSR in Africa

LG Electronics said Monday it recently donated energy-efficient air conditioners to a general hospital in Nigeria as part of its ongoing social contribution activities in the region. Africa, along with the Middle East, is one of the fastest-growing markets for the Korean tech giant. Its air conditioners alone posted more than 20 percent growth in sales last year.

May 29, 2023

Han Sung Motor-backed students present media art at Plastic Art Seoul

Recipients of Han Sung Motor’s Dream Gream scholarship showcased their work at Plastic Art Seoul 2023, a Seoul art fair dedicated to sculptures and installations that took place over the weekend. Han Sung Motor, the official importer of Mercedes-Benz cars here, has sponsored young artistic talents through the program that offers scholarships and mentoring opportunities. For the latest exhibition, 40 students joined to present media art creations under the theme “The most precious thi

May 29, 2023

[Hello Hangeul] Hangeul adds premium feel to Korean brands

On the heels of the ever-booming K-wave, Hangeul, the Korean alphabet, is being increasingly employed by both domestic and overseas companies as a unique marketing strategy to promote corporate values and raise brand awareness. Korean food companies seeking to foray into overseas markets are making full use of Hangeul to give themselves credibility and capitalize on the special currency the Korean alphabet holds in the global market. CJ CheilJedang, a Korean food giant whose global food sales ac

May 29, 2023

Asiana halts sales of exit row seats after door incident

Asiana Airlines, South Korea's second-largest airline, said Monday it has halted the sales of seats next to emergency exits following a recent incident in which a passenger opened an emergency exit door before landing. Currently, the air carrier operates two types of A320-200 aircraft, the same model that took flight during the door-opening incident, with 174 and 195 passenger seats, respectively. Sales of the two seats 26A and 30A in each aircraft will be discontinued indefinitely. An Asia

May 29, 2023

Posco International inks deal to secure graphite for EVs

Posco International said Monday it has signed a contract with Faru Graphite Corporation, a Tanzanian subsidiary of Australian mining company Black Rock Mining, to be supplied with natural graphite, a key material for rechargeable batteries. This comes as part of the trading and energy company’s full-fledged efforts to secure a global value chain for battery materials for electric vehicles. Under the contract, Posco International will invest $10 million to receive a supply of 750,000 tons o

May 29, 2023

RNR Inc. challenges industry norms with innovative 'Monoplex' theaters

Seoul-based content distribution company RNR Inc.’s “Monoplex” is a type of theater where one can watch movies in a designated, personally-optimized space in places such as apartments, hotels, office buildings and more. Monoplex offers a bespoke theater experience which screens movie premieres at the same time as more widely known multiplexes in city centers. Ever since the outbreak of the COVID-19 pandemic, public interest in Monoplexes has surged, according to the company, as

May 29, 2023

[Beyond Earth] Korean lunar rover developer aims for first mission in 2032

South Korea’s consecutive successes with the homegrown Nuri rocket and lunar orbiter Danuri have led to the government’s ambitious road map to land on the moon in 2032 and on Mars in 2045. While the spotlight has been shining on rockets and satellites, less attention has been paid to the sector of space robotics. Unmanned Exploration Laboratory, a Korean startup led by a young CEO, is working relentlessly to develop lunar-roving vehicles as the country’s only player to make suc

May 29, 2023

S. Korea's household debt to GDP at highest level among 34 economies

South Korea's household debt-to-gross domestic product ratio stood at the highest level among 34 major economies in the first quarter, global financial data showed Monday. The ratio stood at 102.2 percent in the January-March period, followed by Hong Kong with a ratio of 95.1 percent, Thailand with 85.7 percent, Britain with 81.6 percent, the United States with 73 percent, Malaysia with 66.1 percent, Japan with 65.2 percent and China with 63.6 percent, according to the Institute of Internat

May 29, 2023

Foreign purchases of tech, auto stocks amount to over W16t this year

Foreign purchases of South Korean tech and auto stocks have reached over 16 trillion won ($12 billion) so far this year, according to the Korea Exchange on Monday. Foreigners bought 16.45 trillion won worth of Samsung Electronics Co., Hyundai Motor Co. and other related stocks this year through May 26, according to the main bourse. In the first five months, foreigners bought 9.78 trillion won worth of Samsung Electronics stocks, followed by 1.26 trillion won worth of Hyundai Motor shares, 1.1 tr

May 29, 2023

Passenger travel on Korea-China routes at 13% of pre-pandemic level

Passenger travel on Korea-Chinese routes stayed at 13 percent of pre-pandemic levels in the January-April period in contrast with a rapid recovery in other Asian routes, the transport ministry said Monday. In the first four months, the number of passengers on the routes between the two countries stood at 730,817, plunging from 5.65 million during the same period of 2019, according to data from the Ministry of Land, Infrastructure and Transport. But passenger travel on many other Asian routes is

May 29, 2023

Retail investors' battery frenzy continues

While foreign investors are scooping up major tech shares, retail investors in Korea are continuing to bet on a battery boom, anticipating further growth for the industry. Earlier this year, share prices of battery-related firms soared, as Korean battery firms are expected to benefit from the US Inflation Reduction Act with tax incentives when battery materials are processed there. Reflecting the outlook, the top shares bought by retail investors on the Korean stock market from Jan. 2 to May 2

May 28, 2023

Foreign investors return to Korean stock market

Foreign investors have returned to the Korean stock market, net buying more than 11 trillion won ($8.29 billion) this year, buoyed by the outlook of a chip recovery. According to data compiled by the Korea Exchange, non-Korean investors net bought Korean shares worth 11.77 trillion won from Jan. 2 to Thursday, marking a turnaround from massive sell-offs the previous two years. The buying spree of foreign investors was led by big-name tech giants, including Samsung Electronics and SK hynix, backe

May 28, 2023

Lack of pediatricians causes long lines at children's clinics

Finding a pediatric clinic in South Korea has become increasingly difficult due to a continuing shortage of pediatricians, leading to longer wait times for patients to get treated. “It is very common to wait for dozens of people who made reservations before you,” Yoo, a mother of a 4-year-old boy, told The Korea Herald. Yoo, 35, who is living in Gyeonggi Province, said her child had a fever last week and had to take him to a local hospital. When she made a reservation at around 3 p.m

May 28, 2023

[Weekender] Luxury labels target teens

While it's not breaking news that luxury fashion houses have been broadening their customer bases to younger customers, teenagers have risen as a new lucrative target demographic for such brands. More teenagers are purchasing high-end goods -- everything from lower-priced luxury beauty products and shoes to pricier bags, watches and jewelry. “Being a fan of Dior, I wanted to experience the brand,” said Lee Kyung-min, a high school student who visited a pop-up event held by Frenc

May 27, 2023

Seoul's trade minister holds talks with US counterpart over IRA, IPEF

South Korea's top trade official has discussed a variety of issues, including the Inflation Reduction Act (IRA), with the United States Trade Representative Katherine Tai, his ministry said Saturday. On the sidelines of a meeting of Asia Pacific Economic Cooperation (APEC) trade ministers in Detroit earlier this week, Trade Minister Ahn Duk-geun also discussed issues related to the US-led Indo-Pacific Economic Framework (IPEF). Ahn also held talks with China's Commerce Minister Wang

May 27, 2023

Jungheung Group vice chairman to become Daewoo E&C chairman

Daewoo Engineering & Construction announced Friday that Jungheung Group Vice Chairman Jung Won-ju will become chairperson of the company, starting June 1. Jungheung Group is the largest shareholder of Daewoo E&C with a controlling 50.75 percent stake after completing the acquisition process last year. Daewoo E&C said the latest change in its leadership has been made to boost its business in overseas markets. “The latest appointment as the company’s chairman will be a grea

May 27, 2023