Most Popular
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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Opposition chief acquitted of instigating perjury
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Seoul city opens emergency care centers
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Jung's paternity reveal exposes where Korea stands on extramarital babies
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[Exclusive] Hyundai Mobis eyes closer ties with BYD
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[Herald Review] 'Gangnam B-Side' combines social realism with masterful suspense, performance
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Why S. Korean refiners are reluctant to import US oil despite Trump’s energy push
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Agency says Jung Woo-sung unsure on awards attendance after lovechild revelations
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Prosecutors seek 5-year prison term for Samsung chief in merger retrial
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UN talks on plastic pollution treaty begin with grim outlook
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Hyundai Motor’s N brand cars set for Nurburgring race
Three cars under Hyundai Motor’s high-performance N brand will participate in the 50th 2022 ADAC 24h Nurburgring race from May 28 to 29, the company said on Friday. This year, Hyundai Motor is entering Elantra N TCR, i30 N TCR and i30 Fastback N cup race cars into the VT2 class to further demonstrate the performance and durability of its N brand models. The 24-hour Nurburgring race is a racing event in which more than 100 cars take to the starting grid and drive through a 25-kilometer ci
May 27, 2022
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[Newsmaker] Kakao's Kim Beom-su steps down from last chairman position
Kakao founder Kim Beom-su has stepped down as chairman at the Brian Impact foundation he established last year for philanthropic projects, the nonprofit said Friday. With the announcement, Kim has resigned from all chairman posts including his resignation as Kakao chairman of the board in March. Kim will keep his position as the head of the Kakao Future Initiative Center. The founder and former CEO of the South Korean IT giant will remain as a registered director on the board and continue to t
May 27, 2022
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Posco Chemical to build $327m cathode material plant with GM in Quebec
Posco Chemical said Friday it has signed a deal to create a joint venture with US auto maker General Motors to launch a $327 million cathode materials plant for batteries that can power 220,000 electric vehicles annually in Quebec, Canada. The material firm, based in Pohang, North Gyeongsang Province, will invest $278 million in an 85:15 joint venture between Posco Chemical and GM, called Ultium CAM. The deal is preceded by Posco Chemical‘s plan to launch an operation there under Posco Ch
May 27, 2022
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Air Busan opens new flight route from Incheon to Osaka
Air Busan opened up a new international flight route from Incheon to Osaka on Friday. The budget carrier offers a weekly flight every Friday from Incheon to Osaka at 9 a.m. and one return flight departing from Osaka at 12:30 p.m. Air Busan will be using the 220-seater A321LR aircraft for the one hour and 50-minute-long flight. Starting from June 26, Air Busan will increase the number of flights to twice a week. “As the immigration procedure in Japan has eased up and as the two countrie
May 27, 2022
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Seoul shares open higher on Wall Street gains
South Korean stocks got off to a strong start Friday, tracking overnight US gains, as tech shares made an upturn on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 1.03 percent, to trade at 2,639.38 in the first 15 minutes of trading. Overnight, US stocks rallied on upbeat earnings forecast from major retailers. The Dow Jones Industrial Average rose 1.61 percent, and the tech-heavy Nasdaq composite jumped 2.68 percent. In Seoul, large-cap shares gathered grou
May 27, 2022
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Manufacturing, retail giants unload 5-year plan to spur future growth
South Korea’s manufacturing and retail conglomerates released a combined 115 trillion won ($90 billion) investment plan on Thursday to achieve low-carbon digital transformation and create new jobs, joining a relay of announcements heralding a business-friendly new administration. Steelmaking giant Posco Group said it would invest 53 trillion won to pursue eco-friendly steelmaking by deploying electric furnaces. It said it would secure new technologies and raw materials that are crucial f
May 26, 2022
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Convenience stores frequented by men more than women: data
South Korean men shop at a convenience store more often than women, with men in their 20s visiting most often among all age groups of both men and women, at nine times a month on average, according to data released by Samsung Card on Thursday. In the first quarter this year, men using the firm’s card visited a convenience store 6.3 times a month on average, while women shopped there 3.9 times a month on average. How many users were surveyed were not known but as of September last year,
May 26, 2022
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Seoul shares down on inflation, rate hike woes
The South Korean stock market ended lower Thursday over the gloomy outlook for inflation and concerns over aggressive monetary tightening. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 4.77 points, or 0.18 percent, to close at 2,612.45. Trading volume was light at 583.60 million shares worth 8.48 trillion won ($6.69 billion), with decliners outpacing gainers 422 to 395. Institutional investors sold a net 155.8 billion won, while retail and fore
May 26, 2022
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SK to spend W247tr on chips, battery, biopharma over next five years
SK Group said Thursday it is investing a total of 247 trillion won ($195 billion) over the next five years to shore up its three growth pillars of semiconductors, batteries and biopharmaceuticals to create some 50,000 new jobs for the local economy. Amid lingering uncertainty over economic slowdown and geopolitical risks, the nation’s second-largest conglomerate, whose key units include SK hynix, SK Telecom and SK On, called new investment and talent acquisition are crucial for it to see
May 26, 2022
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Hyundai Motor Group presents future role as mobility solution provider at Davos forum
Hyundai Motor Group on Thursday unveiled its vision for a human-focused future mobility ecosystem and related platforms at the World Economic Forum in Davos, Switzerland. The Korean carmaker said its president and Chief Innovation Officer Chi Young-cho presented the necessity of global collaboration for the future of the automotive industry as well as the need to establish a human-focused mobility ecosystem. According to Chi, companies in the vehicle manufacturing, auto parts making and
May 26, 2022
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Hyundai Steel deploys electric furnace as low-carbon strategy
Hyundai Steel said Thursday that it has set up its new and unique steel production system using an electric furnace called Hy-Cube, with a goal to produce low-carbon, high-quality steel products toward 2030. Hy-Cube refers to Hy3 or Hyundai Hydrogen Hybrid, a process of melting raw iron material to remove impurities when adding new components by using a new electric furnace concept called Hy-Arc. With this new electric furnace, Hyundai Steel plans to minimize carbon emissions by u
May 26, 2022
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Korean Air-Asiana merger faces two biggest hurdles: EU and China
Korean Air is facing hurdles in acquiring the cash-strapped air carrier Asiana Airlines as it awaits clearance from at least four regions the EU, the US, Japan, and China. The EU’s regulatory body, considered one of the biggest obstacles in the airline’s bid as it has been getting tougher over business mergers, recently asked Korean low-cost carriers Tway Air and Air Premia for their opinion on the merger between South Korea’s two biggest air carriers, according to the aviatio
May 26, 2022
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[Photo News] World of Doughnuts
Doughnuts of various colors and ingredients are on display at a cafe and bakery fair held in Suwon, Gyeonggi Province, Thursday.
May 26, 2022
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Hanwha CEO attends Davos forum as member of Yoon’s delegation
Hanwha Solutions CEO Kim Dong-kwan attended the World Economic Forum in Davos, Switzerland, as the only entrepreneur among President Yoon Suk-yeol’s delegation, the energy-to-material firm said Thursday. During the four-day forum which started Monday, Kim met with Daniel Yergin, vice chairman of S&P Global, and discussed the Russia-Ukraine war’s impact on the energy industry and geopolitical dynamics, according to Hanwha Solutions. Kim also helped arrange a meeting between fo
May 26, 2022
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Robots to make rounds with doctors at hospital
Samsung Medical Center said Thursday that it has created a consultative group on Friday to accelerate its plan of adopting a robot-driven smart hospital system. The hospital was selected in 2021 by the Korea Institute for Robot Industry Advancement, an organization under South Korea’s Industry Ministry, to receive up to 1.5 billion won ($1.18 million) in subsidies to carry out a project to operate robots in the hospital. SMC currently operates one robot specializing in the distribution o
May 26, 2022
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LS Cable & System increases cooperation with local SMEs
South Korean cablemaker LS Cable & System has been accelerating its cooperation with local small and medium-sized enterprises to foster shared prosperity. LS Cable & System said Thursday that it has launched a local area network cable testing device in collaboration with Kangwon Electronics, a local company specializing in hardware and software wholesale. The newly developed device allows for the fast and accurate inspection of LAN cables for short circuits and wiring errors. It was
May 26, 2022
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Hancom launches Korea’s 1st private satellite
Hancom Group, South Korea's leading office software developer, has launched the country's first private Earth observation satellite into orbit, the company said Thursday. According to the firm, the satellite named Sejong-1 was carried on a Falcon 9 rocket developed by US firm SpaceX. The rocket blasted off from the Kennedy Space Center in Cape Canaveral, Florida at 2:35 p.m. on Wednesday. A Hancom official confirmed that the satellite entered its targeted orbit and successfully made communic
May 26, 2022
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BOK raises its interest rate to 1.75% to curb inflation
South Korea’s central bank on Thursday raised its benchmark interest rate by a quarter percentage point to 1.75 percent and hinted at further rate hikes to come to fend off the country’s highest inflation spike in 14 years. In the first rate-setting meeting presided by the new Bank of Korea Gov. Rhee Chang-yong, the six-member monetary policy board unanimously voted to carry out its fifth pandemic-era rate hike since August last year, when it decided to end 15 months of its record-l
May 26, 2022
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Dongsuh Foods gives back to society through literary awards and more
Dongsuh Foods Corp. has sought to give back to society by holding literary contests, professional Go championships, and donating books to elementary school libraries. For the past three decades, the instant coffee giant has discovered thousands of female literary talents through its biennial contest. Some 240,000 pieces of literary work have been submitted to the Dongsuh Literary Awards, and about 6,000 writers have been awarded. Some 18,000 pieces were received for the 15th Dongsuh Literary Aw
May 26, 2022
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LG to spend W106tr on battery, biotech, AI, clean tech by 2026
LG Group said Thursday it has confirmed a spending package of 106 trillion won ($83.7 billion) through 2026 to consolidate its manufacturing and research base in South Korea. The five-year plan is intended to add momentum to LG‘s domestic business regarding next-generation electric vehicle batteries, artificial intelligence, biopharmaceutical technology and clean technology. The expenditures are aimed at ramping up research capabilities, boosting production and securing infrastructure
May 26, 2022