Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Aging population to drive down Korea's housing prices from 2040: experts
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North Korea holds drills simulating nuclear counterattack against enemy
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Why is Apple Pay struggling to get purchase in Korea?
In March 2023, Apple Pay made a grand entrance into the South Korean market, amassing 1 million users on its debut day alone and doubling that figure within three weeks. But a year later, the initial fervor surrounding the mobile payment service of the iPhone maker appears to have dwindled considerably amid the lack of widespread availability. With Hyundai Card's exclusive partnership set to expire in September, no other card companies have followed suit in integrating the service. Speculat
April 17, 2024
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[Contribution] Building a better future with Africa
By Ko Kwang-hyo What image comes to your mind first when you think of Africa? Many might envision the vast Serengeti Plain with lions and zebras -- a portrayal popularized by countless media depictions. Yet, this is merely a fragment of the continent’s rich tapestry. Today’s Africa, bolstered by advancements in technology and communication, remains interconnected with the global community. Africa, the world's second-largest continent, is home to 55 diverse nations, boasting a
April 17, 2024
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Beer imports from Japan more than double in Q1
South Korea's imports of Japanese beer products more than doubled on-year in the first quarter this year, despite a 20 percent drop in the country's overall beer imports during the same period, government data showed Wednesday. According to the Korea Customs Service, the combined value of Korea's beer imports in the January-March period decreased by 19.8 percent on-year to reach $45.2 million. In terms of volume, the country' beer imports went down by 24.1 percent to 48,322 t
April 17, 2024
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Samsung develops fastest DRAM chip optimzied for ondevice AI
Samsung Electronics, the world's top memory chip maker by revenue, has developed the industry's fastest LPDDR5X memory chip optimized for on-device artificial intelligence applications, the company said Wednesday. The new Low Power Double Data Rate 5X manifests the highest performance of up to 10.7 gigabits-per-second and is the smallest in size among existing products leveraging the 12-nanometer-class process technology, the company said. The speed is equal to sending about 20 4-gigab
April 17, 2024
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HD Hyundai signs W641b warship deal with Peru
HD Hyundai Heavy Industries has bagged an order worth 640.6 billion won ($462 million) to build four warships for Peru’s state-owned shipyard SIMA, marking Korea’s largest-ever defense export deal to Latin America. According to HD Hyundai on Wednesday, Peru's President Dina Boluarte and Defense Minister Walter Astudillo Chavez, as well as Joo Won-ho, head of HD Hyundai Heavy Industries' special ship business unit, attended a signing ceremony held at the Naval Center San Bor
April 17, 2024
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LS Materials breaks ground on EV parts plant
LS Materials’ subsidiary HAIMK began construction of an aluminum parts plant for electric vehicles in Gumi, North Gyeongsang Province, on Wednesday. According to LS Materials, the plant will begin the mass production of battery cases with an annual capacity that can be used for 300,000 EVs in the first quarter of next year. The product is a high-strength aluminum component that protects the battery from outside impact without supplementary steel material. “Our products will be the on
April 17, 2024
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Mirae Asset Global X set for growth under new chief
Mirae Asset Global Investments announced Wednesday that Global X, its US-based exchange-traded fund subsidiary, would seek increased competitiveness under new CEO Ryan O'Connor, the former global head of ETF products at Goldman Sachs. O'Connor, who has an over 17-year career in the US ETF industry, having worked at Goldman Sachs and State Street Global Advisors, took office as the chief of fund issuer Global X on April 8. Through a recent leadership reshuffle carried out earlier this m
April 17, 2024
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Affinity tapped as preferred bidder for SK Rent-a-Car
SK Networks has chosen Affinity Equity Partners, a private equity fund headquartered in Hong Kong, as its preferred bidder for the sale of its ownership stake in SK Rent-a-Car, the nation's No. 2 rental car service company. SK Networks intends to divest all of its shares in an estimated deal worth some 850 billion won ($613 million). Both parties plan to conduct due diligence before finalizing the contract, SK Networks said in a regulatory filing Tuesday. Following the merger of AJ Rent-a
April 17, 2024
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LS Eco Energy wins $30.51m supply deal to supply Denmark's Energinet
LS Eco Energy, a subsidiary of LS Cable & System, announced Wednesday that it is supplying extra high voltage cables to Energinet, a Danish state-owned transmission system operator of electricity and natural gas, over the next three years in a deal worth $30.51 million deal. The contract follows another Danish deal worth $13 billion signed earlier this month. The demand for EHV cables has been growing substantially in Denmark thanks to the nation’s growing infrastructure projects -- pa
April 17, 2024
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Chanel, Louis Vuitton see muted growth in Korea
Luxury fashion houses reported a slowdown in sales growth in Korea after years of upbeat sales that peaked during the COVID-19 pandemic, according to recent earnings reports. “Consumption of expensive luxury products soared over the past few years, particularly after the COVID-19 pandemic. But, luxury purchases started to slow down last year as consumer confidence remained low amid economic woes,” an industry source said on the condition of anonymity. The two largest luxury brands in
April 16, 2024
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Line Next redefines digital market in Web3 era
Line Next, the Web3 unit of Japanese-based LY Corp., has redefined the digital market with its mobile service Dosi, which made its official debut in January this year. Line Next says it has transformed Dosi from an NFT platform into a dynamic digital service that integrates Web3 technology with existing web features. Seeking to expand the non-fungible token ecosystem, Line Next is paving the way to lead the Web3 market by offering differentiated services and exclusive digital perks users want. T
April 16, 2024
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Pineapple, mango imports surge to record highs in March
South Korea witnessed its highest-ever import figures for pineapples and mangoes in March, largely driven by the government’s recent efforts to address the soaring prices of homegrown apples by diversifying demand toward alternative options. According to the Korea Customs Service on Tuesday, the import volume of pineapples reached 8,686 tons, worth $8.68 million, in March, up 44.7 percent from the previous year, marking a record high. Imports of mangoes also more than doubled to 6,264 tons
April 16, 2024
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SK hynix sees 30% surge in market cap in Q1
South Korea’s total market cap increased by nearly 100 trillion won ($72 billion) during the first quarter of this year, backed by jumps in stock prices in key industries, including semiconductors, data showed Tuesday. According to a report from local corporate tracker Korea CXO Institute, the combined market cap of 2,692 local firms jumped 96 trillion won during the January-March period to reach 2,599 trillion won. The figures exclude the value of preferred shares. The number of stocks wi
April 16, 2024
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[Photo News] Kyobo Life homecoming day
Kyobo Life Insurance CEO and Chairperson Shin Chang-jae (second row, second from left) poses for a picture with federation officials and former athletes during a ceremony celebrating the 40th anniversary of the Kyobo Life Cup Dream Sports Competition, at the Four Seasons Hotel in Jongno-gu, Seoul, Tuesday. Since 1985, the insurer has contributed 12 billion won ($8.6 million) to support 148,000 aspiring young athletes through its social contributions program. (Kyobo Life Insurance)
April 16, 2024
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Mom’s Touch opens first store in Tokyo
South Korean chicken and burger chain Mom’s Touch announced Tuesday that it has entered into the Japanese fast-food restaurant market by opening its first direct store overseas in Shibuya, Tokyo. The new venue, which used to be the former site of McDonald's Japan for 39 years, spans approximately 418 square meters of floor space and includes 220 seats distributed over three floors. Strategically located near Shibuya Scramble Square and Shibuya Station, the bustling hub of the Japanese
April 16, 2024
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ShinWon accelerates global expansion with big ESG push
Amidst increasing global awareness of corporate responsibilities across various sectors, South Korean fashion company ShinWon Corporation has been actively involved in extensive social initiatives at home and abroad. On International Women's Day in March, ShinWon's headquarters and its overseas subsidiaries organized various activities to commemorate advancements in women's rights and equality. In Vietnam, ShinWon's two production plants hosted a grand gala concert and a post
April 16, 2024
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S. Korea makes positive assessment of $6.4 bln grants for Samsung Electronics
South Korea on Monday reacted positively to a US plan to award up to $6.4 billion in grants to support Samsung Electronics Co.'s chipmaking investment in central Texas, calling it a "favorable" result. The assessment came after Washington said it has reached a nonbinding preliminary agreement with Samsung to provide the grants under the CHIPS and Science Act to support the tech giant's expected investment of more than $40 billion, in the establishment of a "leading-edge
April 15, 2024
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US confirms $6.4 billion chip subsidy for Samsung
The US government announced Monday that it will award up to $6.4 billion to Samsung Electronics for its chip fabrication facilities in Taylor, Texas. "The return of leading-edge chip manufacturing to America is a major new chapter in our semiconductor industry," said White House National Economic Adviser Lael Brainard in a press briefing. US Secretary of Commerce Gina Raimondo also revealed that the subsidy plan, coming under the US Chips Act, will support Samsung's two chip produ
April 15, 2024
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Hanlim, Kazakhstan partner on greenhouse gas reduction project
Hanlim Architecture Group said Saturday it was embarking on a joint collaboration with Kazakhstan's environmental group KMG and the city of Shymkent on a landfill greenhouse gas reduction project. The partnership went through a joint project agreement, which was marked by a visit to the landfill site in Shymkent, Kazakhstan, by KMG Chairman Choi Ik-jun, Hanlim Architecture Group Chairman Park Jin-sun, and other officials. During the site visit, Chairman Park detailed the project’s dev
April 15, 2024
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Greyd’s video platform helps Korean sellers go global
Greyd, a social commerce platform developed by Seoul-based software developer Arbaim, aims to secure a bigger footing in overseas markets as it offers an effective marketing tool for Korean sellers that is also entertaining to attract global customers. Short-form videos, typically defined as any video under 90 seconds in duration, have become increasingly popular on a variety of social media platforms, including TikTok, YouTube and Instagram. Advertisers are also turning their eyes to the new ty
April 15, 2024