Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Samsung mocks Apple over iPhone alarm glitch
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Men shopping cosmetics in South Korea growing
South Korean health and beauty retailer CJ Olive Young said Thursday its sales of men’s cosmetic products in the first half of this year increased 24 percent compared to the same period last year. The retailer saw a 130 percent increase in the basic skin care category, which includes toners and lotions. In the cosmetics category, foundations and color lip balms were the most-sold items, according to company data. Data also showed that in-person purchase of cosmetics among male customer
June 30, 2022
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Samsung starts mass production of world’s first 3-nm chips
Samsung Electronics said Thursday it has started producing chips using its latest 3-nanometer manufacturing technology – an industry first globally. The 3-nm technology boasts greater transistor density than the current 5-nm technology, which means higher speed and lower power consumption of advanced chips for artificial intelligence, big data and autonomous cars. The new technology is a secret weapon for Samsung, the world’s largest memory chipmaker, to take on Taiwan’s TS
June 30, 2022
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LG Energy Solution signs lithium supply deal with US mining company
South Korean battery maker LG Energy Solution Ltd. (LGES) said Thursday it has signed a non-binding agreement with a US mining company for the supply of two kinds of lithium products used in electric vehicle (EV) lithium-ion batteries. Under the memorandum of understanding, Compass Minerals, a Kansas-based provider of essential minerals, will provide LGES with 40 percent of the lithium carbonate and lithium hydroxide it will be producing for seven years starting in 2025, LGES said in a release.
June 30, 2022
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Tax revenue up W34.8tr through May amid job growth, economic recovery
South Korea has collected around 34.8 trillion won ($26.72 billion) more in taxes during the first five months of this year compared with the previous year amid growth in employment and economic recovery, the finance ministry said Thursday. In May alone, the government's tax revenue rose 300 billion won from a year earlier to come to 28.7 trillion won, as the economic recovery boosted income and corporate taxes, the data showed. The tax revenue amounted to 196.6 trillion won in the January-
June 30, 2022
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Minimum wage for next year increased 5 pct to 9,620 won
Representatives of South Korea's labor and management have agreed to set next year's minimum hourly wage at 9,620 won ($7.41) in a 5 percent increase from this year, officials said Thursday. The Minimum Wage Commission, which is composed of nine members each from labor, business and the general public, struck the agreement Wednesday night during a plenary session held at the government complex in Sejong. The new rate translates to a monthly wage of 2.02 million won. It will apply equal
June 30, 2022
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S. Korea's industrial output, investment rebound in May
South Korea's industrial output and facility investment rebounded in May from the previous month in the latest sign that Asia's fourth-largest economy maintains mild recovery momentum amid heightened external uncertainty, data showed Thursday. Industrial production rose 0.8 percent in May from the previous month, compared with a 0.9 percent on-month fall in April, according to the data from Statistics Korea. Compared with a year earlier, industrial output grew 7.1 percent. Facility inv
June 30, 2022
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From 4-day workweek to workcations, local IT firms compete for staff with envy-worthy perks
From a four-day workweek to work-from-anywhere arrangements, also known as “workcations,” Korea’s big tech firms are riding on the global wave of workplace reforms toward extreme flexibility and better work-life balance for employees. The highly-enviable four-day working week experiment is to take place at Kakao. Starting from July, employees get every other Friday off. This is on top of the fully-remote work and flexible-hour system announced late last month. “As
June 30, 2022
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Business sentiment worsens for July amid inflation, recession woes
South Korea's business sentiment worsened for July amid deepening concerns over high raw materials prices and a global economic downturn, a central bank poll showed Thursday. The business sentiment index (BSI) for local companies came to 82 for July, down 5 points from the previous month, according to the survey by the Bank of Korea (BOK). The index measures corporate prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimists. The figu
June 30, 2022
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Seoul shares open lower amid foreign sell-offs
South Korean stocks opened lower Thursday as foreign sell-offs continued to weigh on the key stock index after the stock plunge the previous day. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.86 points, or 0.79 percent, to trade at 2,359.13 in the first 15 minutes of trading. Investors remained cautious after a near 2 percent fall on Wednesday, spooked by soaring inflation growth at home and weak economic sentiment data in the United States Investors' eyes are on China
June 30, 2022
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Meta, Seoul National Univ. launch joint research center
Meta, formerly Facebook, said Wednesday it has launched a joint research center with Seoul National University to study extended reality (XR) technology and metaverse policies. The new facility, called XR Hub Korea, is part of Meta’s ”XR Program Research“ which kicked off last year as a collaborative research project with prestigious institutions worldwide. SNU has been participating from the beginning, the company said. The center will help form networks among scholars, and
June 29, 2022
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KB Kookmin provides $300m for JFK Airport redevelopment
KB Kookmin Bank, South Korea’s top lender said Wednesday that it will join other financial institutions in a $6.6 billion syndicated loan package to finance the John F. Kennedy International Airport’s Terminal One redevelopment project in New York. KB Kookmin will contribute $300 million of the $6.6 billion loan, alongside Japan’s Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp. and Dutch financial giant ING Bank. KB said the airport renovation financing project
June 29, 2022
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Seoul shares snap 3-day winning streak amid recession woes; Korean won tumbles
South Korean stocks snapped their three-day winning streak Wednesday, as investors were spooked by overnight plunges on Wall Street caused by growing concerns about an economic recession. The Korean won tumbled against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 44.1 points, or 1.82 percent, to close at 2,377.99 points. Trading volume was moderate at about 411 million shares worth some 7.7 trillion won ($5.9 billion), with losers outnumbering gainers 511 to 336. I
June 29, 2022
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[Photo News] El Salvador Project
Jungheung Group Vice Chairman Jung Won-ju (right) and Urban Development Minister of El Salvador Edgar Romeo Rodriguez Herrera shake hands to encourage Daewoo E&C’s participation in the Los Chorros highway expansion project. The project, mainly focusing on connecting San Salvador to western parts of the country, includes the use of the Export-Import Bank of Korea’s Economic Development Cooperation Fund for a construction of 902-meter-long bridge. The organizers of the project are
June 29, 2022
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Korean minister visits Czech over reactor project
SEJONG -- South Korea has recently carried out a senior-level promotion in the Czech Republic for its nuclear energy technologies in an attempt to win a reactor project in the European nation, the Energy Ministry said Wednesday. The core of promotion activities was Minister of Trade, Industry and Energy Lee Chang-yang’s meetings with Czech senior officials and political heavyweights in Prague on Tuesday. In a meeting with his counterpart Jozef Sikela, Lee commented on details on Ko
June 29, 2022
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Duty-free shops open cross-border sales to secure overseas consumers
South Korea’s duty-free shops are launching cross-border sales services starting Friday with high hopes to secure consumers overseas, as they are losing price advantage to local clients due to high won-dollar exchange rates. Lotte Duty Free opened the overseas shipping service on Wednesday, which sells around 220 kinds of products including cosmetics, fashion items and food products. Consumers in nine countries including China, Japan, US, Singapore and Thailand can enjoy free shipping as
June 29, 2022
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LG turns to clean tech as future growth driver
LG Group is betting big on clean energy technology as part of its ongoing efforts to seek future growth drivers that are also environmentally sustainable. LG Corp., the holding unit, said Wednesday that LG Group plans to inject 2 trillion won ($1.55 billion) in the next five years into the fields of bio materials, batteries and plastic recycling and other carbon neutral technologies. The new clean tech push comes as Chairman Koo Kwang-mo marked his fourth anniversary at the helm of the natio
June 29, 2022
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Worsening inflation outlook fuels sharper rate hike bets
South Korean consumers raised their outlook this month for where inflation will be in one year to the highest level in 10 years, a Bank of Korea survey showed Wednesday, reinforcing expectations that the central bank would be emboldened to back a steeper-than-expected rate hike in July. In a monthly survey of 2,500 households conducted June 13-20, consumers forecast inflation to average 3.9 percent, up from the previous 3.3 percent in May. The monthly increase is also the largest gain seen sinc
June 29, 2022
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BMW Group Korea launches BMW Service Care Plus
BMW Group Korea said Wednesday that it has launched a digital vehicle management program, BMW Service Care Plus, last month, the first of its kind in the automobile industry. The service was launched to meet the needs of an expanding customer base, according to the company. Customers with BMW vehicles released more than six years ago cannot apply for BMW’s BSI (BMW Service Inclusive Standard), the company’s warranty system. However, BMW Service Care Plus now services customers wit
June 29, 2022
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Korea approves 1st homegrown COVID-19 vaccine
South Korea has authorized its first homegrown COVID-19 vaccine, finally securing vaccine sovereignty almost 30 months after the pandemic began. The government on Wednesday announced the official approval of SKYCovione, a recombinant protein-based COVID-19 vaccine developed by SK Bioscience, after the final examination committee held a meeting to review the previous assessments earlier in the day. “The Ministry of Food and Drug Safety thoroughly verified safety and efficacy through a t
June 29, 2022
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Daewoo E&C renovates homes of patriots’ descendants
Construction company Daewoo Engineering & Construction said Wednesday that it has been participating in a community service project to improve the housing environment for descendants of independence fighters. The construction company took part in the project — hosted by nonprofit volunteer organization Habitat for Humanity Korea — by donating 200 million won ($154,621) in February, and repairing seven homes belonging to the descendants of activists who fought against the 1919-1
June 29, 2022