Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Medical reform committee kicks off despite boycott from doctors
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Renault Korea, 5 others to recall some 42,000 vehicles over faulty parts, software errors
Renault Korea Motors and five other carmakers will voluntarily recall nearly 42,000 vehicles to fix part defects and software errors to better ensure their safety, Seoul's transport ministry said Thursday. Renault Korea will recall 28,892 cars of two models, including the XM3, as a damaged fuel pump impeller could cause the cars to stall, according to the Ministry of Land, Infrastructure and Transport. It is the second time for the carmaker to recall the models over the impeller problem. Th
June 2, 2022
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Seoul shares open lower on recession woes
South Korean stocks got off to a weak start Thursday, as worries about the world economy, possibly set for a recession, continued to weigh on investor sentiment. The Korea Composite Stock Price Index (KOSPI) fell 23.52 points, or 0.88 percent, to 2,662.38 in the first 15 minutes of trading. Overnight, Wall Street ended lower amid woes over the potential economic impact of the US Federal Reserve's planned tighter monetary policy. In Seoul, most shares lost ground across the board. Market bel
June 2, 2022
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[Contribution] Why hydrogen alliance among Korea, Japan, and Australia is important
The future of hydrogen looks promising in East Asia, as the region’s largest carbon emitters -- Korea and Japan -- have adopted a stance toward importing substantial amounts of hydrogen from abroad. The two countries have quite similar energy profiles that have resulted in comparable decarbonization approaches, especially with respect to the use of hydrogen to replace fossil energy sources. However, the fact that Korea and Japan lack renewable power, gas production as well as carbon stor
June 1, 2022
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[Photo news] Egg prices to rise
Egg cartons fill the shelves at a hypermarket in Seoul on Wednesday. South Korea-based Maeil Dairies raised the shipping prices of products ranging from eggs to processed milk and flavored milk up to 11 percent amid inflation woes, beginning Wednesday. (Yonhap)
June 1, 2022
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Trade deficit continues despite brisk exports
SEJONG -- South Korea posted a trade deficit for the second consecutive month in the wake of spiraling import prices of raw materials, despite its brisk outbound shipments. According to the Ministry of Trade, Industry and Energy, the nation’s exports increased by 21.5 percent on-year to record $61.5 billion in May. This marked the second-highest in history, behind the $63.8 billion posted in March this year. This was an all-time high performance since the nation started compiling t
June 1, 2022
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[Market Eye] Qualcomm reignites Arm consortium talks, SK hynix alliance
The latest open remarks by US tech giant Qualcomm’s CEO Cristiano Amon has reignited speculation that the firm would purchase a stake in SoftBank-backed chip designer Arm through a consortium with global chipmaking rivals including South Korean firm SK hynix. This highlights the growing cash pile-up of South Korea-based memory chip designer and manufacturer SK hynix, coupled with its parent SK Group’s 142.2 trillion won ($114.6 billion) spending pledge in semiconductors over the nex
June 1, 2022
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Kakao’s ‘Metaverse Work System’ faces internal resistance
South Korean tech giant Kakao said Wednesday that it will revise its Metaverse Work System that would allow employees to work remotely but connect them online at all times, after it drew ire over excessive monitoring. Kakao CEO Namkoong Whon said in an announcement to staff that he will consider changing the ground rules, including those involving mandatory real-time voice calls among colleagues and set working hours. “After the beta test of the new work system, team members can vote on
June 1, 2022
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[Newsmaker] Army of service robots rolling in to replace high-cost labor in Korea
Accelerated by soaring labor costs, the reduced number of workers willing to take labor-intensive jobs and pandemic-triggered noncontact services, South Korea has seen a growing number of businesses deploying front-line service robots that have begun replacing humans in performing mundane and routine tasks. Korea’s service robot market will grow to an accumulative 230,000 robots by 2025, worth 2.8 trillion won ($2.25 billion) in value, according to market data compiled by the Inter
June 1, 2022
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Single-person households spend most on housing, utilities
Housing-related expenditures such as rent, water, electricity and gas accounted for the largest part of a single-person households’ spending in South Korea, government data showed Wednesday. For the first three months of this year, single-person households spent a monthly average of 300,000 won ($241.74) on housing-related expenditures, accounting for 20.5 percent of their total average monthly spending, a Statistics Korea data showed. Their total average monthly spending came to 1.46 mil
June 1, 2022
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Exports up 21.3% in May; trade deficit extended on high energy prices
South Korea's exports rose 21.3 percent in May from a year earlier on solid demand for chips and petroleum products, but they suffered a trade deficit due to high global energy prices, data showed Wednesday. Outbound shipments stood at $61.52 billion last month, up from $50.73 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It is the highest tally for any May since the ministry began compiling related data in 1956. The previous record wa
June 1, 2022
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Hyundai Oilbank to transition into eco-friendly energy company through new projects
Hyundai Oilbank seeks to become an eco-friendly energy company through two new projects on emission reduction technology that can be applied across the energy system. The Korean oil company said Tuesday it has been working with DL E&C on two carbon capture and utilization projects to produce construction materials such as cement and concrete with desulfurized gypsum and carbon. Hyundai Oilbank is also working with Taekyung Industry, a company responsible for 30 percent of the high purity
May 31, 2022
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Seoul shares end higher on foreign buying amid eased recession, China woes
South Korean stocks closed higher for a third consecutive day Tuesday as foreigners scooped up local equities amid eased concerns over a global recession and China's economic slowdown, analysts said. The local currency inched up against the US dollar. The Korea Composite Stock Price Index (KOSPI) gained 16.24 points, or 0.61 percent, to close at 2,685.90. Trading volume was moderate at 649.8 million shares worth 13.64 trillion won ($11 billion) with gainers outpacing decliners 544 to 291. &
May 31, 2022
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Businesses step up push for hydrogen support
The South Korean government should help companies build a hydrogen economy because using the renewable energy ensures growth as businesses race to reduce their carbon footprint, Woo Tae-hee, vice chairman of the Korea Chamber of Commerce and Industry, said Tuesday at a forum on green hydrogen. “I believe it is time for us to turn the climate crisis into an opportunity to secure the hydrogen market and improve our economy with strong commitment and collective wisdom,” Woo said at the
May 31, 2022
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Amid escalating uncertainty, output, spending, investment drop in April
SEJONG -- South Korea suffered a “triple” decline in industrial output, consumption and investment in April amid expanded economic uncertainty from global inflationary pressure and a glitch in supply, state data showed Tuesday. According to Statistics Korea, industrial output decreased by 0.7 percent in April on-month, private consumption (also called retail sales) by 0.2 percent and facilities investment by 7.5 percent. This marked the first simultaneous decline in the three secto
May 31, 2022
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Companies join forces for Busan’s World Expo bid
A business-led civilian committee was launched Tuesday to support Busan’s bid to host the 2030 World Expo, one of the world's biggest international events, in the realm of the World Cup and Olympics. SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry, leads the committee, while top executives of 11 conglomerates are joining to add weight to the bid from South Korea’s second-largest city. The 11 businesses include: Samsung Electron
May 31, 2022
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Three-way race set for Korea's flying car commercialization
The race for leadership of South Korea’s flying car market intensified Tuesday, with SK Telecom, Hyundai Motor Group and Kakao Mobility announcing their bid by forging consortiums with local companies. SKT, Hyundai Motor Group and Kakao Mobility submitted their business proposals to join the K-UAM Grand Challenge, a government-led program to select an urban air mobility business operator. They are vying for the lucrative sector that is expected to surpass 1,800 trillion w
May 31, 2022
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‘Jeonse’ no more? More Koreans opt for monthly rentals under debt burden
Monthly lease contracts exceeded half of South Korea’s home rentals and surpassed “jeonse” transactions for the first time in April, government data showed Tuesday, mostly due to greater debt burden sparked by soaring interest rates on loans. Of the total 258,313 lease transactions for apartments and houses, 50.4 percent of them were for monthly rentals in April, according to the Ministry of Land, Infrastructure and Transport. Jeonse contracts -- a lump-sum returnable deposit
May 31, 2022
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S. Korea has best EV infrastructure per unit in world: report
South Korea has the most established electric vehicle charging infrastructure per unit in the world, a report by an autonomous intergovernmental organization said Tuesday. The latest findings released in the Global EV Outlook 2022 by the Paris-based International Energy Agency showed that South Korea had 2.6 EVs per charging point last year. A charging point refers to the number of sockets that can charge vehicles at the same time. Among the 20 countries included in the report, South Korea h
May 31, 2022
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[Photo News] Hello Japan
Passengers get ready to depart to Fukuoka, Japan, from Gimhae International Airport near Busan on Tuesday, as the airport opened the route to the Japanese city for the first time since its pandemic closure two years ago. Gimhae became the first regional base gateway in South Korea, outside of Incheon International Airport, to resume passenger flight services to Japan.
May 31, 2022
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Fake crypto exchange operators arrested for duping victims out of W1.7b
Four people have been arrested for scamming a total 1.7 billion won ($1.3 million) out of investors who transferred money on a fake cryptocurrency exchange, South Korean police said Tuesday. The four, recently taken into police custody, are suspected of operating the fake crypto exchange that tricked investors into thinking they were actually trading coins and gold. More than 20 investors saw losses after the scammers told them they were unable to return their investments due to the coins&rsquo
May 31, 2022