Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Ex-pro baseball player who killed debtor appeals sentence
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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KB, Jefferies chiefs talk cooperation in global investment banking
Chiefs of South Korea’s KB Financial Group and US’ Jefferies Financial Group discussed strengthening and expanding its existing partnership in the global investment banking market, the Korean banking giant said Tuesday. In a meeting with Jefferies Financial Group President Brian Friedman, KB Financial Group Chairman Yoon Jong-kyoo discussed plans to build a stronger cooperation in investment banking to expand assets tied to their alternative investment businesses under banks, securi
May 24, 2022
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[Exclusive] Hybe to make up 10% of KPOP ETF
Shares of Hybe, the company behind K-pop sensation BTS, will account for some 10 percent of the much-anticipated KPOP ETF, an exchange-traded fund designed by Seoul-based intellectual property-focused company builder Contents Technologies, an industry source said Tuesday. “Hybe with its market cap standing at 8.9 trillion won ($7.1 million) is supposed to make up some 20 or 30 percent of the KPOP ETF, but with the product being a passive exchange traded-fund, there will be a cap putting i
May 24, 2022
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Hyundai Steel, KIGAM to cooperate on carbon neutral tech
Hyundai Steel said it signed a deal with the Korea Institute of Geoscience and Mineral Resources (KIGAM) on technological cooperation to move faster towards carbon neutrality. The steelmaker said the state-funded think tank’s mineral-related technologies will be used to recycle materials and resources, and analyze raw materials as part of efforts to run low-carbon steel mills in the long run. Through cooperation with KIGAM, Hyundai Steel said it will be able to add value to waste materia
May 24, 2022
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Exports by large firms grow at fastest pace in 2021 amid economic recovery
Exports by South Korean large companies rose at the fastest pace on record in 2021 as demand for chips and autos remained robust amid the global economic recovery, data showed Tuesday. Overseas shipments by the country's 875 large exporters were valued at $415.8 billion in 2021, up 29.5 percent from the previous year, according to the data from Statistics Korea and the Korea Customs Service. It marked the fastest on-year gain since 2015, when the agencies began compiling related data. The a
May 24, 2022
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BOK surely to raise key rate again this week amid inflation woes: poll
Almost all market watchers expect the Bank of Korea (BOK) will raise its key interest rate this week to combat inflation and align with monetary tightening in major economies, a poll showed Tuesday. According to the poll of 100 bond market experts conducted by the Korea Financial Investment Association, 94 percent said the central bank will hike the interest rate at a rate-setting meeting to be held Thursday. The ratio was much higher than the 50 percent that expected a rate hike in a similar Ap
May 24, 2022
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Daewoo Shipbuilding builds 3D-printed ABS model ship
South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. said Tuesday it has successfully constructed a 3D-printed plastic model vessel that could help cut costs and improve productivity. Daewoo Shipbuilding said it has joined hands with U.S. 3D printer maker Ingersoll in building the 10-meter-class, twin-skeg ship made of acrylonitrile-butadiene-styrene (ABS), which will be tested in its research lab in Siheung, about 26 kilometers southwest of Seoul. It represents the first 3D-printe
May 24, 2022
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Samsung Biologics, AstraZeneca shutting down their joint venture Archigen Biotech
Samsung Biologics Co., the biotech arm of South Korea's Samsung Group, is shutting down its joint venture with multinational pharmaceutical company AstraZeneca Plc., a company official said Tuesday, due to the suspension of the development of a biosimilar product. The move came two months after Samsung Biologics' board approved the liquidation of Archigen Biotech Ltd., a 50-50 joint venture set up with AstraZeneca, in 2014. Archigen Biotech was responsible for developing SAIT101, a bio
May 24, 2022
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Samsung SDI-Stellantis battery JV to be built in Indiana
Samsung SDI Co., a major South Korean battery maker, will build an electric vehicle battery plant in the US state of Indiana with Stellantis N.V. and plans to make the announcement this week, industry sources said Tuesday. The announcement, reportedly set for Tuesday (US time), would come after the two companies said in October they were forming a joint venture to build what would be the first US battery cell plant for the South Korean battery maker. An official from Samsung SDI declined to comm
May 24, 2022
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Seoul shares open lower ahead of Fed minutes release
Seoul shares opened lower Tuesday, bucking overnight gains on Wall Street, as investors await the minutes of the Federal Reserve's latest rate-setting meeting this week to take a cue about the US central bank's future tightening move. The Korea Composite Stock Price Index (KOSPI) fell 1.73 points, or 0.07 percent, to trade at 2,645.65 in the first 15 minutes of trading. Overnight, The Dow Jones Industrial Average rose 2 percent to 31,880.24 and the tech-focused Nasdaq index gained 1.6
May 24, 2022
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Number of executives at major firms rises 4.5% in Q1
The number of executives at South Korea's major firms expanded 4.5 percent on-year in the first quarter of the year despite the coronavirus pandemic, a corporate tracker said Tuesday. A total of 353 leading companies in Asia's fourth-largest economy had a combined 14,418 executives as of end-March this year, up from 13,803 a year earlier, according to the Leaders Index. The figure covers companies out of the country's top 500 corporations by sales that have disclosed their first-q
May 24, 2022
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Land Minister vows to ease price ceiling on privately built apartments
New South Korean Land Minister Won Hee-ryong pledged Monday to announce measures to ease the cap on presale prices of privately built apartments, a scheme adopted by the previous Moon Jae-in administration widely criticized for failing to curb the housing prices here. “The scheme has been introducing side-effects to the market as it forcefully puts a cap on the presale prices when it doesn’t consider parts of maintenance cost or the rising raw materials cost,” Won said at a p
May 23, 2022
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Investors warned over ‘frothy’ markets amid wobbly Kospi
As unprecedented stimulus packages to fuel South Korea’s COVID-hit economy run out, investors are increasingly worried over a possible bubble burst in stocks, property and cryptocurrencies that would make it harder for the already wobbly benchmark Kospi to return to its record highs a year ago. The Bank of Korea, which has already lifted interest rates twice this year to combat red-hot inflation, is expected to back another raise Thursday while eyeing more hikes later in the year. Rising
May 23, 2022
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[Test Drive] Porsche Taycan GTS is racing car, but stable
The Porsche World Roadshow, featuring diverse driving programs such as circuit driving, slalom course, and launch braking offered by the German carmaker, resumed in South Korea on May 19 after skipping a year due to the COVID-19 pandemic. Porsche Korea had around 28 models including the Taycan GTS, a model yet to be launched in South Korea, lined up for test drives at Everland Speedway in Yongin, Gyeonggi Province. The Taycan GTS was definitely the eye-catcher of the event, as not only it is t
May 23, 2022
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Korea's first lunar mission named 'Danuri'
South Korea's first lunar probe mission, formally known as the Korea Pathfinder Lunar Orbiter, has been named "Danuri," the Ministry of Science and ICT said Monday. Danuri is a combination of the two Korean words "dal" and "nuri," meaning moon and enjoy, respectively. According to the ministry, the name expresses a desire for the country's first moon mission to be successful, and for the probe to enjoy everything that the moon has to offer. Between Jan. 26 and F
May 23, 2022
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Policymakers seek drastic cut in real estate tax
SEJONG -- The Yoon Suk-yeol administration is considering easing the comprehensive real estate tax rate for home owners holding a single unit to a considerable extent, starting this year. According to officials at the Ministry of Economy and Finance, the government is moving to scale back their tax burden to the level in 2020. Deputy Prime Minister and Finance Minister Choo Kyung-ho was quoted by local media on May 12 saying that, “(taxpayers) have shouldered a three or four-fold burden
May 23, 2022
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SK assesses W18tr of social value created
SK Group, South Korea‘s second-largest conglomerate by assets, disclosed Monday actions to create social value and tools to measure how much impact it has generated through 2021 in numbers. The group with its subsidiaries contributed 18.4 trillion won ($14.5 billion) to issues such as unemployment, climate change, phone scams, blood shortages, car accidents due to drowsy driving, among others. The figure rose 60 percent from that of 2020, its estimate showed. SK had nearly 190 affiliates
May 23, 2022
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Samsung seeks foundry supremacy with 3nm chips
One of the key moments of last week’s summit talks between South Korean President Yoon Suk-yeol and US President Joe Biden was the two signing a semiconductor wafer, not a visitors’ book, during their visit to Samsung Electronics’ chip manufacturing complex in Pyeongtaek, Gyeonggi Province, Friday. It was the first time that the wafer, produced by Samsung’s new 3 nanometer technology, was unveiled to the public. The Korean tech giant plans to start mass production of th
May 23, 2022
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Korean robot maker Rainbow Robotics records W3.6b in sales, up 182 percent
South Korean robotics maker Rainbow Robotics said Monday that it recorded 3.6 billion won ($2.8 million) in sales in the first quarter this year, up 182 percent on-year. The Korean robot maker said the local market’s demand for collaborative robots that work with humans has pulled up its sales, as well as increased exports of its device that tracks certain targets with accuracy to the global market. Its operating profit came to 600 million won. Collaborative robots assist hu
May 23, 2022
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Coway launches customizable bed frame
South Korean furniture and home appliance brand Coway said Friday that it has launched a new customizable bed frame product to reflect consumer trends shifting towards personalization. The product, Coway My Frame, allows consumers to customize the bed’s color, height and design. They can choose from a wide range of color and style combinations for the bed frame‘s headboard and sideboard, according to the furniture maker. Customers can alter the design later to accommodate lifestyl
May 23, 2022
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Posco to supply steel for hyperloop
Posco said it will supply 2,100 tons of hot-rolled steel material to be used in a hyperloop, or a high-speed transportation system where pressurized vehicles travel through a low-pressure tube, at a test facility in the Netherlands. The steelmaker said it will begin supplying the PosLoop355, specially developed to be used for the hyperloop tube, to Hardt, the Dutch company that is building the European Hyperloop Center, from next month. The PosLoop355 absorbs vibrations at 1.7 times the rate o
May 23, 2022