Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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Woman dangling from power lines rescued by residents holding blanket
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Naver Q1 net income soars 1,171.9% on growth of major businesses
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Hanbok, soju and kimbab added to global trademark list
The Korean Intellectual Property Office said Monday that six Korean product names will be added to the World Intellectual Property Organization’s Nice classification in June. The Nice Classification, established in the French port city of Nice in 1957, is a classification system that lists trademarks of products and services used internationally. It is updated every five years and has been ratified by 91 countries. KIPO proposed to add 10 names of Korean products at the WIPO committee
May 9, 2022
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LG Chem, KIST develop tech for efficient carbon dioxide conversion
LG Chem and the Korea Institute of Science and Technology (KIST) have developed a technology that efficiently turns carbon dioxide into carbon monoxide, which is used to produce alternative fuels and plastic. The two parties have developed an electrochemical reactor for converting carbon dioxide into carbon monoxide at the highest level of efficiency through joint research, the company said. Carbon monoxide is needed to produce alternative fuel sources such as synthesis gas and methanol, as we
May 9, 2022
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Jeju Air to resume Busan-Singapore route next month
Jeju Air Co., South Korea's biggest carrier, said Monday it will resume the Busan-Singapore route next month as eased virus restrictions unleash pent-up demand. Jeju Air will offer two flights a week on the Singapore route from June 24 after it suspended the route 28 months ago due to the COVID-19 pandemic, the company said in a statement. Singapore currently allows fully vaccinated travelers to visit the country without a quarantine period. Jeju Air also plans to resume two flights a week on th
May 9, 2022
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Asiana to expand flights to Europe amid eased virus curbs
Asiana Airlines Inc., South Korea's second-biggest carrier, said Monday it will expand flights on its European routes later this month as eased virus restrictions unleash pent-up demand. Asiana Airlines will increase flights on the routes from Incheon to Frankfurt and London beginning May 28 and May 30, respectively, the company said in a statement. The carrier will resume the routes from Incheon to Paris and Rome on June 18 and June 22, respectively, while planning to resume flights on routes f
May 9, 2022
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Seoul shares open lower on recession woes
South Korean stocks opened lower Monday on concerns over a global economic downturn amid high inflation and the prolonged shutdown of major Chinese cities due to the COVID-19 pandemic. The Korea Composite Stock Price Index (KOSPI) lost 5.32 points, or 0.20 percent, to 2,639.19 in the first 15 minutes of trading. On Friday, US shares fell as investors were worried about the Federal Reserve's belt-tightening to curb inflation and the subsequent impact on the economic growth. The Dow Jones Industri
May 9, 2022
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Extra budget for small businesses to be Yoon’s first economic move
The incoming Yoon Suk-yeol government is set to reveal an extra budget later this week as the president-elect had promised to support the self-employed and small businesses that COVID-19 hit the hardest. Yoon takes office Tuesday. “The budget will be rolled out at the earliest day possible once the new government takes over,” said Choo Kyung-ho, Yoon’s finance minister nominee who will double as deputy prime minister. The Yoon government is expected to use at least 33 trilli
May 8, 2022
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[From the Scene] Recycling used EV batteries for Jeju carbon neutrality
SEOGWIPO, Jeju Island -- For Jeju, the goal of achieving carbon neutrality will not be achieved only through promoting electric vehicles, solar and wind energy, but also from recycling used batteries. The EV Battery Industrialization Center of Jeju Technopark is on a mission to extend the resort island‘s green efforts by collecting used EV batteries and reusing them. The agency is the only public entity, funded by both the local and central government, in South Korea seeking ways to make t
May 8, 2022
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Number of ‘supercars’ worth W300m quadruples over 6 years
Over 5,000 “supercars,” those worth around 300 million won ($230,000), have been registered as corporate cars in South Korea, according to the National Assembly Budget Office on Sunday. The data showed that the number of super expensive imported cars bought by corporations have quadrupled over the past six years from 1,172 to 5,075 units. Since 2016, the number of corporate supercars have shown an average increase of 32.2 percent. Imported cars worth between 200 and 300 million wo
May 8, 2022
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[Market Eye] Will Lee Jae-yong’s return revitalize Samsung?
Even as it reported record revenue over the last three quarters, shares in Samsung Electronics have fallen over the past year, indicating weak market confidence in the tech giant’s prospects as inflation and Russia’s invasion of Ukraine threaten the general economy. Not all is well at the company, despite the strong bottom line. The memory chip business is suffering from weak pricing, and its chip foundry investments are lagging behind rivals TSMC and Intel. Meanwhile it is s
May 8, 2022
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Single-person households spend more on alcohol: report
South Korea’s single-person households proportionally spent more on alcohol than households with two or more people last year, a report showed Sunday. According to the Korea Rural Economic Institute’s report that analyzed the Statistics Korea’s data from 2021, single-person households spent 10.6 percent of their processed food spending on buying alcoholic beverages, whereas households with two or more people allocated 7.3 percent. The report showed that younger people living
May 8, 2022
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SK Telecom, Deutsche Telekom forge metaverse alliance
South Korea’s No. 1 mobile carrier SK Telecom said Sunday it has inked a strategic alliance with German counterpart Deutsche Telekom to bring its metaverse platform to European market. SK Telecom said in a statement the two companies will carry out a field test for metaverse operation in Europe before the end of 2022, create contents that work on the virtual world and implement a marketing for metaverse migration in Europe. SK Telecom premiered an international version of its own ifland m
May 8, 2022
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Shinhan chief, UK minister discuss climate efforts in financial sector
Shinhan Financial Group Chairman Cho Yong-byeong met with the UK Environment Minister Zac Goldsmith and British Ambassador to Korea Colin Crooks to discuss the role of the finance sector in combating climate change and biodiversity loss, the firm said Sunday. In the meeting held Friday, Goldsmith was briefed on Shinhan’s Zero-Carbon Drive, which includes the banking group’s goal to reduce carbon emissions by 46 percent in 2030 and 88 percent in 2040 in line with the landmark 2016 P
May 8, 2022
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Hyundai Motor opens future mobility studio in Montana
Hyundai Motor Group said Friday its future mobility unit, called Hyundai New Horizons Studio, has opened a new research center in Bozeman, Montana. With about 25 billion won ($20 million) being invested, the center will serve as the unit’s headquarters and oversee the development of “Ultimate Mobility Vehicles” or UMV for the South Korean auto giant’s futuristic push. Hyundai New Horizons Studio, established in September 2020, aims to redefine transportatio
May 6, 2022
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US Fed’s rate hikes pose dilemma for S. Korea
The US Federal Reserve’s biggest rate hike in 22 years poses a dilemma for South Korea’s central bank in adjusting the pace of its monetary tightening and for local businesses seeking to go public, experts said Friday. The Fed’s decision to raise its base rate by half a percentage point on Wednesday (Eastern Standard Time) that set its target federal funds rate to a range between 0.75 percent and 1 percent has presented new hurdles for the Bank of Korea, which is wary of the g
May 6, 2022
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SK Shieldus withdraws IPO on jittery market sentiment
SK Shieldus, the South Korean security service subsidiary of SK Group’s ICT arm SK Square, said on Friday that it has scrapped its plans for market debut, citing dampened investor sentiment. “We have submitted a delisting notice to the Financial Supervisory Service because the recent demand forecasting, which decides initial public offering prices, showed that our corporate value may not be well received,” the company said. Stressing that market sentiment has turned sour fol
May 6, 2022
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Vice finance minister pledges preemptive response to market volatility
SEJONG -- Vice Finance Minister Lee Eog-weon on Friday reiterated policymakers’ willingness to intervene promptly to stabilize the capital and currency markets. During a meeting to take countermeasures against the US Federal Reserve’s monetary tightening, Lee said that “there is a high possibility that Korea’s financial and foreign exchange market will react sensitively to external factors for the time being.” His remarks came after the Fed raised the US base rat
May 6, 2022
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SKT, SK Square invest W50b in metaverse game maker
SK Group’s telecom carrier SK Telecom and investment unit SK Square are investing 50 billion won ($39 million) in game maker Haegin to strengthen its competitiveness in the AI and metaverse service, companies said Friday. With each contributing 25 billion won, the two ICT subsidiaries of SK Group will step up as the third largest shareholder of Haegin. Haegin, a games company established in 2017 by Lee Young-il, has launched four games globally such as Play Together, a Korea
May 6, 2022
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Seoul city to invest W612b to beef up public medical services
The Seoul city government said Friday it will invest a total of 612 billion won ($479.7 million) over the next four years to beef up the city's public medical services, including the construction of three new city-run hospitals. The project was launched amid growing calls for an expansion of the public health system to deal with health crisis situations, such the COVID-19 pandemic, and meet the needs of the less privileged, city officials said. Under the plan, a 600-bed capacity general hospital
May 6, 2022
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SK shieldus scraps IPO plans on poor market sentiment
South Korean cybersecurity service provider SK shieldus Co. withdrew its plans for an initial public offering (IPO) Friday, citing lackluster investor confidence. SK shieldus, the cybersecurity arm of South Korean telecom giant SK Telecom Co., said it had submitted a delisting notice to the Financial Supervisory Service the same day, about a month after reporting an IPO plan in late March. The decision came as the company received lackluster response from domestic and foreign institutional inv
May 6, 2022
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S. Korea vows 'preemptive' steps against market volatility after Fed's rate hike
South Korea's finance ministry vowed Friday to seek preemptive measures, if needed, to tackle market volatility "in an aggressive and swift manner" following the US central bank's half-point rate hike. On Wednesday (US time), the Federal Reserve raised its benchmark interest rates by a half-percentage point to curb the country's worst inflation in about four decades. The increase was the sharpest in 22 years. Fed Chairman Jerome Powell said 50-basis point rate hikes &quo
May 6, 2022