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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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Citibank Korea spent W1.2tr won on voluntary retirement last year
Citibank Korea Inc., the Korean unit of US banking giant Citigroup, said Wednesday it spent a total of 1.2 trillion won ($991 billion) on its voluntary retirement programs last year. Early-retiring employees were paid in advance the salaries that they would have earned until the legal retirement day, with an upper limit of 700 million won, the bank said. According to its regulatory filing, the bank registered a net loss of 796 billion won in 2021, compared with a net profit of 187.8 billion
March 30, 2022
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Hyundai E&C start sales of Hillstate apartment in Geomdan
Hyundai Engineering & Construction, the construction arm of Hyundai Motor Group, said on March 22 that it started sales of its new Hillstate apartment complex in Geomdan New Town, Incheon. The apartment complex comprises 13 buildings and a total 1,535 units that range in size from 74 to 125 square meters. Since the Hillstate complex was partially built as public housing, it is subject to a price cap that is expected to push down sales prices compared to average market prices. Notably, apart
March 30, 2022
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[Herald Interview] US envoy says 10-year-old KORUS FTA is foundation for a new trade platform
The Korea-US Free Trade Agreement (KORUS FTA) will play a crucial role in taking bilateral trade ties to a new level through a new trade platform designed to tackle challenges stemming from a rapidly changing market environment, a senior US envoy in Seoul said. The KORUS FTA, which marked its 10th year this month, has been the most comprehensive and high-standard trade agreement in the region. “The KORUS represents a turning point in the US-Korea relationship building from our initial sec
March 30, 2022
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Seoul stocks up for 2nd day on hope for Ukraine-Russia peace talks
South Korean shares closed a tad higher Wednesday, as investors focused on the recent round of Ukraine-Russia peace talks that ended earlier in the day. The Korean won steeply rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 5.67 points, or 0.21 percent, to close at 2,746.74 points. Trading volume was moderate at about 825 million shares worth some 10.9 trillion won ($9 billion), with losers outnumbering gainers 432 to 416. Institutions bought a net 160 billio
March 30, 2022
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Nongshim launches bakery snack brand Petit Paris
Nongshim Co. said it launched a “bakery snack” brand named Petit Paris, starting with a bread roll snack that tastes like French toast. The largest instant noodle and snack company in South Korea said it will introduce more products under the new brand as it pioneers the market for snacks with a soft texture and taste similar to that of bakery products. “As there is high consumer demand for bread, cakes and cookies, we expect Petit Paris bakery snacks to be popular as well. T
March 30, 2022
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Hyundai Mobis bolsters software prowess for future mobility
Hyundai Mobis, the parts-making unit of Hyundai Motor Group, said Wednesday it aims to bolster its software prowess in preparation for the future of transportation where software will enrich driver and passenger experiences. As part of its efforts, the firm has launched a four-week training course called “Mobis SW Academy,” which focuses on automotive software engineering and embedded software technology crucial for developing automotive parts. Job seekers can join the program, a
March 30, 2022
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Korea mulls bigger tax cut on fuel
SEJONG -- Economic policymakers are reportedly mapping out measures to ease the burden of households and microbusiness owners, as the nation’s gasoline and diesel prices have surged in the wake of spiking international crude oil prices. A core interest in the market is whether the Ministry of Economy and Finance will decide to expand the rate of tax cut on fuel from the current discount. A Finance Ministry official was quoted by a news provider on Wednesday as saying that the government
March 30, 2022
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SK hynix mulls consortium for Arm acquisition
SK hynix, the world’s second-largest memory chip maker, is considering coinvesting in the acquisition of United Kingdom-based semiconductor design firm Arm by taking part in a consortium, its co-chief executive officer Park Jung-ho told reporters Wednesday. “We are considering coinvesting in Arm with other companies,” Park said in a briefing. “Arm plays a very important role in the international semiconductor ecosystem, and the ecosystem will not allow a single entity t
March 30, 2022
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KT to debut disinfection robots in April
South Korean telecom carrier KT, having already launched several robots for hotels and restaurants, is now posed to debut new robots fighting virus infections, laying a basis for its foray into the service robot and rental services business. During a media event held Wednesday, the company said it plans to sell or rent up to 4,000 disinfection robots from April until the end of this year, targeting hospitals, government buildings and welfare facilities. Its autonomous robots, which come in t
March 30, 2022
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'AI technology to halve new drug development period'
The technology of artificial intelligence will be used in every step of developing drugs to cut the time it takes to discover a new drug in half, the newly appointed leader of the Korea AI Center for Drug Discovery and Development said Wednesday. “Starting from designing candidate substances, AI technology can set up clinical trials based on biometric data and minimize uncertainty, time and cost by deriving the optimal patient group,” said Kim Woo-youn, head of KAICD at the Korea P
March 30, 2022
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Cha Medical to build world’s largest CGT manufacturing facility
Cha Medical and Bio Group has officially begun the construction of Cell Gene Biobank, which is expected to be world’s largest single facility in the business of contract development and manufacturing organization for cell and gene therapy, the company said Wednesday. According to the company, it has invested 300 billion won ($248 million) into building CGB that features 10 stories above ground and four below ground to cover a total floor area of 66,115 square meters in Pangyo, Gyeonggi P
March 30, 2022
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Hanmi Global wins plant operation deal from SK Nexilis
South Korean construction management firm Hanmi Global said Wednesday that it has won an order from SK Nexilis to manage the copper foil making unit of SKC Group’s new plant in Poland that has an annual production capacity of 50,000 tons. Located in an industrial complex in Stalowa Wola, southeastern Poland, the plant will start mass production of copper foils – a key material for anode of electric vehicle batteries – from as early as 2014. Under the deal, Hanmi
March 30, 2022
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Hyundai Glovis introduces firefighting system for vehicles onboard cargo ships
Hyundai Glovis, a logistics arm of Hyundai Motor Group, said Wednesday that it has established a firefighting plan for vehicles that are transported on cargo ships, a customized system to prevent risk of fire caught on electric vehicles on board a vessel. According to the company, it will place special equipment such as fire cover and water mist nozzle at all of its car-carrying ships. By putting this specially-coated cloth on a vehicle caught fire, the flow of oxygen will instantly stop and
March 30, 2022
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Regulator OKs SK hynix's acquisition of Key Foundry
South Korea's antitrust regulator said Wednesday it has decided to approve the deal by the country's major chipmaker SK hynix Inc. to buy a local foundry firm, Key Foundry. In October, SK hynix said it inked a deal to acquire a 100 percent stake in the 8-inch wafer foundry manufacturer for 575.8 billion won ($474.85 million) in a move to boost its presence in the non-memory sector. The Fair Trade Commission (FTC) said it has approved the deal, as the takeover is not expected to hamper competitio
March 30, 2022
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GM to add Tahoe SUV to S. Korean lineup next month
GM Korea Co., the South Korean unit of General Motors Co., said Wednesday it will add the Tahoe full-size SUV to its lineup next month to meet a rising demand for SUVs amid the extended COVID-19 pandemic. GM Korea will begin the delivery of the Chevrolet Tahoe SUV to South Korean customers in April, making Chevrolet the first brand in South Korea among domestic and imported brands with an SUV portfolio that ranges from the small to extra-large segments, the company said in a statement. The all-w
March 30, 2022
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Asset managers' net up 67.1% on increased commission revenue
Asset management firms in South Korea saw their 2021 combined net earnings jump 67.1 percent from a year earlier thanks to a rise in commission revenue, data showed Wednesday. The combined net income of 348 firms came to 2.16 trillion won ($2.01 billion) last year compared with 1.3 trillion won a year earlier, according to the preliminary data compiled by the Financial Supervisory Service (FSS). The rise came mostly from an increase in commission revenue from their fund management and investment
March 30, 2022
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Seoul stocks open higher on US gains
South Korean shares opened higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index had increased 13.99 points, or 0.51 percent, to reach 2,755.06 as of 9:17 a.m. Overnight, the tech-heavy Nasdaq climbed 1.84 percent and the Dow Jones Industrial Average advanced 0.97 percent, as investors pulled hopes of easing geopolitical tensions amid the Ukraine-Russia peace talks. In Seoul, market bellwether Samsung Electronics went up 0.28 percent, and No.
March 30, 2022
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Huawei to place R&D first
Chinese tech giant Huawei Technologies pledged to put research and development as a top priority to weather uncertainties and maintain its business continuity, as its R&D expense reached the highest in a decade last year. “Both our R&D expense quantity and R&D expense ratio reached a 10–year high last year,” Karl Song, vice president of corporate communications at Huawei, told reporters in Seoul Tuesday. “The harder things get, the more we are investing in
March 30, 2022
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KRX delays lifting trading halt on Osstem Implant
The Korea Exchange said Tuesday that it had decided to postpone its decision on whether to allow Osstem Implant to resume trading, after hours of deliberation that failed to reach consensus on the fate of the company, which had reported insider theft amounting to 221 billion won ($181 million). The largest dental implant maker in the Asia-Pacific region, which used to trade on the tech-heavy Kosdaq board, reported the theft on Jan. 3 and the KRX suspended trading that day. A month l
March 29, 2022
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Posco launches control tower for carbon neutrality goals
Posco said Tuesday it has launched a new committee to act as a control tower that supervises carbon neutrality efforts across affiliates and makes timely decisions under its goal of going carbon neutral by 2050. “Posco requires a prompt decision-making process to proactively respond to global needs for carbon neutrality efforts, as well as to accelerate our production system based on carbon neutrality goals by 2050,” said Posco Vice Chairman Kim Hag-dong, who leads the new committe
March 29, 2022