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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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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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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Woman dangling from power lines rescued by residents holding blanket
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Herald Interview] Samsung CEO’s apology over GOS throttling not enough: US lawyer
A public apology delivered by a Samsung Electronics CEO earlier this month and a software update are not enough to conciliate customers’ anger, a US attorney claimed, urging the tech giant to provide compensation. Customers are disappointed largely because Samsung sold devices that are not what they meant to be and not as premium as they were promoted in terms of phone and battery performance, said David Buchanan, a partner at Seeger Weiss in New Jersey who is suing Samsung on behalf of
March 29, 2022
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IMF suggests to Korea to keep tight mortgage policy
SEJONG -- The International Monetary Fund has recommended South Korea keep practicing policies for tight mortgage regulations, showing a substantial difference from policy directions suggested by the incoming Yoon Suk-yeol administration. In a report on its yearly consultations with Korean officials, the IMF recommended that the government draw up “measures to improve housing supply.” But the US-based organization suggested that Korea keep on practicing policies of conducting tight
March 29, 2022
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Yoon reaches out to business leaders over labor unions
President-elect Yoon Suk-yeol is set to meet soon with the country’s largest group of trading companies, his transition team said Tuesday, in a move largely seen as stepping up efforts to rebuild ties with big businesses and win support for his economic plan for private sector-led growth. The meeting will follow Yoon’s gathering last week with chiefs of Korea’s six major business groups, such as the Federation of Korean Industries. It highlights Yoon’s push to reverse pr
March 29, 2022
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With first kimchi factory in US, Daesang gears up for global expansion
South Korean food giant Daesang Group has completed construction of the first kimchi factory in the US, setting up an overseas base not only to penetrate the local market but also to expand exports to Europe and Oceania. Located in the City of Industry in LA, home to industrial facilities from overseas with business links to Asian countries, the factory can produce 2,000 metric tons of kimchi annually. The company has invested 20 billion won ($16.4 million) for building production lines and w
March 29, 2022
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BIZA Metaversity brings educational institutions together
BIZA Metaversity is AMAXG Group’s decentralized two-way artificial intelligence platform for education. A compound of “metaverse” and “university,” Metaversity expands the scope of educational institutions to the virtual world and brings different institutions together. It is a non-face-to-face web conferencing smart educational platform where anyone can be a lecturer. Educational institutions around the world including elementary, middle and high schools, uni
March 29, 2022
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Digital asset NFT trading platform BIZA UVIT pioneers new genre
AMAXG Group’s BIZA-UVIT is a digital asset trading platform for non-fungible tokens (NFT) in content, culture, art, e-sports, movable assets and real estate. AMAXG built strategic partnerships with a number of organizations including the Federation of Artistic and Cultural Organizations of Korea (FACO), the Global Medical Aesthetic Exchange Association (GMAEA) and the Korea Blockchain Enterprise Promotion Association, and is quickly entering the business of digitally tokenizing user&rsquo
March 29, 2022
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Anything is possible at BIZA-Metaworld, AMAXG says
BIZA-Metaworld is a blockchain-based metaverse platform where the virtual world is almost seamlessly interwoven with the physical world, bridging the gap between the two realms. The term metaverse brings together the Greek prefix “meta” meaning after or beyond, and “universe,” which refers to physical reality. This “universe beyond real life” invites users to do practically anything that is possible in the real world, from shopping to socializing, and even m
March 29, 2022
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With BIZA-CarnegieMall, AMAXG wants to deploy fintech services
BIZA-CarnegieMall is the world’s first blockchain-based peer-to-peer (P2P) shopping mall, an application of blockchain technology to an e-commerce platform. According to AMAXG, any entrepreneur can run their own store on the platform, without additional charges on signing up to the shopping mall or registering products. Transactions will be conducted through the company’s own digital currency, BIZA, while BIZA wallets will be used as payment gateway -- the virtual equivalent of a
March 29, 2022
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Samsung Bioepis buyout to bolster Samsung Biologics’ portfolio: CEO
INCHEON -- With the buyout of Samsung Bioepis’ stake, Samsung Biologics will become a global bio company based on the three pillars of contract development and manufacturing, biosimilars and new drugs, CEO John Rim said Tuesday. “Through issuing new stocks to raise about 3 trillion won ($2.46 billion) this year, we will take a full-fledged leap into becoming a global comprehensive bio company and lay the groundwork for sustainable growth,” said Rim during the company’s
March 29, 2022
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SK Inc. pledges more shareholder benefits
SK Inc., the strategic investment arm of SK Group, on Tuesday pledged to enhance shareholder benefits while consolidating its investment portfolio centering on advanced materials, biopharmaceuticals and carbon neutrality. The holding firm of the nation’s third-largest conglomerate held a general meeting of shareholders at its Seoul headquarters earlier in the day, during which all agenda items, including financial statements for the fiscal year of 2021 and the reelection of SK Group Chai
March 29, 2022
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Will KDB bail out SsangYong Motor under new administration?
After another failed attempt by SsangYong Motor to find a new owner, now all eyes are on whether the state-run Korea Development Bank will change its mind and bail out the ailing carmaker under the incoming Yoon Suk-yeol administration. SsangYong Motor, the Korean unit of Indian auto giant Mahindra & Mahindra, on Monday called off its merger and acquisition talks with Edison Motors, a local electric bus maker, after Edison missed a March 25 deadline to pay for the deal price worth 304.8 bi
March 29, 2022
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Han Sung Motor launches 11th Dream Gream scholarship project
Han Sung Motor, the official Mercedes-Benz dealer, announced Tuesday the launch of its 11th Dream Gream scholarship program for artistically gifted students through the metaverse platform Zepeto. The Dream Gream scholarship program supports both financially and academically middle and high school students that want to pursue a career in arts, according to Han Sung Motor. The launching ceremony was held on a virtual space in Zepeto named “Dream Gream Meta-planet” that portrayed the
March 29, 2022
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Kumho Tire wins AA grade in MSCI ESG ratings
Kumho Tire said Tuesday it has won an AA grade in Morgan Stanley Capital International’s recent environmental, social and governance evaluation, being ranked among the top 12 percent of the automotive parts industry. The tire manufacturer has improved its ratings every year, from a BBB grade in 2019 to an A in 2021 and an AA this year. MSCI ESG Ratings identifies ESG risks financially material to all sectors and measures each company’s resilience to such risks relative to indust
March 29, 2022
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Over 70% of firms plan to hire new workers this year: poll
More than seven in 10 South Korean firms are planning to hire new employees this year amid an economic recovery, a poll showed Tuesday. The survey of 508 companies with 100 or more workers showed 72 percent of the respondents replying they have plans to recruit new employees this year. Some 17 percent answered they have no hiring plans for this year, with about 11 percent remaining undecided. Commissioned by the Korea Enterprises Federation (KEF), South Korea's largest business lobby by membersh
March 29, 2022
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Hyundai Motor chairman reelected as Kia executive director
Shareholders of Kia Corp. have reelected Hyundai Motor Group Chairman Euisun Chung as executive director for another three years, the company said Tuesday. Chung will begin his extended director position on April 1 to lead the South Korean automaker's transition into a provider of future mobility solutions, such as autonomous driving and electric vehicles, Kia said. His three-year directorship at Kia ends in March 2025. The chairman was reelected as executive director for another three years at
March 29, 2022
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Upbeat earnings forecast for Samsung, SK hynix in Q1: survey
Samsung Electronics Co. and SK hynix Inc., the world's two largest memory chip makers, are forecast to report robust earnings in the first quarter, despite a hike in raw material prices and continued global supply woes, a financial data firm said Tuesday. Samsung is estimated to log 13.89 trillion won ($11.3 billion) in operating profits in the three months ending March 31, up 38.64 percent from a year ago, while SK hynix is expected to top 3.1 trillion won, up 137.08 percent, according to a sur
March 29, 2022
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Retail sales up 4.7% in Feb. on online consumption growth amid pandemic
Retail sales in South Korea rose 4.7 percent in February from a year earlier on the back of growing online consumption amid the worst COVID-19 wave, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers reached 12.19 trillion won ($9.99 billion) last month, up from 11.6 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The increased retail sales are mainly attributable to the growth in online consu
March 29, 2022
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KDB customers allowed to use Hana Bank's ATMs, offline branches
The Korea Development Bank (KDB), a state-run lender, said Tuesday its customers will be allowed to use ATMs and other offline branch offices of Hana Bank as part of efforts to enhance customer convenience. Under a deal for cooperation, all KDB customers will be able to use 3,576 ATMs and around 600 offline branch offices run by Hana Bank without paying fees starting Tuesday, according to the lender. The deal is expected to help senior people and other digitally marginalized citizens have more a
March 29, 2022
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S. Korea aims to underpin recovery, strengthen fiscal health in 2023 budget
South Korea said Tuesday it plans to focus its fiscal policy for next year on propping up the economic recovery and strengthen fiscal soundness amid mounting national debt. Under the 2023 budget guidelines, approved by the Cabinet, the government plans to normalize COVID-19 related emergency spending to pre-pandemic levels and make efforts to secure fiscal space to support new policy goals by the incoming government, according to the Ministry of Economy and Finance. Government ministries and age
March 29, 2022
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S. Korea to offer more tax incentives this year
Tax exemptions and incentives are expected to increase by 3.6 trillion won ($2.9 billion) this year as the government seeks to underpin the economic recovery and support vulnerable people, the finance ministry said Tuesday. The value of the tax exemptions and credit is estimated at 59.5 trillion won this year, up from the 55.9 trillion won tentatively provided last year, according to the Ministry of Economy and Finance. The percentage of tax subsidies against total tax revenue and tax benefits i
March 29, 2022