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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[Robert J. Fouser] AI changes rationale for learning languages
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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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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Seoul stocks open lower amid Ukraine woes, hawkish Fed
South Korean stocks opened lower Monday, as investors remained cautious about the uncertainties related to the Russian invasion of Ukraine and the hawkish stance by the US Federal Reserve. The benchmark Korea Composite Stock Price Index retreated 16.51 points, or 0.6 percent, to trade at 2,713.47 points as of 9:15 a.m. Stocks came off to a lackluster start as the Ukraine-Russian tensions continue to stoke concerns about high commodity prices and inflation growth. Most large caps traded lower in
March 28, 2022
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Hyundai Motor Group's cumulative US sales of green cars top 500,000
Hyundai Motor Group's cumulative sales of eco-friendly vehicles in the United States surpassed the 500,000-unit mark in February, 11 years after its entry into the American market, the group said Monday. The group's two flagships -- Hyundai Motor Co. and Kia Corp. -- sold a combined 15,218 environmentally friendly vehicles in the US last month, bringing their cumulative sales to 508,599 units. Last year alone, combined sales of green vehicles by Hyundai Motor and Kia spiked 183.5 percent on-year
March 28, 2022
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S. Korea's energy imports soar 85% this year
SEJONG -- South Korea's energy imports spiked more than 85 percent this year on soaring international prices, government data showed Monday, burdening the country's trade balance and consumer inflation. The country's imports of oil, natural gas and coal came to $38.49 billion from Jan. 1-March 20, up 85.4 percent from a year earlier, according to the data from the Korea Customs Service. Crude oil imports soared nearly 70 percent over the cited period, with those of natural gas and coal shooting
March 28, 2022
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New Hana Financial chief vows to put firm on the map
The new chairman of Hana Financial Group on Sunday pledged to help the group become Asia’s top financial company by improving its global profile, nonbanking investment and digital finance. “At this time when the financial industry is at an inflection point of blurring boundaries, an accelerating aging population and slowing growth, I will (help the company to) improve shareholders and corporate value and establish a transparent, fair and stable governance structure,&rdqu
March 27, 2022
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SsangYong Motor takeover in jeopardy as buyer fails to pay
A takeover deal of debt-laden SsangYong Motor appears to have fallen into a quagmire again as its buyer, local electric bus manufacturer Edison Motors, failed to pay the bill. The consortium led by Edison Motors failed to pay the remaining payment of 274.3 billion won ($224.1 million) by Friday, local media reported Sunday, quoting industry sources. Without complete payment, the Edison Motors-led rehabilitation plan for the financially troubled SUV maker is rendered meaningless, industry watch
March 27, 2022
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[Herald Interview] Open CEO says restaurants are Korea’s next big export item
Despite COVID-19’s lingering impact on the South Korean economy, the country saw a 4 percent growth last year, exhibiting a moderate performance on the back of strong exports and rebound of the global economy. But mom-and-pop businesses, mostly those in the food and beverage industry, have been severely hit by repeated rounds of restrictions on business hours. The pandemic has forced restaurants here to close by 9 p.m. each day under a business curfew, which was introduced to blunt a re
March 27, 2022
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Hanwha chief, Pence discuss Korea-US ties
Hanwha Group Chairman Kim Seung-youn met former US Vice President Mike Pence in Seoul last week and discussed a wide range of issues centering on bilateral ties between South Korea and the US, and the growing geopolitical uncertainty over the Ukraine war. On the war in Ukraine, Kim pointed out that companies are going through a rough time due to the economic crisis caused by international conflicts. He also asked Pence to share his thoughts about how global leaders can solve the problems that t
March 27, 2022
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LS C&S expands solar cable business
LS Cable & System, LS Group’s cable manufacturing unit, has been solidifying its leadership in the floating solar farm market by developing custom cables and landing large-scale supply contracts, according to the company on Sunday. Earlier this month, the cable maker inked an agreement to supply power cables to Goheung Bay floating solar power plant in South Jeolla Province. The deal covers the full package of cables needed to build a photovoltaic power farm and connect the plant to s
March 27, 2022
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Posco’s sustainability recognized by World Steel Association
South Korean steelmaker Posco has been recognized for its sustainability efforts by the World Steel Association, the company said Sunday. The World Steel Association, also known as worldsteel, has picked as Posco as one of the 39 sustainability charter members which proactively embraces the sustainability principles of the steel industry, according to the South Korean steel giant. A total of 142 companies and associations across the world are members of worldsteel. The recognition of the sus
March 27, 2022
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KT shares hit 1-year high
The share price of South Korean telecommunications firm KT hit the highest level in a year on Friday, as its shareholder meeting and a carve-out of its key business is drawing to a close next week. A KT common share, which trades on the Korea Exchange, hit the 52-week high at 35,300 won ($28.84) during the intraday trade Friday. The closing price came to 35,000 won apiece, up 1.2 percent from Thursday. KT’s market cap on Thursday exceeded 9 trillion won for the first time in seven months
March 27, 2022
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Korean conglomerates delve into digital asset market
South Korean business giants are venturing into the fledgling digital asset market and blockchain-related operations as they seek new business opportunities. On Friday, Ryu Young-sang, chief executive of SK Telecom, said in a shareholders meeting that the company plans to “adopt an economic system” to its own metaverse platform called ifland, a sign that digital currency tradable in the virtual world ecosystem could play a role. The news is in line with an announcement earlier th
March 27, 2022
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Yoon warns against tough rules on owners of multiple homes
President-elect Yoon Suk-yeol said Friday that the government should think carefully before enacting tougher rules than needed on those who own multiple homes, a group that has seen a dramatic hike in their taxes imposed by the Moon Jae-in government. Moon focused on heavier taxes and tighter mortgage curbs. “Some say we should carry on with crackdown on owners of multiple homes while others call for a return to market dynamics and let it run its course so those seeking homes find on
March 25, 2022
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Union-backed outside director fails again to enter KB boardroom
Efforts by KB Financial Group union members to get an outside director recommended by them fell through for the fifth time on Friday, with the majority of the banking group’s shareholders voting against the plan. The proposal by the union members and KB’s group of employee shareholders – which owns a combined 1.73 percent stake in the firm – to push former Export-Import Bank of Korea Vice President Kim Young-su to become one of the group’s outside directors failed
March 25, 2022
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With sales ban looming, Korean shampoo maker mulls relocating to US
South Korean hair care brand Moda Moda said Friday it is considering relocating its core business to the US in the face of a sales ban of its popular hair coloring shampoo by the nation’s drug agency. “If the Ministry of Food and Drug Safety sticks to sales ban on our coloring shampoos, we have no choice but to moving our business to the US,” a Moda Moda official said. The official added the company’s US headquarters is currently located in New York but there are pla
March 25, 2022
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Travel ban lifted for GM Korea CEO
The South Korean government on Friday lifted an overseas travel ban on GM Korea CEO Kaher Kazem, almost 16 months after the Australian GM executive was barred from leaving the country on charges of illegally outsourcing labor. Kazen is currently standing trial for violating labor laws after the carmaker was found to have hired some 1,719 workers from 24 subcontractors to work at its local plants between September 2017 and December 2020. The Seoul headquarters is suspected to have directly inst
March 25, 2022
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Seoul stocks nearly flat despite Pyongyang's ICBM launch, Ukraine uncertainties
South Korean stocks closed almost flat Friday despite North Korea's intercontinental ballistic missile (ICBM) launch and the Ukraine-Russia war. The Korean won closed unchanged against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index advanced 0.32 point, or 0.01 percent, to close at 2,729.98 points. Trading volume was moderate at about 590 million shares worth some 10.7 trillion won ($8.8 billion), with losers outnumbering gainers 503 to 343. Institutions sold
March 25, 2022
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Ham Young-joo named new chairman of Hana Financial Group
Shareholders of Hana Financial Group have officially elected Vice Chairman and sole chairman-nominee Ham Young-joo to lead the company for the next three years, the firm said Friday. Ham’s nomination was supported by the majority of the shareholders at Hana including its largest shareholder the National Pension Service, which owns 9.19 percent in the banking group. Foreign stakeholders, owning a combined 67.53 percent, also voted for Ham, according to Hana. The NPS is Korea’s large
March 25, 2022
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Korea, UK to coordinate on tax evasion
SEJONG -- The tax administrative agencies of South Korea and the UK have agreed to closely collaborate on exchanging information on how to track tax evasion by wealthy individuals. The two also discussed ways to share confidential information regarding offshore tax evasion, said the National Tax Service of Korea on Friday. The bilateral agreement came during a meeting between Korea’s NTS commissioner Kim Dae-ji and the UK’s HM Revenue & Customs First Permanent Secretary and Chi
March 25, 2022
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Posco Chemical expects to secure full in-house lithium supply in 2024
Posco Chemical Co., a unit under South Korean steel giant Posco, said Friday it expects to be able to secure more than 90,000 tons of lithium through in-house supply, backed by the parent firm's aggressive investment in the key material for rechargeable batteries. By 2024, Posco Chemical will procure from Posco Group all 91,000 tons of lithium it needs to make 225,000 tons of cathode materials annually, the chemical company said. Its self-sufficiency rate is forecast to reach 102 percent, it sai
March 25, 2022
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S. Korea logs record low trade deficit in IP rights in 2021
South Korea's deficit in the trade of intellectual property rights touched a record low in 2021 on increased exports of cultural content, central bank data showed Friday. The nation's deficit in the intellectual property account stood at $30 million last year, compared with a $2.02 billion shortfall in 2020, according to preliminary data from the Bank of Korea (BOK). Exports of products and services subject to intellectual property right payments came to $20.86 billion, up from $15.42 billion fr
March 25, 2022