Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Yoon, Lee end first talks with differences, agree to meet more
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Woman gets suspended term for injuring boyfriend with knife
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Samsung chief bolsters ties with Germany’s Zeiss
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Lee Jae-yong’s 2014 meeting with Goldman Sachs exec draws attention
A 2014 meeting between Samsung Electronics Vice Chairman Lee Jae-yong and Gene Sykes of Goldman Sachs is drawing attention, sources said Friday, in connection with Lee’s alleged plans to inherit his father’s leadership role at Samsung. During a court hearing on Thursday, an email written by Sykes, then-head of mergers and acquisitions at Goldman Sachs, was disclosed by Samsung’s lawyers as evidence for the defense. They say it counters prosecutors’ claims that Lee discus
Nov. 12, 2021
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Seoul stocks spike 1.5% on bargain hunting
South Korean stocks surged by 1.5 percent Friday as investors scooped up oversold stocks after the recent slide. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 43.88 points, or 1.5 percent, to close at 2,968.8 points. Trading volume was moderate at about 655 million shares worth some 12.3 trillion won ($10.4 billion), with gainers outnumbering losers 766 to 118. Foreigners bought a net 430 billion won, while retail investors sold 1
Nov. 12, 2021
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Samsung to overhaul job ranking system for first time in 5 years
Samsung Electronics will overhaul its job ranking system for the first time in five years, Samsung Electronics said Friday. The move is seen as part of Vice Chairman Lee Jae-yong’s plan to create a new Samsung one year after his father’s death. According to the company, the tech giant posted an internal message saying it would revise its evaluation and promotion system. “The change will be completed within this month and an official announcement will be made,” a comp
Nov. 12, 2021
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Posco to cut emissions by 320,000 tons with carbon capture, utilization tech
South Korean steel giant Posco said Friday that it would test the feasibility of a carbon capture and utilization technology that could potentially eliminate 320,000 tons of carbon emissions from steel production. According to the world’s No. 6 steelmaker, the technology, once fully developed, will be applied to coke ovens installed inside its two steel mills -- one in Pohang, North Gyeongsang Province, and one in Gwangyang, South Jeolla Province. Each of the coke ovens emits 30,000-50,0
Nov. 12, 2021
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GM Korea to launch 10 new EVs by 2025
General Motors Korea will be launching 10 new electric vehicles for the South Korean market by 2025, General Motors International President Steven Kiefer said Friday. The vehicles will range from entry-level to high-performance models, he said. Kiefer, who is also a senior vice president at GM, said competitiveness and profitability are key to sustaining business in Korea and stressed the importance of the Korean market for the global automotive company, during the GM Future Growth Virtual Pre
Nov. 12, 2021
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Katech partners with Horiba Mira for early commercialization of autonomous vehicles
The Korea Automotive Technology Institute, or Katech, has agreed to work together with the UK-based automotive consultancy firm Horiba Mira on the early commercialization of autonomous vehicles, the agency said Friday. Katech Director Heo Nam-yong and Horiba Mira’s Chief Commercial Officer Roisin Hopkins agreed to pursue joint research and development on future vehicle technologies, signing a partnership agreement at the Horiba Mira headquarters in Nuneaton, England, Thursday (Greenwich
Nov. 12, 2021
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Samsung Fire Q3 net surges 42% on decreased loss rate
Samsung Fire & Marine Insurance Co., the non-life insurance arm of Samsung Group, reported a 42.2 percent rise in its third-quarter earnings amid a fall in accident-linked insurance payments amid tightened social distancing rules. Net income came to 278.15 billion won ($235.5 million) during the January-September period, compared with a net profit of 195.56 billion won a year earlier, the company said in a regulatory filing. The improved bottom line is attributable to a fall in loss ratio
Nov. 12, 2021
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Celltrion's COVID-19 antibody treatment wins EU drug agency's recommendation
The European Union's drug agency has recommended the approval of a COVID-19 antibody treatment by Celltrion Inc., paving the way for its sales in the region, the South Korean pharmaceutical giant said Friday. The Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency recommended the application of Rekirona in adult patients aged 18 and older. The European Commission, which is authorized to approve medicines in the region, is expected to issue its decision wit
Nov. 12, 2021
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Domestic demand to gradually recover amid eased virus restrictions: ministry
South Korea's domestic demand is expected to gradually recover as in-person service segments will likely rebound amid the country's eased virus restrictions, the finance ministry said Friday. But Asia's fourth-largest economy still faces external economic downside risks, including global inflation risks and supply chain disruptions, the ministry said in its monthly economic assessment report, called Green Book. "The Korean economy is recovering amid robust exports and an improvement in th
Nov. 12, 2021
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Disney+ lands in S. Korea amid competition in video streaming market
Disney+, the flagship streaming service of US media giant Walt Disney Co., landed in South Korea on Friday, heating up competition in the country's video streaming market. The streaming service is now available on its website or in Apple's App Store for iPhones and Google's Play Store for Android devices. The service distributes various films and TV series from Disney, Pixar, Marvel, Star Wars, National Geographic and Star, showing their original content hits, like "Loki" and "T
Nov. 12, 2021
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[Graphic News] Online shopping hits record high in September
Online shopping in South Korea hit a record high in September, led by solid demand for food delivery services and electronic goods amid the resurgence in COVID-19 cases, data showed. The value of online shopping transactions stood at 16.2 trillion won ($13.7 billion) in September, up 17 percent from the previous year, according to the data from Statistics Korea. The September reading marked an all-time high since the agency began to compile related data in 2001. The value of online shopp
Nov. 12, 2021
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Seoul stocks open higher on tech, auto gains
South Korean stocks opened higher Friday, largely backed by gains in tech, auto and bio shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.29 points, or 0.76 percent, to 2,947.21 points in the first 15 minutes of trading. Market bellwether Samsung Electronics increased 0.52 percent, No. 2 chipmaker SK hynix advanced 1.4 percent, and pharmaceutical giant Samsung Biologics added 0.37 percent. Hyundai Motor, the country's largest carmaker, moved up 1.22 percent, and elect
Nov. 12, 2021
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S. Korea temporarily cuts fuel taxes to tackle soaring oil prices
South Korea temporarily lowered fuel taxes Friday in an effort to ease the impact of surging oil prices on the country's consumer inflation and people's lives. Government officials said the 20 percent reduction in taxes on gasoline, diesel and liquefied petroleum gas (LPG) will remain in place for six months until the end of April next year. Under the move, the fuel tax on gasoline drops to 656 won ($0.55) per liter from 820 won, with that on diesel falling to 466 won from 582 won. Taxes accou
Nov. 12, 2021
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Kia to sell only EVs in Europe from 2035
Kia Corp., South Korea's second-biggest carmaker, said Thursday it will sell only electric vehicles in Europe from 2035 and in other major markets from 2040 as it seeks to gradually phase out internal combustion-engine cars in global markets. Kia announced the 2045 carbon neutrality strategy as governments around the globe are adopting more aggressive policies to fight climate change and carmakers are stepping up efforts to transition away from fossil fuels. Under th
Nov. 11, 2021
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Korean tech giants sweep CES 2022 Innovation Awards
Korean tech giants Samsung Electronics and LG Electronics swept the CES 2022 Innovation Awards, ahead of the year’s biggest tech event to be held in Las Vegas in January. Samsung Electronics received 43 CES 2022 Innovation Award honors, including four Best of Innovations accolades. The Consumer Technology Association, which organizes the annual convention, announced Wednesday the products and technologies across 27 sectors that received the CES 2022 Innovation Award. Samsung swept the v
Nov. 11, 2021
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SK invests $340m in Crown X, strengthens partnership with Vietnam’s Masan Group
SK Group announced Thursday that it will invest $340 million in Crown X, a consumer retail platform within Vietnam’s Masan Group, in an effort to expand its strategic partnerships in Southeast Asia. SK Group recently bought a 9.5 percent stake in the Vietnamese consumer goods company, in line with its Global Story initiative to discover new market opportunities through direct foreign investment. Crown X is a subsidiary of Masan Group and owns Masan Consumer Holdings, a food and bevera
Nov. 11, 2021
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Coupang kicks off massive sales for China’s Singles Day
South Korean e-commerce giant Coupang has launched a three-day “Singles Day Mega Sale” to celebrate China’s annual shopping bonanza. The massive sales, from Nov. 10 to 12, was inspired by the Chinese version of US’ Black Friday. During the event, Coupang plans to woo Chinese customers with daily special offers using its “Rocket Jikgu” overseas delivery service. The firm will hand out coupons for an additional 10,000 won off purchases of 60,000 won or more.
Nov. 11, 2021
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Commercial air taxi demonstrates flight in Gimpo
A dream team with the goal of trialing commercial air taxis by 2025 demonstrated Thursday its commercial Urban Air Mobility system, or UAM. The team consists of Korea Airports Corp., Hanwha Systems, Korea Transport Institute, Tmap Mobility and SK Telecom. UAM is a new air transportation system that involves private electric aircraft taking off and landing vertically. It can travel faster than cars as it is free from traffic on land, shortening the time to reach a destination to 20 minutes fr
Nov. 11, 2021
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[News Focus] Google’s new billing policy for Korea is under scrutiny again. Why?
When Google announced on Nov. 4 that it was changing its controversial in-app payment policy in South Korea to comply with a revision to the Telecommunications Business Act, dubbed the “anti-Google law,” it appeared that Korea had become the first country in the world to check the US tech behemoth’s growing control of the app ecosystem. But, less than a week after the announcement, Seoul officials are finding themselves caught in yet another tussle between Google and local d
Nov. 11, 2021
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[From the Scene] Versatility drives Renault Samsung’s Busan plant
BUSAN -- While factories usually have one flagship item manufactured on one assembly line to maximize productivity, Renault Samsung Motors’ Busan automotive plant has increased competitiveness by making its lines able to produce more than one. With the versatile assembly line, the Busan plant is in fully geared up to boost exports of Renault Samsung’s global flagship sport utility vehicle XM3, known as Arkana overseas, said Lee Hae-jin, director at Renault Samsung Motors’ man
Nov. 11, 2021