Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Korean, Romanian leaders discuss defense tech, nuclear energy
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N. Korea sends economic delegation to Iran amid suspected military cooperation
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Preorders for Kia's EV6 in US fully booked in a day
Kia Corp., South Korea's second-biggest carmaker, said Thursday presale orders for its first all-electric model, EV6, have been fully reserved in one day in the United States. Kia sold all of the 1,500 units of the EV6 First Edition in an online preorder event in the world's most important automobile market on Tuesday (US time), the company said in a statement. The EV6 First Edition is equipped with a 77.4 kilowatt-hour (KWh) battery, an augmented reality head-up display, remote parking assist
June 10, 2021
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[Exclusive] Government preparing Moderna vaccine for Samsung, SK, LG employees
The South Korean government is preparing to provide the COVID-19 vaccine from US pharmaceutical company Moderna to employees of some major domestic companies as part of efforts to help normalize their business operations early, according to industry sources Wednesday. The Ministry of Employment and Labor has sent out related guidance to companies including Samsung Electronics and its affiliates, SK and LG Group companies, multiple sources confirmed to The Korea Herald. According to the compan
June 9, 2021
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FSC gives green light to Korea’s third Internet-only bank
Toss Bank on Wednesday received final approval from the Financial Services Commission to operate as the nation’s third mobile-only bank. Now that it has the green light, Toss is set to jump into South Korea’s fast-growing online banking market, currently dominated by KakaoBank and K bank. Toss Bank -- backed by Viva Republica, the operator of fintech app Toss -- will officially launch as early as September. Toss Bank will operate within the existing Toss app to take advantage of
June 9, 2021
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Outlook for chip market gets brighter upon strong demand for memory
The world’s semiconductor market is projected to attain greater growth than initially forecast this year, mainly led by the memory sector amid rising demand for chips across various industries under the protracted COVID-19 pandemic. According to a forecast released by the World Semiconductor Trade Statistics on Wednesday, the worldwide semiconductor market is expected to increase by 19.7 percent to $527 billion in 2021 from a year earlier, and continue to grow by 8.8 percent in 2022.
June 9, 2021
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EuBiologics to start phase two clinical study of its COVID-19 vaccine candidate
South Korean biopharmaceutical company EuBiologics announced Wednesday that it will commence phase two clinical trial of its COVID-19 vaccine candidate EuCOVAC-19. EuBiologics plans to conduct the clinical study of its synthetic antigen-based vaccine candidate from the end of this month on a total of 230 people, with an aim of completing it by October, the company said. EuBiologics said the company has seen positive results from the phase one trial in terms of the safety and immunogenicity
June 9, 2021
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Employment rate recovers to 80% of pre-pandemic levels, minister says
The recovery of South Korea’s job market picked up steam as more than 600,000 positions were added back to the economy in May, surpassing that mark for the second consecutive month, government data showed Wednesday. Statistics Korea found that the number of employed people reached 27.6 million last month, 619,000 more than a year earlier, as Asia’s fourth-largest economy continued its recovery from the virus-caused downturn. The base effect from severe job losses last year lifted
June 9, 2021
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First Paris Baguette store opens in Cambodia
SPC Group is launching the Paris Baguette bakery franchise in Cambodia, opening the first branch in the country‘s capital city, the company said Wednesday. According to SPC Group, the Korean firm behind bakery brand Paris Baguette, it forged ties with Cambodia’s HSC Group to open the first Paris Baguette store in Phnom Penh. Cambodia is the sixth country in which Paris Baguette has launched, and it is the first time the bakery operator has formed a joint venture for its overseas
June 9, 2021
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Homegrown driverless car to get first trial run
A homegrown autonomous driving vehicle will begin its first trial run next week, the Electronics and Telecommunications Research Institute said Wednesday. AutoVe is a level 4 self-driving vehicle that does not have a driver’s seat. With no human assistance, the six-seater car is driven solely by the research institute’s artificial intelligence system, coupled with a self-developed voice recognition system. Passengers can just talk to the car to set up the destination, it said.
June 9, 2021
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S. Korean businesses dissent expansion of ‘Google tax’
South Korea’s business circles have submitted a petition to the Organization for Economic Cooperation and Development expressing concerns over the global move to expand the range and rate of digital services tax. The Federation of Korean Industries said Wednesday that it has submitted a joint statement on behalf of industries here, addressing OECD Secretary-General Mathias Cormann. “The move to excessively expand the range of digital services tax and to raise its tax rate would con
June 9, 2021
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Hyundai Motor chief wins top accolade at 2021 Autocar Awards
Hyundai Motor Group Chairman Chung Euisun has won the top prize at the 2021 Autocar Awards for his contribution to the global car industry, the company said Wednesday. The Issigonis Trophy, named after car designer Sir Alec Issigonis, is the award given to a standout individual within the industry who is deemed to have delivered an exceptional level of success. “In the last decade, Hyundai Motor Group has grown into one of the world’s leading car firms, and Chairman Chung has be
June 9, 2021
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SK Innovation mulls developing new cylindrical and prismatic battery cells
SK Innovation said Wednesday that it was considering producing new kinds of electric vehicle batteries, including cylindrical and prismatic battery cells, to expand its customer base. At South Korea’s biggest battery expo, Inter Battery, held at Coex in Seoul this week, SK Innovation battery chief Jee Dong-seob confirmed that the company was preparing to diversify its product portfolio, which currently consists only of pouch-type cells. “We are reviewing the development of cyli
June 9, 2021
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Seoul stocks slump for 2nd day ahead of US inflation data release
South Korean stocks retreated for second straight day on Wednesday as investors took to the sidelines ahead of the release of US consumer price data that may give more clues about the Federal Reserve's next move. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 31.65 points, or 0.97 percent, to close at 3,216.18 points. Trading volume was moderate at about 1.9 billion shares worth some 16.9 trillion won ($15.2 billion), with losers out
June 9, 2021
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Kakao’s Kim Beom-su sets up foundation to make social impact
Kim Beom-su, the founder of mobile messenger firm Kakao, has established a charity foundation aimed at making positive social impact, Kakao said Wednesday. The Brian Impact foundation, named after Kim’s English name, aims to support businesses that seek to provide solutions to social problems, expand employment opportunities through research and development projects or engage in business related to future-leading technologies, such as artificial intelligence. “The purpose of Brian
June 9, 2021
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Korea eyes travel bubbles with Singapore, Guam, Saipan
South Korea said on Wednesday it will accelerate travel bubble talks with the likes of Singapore, Taiwan and Thailand to allow quarantine-free package tours for those who are fully vaccinated from as early as July. With only group tours allowed at the beginning, one or two flights will fly a week, carrying up to some 200 passengers once a travel bubble is formed, with plans to extend the scale of the travel scheme later, the Transport Ministry said. The move comes as the government is set to
June 9, 2021
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S. Korea’s per capita income shrinks for 2nd year in a row
Per capita income in South Korea declined for the second year running in 2020, as the COVID-19 pandemic dragged the economy down to its lowest point since the 1997-1998 Asian financial crisis, data showed Wednesday. Per capita annual income, as measured in US dollars, shrank last year to $31,881, down from $32,204 in 2019 and $33,564 in 2018, according to data compiled by the Bank of Korea. The data came as Asia’s fourth-largest economy has started to recover from the blows dealt by the
June 9, 2021
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Korea’s only luxury goods ETF beats Kospi
South Korea’s only exchange-traded fund that focuses on global luxury goods stocks has outperformed Korea‘s benchmark index for the Korea Exchange’s main board Kospi over the course of 13 months since its launch, data showed Wednesday. The product, NH-Amundi Hanaro Global Luxury S&P ETF, has gained 78.1 percent since its launch on May 12 last year through Tuesday, beating the Kospi which gained 67.8 percent during the same period, according to data from NH-Amundi Asset Ma
June 9, 2021
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LG Energy Solution seeks mega IPO on Kospi in H2
South Korean battery maker LG Energy Solution is speeding up to make a stock market debut on the nation’s main bourse Kospi in the second half of this year, according to investment banking sources Wednesday. The company submitted a preliminary application for an IPO to the Korea Exchange on Tuesday. Market insiders say the firm may begin the share sale as early as September in line with its timetable. While KB Securities and Morgan Stanley are underwriting the IPO deal, the size of the
June 9, 2021
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Think tank ups S. Korea's 2021 growth outlook to 3.8%
South Korea's economy is expected to grow at a faster-than-expected pace in 2021 on the back of brisk exports, a leading private think tank said Wednesday. Asia's fourth-largest economy is likely to expand 3.8 percent on-year this year as overseas shipments rebound sharply, according to the Korea Economic Research Institute (KERI). The latest projection by KERI, the think tank under the conglomerate lobby Federation of Korean Industries, is up from its 3.4 percent estimate made in the first qu
June 9, 2021
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Samsung Heavy to develop small module reactor-powered ship
Samsung Heavy Industries Co. said Wednesday that it has teamed up with a local nuclear research institute to develop nuclear-powered ships. Under the cooperation with the Korea Atomic Energy Research Institute (KAERI), Samsung Heavy plans to develop molten salt reactors, a kind of small module reactor using molten fluoride salts as the primary coolant, at low pressure, which have been emerging as a carbon-zero nuclear energy source. Samsung Heavy will tap into the market of floating nuclear po
June 9, 2021
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LS Cable & System bets on advanced wires for electric vehicles
LS Cable & System aims to expand its footprint in the global electric vehicle components market, with high-voltage and lightweight aluminum wires, the company said Wednesday. According to the cable manufacturing unit of South Korea’s LS Group, the firm is exclusively supplying enamel wires for Hyundai Motor’s first electric vehicle, the Ioniq 5. Coated with advanced insulation material, the wires can cope with up to 800 volts, allowing rapid charging of the vehicle. The Anyang,
June 9, 2021