Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Official campaigning kicks off for April 10 elections
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Moon visits SK Innovation’s battery plant in Georgia
South Korean President Moon Jae-in visited a plant construction site of SK Innovation Co., the country‘s leading battery maker, in the United States on Saturday. “This plant symbolizes friendship and high-tech cooperation between South Korea and the United States,” Moon said in a speech at the factory in the state of Georgia. “South Korean firms are best partners in the battery field. Cooperation in the sector offers a good opportunity for the US and South Korea to devel
May 23, 2021
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[News Analysis] Korea, US reinforce ties on chips, EV batteries to reset supply chains
South Korea and the United States have agreed to elevate the level of cooperation in major industries, including semiconductors and lithium-ion batteries, to reestablish global supply chains amid growing challenges from China and looming shortages of key components under the COVID-19 pandemic. The strengthened economic partnership is viewed as a major feat by President Moon Jae-in from his visit to the US for summit talks last week, paving a way to stabilize rocky global supply chain
May 23, 2021
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[Market Close-up] Device shipment shortage unnerves Samsung Electronics investors
Concerns about electronic device shipments due to a global semiconductor component shortage is leaving retail stock investors unnerved as their net purchases of Samsung Electronics common shares worth 22.6 trillion won ($20 billion) so far this year appears to have barely yielded returns. Foreign investors, on the other hand, are fleeing South Korea‘s largest handset producer and semiconductor manufacturer. Samsung Electronics has been the most heavily sold stock by foreign investors yea
May 23, 2021
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Banks skeptical of forging crypto alliance for real-name system
Some major South Korean financial conglomerates, including KB and Hana, have decided not to issue real-name bank accounts for virtual coin trading on local crypto exchanges, citing heavy accountability and hacking risks, according to news reports Sunday. A new bill passed at the National Assembly in March requires local crypto exchanges to meet anti-money laundering requirements, and utilize real-name bank accounts from commercial banks for crypto trading. Local banks also need to decide by th
May 23, 2021
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SC Bank Korea launches mobile retirement planning services
Standard Chartered Bank Korea said Sunday it had launched a digital asset management service within its mobile banking application that helps its customers build a retirement portfolio. Through the new mobile platform, dubbed “retirement planning on the palm of your hand,” subscribers to SC Bank Korea’s mobile banking application can create a comprehensive financial plan to achieve retirement income goals. Customers can also receive useful information on how much money they mi
May 23, 2021
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Container cargo volume at seaports up 5.7% in April
The volume of container cargo processed at South Korea's seaports rose 5.7 percent on-year in April amid hope for global recovery from the economic fallout of the new coronavirus pandemic, the country's oceans ministry said Sunday. Container cargo processed at the seaports reached 2.58 million twenty-foot-equivalent units (TEUs) in April, compared with 2.44 million TEUs, according to the Ministry of Oceans and Fisheries. Processed export-import container cargo jumped 6.3 percent on-year to re
May 23, 2021
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Revised law to allow confiscation of seed money in stock manipulation cases
Stock manipulators will face confiscations of not only illegal gains but also their seed money under a revised capital market law that seeks to raise the integrity of the market. The National Assembly on Friday approved a partial revision to the Financial Investment Services and Capital Markets Act aimed at improving investor protection and preventing market manipulation. The updated law newly allows the confiscation of the assets used or offered to be used in stock manipulation schemes. Un
May 23, 2021
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KT to establish AI research institute with KAIST
KT Corp., a major South Korean telecom operator, said Sunday it signed an agreement with the country's top science and technology university to establish a research institute for artificial intelligence (AI) and software development. Under the agreement, KT will work with the Korea Advanced Institute of Science and Technology (KAIST) to build the research institute in the central city of Daejeon, 164 kilometers south of Seoul, by the end of this year. KT said the institute will house around 20
May 23, 2021
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[Eye Plus] Last decades of Joseon era on show at Unhyeongung
Unhyeongung near Anguk Station on subway line No. 3 is surely not a major Joseon-era palace that appears prominently in tourist guide books. The relatively small complex that once belonged to Heungseon Daewongun, father of King Gojong, however, is worth a visit as it embodies the final years of the dynasty before losing power to Japanese intervention in early 20th century. Not only the dark history of the consequent fall of Joseon royal line, but also the house shows the everyday lives of the r
May 22, 2021
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Three cups of coffee a day could help you live longer, study finds
Having more than three cups of coffee a day can help those in their 40s or older live longer, researchers from Chung-Ang University found in a study with the Korea Disease Control and Prevention Agency. The study was conducted on 110,920 individuals older than 40. Scientists tracked the patients’ daily coffee intake and death rate for an average of 9.1 years. Individuals already diagnosed with diabetes, cardiovascular disease and cancer were not included in the study. The study conclude
May 22, 2021
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Clothes, accommodations invite more consumer complaints as people go out more
Consumer complaints about clothes and accommodations surged in April as outdoor activities increased sales of those products, the Korea Consumer Agency said Friday. Complaints about fashion goods saw the steepest increase. Compared with the previous month, the total number of inquiries about women’s dresses increased by 46.1 percent and T-shirts by 31 percent. Most complaints were about shipping fees when customers requested refunds for defective products. Complaints about accommodati
May 22, 2021
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S. Korean firms announce plans to invest $39.4b in US
WASHINGTON/SEOUL -- Four major South Korean companies, including Samsung and SK, on Friday announced plans to invest $39.4 billion in the United States, ahead of President Moon Jae-in's summit with US President Joe Biden in Washington. During a business roundtable attended by Moon, Samsung Electronics announced plans to invest $17 billion in a new foundry plant. LG Energy Solution and SK innovation, which make batteries, said they plan to invest some $14 billion in separate and joint projects
May 22, 2021
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SK hynix's acquisition of Intel's NAND biz gets approval from Europe
SK hynix, South Korea's second-largest chipmaker, on Friday said it has earned approval from Europe's antitrust watchdog for its acquisition of Intel Corp.'s NAND business. SK hynix said it received unconditional clearance from the European Commission for its takeover of Intel's non-volatile memory unit. Last October, SK hynix signed a deal to buy Intel's NAND business for $9 billion, which includes the US firm's solid state drive business and a NAND flash chip plant in Dalian, China. Followin
May 21, 2021
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[Newsmaker] LH Corp. could be broken up to prevent recurrence of land purchasing scandal
The South Korean government has been reviewing whether to turn Korea Land and Housing Corp. into a holding company and spin-off key businesses to prevent further information leaks from the company, sources close to the matter said Friday. The reports come amid a nationwide crackdown on a massive land speculation scandal centered on LH employees who abused insider information concerning large-scale state funded land development projects. According to the sources, the Ministry of Economy and Fi
May 21, 2021
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NPS chief vows to lead Korea’s ESG innovation
The chief of the National Pension Service, the country’s largest public pension fund, pledged Friday to take the lead in environmental, social and corporate governance investing, calling the fast-spreading global trend a must and not an option. “The NPS is fatefully engaged with the national economy. We now carry a more tremendous responsibility than ever. We have to play the role of a guide for Korea’s ESG, dubbed ‘K-ESG,’” Kim Yong-jin, the pension fund&rs
May 21, 2021
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S. Korean memory chipmakers expected to leverage upcoming super cycle: report
South Korea’s top semiconductor manufacturers, Samsung Electronics and SK hynix, are expected to enjoy a super cycle in the global memory chip market until 2023, industry sources said Friday. According to international market tracker IC Insights, global sales of memory chips will reach a record high of $180.4 billion in 2022. The record for global memory sales was $163.3 billion in 2018, when manufacturers benefited from price hikes on rising demand during a so-called super memory cyc
May 21, 2021
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DSME seeks to localize key eco-friendly motor technology
South Korea’s shipbuilder Daewoo Shipbuilding & Marine Engineering said Friday that it will localize a core technology to propel ships, in order to advance its competitiveness, especially regarding high value-added vessels. DSME has signed a memorandum of understanding with Hyosung Heavy Industries, the industrial motor manufacturer under Hyosung Group, to jointly develop a shaft generator motor using permanent magnet, according to officials. A shaft generator motor is a technolog
May 21, 2021
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Bithumb dismisses concerns about fraud case
Bithumb, South Korea’s second-largest cryptocurrency exchange by trading volume, shrugged off questions on Friday about a fraud case involving a major shareholder. Lee Jung-hoon, former chairman of Bithumb Korea -- the operator of crypto exchange Bithumb and Bithumb Holdings, which controls Bithumb Korea -- is currently under investigation in connection with fraud allegations. Due to a very complicated corporate structure, Lee reportedly holds a 65 percent stake in Bithumb Korea. In Oc
May 21, 2021
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Moderna COVID-19 vaccine gets final nod in S. Korea
A panel of medical experts on Friday said the vaccine for the novel coronavirus developed by US pharmaceutical company Moderna Inc. showed enough efficacy and safety, and recommended the use of the product. In the previous two rounds of review on Moderna's two full-dose regimen, the panel already concluded that the product is eligible for all adults. The Moderna vaccine, finally approved by the Ministry of Food and Drug Safety, marks the country's fourth COVID-19 vaccine, following the ones by
May 21, 2021
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Netmarble’s US mobile game subsidiary Jam City to go public
Jam City, Netmarble’s mobile game subsidiary in the US, will go public in a deal with a blank-check company in the second half of this year, company officials said Friday. The company has reached a merger agreement with a publicly traded special purpose acquisition company DPCM Capital, which will result in Jam City being listed on the New York Stock Exchange. The combined company will have a valuation of $1.2 billion, according to Jam City. Jam City will use the cash proceeds to acq
May 21, 2021