Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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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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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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‘Funsumer’ products: milk-inspired body wash sparks safety fears
Earlier this month, supermarket chain Homeplus announced a milk powder-scented body wash -- an unexpected three-way collaboration with LG Household & Health Care and Seoul Dairy Cooperative. The result set the internet abuzz over its quirky packaging that takes the shape of cartons of Seoul Milk, the bestselling milk in the country. “We came up with the retro product that lives up to the sentiment of consumers based on our experience as a milk buyer,” the company said in a stat
May 24, 2021
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Citibank Korea to support Yanolja’s global expansion
Citibank Korea has signed a memorandum of understanding with Yanolja to support the local accommodation booking platform’s overseas business activities, officials said Monday. Under the agreement, the lender’s US parent company Citigroup will offer its global networks to Yanolja which aims to expand its client base not only in advanced markets such as the United States and Europe, but also emerging markets like Southeast Asia and India. Yanolja currently offers a cloud-base
May 24, 2021
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Korea Shipbuilding wins W348b order for 6 ships
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday that it has signed deals worth 348 billion won ($308 million) to build six ships. Under the deal with a Liberian company, Hyundai Samho Heavy Industries Co., a unit of KSOE, will deliver a 91,000-cubic-meter liquefied petroleum gas (LPG) carrier starting in the first half of 2023, KSOE said. An order for an 86,000-cubic-meter LPG carrier and two 50,000-ton petrochemicals carriers was placed by an Asian company, KSOE said. Th
May 24, 2021
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Samsung expands monitor lineup with upgraded features
Samsung Electronics Co. on Monday added more products to its monitor lineup with enhanced connectivity options as the South Korean tech giant targets to boost sales amid the pandemic-induced stay-at-home trend. Samsung said its latest Smart Monitor, powered by the Tizen operating system, includes a 43-inch M7 model supporting ultra-high definition resolution. The company previously introduced a 32-inch M7 last November. The 43-inch M7, which supports 65W charging through a USB Type-C port and
May 24, 2021
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Biz sentiment falls for June amid pandemic: poll
South Korea's business sentiment slightly fell for June due to deteriorating profitability in the manufacturing industry amid the coronavirus pandemic, a local think tank said Monday. The business survey index (BSI) of the country's top 600 companies by sales reached 102.6 for next month, down 5.1 points from May, the Korea Economic Research Institute (KERI) said in a statement. The index stayed above 100 for the fourth straight month after its March reading exceeded 100 for the first time in
May 24, 2021
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S. Korea starts construction of smart farm in Kazakhstan
South Korea's agricultural ministry said Monday it has launched a pilot project to build a smart farm in Kazakhstan, as the country seeks to boost exports of smart-farming solutions. The construction is expected to be completed in October, according to the Ministry of Agriculture, Food and Rural Affairs. The smart farm, sized 1 hectare, will be used to cultivate popular produce in Kazakhstan, including tomatoes, cucumbers and strawberries. The smart farm was specifically designed to cope with
May 24, 2021
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[Graphic News] S. Korea’s exports of cosmetics up 15% in 2020
South Korea’s exports of cosmetics shot up 15 percent in 2020 from a year earlier, data showed, on the back of growing demand from the United States and from other Asian countries. Outbound shipments of cosmetics reached $6.12 billion last year, according to the data compiled by the Korea Customs Service and the Korea Cosmetic Association. Korea’s imports of cosmetics fell 10.7 percent on-year in 2020 to $1.07 billion. Exports to China soared 24.6 percent, with shipments to J
May 24, 2021
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Seoul stocks open tad lower on inflation worries
South Korean stocks opened slightly lower Monday, weighed down by investor concerns of early post-pandemic inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.13 points, or 0.1 percent, to 3,153.29 points in the first 15 minutes of trading. The KOSPI got off to a weak start as accelerating inflation may sap demand for risky assets. Top cap Samsung Electronics traded flat, and No. 2 chipmaker SK hynix lost 1.22 percent. Internet portal operator Naver shed 1.39 percent, w
May 24, 2021
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[Contribution] June is time to report your overseas financial accounts
It has been a long time since the hide-and-seek of foreign property by some wealthy people has become a serious problem worldwide. As most of them aim not to pay taxes, tax authorities around the world are focusing their capabilities on finding foreign hidden properties of tax evaders. The representative case took place in Switzerland in 2009. In 2009, the US Internal Revenue Service found that UBS Bank had concealed assets of wealthy Americans in secret accounts and helped tax evasion. The US
May 24, 2021
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[Herald Interview] ‘Keeping forests young is key to net-zero emissions’
With the Earth’s rapidly changing climate and its consequences being felt around the world, calls are growing for nations to take immediate action to tackle the issue. To play its part in the global fight against climate change, South Korea is implementing measures to become a net-zero emitter of greenhouse gases. Among them is a plan to plant 3 billion trees by 2050, and the key is to keep the country’s forests young, Choi Byeong-am, the minister of the Korea Forest Service tol
May 23, 2021
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Business bodies welcome outcome of summit
Major business associations in South Korea welcomed the outcome of President Moon Jae-in’s visit to the US, and praised announced partnerships on strategic business areas including semiconductor chips and batteries. The Federation of Korean Industries, a major business lobbying group here, issued a statement on Sunday on the business agreements made over the weekend in line with President Moon’s summit talks with his US counterpart Joe Biden. “We view the agreement of the
May 23, 2021
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[Newsmaker] Samsung Biologics sets out preparation for Moderna vaccine production
Samsung Biologics is working to expedite preparations to start churning out “hundreds of millions” of doses of Moderna’s COVID-19 vaccine in early second half, the company said Sunday. At its sterile drug manufacturing facility in Songdo, Incheon, which is one of the largest in the world, the South Korean pharmaceutical will handle the fill and finish process of the production of mRNA-1273, Moderna’s messenger-RNA based COVID-19 jab. The firm signed a contract with Mo
May 23, 2021
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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