Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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July flight demand expected to recover 40% of pre-pandemic
The daily average of air travelers is expected to be around 81,000 in July, which is around 40 percent of air travelers from the same period in 2019, right before the pandemic hit the world, according to the operator of South Korea‘s major air gateway Incheon Airport, on Monday. After November, Incheon International Airport Corp. anticipates a 70 percent recovery of the daily average air travelers and is gearing up for normalization of its operations in phrases, officials said in a regula
April 25, 2022
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Kia Q1 net falls 0.2 pct amid chip shortage
Kia Corp., South Korea's second-biggest carmaker, said Monday its first-quarter net profit fell 0.2 percent from a year earlier due to one-off costs amid global chip shortages. Net profit for the three months ended in March fell to 1.032 trillion won (US$825 million) from 1.035 trillion won during the same period of last year, the company said in a statement. Particularly high deferred corporate taxes were factored in the bottom line in the first quarter, a company spokesman said ove
April 25, 2022
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High-tech sector key to growth: transition team
Expanding the high-tech sector will be the way to ensure sustainable economic growth, and the government will ease rules to make that happen, President-elect Yoon Suk-yeol’s transition team said Monday at a press briefing amid concerns over shrinking economic growth. “Building on the high-tech sector involves two things: We help the existing industries go high-tech or go green and digital, because that leads to better products,” said Ahn Cheol-soo, the chief leading the team.
April 25, 2022
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In-car subscription service could be more profitable than selling new cars
The market for in-car subscription services such as high-end functions like autonomous driving and entertainment systems could be more profitable than selling new cars for carmakers, market data showed Monday, illustrating reason why major carmakers are moving to develop their own software and in-car programs. According to the Korea Automotive Technology Institute (KATECH) report, the world’s top 11 finished carmakers and EV maker Tesla have garnered an average of $109 billion of their a
April 25, 2022
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Seoul stocks down for 2nd day on Fed rate hike woes; won sharply dips
South Korean stocks fell for a second straight session to retreat more than 1.5 percent Monday, as worries over the US Federal Reserve signaling an aggressive rate hike next week dampened investor sentiment. The local currency fell against the US dollar. The Korea Composite Stock Price Index (Kospi) closed down 1.76 percent, or 47.58 points, to 2,657.13. Trading volume was heavy at 988.3 million shares with decliners far outpacing gainers 761 to 142. Foreigners unloaded a net 733.7 billion won (
April 25, 2022
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[Photo News] Under one roof
The entrance to a joint brick-and-mortar branch launched by Hana Bank and Woori Bank is seen in Shinbong-dong of Yongin, Gyeonggi Province, on Monday. It is the first such joint branch in the local banking industry that has seen a growing number of closures in recent years with lenders focusing on mobile and online businesses. The idea of opening a co-branch is to offset customer inconvenience, particularly among elderly who are unfamiliar with digital banking, officials say.
April 25, 2022
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Yoon vows full vaccine development support
President-elect Yoon Suk-yeol on Monday pledged to provide the utmost support for Korean companies developing vaccines and treatment, highlighting that vaccine development is crucial for securing the nation’s economic security. “The essence of the country’s growth lies here,” Yoon said during his visit to SK Bioscience’s headquarters in Seongnam, Gyeonggi Province, adding that South Korea’s economy and security depend on developing drugs. The President-elec
April 25, 2022
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S. Korea develops world’s 1st computer to save data without power
South Korean researchers have developed a computer that can save data even after the power is turned off, facilitating ways to reduce electric power consumption, the Korea Advanced Institute of Science and Technology said Monday. The research team led by Jung Myoung-soo, an electrical engineering professor at KAIST, has invented the Lightweight Persistence Centric System or Light PC, which can retain data regardless of power supply, according to KAIST. KAIST said most existing computers use d
April 25, 2022
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Lobby groups call for Moon's pardon of Samsung chief
Five South Korean lobby groups on Monday called for a presidential pardon to be issued to Samsung Vice Chairman Lee Jae-yong, the de facto leader of the family-owned electronics giant, with businesses saying the leadership void is taking a toll on the group even after Lee was released from prison on parole last year. The plea for Lee’s clemency was submitted to Cheong Wa Dae and the Justice Ministry, in hopes that it would make it onto the list of incumbent President Moon Jae-in’s l
April 25, 2022
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[Herald Interview] ‘Startup ecosystem in Korea entering next level’
What distinguishes Antler from most startup accelerators is that it is interested in funding startups at a very early, pre-seed stage. It works as a matchmaker for teams, helps them receive funds, then pushes them out into society as a full-fledged business -– all in six months. And it intends to do exactly so in South Korea, where startups’ humble beginnings remain reliant on the generosity of families and friends. “Once an innovator decides to launch his or her own busine
April 25, 2022
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Amid K-pop boom, instant noodle exports break $70m mark in March
Exports of Korean instant noodles, or “ramyeon,” last month broke the $70 million mark for the first time amid continued global popularity of Korean pop culture and the pandemic. March exports of ramyeon grew 20 percent from a year ago to $71.58 million, up 35.8 percent from February, according to the Korea Customs Service and food industry sources. The previous monthly record for ramyeon exports was $66.66 million in December last year. The export volume of ramyeon also surpassed
April 25, 2022
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Asiana Airlines to reopen route to India, offer more to Japan, others
Asiana Airlines Inc., South Korea's second-biggest carrier, said Monday it will reopen the route to India this week as eased virus restrictions unleash pent-up demand. Asiana will offer one flight a week on the Incheon-Delhi route starting Friday after it suspended the route 33 months ago on July 8, 2019, due to the COVID-19 pandemic, the company said in a statement. The company will also expand the number of flights on routes to Sydney, Los Angeles, Osaka, Fukuoka, Hanoi, Ho Chi Minh City and M
April 25, 2022
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Samsung Card net swells 16.2% in Q1
Major South Korean credit card issuer Samsung Card Co. said Monday that its earnings rose more than 16 percent in the first quarter of the year on the back of a recovery in consumer confidence. Consolidated net income stood at 160.8 billion won ($129.2 million) in the January-March period, up 16.2 percent from a year earlier, the company said in a regulatory filing. Operating profit climbed 16.8 percent on-year to 216.4 billion won, with revenue increasing 1.4 percent to 930.8 billion won. Samsu
April 25, 2022
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Instant noodle exports jump 20% in March
South Korea's exports of instant noodles soared 20 percent on-year in March on the global popularity of Korean pop culture amid the coronavirus pandemic, data showed Monday. Asia's fourth-largest economy exported $71.58 million worth of instant noodles, or "ramyeon" in Korean, last month, up from $59.62 million a year earlier, according to the data from the Korea Customs Service and industry sources. From the previous month, overseas shipments of ramyeon shot up 35.8 percent. March mar
April 25, 2022
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[Photo News] Food tasting is back
A staff prepares for drink tasting at a discount store chain in Seoul on Sunday, as eating food at public places including movie theaters, indoor sports centers and department stores become available starting on Monday.
April 24, 2022
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Pokemon craze extends to Samsung’s Galaxy Z Flip 3
Samsung Electronics said Sunday that it is launching its limited smartphone package, Galaxy Z Flip 3 Pokemon edition on Monday. The package was co-designed with the Pokemon franchise and Nintendo to include a wide range of Pokemon themed accessories such as a Pikachu key ring, a Pokemon palette, a Pokedex design pouch, a Monsterball Pop socket and a selection of five different Pokemon stickers. The electronics giant has worked with 40 different brands to create accessories for its electronic
April 24, 2022
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Korean battery industry on alert as material prices skyrocket
South Korean battery cell makers and the materials industry are seeking supply chain vigilance as prices of key materials such as lithium and nickel continue to skyrocket due to geopolitical uncertainties such as Russia‘s invasion of Ukraine. On Monday, officials of the Korea Battery Industry Association are to fly to the United States to discuss ways to stabilize the battery supply chain for electric vehicles with the Office of the United States Trade Representative and US lawmakers. T
April 24, 2022
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Self-driving car market race heats up; S. Korean regulations lag behind: report
South Korea is lagging behind in revising regulations to prepare for the commercialization of autonomous vehicles compared to other major countries such as the US, Germany and Japan, a Seoul-based think tank said Sunday. The market size of autonomous, or self-driving, vehicles is expected to grow from $7.1 billion in 2020 to $1 trillion by 2035, a report by the Korea Economic Research Institute showed. More than half of the newly launched cars to be sold in 2030 are expected to be equipped with
April 24, 2022
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Inflation in S. Korea 2nd highest in region: IMF
The International Monetary Fund said inflation in South Korea would hit 4 percent this year, second behind only New Zealand in a list of eight advanced economies in the Asia and Pacific region, in part because of the war in Ukraine. The projection was made public this month as Asia’s fourth-largest economy is seen as sliding into stagflation, a condition where rising inflation and shrinking economic growth coexist. In its latest World Economic Outlook, the IMF forecast inflation of
April 24, 2022
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SC Bank offers 2% interest rate for savings by new customers
Standard Chartered Bank Korea said on Friday that it will offer an annual before-tax interest rate of 2 percent on savings for new bank customers subscribing to its My Signature Account. The promotional event will last through May 31. My Signature Account, launched in July 2021, is a checking account that specializes in residual fund management. It has provided customers with high and stable interest rates since its release despite unstable market conditions, said bank officials. Account ho
April 24, 2022