Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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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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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Blockchain experts call for government support in fostering digital asset businesses
The Korea Digital Asset Industry Committee highlighted the need to create a government organization committed to fostering blockchain businesses. On Thursday, stakeholders in the blockchain industry and academia gathered to debate on how to better capitalize on the emerging opportunities of digital assets. The panel stressed the importance of fostering digital economy -- as in, cashing in on digital technologies -- in order for Korea to grow into the fifth-largest economy. “In the era o
March 4, 2022
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Fuel tax cuts extended until July amid oil price surge
The South Korean government decided to keep the current fuel tax cuts for another three months until July amid concerns that the war in Ukraine could propel energy prices. In November last year, the government lowered fuel taxes by a record 20 percent in a bid to tame inflationary pressure. The measure was set to expire at the end of April. A 20 percent cut equals to a reduction of 164 won per liter of gasoline and 116 won per liter of diesel. In a meeting on product price and in
March 4, 2022
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Naver’s metaverse platform Zepeto hits 300m users
Zepeto, the metaverse platform of Korea’s tech giant Naver, said Friday its number of domestic and international users reached 300 million since its launch, amid the burgeoning trend of interactions in virtual reality. “The number of international users alone is 285 million, accounting for 95 percent of users, while 15 million domestic users have subscribed to the app,“ a Naver official said. ”The number of monthly active customers reached 20 million.“ Companies
March 4, 2022
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Han Sung Motor to sponsor three breakdancers
Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Friday that it has clinched a contract to sponsor three breakdancers. The sponsorship is part of a new project called WANNA.B by Han Sung Motor. It was established this year to support B-boy and B-girls to achieve what they want to become in the future. Through such a project, Han Sung Motor said it will launch more activities to expand the realm of breakdance and facilitate communication with millennials and Generation Z.
March 4, 2022
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Hyundai’s Ioniq 5 scores higher than Mercedes-Benz EQB on AutoBild review
Hyundai Motor Group said Friday that its flagship electric model Ioniq 5 has received a higher score than Mercedes-Benz EQB from German automotive magazine AutoBild’s review. The carmaker said AutoBild compared the two models based on seven categories -– body, comfort, powertrain, driving dynamics, connected car, environment and cost -– along with 53 subcategories. Out of 800 points, Ioniq 5 received 582 points, 20 points more than the EQB. Ioniq 5 received higher poin
March 4, 2022
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[Graphic News] S. Korean film market shrinks for 2nd year in a row in 2021 amid protracted pandemic
South Korea’s filmmaking industry contracted for a second straight year in 2021 due mainly to the yearslong COVID-19 pandemic, government data showed. The aggregated revenue of the local film market, which includes domestic sales of movie tickets, online releases and exports, reached 1.02 trillion won ($855 million) last year, according to data from the Korean Film Council. It is a slight on-year decrease from the previous year’s 1.05 trillion won but marks plunge from 2.
March 4, 2022
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Seoul stocks open lower amid Ukraine uncertainties
South Korean stocks opened lower Friday tracking overnight plunges on Wall Street that stemmed from rising tensions in Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 19.79 points, or 0.72 percent, to 2,727.29 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite lost 1.56 percent and the Dow Jones Industrial Average declined 0.29 percent, largely on concerns that the war in Ukraine may push up the commodity prices and peg the global eco
March 4, 2022
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S. Korea to extend fuel tax cuts by 3 months amid soaring energy prices
South Korea will extend fuel tax cuts by three months as the country is striving to ease the burden on consumers and a build-up of inflationary pressure, the country's top economic policymaker said Friday. On Nov. 12, the government lowered fuel taxes by a record 20 percent in a bid to tame inflationary pressure. The tax reduction was set to expire at the end of April. The government decided to keep the fuel tax cuts in place for three more months until end-July amid concerns that the war in U
March 4, 2022
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Inflation growth hits over 3% for 5th month in Feb. amid soaring oil prices
South Korea's consumer prices grew more than 3 percent for the fifth straight month in February as energy costs spiked amid the Ukraine crisis, data showed Friday. The consumer prices rose 3.7 percent on-year last month, compared with a 3.6 percent on-year gain in January, according to the data compiled by Statistics Korea. The country's consumer inflation has grown more than 3 percent since October last year. Inflation growth stayed above 2 percent -- the central bank's inflation target over
March 4, 2022
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Foreign reserves up in Feb. on increased dollar-converted value, investment profits
South Korea's foreign reserves expanded for the first time in four months in February thanks to a rise in dollar-converted value of holdings and other investment profits, central bank data showed Friday. The country's foreign reserves stood at $461.8 billion as of end-February, up $240 million from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the first on-month growth following three previous months of declines in foreign reserves. The February rise
March 4, 2022
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[MWC 2022] Science Minister signs MOU with GSMA for metaverse cooperation
BARCELONA, Spain -- The South Korean Minister of Science and ICT Lim Hye-sook said the government signed a memorandum of understanding with GSMA, host of the Mobile World Congress 2022, to support mutual interests in the metaverse and its ecosystem development. Under the agreement, the ministry will share information in regard to the progress of the metaverse ecosystem in Korea with GSMA. In return, GSMA is set to present Korea to its members and developers around the world so that Korean busin
March 3, 2022
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CJ delivery workers to resume work next week, ending two-month strike
A labor union strike at CJ Logistics has finally come to an end, after causing delays and disruptions in parcel deliveries across the nation for nearly two months. Unionized members will return to work Monday, after signing a new employment contract Saturday that reflects measures on improving working conditions, the firm’s labor union announced Thursday. CJ delivery workers that participated in the industrial action, which began Dec. 28, demanded that management implement previously a
March 3, 2022
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Seoul shares up for 4th day on Fed chair's comment
South Korean stocks extended their winning streak to a fourth straight session Thursday, as US Federal Reserve chairman signaled a rate hike within market expectations amid soaring global commodity prices. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 43.56 points, or 1.61 percent, to close at 2,747.08 points. Trading volume was moderate at about 607 million shares worth some 10.5 trillion won ($8.7 billion), with gainers outnumbering lo
March 3, 2022
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[Market Eye] Shinsegae-Lotte rivalry heads to winemaking
The old rivalry between Shinsegae and Lotte looks set to head to winemaking. The nation’s top two retail giants who also are the major importers of cheaper casual wines are gearing up to produce high-priced premium wines on their own. Shinsegae Property, the group’s property development arm, acquired US winery Shafer Vineyards for 299.6 billion won ($250.3 million) last month. The 80-hectare vineyard is known for luxury wines like Hillside Select, whose price tag is around 860,000
March 3, 2022
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High oil prices deepens woes for air carriers
South Korea’s aviation industry is set to take another hit after years of pandemic losses, as oil prices are soaring amid the escalating Ukraine conflict, driving up their fuel prices and operating costs overall. According to the air industry on Thursday, Brent crude oil jumped $5.93 to $111.19 per barrel on Wednesday night, its highest level since July 2014. The reason behind the price increase is due to a high possibility that western countries including the US might impose sanctions
March 3, 2022
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Coupang posts record sales, but also higher operating losses
South Korea’s e-commerce giant Coupang said Thursday that it posted $18.4 billion (22.1 trillion won) in sales last year, a record not just for the company, but also for a local e-commerce operator. The figure jumped 54 percent from a year ago. In the fourth quarter alone, its sales soared to $5 billion. Coupang said its record has surpassed the sales of the country’ top retailer Shinsegae and its subsidiaries -– Emart, SSG.com, eBay Korea, and G Market -– whose sale
March 3, 2022
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Ukraine conflict poses unpredictable risks to Korean economy: official
SEJONG -- Vice Finance Minister Lee Eog-weon said Thursday the Ukraine-Russia conflict could have a “long-term” negative effect on the South Korean economy, and that the extent of coming impacts is unpredictable at the current stage. During a task force meeting in Seoul, Lee said the uncertainty from the geopolitical risk has expanded in the wake of the Russian invasion of Ukraine and as the international community continues to pile on sanctions against Russia. “It has gradua
March 3, 2022
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Of 4 million sales goal, Kia wants green cars to fill in the half
Kia Motors, a sister company of Hyundai Motor, is aiming to sell 4 million vehicles globally by 2030, with half of them being eco-friendly models, the company said on Thursday. The carmaker will expand the portion of electric vehicles and hybrids in overall sales from the current 17 percent to 52 percent by 2030. For markets with state-supportive policies for EVs –- Korea, North America, Europe and China -- Kia said it will pull up its EV and hybrid sales portion up to 78 percent by 2030
March 3, 2022
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Pokemon Bread stages strong comeback
Pokemon Bread, an iconic pastry series with kids of the 1990s, has been flying off the shelves since its return last week. Manufacturer SPC Samlip said Thursday, it had sold 1.5 million of the rolls over the previous week, six times more than the first week sales of the company’s average for a new product. The key to success lies in tapping into millennials’ nostalgic tendencies. Released in 1999, Pokemon Bread took the youth of the time by storm. The roll wasn’t the main
March 3, 2022
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[MWC 2022] Korean telcos ready to set new standard in 5G network
BARCELONA, Spain -- South Korea is on course to become the first country in the world where its mobile carriers scale up its 5G network capacity to more than 100 MHz-bandwidth for a single operator. At the Mobile World Congress 2022 exhibitions, three network equipment suppliers -- Huawei Technologies, Ericsson-LG and Nokia -- unveiled the most recent updates of their 5G equipment. Representatives say these could help Korean telcos improve the quality of 5G delivery by doubling the bandwidth o
March 3, 2022