Most Popular
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Naver’s Line ownership in jeopardy as Japan ups pressure
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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[Weekender] How DDP emerged as an icon of Seoul
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Today’s K-pop] NewJeans' single teasers release amid intrigue
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Hugel's botulinum toxin wins approval in Austria
South Korea's leading botox maker Hugel Inc. said Tuesday its botulinum toxin product, Letybo, has won approval from Austrian drug authorities. The Austrian Federal Office for Safety in Health Care granted the use of Letybo for the treatment of frown lines in adult patients. It marks the first time for a homegrown botulinum toxin product to win marketing approval from European authorities. The approval comes after Letybo received a positive recommendation from the Heads of Medicines Agencies for
Feb. 22, 2022
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LG's OLED TV shipments double in 2021: report
LG Electronics Inc. shipped more than four million units of premium OLED TVs last year, double the volume from a year earlier, on steady demand for premium TVs, a report showed Tuesday. The South Korean consumer electronics giant shipped a total of 4.04 million OLED TVs last year, with record quarterly sales of more than 1.41 million units in the fourth quarter, market researcher Omdia said. Last year, the global OLED TV sector grew a whopping 80 percent on-year to hit sales of more than 6.5 mil
Feb. 22, 2022
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Instant noodles rank 1st in food output in 2020 amid pandemic
Instant noodles captured the top spot in production among food products in South Korea in 2020 on a surge in exports amid the coronavirus pandemic, data showed Tuesday. The output of instant noodles, or "ramyeon" in Korean, stood at 1.93 million tons in 2020, up a whopping 231 percent from a year earlier, according to the data from the Ministry of Food and Drug Safety. Ramyeon's ranking in terms of production was up 12 notches from the previous year. Strong exports were cited as the ma
Feb. 22, 2022
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Seoul stocks open sharply lower over escalating Ukraine tensions
South Korean stocks opened sharply lower Tuesday as Russia sent in forces to parts of Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) lost 42.05 points, or 1.53 percent, to 2,701.75 points as of 9:15 a.m. Investors dumped local stocks following reports that Russian dispatched what it called "peacekeeping forces" to eastern Ukraine. Most large caps slumped in Seoul, led by foreign sell-offs. Market bellwether Samsung Electronics decreased 1.89 percent, and No. 2 chipmak
Feb. 22, 2022
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Biz sentiment improves for March on eased anti-pandemic rules abroad: poll
South Korea's business sentiment improved for March to exceed the benchmark level for the first time in three months amid relaxed anti-coronavirus measures in major economies, a poll showed Tuesday. The business survey index (BSI) of the country's top 600 companies by sales stood at 102.1 for next month, up 2.4 points from February, the Federation of Korean Industries (FKI) said. It represents the first time since December that the monthly yardstick of business sentiment has been above the bench
Feb. 22, 2022
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Market volatility intensifies over Ukraine crisis
Mounting concerns over Russia’s possible invasion of Ukraine are increasingly weighing on an already jumpy local stock market, as investors price in a full-blown geopolitical crisis that could send foreigners holding Korean shares fleeing back home. The benchmark Kospi tumbled to 2,743.80, down 0.03 percent or 0.72 points from Friday’s closing. Foreigners, whose holdings account for a little over 30 percent of all Korean stocks, and institutions were net sellers, offloading 64 billi
Feb. 21, 2022
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Budget airlines turn to cargo shipping, long-haul flights for breakthrough
The nation’s low-cost carriers facing financial difficulties caused by the prolonged COVID-19 pandemic are bringing in cargo planes and planes for long-haul flights to diversify their source of revenue. T’way Air, for instance, will introduce on Thursday Airbus A330-300 planes that can cover long-haul distances for more than 300 passengers. The plane will begin to operate within the country in March and then be used for longer routes to Singapore, Australia, Croatia, and Kyrgyzstan
Feb. 21, 2022
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Average monthly wage climbs to W3.2m in 2020
SEJONG -- The average monthly salary for Korean employees climbed to 3.2 million won ($2,680) as of 2020 on the back of drastic hikes in the statutory minimum wage between 2018 and 2020, state data showed Monday. According to Statistics Korea, the average monthly wage for salaried workers rose by 430,000 won, or 15.5 percent, in just four years -- from 2.77 million won in 2016. During the period of 2016-2020, the minimum wage per hour surged by 42.4 percent from 6,030 won to 8,590 won, with th
Feb. 21, 2022
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Seoul stocks end nearly flat amid hopes of US-Russia summit over Ukraine
South Korean stocks closed almost unchanged Monday after paring most of its earlier heavy losses due to hopes of a summit between the United States and Russia over the Ukraine crisis. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 0.72 points, or 0.03 percent, to close at 2,743.8 points. Trading volume was moderate at about 484 million shares worth some 7.8 trillion won ($6.5 billion), with losers outnumbering gainers 430 to 399. Instit
Feb. 21, 2022
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British fashion brand unveils bags inspired by South Korean anime series ‘Run Hany’
British fashion label JW Anderson has unveiled new bags inspired by South Korean anime series “Run Hany.” The accessories, which appear to be a collaboration project as part of the brand’s new season collection, come in at least three colors -- blue, orange and white -- according to a recent post on Instagram. In another photo, one bag has a picture of the face of the series’ main character Hany, along with the JW logo in orange. “Not long till the show,” t
Feb. 21, 2022
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South Korean medalists to get chicken ‘pension’
South Korean medalists have shown excitement at not only winning medals, but also free chicken for the rest of their lives. The so-called “chicken pension” is backed by Yoon Hong-geun, CEO of Korea’s fried chicken franchise Genesis BBQ, and also the chief of South Korea’s athletic mission at the Beijing Olympic Games. Yoon promised to give free chicken for the country’s short track speedskating medalists Hwang Dae-heon and Choi Min-jeong at their requests. &ldquo
Feb. 21, 2022
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[KH Explains] Why is the auto industry still short on chips?
For automakers in Korea, there is no sign the prolonged automotive semiconductor shortage will abate this year. Those who have purchased a new Genesis, for instance, have been notified that the car will take six to 12 months to be delivered –- if they are lucky. GM Korea’s second Buypeong plant in Incheon cut production volume by half earlier this month. And according to the market, this delay in car production due to the chip shortage may continue in the next year or even the year
Feb. 21, 2022
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Posco to launch holding firm in March
Posco Group said Monday that it will launch a new holding firm in March with an aim to improve the sustainability of its core steelmaking business amid the global transition to a low-carbon economy. Following shareholders’ approval of the holding company structure plans, the group will be split off into two entities -- Posco Holdings, the new holding company, and Posco, the steelmaking unit wholly owned by the holding firm. The holding company will nurture new growth engine businesses a
Feb. 21, 2022
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[Herald Interview] ‘Korea needs financial backing to become pharmaceutical powerhouse’
The year 2021 was monumental for South Korea’s pharmaceutical and biopharmaceutical industries, as they set a number of records. The country rolled out four new drugs, the most in a year since the first domestically-developed new drug came to light in 1999. Companies also licensed out technologies worth 13 trillion won ($10.9 billion) and exported drugs worth over 10 trillion won. Big firms such as Samsung Biologics, SK bioscience and Celltrion are taking the lead in making the country&r
Feb. 21, 2022
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SK chief assumes chairman role at SK Telecom
SK Group said Monday Chairman Chey Tae-won will assume the chairman title of its telecom unit SK Telecom to boost the group’s burgeoning artificial intelligence business. SK said the chairman will play a supporting role as he serves as an unregistered director on the board rather than participating in the daily operations directly. Chey has served as the chairman of SK Inc., the holding unit, as a board member, while taking the chairman post of SK Innovation, the chemicals and energy u
Feb. 21, 2022
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Korea Shipbuilding wins LNG carrier worth W260b
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has received an order for a liquefied natural gas (LNG) carrier worth 260 billion won ($217 million). A 174,000-cubit meter LNG carrier will be constructed by Hyundai Samho Heavy Industries Co. in Yeongam, South Jeolla Province, and will be delivered to an unidentified client in the second half of 2024, the company said. Korea Shipbuilding has won 37 ship orders so far this year, valued at a combined $4.37 billion, accomplis
Feb. 21, 2022
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Foreign currency deposits dip for 2nd month in Jan.
Foreign currency deposits at banks in South Korea dropped for the second straight month in January due mainly to decreased corporate deposits, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits reached $93.17 billion as of end-January, down $4.1 billion from the previous month, according to the data from the Bank of Korea (BOK). It represents the second consecutive month of on-month decline. In December, the country's foreign currency deposits decreased
Feb. 21, 2022
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LG Energy Solution hires Nvidia data scientist as chief digital officer
LG Energy Solution said Monday it has appointed Pyun Kyung-suk, a data scientist from Nvidia, as the new chief digital officer to lead the digital transformation of the South Korean battery giant. Before joining LG Energy Solution, Pyun was one of the five principal data scientists at Nvidia. He has over 20 years of expertise in machine learning, according to the company. “As our new CDO, Pyun will be tasked with the digital transformation of LG Energy Solution’s global battery
Feb. 21, 2022
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S. Korean telcos to take part in MWC 2022 next week amid virus fears
South Korea's three major mobile carriers said Monday they will participate in the upcoming mobile technology trade fair in Spain to showcase their latest technologies despite growing coronavirus woes. The three telecommunication companies -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- said their respective CEOs will participate in the Mobile World Congress (MWC) 2022, set to take place from Feb. 28 to March 3 in Barcelona. The MWC is one of the top three tech events in the world, along with
Feb. 21, 2022
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Samsung Fire & Marine Insurance net soars 42.5% in 2021
Samsung Fire & Marine Insurance Co. said Monday its earnings soared more than 42 percent in 2021 from a year earlier on the car insurance division's switch to profit. Net income came to 1.09 trillion won ($910 million) last year, up 42.5 percent from a year earlier, the leading non-life insurer said in a regulatory filing. Operating income stood at 1.55 trillion won, up 36.9 percent from a year earlier, with sales edging up 1.9 percent to 19.65 trillion won. Samsung Fire & Marine Insuran
Feb. 21, 2022