Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Samsung mocks Apple over iPhone alarm glitch
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Seoul stocks open higher after Fed chief's inflation comments
South Korean stocks opened steeply higher Wednesday as the US Fed chief's comments about inflation were largely within market expectations. The benchmark Korea Composite Stock Price Index (Kospi) rose 27.86 points, or 0.95 percent, to 2,955.24 in the first 15 minutes of trading. Stocks got off to a strong start, taking a cue from overnight rallies on Wall Street. Overnight, the tech-heavy Nasdaq Composite added 1.41 percent, and the Dow Jones Industrial Average advanced 0.51 percent. Federal
Jan. 12, 2022
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Big firms' disposal of treasury shares jumps over 3 years
Major listed companies in South Korea have sharply increased their disposal of treasury shares over the past three years due mainly to efforts to boost their stock prices, a corporate tracker said Wednesday. A total of 129 listed firms retired or distributed to executives treasury shares worth 4.51 trillion won ($3.78 billion) last year, slightly up from 4.08 trillion won from 2020, according to CEO Score. The value was more than three times the 1.36 trillion won recorded two years earlier. T
Jan. 12, 2022
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S. Korea reports largest job growth in 7 years last year amid economic recovery
South Korea added the most jobs in seven years in 2021 as the job market recovered to pre-pandemic levels due to the base effect and the economic recovery, data showed Wednesday. The number of employed people reached 27.27 million last year, 369,000 more than a year earlier, according to the data compiled by Statistics Korea. It marked the largest number since 2014, when the nation reported an on-year increase of 598,000 jobs. Last year's number was higher than the government's earlier estimat
Jan. 12, 2022
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Naver, Kakao stocks dip by double digits
Naver and Kakao, Korea’s two largest online service providers, saw their market caps shrink 7 trillion won each ($5.8 billion) for the last two weeks amid persistent market fluctuations over a potential rate hike by the US Federal Reserve and growing uncertainty over their growth and management ethics. The US Fed has hinted that it will reduce its overall asset holdings sooner than expected because of unabated inflation. But the hike speculation, which is dragging down shares of
Jan. 11, 2022
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Zara launches daily hanbok collection for children
Zara, the global fast-fashion clothing retailer, said on Tuesday that it has rolled out a kids collection of modern hanbok exclusively for the Korean market. The collection was unveiled ahead of the Lunar New Year holiday that kicks off later this month. It includes durumagi-inspired coats, vests, dresses, norigae or decorative pendants, lucky pouches, socks and shoes. The collection is available for children aged six months up to five years, the company said. “The modern reinterpretatio
Jan. 11, 2022
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Brisk exports continue in first 10 days of 2022
SEJONG -- South Korea’s brisk export performance, which started in the fourth quarter of 2020 as a rebound or recovery, has continued during the first 10 days of 2022, state customs data showed Tuesday. According to the Korea Customs Service, the nation’s exports reached $13.9 billion during the period of Jan. 1-10, up 24.4 percent compared to $11.2 billion over the same period of 2021. By main item, outbound shipments of home appliances -- such as TVs, refrigerators, washing machi
Jan. 11, 2022
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Digital platforms for secondhand trading emerge as new retail unicorns
Market valuation estimates of local digital platforms that promote individual trading of secondhand products have been on the rise with traditional retailers and even banks injecting large investments in hopes of them becoming the next Coupang and Market Kurly. Some market insiders say that valuation of Danggeun Market, the nation’s biggest secondhand trading app by transaction volume, is estimated at 3 trillion won ($2.5 billion). The figure, though based on mere estimation, surpasses
Jan. 11, 2022
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Will Samsung’s ‘Tiger’ strategy work against Apple?
Samsung Electronics unveiled its “Tiger” strategy at CES 2022 to beat Apple in the flagship smartphone market, but experts say that the South Korean tech giant should first come up with “killer content” for its foldable smartphones for that strategy to work. During the world’s largest tech show held in Las Vegas last week, The Korea Herald exclusively reported on the South Korean tech giant’s “Tiger” strategy, which revolves around narrowing its
Jan. 11, 2022
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Seoul stocks close nearly flat ahead of Fed chief's hearing
South Korean stocks finished nearly unchanged Tuesday as investors await comments by the US Federal Reserve chief at the Senate hearing. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.66 points, or 0.02 percent, to close at 2,927.38 points. Trading volume was moderate at about 559 million shares worth some 10.5 trillion won ($8.8 billion), with losers outnumbering gainers 717 to 170. Institutions sold a net 268 billion won, and
Jan. 11, 2022
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LG’s virtual human to make debut as singer
LG Electronics said Tuesday it has signed a memorandum of understanding with Mystic Story, a local music label led by singer-song writer Yoon Jong-shin, to debut its virtual human ambassador, Reah Keem, as a singer. Yoon, Mystic’s chief producer, will oversee the overall project from writing songs to vocal training for Keem. Her imminent debut was teased last week when LG unveiled a music video clip at the Consumer Electronics Show. “I want to be an artist who not just makes musi
Jan. 11, 2022
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Lawmaker proposes bill for obligating FSC’s approval for banks‘ partial closure
A ruling party lawmaker recently filed a bill calling for banks to receive the financial authorities’ permission for partially shutting down their business here, the National Assembly’s online bill information system showed Tuesday. Rep. Min Byoung-dug of the Democratic Party of Korea’s move follows Citibank Korea’s decision in October last year to pull out its retail banking business in phases, after failing to reach a deal with potential buyers. Citigroup in April 2021
Jan. 11, 2022
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Hanmi Pharmaceutical to make Indian COVID-19 vaccine
Hanmi Pharmaceutical will begin producing ZyCoV-D, the plasmid DNA COVID-19 vaccine developed by India’s pharmaceutical firm Zydus Cadila, starting in the second quarter of this year, the company said Tuesday. Hanmi Pharmaceutical on Friday signed a contract with local biotech company Enzychem Lifesciences for a consignment manufacturing agreement of the Indian vaccine. Previously, Enzychem Lifesciences signed a license-out deal with Zydus Cailda at the end of last year. The two Korean
Jan. 11, 2022
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SK Pharmteco to push for pre-IPO this year
SK Pharmteco, SK Inc.’s subsidiary of contract development and manufacturing organization, is planning for a pre-initial public offering this year, the group’s holding company SK Inc. said Tuesday. "SK Pharmteco will hold an advantage in the global industry with its high-quality manufacturing capacity within the leading countries," said Lee Dong-hoon, SK Inc.'s executive vice president and head of the Bio Investment Center. "SK Inc. will be supporting th
Jan. 11, 2022
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Corporate reshoring hits all-time high in 2021
The number of South Korean companies that returned home from their offshore operations and their investment at home hit an all-time high last year, the industry ministry said Tuesday. A total of 26 firms relocated their factories from overseas in 2021, compared with 24 the previous year, and their combined investment grew 22 percent on-year to 681.5 billon won ($570.63 million), according to the Ministry of Trade, Industry and Energy. The 2021 figures marked the largest since the ministry bega
Jan. 11, 2022
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LG Chem to build new high-nickel cathode factory in S. Korea
LG Chem Ltd., South Korea's leading chemical materials producer, said Tuesday it will build a new factory in South Korea to produce high-nickel cathode materials for electric vehicle (EV) batteries as it further pushes to upgrade the key battery component materials. The construction for the new cathode plant broke ground on the 60,000-square-meter site in Gumi, an industrial city located about 260 kilometers southeast of Seoul, the company said. Cathode is a key component that determines the
Jan. 11, 2022
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Insurers' risk-based capital ratio down in Q3
Insurance firms in South Korea saw their risk-based capital ratio fall in the third quarter of last year amid rising market interest rates, data showed Tuesday. The risk-based capital (RBC) ratio of local insurance firms stood at 254.5 percent as of end-September, down 6.4 percentage points from three months earlier, according to the data from the Financial Supervisory Service (FSS). The fall came as a rise in market interest rates and stock market declines caused losses from their asset holdi
Jan. 11, 2022
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Apple to allow alternative payment system for 1st time in S. Korea
Apple will allow alternative payment systems in South Korea in compliance with a new local law that bans app store operators from forcing their own in-app payment systems, the country's telecommunications regulator said Tuesday. The move came as a new law went into effect in the country in September last year, restricting app store operators, such as Google and Apple, from forcing their in-app payment systems on developers. In November, Google pledged to provide an alternative payment system o
Jan. 11, 2022
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Korea Customs Service offers support on RCEP
As the Regional Comprehensive Economic Partnership takes effect in February, the Korea Customs Service has come up with a set of measures to help exporters and importers make use of the world’s largest trade agreement among 15 Asia-Pacific nations. Only exporters who have been certified by the KCS for having the ability to manage and prove their products’ country of origin can get certificates of origin under the RCEP. Therefore, the KCS has begun accepting applications for certific
Jan. 11, 2022
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[Herald Interview] Korea Customs Service champions big data analysis
At the Korea Customs Service, all administrative work is done through a massive computerized system. An average of 118,000 export and import reports are handled every day, and the accumulation of vast data allows KCS to make good use of big data analysis and artificial intelligence. “We plan to open a KCS big data portal for the public late this year, which will offer customized services for businesses through AI analysis of exporter and importer data as well as business support record
Jan. 11, 2022
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Hyundai Engineering wins US plant deal to build micro modular nuclear reactors
Hyundai Engineering Co., a plant engineering affiliate of Hyundai Motor Group, said Tuesday it has secured a deal to construct micro modular nuclear reactors (MMR) for a US developer of the next-generation nuclear energy. Hyundai Engineering said it has agreed to invest $30 million in Ultra Safe Nuclear Corporation for an undisclosed stake. The deal gives the South Korean company the exclusive rights to the engineering, procurement and construction for all MMR projects of the Seattle-based co
Jan. 11, 2022