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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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Yellow dust engulfs S. Korea, advisory alert issued
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Kia EV9 wins world car of year
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Lee Jong-sup resigns as envoy to Australia
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Court clears path for Korean Air to buy Asiana
A court on Tuesday rejected an injunction request against Korean Air’s plans to take over Asiana Airlines, in the latest step giving a boost to the high-profile acquisition deal involving South Korea’s two national flag carriers. “The case involving issuance of new shares is in accordance with the commercial law and Hanjin KAL’s articles of incorporation and has been done within necessary boundaries to achieve the goal of managing a consolidated airline,” the Seou
Dec. 1, 2020
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South Korea's exports bounce back in November
South Korea’s exports in November increased by 4 percent on-year to reach $45.8 billion, rebounding from a 3.8 percent decrease last month, according to the Ministry of Trade, Industry and Energy on Tuesday. The nation’s daily exports in November also marked a 6.3 percent rise on-year, the ministry said. It is the first time since November 2018 that the nation posted increases in both monthly and daily exports. The country’s exports, from March to August, posted on-year decr
Dec. 1, 2020
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LG Energy Solution launches, aiming for W30tr revenue by 2024
LG Chem's battery business has been officially launched as the wholly-owned “LG Energy Solution” Tuesday, taking its first independent step as the world‘s leading batterymaker and overall energy solution provider. LG Energy Solution will be led by Chief Executive Officer Kim Jong-hyun, whose mission is to almost quadruple the revenue of the battery business to 30 trillion won ($27 billion) by 2024 from the 8.2 trillion won it made last year. “LG Energy Solution has led
Dec. 1, 2020
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GM Korea workers vote against 2020 wage deal
Unionized workers at GM Korea Co., the South Korean unit of General Motors Co., voted down a tentative wage deal for the year amid the COVID-19 pandemic, the company said Tuesday. In a vote held from Monday to Tuesday, 54 percent of 7,364 union workers rejected the tentative deal, GM Korea and its union said. Union leaders will meet Wednesday to "decide what (additional or revised) demands it will make to the company and whether to hold an industrial action to get their voice heard,&quo
Dec. 1, 2020
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S. Korea invests $9.8m in World Bank green trust fund
South Korea has decided to invest $9.8 million in green and digital projects in developing nations through the World Bank’s Korea Green Growth Trust Fund, the Ministry of Economy and Finance said Tuesday. The KGGTF, launched in 2011, is a Korean government-financed trust fund that has helped more than 100 green growth programs in WB lending, according to the ministry. The latest investment will involve 23 developing nations and projects in digital, green and health care fields. It aims t
Dec. 1, 2020
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Nikola-GM fallout spills over to Hanwha
Nikola shares nose-dived 26.9 percent Monday after General Motors announced that it would revoke its initial plan to acquire an 11 percent stake once worth $2 billion in the electric truck startup. Upon the news, attention in South Korea quickly shifted to Hanwha Solutions and its President Kim Dong-kwan, who decided in November 2018 to invest $100 million to acquire a 6.13 percent stake in Nikola. Nikola, which was touted as a promising partner for Hanwha’s renewable energy push, ha
Dec. 1, 2020
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Seoul stocks soar to new record high on economic recovery hopes
South Korean stocks rebounded from a sharp decline the previous session to hit a new all-time high Tuesday on the back of upbeat economic data, lifting hopes for a faster-than-expected recovery amid the pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 42.91 points, or 1.66 percent, to close at 2,634.25. Trading volume was high at about 1.1 billion shares worth some 15.7 trillion won ($14.2 billion), with gainers outnumbering los
Dec. 1, 2020
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Naver Cloud, GS Global join hands for overseas market
Naver Cloud and GS Global will collaborate on their overseas services, the companies said Tuesday. The new alliance with GS Global gives Naver Cloud a channel to liaise with large-scale corporate clients in target countries, while for GS Global it allows for a business expansion opportunity into information technology, they said. “Naver Cloud has the most global region services among cloud platforms developed by Korean firms,” said Park Won-ki, CEO of Naver Cloud. “It has h
Dec. 1, 2020
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Unity, ONEstore to operate W1b support program for game developers
Unity Technologies Korea will raise 1 billion won ($904,000) in funding together with ONEstore to operate a technology support program for game developers in Korea, it announced Tuesday. At an online press conference held a day ahead of the opening of its annual Unite Seoul 2020, Unity Korea reviewed its yearly performance and laid out the road map for the Unity game developing engine next year. “More than 64.8 percent of Korea's top 1,000 mobile games in 2020 were developed using
Dec. 1, 2020
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SsangYong's Nov. sales rise 10% on increased exports
SsangYong Motor Co. said Tuesday its sales jumped 10 percent last month from a year earlier, helped by increased exports. SsangYong Motor sold 11,859 vehicles in November, up from 10,754 units a year ago due to strong overseas demand for its SUV models despite the COVID-19 pandemic, the company said in a statement. Domestic sales rose 0.3 percent to 9,270 units from 9,240 during the same period, and exports surged 71 percent to 2,589 from 1,514, it said. The SUV-focused carmaker said it wil
Dec. 1, 2020
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Mobile carriers consolidate tech biz for new growth drivers
Mobile carriers consolidate tech biz for new growth driversSouth Korean mobile carriers are merging their tech subsidiaries and consolidating new businesses to boost synergy as they search for new growth drivers beyond their telecommunication operations. Telecom giant KT Corp. announced it will merge its digital content distribution and television commerce subsidiary KT Hitel Co. and its mobile coupon and advertisement unit KT mhows Co. by July next year. KT said the consolidation of KT Hitel'
Dec. 1, 2020
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Ex-FSC vice chief likely to lead stock market operator
Sohn Byung-doo, former vice chairman of the Financial Services Commission, was named as the single candidate for the new chair post of the Korea Exchange, South Korea’s sole bourse operator, according to industry sources Tuesday. After conducting final interviews of three candidates a day earlier, the KRX’s chairman recommendation committee chose Sohn, insiders said without giving the names of the two others. The securities exchange operator is slated to hold a shareholders’ g
Dec. 1, 2020
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Samsung says 256-layer V-NAND memory possible with double-stack technology
Samsung Electronics Co. is planning to use a double-stack technology to develop its next-generation V-NAND flash memory, industry officials said Tuesday, as the world's largest memory chip producer tries to further cement its leading position in the sector. At its investors' forum held Monday, Samsung revealed that it will apply "extreme two-stack" technology for its future NAND flash chip and that it is possible to develop a 256-layer device. "Our sixth-generation V-NAND feat
Dec. 1, 2020
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SK sets up hydrogen business group
SK Group is poised to make a big bet on the rising hydrogen market, seeing the fuel as a next-generation eco-friendly energy source. SK Holdings said Tuesday it established a hydrogen business promotion group, an organization dedicated to the hydrogen project, which consists of about 20 experts from related companies such as SK Innovation and SK E&S. The holding firm said it has been reviewing the feasibility of the hydrogen project and establishing strategies since early this year. And,
Dec. 1, 2020
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S. Korean builder sentiment rises for 3rd month in Nov.
South Korean builders' business sentiment increased for the third consecutive month in November on a recovery in new orders despite the prolonged coronavirus crisis, a poll showed Tuesday. The construction business survey index (CBSI) stood at 85.3 last month, up 5.4 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. The November figure was the highest monthly tally for this year, but it was still below the benchmark level. A r
Dec. 1, 2020
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LG Innotek recognized for helping communities
LG Innotek, the electronics parts making affiliate of LG Group, has been recognized by the Ministry of Health and Welfare for fulfilling its corporate social responsibilities, the firm said Tuesday. The Welfare Ministry selects businesses with outstanding corporate social responsibility programs every year in partnership with the Korea National Council on Social Welfare. LG Innotek’s plants in Gumi, North Gyeongsang Province, and in Gwangju Metropolitan City were credited by the minis
Dec. 1, 2020
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[News Focus] 2020 payouts for jobless likely to reach W12tr
SEJONG -- If current trends continue, the annual tally for payouts for the jobless will hover around an unprecedented 12 trillion won ($10.8 billion) in 2020, data from the Korean Employment Information Service showed. Over the first 10 months of this year, the payment of unemployment benefits came to 10.26 trillion won. This has already outstripped the former record high of 8.35 trillion won in 2019. The 2020 projection would be a 160 percent increase compared to 2015, when the yearly be
Dec. 1, 2020
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Life expectancy of S. Koreans rises to 83.3 years in 2019
South Korean babies born in 2019 are expected to live more than 83 years, data showed Tuesday, amid improved public awareness about health and better medical systems. Life expectancy at birth averaged 83.3 years last year, six months longer than a year earlier, according to the data compiled by Statistics Korea. Compared with 10 years ago, the average life expectancy became 3.2 years longer. The tally also marked a sharp hike from 62.3 years in 1970, when the country began compiling related da
Dec. 1, 2020
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[Monitor] Despite carbon neutrality pledge, Korea heavily dependent on coal power
Despite Moon Jae-in administration’s pledge to achieve carbon neutrality by 2050 and replace coal power with renewable energy, Korea’s dependence on coal power remains at 36.8 percent in the Jan.-Sept. period this year. Carbon neutrality refers to the absorption of as much carbon dioxide as it emits, making real emissions zero. The Moon administration aims to slash the number of coal-fired power plants by half to 30 by 2034. (khnews@heraldcorp.com)
Dec. 1, 2020
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[Graphic News] Alcohol imports drop for 1st time in 10 years in 2019
South Korea‘s alcohol imports fell for the first time in 10 years in 2019, amid a boycott of Japanese beer due to a bilateral trade row, data showed. South Korea’s liquor imports came to 466,000 kiloliters in 2019, down 6 percent from the previous year, according to data from the Korea Customs Service and local alcohol industry. It represents the first on-year decrease since 2009, shortly after the global financial crisis. Last year’s decline was attributed mainly to
Dec. 1, 2020