Most Popular
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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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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Doosan’s robot surgery solution sees successful debut
Doosan Robotics, South Korea's leading collaborative robot provider, announced Thursday the successful practice of its robotic-assisted laparoscopic surgery solution, marking the debut of a Korean-made solution in a real surgical environment. The solution was employed for laparoscopic cholecystectomy, a procedure to remove a diseased gallbladder, performed at Koo Hospital in Daegu on Tuesday. Laparoscopic surgery involves treating conditions within the abdomen through tiny incisions. Develo
March 14, 2024
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Industry minister asks petroleum firms to avoid price hike
Industry Minister Ahn Duk-geun on Thursday asked petroleum companies to refrain from increasing the prices of their products amid lingering inflation and external uncertainties. The remark came as global oil prices continued to remain volatile due to the prolonged war between Russia and Ukraine, along with the geopolitical instability in the Middle East. "The government is prioritizing taming inflation as the top task for the economy and is currently utilizing all available measures to stab
March 14, 2024
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Seoul shares open tad higher on financial, tech gains
South Korean stocks opened marginally higher Thursday led by financial and tech companies. The benchmark Korea Composite Stock Price Index rose 4.37 points, or 0.16 percent, to 2,697.94 in the first 15 minutes of trading. Financial shares got off to a good start, continuing their upward momentum after gains in the past two sessions. Shinhan Financial added 2.10 percent, and Hana Financial rose 0.99 percent. Tech behemoth Samsung Electronics also rose 0.40 percent, and home appliance maker LG Ele
March 14, 2024
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Taeyoung shares suspended amid debt restructuring
Shares of Taeyoung Engineering & Construction Co., a troubled mid-sized builder, were suspended Wednesday due to its negative net asset balance amid an ongoing debt restructuring, company officials said. Its main creditor, the state-run Korea Development Bank, said it is extending the deliberation period for the restructuring plan by up to one month to allow more time before finalizing plans to normalize the company. Taeyoung, the 16th-largest builder in South Korea in terms of constructio
March 13, 2024
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Samsung Biologics on smooth ride for record orders
Samsung Biologics is off to a promising start this year with two large-scale contract manufacturing deal signings in March alone. According to Samsung Biologics on Wednesday, the company recently inked a contract manufacturing deal with MSD Switzerland, worth some $71 million. The deal, set to expire in December 2032, is a separate deal from the previous 277 billion won ($210 million) deal signed between the two companies in 2022. Samsung Biologics declined to reveal the product details of the n
March 13, 2024
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Trade chief says US chip subsidies coming
The US Commerce Department is expected soon to announce the amount of federal funding it will spend to support Korean chipmakers building facilities on its land, the Korean trade minister said on Tuesday, US time. “The US government is expected to announce the subsidy plan for Korean firms as soon as around the end of March,” Minister for Trade Jeong In-kyo told reporters at Dallas International Airport in Texas, as he was traveling to the country for the first time after having been
March 13, 2024
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[KH Explains] Will Webull reshape Korea's mobile trading?
Webull Corporation, a prominent US-based online stock trading platform, has initiated preliminary operations to establish its presence in South Korea. Speculation surrounding the debut of the New York-headquartered company's services rose recently following reports indicating Webull's engagement with local financial regulators to secure related licenses for domestic operations. Citing Webull Korea Preliminary CEO Rhee Won-jae, Herald Biz disclosed last month that Webull "plans to
March 13, 2024
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DGB opens fund management unit in Singapore
DGB Financial Group said Wednesday it launched its first overseas subsidiary Hi Asset Management Asia, an asset management arm, in Singapore. DGB Financial Group Chairman Kim Tae-oh, Korean Ambassador to Singapore Hong Jin-wook as well as financial firm officials from Morgan Stanley, Goldman Sachs and Keppel Group were in attendance at the opening ceremony held on Tuesday. “We will spare no effort in helping HiAMA serve as a global headquarters for key financial players and groups in Singa
March 13, 2024
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Seoul shares end higher on overnight US tech rally
South Korean stocks finished higher Wednesday, tracking overnight Wall Street gains driven by megacap tech stocks. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 11.76 points, or 0.44 percent, to 2,693.57. Trade volume was moderate at 491 million shares worth 10.7 trillion won ($8.14 billion), with winners beating losers 444 to 429. Foreign investors led the overall gains, buying a net 334 billion won worth of shares, while institutions and re
March 13, 2024
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US operations of Hyundai, Kia turn profitable in 2023
Major global offices of Hyundai Motor Company and Kia turned into the black last year as the South Korean automakers logged record-high earnings on surging sales across the world, according to their audit and business reports on Wednesday. According to the audit report of Hyundai Motor Company, the automaker’s manufacturing plant in Alabama posted 236.3 billion won ($180 million) in net income in 2023, a drastic turnaround from the net loss of 808 billion in 2022. Named Hyundai Motor Manuf
March 13, 2024
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Chinese e-commerce platforms to face tighter antitrust scrutiny
With increasing complaints from Korean consumers regarding the quality of products and the prevalence of knock-off items they purchased from Chinese e-commerce platforms, the country’s antitrust regulator vowed to strengthen the monitoring of foreign operators’ unfair business practices and uphold stern punishments for any illegal activities under relevant domestic laws. The Fair Trade Commission on Wednesday rolled out a set of comprehensive measures that aim to better protect local
March 13, 2024
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[Photo News] AI TV era
Samsung Electronics President Yong Seok-woo, who leads the company's visual display business, poses with the company’s new Neo QLED 8K TV, the tech giant's first TV featuring on-device artificial intelligence, in Seoul on Wednesday. Its feature called "AI upscaling" automatically enhances the resolution of content viewers watch and identifies crucial or moving elements to add special effects for an enhanced viewer experience. (Samsung Electronics)
March 13, 2024
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US gains propel Kospi to 2-year intraday high
The Korean stock market rallied early Wednesday, with the benchmark Kospi breaking above 2,700 points during trading hours for the first time in nearly two years as the market tracked overnight Wall Street gains. The local benchmark Kospi touched 2,701.45 points during intraday trading. The peak came shortly after it opened at 2,694.71, marking a 12.9 points rise from the previous close at 2,681.81. After hitting a record high not seen since May 2022, the main index wiped out the gains as invest
March 13, 2024
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Yanolja launches US office amid IPO push
Korean travel platform operator Yanolja announced the opening of its first US office in Manhattan, New York, on Wednesday. The move aims to accelerate its North American travel solutions business, coinciding with growing anticipation for the company's potential listing on the US stock market this year. Since its inaugural overseas branch opened in Singapore in 2019, Yanolja has rapidly broadened its local presence in key countries. The firm currently operates 50 overseas offices across 27 c
March 13, 2024
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K-pop song revitalizes sales of traditional jelly
"Bam Yang Gang (chestnut jelly)" by K-pop singer Bibi has become a sensation in South Korea, not just topping music charts but also dramatically boosting sales of the traditional jelly, yanggaeng. According to industry data, from the song’s release on Feb. 13 till March 6, major convenience store chains in South Korea, including CU, GS25, Seven Eleven, and Emart24, reported an increase of up to 100 percent in sales of Haitai Confectionery's “Yeon Yanggaeng." Craft
March 13, 2024
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LuluMedic, India’s SVA Solutions team up on insurance plans for overseas workers
South Korean health care tech company LuluMedic said Tuesday that it has partnered with Indian consulting firm SVA Solutions to promote its comprehensive insurance plans tailored for overseas workers. This initiative aims to meet the increasing demand from Korean companies to comply with the Serious Accidents Punishment Act, ensuring the safety and well-being of their employees not just at home but also abroad. The K-medical Assistance for Remote Employees insurance package provides extensive co
March 13, 2024
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An apple a day fritters savings away? Apple price rises to all-time high
The price of apples in South Korea recently skyrocketed to an all-time high as fruit prices in the country continue to soar amid ongoing inflation, data from a state-run agency promoting and supporting agriculture trade showed Wednesday. The wholesale price of 10 kilograms of apples as of Tuesday was 91,700 won ($70), more than double the 41,060 won for same amount at the same time last year, according to the Korea Agro-Fisheries & Food Trade Corporation. The price for 10 kilograms of apples
March 13, 2024
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Seoul shares open higher on US stock gains
South Korean stocks opened slightly higher Wednesday, tracking overnight Wall Street gains driven by megacap tech stocks. The benchmark Korea Composite Stock Price Index rose 8.85 points, or 0.33 percent, to 2,690.66 in the first 15 minutes of trading. Overnight, Wall Street logged strong gains as investors shored up Nvidia, Oracle and other big tech stocks despite higher-than-expected February consumer price data. The Dow Jones Industrial Average rose 0.61 percent, and the S&P 500 gained 1.
March 13, 2024
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Hyundai E&C inks power purchase deal with Glennmont
Hyundai Engineering & Construction announced Tuesday that the company has signed a power purchase agreement with Glennmont D&D Solar Holdings to aid in Hyundai Motor Group’s use of renewable energies. Glennmont D&D Solar Holdings is a joint venture between SK Eternix and Glennmont Partners, one of the world’s largest fund managers investing in clean energy, based in the UK. According to Hyundai E&C, the recent deal is a virtual power purchase agreement, which involves
March 12, 2024
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Luxury car sales hit by new lime green plate scheme
Sales of imported cars from luxury brands such as Mercedes-Benz, Porsche, and Bentley have plummeted in South Korea during the first two months of 2024, coinciding with the government's implementation of lime green license plates for corporate-owned luxury vehicles worth over 80 million won ($61,500). The Korea Automobile Importers & Distributors Association reported a 19.4 percent year-on-year drop in total imported vehicle sales in January this year to 13,083 units, marking the lowest
March 12, 2024