Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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SK chief discusses raw materials supply chain with Zambian leader
SK Group Chairman Chey Tae-won has met with Zambian President Hakainde Hichilema in New York and discussed ways for cooperation in shoring up the raw materials supply chain, the business group said Friday. In the meeting, Chey highlighted that Zambia's copper mines offer interesting opportunities to companies, like SK, that engage in manufacturing of copper foil, a critical component used in lithium-ion battery cells, SK said. Copper foil is as thin as one-fifteenth of the width of a human
Sept. 23, 2022
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DRAM prices forecast to drop 13-18% on-quarter in Q4: report
DRAM prices are estimated to post a quarterly decline of 13-18 percent in the fourth quarter, steeper than the previous quarter, a report said Friday, as consumer demand for electronic devices remains stagnant and macroeconomic conditions aggravated. Research firm TrendForce said rising inflation has significantly weakened the appetite for consumer products, likely to put cold water on the year-end holiday shopping demand. Lower demand, it said, would lead to DRAM's bigger price drops from
Sept. 23, 2022
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LG Energy Solution signs battery materials supply deals with 3 Canadian mineral companies
LG Energy Solution said Friday it has signed supply agreements with three Canadian mineral companies to secure key raw materials used in lithium-ion batteries for electric vehicles. Under the arrangement with Electra Battery Materials, the Toronto-based battery materials refiner will supply 7,000 metric tons of cobalt sulfate to LG Energy Solution for three years beginning in 2023, the South Korean battery maker said in a release. LGES signed a memorandum of understanding with Avalon Advanced Ma
Sept. 23, 2022
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Govt. asks food industry to minimize price hikes
A South Korean vice finance minister on Friday asked the food industry to minimize raising food prices as the country is grappling with high inflation. The government also plans to expand the supply of agricultural products, including napa cabbage and white radish, in a bid to better deal with high demand for kimchi-making events ahead of the winter season, according to First Vice Finance Minister Bang Ki-sun. "In light of the stabilizing trends of grain prices, we are asking (the food sect
Sept. 23, 2022
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Seoul shares open lower on mounting recession fears
Seoul stocks opened lower Friday on mounting fears that a global recession may further deepen amid aggressive monetary tightening drives around the globe. The benchmark Korea Composite Stock Price Index dropped 10.39 points, or 0.45 percent, to 2,321.92 in the first 15 minutes of trading. Overnight, US stocks fell again amid fears that recent rate hikes from central banks around the world could tip the economy into a recession. Central banks in major economies, such as Britain, raised rates as t
Sept. 23, 2022
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SK Telecom's 5G download speed ranks No. 1 among global telecos: report
SK Telecom, South Korea's largest wireless carrier, ranks No. 1 in terms of 5G network download speed, an industry report showed Friday. According to global mobile industry tracker Opensignal, the average download speed using SK Telecom's 5G network was recorded at 469.6 megabits per second, 2.55 times faster than the 184.2 Mbps average among global mobile carriers. LG Uplus Corp., the country's third-largest mobile carrier, ranked second, with 429.6 Mbps, followed by Bulgaria
Sept. 23, 2022
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Robot startup Twinny's CEO says starting company with twin brother was 'great choice'
Having majored in business administration in university and with eight years of previous work experience at the Korea SMEs and Startups Agency, Cheon Yeong-seok, co-CEO of robot startup Twinny, had always dreamed of one day starting his own business. Looking back though, Cheon said it had never crossed his mind in his 20s and early 30s that he would end up starting his dream company with his twin brother, Hong-seok, a electrical engineering Ph.D. graduate of the Korea Advanced Institute of Scien
Sept. 23, 2022
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[Market Eye] Can Arm stake deal spur Samsung's breakthrough?
Samsung Electronics Vice Chairman Lee Jae-yong's planned meeting next month with SoftBank founder Masayoshi Son raises the expectation that the South Korean tech giant could find a breakthrough with a new round of investment for future growth in the field of semiconductors. On his arrival to Seoul after a two-week trip overseas, the 54-year-old told reporters Wednesday afternoon that he is scheduled to hold talks with Son in Seoul and that he believes the Japanese tycoon might bring up the issue
Sept. 22, 2022
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SK chairman says corporate survival is key amid US-China tensions
Noting growing uncertainties surrounding the escalating US-China rivalry, SK Group Chairman Chey Tae-won said Wednesday that his priority at the moment is bracing for business survival itself, not seeking profits or efficiency. “The most urgent task is finding the way of survival under any circumstances,” the tycoon said at a press conference in Washington, where he was visiting to inspect local operations. “Rather than focusing on maximizing profits or efficiency like in the p
Sept. 22, 2022
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KEF chief, European Parliament delegation discuss green drive
The head of the Korea Enterprises Federation has met a delegation from the European Parliament to stress the need for bolstering cooperation between European Union and South Korea amid the supply chain crisis and inflation risks. "Korea and the EU are mutually important trade and investment partners. Even during the pandemic, we saw the most trade and investment ever based on the free trade agreement held between Korea and EU last year,” said KEF Chairman Sohn Kyung-shik at a luncheon
Sept. 22, 2022
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Yoon underlines digital freedom at NYU forum
President Yoon Suk-yeol has emphasized the importance of digital technologies in contributing to the expansion of freedom, a day after he called for collective efforts to decrease the digital gap across the world in his speech at the United Nations General Assembly. “We have to gather our wisdom so that digital technologies can contribute to expanding freedom and set up an autonomously and rationally normative system,” said Yoon during his keynote speech at the Digital Vision Forum
Sept. 22, 2022
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KB Financial to support global expansion of startups
KB Financial Group said Thursday it is making efforts to support the overseas expansion of homegrown startups. The financial giant held a launch ceremony for KB Global Fintech Lab in Singapore, with Kim Moon-hwan, director of the Korea SMEs and Startups Agency, local startup officials and KB executives including KB Financial Group Vice Chairman Yang Jong-hee in attendance. The newly launched lab will support domestic and international startups entering the global market and help them utilize glo
Sept. 22, 2022
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KAIST, NYU open joint campus in NY
Korea Advanced Institute of Science and Technology and New York University have unveiled the official signage of their joint campus to mark the beginning of a new global academic partnership, KAIST announced Thursday. Under the partnership, the two universities will begin joint research in the first half of next year with a focus on artificial intelligence, convergence neuroscience, biomedical engineering, cybersecurity, next-generation wireless communication and sustainability. The schools also
Sept. 22, 2022
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Seoul's stocks down, currency dips to over 13-yr low following Fed's rate hike
South Korean stocks closed down on Thursday, as investors were spooked by growing worries over a global economic recession following the US Federal Reserve's sharp rate hike decision. The Korean won fell to a 13-year low against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.9 points, or 0.63 percent, and closed at 2,332.31. Trading volume was light at 436.1 million shares worth 7.3 trillion won, with decliners outnumbering gainers 579 to 299. After starting
Sept. 22, 2022
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NPS, BOK to sign currency swap deal as Korean won tumbles
South Korea's pension operator and the central bank are taking steps for a currency swap agreement as the Korean won tumbled to its lowest level against the US dollar in 13 years on Thursday. The National Pension Service will borrow the greenback it needs to invest overseas from the Bank of Korea, instead of buying it from the foreign currency market, and loan Korean won to the bank in return. The last currency swap deal between the two was dissolved in 2008 as the BOK demanded an end, citing a
Sept. 22, 2022
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Korean won hits 1,400 per dollar after giant Fed rate hike
SEJONG -- The Korean currency dropped to the 1,400 won range per dollar on Thursday in the wake of another “giant step” rate hike of 75 basis points from the US Federal Reserve. In addition, foreign and institutional investors turned to net sellers on the nation’s main bourse, pulling down the Kospi. The local currency, which started at 1,398 won per US dollar during the Thursday trading session, closed at 1,409.7 won. The Korean currency became cheaper by more than
Sept. 22, 2022
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Upbit operator picks NFT venture with BTS’ Hybe as most anticipated project
BUSAN -- The chief of Dunamu, the operator of Korea’s No. 1 cryptocurrency exchange Upbit, chose the firm’s non-fungible tokens venture with the K-pop powerhouse behind boy band BTS as its most anticipated project, at this year’s Upbit Developer Conference held Thursday. “Crypto exchange operators face many restrictions when expanding blockchain businesses,” Dunamu CEO Lee Sirgoo said in a press conference held on the sidelines of the UDC in Busan. “For us,
Sept. 22, 2022
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Court orders Namyang Dairy to sell controlling stake to Hahn & Co.
A Seoul court on Thursday ordered Namyang Dairy Products shareholders to sell off its controlling shares to local buyout firm Hahn & Co., brushing off the troubled dairy company’s claims that its stock transfer deal with the private equity fund had been “rigged.” The Seoul Central District Court sided with Hahn & Co. after the buyout firm last year filed a lawsuit against Namyang shareholders, including its Chairman Hong Won-sik for failing to abide by a binding contract to se
Sept. 22, 2022
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LG CNS showcases AI-based English learning app
South Korean information technology service provider LG CNS showcased its artificial intelligence-based English-learning app, Speaking Class, on Thursday at Edtech Korea Fair 2022, which is being held for three days starting Thursday at Coex in Gangnam, southern Seoul. The app, geared toward students in elementary through high school, hosts 71 textbooks including those from major textbook writers such as YBM, Dong-A Publishing and Mirae N. The IT firm said that unlike other English-learning apps
Sept. 22, 2022
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2022 Upbit Developer Conference kicks off in Busan
The Upbit Developer Conference, the nation’s largest annual blockchain developer conference, will kick off Thursday, addressing the latest issues and trends in the blockchain industry, the company said Wednesday. The two-day event hosted by Dunamu, the operator of South Korean crypto exchange Upbit, will be held at the Busan Port International Exhibition & Convention Center in person after two years of pandemic disruptions. The theme of this year’s gathering is “Imaging Your B
Sept. 22, 2022