Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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S. Korea's tax competitiveness ranks 26th worldwide: report
South Korea's international tax competitiveness has fallen nine notches over the past five years, a report said Thursday, pointing to a need to lower tax rates and simplify its tax system. The country's tax competitiveness ranks 26th in the world in 2021, compared with 17th five years earlier, according to the report from the Korea Economic Research Institute (KERI). It marks the sharpest drop among the Group of Five major economies, as well as 37 members of the Organization for Economic Coope
Nov. 25, 2021
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Mercedes-Benz Korea to beef up EV lineup
Mercedes-Benz Korea said Thursday it will add an all-electric sedan this year to its EV lineup amid a growing appetite for zero-emission vehicles. The German carmaker introduced the new EQS, the first pure electric sedan built on its dedicated electric modular architecture, during the media day of the 2021 Seoul Motor Show. Under its all-electric brand Mercedes-EQ, the new EQS 450+ AMG Line and EQS 450+ AMG Line Launch Edition models will go on sale in the Korean market within this year
Nov. 25, 2021
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3 companies to recall over 220,000 vehicles over faulty parts
BMW Korea, GM Asia-Pacific Regional headquarters and Mercedes-Benz Korea will voluntarily recall more than 220,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The three carmakers are recalling a combined 223,330 units in 84 kinds of models, the Ministry of Land, Infrastructure and Transport said in a statement. For instance, BMW plans to gradua
Nov. 25, 2021
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S. Korea to increase stockpile of rare metals to ensure stable supply
South Korea plans to increase its stockpile of rare metals and expand the list of such items for strategic reserves, the country's finance minister said Wednesday. The move aimed at ensuring stable supply of such materials came in the wake of a recent supply shortage of aqueous urea solution, a key additive for diesel vehicles. The government plans to swiftly boost the stockpile of rare metals to a maximum of 180 days of use from the current 100 days, according to Finance Minister Hong Nam-ki.
Nov. 24, 2021
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S. Korean economy to grow 3.2% in 2022: think tank
South Korea’s economy will grow 3.2 percent next year on consumer spending and strong exports, with pandemic restrictions expected to have eased, a local think tank said Wednesday. The benchmark Kospi will also maintain its growth momentum and hit a record high, it added. “We will see a clear surge in consumer spending early next year as the coronavirus curbs are eased. … Exports will be strong, propped up by a global economic recovery,” said Jang Geun-hyuk, a seni
Nov. 24, 2021
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S. Korea to double low-rate loan ceiling to Indonesia over next 5 years
South Korea said Wednesday it plans to more than double the ceiling on the country's low-interest rate loans to Indonesia over the next five years in a bid to strengthen bilateral cooperation. Under the agreement between the two nations, the Economic Development Cooperation Fund (EDCF) will be expanded to US$1.5 billion in 2022-2026 from the existing $600 million set aside for 2016-2021, according to Seoul's finance ministry. South Korea launched the EDCF program in 1987 in an effort to suppor
Nov. 24, 2021
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Lee Jae-yong’s ‘New Samsung’ vision taking shape
Samsung Electronics Vice Chairman Lee Jae-yong has returned home after a packed North American trip, with his vision for the “New Samsung” taking shape and putting a renewed emphasis on chip business. During his 10-day visit to the US and Canada, Lee held a series of meetings with prospective clients, partners and political leaders and finalized the tech giant’s $17 billion US fab investment. Upon his arrival in Seoul on Wednesday afternoon, the tycoon said the responsibili
Nov. 24, 2021
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[Newsmaker] Over 1 million face comprehensive real estate tax
SEJONG -- The tally of those subject to the comprehensive real estate holding tax -- individuals or corporations -- exceeded 1 million this year for the first time since the nation introduced the tax in June 2005. According to the National Tax Service, almost 1.03 million individuals and corporations are supposed to pay comprehensive real estate taxes in 2021. The figure consists of 947,000 homeowners and 79,600 landowners. This shows that the number of comprehensive real estate holding tax ta
Nov. 24, 2021
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Posco Chemical builds new refractory factory in S. Korea
Posco Chemical Co., a unit of South Korean steel giant Posco, said Wednesday it has completed the construction of a new refractory plant in the southern city of Pohang as part of its efforts to boost production of basic industrial materials. The 49.2 billion won ($41.5 million) plant has an annual production capacity of some 21,700 tons of unfired refractory materials, which will boost the company's combined annual production capacity of the materials by 14 percent to 52,500 tons, it added. Refr
Nov. 24, 2021
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Hyundai Heavy to set up guidance for offshore green hydrogen plant
Global shipbuilding conglomerate Hyundai Heavy Industries Group said Wednesday it will establish the world's first technical guidance for offshore green hydrogen plants To that end, the group's affiliates -- Korea Shipbuilding & Offshore Engineering Co. (KSOE) and its subsidiary Hyundai Heavy Industries Co. -- have signed a preliminary deal with ABS, a US ship quality assurance and risk management company. The deal is aimed at setting up the world's first guideline for the design of offsho
Nov. 24, 2021
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Naver lays out new future with metaverse, AI
South Korean internet giant Naver on Wednesday unveiled its latest technology to expand its business in the metaverse, the fast-emerging platform connecting virtual communities. “We will soon launch Arcverse, a metaverse ecosystem, that connects the virtual world and real world. In Arcverse, users will be able to use the data and services from both worlds at the same time,” said Seok Sang-ok, CEO of Naver Labs, during Deview 2021, Naver’s 14th developer conference. For insta
Nov. 24, 2021
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[Market Eye] What Samsung's $17b chip investment means to chip industry
Samsung Electronics will invest $17 billion into its foundry sector, a business that makes money by manufacturing chips clients have designed. But some experts say that despite the staggering size of the investment, the South Korean tech giant is unlikely to challenge the global foundry race led by TSMC. Instead of splurging cash, a structural change must occur to catch up with TSMC, a No. 1 foundry player with a global market share of 58 percent as of second quarter this year, they said. &ld
Nov. 24, 2021
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Hanwha invests $100m in Lancium to address excess renewable energy in Texas
Hanwha Solutions said Wednesday it has invested $100 million in a Houston-based tech company Lancium, which aims to build bitcoin mines across Texas that will run on renewable energy. According to the solar-to-hydrogen business unit of South Korean conglomerate Hanwha Group, Lancium has purchased 9.5 square kilometers of land in Texas and plans to establish over 2,000 megawatts of generating capacity across multiple sites. Lancium develops software and technology that connects bitcoin mines
Nov. 24, 2021
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Seoul stocks down ahead of BOK meeting
South Korean stocks closed slightly lower Wednesday as investors took to the sidelines ahead of the central bank's monetary policy meeting. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 3.04 points, or 0.1 percent, to close at 2,994.29 points. Trading volume was moderate at about 540 million shares worth some 10.7 trillion won ($9 billion), with losers outnumbering gainers 477 to 373. Institutions sold a net 592 billion won, while f
Nov. 24, 2021
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KAI invests in AI company for future technologies
Korea Aerospace Industries announced Wednesday that it will acquire a 10 percent stake in Konan Technology, a company specialized in AI and big data. This investment in shares comes as an effort to acquire future industry-related technology by implementing AI, big data and deep learning into the aviation and defense sectors. KAI and Konan Technology will work together on developing an AI-based prognostics and health management system that can be used on Korean Utility Helicopter, KF-21, FA-50,
Nov. 24, 2021
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Seoul Mobility Show to showcase 18 new cars
The Seoul Mobility Show, the only official motor show in South Korea, will kick off this Friday simultaneously at Kintex in Goyang and Paju in Gyeonggi Province as well as Seoul, showcasing 18 new cars. According to the organizer for the show, the exhibition will continue until Dec. 5 with over 100 automobile and mobility companies from six different countries taking part. The main exhibition at Kintex includes vehicles from Kia, Maserati, Mercedes-Benz, Mini, BMW, Audi, Isuzu, Genesis, Porsch
Nov. 24, 2021
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Korean firms supply core auto parts of Rivian’s initial models
South Korean manufacturers are seeking to expand their presence in the electric vehicle market through a partnership with Rivian, the burgeoning US electric vehicle maker that has been in the global spotlight for its potential to become the next Tesla. According to the industry, Posco International is supplying some 145 billion won ($122 million) of half shafts for 340,000 vehicles produced by Rivian. Domestic partner Erae AMS will work alongside it to begin delivering the ordered amount next
Nov. 24, 2021
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S. Korea seeks int'l cooperation for urea solution supply during ODA meeting
South Korea on Wednesday sought international cooperation on its efforts to secure a stable supply of urea solution following a recent supply crunch, the industry ministry said. Trade Minister Yeo Han-koo made the request during a "networking day" event for official development assistance (ODA), which brought together ambassadors and charge d'affaires from 27 developing countries in Asia, South America, the Middle East and Africa, according to the Ministry of Trade, Industry and Energ
Nov. 24, 2021
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Hyundai Doosan Infracore ties up with SK Ecoplant for smart construction technologies
Construction equipment maker Hyundai Doosan Infracore Co. said Wednesday it has signed a deal with local builder SK Ecoplant to improve digital technologies related to construction site management. Under the deal, Hyundai Doosan Infracore will develop new technologies using its cloud-based construction site management platform XiteCloud, which will be demonstrated on the construction sites of SK Ecoplant, the company said. Thanks to growing demand for the construction technology digitalization
Nov. 24, 2021
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Population mobility falls for 10th month in Oct.
The number of South Koreans who moved to different residences in the country declined for the 10th straight month in October amid decreased housing transactions, data showed Wednesday. The number of people who changed their residences fell 10.7 percent on-year to 540,000 last month, according to the data compiled by Statistics Korea. It marked the 10th consecutive month the number has dropped and represented the sharpest on-year decline since a 10.9 percent fall in June 2019. The decline was
Nov. 24, 2021