Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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South Korea open to Indonesian proposal to cut KF-21 payments
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Police seek arrest warrant for med student who killed girlfriend
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop's dilemma] Is Hybe-Ador conflict a case of growing pains?
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Marking 10 years, KB accelerator nurtures 255 startups
More than 250 startup companies have joined KB Financial Group’s accelerator program over the past 10 years to scale up businesses into unicorns in the fintech industry. KB Financial Group held an event on Tuesday marking the 10th anniversary of the KB Innovation HUB Center, the first organization dedicated to fostering and supporting startups in the financial sector. Since KB Innovation HUB Center’s inception in 2015, the group launched its startup accelerator program, KB Starters
CompaniesApril 30, 2024
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Financial groups maintain capital adequacy despite ELS risk
Korean banking groups maintained solid capital adequacy despite significant payouts for consumer compensation due to misselling equity-linked securities tracking a Hong Kong index. Industry sources reported that the average capital adequacy ratio, or Common Equity Tier 1, among five major Korean financial groups -- KB, Shinhan, Hana, Woori, and NongHyup -- was 12.8 percent in the first quarter of this year, a slight decline from 13 percent in the previous term and 12.9 percent from the same peri
IndustryApril 30, 2024
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Seoul shares up for 3rd day on Samsung, batteries
South Korean stocks finished up for a third consecutive session Tuesday backed by a strong earnings performance by top cap Samsung Electronics and overnight US stock gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 4.62 points, or 0.17 percent, to 2,692.06. Trade volume was moderate at 450 million shares worth 11.1 trillion won ($8.03 billion). Winners outpaced losers 439 to 408. Institutions and foreign investors combined bought a net 52
MarketApril 30, 2024
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[Photo News] Samsung Olympic Experience Zone
Samsung Electronics said Monday it has opened the Samsung Olympic Experience Zone ahead of the upcoming Olympics in Paris. The venue, a collaboration with Pritzker Architecture Prize winner Jean Nouvel, will operate from March 3 to Oct. 31 to display diverse Galaxy devices. Samsung has been the official partner of the Olympics and Paralympics for about four decades. (Samsung Electronics)
IndustryApril 30, 2024
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Naver, Intel, KAIST join forces to set up AI lab in Korea
Naver, Intel and the Korea Advanced Institute of Science and Technology will set up a joint lab in Korea to lead the new global ecosystem for artificial intelligence semiconductors, KAIST announced Tuesday. The joint lab called NIK AI Research Center will be established on the KAIST campus in Daejeon in the first half of this year and begin research in July. KAIST said that the joint research center will be run for three years, adding that its operation can be extended depending on research achi
TechnologyApril 30, 2024
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
Korean retail giant Shinsegae Group's e-commerce unit SSG.com faces mounting pressure from investors to recoup the 1 trillion won ($727 million) investment made between 2019 and 2022 amid its delayed market debut hit by lukewarm sales in recent years. According to industry sources on Tuesday, Shinsegae is in last-minute discussions with Affinity Equity Partners and BlueRun Ventures, the two private equity funds that are reportedly considering exercising a put option to sell back their stake
IndustryApril 30, 2024
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Ministry launches special team to end dog meat consumption by 2027
The Ministry of Agriculture, Food and Rural Affairs on Tuesday launched a special commission dedicated to ending dog meat consumption in the country by 2027. Earlier on Jan. 22, the ministry had introduced a task force to iron out the details of implementing a government plan to end the practice, with a revision to the related law taking effect Tuesday. The task force has become an official entity under the ministry, comprising 13 members, including officials from the Ministry of Interior and S
IndustryApril 30, 2024
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SK Telecom to unveil LLM for telecom carriers in June
SK Telecom, Korea's largest wireless carrier by the number of subscribers, said Tuesday it aims to introduce a large language model specializing in telecom-related terms as early as June. The upcoming telecom-specific LLM is developed from general-purpose LLMs such as ChatGPT and Claude. SK Telecom joined hands with global Big Tech firms including OpenAI and Anthropic to develop the LLM. Telco-specific LLMs are more adjusted to the telecommunications domain and better at understanding use
TechnologyApril 30, 2024
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GS E&C secures W600b LNG terminal project
South Korean construction giant GS Engineering & Construction announced Tuesday that it has won a contract worth 600 billion won ($435 million) to build a new liquefied natural gas terminal in Yeosu, South Jeolla Province. The Northeast Asia LNG Hub Terminal Project aims to establish a large-scale energy storage facility in the southwestern city of Yeosu. Expected to take about 42 months, the project will involve the construction of two LNG storage tanks, each with a capacity of 200,000 kilo
IndustryApril 30, 2024
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Hyundai Motor launches internship program for foreign students
Hyundai Motor Company announced Tuesday its commitment to cultivating global talent through a summer internship program designated for international students in Korea, fostering the company’s cultural inclusivity and global market presence. This marks the first time Hyundai Motor has openly recruited international students studying in Korea as interns. The flagship unit of Hyundai Motor Group, the world's third-largest carmaker, aims to blend diverse international perspectives into it
MobilityApril 30, 2024
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S. Korea's tax revenue falls W2.2tr on-year through March
South Korea's tax revenue fell 2.5 percent on-year during the first three months of 2024 due mainly to weak corporate performances, the finance ministry said Tuesday. The government collected 84.9 trillion won ($61.68 billion) in taxes this year through March, down 2.2 trillion won from a year earlier, according to the Ministry of Economy and Finance. The decline was due mainly to the fall in corporate taxes collected and income taxes. The collection of corporate taxes sank 22.8 percent, or
EconomyApril 30, 2024
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[Photo News] Stylish revamp
Renault Korea opens a new showroom in Daegu on Monday as part of the carmaker's brand revamp announced earlier this year. The latest showroom is the third of its kind here to embrace the French carmaker's new showroom concept, called "rnlt©." The showroom also features a range of lifestyle products under the brand name, "The Originals." (Renault Korea)
IndustryApril 30, 2024
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[Photo News] Robot cook at school
Doosan Robotics demonstrates the efficiency of its robotic solution for cooking fried food at a high school in Chuncheon, Gangwon Province, according to the company on Tuesday. The robotic solution is capable of cooking fried dishes for 500 people in two hours by operating six frying baskets at once. (Doosan Robotics)
IndustryApril 30, 2024
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Seoul shares open higher on Samsung
South Korean stocks opened slightly higher Tuesday backed by strong earnings performance by top cap Samsung Electronics and overnight US stock gains. The benchmark Korea Composite Stock Price Index gained 7.81 points, or 0.29 percent, to 2,665.25 in the first 15 minutes of trading. Samsung Electronics, the world's largest memory chip manufacturer, announced earlier in the day its first quarter operating profit shot up more than tenfold from a year ago in the first quarter, with its chip bus
MarketApril 30, 2024
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Industrial output falls by most in 4 years in March
South Korea's industrial output logged the sharpest fall in about four years after four months of monthly gains in March on falling manufacturing production, data showed Tuesday. Retail sales, however, rebounded on rising demand for food and vehicles, among other items, amid concerns about weak domestic demand, according to the data compiled by Statistics Korea. Industrial output declined 2.1 percent in March from a month earlier, the first fall since October, It also marked the sharpest fa
EconomyApril 30, 2024
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Celltion’s Zymfentra gets preference in top US formulary
Korean biosimilar giant Celltrion said Monday that its Zymfentra, the world’s first subcutaneous formulation of infliximab called Remsima SC outside the US, has been included in the preferred formulary of Express Scripts, one of the top three pharmacy benefit managers or PMBs in the US. In the US, PBMs act as negotiating entities in the prescription drug supply chain. Insurers work with PBMs as third-party contractors that manage their prescription drug benefits. PBMs create and update for
IndustryApril 29, 2024
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China outpaces Korea in smaller OLED shipments for 1st time
China outpaced Korea in the shipment of organic light-emitting display panels for IT gadgets for the first time in the first quarter of this year, stirring concerns that Korean manufacturers could eventually be pushed out of the market by Chinese rivals. According to Chinese market tracker Cinno Research on Monday, China's OLED shipments for IT gadgets including smartphones and tablet PCs accounted for 53.4 percent of the total in the January-March period, ahead of Korea’s 46.6 percen
IndustryApril 29, 2024
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Seoul shares jump over 1% on battery, chemical stocks
Seoul shares closed over 1 percent higher Monday on advances in battery and chemical shares amid a slump in techs. The local currency slightly fell against the US dollar. The benchmark Korea Composite Stock Price Index added 31.11 points, or 1.17 percent, to close at 2,687.44. Trade volume was moderate at 461 million shares worth 10.2 trillion won ($7.4 billion), with gainers outnumbering losers 719 to 165. Foreigners remained net buyers for a second consecutive session, scooping up a net 415.9
MarketApril 29, 2024
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BNEF names Hyosung Heavy as top ESS supplier
South Korea’s Hyosung Heavy Industries announced Monday that it has been recognized as a tier-1 supplier of energy storage systems by BNEF or Bloomberg New Energy Finance, a market research firm specializing in the renewable energy sector. The firm has now been included in the top-tier list for two consecutive quarters. “It is meaningful that a Korean firm has won the industrial recognition in the global ESS market that is dominated by Chinese rivals,” said a Hyosung Heavy offi
IndustryApril 29, 2024
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Intel CEO to visit Seoul in June
Intel CEO Pat Gelsinger is planning to visit Korea in early June to attend the company's global conference in Seoul, according to industry sources Monday. The AI Summit event, which is held multiple times a year across countries, typically highlights Intel’s local subsidiaries. It shares knowledge on the intersection between artificial intelligence technology and business models for key players in the industry. Sources predicted the summit will be held on June 5, which will mark the
IndustryApril 29, 2024