S. Korea, US stage joint naval drills in East Sea amid NK threats

South Korea and the United States kicked off a combined naval exercise in the East Sea on Monday to reinforce readiness against growing military threats from North Korea, the Navy said. The three-day exercise involved nine vessels and two patrol aircraft from the two sides, including two South Korean submarines, the ROKS Yulgok Yi I destroyer, the USS Shoup Aegis-equipped destroyer and the USS Robert Smalls cruiser, the Navy said. The Navy said the anti-submarine warfare and live-fire drills wer

DefenseSept. 25, 2023

Broadcom to appeal S. Korean regulator's fine over unfair Samsung Electronics deal

US wireless chipmaker Broadcom Inc. said Monday it plans to seek an appeal against the South Korean regulator's decision to slap a 19.1 billion-won ($14.3 million) fine for its unfair business practices against Samsung Electronics Co. In a statement, Broadcom said it was "disappointed" over the Fair Trade Commission's decision, noting it plans to appeal the case to the Seoul High Court. The punishment of Broadcom came after the US firm forced Samsung to sign a long-term agree

IndustrySept. 25, 2023

Major Korean firms fare worse than US counterparts in H1

South Korea's major companies performed far worse than their US counterparts in the first half of 2023 due to the sluggish chip and energy sectors amid a global economic slowdown, a report showed Monday. South Korea's top 100 nonfinancial firms listed on the main local bourse saw their combined sales edge up 0.3 percent on-year to $746.3 billion in the January-June period, according to the report by the Federation of Korean Industries. In contrast, the combined top line of the 100 lead

EconomySept. 25, 2023

SM founder Lee Soo-man to join tree-planting project in LA

The founder and former chief producer of SM Entertainment, Lee Soo-man, is stepping up his environmental, social and governance activities with a tree-planting project in Los Angeles. Lee will participate in the tree-planting event at Seoul International Park on Thursday, according to music industry sources. He will plant street trees together with the Koreatown Youth & Community Center, a nonprofit organization composed of Korean residents in the local community, during the event to promote

IndustrySept. 25, 2023

Seoul shares open lower on Fed's higher-for-longer rate policy

South Korean stocks opened lower Monday on concerns about the Federal Reserve's aggressive monetary tightening for a longer-than-expected period. The benchmark Korea Composite Stock Price Index shed 9.31 points, or 0.37 percent, to 2,498.82 in the first 15 minutes of trading. The US central bank last week signaled it could hike interest rates again this year while keeping the rates unchanged. On Friday, the Dow Jones Industrial Average fell 0.31 percent, and the tech-heavy Nasdaq Composite

MarketSept. 25, 2023

[Graphic News] Death toll from industrial disasters falls nearly 10% during H1

The number of deaths caused by serious industrial accidents at workplaces in the first half of the year dropped nearly 10 percent from a year ago, a government report said. A total of 289 workers died from January to June, marking a drop of 9.1 percent, or 29 people, from 318 on-duty deaths of workers in the previous year, according to the Ministry of Employment and Labor. The number of industrial accident cases also declined 5.6 percent, or 17 cases, compared to a year ago, recording 284 cases

Social AffairsSept. 25, 2023

'Be like Leo': S. Korean taekwondo champion inspired by Lionel Messi's World Cup title

HANGZHOU, China (Yonhap) -- South Korean taekwondo practitioner Kang Wan-jin, who had the honor of winning the country's first gold of the 19th Asian Games in China on Sunday, drew his inspiration from an unlikely source. Kang, crowned the champion of the men's individual poomsae event in Hangzhou, watched in awe as Argentine football hero Lionel Messi carried his country to the FIFA World Cup title last December. It was the first career World Cup title for Messi in what could have bee

More SportsSept. 24, 2023

Yoon pushes for Xi’s visit to firm up ties with China

The presidential office said Sunday that it will lead efforts to facilitate a visit by Chinese President Xi Jinping, a day after the Chinese leader said he will “seriously consider it” during talks with Prime Minister Han Duck-soo held on the sidelines of the Asian Games in Hangzhou, China. The dialogue, which took place hours ahead of the games’ opening ceremony, centered on bolstering exchanges, an agreement reached earlier this month when President Yoon Suk Yeol met with Chi

PoliticsSept. 24, 2023

[Book Review] 'Lee Kun-hee. Hong Ra-hee. Collection' unveils story of Lee's donated works

“Lee Kun-hee. Hong Ra-hee. Collection” By Sohn Young-ok Jaeum&Moeum Publishing Co. When the extensive works collected by late Samsung Group Chairman Lee Kun-hee were donated to the public in South Korea two years ago, it was widely referred to as the “collection of the century,” and the businessman was dubbed as the “Korea’s Medici” as a patron of Korean art. In her latest book, “Lee Kun-hee. Hong Ra-hee. Collection,” journalist Sohn

BooksSept. 24, 2023

LG Chem pivots to LFP with Huayou for Morocco plant

LG Chem, South Korea's premier battery materials producer, announced on Sunday that it would venture into the lithium-phosphate-iron, or LFP, business by constructing a plant with Huayou Group's subsidiary, Youshan. The two companies will build a LFP cathode material plant in Morocco, a region rich in phosphate rock reserves essential for LFP production. Set to be operational by 2026, the plant targets an annual output of 50,000 metric tons, sufficient for around 500,000 entry-level el

IndustrySept. 24, 2023

Govt. to survey spending on private education of preschoolers, Suneung retakers

South Korea's official data on parental spending for their children's education has long faced criticism for overlooking two significant aspects: expenditures prior to the commencement of public education and those occurring after its completion. To address these concerns and better assess the financial burden on parents, the Ministry of Education plans to look into the cost of “private education” of preschool children and high school graduates who are studying to retake th

Social AffairsSept. 24, 2023

[Test Drive] Hyundai Ioniq 5 N unleashes full EV power

TAEAN, SOUTH CHUNGCHEONG PROVINCE -- Hyundai Motor Company’s Ioniq 5 N, a high-performance vehicle based on the foundations of the automaker’s awards-winning all-electric sports utility vehicle, does not look like a typical car built for motorsports. To be fair, it is not a race car. Nonetheless, Hyundai has put together an everyday sports EV that boasts monstrous power with the Ioniq 5 N. The Korea Herald got a closer look at the automaker’s first N-labeled EV and tested out t

MobilitySept. 24, 2023

Esports legend Faker seeks to lead Korean surge at Asian Games

Among the biggest names in the 19th Asian Games in Hangzhou is South Korean Lee Sang-hyeok, better known by his gaming handle Faker and reputed to be one of the greatest esports players of all time. The 27-year-old is part of the country’s delegation of 1,140 athletes and officials participating in the Asian Games that kicked off Saturday. Led by Lee, South Korea has formed a national team of 15 players competing in four of seven categories of esports, which is making its debut as a medal

More SportsSept. 24, 2023

Korea trade volume sees sharp drop among OECD members

South Korea’s exports in July dropped by the fourth-largest amount among the Organization for Economic Cooperation and Development's member countries, hit by China's sputtering economy, while its imports showed the sharpest fall among them, data showed Sunday. Korea’s export volume in July dropped by 15.5 percent on-year, according to data compiled by the OECD. The drop was the fourth largest among the 38 OECD countries excluding Colombia, whose data has not been added yet.

EconomySept. 24, 2023

Incheon Airport passenger traffic to recover during Chuseok holiday

Tourism during South Korea’s Thanksgiving holiday of Chuseok is expected to rebound to pre-COVID-19 levels, industry sources said Sunday. According to Incheon Airport, the number of passengers who will be using the country's main gateway between Sept. 27 and Oct. 3 is expected to reach 1.2 million, an average of about 170,000 each day. The number has also recovered to 96.6 percent of the corresponding figure in 2019. The figure is also up by 186.7 percent compared to the previous ye

IndustrySept. 24, 2023

[Hello Hangeul] The making of Korean language textbooks featuring BTS

In response to the growing international demand for learning the Korean language, the South Korean Education Ministry took a proactive step in 2021 by creating a government-managed Korean language education curriculum. Prior to the central government's involvement, the selection and distribution of language courses and textbooks were primarily handled by local Korean language education centers. This led to concerns about the lack of structured content that could cater to the diverse languag

Social AffairsSept. 24, 2023

FSS issues advisories to fisheries cooperatives federation for W50b investment loss

The Financial Supervisory Service, South Korea's primary financial regulatory body, has issued management advisories to the National Federation of Fisheries Cooperatives after losing approximately 50.1 billion won ($37.5 million) it poured into an alternative high-yield overseas investment, as revealed by industry sources on Sunday. The NFFC, the umbrella organization for regional fishers' cooperatives throughout the country, reportedly lost the entire principal amount of its investmen

EconomySept. 24, 2023