Most Popular
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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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Some junior doctors are returning: Health Ministry
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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HD Hyundai expands solar power business
HD Hyundai Energy Solution, a solar energy affiliate under South Korean shipbuilding conglomerate HD Hyundai, has recently completed the installment of rooftop solar power systems at CJ CheilJedang’s two plants, the company said Monday. With an installed capacity of 2.7 megawatts, the rooftop photovoltaic system can generate 3.5 gigawatts and cut down carbon emissions by 1,607 tons per year. According to HD Hyundai Energy Solution, the solar power systems will be operated under leases, so
April 15, 2024
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Hyundai Mobis to test fully autonomous driving in Incheon
Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, said Monday that it will begin conducting test rides of level 4 autonomous driving in Incheon this month to accelerate the commercialization of self-driving vehicles. The Society of Automotive Engineers categorizes autonomous driving in six levels, ranging from 0 to 5. Level 4 autonomous driving requires the vehicle to perform the majority of driving tasks independently. The auto parts maker signed a memorandum of understanding
April 15, 2024
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[KH Explains] How should Korea adjust its trade defenses against Chinese EVs?
Korea, home of the world’s third-largest automaker, Hyundai Motor Group, finds itself at a critical juncture as the rise of Chinese-made electric vehicles in the domestic market poses a complex challenge: how to protect national interests while embracing the inevitable shift toward electrification. Unlike the United States and the European Union, which perceive Chinese EVs as a grave security threat, experts argue Korea should adopt a more nuanced regulatory strategy. This involves refinin
April 15, 2024
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Financial regulator seeks support to help S. Korean member join IASB
The deputy chief of South Korea's financial regulator on Monday sought the support of Andreas Barckow, chief of the International Accounting Standard Board, for the country's efforts to secure a spot on the international board. Kim So-young, vice chairman of the Financial Services Commission, made the request in a meeting in Seoul. The IASB chief is on a visit to South Korea to take part in the International Forum of Accounting Standard Setters, set to be held Wednesday through Frida
April 15, 2024
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S. Korea to extend fuel tax cut through June amid Middle East tensions
The government will extend the tax cut on fuel consumption by an additional two months amid growing tensions in the Middle East, Finance Minister Choi Sang-mok said Monday. South Korea has applied a 25 percent discount on the consumption of gasoline and a 37 percent discount on the consumption of diesel and liquefied petroleum gas, which were supposed to expire at the end of this month. The government began implementing a fuel tax cut scheme in 2021 and has extended it eight times so far, with t
April 15, 2024
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Seoul shares open sharply lower on Iran's attack against Israel
South Korean stocks started sharply lower Monday amid growing geopolitical instability in the Middle East sparked by Iran's missile and drone strikes against Israel. The benchmark Korea Composite Stock Price Index dropped 33.9 points, or 1.26 percent, to 2,647.92 in the first 15 minutes of trading. Iran conducted the attack Saturday in retaliation for Israel's airstrike on Iran's diplomatic complex in Syria earlier this month. Tech shares opened bearish, with Samsung Electronics f
April 15, 2024
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S. Korea ups guard against economic impact from Middle East conflict
The South Korean government on Sunday announced heightened vigilance against potential domestic repercussions in light of the escalated tensions in the Middle East following Iran's attack on Israel. President Yoon Suk Yeol convened an emergency meeting with cabinet members and relevant government agencies to discuss strategies to respond to the the ongoing conflict between Iran and Israel. The meeting followed Iran's launch of drones and missiles into Israel early Sunday, apparently in
April 14, 2024
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[Hello India] Venturing into India's regulatory landscape
The Indian government ostensibly fosters foreign investment to fuel economic expansion, yet, stringent and unclear regulations often result in mixed signals for foreign investors, observed Brian K. Oh, a senior lawyer at major Korean law firm Jipyong. "While the Indian government encourages foreign participation, particularly to strengthen the domestic manufacturing industry, strict compliance, especially in the tax system, poses significant obstacles," Oh said in a recent interview wi
April 14, 2024
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Korean steel companies' earnings expected to dip in Q1
Earnings of Korean steel companies in the first quarter are expected to fall due to increased prices of raw materials and the sluggish construction market, according to reports from local securities companies, Sunday. Analysts had a bleak outlook for Posco, the country's steel giant, expecting that both sales and operating profit will drop from the previous year, when its sales and operating profit came to 15.5 trillion won ($11.2 billion) and 338 billion won, respectively. Due to the decre
April 14, 2024
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Coupang shares hit 18-month high on membership fee hike
The stock price of New York-listed e-commerce giant Coupang surpassed $20 a share on Friday for the first time in 18 months, following the company's announcement it would raise membership fees by nearly 60 percent. Coupang's stock price closed trading at $21.25 on Friday, marking an 11.49 percent increase from the previous day's closing price of $19.06. Its market capitalization recorded $38.1 billion. The surge in the stock price coincided with the company's announcement ear
April 14, 2024
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HD Hyundai to develop uncrewed surface vessel by 2026
HD Hyundai has teamed up with Palantir Technologies, a US software company, to develop uncrewed surface vessels by 2026, the Korean shipbuilding conglomerate said Sunday. Officials from HD Hyundai and Palantir signed a memorandum of understanding at the US side’s office in Washington, DC, on Thursday. The two sides plan to develop reconnaissance USVs by 2026 and expand their portfolio to combat USVs later on. In doing so, Avikus, an autonomous navigation solutions developer that was launch
April 14, 2024
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Nongshim brings Chapagetti to the fore for global market
South Korea's leading ramyeon manufacturer Nongshim plans to prioritize the promotion of Chapagetti, its black bean-flavored ramyeon product, to diversify its overseas marketing appeal. Following Shin Ramyun, its top-selling instant noodle product, the company will now focus on promoting its 40-year-old Chapagetti as the next major brand targeting the global market, a Nongshim official said during a press conference held in eastern Seoul on Friday. "We have previously concentrated on a
April 14, 2024
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CJ begins production of kimchi in Australia, US
CJ CheilJedang said Sunday that it has started local production of kimchi, under the brand Bibigo, in Australia, while reformulating its existing kimchi products exported from Korea to the country. The company is responding to growing demand for freshly pickled kimchi in Australia by using local ingredients, distinguishing these products from those conventionally made in Korea for export. The new locally sourced and manufactured Bibigo Sliced Kimchi, now available in Australia, comes in two size
April 14, 2024
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[Photo News] Free charging
Hyundai Motor Group will offer free charging for drivers who rent its electric vehicles from Lotte Rent-a-Car in Jeju starting Monday, the automaker said Sunday. Drivers will be able to charge their rented EVs to up to 80 percent for free if they use a fast charger installed at Hyundai Motor charging stations named E-pit. There are three E-pit stations on Jeju Island with 16 chargers. The free charging service will be offered through Oct. 15. (Hyundai Motor Group)
April 14, 2024
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Korea faces another compensation claim over 2015 Samsung merger
The South Korean government faced another compensation claim for its alleged role in the 2015 merger of two Samsung companies. The Hague-based Permanent Court of Arbitration ruled Thursday that the Korean government should compensate some $32.03 million to Mason Capital, a New York-based hedge fund, for its investment losses from the high-profile merger deal. Mason had originally demanded to be compensated with $200 million. The latest arbitrative ruling is the second of its kind made against
April 12, 2024
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BOK holds rate, wary of inflation's ‘last mile’
Nearing the “last mile” of its fight against rising prices, the Bank of Korea held the base rate at 3.5 percent for the 10th consecutive time Friday. The monetary policy board of the central bank decided to maintain the rate through a unanimous vote, keeping the rate steady for more than a year since February 2023, BOK Gov. Rhee Chang-yong said at a press conference held shortly after the rate-setting decision. “While the headline and core inflation moved in a nearly synchroniz
April 12, 2024
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Hyundai to start hydrogen vehicle trials in Guangzhou this year
Hyundai Motor Group plans to expand operations at its HTWO Guangzhou facility -- its first overseas hydrogen fuel cell system production plant -- by initiating pilot projects for commercial hydrogen fuel cell vehicles this year. Lee Hyuk-joon, executive vice president of Hyundai Motor Group China, detailed the initiative Tuesday at the 10th Annual Guangzhou International Investment Conference. Hyundai HTWO is a dedicated brand created by the Hyundai Motor Group to represent their hydrogen fuel c
April 12, 2024
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Korean auto exports hit record $17.5 billion in Q1
Korean automobile exports reached a record $17.5 billion in the first quarter of this year, marking a 2.7 percent increase from the same period last year, according to the Ministry of Trade, Industry and Energy on Thursday. Automobile exports surged to $6.2 billion in March alone, following a slight dip to $5.2 billion the previous month. This boost was largely driven by the robust performance of hybrid vehicles, which did not include plug-in hybrids. Hybrid vehicle exports in March soared to a
April 12, 2024
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Kakao joins AI Alliance, promotes safe, responsible AI
Korean IT giant Kakao joined AI Alliance, the global open-source community dedicated to the responsible development of artificial intelligence, becoming the first Korean firm to do so, the company said Friday. “We will work together with the AI Alliance to establish an open AI ecosystem meeting the global standard for the open, responsible and safe development of AI technology,” Kakao AI Safety Leader Kim Kyung-hoon said. “We will take on the social responsibility as a digital
April 12, 2024
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Uneven pace of economic recovery among sectors continues in S. Korea: finance ministry
The South Korean economy has largely been on a recovery track on the back of robust growth of exports and manufacturing production, but domestic demand remains weak and uncertainties have grown over global prices of raw materials, the finance ministry said Friday. "Our economy has seen an economic recovery centering on manufacturing output and exports while reporting a high level of employment," the Ministry of Economy and Finance said in the Green Book, its monthly economic assessment
April 12, 2024