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The Korea Herald

Market Now

May 09, 2022
Number of ‘supercars’ worth W300m quadruples over 6 years

Over 5,000 “supercars,” those worth around 300 million won ($230,000), have been registered as corporate cars in South Korea, according to the National Assembly Budget Office on Sunday. The data showed that the number of super expensive imported cars bought by corporations have quadrupled over t...
May 09, 2022
Extra budget for small businesses to be Yoon’s first economic move

The incoming Yoon Suk-yeol government is set to reveal an extra budget later this week as the president-elect had promised to support the self-employed and small businesses that COVID-19 hit the hardest. Yoon takes office Tuesday. “The budget will be rolled out at the earliest day possible once t...
May 08, 2022
AmCham Korea chairman offers tips for expanding business in US

James Kim, chairman and CEO of the American Chamber of Commerce in Korea, shared his insight into doing business in the US at the Global Business Forum, highlighting the need to understand the two countries’ different dynamics. The forum was hosted by The Korea Herald on Wednesday in Seoul. In hi...
May 08, 2022
Legoland opens after decade of delays

A Legoland theme park opened to the public on Children’s Day, Thursday, in Chuncheon, Gangwon Province, 11 years after the deal was signed between Britain’s Merlin Entertainments and the local government. Merlin, the world’s second-largest operator of visitor attractions behind Walt Disney, had...
May 08, 2022
Lotte trademarks Lotte Biologics in new bio push

South Korea’s retail giant Lotte Group has registered the trademark of “Lotte Biologics” with the Korean Intellectual Property Office, signaling the conglomerate’s official enter the bio industry. According to the KIPO, Lotte Holdings applied for Lotte Biologics’ patent last week with busines...
May 08, 2022
Gimpo Airport to resume international flights in June

Gimpo International Airport in Seoul is resuming the long-stalled operation of international flights from June, starting with routes between South Korea and Japan. According to the Transport Ministry on Thursday, several South Korean and Japanese air carriers such as Korean Air, Asiana Airlines, J...
May 08, 2022
Hyundai’s first all-electric Ioniq 5 marks first year of success

Hyundai Motor’s first all-electric vehicle Ioniq 5 is set to hit some 90,000 unit sales globally since its launch a year ago. According to the carmaker on Thursday, the electric midsize crossover utility vehicle sold 88,871 units -- 33,212 units at home and 55,658 units abroad -- as of March this...
May 08, 2022
Korea to pour W877b into pharma industry

SEJONG -- The Korean government has decided to inject 877.7 billion won ($693 million) into the pharmaceutical industry for the development of new drugs, especially medicines and vaccines for variants of COVID-19, and fostering the nation’s bio-related manpower. The government also plans to suppo...
May 08, 2022
[Book Review] Samsung ex-CEO recalls ‘great’ chip deal that built Apple empire in memoir

Hwang’s negotiation with Apple counterparts including Jobs was one of the episodes featured in “Encounters with Great Minds.” The book carries a detailed account of what Hwang saw and felt in his encounters with prominent entrepreneurs, including Jobs’ successor Tim Cook, Tesla Chief Executive...
May 08, 2022
[UP IN THE AIR] Korean startup aims to boost UAM battery capacity with hybrid technology

“UAM will become a concept of mobility that’s not just used for long-distance travel or business trips between the cities, but simply a means of transportation for a daytrip to cities within 300 miles (480 kilometers) -- UAM will help expand the definition of people’s idea of a daytrip,” said L...
May 08, 2022
Hyundai Motor opens future mobility studio in Montana

Hyundai Motor Group said Friday its future mobility unit, called Hyundai New Horizons Studio, has opened a new research center in Bozeman, Montana. With about 25 billion won ($20 million) being invested, the center will serve as the unit’s headquarters and oversee the development of “Ultimate Mo...
May 08, 2022
Vice finance minister pledges preemptive response to market volatility

SEJONG -- Vice Finance Minister Lee Eog-weon on Friday reiterated policymakers’ willingness to intervene promptly to stabilize the capital and currency markets. During a meeting to take countermeasures against the US Federal Reserve’s monetary tightening, Lee said that “there is a high possibi...
May 08, 2022
SK Shieldus withdraws IPO on jittery market sentiment

SK Shieldus, the South Korean security service subsidiary of SK Group’s ICT arm SK Square, said on Friday that it has scrapped its plans for market debut, citing dampened investor sentiment. “We have submitted a delisting notice to the Financial Supervisory Service because the recent demand fore...
May 08, 2022
SKT, SK Square invest W50b in metaverse game maker

SK Group’s telecom carrier SK Telecom and investment unit SK Square are investing 50 billion won ($39 million) in game maker Haegin to strengthen its competitiveness in the AI and metaverse service, companies said Friday. With each contributing 25 billion won, the two ICT subsidiaries of SK Group...
May 04, 2022
Consumer inflation hits 13-year high in April

SEJONG -- Korea’s consumer prices climbed at the fastest pace in more than 13 years last month in the wake of a spike in international raw materials prices after Russia’s invasion of Ukraine as well as sharply rising global demand for goods, state data showed Tuesday. According to Statistics Kor...

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