The wealth gap between younger and older adults has widened over the last few years, largely depending on whether they own houses or not, according to the country’s statistics agency, Wednesday. According to the Statistics Korea’s report, the wealth gap between adults aged 40 and above and adults younger than 40 has widened by 45 percent over the last three years, from 160 million won ($118,000) in 2019 to 230 million won in 2022. Kim Mee-roo, a researcher at the Korea Development In

Asiana Airlines’ initial response to a recent midair door-opening incident was "inappropriate" and will be fined for it, the South Korean government's investigation showed, Rep. Park Sang-hyuk of the main opposition Korea Democratic Party said Wednesday. According to a report Park received from the Ministry of Land, Infrastructure and Transport, the ministry has imposed a fine on Asiana Airlines and recommended country’s second largest air carrier take corrective actio

Hyundai Steel said Wednesday it will showcase its eco-friendly solutions at the Steel & Metal Korea 2023 exhibition, which takes place in Daegu on Oct. 11-13. During the industry’s largest trade show, the company said, it aims to renew its commitment to a low-carbon future, electric blast furnace technologies and its carbon-neutral trajectory. At the heart of the exhibition is the company's “Pathway to Green Steel" concept, charting Hyundai Steel's journey towards

Hybe, the K-pop powerhouse behind the mega success of bands such as BTS and New Jeans, could be obliged to disclose its corporate information if the total assets of the firm and its affiliates continue to surpass 5 trillion won ($3.7 billion) by the end of this year. The combined total assets of Hybe and its 16 affiliates stood at 5.37 trillion won as of end-June, a report by corporate data research institute CEO Score showed Wednesday. Under the Monopoly Regulation and Fair Trade Act, a busin

The Korea Herald, South Korea's biggest English newspaper, will hold its annual business forum on Oct. 11 to discuss the rising space sector’s present and future by bringing together the country's space leaders and experts. The Humanity In Tech or HIT Forum will feature two keynote speakers -- Sasha Sagan, acclaimed author and daughter of the legendary US astronomer Carl Sagan, and Dr. Yi So-yeon, Korea’s one and only astronaut. Visiting Seoul for the first time, Sagan will

Hyundai Motor Group on Tuesday unveiled the updates to its high-end brand Genesis’ sport utility vehicles, the GV80 and GV80 Coupe, in Korea. “Our latest design masterpieces -- the new GV80 and GV80 coupe -- will play a key role in further establishing Genesis as a truly original Korean luxury brand,” said Graeme Russell, Genesis chief brand officer, during a press conference in Yongin, Gyeonggi Province. “Building upon our foundation here in Korea, our global momentum is

Manpower Korea, the global workforce solutions provider with over two decades of experience, offers a thorough, strategic reference check service, one of the most important phases in the hiring process. Reference checks are conducted to learn more about candidates’ background, experiences and skills, assessing their eligibility and potential for certain positions. The Korean branch of ManpowerGroup shared two examples that showed how vital the role of methodical, expert-led reference check

South Korea's business sentiment remained unchanged for October amid sluggish exports of the country's key products, a central bank poll showed Wednesday. Local companies' business sentiment index amounted to 73 for the coming month, unchanged from the previous month, according to the survey by the Bank of Korea. The index measures corporate prospects for business conditions the following month. A reading below 100 means pessimists outnumber optimists. The central bank said busine

South Korean stocks opened lower Wednesday, tracking an overnight drop on Wall Street, on lingering concerns about further interest rate hikes by the Federal Reserve and the US economic outlook. The benchmark Korea Composite Stock Price Index shed 3.01 points, or 0.12 percent, to 2,459.96 in the first 15 minutes of trading. Overnight, US shares ended markedly lower as data pointed to weaker-than-expected consumer confidence, stoking fears over a slowdown in the world's largest economy. Inve

Korean construction companies’ overseas orders increased 20 percent in the January to August period from a year earlier to exceed $20 billion, industry data showed. Local builders obtained $21.9 billion in overseas orders between January and August, up from $18.3 billion over the same period last year, according to the International Contractors Association of Korea. It marks the first time that the builders have received overseas projects worth over $20 billion in the first eight months of

The Korean government on Tuesday said it plans to supply an additional 120,000 public homes by this year to help ease the housing crunch in the sluggish market. The plan came after the government held a meeting earlier in the day attended by Finance Minister Choo Kyung-ho, Land Minister Won Hee-ryong and Financial Services Commission Chairman Kim Joo-hyun. Since the second half of last year, rising construction costs and an increase in real estate project financing borrowing rates have worse

South Korean consumers turned pessimistic about overall economic conditions in September for the first time in four months, amid woes over weak exports and rising prices. The composite consumer sentiment index (CCSI) in September stood at 99.7, down 3.4 points from the 103.1 a month before, the Bank of Korea’s report showed Tuesday. “The concerns about the weak exports and contraction in purchasing power due to the rise in prices pulled down the composite consumer sentiment index,&

The CEO of SK Telecom, South Korea's largest wireless carrier by subscription, unveiled on Tuesday the company's roadmap to leap forward as a global artificial intelligence firm within the next five years by expanding its business and technology based on its AI assistant service, A. At a press conference held in Seoul earlier in the day, the telecom giant's chief Ryu Young-sang introduced the firm's new "AI pyramid strategy," which focuses on three major areas: AI i

South Korean stocks fell to a five-month low Tuesday on lingering concerns about the Federal Reserve's continued monetary tightening path and risks in the Chinese property sector. The local currency fell sharply against the US dollar to hit a yearly low. The benchmark Korea Composite Stock Price Index shed 32.79 points, or 1.31 percent, to close at 2,462.97, extending a losing streak to the fourth session. Trading volume was a bit slim at 418.85 million shares worth 6.86 trillion won ($5.09

From left: Hana Financial Group Vice Chairman Lee Eun-hyung, Korean Ambassador to Saudi Arabia Park Joon-yong and Saad Al-Khalb, CEO of Saudi Export-Import Bank (Saudi EXIM), pose for a photo after signing a partnership deal at the headquarters of Saudi's National Development Fund in Riyadh, Monday. Hana became Korea's first commercial bank to forge business ties with Saudi EXIM. The two institutes aim to expand financial cooperation to explore new global projects in the Middle East an

South Korean IT giant Kakao, having suffered from its worst-ever server shutdown last year, has completed its first in-house data center in Ansan, Gyeonggi Province, the company said Tuesday. The new facility, called Kakao Data Center Ansan, spans 47,378 square meters within Hanyang University’s ERICA campus in the industrial city, some 29 kilometers south of Seoul. It is expected to become fully operational by the first quarter next year. "Our gratitude extends to both Ansan City and

LG Group Chairman Koo Kwang-mo reportedly convened some 30 CEOs on Tuesday to discuss the group's longer-term strategies ahead of the weeklong Chuseok holiday. Top executives of key affiliates, including LG Electronics, LG Display, LG Innotek, LG Chem and LG Energy Solution, attended the annual workshop that took place at LG Academy in Icheon, Gyeonggi Province, according to news reports. For Koo who took office in 2019, this marked the fifth occasion to convene the meeting. The event was h

South Korean retail giant and the nation's fifth-largest conglomerate Lotte Group is reportedly resorting to liquidating billions of won in assets as it grapples with flagging performance posted across its major subsidiaries. According to the Financial Supervisory Service's electronic disclosure board, Lotte Holdings reported 211.7 billion won ($157 million) in operating profits in the January-June period this year, down 19 percent from the same period last year (261.2 billion won). Lo

A Russian firm will buy Hyundai Motor’s manufacturing plant in St. Petersburg which halted operations in March last year, Russian news agency TASS reported Wednesday citing Russian Deputy Prime Minister, Industry and Trade Minister Denis Manturov. The minister was quoted as saying, “We have already formed all decisions on Hyundai’s acquisition. At least what the company has announced itself. This is why a decision will be taken shortly. A local company will be the purchaser.&

Starting in October, major South Korean milk companies will raise their product prices, following the Korea Dairy Committee's decision to increase the cost of raw milk by the highest rate in 10 years. Namyang Dairy Products said it will raise the price of its 900 milliliter-carton of milk by 4.6 percent starting in October. As a result, the products' price at discount stores is estimated to rise to 2,900 won ($2.15), from its current 2,800 won. The company added it will also raise th