The South Korean government may announce its plan to increase the medical school enrollment quota as early as next week, according to local reports Friday. The government is reportedly reviewing a plan to increase the medical school enrollment quota by 500, from the current quota of 3,058, which has remained unchanged since 2006. If expanded, the new quota will be applied starting in 2025. Minister of Health and Welfare Cho Kyu-hong also said, “We are preparing to reflect it in the 2025 co

The face of Korea’s 100 won coin -- which shows a portrait of legendary Navy Adm. Yi Sun-sin (1545-1598) from the Joseon era -- will be maintained, after a court sided with the Bank of Korea in a copyright lawsuit. The Seoul Central District Court confirmed a ruling Friday that the Bank of Korea has the right to use the portrait image of Yi, which was created by the late painter Jang Wu-seong, the BOK said. Jang’s bereaved family filed a lawsuit on Oct. 9 against the Bank of Korea,

Leading South Korean conglomerates with affiliates in Israel, including Samsung Electronics, are keeping a close watch on the heightened conflict in the Middle East, a report by corporate tracker Korea CXO Institute showed Thursday. Among the nation’s 82 companies with more than 5 trillion won ($3.7 billion) in assets, four conglomerates, including Samsung, SK, LG and OCI, operate subsidiaries in Israel, owning at least a 50 percent stake in the affiliates. Samsung has the largest number o

People line up outside an Apple Store in Myeong-dong, central Seoul, on early Friday morning to be among the first to buy the new iPhone 15 in South Korea. On Friday, Apple launched four different models of the iPhone -- the iPhone 15, Plus, Pro and Pro Max -- along with the Apple Watch Series 9 and Apple Watch Ultra 2. According to the country’s three major telecommunications firms, 3 of 4 people who preordered the new iPhone were young adults in their 20s and 30s. (Yonhap)

LG Chem Ltd. and GS Caltex Corp. plan to produce a prototype of a material for biodegradable plastics next year, as they step up cooperation for the development of the eco-friendly raw material, the companies said Friday. LG Chem and GS Caltex signed an agreement in 2021 to develop technology for the production of the material called 3-Hydroxypropionic Acid (3HP). Plastic made from 3HP can be used to replace various disposable materials. In July of last year, they started construction on a plant

South Korea's state-run energy company said Thursday it is taking a step closer to winning a project worth around 2.5 trillion won ($1.87 billion) to refurbish an aging nuclear reactor in Romania's Cernavoda power plant through a consortium with Canadian and Italian firms. The Korea Hydro & Nuclear Power Co. signed a tripartite consortium agreement with Canada's Candu Energy Inc. and Italy's Ansaldo Nucleare S.p.A. to jointly conduct a project to refurbish Cernavoda'

South Korea and the United Arab Emirates plan to hold their first bilateral aviation talks in four years this week to discuss whether to increase the number of flights connecting the two countries, according to officials Thursday. During the two-day talks from Thursday in Seoul, the two sides will discuss whether to raise the maximum ceiling of 15 flights per week for each country. The UAE is reportedly demanding South Korea expand the number of allowed bilateral flights, as much as threefold or

SK Group Chairman Chey Tae-won (left) attends a memorial stone unveiling event for two US veterans – the late Colonel William E. Weber and late Major General John Kirk Singlaub – held in Paju, Gyeonggi Province, Thursday, with their bereaved family members also in attendance. Lauding the veterans who fought in the 1950-53 Korean War, the SK chief said that they "gave us the seed of liberal democracy." The event was held in in commemoration of the 70th anniversary of the Sou

2022 survey shows Koreans wash their hair more often than global average

KT&G, South Korea's largest tobacco company, said Thursday that the company has started construction of its fourth overseas manufacturing plant in Kazakhstan. The new plant will be built on a 200,000-square-meter site and is scheduled to be completed by 2025. The company did not disclose how much it would invest in the construction of the Kazakhstan plant. “We expect the new Kazakhstan factory to serve as a core global production hub that encompasses the Eurasian market," said KT

South Korea's economy is expected to achieve a growth rate of 2.1 percent in 2024, according to the recent report titled "2024 Economic and Financial Market Outlook" by Hana Bank's research institution, the Hana Institute of Finance. “Considering the base effect of the sharp slowdown in 2023, the growth momentum is not strong,” Oh Hyun-hee, a researcher at the Hana Institute of Finance said. The institute forecasts an annual economic growth rate of 1.3 percent f

Igis Asset Management, the largest real estate asset manager in South Korea, has launched a secondary fund worth $100 million in an effort to widen its investment portfolio. Igis has recently set up a private equity secondary commingled fund worth $100 million to invest in secondary blind funds managed by a global private equity firm. The name of the UK-based private equity firm was not disclosed. The $100 million investment deal also comes with secondary co-investment opportunities. A private e

Three new models -- EV3, EV4, EV5 -- unveiled before official launch in coming years

South Korean oil refiner GS Caltex announced Thursday that it has secured a partnership with Posco International to expand their presence in the biofuel industry, accelerating efforts toward a green transformation. The agreement was signed at the Posco Center in Gangnam, Seoul, Thursday, with top executives including GS Caltex CEO Hur Sae-hong and Posco International Vice Chairman and CEO Jeong Tak in attendance. Through a joint venture, the two will build the new refinery facility in Kalimantan

P&G Korea, the South Korean unit of the global consumer goods maker Proctor & Gamble, said Thursday that its Pampers diaper brand recently launched its latest premium diaper product, in a bid to prevent skin dryness for babies during in-between seasons. Named the "Pampers Touch of Nature Pants," the diaper, launched on Oct. 2, features a premium cotton-layered outer cover to prevent skin irritation. The diaper is also equipped with an absorption layer, which incorporates Pamper