The average annual compensation for Samsung Electronics’ employees and executives last year was over 130 million won ($99,700), data showed Wednesday. According to market tracker Korea CXO Institute, the estimated annual salary that Samsung’s 113,604 employees and executives received in 2022 was between 133 million won and 138 million on average. This was about 8 million won lower than the 144.6 million won posted in 2021, but about 10 million won higher than the 127 million won in 2

Tests on mice suggest first-ever male contraceptive pills are possible

South Korea’s imports of gas and coal hit an all-time high last year on surging global energy prices, data showed. The value of gas imports came to $56.7 billion last year, the highest since 1956 when the government began compiling the related data, according to the Ministry of Trade, Industry and Energy. The previous record of $36.6 billion was set in 2014. The import value of coal also reached an all-time high of $28.1 billion, surpassing the previous record of $18.3 billion logged in 20

Posco International, a commodities trader affiliated with South Korean steel giant Posco Holdings, said Tuesday that it is eager to take part in reconstruction projects in Ukraine after the war to help the country rebuild. The Posco unit is the only Korean company that has maintained its business operations in the war-torn country since the onset of Russia’s invasion on Feb. 24 last year. It operates a grain terminal in the southern city of Mykolaiv, about 480 kilometers away from the Ukra

CJ Logistics, South Korea’s largest logistics firm, said Tuesday it has opened a regional office in Wroclaw, Poland, in a bid to target the European logistics market. According to CJ Logistics, Wroclaw is the largest industrial city and logistics hub in southern Poland. The company explained that the city functions as an important crossing region for European companies, as it is located right in the middle of Europe. Moreover, CJ Logistics explained that Poland is home to Gdansk port, wh

Civic groups urge Posco to relocate all employees from Seoul headquarters

Samsung Pay goes all-out to defend its dominant home position, which helps retain robust sales of Galaxy phones

South Korean builder Ssangyong Engineering & Construction said Tuesday it has completed the construction of Atlantis the Royal, a $1.2 billion ultraluxury resort complex, after almost seven years of work. Atlantis the Royal, set on the crescent of the human-made island Palm Jumeirah in Dubai of the United Arab Emirates, comprises three 44-story five-star hotels and three residence hotels. The hotel buildings consist of 791 rooms, 94 pools and penthouses with their own private infinity pools,

The fast-changing job industry in Korea has been showing a shift in work culture with a rising inclination toward catering to individual growth and self-improvement, away from a focus simply on boosting corporate growth. The country’s leading battery maker LG Energy Solution is making strides to invest more in their employees. Under the philosophy that corporate growth is achievable when employees truly want to work in their positions, the company aims to move away from the increasingly ob

Widened gap between deposit and lending rates in January worsened negative public sentiment

Japanese carmaker to debut eight new EVs this year in Korea, seeking a turnaround after years of supply chain disruptions, diplomatic tensions

South Korea's exports fell 2.3 percent on-year in the first 20 days of February, data showed Tuesday, as the sluggish global demand for chips offset strong shipments of automobiles. The country's outbound shipments stood at $33.5 billion in the Feb. 1-20 period, compared with $34.3 billion a year earlier, according to the data from the Korea Customs Service. Imports rose 9.3 percent on-year to $39.5 billion during the cited period, resulting in a trade deficit of $5.9 billion. The de

A former vice president and chief economist for SK hynix has joined the US government team overseeing a $52.7 billion fund to boost development and manufacturing in the chipmaking industry. On Friday, the US Commerce Department announced that Dan Kim has joined the CHIPS Program Office as chief economist and director of strategic planning and industry analysis. The program is aimed at spurring manufacturing and innovation in the US semiconductor industry under the CHIPS and Science Act signed in

Transport Ministry to speed up legislative measures for “one-hour” nationwide delivery services

KB Financial Group on Monday pledged to donate 50 billion won ($38.5 million) in donations over the course of five years from this year to 2027 to add forces to the Ministry of Education’s plans to advance the nation’s elementary care system. KB’s donation will be used mainly to support the Neulbom School service, an edu-care service operated by the Education Ministry that simultaneously cares for and offers diverse and flexible after-school activity programs for elementary sch