[News Focus] 2020 payouts for jobless likely to reach W12tr

SEJONG -- If current trends continue, the annual tally for payouts for the jobless will hover around an unprecedented 12 trillion won ($10.8 billion) in 2020, data from the Korean Employment Information Service showed. Over the first 10 months of this year, the payment of unemployment benefits came to 10.26 trillion won. This has already outstripped the former record high of 8.35 trillion won in 2019. The 2020 projection would be a 160 percent increase compared to 2015, when the yearly be

EconomyDec. 1, 2020

Life expectancy of S. Koreans rises to 83.3 years in 2019

South Korean babies born in 2019 are expected to live more than 83 years, data showed Tuesday, amid improved public awareness about health and better medical systems. Life expectancy at birth averaged 83.3 years last year, six months longer than a year earlier, according to the data compiled by Statistics Korea. Compared with 10 years ago, the average life expectancy became 3.2 years longer. The tally also marked a sharp hike from 62.3 years in 1970, when the country began compiling related da

EconomyDec. 1, 2020

[Monitor] Despite carbon neutrality pledge, Korea heavily dependent on coal power

Despite Moon Jae-in administration’s pledge to achieve carbon neutrality by 2050 and replace coal power with renewable energy, Korea’s dependence on coal power remains at 36.8 percent in the Jan.-Sept. period this year. Carbon neutrality refers to the absorption of as much carbon dioxide as it emits, making real emissions zero. The Moon administration aims to slash the number of coal-fired power plants by half to 30 by 2034.  (khnews@heraldcorp.com)

IndustryDec. 1, 2020

[Graphic News] Alcohol imports drop for 1st time in 10 years in 2019

　South Korea‘s alcohol imports fell for the first time in 10 years in 2019, amid a boycott of Japanese beer due to a bilateral trade row, data showed. 　South Korea’s liquor imports came to 466,000 kiloliters in 2019, down 6 percent from the previous year, according to data from the Korea Customs Service and local alcohol industry. 　It represents the first on-year decrease since 2009, shortly after the global financial crisis. 　Last year’s decline was attributed mainly to

BusinessDec. 1, 2020

S. Korea embarks on global tech tie-up project

South Korea launched a global research and development cooperation program Tuesday to help local materials, parts and equipment makers forge technology tie-ups with German auto giant BMW and other foreign firms. Under the program, the government will invest 100 billion won ($90.1 million) over the next three years starting in 2021 to help domestic firms to make inroads into global supply chains, the industry ministry said. For this year's pilot project, Seoul has chosen seven consortia between

IndustryDec. 1, 2020

Samsung top smartphone vendor in Gulf region in Q3: report

Samsung Electronics Co. maintained its leading position in the smartphone market of the Gulf Cooperation Council (GCC) region in the third quarter of the year, a report showed Tuesday. Samsung accounted for 45 percent of the GCC smartphone market in the July-September period in terms of units, up from 40 percent a quarter earlier, according to industry researcher International Data Corp. (IDC). "With its large portfolio of models in the entry-level and mid-range price bands, Samsung not

TechnologyDec. 1, 2020

Seoul stocks open higher on economic recovery hopes

South Korean stocks opened higher Tuesday on the back of upbeat economic data that raised hopes for a faster-than-expected recovery amid the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 36.05 points, or 1.39 percent, to 2,627.39 in the first 15 minutes of trading. South Korea's economy grew 2.1 percent in the July-September period from the previous quarter, faster than its earlier estimate of 1.9 percent expansion. The country's exports also rebounded, rising 4 perce

MarketDec. 1, 2020

Chip export prices for Oct. hit new low on strong won

South Korea's semiconductor export prices sank to a new record low in October due to a strong local currency and slowing demand stemming from the coronavirus pandemic, central bank data showed Tuesday. The won-based export price index for chips came to 69.61 for October, the lowest level since the Bank of Korea began tracking related data in January 1985. The figure is also off more than 30 percent from the index's base year of 2015. The index reached 104.32 in December 2018. Since January 20

EconomyDec. 1, 2020

Exports rebound in Nov. on solid chip sales amid virus resurgence

South Korea's exports rebounded by rising 4 percent in November on-year on the back of strong sales of chips, data showed Tuesday, though a resurgence in new virus cases still poses risks of delaying a full-fledged recovery. Outbound shipments came to $45.8 billion last month, compared with $44 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports fell 2.1 percent to $39.8 billion, resulting in a trade surplus of $5.93 billion. It marked

EconomyDec. 1, 2020

S. Korea's economy grows faster than estimated at 2.1% in Q3: BOK

South Korea's economy expanded at a faster-than-estimated pace in the third quarter on the back of a modest recovery in exports amid the coronavirus pandemic, central bank data showed Tuesday. The country's real gross domestic product (GDP) grew 2.1 percent in the July-September period from the previous quarter, according to the data from the Bank of Korea (BOK). The reading marks a slight increase from an earlier estimate of a 1.9 percent on-quarter expansion estimated in October and compares

EconomyDec. 1, 2020

Lotte Mart apologizes for turning away guide dog in training

A day after receiving flak on social media, Lotte Mart issued an apology Monday over a recent incident where one of its employees refused entry to a dog being trained to assist a person with a disability. On Sunday, a social media user shared pictures of a dog sitting inside Lotte Mart’s Jamsil branch in Seoul and said an employee had refused to allow the dog and trainer into the store. “The employee raised their voice, blaming the woman for bringing a dog in when she is not eve

ConsumerNov. 30, 2020

S-Oil recognizes community heroes with awards

S-Oil on Monday awarded 140 million won ($127,000) to 19 people here who risked their lives to save others. At the annual Hero Citizens Award Ceremony held at its headquarters in Mapo-gu in western Seoul, the South Korean refinery delivered 10 million won each to two community heroes who suffered injuries while helping others. It also presented 10 million won each to eight individuals and four groups totaling nine people who carried out acts of self-sacrifice. Awardees include Shin Dong-ju

IndustryNov. 30, 2020

LS Cable & System expands footprint to solar power biz

LS Cable & System is expanding its portfolio and entering the solar power business by acquiring international technology and safety certifications for its cables and supplying them to massive solar power projects. The world‘s third-largest wire and cable maker by sales says it has supplied its cables to more than 30 solar power projects, including South Korea’s biggest solar power plant in Haenam, South Jeolla Province. “Based on its knowledge from working with submari

IndustryNov. 30, 2020

Korean COVID-19 drug developments hasten overseas

South Korean companies developing COVID-19 treatments overseas are one after another announcing how their endeavors are progressing. On Monday, NeoImmuneTech said it finished administering its NT-I7, an interleukin-7 pipeline stabilized with a patented technology, on lightly affected COVID-19 patients in the US.  The company has yet to derive a result from the test, but NT-I7 was previously demonstrated as safe and efficacious in cancer patients by creating new lymphocytes. Lymphocytes

IndustryNov. 30, 2020

[Photo News] LG Electronics brings robot to convenience stores

 LG Electronics announced Monday that the company had started a trial using the robot at GS Retail’s convenience stores inside LG Science Park in Gangseo-gu, Seoul. The delivery robot, CLOi, will collect ordered items and deliver them to customers after autonomously riding on elevators inside the building. CLOi is capable of carrying items weighing up to 15 kilograms. The robot delivery service is expected to be introduced at hotels, hospitals, offices and airports in the future, acc

TechnologyNov. 30, 2020

Innovative companies awarded at KGCCI ceremony

The Korean-German Chamber of Commerce and Industry held its 6th KGCCI Innovation Awards ceremony Friday in Seoul in a toned-down setting to comply with Level 2 social distancing rules and safety measures, the KGCCI said Monday. The KGCCI Innovation Awards were initiated in 2015 with the purpose of showcasing innovative products, technologies and business strategies of Korean and German companies. The event was held in a hybrid format and livestreamed due to the prolonged COVID-19 situation.

IndustryNov. 30, 2020

East Asian medical encyclopedia, Korea’s first coin telephone under review as scientific heritage items

The National Science Museum, operated by the Science and ICT Ministry, said Monday that it was reviewing a list of eight items that may qualify for official recognition as part of South Korea’s scientific heritage. They include an early coin-operated public telephone and a series of books about East Asian medicine that was recognized as a national treasure in 2015. Donguibogam, compiled and edited by Joseon-era physician Heo Jun, is an encyclopedia of East Asian medical knowledge and tec

TechnologyNov. 30, 2020

Kia workers to continue strike for higher pay amid pandemic

Unionized workers at Kia Motors Corp. will extend their partial strike for several days to demand higher wages and bonuses amid the COVID-19 pandemic, the union said Monday. Daytime and night-duty workers will hold a four-hour strike at Kia's three domestic plants in Gwangmyeong and Hwaseong, both near Seoul, and Gwangju, 330 kilometers south of Seoul, on Dec. 1-2 and 4, union spokesman Hwang Hyo-dong said over the phone. "The company didn't contact the union to narrow differences over

EconomyNov. 30, 2020

Volvo Cars Korea donates W300m to support disabled children

Volvo Cars Korea said Monday it delivered a donation of 300 million won ($271,000) to a nonprofit organization to support children with disabilities. Since 2017, Volvo Cars Korea has been working with Purme Foundation to support children with disabilities undergoing rehabilitation, the company said. The funds delivered will be used to provide assistive devices to 100 children and teenagers under 18, and for operation of a children’s rehabilitation hospital, the automaker said. &ldquo

MobilityNov. 30, 2020

SsangYong Motor approved to test Level 3 autonomous vehicle

SsangYong Motor said Monday it has gained government approval to test-run Level 3 self-driving technology for its Korando model, and will start test-driving the vehicle on regular roads next month. The autonomous vehicle of the company’s compact crossover sport utility vehicle Korando is the second model for the automaker to receive such approval, following the Tivoli Air, the company said. South Korea‘s Ministry of Land, Infrastructure and Transport has introduced a permission s

MobilityNov. 30, 2020