Hyundai Motor Group chief hospitalized but not in serious condition: group officials

Hyundai Motor Group Chairman Chung Mong-koo has been hospitalized for a health problem, but he is not in serious condition, group officials said Friday. Chung, 82, is in hospital due to "inflammation" inside his large intestine, and treatment has been proceeding well, the officials said, adding that he will be released from the hospital as soon as the treatment is complete. They, however, declined to provide details on when and where Chung has been hospitalized. Rumors swirled late

IndustryJuly 17, 2020

S. Korea to build more offshore wind farms

South Korea said Friday it will build more wind farms off the southwestern coast of the country in line with its efforts to stay away from fossil fuel-powered energy generation and boost the virus-ravaged economy. Under the plan, South Korea will complete the construction of offshore wind farms with a combined capacity of 2.4 gigawatts (GW) by 2028, according to the Ministry of Trade, Industry and Energy. The total budget for the project in North Jeolla Province is estimated at 14 trillion wo

IndustryJuly 17, 2020

Concerns raised over Tesla’s ‘misleading’ ad on autonomous driving system

After a German court ruled that Tesla’s advertisement on the capabilities of its autonomous driving system is “misleading,” a civic group in South Korea on Friday raised concerns and urged authorities here to inspect the firm. In a statement, Citizens United for Consumer Sovereignty, a nonprofit organization, urged the US-based automaker to withdraw its advertisement, which it claimed is exaggerated to misinform consumers as if Tesla cars can fully drive on their own. On Tu

MobilityJuly 17, 2020

Transport Ministry orders recall of 34,268 cars from seven carmakers

The Ministry of Land, Infrastructure and Transport said Friday it has ordered a recall of 34,268 vehicles -- sold by Hyundai Motor, Kia Motors, Renault Samsung Motors, Toyota, Mercedes-Benz Korea, Hanbul Motors and BMW Korea -- for faulty components.  The defective components found in 23 models sold by the seven carmakers include faulty air bag in Hyundai Motor’s Avante, loose nut for generator inside Carnival, worn-out gearshift for Soul EV and oil leak in Renault Samsung’s M

MobilityJuly 17, 2020

Macquarie Korea hosts virtual seminar on industrial safety awareness

The South Korean unit of Macquarie Infrastructure and Real Assets hosted a virtual seminar on industrial safety awareness Thursday for companies receiving investments from its funds, it said Friday. The seminar was part of Safety Day, which the company holds annually in an effort to prevent industrial disasters and help companies understand related risks. It was carried out virtually this year due to the coronavirus pandemic, with the participation of officials from Macquarie Group and project

MarketJuly 17, 2020

Inter-family asset donation rises in 2019 to bypass inheritance tax: NTS

The amount of lineally donated assets marked over 30 trillion won ($25 billion), while the number of cases amounting to more than 100 million won also rose in 2019, the country’s tax agency said Friday. The National Tax Service made an early publication on 95 selected articles of data on national taxes -- which includes value added taxes, corporate taxes, inheritance and gift taxes. The early publication is being released biannually and its statistical yearbook is slated to be released i

EconomyJuly 17, 2020

KB Financial relocates startup accelerator to WeWork Korea

KB Financial Group said Friday that it has relocated its startup accelerator program to a WeWork branch here and plans to recruit its first tenants. The venue for the KB Starters program, dubbed the KB Innovation Hub, was relocated earlier this month to an approximately 1,000-square-meter space within WeWork Korea’s Sinnonhyeon branch in southern Seoul. Its previous venue was a 600-square-meter coworking space nearby. Cooperation with WeWork Korea will also allow program participants

MarketJuly 17, 2020

Korea Yakult, KIOST sign MOU for commercialization of Spirulina extract

Korea Yakult announced Friday it has signed a memorandum of understanding with a government institution to lay the groundwork for development of a marine microalga-derived material that improves cognitive abilities and helps prevent dementia and Alzheimer’s disease. The company -- a household name in the yogurt and fermented dairy product market in South Korea -- will join hands with Korea Institute of Ocean Science and Technology under the Ministry of Oceans and Fisheries to jointly co

ConsumerJuly 17, 2020

Craft beer fizzes with rising popularity in Korea

Craft beer is expanding its market share in South Korea, with sales at convenience stores seeing a surge in recent months. According to convenience store chain CU, the sales of craft beer products surged by 390.8 percent from January to June on-year. In March, the sales portion of craft beer products outstripped other brands produced by large liquor makers with 50.3 percent. Another convenience store chain GS25 also said the sales of beer products manufactured by microbreweries jumped by 293

ConsumerJuly 17, 2020

SK Holdings invests additional W100b in Chinese EV parts developer

SK Group’s investment-focused subsidiary SK Holdings will invest an additional 100 billion won ($82.9 million) in Wason, a Chinese manufacturer of copper foil. Copper foil is a core ingredient in anodes, one of the main components of electric vehicle batteries. SK Holdings announced the decision Friday, adding that this is in addition to April 2019’s 270 billion won investment. Wason is globally No. 1 in copper foil manufacturing. As of July 2020, Wason has an annual manufactur

IndustryJuly 17, 2020

Seoul stocks close higher on stimulus hopes

South Korean stocks closed higher Friday on growing expectations for large-scale stimulus measures in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 17.43 points, or 0.80 percent, to close at 2,201.19. Trading volume was moderate at about 561 million shares worth some 10.1 trillion won ($8.4 billion), with gainers outnumbering losers 483 to 362. The stock index advanced on hopes for stimulus efforts in Europe and the

MarketJuly 17, 2020

Smilegate establishes first overseas base in Barcelona

South Korean game and investment company Smilegate said Friday it has established its first overseas base in Barcelona, Spain. Smilegate Barcelona will serve as a springboard for the company’s deepening competition against global game houses in the console games field. “With Smilegate Barcelona as the bridgehead, we will kick spur the development of new intellectual properties that are competitive in the global market,” a Smilegate official said. The affiliate will focus on

IndustryJuly 17, 2020

LG Electronics CTO to join IFA 2020 press conference

LG Electronics announced Friday that the company’s chief technology officer will join the IFA 2020 press conference as a speaker in September. Although the largest trade show for consumer electronics in Europe is to be held on a smaller scale than in previous years due to the protracted COVID-19 crisis, LG has decided to participate. LG CTO Park Il-pyung is expected to discuss how the South Korean company plans to offer new value to its customers in the era of the new normal, the firm

TechnologyJuly 17, 2020

Eastar Jet’s labor union blames Jeju Air, govt. for failed M&A deal

South Korean low-cost carrier Eastar Jet’s unionized workers on Friday blamed Jeju Air and the government for the botched acquisition plan of its rival. The workers’ union argued that the government “neglected” the situation for three months, until the aviation industry’s economic situation severely deteriorated. “The government should actively step up, since the Moon Jae-in government and the ruling party cannot escape responsibility for the economic impac

MobilityJuly 17, 2020

Hyundai Robotics, HEC to jointly develop construction robots

South Korea’s Hyundai Robotics said Friday it has joined hands with Hyundai Engineering & Construction to develop products for the construction sector. The two affiliates of Hyundai Heavy Industries Group have signed a memorandum of understanding to collaborate on research and development of construction robotics technologies. Under the agreement, they will jointly develop robots for construction sites, as well as mobile service robots and core technologies for autonomous driving

IndustryJuly 17, 2020

S. Korea asks Canada to support Seoul minister's bid for WTO chief

SEJONG -- South Korea's finance minister on Friday asked his Canadian counterpart to support a Seoul minister's bid to become the next director-general of the World Trade Organization (WTO). Finance Minister Hong Nam-ki held telephone talks with Canadian Finance Minister Bill Morneau earlier in the day during which Hong emphasized South Korea's role as an arbitrator among WTO members. Morneau said Canada will "seriously review" Hong's request, the ministry said in a statement. L

EconomyJuly 17, 2020

BOK, KDB to soon start purchasing corporate bonds

The Bank of Korea (BOK) and state-run Korea Development Bank (KDB) will soon start purchasing corporate bonds, including low-rated debts, amid the pandemic-caused slump, the central bank said Friday. The scheme was proposed in late May when KDB began purchasing such bonds from non-financial firms "in advance." The BOK on Friday approved an 8 trillion won ($6.64 billion) loan to a special purpose vehicle (SPV), to be set up by KDB. "The SPV is set to start purchasing subprime c

EconomyJuly 17, 2020

Consumption shows signs of rebound, but export slump continues: finance ministry

South Korea's finance ministry said Friday that local consumption showed signs of a rebound, but the coronavirus pandemic continued to stagnate exports. In a monthly report, called the Green Book, the Ministry of Economy and Finance painted a somewhat positive picture of the economy, compared with its June report.    "Domestic consumption showed signs of improvement and job losses have narrowed, but declines in exports and industrial output continued as COVID-19 weakened

EconomyJuly 17, 2020

Seoul stocks open higher on improved US retail sales

South Korean stocks opened higher Friday, as estimate-beating US retail sales data boosted economic rebound hopes in the world's largest economy. The benchmark Korea Composite Stock Price Index rose 11.32 points, or 0.52 percent, to 2,195.08 in the first 15 minutes of trading. The gains came after US retail sales in June jumped 7.5 percent from a month ago, after an 18.2 percent hike in May. The data fueled expectations of a recovery in the United States, one of South Korea's largest trade p

MarketJuly 17, 2020

Air Busan resumes flights to China amid pandemic

Air Busan Co., the budget carrier unit of Asiana Airlines Inc., said Friday it has resumed flights to China as it obtained quarantine approval from the country. Air Busan is offering one flight per week on the Incheon-Shenzhen route on Fridays, the company said in a statement. "The company is targeting to increase the number of flights on the route to Shenzhen depending on the Chinese authorities' guidance," the statement said. The company also aims to restart services on the Inche

MobilityJuly 17, 2020