KAI’s first KF-X prototype scheduled for April 2021, test flight in 2022

Korea Aerospace Industries said Wednesday it plans to roll out the first prototype of its next-generation KF-X fighter jet next April and commence test flights in 2022. “KAI will roll out the first KF-X prototype by April next year. After the first prototype, the remaining five prototypes will come out one after another within the same year. Test flights are scheduled in 2022,” a KAI official said. Of the six prototypes, one will be delivered to Indonesia, co-developer of KF-X p

IndustryJuly 8, 2020

Samsung unveils UV sterilizer for smartphones amid pandemic

Samsung Electronics on Wednesday unveiled an ultraviolet sterilizer with wireless charging for mobile gadgets like smartphones as hygiene awareness is growing amid the COVID-19 pandemic. The portable UV sterilizer, manufactured by Samsung C&T, can disinfect smartphones, earbuds and even glasses in 10 minutes, according to the company. It kills up to 99 percent of bacteria and germs, including E. coli, Staphylococcus aureus and Candida albicans, according to tests done by two independen

TechnologyJuly 8, 2020

Seoul stocks down for 2nd day on economic recovery concerns

South Korean stocks closed lower for a second straight day on Wednesday as investor sentiment was dented by concerns over a delay in economic recovery amid spikes in virus cases, analysts said. The Korean won rose slightly against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 5.29 points, or 0.24 percent, to close at 2,158.88. Trading volume was high at 670 million shares worth some 11.4 trillion won ($9.5 billion), with gainers outnumbering

MarketJuly 8, 2020

BMW launches 330e plug-in hybrid in Korea

BMW Korea said Wednesday it plans to launch the plug-in hybrid sports sedan New 330e, with a greater electric range. With the addition of the plug-in hybrid electric vehicle, the German automaker said it has completed its New 3 Series lineup. The BMW New 330e is equipped with 2.0-liter turbocharged four-cylinder engine that can create up to 292 horsepower and 42.8 kilogram-meters of torque. It accelerates to 100 kilometers per hour in 5.9 seconds. With the Xtraboost function, the car can s

MobilityJuly 8, 2020

Han Sung Motor presents graffitied Mercedes-Benz to Gen.G Esports

Han Sung Motor, an official local dealer of Mercedes-Benz in Korea, said Wednesday it has delivered specially decorated vehicles to Gen.G Esports, one of the world’s leading esports organizations. The gifted cars will be used as official vehicles for the esports organization’s League of Legends team, according to Han Sung Motor. “The company conveys the best regards and wishes to Gen.G Esports’ League of Legends team,” said Han Sung Motor CEO Ulf Ausprung. Graff

IndustryJuly 8, 2020

Cross-border REIT listings to heat up Korea’s IPO market

A series of listings of Korean real estate investment trusts -- including ones that involve investments in foreign properties -- are adding vigor to the upbeat initial public offering scene in the local stock market. This comes as investment houses here are moving to attract stable cash streams by luring investors to their own vehicles used to buy properties at home and abroad. In the latest move, JR Asset Management on Wednesday released a prospectus for its REIT ahead of the flotation plan

MarketJuly 8, 2020

Hyundai Card launches credit card for delivery service Baedal Minjok

Hyundai Card said Wednesday it has joined forces with delivery platform operator Woowa Brothers to launch a credit card that provides tailored benefits for food-delivery service Baedal Minjok. A credit card specifically designed for a food-delivery service is the first of its kind here. Commerce companies and airlines, including eBay Korea, Korean Air and Starbucks Korea, have issued a similar private label credit card. “Baedal Minjok and Hyundai Card will keep working together to offe

MarketJuly 8, 2020

Korea’s consumption slowdown decelerates, but exports keep sliding: KDI

South Korea’s consumption has recovered slightly on the back of the government’s emergency cash handout, but its economic activity and exports remain sluggish, still weighed down by risks stemming from the coronavirus pandemic, a state-run think tank said Wednesday. “The slowdown in Korea‘s consumption has decelerated, but economic activity remains sluggish due to falling external demand on the global spread of COVID-19,” the Korea Development Institute said in it

EconomyJuly 8, 2020

Stricter jeonse loan rules to take effect on Friday

Stricter jeonse loan regulations will be imposed starting from Friday, the nation’s financial regulator said Wednesday, adding more pressure on the real estate market as it already faces a series of measures set to curb soaring housing prices. The latest version restricts jeonse loan guarantees and bans loan requests by buyers who already own a house in high speculation areas.  The move came in line with the 21st set of housing price regulations imposed under the Moon Jae-in admini

MarketJuly 8, 2020

Resurrection of Audi Volkswagen in South Korea

German carmaker Audi Volkswagen Group’s two flagship brands have made a full-fledged comeback in the local imported car market, making a fourfold sales jump in the first half this year, industry data showed Wednesday.  The feat comes four years after the emission-fraud scandal dubbed “dieselgate” severely hurt sales of its dominant brands here.  In 2015, Audi and VW cars were found to have used software to cheat on diesel emissions tests on some 11 million car

MobilityJuly 8, 2020

Hyundai Motor to hire overseas workers year-round

Hyundai Motor said Wednesday it will hire staff from abroad year-round by replacing its annual regular recruitment to boost workforce in the fields of future mobility. The move is intended to select talented workers more timely in line with the rapidly changing business environment in the auto industry. Recruitment areas this year include autonomous driving, power electronics, fuel cell, future energy, robotics, artificial intelligence, software and big data. The candidates are required have

MobilityJuly 8, 2020

LG CLOi serve bot officially available after trial run

LG Electronics has supplied its first autonomous driving-based serve bot for Seoul National University Hospital, announcing the robot’s commercialization Wednesday. The LG CLOi serve bot was installed at the outpatient unit of the hospital on Tuesday, which started carrying devices, treatment kits and other necessities for treating patients through the corridors of the hospital building. It features autonomous driving technology that can detect and avoid obstacles. The serve bot is

TechnologyJuly 8, 2020

Samsung, LG release new soundbars

South Korea's two major electronics firms on Wednesday released their new soundbar products as they aim to expand their presences in the home audio market. Samsung Electronics Co. announced the global launch of its two new premium soundbars, the HW-Q950T and the HW-Q900T, which completes its full 2020 Q-series soundbar lineup. The new soundbars will be sold in major markets in stages, starting with Australia. In South Korea, both products will be launched next Tuesday, with the HW-Q950T pric

TechnologyJuly 8, 2020

Samsung Unpacked for Galaxy Note 20 goes online on Aug. 5

Samsung Electronics will throw its signature Unpacked show for new Galaxy products online for the first time on Aug. 5, according to the company’s invitation sent to global media and partners on Wednesday. The invitation displayed an image of a bronze-colored crown, which might be the signature color for the upcoming Galaxy Note 20 series. The event will be broadcast live on Samsung’s corporate homepage and its newsroom website. The South Korean tech giant is expected to pres

TechnologyJuly 8, 2020

Investment firm Optimus' CEO arrested on fraud charges

The CEO of Optimus Asset Management has been taken into custody by prosecutors for a probe into allegations that the private equity firm fraudulently solicited funds worth tens of millions of dollars from investors. The arrest came on Tuesday night shortly after the Seoul Central District Court issued the warrant for Kim Jae-hyun, citing sufficient evidence to support the criminal allegations against him and the severity of the case. The company's second-largest shareholder surnamed Lee and

MarketJuly 8, 2020

S. Korea to push for conclusion of Asia-Pacific trade deal this year

South Korea said Wednesday it will push for the conclusion of a mega Asia-Pacific trade deal this year to help boost ailing exports and cope with the growing protectionism around the globe in the face of the new coronavirus pandemic. The country plans to participate in another round of online talks with members of the Regional Comprehensive Economic Partnership (RCEP) on Thursday to address remaining agenda items, according to the Ministry of Trade, Industry and Energy. ASEAN and its dialogue

EconomyJuly 8, 2020

[Monitor] S. Korea selects 7 new regulation-free zones

The Ministry of SMEs and Startups has selected seven zones across the country to benefit from the government’s exemptions from regulations to create more jobs and attract more investments. This is the third installment of the designation for the ministry’s Regulation Free Special Zone. There are now a total of 21 zones under the category. Through the zones, the ministry expects to create 1.5 trillion won in revenue, add 4,390 new jobs and attract 174 new businesses in total by 20

IndustryJuly 8, 2020

Samsung launches UV sterilizer for phones amid pandemic

Samsung Electronics Co. on Wednesday said it will launch an ultraviolet (UV) light sterilizer for smartphones to meet a growing need for mobile device sanitization amid the novel coronavirus pandemic. Samsung said its new UV sterilizer with wireless charging will be sold in South Korea with a price tag of 49,500 won ($40). The latest device was manufactured by Samsung C&T, a partner of Samsung Mobile Accessory Partnership Program (SMAPP), the tech giant added. Samsung said its portable

TechnologyJuly 8, 2020

Seoul stocks open nearly flat following Wall Street losses

South Korean stocks opened nearly flat Wednesday following overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index rose 0.44 points, or 0.02 percent, to 2,164.61 in the first 15 minutes of trading. Major US stock indices ended their winning streaks on Tuesday (local time) as a recent surge in the number of novel coronavirus cases dented hopes for a quick economic recovery. Negative economic forecasts from the Organization for Economic Cooperation and Development and

MarketJuly 8, 2020

Value of Japan's exports to S. Korea hits 11-year low in May

The value of Japan's exports to South Korea sank to a near 11-year low in May due to the coronavirus pandemic and Tokyo's export controls, data showed Wednesday. Japan shipped 329.3 billion yen ($3 billion) worth of goods to its neighboring country in May, down 18 percent from a year earlier, according to the data from the Korea International Trade Association (KITA) and the Japan Tariff Association. The value of Japan's exports to Seoul rose to 415 billion yen in February from 371.6 billion

EconomyJuly 8, 2020