[Test drive] Porsche can make your heart beat faster

Ferry Porsche gave birth to the Porsche 356 ‘No. 1’ Roadster with his team in 1948, breathing life into his dream of the ideal sports car and marking the beginning of one of the most recognized auto brands in the world. The founder of Porsche said, “In the beginning, I looked around and could not find quite the car I dreamed of, so I decided to build it myself." Commemorating the 75th anniversary of the legendary brand’s establishment this year, Porsche has been cond

MobilityApril 21, 2023

S. Korea to spend W560b to promote software sector this year

South Korea will invest over 560 billion won ($422.6 million) to foster software development companies and experts, with the goal of accelerating the country's push for digital innovation, the Science Ministry said. The Ministry of Science and ICT announced its plans for advancement of the software industry at an economic meeting Friday, intending to build on the fundamental strength of digitization and support the sector’s overseas expansion. Its yearly budget for the project stands

TechnologyApril 21, 2023

Colombian avocados found to have excessive level of pesticides

More than 200 times the amount of pesticides permitted on avocados had been detected in those shipped from Colombia to South Korea, according to the Ministry of Food and Drug Safety. In 22,080 kilograms of Colombian avocados imported by a Korean agricultural product trade platform operator Tridge, 2.03 milligrams per kilogram of thiabendazole had been detected. This is much higher than the standard of 0.01 milligram per kilogram set by the Korean regulator. Thiabendazole, a fungicide and pestici

ConsumerApril 21, 2023

Apple Pay triggers surge in Hyundai Card users

Hyundai Card, the first partner of Apple Pay in South Korea, saw a 75 percent on-month increase in the number of its new card users during the first month since the payment service launched in Korea. The number of new Hyundai Card members has increased by 203,000 following the launch of Apple Pay in Korea on Mar. 21, according to data from the Credit Finance Association of Korea. The number of new members of Hyundai Card in March was the highest among eight local credit card companies -- Lotte,

IndustryApril 21, 2023

[Photo News] Upcycling air waste

South Korean low-cost carrier Jeju Air on Friday launched new merchandise made from decommissioned life vests as part of the company's efforts in achieving carbon neutrality. Collaborating with global upcycling brand Nukak, Jeju Air has released three products -- a passport wallet, travel bag and mini pouch -- available online.

MobilityApril 21, 2023

Seoul shares open lower on Tesla drop, recession woes

South Korean stocks opened lower Friday, led by the decline in auto and battery shares following Tesla Inc.'s sharp fall on Wall Street and US data signaling a slowing economy. The benchmark Korea Composite Stock Price Index slid 12.97 points, or 0.51 percent, to 2,550.14 in the first 15 minutes of trading. Wall Street ended lower Thursday after Tesla hinted at more price cuts to come and that it intends to do so even if it hurt its margins. New claims for unemployment benefits in the Unite

MarketApril 21, 2023

Exports down 11% during first 20 days of April

South Korea's exports fell 11 percent on-year in the first 20 days of April, data showed Friday, amid the prolonged slump in the global chip industry. The country's outbound shipments stood at $32.4 billion in the April 1-20 period, compared with $36.3 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 11.8 percent on-year to $36.5 billion during the cited period, resulting in a trade deficit of $4.13 billion. In March, outbound shipments fell 13

EconomyApril 21, 2023

[Photo News] Samsung honors Korean War heroes

A video featuring Korean War heroes is displayed on a giant outdoor billboard Samsung Electronics set up in Times Square in New York on Thursday. Samsung released the video to mark the 70th anniversary of the South Korea-US alliance and the 1953 armistice agreement that brought about a cessation to the Korean War.

IndustryApril 20, 2023

[Photo News] LG honors Korean War heroes

A video featuring 12 high-profile US and South Korean war veterans plays on LG Group’s giant billboard in the heart of Times Square in New York on Thursday. South Korea’s Ministry of Patriots and Veterans Affairs made the video in commemoration of the 70th anniversary of the Korea-US alliance this year.

IndustryApril 20, 2023

Diageo Korea, British Embassy to sponsor Chevening Scholarships until 2026

Diageo Korea said Thursday that it has signed a memorandum of understanding with the British Embassy in Seoul to extend sponsoring the UK government's global scholarships program. Through the extension, the Korean unit of the British drinks group plans to continue to help foster global leaders in Korea until 2026. The Chevening Scholarships are a global scholarship program organized by the British Ministry of Foreign Affairs. They are awarded to talented people with excellent academic backg

IndustryApril 20, 2023

Korea eyes W20tr boost for secondary battery sector through 2030

South Korea will invest 20 trillion won ($15 billion) in research and development of secondary batteries for electric vehicles through 2030 to secure global competitiveness, the government said Thursday. "Secondary batteries are among the country’s crucial strategic assets, along with semiconductors. Their importance cannot be stressed enough. Secondary batteries are at the center of the global competition for technological supremacy. It is the power of EVs in times of carbon neutrali

IndustryApril 20, 2023

[K-Food] Harim at forefront of exporting Korean superfood samgyetang

This article is the seventh installment in a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Amid the rising demand for healthy foods, South Korea has increasingly exported its traditional superfood samgyetang, or ginseng chicken soup, to overseas markets in recent years. According to the Korea Agro-Fisheries and Food Trade Corp., exports of samgyetang have jumped by 64 percent from $11 million in 2017 to

ConsumerApril 20, 2023

Hyundai Engineering, SK Ecoplant to cooperate on pink hydrogen

Hyundai Engineering announced Thursday that it has agreed to work with US-based reactor and reactor fuel developer Ultra Safe Nuclear Corporation and SK Ecoplant to develop a pink hydrogen production system. Pink hydrogen refers to hydrogen produced by using nuclear power to electrolyze water, splitting hydrogen from oxygen for use as a fuel. On Thursday, the companies signed a three-way memorandum of understanding at SK Ecoplant’s headquarters in central Seoul. Under the agreement, the th

IndustryApril 20, 2023

Seoul shares end lower on Fed rate hike woes

Seoul shares closed down Thursday, as the possibility of continued rate hikes by the US Federal Reserve dented market sentiment. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 11.97 points, or 0.46 percent, to close at 2,563.11. Trading volume was high at 938 million shares worth 12.2 trillion won ($9.2 billion), with losers outnumbering winners 647 to 231. Foreign investors bought a net 156 billion won worth of stocks, while institutions and

MarketApril 20, 2023

[KH Explains] Is EcoPro a ‘meme stock’?

Stock prices of South Korean battery materials firm EcoPro and its affiliates have been skyrocketing over the past few months, backed by a retail investor frenzy. EcoPro was previously a little-known stock listed on the tech-laden Kosdaq. But recently it has been arguably the most talked about stock in the local equity market. The group’s shares -- those of EcoPro, EcoPro BM and EcoPro HN, nicknamed the "three brothers" -- have been on a rapid rise as Korean battery firms are e

MarketApril 20, 2023

Samsung, LG resume talks on OLED partnership

Talks for a rare partnership between Samsung and LG appear to have been resumed recently as Samsung seeks to buy LG panels for its latest OLED TVs for the first time, according to industry sources on Thursday. “The two have resumed related talks ... with an aim to sign a deal by the end of the first half this year,” an industry source said on condition of anonymity. Samsung Electronics is reportedly interested in buying around 200,000 to 300,000 white OLEDs from LG Display, and when

IndustryApril 20, 2023

Korean battery makers supply 8 out of 10 US tax eligible EVs

South Korean battery makers LG Energy Solution, Samsung SDI and SK On have supplied batteries for roughly 8 out of 10 electric vehicle models eligible for US tax credits, industry sources said Thursday. Of the 22 electric vehicles, 17 models have installed Korea-made batteries, with LG Energy Solution topping the list with 11 models. LG’s list includes GM’s Cadillac Lyriq and Chevrolet Volt, Volt EUV, Equinox, Silverado and Blazer; Chrysler’s Pacifica PHEV. Ford counts the E-Tr

MobilityApril 20, 2023

Is Google Korea no longer dream workplace?

Google’s biggest round of layoffs across its global operations has forced workers into a game of chance to keep their jobs. Amid escalating job insecurity, a labor union has been set up at the Korean unit to organize some 850 workers and speak out their concerns. “With the ongoing job cuts within the US tech industry, employees have been concerned about their job security and decided to establish a union,” Kim Jong-sub, head of the Google Korea union, said upon its launch earli

TechnologyApril 20, 2023

Hana Financial awards artists with disabilities

Hana Financial Group on Thursday held an award ceremony for the winners of its art contest for supporting and celebrating artists with developmental disorders. The ceremony of the contest dubbed “Hana Artverse” took place in commemoration of Korea’s 43rd National Day of People with Disabilities on Thursday. This is the second time the group hosted the multi-platform art contest to allow artists with developmental disabilities to showcase their talents and improve social awarene

EconomyApril 20, 2023

Samsung Life buys 20% stake in Meridiam SAS

Samsung Life Insurance announced on Thursday that it has acquired a 20 percent stake in Meridiam SAS, a French private equity firm focused on infrastructure investment. With this investment, Samsung Life has become the second-largest shareholder of the French company. "As Meridiam has diverse investment experience and expert executives in the infrastructure sector, we believe that it is an adequate strategic partner for Samsung Life Insurance's global alternative investment expansion,

IndustryApril 20, 2023