Samsung-Dish 5G partnership in progress

Samsung Electronics said Thursday it has launched a virtual open radio access network site running on the ultra-fast 5G network along with Dish Network, the fourth-largest telecommunications carrier in the US. Earlier, Samsung had supplied an initial shipment of 24,000 Open RAN-compliant radios and 5G virtualized RAN software solutions to accelerate Dish’s network deployment across the US, which will allow to provide reliable and fast nationwide coverage to its network users. “Samsun

TechnologyFeb. 23, 2023

S. Korea vows more incentives for foreign investment in key areas

South Korea's trade minister said Thursday the government will provide more incentives to overseas businesses investing in high-end industries playing key roles in the supply chain, as the country aims to attract more investment amid economic uncertainties. Trade Minister Ahn Duk-geun made the remark in a statement released ahead of his planned meeting with foreign business organizations later in the day, where the country plans to share its vision to become a "global hub of innovation

IndustryFeb. 23, 2023

BOK freezes rate, ending hike cycle

The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, putting on hold a rate-raising policy that has lasted 1 1/2 years. The central bank began a series of rate hikes in August 2021 to tamp down soaring prices amid the pandemic recovery. The BOK raised the benchmark interest rate seven consecutive times. The bank’s decision falls in line with market expectations which projected it would end the hike considering the slowing global economy. The US Federal Bank has s

EconomyFeb. 23, 2023

Seoul shares open higher amid rate hike woes

South Korean stocks opened higher Thursday amid lingering concerns over more interest rate hikes. The benchmark Korea Composite Stock Price Index had gained 18.54 points, or 0.77 percent, to 2,436.22 in the first 15 minutes of trading. The Bank of Korea is scheduled to hold its rate-setting meeting later in the day. It raised its benchmark interest rate by a quarter percentage point in January to 3.5 percent to tackle persistently high inflation. It was its seventh straight rate hike since April

MarketFeb. 23, 2023

SK Networks' global investments hit $176m

SK Networks said Wednesday it has invested an accumulative $176 million in some 20 global projects as of 2023, disclosing its global investment performance for the first time at an investment briefing session. “Based on our investment experiences in Silicon Valley, we will play a gate-keeper role in global innovation,” said SK Networks General Executive Director & President Choi Sung-hwan in his opening remarks at the event held in Seoul. “We will use our influence not just

IndustryFeb. 22, 2023

[Photo News] Car of the Year

Hyundai Motor Group's all-new Grandeur has won the 2023 Car of the Year award, the Korea Automobile Journalists Association announced Wednesday. According to the KAJA, the all-new Grandeur earned an overall score of 80.75 out of 100, closely beating out BMW's 7 series, which received an 80.43. The association reviewed 18 vehicles from 13 brands for the award. (Hyundai Motor Group)

MobilityFeb. 22, 2023

Seoul stocks end sharply lower on rate hike fears

South Korean stocks closed markedly lower Wednesday on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index shed 41.28 points, or 1.68 percent, to close at 2,417.68. Trading volume was moderate at 414.1 million shares worth 8.19 trillion won ($6.28 billion), with losers far outpacing gainers 757 to 147. Institutions and foreign investors combined

MarketFeb. 22, 2023

Asiana Airlines to launch more international flights

Asiana Airlines said Wednesday it is preparing to expand its international routes by increasing the number of flights to 40 a week on 12 different routes starting next month. This comes along with a recent upsurge in international travel after the steady lifting of travel restrictions as the pandemic has slowed down. “Starting with this initial flight expansion, we will continue our efforts to gradually reopen international travel this year,” an official commented. Asiana plans to fi

MobilityFeb. 22, 2023

Pending price hikes in soju, beer deepen inflation woes in Korea

Prices of soju and beer products in South Korea are expected to rise soon due to increases in tax, as well as higher costs of logistics and raw materials, according to industry sources, Wednesday. According to the Ministry of Economy and Finance, the liquor tax on one liter of beer will increase by 30.5 won ($0.023) to 885.7 won in April. The upcoming increase will be higher than last year's rise of 20.8 won. Just by factoring in the tax increase, the factory price of a 500 milliliter beer

ConsumerFeb. 22, 2023

[Newsmaker] Korean banks’ oligopoly hinders global competitiveness: FSS chief

The head of Korea’s top financial watchdog criticized the current oligopolistic system dominated by five major commercial lenders, which hinders them from sharpening their global competitiveness. “If (Korean banks) stay the way they are now, they will likely have a hard time gaining an edge in the global market,” Financial Supervisory Service Chief Lee Bok-hyun said during a meeting with foreign investors in Seoul on Wednesday. This meeting was organized by the FSS to provide i

IndustryFeb. 22, 2023

Hanwha looks to secure drone defense technology

Hanwha Aerospace and a group of investors including Lockheed Martin have invested $17.8 million in Fortem Technologies, a US airspace security firm specialized in drone defense, Hanwha officials said Wednesday. Fortem Technologies operates its own air defense system based on an artificial intelligence radar that can monitor and detect dangerous drones or unmanned aircrafts and catch them by sending autonomous flying drones equipped with nets. The system is being used in Ukraine’s efforts a

TechnologyFeb. 22, 2023

LG Energy Solution teams up with Ford on Turkey battery project

LG Energy Solution said Wednesday it has forged a new partnership with Ford and KOC Holding, a Turkish real estate developer, to build an electric vehicle battery plant in Turkey, two weeks after similar talks fell apart between its crosstown rival SK On and the US auto giant. Under a nonbinding memorandum of understanding, the three companies agreed to build an EV battery plant in the Baskent region near the Turkish capital of Ankara. The plant will have an annual production capacity of 25 gi

MobilityFeb. 22, 2023

Average pay at Samsung estimated at W130m: report

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

IndustryFeb. 22, 2023

South Korea’s fertility rate drops to all-time low

South Korea's total fertility rate hit an all-time low last year, government data showed Wednesday, darkening prospects for one of the world's most aged countries. In 2022, the country saw 249,000 newborns, down 4.4 percent, or 11,500 less, than that of the year before. The fertility rate, the average number of children women aged 15-49 have, fell to 0.78, down 0.03 from the 0.81 of the previous year, according to Statistics Korea. The figure hit an all-time low since the statistics

EconomyFeb. 22, 2023

New compound knocks out sperm for hours, research shows

Vasectomies are often topics of conversation among couples who have already had enough children or for those who do not want any in the first place. Condoms or abstinence are the only other options for male contraception, while there are several available to women, including hormonal pills, IUD implants, vaginal rings and diaphragms. Recent research results suggest that an on-demand, non-hormonal male contraceptive pill might someday become a reality, as scientists have found a cell pathway, or

IndustryFeb. 22, 2023

Seoul shares open sharply lower on rate hike woes

South Korean stocks opened sharply lower Wednesday, tracking a Wall Street plunge overnight, on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The benchmark Korea Composite Stock Price Index had shed 34.26 points, or 1.39 percent, to 2,424.70 as of 9:15 a.m. Wall Street dropped overnight as market sentiment was weighed down by fears about higher rates for a longer period of time. Investors are concerned that the Fed will continue to raise r

MarketFeb. 22, 2023

[Graphic News] South Korea’s gas, coal imports hit record high in 2022: data

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

MobilityFeb. 22, 2023

Posco International ready to help rebuild Ukraine

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

IndustryFeb. 21, 2023

CJ Logistics forays into Polish market

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

ConsumerFeb. 21, 2023

Posco Holdings mulls relocating to Pohang

Posco Holdings, the holding unit of South Korean steel giant Posco Group, may be relocating its headquarters to Pohang, North Gyeongsang Province, as its board of directors is set to discuss the issue at the upcoming shareholders’ meeting next month. The conflict between Posco and the residents of Pohang, however, is expected to continue because it is uncertain if employees working in the current headquarters in Seoul will also move to the industrial city some 375 kilometers southeast of

IndustryFeb. 21, 2023