[Graphic News] Cigarette sales up in S. Korea in 2022

Sales of cigarettes in South Korea edged up 1.1 percent in 2022 from a year before, the Finance Ministry said, despite the government’s anti-smoking campaign. South Korean smokers purchased 3.63 billion packs of 20 cigarettes in 2022, up from the 3.59 billion packs tallied a year earlier, according to the Ministry of Economy and Finance. The amount, however, marked a 16.8 percent drop from 2014, a year before the government raised the price of cigarettes by 80 percent in January 2015 from

TechnologyFeb. 15, 2023

Samsung chief unlikely to seek board membership

Samsung Electronics Chairman Lee Jae-yong is unlikely to seek board membership at the company, as it was not included in the list of agenda items to be discussed in the upcoming general shareholders meeting on March 15. Samsung held a board of directors meeting on Tuesday to fix the date of this year’s general gathering and three topics to be discussed there, the company said in a press release. The three agendas are approving of the company's financial statement, appointment of Vice

IndustryFeb. 14, 2023

International research team developed new micro-LED for better VR technology

A research team comprised of experts from Korea, the United States and Europe developed "full-color micro LEDs with ultra-fine vertical stacked pixel structures" which can enable the production of more vivid screens. A joint research team led by Hong Young-joon, a professor of Nanotechnology and Advanced Materials Engineering at Sejong University, has developed a new method to reduce costs and time of producing micro LEDs -- devices that are smaller than 100 micrometers in length and w

TechnologyFeb. 14, 2023

[Photo News] Teaming up for global business hub

James Kim (left), chairman and CEO of the American Chamber of Commerce in Korea, meets with Foreign Minister Park Jin on Tuesday at the ministry's building in Seoul. They are said to have discussed measures to nurture Korea as the top business and investment destination for global companies. (American Chamber of Commerce in Korea)

IndustryFeb. 14, 2023

[Photo News] Immersive Galaxy experience

Visitors take pictures with Samsung Electronics' latest Galaxy S23 Plus smartphone at a Galaxy Studio pop-up store in Seongsu, east of Seoul, on Tuesday. The tech giant is running three pop-up stores to allow visitors to experience its latest Galaxy S23 series in Seongsu, Hongdae and Yeonnam areas in Seoul until March 26.

IndustryFeb. 14, 2023

SK grants W200m to nurture social ventures

SK Supex, SK Group’s top decision-making council, said Tuesday that the group selected two environment-related social enterprises, Netspa and En2core Technology, as the beneficiaries of its venture fostering program, Impact Union, and had granted 100 million won to each of the companies. Running the project aimed at fostering social enterprises since 2020, the nation’s second-largest conglomerate assessed 25 social enterprises recommended by investors and partner business accelerat

IndustryFeb. 14, 2023

Mirae Asset bolsters US market presence with ETF arm Global X

Mirae Asset Global Investments has made a big stride forward in the US exchange-traded funds market in the last five years following its acquisition of New York-based fund management firm Global X. ETF provider Global X had about 8 trillion won ($6.29 billion) in managed assets when it was taken over by the Korean asset manager in 2018, the current AUM increased by six times to 45 trillion won as of end of 2022, according to Mirae Asset Global Investments on Tuesday. Global X’s five-year c

MarketFeb. 14, 2023

BAT launches new Glo to take on KT&G, PMI

British American Tobacco’s South Korean branch announced Tuesday that the company will launch a new tobacco heating product, Glo Hyper X2, this month, in a bid to increase its share in the South Korean market. According to BAT Rothmans, the Korean arm of BAT, Glo Hyper X2 will be available on Feb. 27 at convenience stores and online e-commerce platforms. The new device is priced at 40,000 won ($31.56). “South Korea is making a significant contribution to BAT,” said BAT Rothmans

ConsumerFeb. 14, 2023

Science minister to present Korea’s digital strategy at MWC

South Korea’s science minister and the heads of telecommunications giants SK Telecom and KT are participating in the upcoming Mobile World Congress set to be held from Feb. 27 to March 2 in Barcelona, Spain. Lee Jong-ho, Minister of Science and ICT, will deliver a speech at the GSMA’s ministerial program slated for the second day of the global event. According to the GSMA, the organizing group of the MWC, the ministerial program will cover the topic of investing in networks to achiev

TechnologyFeb. 14, 2023

Seoul stocks snap 3-day losing streak ahead of US inflation data

South Korean stocks closed up Tuesday ahead of the release of the United States' key inflation data. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 12.94 points, or 0.53 percent, to close at 2,465.64, as investors staged a comeback from their losing streak in the last three sessions. Trading volume was a bit slim at 343.4 million shares worth 6.66 trillion won ($5.24 billion), with gainers outpacing losers 490 to 374. Institutions and

MarketFeb. 14, 2023

Hyundai Mobis to invest W10tr for future growth

Hyundai Mobis, a car parts maker under Hyundai Motor Group, unveiled its investment strategies and shareholder return policies for 2023 on Tuesday. According to Hyundai Mobis, the company is to invest a total of 10 trillion won ($7.9 billion) over the next three years, mainly investing 5 trillion to 6 trillion won of cash to secure competitiveness in the electrification of automobiles and acquisition of key components used to make cars. In addition, it will be investing 3 trillion to 4 trillion

MobilityFeb. 14, 2023

Posco pushes for lithium clay extraction project in US

Posco Holdings said Tuesday it is pushing for a project in the United States to extract lithium, a key battery material, from lithium clay deposits. Posco Holdings recently signed a memorandum of understanding with Jindalee Resources to have the Australia-based mineral exploration company provide Posco with lithium clay, while Posco jointly develops lithium extraction process technology with Pohang Institute Industrial Science. Jindalee Resources currently owns a 100 percent stake in the McDermi

IndustryFeb. 14, 2023

[KH Explains] Korea pins high hopes for MSCI index upgrade

Over the years, South Korea has been making continuous efforts to win the top grade of the one of the world's most recognizable stock indices developed by Morgan Stanley, in hopes to attract more global investors and prove the growing international credibility for the economy. The assets under management benchmarked to the Morgan Stanley Capital International indices, which widely tracks global equity benchmarks for stock market performances, has mounted up to $13.5 trillion. Listed on the Emerg

EconomyFeb. 14, 2023

Hyundai Elevator’s open API enjoys wider adoption

Hyundai Elevator said Tuesday that its open API or Application Programming Interface is getting a firm footing among companies since its public release in March. The number of companies and institutions that have adopted the software has soared to 60. The users also include big businesses such as Kakao and LG Electronics, the company added. Hyundai Elevator’s cloud-based software connects elevators with various devices for better operational efficiency. In particular, the company aims high

IndustryFeb. 14, 2023

Ford-CATL partnership could erode Korean batteries’ price competitiveness

South Korean battery makers, who have poured considerable resources in the all-important US market, might lose ground over Ford’s new partnership deal with Chinese battery giant CATL, industry sources said Tuesday. On Monday, Ford announced it plans to invest $3.5 billion to build an electric vehicle battery plant in Michigan using technology licensed from CATL, the world’s No. 1 EV battery maker. The automaker will operate the production facility through its wholly owned subsidiar

MobilityFeb. 14, 2023

Hanlim, Saison set up real estate JV in Cambodia

Hanlim Architecture Group, a comprehensive real estate service company, announced Tuesday it has established the joint venture Hanlim Cambodia HS Global together with Cambodia's Saison Group. The opening ceremony of the venture was held Friday at the office located within Amass Central Tower in Cambodia's capital, Phnom Penh. Cambodia-based Saison started as an operator of a seafood restaurant chain in 2010. More recently it has carried out diverse infrastructure development projects.

IndustryFeb. 14, 2023

LG CNS launches new research platform Quinoa

LG CNS said Tuesday it has launched a new research platform, called Quinoa, to allow users to conduct surveys more easily and check and share results via mobile devices. The name comes from the superfood grain of the same name to represent “small but meaningful thoughts and opinions that come together to offer insight about the world.” Anyone who registers for membership can use the mobile application free of charge. The mobile application is available at both Android and Apple'

TechnologyFeb. 14, 2023

Top 5 banks' hefty bonuses under fire

The top five Korean banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup – handed out hefty bonuses last year, after they posted record earnings thanks to higher interest income. The five banks’ bonuses in 2022 amounted to a combined 1.38 trillion won ($1.08 billion), up 35 percent on-year, according to data provided to the Democratic Party of Korea’s Rep. Hwang Un-ha by the Financial Supervisory Service. The FSS data showed that NongHyup gave out the greatest amount in bo

IndustryFeb. 14, 2023

Samsung mobile chief hints at extending AI partnerships

Samsung Electronics President and mobile business chief Roh Tae-moon has hinted at the tech giant’s potential partnerships with global IT firms to develop new artificial intelligence technologies for its smartphones. Roh noted the possible partnerships at a press conference held in Malaysia on Thursday, for the launch of Samsung’s flagship Galaxy S23 smartphone lineup, according to Vietnam’s Soha News and other local media outlets. The media outlets reported the mobile chief

TechnologyFeb. 14, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Tuesday on overnight Wall Street gains ahead of the release of the United States' key inflation data. The benchmark Korea Composite Stock Price Index rose 24.25 points, or 0.99 percent, to 2,476.95 in the first 15 minutes of trading. US stocks rallied after a New York Federal Reserve consumer survey showing Americans lowered their expectations for future income gains suggested that consumer price data due out Tuesday might come in better shape than previous

MarketFeb. 14, 2023