Seoul stocks dip almost 1% on growing woes over Fed rate hikes

South Korean stocks slipped back into negative territory again Wednesday, as investors took to the sidelines ahead of a widely expected sharp rate hike by the Federal Reserve. The Korean won fell against the dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 20.64 points, or 0.87 percent, to close at 2,347.21. Trading volume was light at 367.1 million shares worth 6.2 trillion won ($4.4 billion), with losers outpacing gainers 580 to 279. "Today's losses came as invest

MarketSept. 21, 2022

BMW, Mercedes-Benz, Volkswagen lead recall tally in South Korea

Germany’s top three carmakers – BMW, Mercedes-Benz and Volkswagen – topped the list of the most recalled cars in South Korea over the past five years, a recent report showed Wednesday. According to the report based on data from the Ministry of Land, Infrastructure and Transport, vehicles produced by the German big three made up 92.1 percent of the total recalled cars between January 2018 and August 2022. BMW was ranked first with 2,702 recalls over five years, with the numbe

IndustrySept. 21, 2022

Dyson's Gen5 Detect vacuum cleaner makes debut in Korea

Consumer electronics giant Dyson said on Wednesday it would begin to sell its brand-new cord-free vacuum cleaner Gen5 Detect that boasts stronger power density, deeper cleaning ability and longer battery life compared to its predecessors in South Korea and China. Its Hyperdymium Motor allows Gen5 Detect, the newest release on the lineup since V15 Detect in May 2021, to have up to 262 airwatts of suction power, higher than the V15 Detect's 230 airwatts. The Gen5 motor, which is lighter than

TechnologySept. 21, 2022

Supply disruption looms as Hyundai Steel union threatens to go strike

Concerns over steel supply disruption is rising over unionized workers at South Korea's second-largest steelmaker Hyundai Steel threatening to stage sit-in protests. The workers’ threats come amid stalled wage negotiations at a critical time, as the country’s largest steelmaker Posco is reeling from typhoon damage. According to industry news reports on Wednesday, Hyundai Steel’s labor union, which has been at the negotiation table since March, warned of going on strike if its

IndustrySept. 21, 2022

[Newsmaker] Researchers discover silver lining in autism treatment

South Korean researchers have discovered how early diagnosis and medication may help ease symptoms of those with autism spectrum disorder, the Institute of Basic Science said Wednesday. Autism is a type of brain development disorder found in about 2 percent of the world population, according to the IBS. Common symptoms include a lack of social communication and interaction skills as well as repetitive behaviors and unexpected reactions. The exact cause of autism and its treatment still remain u

TechnologySept. 21, 2022

[Interactive] How to spot dementia in a man's best friend

TechnologySept. 21, 2022

LG Innotek to show off substrate products at trade show

LG Innotek said Wednesday that it is showcasing its latest substrate products at an international trade show kicking off this week. The electronics component manufacturer will be participating in the Korea International Electronic Circuits and Packaging Show 2022 held in Songdo, Incheon, from Wednesday to Friday. One of the key products to be unveiled is its new FC-BGA -- flip-chip ball grid array -- substrate, the mass production of which is to start next year. A FC-BGA board is used to connect

IndustrySept. 21, 2022

P&O Chemical starts construction of new battery material plant

Posco Chemical said Wednesday that its joint venture with OCI Co., called P&O Chemical, has started construction of a new local plant to produce a key coating material used in secondary batteries. The plant, located Gongju, South Chungcheong Province, will have an annual production capacity of 15,000 tons of pitch, a carbon material used for coating the surfaces of anodes, a key component in rechargeable batteries. The two companies held a ground-breaking ceremony on Wednesday, with their to

IndustrySept. 21, 2022

Kolon FnC to launch upcycled bags featuring BTS stage outfits

South Korean textile company Kolon Industries FnC said Wednesday it will launch an upcycled bag collection featuring pieces of stage outfits worn by BTS, through its fashion brand Re;cod, on Sept. 28. Upcycling refers to the creative reuse of old products to create new merchandise of greater quality or value. The limited edition collection includes three types of bags made from white industrial airbags. Each bag is attached with a piece from a concert outfit one of the seven BTS members wore. Th

ConsumerSept. 21, 2022

Seoul stocks open lower on fret over aggressive rate hikes by Fed

South Korean stocks opened lower Wednesday, tracking an overnight loss on Wall Street, as investors bet that the Federal Reserve will deliver another sharp rate hike this week. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 8.04 points, or 0.34 percent, to 2,359.81 in the first 15 minutes of trading. Overnight, US stocks slumped as investors fret that the Federal Open Market Committee (FOMC) would opt to push the US benchmark rate by 75 basis points, which could further acce

MarketSept. 21, 2022

[Photo News] Companion for the blind

A guide dog walks with a trainer during a press event at Samsung Guide Dog School in Yongin, Gyeonggi Province, Tuesday. Samsung Fire & Marine Insurance held the event to celebrate the 29th anniversary of the program, a pet project of the late Samsung Group Chairman Lee Kun-hee. Dogs for eight people were assigned to people after being trained for years. (Samsung Electronics)

TechnologySept. 20, 2022

SCI Information Service, CrePASS Solution to create new credit rating model

SCI Information Service and CrePASS Solution signed a new partnership on Friday to boost business cooperation and create a new credit rating model for the financially marginalized. Under the partnership, the two South Korean credit rating agencies will seek synergy by combining SCI Information Services’ accumulated credit information and CrePASS Solution’s alternative information methodologies. Their new planned credit rating model, in particular, aims to help people who have difficu

MarketSept. 20, 2022

Seoul stocks snap 4-day losing streak ahead of Fed policy meeting

Seoul stocks ended their four-day losing streak on Tuesday as investors scooped up oversold stocks ahead of the Fed's policy meeting later this week. The Korean won rose against the US dollar. After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) stayed in positive terrain, closing at 2,367.85, up 12.19 points, or 0.52 percent. Trading volume was light at 407.9 million shares worth 6.9 trillion won ($4.96 billion) with decliners outnumbering gainers 654 to 198. "

MarketSept. 20, 2022

LG Energy Solution to unveil moduleless EV battery in 2025

South Korean lithium-ion battery cell maker LG Energy Solution plans to develop a moduleless concept for pouch-type high-nickel batteries to increase EVs’ space utilization, reduce weight and improve cost competitiveness by 2025. Unlike the existing module-to-pack concept, the new concept, called "cell-to-pack," will simplify the process of assembling pouch cells directly into battery packs, Choi Seung-don, LG Energy Solution's senior vice president and automotive battery de

TechnologySept. 20, 2022

Portion of renewables in Korea's power generation tops 20% for 1st time

SEJONG -- South Korea has seen the portion of power generation facilities for renewable energy of the total generation output exceeding 20 percent for the first time this year, state data showed Tuesday. According to the Korea Power Exchange, the capacity of renewable energy came to 27,103 megawatts as of September, which marked 20.1 percent of 134,719 megawatts in collective power generation facilities. It is estimated that the portion surpassed the 20 percent level for the first time in Augu

IndustrySept. 20, 2022

S. Korea to spend W200b for R&D digitalization

South Korea will spend 200 billion won ($144 million) on digital integration strategy projects over the next five years to shorten the time researchers take to solve complex problem surrounding new technologies by decades, the Ministry of Science said Tuesday. According to the ministry, the government will use the financial support for projects that integrate artificial intelligence, digital twin and big data into developing diagnoses of diseases such as intractable cancer and dementia, nine ne

TechnologySept. 20, 2022

Korean battery makers set for growth as demand outside China soars

Three major South Korean battery cell makers -- LG Energy Solution, SK On and Samsung SDI -- are projected to see steady growth in revenue and profitability in the next few years as they race to meet the growing demand for secondary batteries to power electric vehicles in the United States, data showed Tuesday. The three companies' combined revenue will reach $121 billion by 2025, up nearly fivefold from the $27 billion recorded in 2021, according to Korea-based battery market tracker

TechnologySept. 20, 2022

Saudi public VC funds in town in search of Korean startups

Saudi Arabia’s two major public investment funds have arrived in South Korea to look for local startups to add to their portfolios, the Seoul Metropolitan Government said Tuesday. Jada, a fund-of-funds set up by Saudi sovereign wealth fund Public Investment Fund, and fellow state-run Saudi Venture Capital will cooperate with the Seoul government to find Korean “unicorns” or startup companies with a value of over $1 billion to invest in. The investment funds arrived in Seoul on

MarketSept. 20, 2022

Upbit Developer Conference to return in person this week

The Upbit Developer Conference, the nation's largest blockchain developer conference, will be back in person this year after two years of pandemic disruptions. According to Dunamu, the operator of South Korean crypto exchange Upbit, on Tuesday, the 2022 UDC will be held in Busan from Sept. 22 to 23, with 50 speakers and over 3,000 attendees set to join the event. Launched in 2018, the annual gathering has attracted more than 617 companies and 15,100 visitors. This year’s event will cove

MarketSept. 20, 2022

S. Korea to see surge in milk price amid worsening inflation

Dairy product prices are likely to go up again as the price of locally produced milk is expected to increase as much as 500 won ($0.36) per liter, industry sources said Tuesday. Korea Dairy Committee, a private organization that oversees fair distribution of raw milk, carried out the first meeting between dairy farmers and dairy companies on Tuesday to negotiate the price of raw milk for this year. Even before the negotiation, the price of milk was widely expected to jump 300-500 won to 2,700-3,

ConsumerSept. 20, 2022