Han Sung Motor collaborates with NFT artist at Kiaf Plus

  Kiaf Seoul, the country’s largest art fair that kicked off on Friday, has garnered the most-ever attention this year for bringing Seoul’s version of the top 3 global art fair Frieze to Asia for the first time, as well as giving birth to the new art fair Kiaf Plus – a special art show dedicated to digital art and aspiring young artists. South Korean imported car dealer Han Sung Motor is official sponsor of Kiaf Plus, in which 73 galleries from 11 countries with less than

IndustrySept. 4, 2022

Posco President visits Argentina for Korea’s World Expo bid

Steel giant Posco Group’s Representative Director and President Jeong Tak visited the Argentinian government Thursday to ask for the country’s support on South Korea’s bid to host the 2030 Busan Expo, the company said Sunday. Jeong met with Santiago Cafiero, the Argentinian Minister of Foreign Affairs, to promote Busan as the No.1 port city that is most optimized to host a global exhibition. Jang Myung-soo, South Korean Ambassador to Argentina, was also present at the meeting.

IndustrySept. 4, 2022

Hana to launch 26 trillion won financial aid program for socially vulnerable

South Korea’s Hana Financial Group said Sunday it plans to launch a financial aid program worth 26 trillion won ($19 billion) this month that will benefit some 700,000 vulnerable members of society annually. The program named "All Happiness Connected in Hana Finance" will focus on loan extension and cutting back interest rates for 350,000 small business owners, 90,000 mortgage borrowers and 250,000 financially vulnerable members of the population, including customers in their 20s

BusinessSept. 4, 2022

Samsung’s foldable R&D chief talks about balancing tradeoffs

BERLIN – Samsung Electronics will focus on upgrading foldable phones and enhancing their user experience for now, despite their extensive study on diverse smartphone form factors such as rollable and slide types, according to a senior executive who oversees research and development for mobile devices. “Technically, we are studying all form factors. But now our top priority is upgrading the current foldable phones,” Choi Won-joon, executive vice president and R＆D head of the mo

TechnologySept. 4, 2022

LG to wide gap with rivals with enhanced OLED TV lineup

BERLIN – LG Electronics, the dominant No. 1 firm in the OLED TV market, said Saturday it aims to further widen its gap with rivals by offering a more diversified product lineup that meets different consumer demands. According to market tracker Omdia, Europe is the largest OLED TV market, making up more than 50 percent of global shipments. In the region, LG’s market share was a whopping 65.8 percent in the first half of this year, followed by Sony with 17 percent and Philips with 11

TechnologySept. 4, 2022

Group files complaint against Starbucks Korea over giveaway bags containing toxic chemicals

A civic group filed a complaint against Starbucks Coffee Korea on Friday in connection with giveaway picnic bags found to contain toxic chemicals. The company came under fire in July after formaldehyde, a carcinogen, was detected in "summer carry bags," which it provided to customers who purchased 17 drinks between May and early July. A Seoul-based nonprofit organization, called the People's Livelihood Countermeasures Committee, said it reported Starbucks Korea CEO Song Ho-seop to

IndustrySept. 2, 2022

New pension chief faces uphill battle over reform plan, record loss

A new chief took office Friday to lead South Korea’s pension fund, but his push to reform the country’s main retirement plan to avoid the depletion of its reserves by 2055 has gained little of the support it needs. Kim Tae-hyun, a former senior official at the top financial regulator who most recently served as president of Korea Deposit Insurance Corp., faced a delay in getting to work as the union physically blocked him from entering his office, saying Kim was a placeholder underq

EconomySept. 2, 2022

Experts say hydrogen ecosystem is global task to cooperate

Business leaders and experts gathered in Goyang, Gyeonggi Province on Friday to discuss ways to create a globally connected hydrogen ecosystem amid growing geographical uncertainties stemming from Russia's attack on Ukraine and worsening climate change. Jeong Marn-ki, president and CEO of the Korea Automobile Manufacture Association, called hydrogen a carbon-free alternative to fossil fuels at the International H2 Conference. Hydrogen can prevent such uncertainties in the future, but its commer

IndustrySept. 2, 2022

Coway showcases its newest air purifiers at IFA

Coway is showcasing its latest lineup of air and water purifiers at Europe’s largest home appliances tech show IFA 2022, the South Korean company said Friday. Coway’s on-display products at the event’s exhibition booth in Berlin include 14 air purifiers and eight water purifiers with the newest air purifiers Coway Airmega taking the spotlight. “The Coway Airmega range is consistently recognized as the best-in-class, earning status as an Amazon USA top air purifier brand

TechnologySept. 2, 2022

Inflation decelerates in August, but risks persist

SEJONG -- The growth in the nation's consumer prices somewhat decelerated last month after continuously expanding for six consecutive months from February-July. But the inflation still remained at a critically high level, state data showed Friday. According to Statistics Korea, consumer prices climbed by 5.7 percent in August on-year amid ongoing global inflationary pressure, which has been causing high raw material prices. It marked the first slowed growth in seven months after the inflation

EconomySept. 2, 2022

Irreversible climate changes expected even with decreased greenhouse gas: study

A group of researchers at Yonsei University have found that even if the concentration level of greenhouse gases in the atmosphere is reduced to that of the pre-industrial era, it will be difficult to restore the climate’s condition to its original state. According to Yonsei University on Friday, an in-house research team led by atmospheric sciences professor An Soon-il developed the world’s first climate recovery map, which is designed to illustrate possible improvements in global s

TechnologySept. 2, 2022

Seoul city pushes for cab fare raise

Seoul’s city council said Friday it has received plans from the city government to raise taxi fares. The draft document, “Proposal for Opinion Hearing on the Taxi Fare Adjustment Plan for Resolving Late-Night Ride Difficulties," outlines the city's proposal to increase basic cab fares from the current 3,800 won ($2.80) for the first 2 kilometers to 4,800 won for 1.6 kilometers. According to the outline of the plan, the basic fare of Seoul cabs would increase 26.3 percent, and

IndustrySept. 2, 2022

Daesang to open Polish branch as strategic base for European expansion

South Korean food company Daesang, famous for its Jongga kimchi brand, has launched a branch in Poland as a strategic European base to expand its business in the region. The Polish branch, established in Warsaw, is Daesang's second office in Europe since 1994, when it opened an office in the Netherlands. Daesang said that it has decided to expand its business in Europe amid growing interest in Korean food worldwide. Daesang currently operates in 21 countries including the US, China, Japan, Ind

IndustrySept. 2, 2022

Samsung's new foldables get warm reception in Europe

South Korean tech giant Samsung Electronics announced Friday that sales and shipments of its newest foldable phones have significantly increased in Europe compared with their predecessors in the first week since the release. The latest additions to Samsung's foldable lineup -- the clamshell-type Galaxy Z Flip4 and book-type Galaxy Z Fold4 -- saw all-time high sales among all foldable types in Europe, Samsung said, without disclosing the figure. Sales of the Z Flip4 and Z Fold4 began on Aug

TechnologySept. 2, 2022

Samsung CEO hints at joining RE100 ‘soon’

BERLIN – Samsung Electronics co-CEO Han Jong-hee on Thursday hinted that the South Korean tech giant will unveil a new sustainable growth strategy soon, possibly its delayed decision to join the RE100 global initiative. “We will announce a clearer goal that is also achievable,” he said at a press conference in Berlin held on the sidelines of the IFA trade show that kicks off Friday. The RE100 initiative sets a 2050 target for using 100 percent renewable electricity. Samsung's

TechnologySept. 2, 2022

Consumer prices grow at slower pace in Aug. amid falling oil prices

South Korea's consumer prices grew at a slower in August after running at a 24-year high the previous month as global oil prices slid, data showed Friday, in a sign that high inflation may have peaked. But inflationary pressure still remains high, given volatility in oil prices and a weaker won, fanning expectations that the central bank will likely further raise the policy rate. Consumer prices, a key gauge of inflation, jumped 5.7 percent last month from a year earlier, slowing from a 6.3 perc

EconomySept. 2, 2022

Hyundai, Kia's Aug. US sales rise 18% despite chip shortage

Hyundai Motor Co. and its affiliate Kia Corp. said Friday their combined sales in the United States rose 18 percent last month from a year earlier despite the prolonged global chip shortage. Hyundai and Kia sold 130,424 vehicles in the world's most important automobile market in August, up from 110,209 units a year ago, according to the companies' sales data. Hyundai's sales climbed 14 percent to 64,335 units last month from 56,200 a year ago, while Kia's jumped 22 percent to

IndustrySept. 2, 2022

Seoul shares open higher on dip-buying

South Korean opened higher Friday, following a big drop in the previous session, amid lingering concerns over the US rate hikes and a global economic slowdown. The benchmark Korea Composite Stock Price Index (KOSPI) added 8.02 points, or 0.33 percent, to trade at 2,423.63 points as of 9:15 a.m. The index tumbled more than 2 percent Thursday, as investors were worried about the US Federal Reserve's aggressive monetary tightening to tame inflation. Overnight, US shares ended mixed. The Dow Jo

MarketSept. 2, 2022

Samsung bets big on home connectivity

BERLIN – Samsung Electronics is betting big on its SmartThings smart home platform, declaring that a connected home is now a reality that creates new value for users. “This year will mark the beginning of mass adoption of SmartThings,” said Han Jong-hee, Samsung's co-CEO who oversees the smartphone and home appliance businesses at a press conference held on the sidelines of the IFA trade show that kicks off in Berlin on Friday. The SmartThings platform aims to connect not ju

TechnologySept. 2, 2022

LG debuts chameleon refrigerator that changes color

BERLIN/SEOUL – LG Electronics on Thursday debuted the world’s first refrigerator that changes color at the touch of a smartphone button ahead of the IFA trade show that kicks off Friday in Berlin. The chameleon four-door fridge MoodUp is a newest addition to LG’s high-end Objet Collection. The self-illuminating doors use light sources from light-emitting diodes. Users can choose one among some 170,000 color combinations, based on the 22 color options for top doors and 19 choi

TechnologySept. 1, 2022