Korean IT leaders shy of expansion, investment: survey

South Korean corporate decision makers in the field of information technology have shown a lackluster appetite for expansion and investment compared with the global peers, a survey showed Wednesday. Fifty-five out of 100 Korean decision makers responded that their organizations are planning to expand in a new city, country or region within the next 12 months, which was lower than the global average of 72 percent, according to Nasdaq-listed digital infrastructure investment firm Equinix. Those wh

TechnologyAug. 31, 2022

K-water inaugurates Chungju Dam's third floating solar power plant

South Korea’s state-funded Korea Water Resources Corp. hosted Wednesday a ceremony marking the completion of Chungju Dam’s third floating photovoltaic power plant at Chungju Lake located in the North Chungcheong Province. Floating photovoltaic power plants are installed on buoys that float on bodies of water. They inflict less damage to the surrounding environment, and the water acts as a natural coolant, increasing solar panel efficiency by 10 percent, according to experts. The Ch

IndustryAug. 31, 2022

Korean economy suffers triple decline in July

SEJONG -- Korea posted a triple decline in industrial output, consumption and investment in July amid the ongoing negative factors, such as spiraling raw material prices and a glitch in global supply, state data showed Wednesday. Further, consumption decreased for the fifth consecutive month, which marked the first time in 1995 since the nation started compiling the relevant figures. According to Statistics Korea, industrial output declined by 0.1 percent in July on-month, private consumption

EconomyAug. 31, 2022

[Herald Design Forum 2022] EVs offers opportunity for car design innovation, says Ian Callum

Ian Callum, a British car designer who led design team of Jaguar Land Rover until recently, believes that electric vehicles open up more flexibility for designers. “Many electric cars still have a conventional look currently. But they don’t need to. Again, it is down to the designers to create this difference. Being electric is not a hindrance but an opportunity, as long as the company’s management and directors allow this freedom,” said Callum in an email interview wit

IndustryAug. 31, 2022

Retailers race to make next Pokemon Bread

Piggybacking on SPC Samlip’s Pokemon Bread craze, South Korean food companies are using animated characters on their product packaging to appeal to customers with a desire to collect nostalgic items. Convenience store chain 7-Eleven said Wednesday it has sold more than 250,000 rolls of its recently launched Digimon Bread in a week. The pastry comes with a sticker of one of 182 characters from the Japanese anime television series “Digimon Adventure” -- a key rival of the Poke

ConsumerAug. 31, 2022

Hyundai E&C opens Hillstate Wonju Restige apartment sales

Hyundai Engineering ＆ Construction said Wednesday it has opened a model house to initiate sales of its Hillstate Wonju Restige apartment. Located in Wonju, Gangwon Province, the apartment complex consists of 976 households, ranging in size from 84 square meters to 136 square meters. After receiving applicants between Sept. 5 and 7, the company will announce the selected residents on Sep. 15. The move-in date is scheduled for some time in January 2025. Hyundai E＆C said since the apartment com

IndustryAug. 31, 2022

[Market Eye] Lone Star verdict sheds light on Korea’s systematic flaws, experts say

An international dispute settlement body’s order Wednesday that South Korea must pay a “smaller-than-expected” $216.5 million to Lone Star may seem like a reasonable resolution to a decadelong battle between the government and the US-based private equity firm. But the verdict and the 10-year-long battle itself have revealed flaws in Korea’s financial and legal system that must be fixed before it can make the progress it aspires to, experts said. “The dispute has

MarketAug. 31, 2022

GS E&C develops bioethanol using cassava

GS Engineering and Construction said it has joined hands with a Finnish energy company to produce bioethanol using cassava peels waste in Thailand. Cassava is a nutty tasting, starchy root vegetable that looks like sweet potatoes and is grown in tropical regions. Huh Yoon-hong, president of GS E＆C’s new businesses unit, and Patrick Pitkanen, director of St1 Renewable Energy (Thailand) Ltd, signed a memorandum of understanding on Monday in Bangkok on technological cooperation to produce b

IndustryAug. 31, 2022

S. Korea introduces 2 numbers in 1 phone service with eSIM

South Korea will begin embedded subscriber identity module, known as eSIM, services from Thursday, allowing Koreans to have two different numbers in one mobile device, the Ministry of Science and ICT said Wednesday. The eSIM service, an upgrade from the universal subscriber identity module, is based on downloading the electronic profile of subscribers to each device. Therefore, it does not require a physical USIM card change. The ministry said Koreans can now choose between the two types of SI

TechnologyAug. 31, 2022

Nexon’s HIT2 opens new world of MMORPG

HIT2, a recently-launched massively multiplayer online role playing game developed by South Korean game developer Nexon, is looking to change the nature of how MMORPGs are played by offering players chances to revise the playing rules. According to Nexon, HIT2 players get to vote on the rules of their game server under the name of “Altar of the Coordinator” each week. Players can obtain their voting rights by completing simple quests in game. The players can also opt to sell their v

TechnologyAug. 31, 2022

Samsung's connected home app SmartThings to power 13 home appliance brands

Samsung Electronics' integrated home appliances solution SmartThings is poised to be applied to Samsung plus 12 other major white goods brands by the first half of 2023, the company said Wednesday. This comes as Samsung's SmartThings is to make consumer electronics goods and mobile apps interoperable under the standard provided by the 13-member Home Connectivity Alliance, through an update of Samsung's smart home solution next year. The update will allow users of 13 HCA member bra

TechnologyAug. 31, 2022

Hyundai Oilbank accelerates next-generation energy development

Hyundai Heavy Industries Group’s refining affiliate Hyundai Oilbank said it has been bolstering efforts in developing next-generation energy, it said in a statement Wednesday. The refiner said it has been constructing a biodiesel production plant with an annual production capacity of 130,000 metric tons in Seosan, South Chungcheong Province, since last year, as part of its “White Bio” project. The plant is expected to be completed by 2023. White bio refers to carbon reduction

IndustryAug. 31, 2022

Number of startups drops 4.7% in H1

The number of startups in South Korea fell nearly 5 percent in the first half of the year due mainly to a plunge in new real estate businesses, government data showed Wednesday. A total of 696,000 new companies were set up in the country in the January-June period, down 4.7 percent from a year earlier, according to the data from the Ministry of Small and Medium-sized Enterprises and Startups. The number of newly established real estate companies sank 18.9 percent on-year, with that of hospitalit

IndustryAug. 31, 2022

Seoul shares open lower on US rate hike woes

South Korean stocks opened sharply lower Wednesday, tracking a continued drop on Wall Street that stemmed from concerns about the US Federal Reserve's aggressive policy tightening. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 23.83 points, or 0.97 percent, to trade at 2,427.1 points as of 9:15 a.m. Stocks have been in a slump in the wake of the Fed chairman's reaffirmation in Jackson Hole that the US central bank would continue its fight against four-decade high infl

MarketAug. 31, 2022

S. Korea suffers fall in production, consumption, investment in July

South Korea's industrial output, retail sales and investment declined together for the first time in three months in July amid heightened external uncertainty, data showed Wednesday. Industrial output fell 0.1 percent in July from the previous month, compared with a 0.8 percent on-month increase in June, according to the data from Statistics Korea. Compared with a year earlier, industrial production grew 3.8 percent. Retail sales, a gauge of consumption, fell for the fifth straight month in July

EconomyAug. 31, 2022

FSS chief stresses fair competition in fintech

South Korea’s top financial watchdog said Tuesday it is seeking to support fair competition between fintech firms like Naver and Kakao. “Our hope is that all these companies meeting with us today help to cultivate a fair and transparent environment,” Gov. Lee Bok-hyun of the Financial Supervisory Service said at a meeting with the chief executives at the local tech firms. Lee and the companies discussed whether commissions that the internet platforms collect from sellers usin

IndustryAug. 30, 2022

BOK says no shift in policy despite hawkish US Fed

The Bank of Korea said Tuesday that it is not expecting a shift in its interest rate policy despite a hawkish US stance on inflation Federal Reserve Chairman Jerome Powell revealed over the weekend, as that was already factored in its decision-making process. At a three-day global symposium of central bankers that ended Saturday in Jackson Hole, Wyoming, Powell made it clear he backs rate hikes as needed to tame inflation even if that means slowing growth – a message some say could push t

EconomyAug. 30, 2022

Coupang to file law suit against NGO on false allegations

South Korean e-commerce giant Coupang said Tuesday it will take legal action against People’s Solidarity for Participatory Democracy, a local NGO, for spreading false information on the company’s audit report. The NGO said in a statement that Coupang is illegally aiding its subsidiary called CPLB by receiving only 2.55 percent commission while demanding around 31.2 percent commission to other sellers. The 31.2 percent includes advertising fee and standard brokerage fee, it claimed.

ConsumerAug. 30, 2022

Troubled Optimus Asset Management declared bankrupt

A South Korean court on Tuesday officially declared the bankruptcy of Optimus Asset Management, which had been mired in massive financial fraud leading to losses worth some 560 billion won ($415.8 million) for investors. The Seoul Bankruptcy Court declared the troubled asset manager bankrupt, citing its incapability to make payments due to its “heavy debt.” Optimus filed for bankruptcy with the Seoul court in June. Optimus was found to have raised 1.35 trillion won from more than 3

MarketAug. 30, 2022

SK’s investment arm to buy back shares worth W200b

SK Inc., the holding company of South Korea’s second-largest conglomerate SK Group, said it plans to buy back 200 billion won ($148 million) of its own shares, which is equivalent to some 1 percent of the market cap, the firm said Tuesday. The firm’s board of directors on Aug. 30 approved the share repurchase to enhance shareholders’ value. It marks the first step to implement the shareholders return policy and strengthen the market confidence, according to the firm. The buyb

IndustryAug. 30, 2022