Samsung suffers heavier taxes, cost per hire than TSMC: think tank

The heavier burden of corporate taxes and cost per hire are weighing on South Korean chipmaking giants like Samsung Electronics, indicating the unfavorable conditions leave them behind competitors like Taiwan-based TSMC amid intensifying semiconductor competition worldwide, according to a local think tank Wednesday. Korea sets the maximum rate of the corporate tax at 25 percent -- imposed on taxable income of large business entities like Samsung -- as a result of a tax hike by 3 percentage poi

TechnologyAug. 10, 2022

Big 3 shipyards attain 87% of yearly order goals

South Korea's three major shipbuilding companies have achieved nearly 87 percent of their yearly order targets thanks to a jump in orders for high-priced liquefied natural gas (LNG) carriers, government data showed Wednesday. The top three shipyards -- Korea Shipbuilding & Offshore Engineering Co. (KSOE), Daewoo Shipbuilding & Marine Engineering Co. (DSME) and Samsung Heavy Industries Co. -- won a combined $30.52 billion worth of new orders in the first seven month of this year, or 86.9 per

IndustryAug. 10, 2022

S. Korea's job growth slows in July amid economic uncertainty

South Korea reported job additions for the 17th straight month in July, but the pace of job growth slowed from the previous month amid heightened economic uncertainty, data showed Wednesday. The number of employed people came to 28.48 million last month, up 826,000 from a year earlier, according to the data compiled by Statistics Korea. The July figure was the largest for any July since 2000, when 1.03 million jobs were added from a year ago. But the pace of job growth slowed for the second stra

EconomyAug. 10, 2022

KCC to probe Apple, Google over in-app payment rules

The Korea Communications Commission will look into whether app market operators -- Apple, Google and One Store -- are in violation of a Korean law that bans forcing certain in-app payment methods among app developers, the regulatory agency said Tuesday. The fact-checking investigation will begin from Aug. 16, according to the KCC. App market operators that only allow certain payment options or refuse app registrations or updates of app developers that use external links for in-app purchases co

TechnologyAug. 9, 2022

Korea’s trade deficit with China to persist: KCCI

South Korea’s trade deficit with China is likely to persist for the time being, unless Korea strives to achieve supply chain independence from China, according to a report by lobby group Korea Chamber of Commerce and Industry on Tuesday. The growing reliance on China over key materials used for Korean semiconductor or battery manufacturing signals Seoul‘s need to upgrade its free trade agreement terms with China as cost attractiveness of Chinese goods will continue to deteriorate Ko

IndustryAug. 9, 2022

Korean battery makers keep close tabs on US Inflation Reduction Act

South Korean lithium-ion battery cell makers are expected to be beneficiaries once the Inflation Reduction Act comes into force in the United States, as the bill is likely to induce US electric vehicle makers to cut their reliance on Chinese battery components. But at the same time, Korean battery makers are now pressured to preemptively diversify their import sources of key materials out of China, as the new US bill is apparently aimed at countering China’s influence on the EV supply cha

TechnologyAug. 9, 2022

Korea to draft frequency plan to support EVs, UAM

The South Korean government will draw up a frequency spectrum plan by the end of this year in efforts to support the growth of new industries such as electric vehicles, robots and urban air mobility, the Ministry of Science and ICT said Tuesday. “We hope that the government’s preemptive supply of frequency and policy improvements will serve as a foundation for Korea to lead the global market in various new industries, including wireless charging of EVs in times of digital transform

TechnologyAug. 9, 2022

Seoul shares rise to 2-month high amid inflation, rate hike uncertainties

South Korean stocks closed moderately higher Tuesday to extend their winning streak to a fifth day, as investors keep a wary eye on upcoming US inflation data that might offer a clue as to the Federal Reserve's next move in its monetary policy. The local currency inched up against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 10.36 points, or 0.42 percent to 2,503.46, the highest since June 13 when the index ended at 2,504.51. Trading volume was mod

MarketAug. 9, 2022

MetLife‘s 360Health app to cater to South Korea’s aging society

South Korea has become an aging society since 2000 and is now on track to become a super-aged society within five years when older people makes up 20 percent of its 50 million population. With the insurers‘ customers across Asia now expecting longer life spans, helping them build a healthier lifestyle has become a key goal for the businesses, says MetLife Asia’s chief marketing officer. “MetLife‘s response to the issue of an aging society was the 360Health solution, wh

MarketAug. 9, 2022

Inflation causes higher car repair, parking charges

SEJONG -- The nation’s transportation fees recorded double-digit growth on-year for the fifth consecutive month in the wake of a spike in international crude prices and a glitch in supply of raw materials, state data showed Tuesday. According to Statistics Korea, transportation-related fees such as cost of fuel, repair and parking climbed 15.3 percent in July, compared to the corresponding month of 2021. Transportation fees grew 12.7 percent in March, 13.8 percent in April, 14.5 percent

EconomyAug. 9, 2022

Floods ravage Seoul area shopping malls, hospitals

The heaviest rainstorms in 115 years have flooded hospitals, shopping malls, convenience stores and office buildings in Seoul, leaving the capital city in chaos overnight. Gangnam Severance Hospital in Gangnam-gu, one of the largest hospitals in Seoul, was submerged last night, with water cascading down the underground levels where restaurants, cafes, pharmacies and MRI rooms are located. Hospital staff scooped up water all night in front of MRI rooms to protect the medical devices inside

IndustryAug. 9, 2022

Nearly 5,000 vehicles flooded due to heavy rain

Insurance companies are expected to face costly claims for flooded cars as a result of the heavy rain that has inundated Seoul’s Gangnam area since Monday night. Twelve automobile damage insurance companies received more than 4,791 claims for flooded cars overnight, according to the General Insurance Association of Korea, as of 2 p.m. Tuesday. The estimated damage amounts to 65.86 billion won ($50.42 million) but is expected to increase as torrential rain is forecast to continue through

MobilityAug. 9, 2022

Hanwha chairman's wife dies at 61

Hanwha Group Chairman Kim Seung-youn’s wife, Suh Yung-min, died at 61 at a hospital in the United States on Sunday, as she was suffering from cancer, the group said Tuesday. Suh is survived by Kim, who leads South Korea‘s seventh-largest conglomerate dedicated to chemicals, renewable energy and finance, and their three sons, Dong-kwan, Dong-won and Dong-sun. Suh, who studied pharmaceuticals at Seoul National University, was the daughter of five-term lawmaker Suh Chung-hwa, who fo

IndustryAug. 9, 2022

Avikus bags 1st Level 2 autonomous navigation orders

Avikus, an in-house venture under Hyundai Heavy Industries Group, became the first autonomous navigation software company to sell Level 2 autonomous navigation solutions in the world. Avikus signed order contracts with two South Korean shipping companies, SK Shipping and Sinokor Merchant Marine, to install Hyundai intelligent Navigation Assistant System (HiNAS) 2.0 on a total of 23 large vessels, including container ships and LNG carriers, starting from August 2023, the company said Tuesday. H

MobilityAug. 9, 2022

‘Don’t touch batteries of flooded EVs’: experts

The possibility of getting an electric shock from a submerged electric vehicle is low, but drivers should never touch the battery of flooded cars, experts warned Tuesday. According to the Korea Transport Institute, EV batteries are designed to automatically cut off outgoing electricity if any water seeps into it. The battery then drains itself by sending electric currents back and forth between the two electrodes. Though it is highly unlikely one would get electrocuted by touching the vehicle

MobilityAug. 9, 2022

Manufacturers' domestic supply grows for 6th quarter in Q2

South Korean manufacturers' domestic supply increased for the sixth straight quarter in the April-June period as exports remained robust despite the global economic slowdown, data showed Tuesday. The manufacturing domestic supply index stood at 112.7 in the second quarter, up 1.5 percent from the previous year, according to the data from Statistics Korea. The index, which measures both locally produced goods and imports, serves as a major indicator of domestic demand trends. The index rose

IndustryAug. 9, 2022

HD Hyundai unit commercializes Level 2 autonomous navigation system

Avikus, a unit of South Korea's leading shipbuilding group, HD Hyundai, said Tuesday it has commercialized its Level 2 autonomous navigation system for the first time in the shipbuilding industry. Avikus has signed a deal with two domestic firms -- SK Shipping Co. and Sinokor Merchant Marine Co. -- to gradually supply the Level 2 autonomous navigation solution to 23 ships operated by the shippers, the company said in a statement. The deep learning-based HiNAS 2.0 system will allow a vessel

IndustryAug. 9, 2022

SK Telecom Q2 net income down 67.6% after spinoff of chip biz

SK Telecom Co., South Korea's largest wireless carrier, said Tuesday that its second-quarter net profit dropped 67.6 percent from a year earlier due mainly to last year's spinoff of its semiconductor businesses. The company logged a net profit of 258.1 billion won ($197.7 million) on a consolidated basis in the three months ending in June, compared with 795.7 billion won a year earlier, the company said in a regulatory filing. Operating profit went up 16.1 percent on-year to 459.6 bill

IndustryAug. 9, 2022

SK Geocentric to build advanced packaging material factory in China

SK Geocentric Co., a chemical unit of South Korean's No. 2 conglomerate SK Group, said Tuesday it is building a plant in China that will produce a high value-added packaging material to expand its presence in Asia's largest market. SK Geocentric will form a 6:4 joint venture with Zhejiang Satellite Petrochemical Co., and the factory will be built in a petrochemical complex in Lianyungang, a city in northeastern Jiangsu Province, according to SK Geocentric. A total of 290 billion won ($

IndustryAug. 9, 2022

KEPCO expected to log huge Q2 loss on high costs

The state-run Korea Electric Power Corp. (KEPCO) likely posted a massive loss in the second quarter due to surging costs following record red ink three months earlier, a market tracker said Tuesday. The market consensus of KEPCO's consolidated operating loss stands at 5.37 trillion won ($4.11 billion) for the April-June period, flirting with the 5.86 trillion-won deficit for the whole of 2021, according to FnGuide. In the first quarter of this year, the state power company chalked off a rec

IndustryAug. 9, 2022