[Photo News] Not cool

An environmental activist displays the radiation level of a portable fan at a civic group’s office in Seoul on Tuesday. The group, called Asian Citizen’s Center for Environment and Health, claimed handheld fans emitted harmful levels of electromagnetic radiation, a day after the Ministry of Science and ICT concluded that the fans met international safety standards after reviewing 20 different small portable fans on the market.

IndustryAug. 2, 2022

Prices keep surging amid growth woes

Consumer prices in July accelerated to an almost 24-year high of 6.3 percent on higher energy and food prices, as South Korea battles soaring inflation dragging down the export-led economy. According to Statistics Korea data released Tuesday, the July consumer price index edged 0.3 percentage point higher than in June. The last time the annual price gain neared such a level was in November 1998, when it reached 6.8 percent amid the Asian financial crisis. But the pace of monthly inflation sho

EconomyAug. 2, 2022

Seoul shares snap 6-day winning streak amid recession woes

Seoul shares ended lower Tuesday, snapping a six-day winning streak, as investors remain watchful on escalating US-China tension over Taiwan amid global recession worries. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 12.63 points, or 0.52 percent, to close at 2,451.5 points. Trading volume was moderate at 539.85 million shares worth 7.2 trillion won ($5.5 billion), with losers outnumbering gainers 615 to 240. To get a cue, investors are keeping

MarketAug. 2, 2022

Researchers develop mass production technology for biodegradable microrobots

Scientists have developed a new technology to allow mass production of biodegradable microrobots that are likely to contribute to improving the efficacy of regenerative medicine such as stem cell therapy, Daegu Gyeongbuk Institute of Science and Technology said Tuesday. A joint research team composed of scientists at DGIST, Seoul St. Mary’s Hospital of The Catholic University of Korea and Swiss public university ETH Zurich came up with a method to produce over 100 biodegradable microrobo

TechnologyAug. 2, 2022

Lawmakers float bill to triple tax benefits for chipmakers

South Korean lawmakers are poised to propose a new bill aimed at providing domestic chipmakers with more extensive tax benefits in return for facility investment, a step toward its own version of the US-passed CHIPS Act to be effective Thursday. The new bill, unveiled Tuesday by a group of lawmakers led by independent lawmaker Rep. Yang Hyang-ja, is designed to triple the tax incentives for chipmakers, an apparent move to encourage more investment from semiconductor players. At least 20 perce

TechnologyAug. 2, 2022

Korea to scrutinize tax evasion via virtual assets

SEJONG -- The nation’s tax agency has pledged to take stern actions against tax evasion practices via virtual assets, including cryptocurrency, and online platforms. The National Tax Service, in its policy briefing before the strategy and finance committee of the National Assembly on Monday, clarified that the kind of new tax evasion is hampering justice in the market as well as fairness in taxation. More and more people are reportedly seeking to dodge taxes by investing in virtual asset

EconomyAug. 2, 2022

Move over stockbrokers: ‘Ant’ investors new stars of TV shows

The global entertainment industry’s obsession with revealing the finance industry’s deepest and darkest secrets on screen is nothing new. But in South Korea, the protagonists are no longer power-hungry brokers in suits – it’s everyday retail investors. JTBC’s “Cleaning Up,” a 16-episode remake of the British drama of the same name which aired from June 4 to July 24, is at the forefront of the change. It tells the story of how cleaners at a local broker

MarketAug. 2, 2022

SK hynix completes Key Foundry acquisition

South Korean chipmaker SK hynix said Tuesday it has completed the acquisition of domestic contract-based chip manufacturer Key Foundry The announcement came nine months after SK hynix signed a 575.8 billion won ($440.3 million) deal in October to acquire the entire stake of the 200-millimeter wafer foundry company based in Cheongju, North Chungcheong Province, from local private equity firms Alchemist Capital Partners and Gravity Private Equity. SK hynix added that it has won the antitru

TechnologyAug. 2, 2022

Hyundai’s Xcient hydrogen truck to debut in Germany

Hyundai Motor said Tuesday that its Xcient Fuel Cell, the world’s first mass-produced, heavy-duty truck powered by hydrogen, will make its debut in Germany as part of the carmaker’s efforts to expand its presence in the largest commercial vehicle market.  A total of 27 units of Xcient trucks will be delivered to seven local companies in the logistics and manufacturing sectors. This will be the second time that Hyundai has exported its fuel-cell truck to Europe after it clinche

MobilityAug. 2, 2022

Posco, Brazil’s Vale seek to produce hot briquette iron

Posco said Tuesday that it will conduct a feasibility study with Brazil’s largest raw material supplier, Vale, for the possible production of hot briquette iron as part of the steel giant’s efforts to reduce its carbon footprint.  HBI, which is created by reducing the iron ore with natural gas, is a relatively new product that has been recently introduced to be used as a pre-material in blast furnaces or electric arc furnaces. A low-carbon HBI manufacturing plant emits less ca

IndustryAug. 2, 2022

Burger joints raise prices again to fight inflation

Despite enjoying increased sales from the ongoing “lunchflation,” fast food joints in South Korea have been raising their burger prices, citing surging production costs amid lingering inflation fears. Mom‘s Touch, a homegrown chicken chain, said Tuesday that it will raise the prices for 50 products by 200-400 won ($0.15-$0.31) starting Thursday. This is the second price hike by the burger joint this year alone. Mom’s Touch explained that the decision was made “w

IndustryAug. 2, 2022

Seoul shares open lower amid US-China tension, recession woes

Seoul shares opened lower Tuesday, tracking overnight losses on Wall Street, with investors keeping a watchful eye on escalating US-China tension over Taiwan amid global recession woes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.10 points, or 0.21 percent, to trade at 2,447.15 points in the first 15 minutes of trading. US House Speaker Nancy Pelosi reportedly plans to visit Taiwan on Tuesday. China has warned of consequences if she makes the trip to what it views as its terri

MarketAug. 2, 2022

S. Korea's inflation at near 24-year high in July on high energy, food prices

South Korea's consumer prices rose at the fastest pace in almost 24 years in July due to high energy and food prices, data showed Tuesday, raising expectations that the central bank will continue to raise the policy rate to tame inflation. Consumer prices soared 6.3 percent last month from a year earlier, accelerating from a 6 percent on-year spike in June, according to the data from Statistics Korea. It marked the sharpest on-year increase since November 1998, when consumer inflation jumped 6.8

EconomyAug. 2, 2022

BOK signals rate hike slowdown while slashing growth forecast

Bank of Korea Gov. Rhee Chang-yong told lawmakers Monday that the central bank will deliver the usual 0.25 percentage point interest rate hikes this year, while acknowledging that the economy would fall short of the 2.7 percent annual growth for 2022. The central bank a month ago backed its biggest single rate raise of 0.5 percentage point to tame persistent inflation prompted by a global surge in materials and food costs. The bank holds three more board meetings, each in August, October and No

EconomyAug. 1, 2022

Seoul shares up for 6th day on speculation over less-aggressive US rate hikes

Seoul shares closed higher Monday amid speculation a second straight quarterly US contraction may cause the Fed to become less aggressive in raising rates. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.75 point, or 0.03 percent, from the previous session to close at 2,451.5 points, extending its winning streak to the sixth day. Trading volume was moderate at 480.94 million shares worth 7.4 trillion won ($5.7 billion), with gainers outnu

MarketAug. 1, 2022

Power demand hits record high amid heat wave

Sizzling temperatures that hit the country last month led to record-breaking electricity demand, data showed Monday. According to Korea Power Exchange, the country’s average maximum power demand stood at 82,007 megawatts last month, up 1.0 percent on-year -- the highest since records began in June 2005. The sudden surge of power consumption resulted from many households and buildings turning up the air conditioning due to the scorching heat wave and tropical nights across the nation thro

IndustryAug. 1, 2022

Revision seeks to allow battery subscription for EVs

The South Korean government said Monday that it would revise the law to allow battery subscription services for electric vehicles, a move that is expected to pull down EV prices almost one-third from their current price tag and lower entry barriers for potential buyers.  The Ministry of Land, Transport and Infrastructure said that a 36-member regulatory reform committee held a meeting on Thursday to approve the planned revision. The current law on vehicle registration does not allow two

MobilityAug. 1, 2022

S. Korea’s accumulative trade deficit hits 66-year high

SEJONG -- South Korea posted a trade deficit for the fourth consecutive month in the wake of a noteworthy decline in exports to China as well as the spiraling import prices of raw materials, with the cumulative deficit for the first seven months of the year hitting the highest in 66 years. In particular, the nation recorded all-time high imports in July due to a spike in energy prices, which has worsened the trade balance, state data showed Monday. According to the Ministry of Trade, Industry

EconomyAug. 1, 2022

Samsung publishes paper on artificial muscle actuators for VR devices

Samsung Electronics said Monday its joint research team with Ajou University published a paper last month on the wider adoption of artificial muscle actuators for wearables in Nature Communications, an online publisher affiliated with Nature, the science journal. The paper, titled “Actuating Compact Wearable Augmented Reality Devices by Multifunctional Artificial Muscle,” was recognized for expanding the use of artificial muscle actuators in robotics to the field of smaller wearabl

IndustryAug. 1, 2022

Hyundai Motor unveils smart city vision in Singapore

Hyundai Motor Group on Monday unveiled its vision for smart city at the World Cities Summit in Singapore, with an aim to offer a blueprint for smart mobility solutions that revitalize urban communities.  During a panel discussion at the biannual summit, the automaker’s President and Chief Innovation Officer Chi Young-cho offered a detailed look into the company’s vision for human-focused city design through its HMG Smart City concept. The company first unveiled such vision for

MobilityAug. 1, 2022