Kakao’s ‘Metaverse Work System’ faces internal resistance

South Korean tech giant Kakao said Wednesday that it will revise its Metaverse Work System that would allow employees to work remotely but connect them online at all times, after it drew ire over excessive monitoring. Kakao CEO Namkoong Whon said in an announcement to staff that he will consider changing the ground rules, including those involving mandatory real-time voice calls among colleagues and set working hours. “After the beta test of the new work system, team members can vote on

TechnologyJune 1, 2022

[Newsmaker] Army of service robots rolling in to replace high-cost labor in Korea

Accelerated by soaring labor costs, the reduced number of workers willing to take labor-intensive jobs and pandemic-triggered noncontact services, South Korea has seen a growing number of businesses deploying front-line service robots that have begun replacing humans in performing mundane and routine tasks.  Korea’s service robot market will grow to an accumulative 230,000 robots by 2025, worth 2.8 trillion won ($2.25 billion) in value, according to market data compiled by the Inter

IndustryJune 1, 2022

Single-person households spend most on housing, utilities

Housing-related expenditures such as rent, water, electricity and gas accounted for the largest part of a single-person households’ spending in South Korea, government data showed Wednesday. For the first three months of this year, single-person households spent a monthly average of 300,000 won ($241.74) on housing-related expenditures, accounting for 20.5 percent of their total average monthly spending, a Statistics Korea data showed. Their total average monthly spending came to 1.46 mil

EconomyJune 1, 2022

Exports up 21.3% in May; trade deficit extended on high energy prices

South Korea's exports rose 21.3 percent in May from a year earlier on solid demand for chips and petroleum products, but they suffered a trade deficit due to high global energy prices, data showed Wednesday. Outbound shipments stood at $61.52 billion last month, up from $50.73 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It is the highest tally for any May since the ministry began compiling related data in 1956. The previous record wa

EconomyJune 1, 2022

Hyundai Oilbank to transition into eco-friendly energy company through new projects

Hyundai Oilbank seeks to become an eco-friendly energy company through two new projects on emission reduction technology that can be applied across the energy system. The Korean oil company said Tuesday it has been working with DL E&C on two carbon capture and utilization projects to produce construction materials such as cement and concrete with desulfurized gypsum and carbon. Hyundai Oilbank is also working with Taekyung Industry, a company responsible for 30 percent of the high purity

IndustryMay 31, 2022

Seoul shares end higher on foreign buying amid eased recession, China woes

South Korean stocks closed higher for a third consecutive day Tuesday as foreigners scooped up local equities amid eased concerns over a global recession and China's economic slowdown, analysts said. The local currency inched up against the US dollar. The Korea Composite Stock Price Index (KOSPI) gained 16.24 points, or 0.61 percent, to close at 2,685.90. Trading volume was moderate at 649.8 million shares worth 13.64 trillion won ($11 billion) with gainers outpacing decliners 544 to 291. &

MarketMay 31, 2022

Businesses step up push for hydrogen support

The South Korean government should help companies build a hydrogen economy because using the renewable energy ensures growth as businesses race to reduce their carbon footprint, Woo Tae-hee, vice chairman of the Korea Chamber of Commerce and Industry, said Tuesday at a forum on green hydrogen. “I believe it is time for us to turn the climate crisis into an opportunity to secure the hydrogen market and improve our economy with strong commitment and collective wisdom,” Woo said at the

IndustryMay 31, 2022

Amid escalating uncertainty, output, spending, investment drop in April

SEJONG -- South Korea suffered a “triple” decline in industrial output, consumption and investment in April amid expanded economic uncertainty from global inflationary pressure and a glitch in supply, state data showed Tuesday. According to Statistics Korea, industrial output decreased by 0.7 percent in April on-month, private consumption (also called retail sales) by 0.2 percent and facilities investment by 7.5 percent. This marked the first simultaneous decline in the three secto

EconomyMay 31, 2022

Companies join forces for Busan’s World Expo bid

A business-led civilian committee was launched Tuesday to support Busan’s bid to host the 2030 World Expo, one of the world's biggest international events, in the realm of the World Cup and Olympics. SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry, leads the committee, while top executives of 11 conglomerates are joining to add weight to the bid from South Korea’s second-largest city. The 11 businesses include: Samsung Electron

IndustryMay 31, 2022

Three-way race set for Korea's flying car commercialization

The race for leadership of South Korea’s flying car market intensified Tuesday, with SK Telecom, Hyundai Motor Group and Kakao Mobility announcing their bid by forging consortiums with local companies.  SKT, Hyundai Motor Group and Kakao Mobility submitted their business proposals to join the K-UAM Grand Challenge, a government-led program to select an urban air mobility business operator. They are vying for the lucrative sector that is expected to surpass 1,800 trillion w

MobilityMay 31, 2022

‘Jeonse’ no more? More Koreans opt for monthly rentals under debt burden

Monthly lease contracts exceeded half of South Korea’s home rentals and surpassed “jeonse” transactions for the first time in April, government data showed Tuesday, mostly due to greater debt burden sparked by soaring interest rates on loans. Of the total 258,313 lease transactions for apartments and houses, 50.4 percent of them were for monthly rentals in April, according to the Ministry of Land, Infrastructure and Transport. Jeonse contracts -- a lump-sum returnable deposit

EconomyMay 31, 2022

S. Korea has best EV infrastructure per unit in world: report

South Korea has the most established electric vehicle charging infrastructure per unit in the world, a report by an autonomous intergovernmental organization said Tuesday. The latest findings released in the Global EV Outlook 2022 by the Paris-based International Energy Agency showed that South Korea had 2.6 EVs per charging point last year. A charging point refers to the number of sockets that can charge vehicles at the same time. Among the 20 countries included in the report, South Korea h

IndustryMay 31, 2022

[Photo News] Hello Japan

Passengers get ready to depart to Fukuoka, Japan, from Gimhae International Airport near Busan on Tuesday, as the airport opened the route to the Japanese city for the first time since its pandemic closure two years ago. Gimhae became the first regional base gateway in South Korea, outside of Incheon International Airport, to resume passenger flight services to Japan.

IndustryMay 31, 2022

Fake crypto exchange operators arrested for duping victims out of W1.7b

Four people have been arrested for scamming a total 1.7 billion won ($1.3 million) out of investors who transferred money on a fake cryptocurrency exchange, South Korean police said Tuesday. The four, recently taken into police custody, are suspected of operating the fake crypto exchange that tricked investors into thinking they were actually trading coins and gold. More than 20 investors saw losses after the scammers told them they were unable to return their investments due to the coins&rsquo

MarketMay 31, 2022

LG Chem, China’s Huayou Cobalt set up JV for cathode production

LG Chem said Tuesday it has set up a joint venture with Tianjin B&M Science and Technology, a materials subsidiary of Chinese miner Huayou Cobalt, to secure a stable supply of key materials for high-nickel cathodes in its latest push for electric vehicle batteries. Under the deal signed on Monday in Seoul, B&M is securing a 49 percent stake in LG Chem’s existing cathode-making unit in Gumi, North Gyeongsang Province, supplying essential materials for nickel, cobalt, manganese, an

IndustryMay 31, 2022

Hyundai E&C showcases new Hillstate apartment complex in Yangju

Local builder Hyundai Engineering & Construction opened a model house for its new Hillstate Yangju Okjeong Patio Foret housing complex on May 13. Customers can tour the model house until June 12 after making a reservation through Hillstate Patio Foret’s official website. A virtual tour is also available. The new building can accommodate up to 809 households in 84-square-meter block houses. Each three story house was designed to include two parking spaces and an electric vehicle charg

IndustryMay 31, 2022

Hyundai Engineering expands nuclear power plant business

Hyundai Engineering (HEC) set up a new division for nuclear power projects as it seeks to develop its own small modular reactors (SMR). What was previously a team has been expanded and elevated to a division, and more nuclear power specialists will join, the company said. In addition to SMRs, Hyundai Engineering plans to produce micro modular reactors and hydrogen; enter new fields such as decommissioning of aging nuclear power plants, nuclear fuel cycle, reactors for research purposes and nuc

IndustryMay 31, 2022

[Graphic News] Chinese nationals purchase nearly 7,000 buildings in S. Korea in 2021

　Chinese people purchased nearly 7,000 buildings in South Korea last year, with more than half of the properties being in the Greater Seoul area, a ruling party lawmaker said. 　A total of 6,640 buildings, including apartments, were purchased by Chinese nationals last year, and 2,659 of them are located in Gyeonggi Province, which surrounds the capital city of Seoul, Chung Woo-taik, a lawmaker of the ruling People Power Party, said in a report, citing the National Assembly Research Service. 　C

BusinessMay 31, 2022

Seoul shares open tad lower amid continued recession woes

South Korean stocks opened slightly lower Tuesday, as worries over a possible recession induced by the US Federal Reserve's pledge to hike rates continued to overshadow the markets despite optimism from China's easing of COVID-19 lockdowns. The Korea Composite Stock Price Index lost 1.33 points, or 0.05 percent, to 2,668.33 in the first 15 minutes of a choppy trading. Large-cap stocks lost ground across the board, with market heavyweight Samsung Electronics dipping more than 1 percent.

MarketMay 31, 2022

S. Korea suffers falls in production, consumption, investment in April

South Korea's industrial output, consumption and investment declined together for the first time in over two years in April in the latest sign that economic recovery momentum remains fragile, data showed Tuesday. Industrial production fell 0.7 percent in April from the previous month, compared with a 1.6 percent on-month rise in March, according to the data from Statistics Korea. Compared with a year earlier, industrial output grew 4.5 percent. Retail sales, a gauge of private spending, fel

EconomyMay 31, 2022