S. Korea ramps up action against terraUSD, luna crisis

South Korean authorities and major cryptocurrency exchanges are cranking up the heat on controversial “stablecoin” terraUSD and its sister luna over its price fall fiasco, with the prosecution launching a crackdown on the case, reports said Sunday. Major crypto exchanges here are planning to form a joint body that would help them counter crises like the collapse of the terraUSD and luna, which caused some 280,000 Korean investors to see almost $38 billion wiped out from their balanc

MarketMay 29, 2022

BOK rate hike to weigh on self-employed

Self-employed workers will likely bear the brunt of the Bank of Korea’s rate hike on Thursday, the fifth raise since August last year from the central bank’s record low of 0.5 percent amid persistent inflation, a credit ratings agency said Friday in a report. The self-employed in 2020 spent 46 percent of their annual income amid falling earnings to settle debt while households used 34 percent on average to do the same, according to Korea Investors Service. 

EconomyMay 27, 2022

Fiscal chief signals drastic deregulations in financial sector

SEJONG -- The nation’s fiscal chief has expressed his willingness to enact drastic deregulations and introduce innovations into the financial services sector during the Yoon Suk-yeol administration. Deputy Prime Minister and Finance Minister Choo Kyung-ho said Friday that the government “would eliminate unnecessary and excessive regulations in the financial sector drastically, with the exception of (regulations) for financial soundness and protection of (financial) consumers.”

EconomyMay 27, 2022

Collaboration new marketing strategy in Korea’s alcohol industry

Food companies are seeking to cooperate together within the industry to appeal to the younger generation who have become an important consumer demographic. Lotte Chilsung Beverage, the beverage unit of South Korean conglomerate Lotte Group, said Friday it would launch a makgeolli-flavored soft drink product in collaboration with Korean traditional liquor company Kooksoondang Brewery, starting Wednesday. Makgeolli cider, or “maksa” for short, is a cocktail of Korean rice wine calle

IndustryMay 27, 2022

Hyundai Motor’s N brand cars set for Nurburgring race

Three cars under Hyundai Motor’s high-performance N brand will participate in the 50th 2022 ADAC 24h Nurburgring race from May 28 to 29, the company said on Friday. This year, Hyundai Motor is entering Elantra N TCR, i30 N TCR and i30 Fastback N cup race cars into the VT2 class to further demonstrate the performance and durability of its N brand models. The 24-hour Nurburgring race is a racing event in which more than 100 cars take to the starting grid and drive through a 25-kilometer ci

MobilityMay 27, 2022

[Newsmaker] Kakao's Kim Beom-su steps down from last chairman position

Kakao founder Kim Beom-su has stepped down as chairman at the Brian Impact foundation he established last year for philanthropic projects, the nonprofit said Friday. With the announcement, Kim has resigned from all chairman posts including his resignation as Kakao chairman of the board in March. Kim will keep his position as the head of the Kakao Future Initiative Center. The founder and former CEO of the South Korean IT giant will remain as a registered director on the board and continue to t

TechnologyMay 27, 2022

Posco Chemical to build $327m cathode material plant with GM in Quebec

Posco Chemical said Friday it has signed a deal to create a joint venture with US auto maker General Motors to launch a $327 million cathode materials plant for batteries that can power 220,000 electric vehicles annually in Quebec, Canada. The material firm, based in Pohang, North Gyeongsang Province, will invest $278 million in an 85:15 joint venture between Posco Chemical and GM, called Ultium CAM. The deal is preceded by Posco Chemical‘s plan to launch an operation there under Posco Ch

TechnologyMay 27, 2022

Air Busan opens new flight route from Incheon to Osaka

Air Busan opened up a new international flight route from Incheon to Osaka on Friday. The budget carrier offers a weekly flight every Friday from Incheon to Osaka at 9 a.m. and one return flight departing from Osaka at 12:30 p.m. Air Busan will be using the 220-seater A321LR aircraft for the one hour and 50-minute-long flight. Starting from June 26, Air Busan will increase the number of flights to twice a week. “As the immigration procedure in Japan has eased up and as the two countrie

MobilityMay 27, 2022

Seoul shares open higher on Wall Street gains

South Korean stocks got off to a strong start Friday, tracking overnight US gains, as tech shares made an upturn on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 1.03 percent, to trade at 2,639.38 in the first 15 minutes of trading. Overnight, US stocks rallied on upbeat earnings forecast from major retailers. The Dow Jones Industrial Average rose 1.61 percent, and the tech-heavy Nasdaq composite jumped 2.68 percent. In Seoul, large-cap shares gathered grou

MarketMay 27, 2022

Manufacturing, retail giants unload 5-year plan to spur future growth

South Korea’s manufacturing and retail conglomerates released a combined 115 trillion won ($90 billion) investment plan on Thursday to achieve low-carbon digital transformation and create new jobs, joining a relay of announcements heralding a business-friendly new administration. Steelmaking giant Posco Group said it would invest 53 trillion won to pursue eco-friendly steelmaking by deploying electric furnaces. It said it would secure new technologies and raw materials that are crucial f

IndustryMay 26, 2022

Convenience stores frequented by men more than women: data

South Korean men shop at a convenience store more often than women, with men in their 20s visiting most often among all age groups of both men and women, at nine times a month on average, according to data released by Samsung Card on Thursday. In the first quarter this year, men using the firm’s card visited a convenience store 6.3 times a month on average, while women shopped there 3.9 times a month on average. How many users were surveyed were not known but as of September last year,

IndustryMay 26, 2022

Seoul shares down on inflation, rate hike woes

The South Korean stock market ended lower Thursday over the gloomy outlook for inflation and concerns over aggressive monetary tightening. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 4.77 points, or 0.18 percent, to close at 2,612.45. Trading volume was light at 583.60 million shares worth 8.48 trillion won ($6.69 billion), with decliners outpacing gainers 422 to 395. Institutional investors sold a net 155.8 billion won, while retail and fore

MarketMay 26, 2022

SK to spend W247tr on chips, battery, biopharma over next five years

SK Group said Thursday it is investing a total of 247 trillion won ($195 billion) over the next five years to shore up its three growth pillars of semiconductors, batteries and biopharmaceuticals to create some 50,000 new jobs for the local economy. Amid lingering uncertainty over economic slowdown and geopolitical risks, the nation’s second-largest conglomerate, whose key units include SK hynix, SK Telecom and SK On, called new investment and talent acquisition are crucial for it to see

IndustryMay 26, 2022

Hyundai Motor Group presents future role as mobility solution provider at Davos forum

Hyundai Motor Group on Thursday unveiled its vision for a human-focused future mobility ecosystem and related platforms at the World Economic Forum in Davos, Switzerland. The Korean carmaker said its president and Chief Innovation Officer Chi Young-cho presented the necessity of global collaboration for the future of the automotive industry as well as the need to establish a human-focused mobility ecosystem.  According to Chi, companies in the vehicle manufacturing, auto parts making and

MobilityMay 26, 2022

Hyundai Steel deploys electric furnace as low-carbon strategy

Hyundai Steel said Thursday that it has set up its new and unique steel production system using an electric furnace called Hy-Cube, with a goal to produce low-carbon, high-quality steel products toward 2030.  Hy-Cube refers to Hy3 or Hyundai Hydrogen Hybrid, a process of melting raw iron material to remove impurities when adding new components by using a new electric furnace concept called Hy-Arc.  With this new electric furnace, Hyundai Steel plans to minimize carbon emissions by u

IndustryMay 26, 2022

Korean Air-Asiana merger faces two biggest hurdles: EU and China

Korean Air is facing hurdles in acquiring the cash-strapped air carrier Asiana Airlines as it awaits clearance from at least four regions the EU, the US, Japan, and China. The EU’s regulatory body, considered one of the biggest obstacles in the airline’s bid as it has been getting tougher over business mergers, recently asked Korean low-cost carriers Tway Air and Air Premia for their opinion on the merger between South Korea’s two biggest air carriers, according to the aviatio

MobilityMay 26, 2022

[Photo News] World of Doughnuts

Doughnuts of various colors and ingredients are on display at a cafe and bakery fair held in Suwon, Gyeonggi Province, Thursday.

ConsumerMay 26, 2022

Hanwha CEO attends Davos forum as member of Yoon’s delegation

Hanwha Solutions CEO Kim Dong-kwan attended the World Economic Forum in Davos, Switzerland, as the only entrepreneur among President Yoon Suk-yeol’s delegation, the energy-to-material firm said Thursday. During the four-day forum which started Monday, Kim met with Daniel Yergin, vice chairman of S&P Global, and discussed the Russia-Ukraine war’s impact on the energy industry and geopolitical dynamics, according to Hanwha Solutions. Kim also helped arrange a meeting between fo

IndustryMay 26, 2022

Robots to make rounds with doctors at hospital

Samsung Medical Center said Thursday that it has created a consultative group on Friday to accelerate its plan of adopting a robot-driven smart hospital system. The hospital was selected in 2021 by the Korea Institute for Robot Industry Advancement, an organization under South Korea’s Industry Ministry, to receive up to 1.5 billion won ($1.18 million) in subsidies to carry out a project to operate robots in the hospital. SMC currently operates one robot specializing in the distribution o

TechnologyMay 26, 2022

LS Cable & System increases cooperation with local SMEs

South Korean cablemaker LS Cable & System has been accelerating its cooperation with local small and medium-sized enterprises to foster shared prosperity. LS Cable & System said Thursday that it has launched a local area network cable testing device in collaboration with Kangwon Electronics, a local company specializing in hardware and software wholesale. The newly developed device allows for the fast and accurate inspection of LAN cables for short circuits and wiring errors. It was

IndustryMay 26, 2022