PTSD treatment mechanism unlocked for 1st time

The Institute of Basic Science has identified the scientific mechanism of post-traumatic stress disorder treatment for the first time in the world through animal experiments, the Ministry of Science and ICT said Thursday. According to the ministry, the researchers used the PTSD treatment NYX-783, which is currently under clinical trials by the US biopharmaceutical company Aptinyx, for animal experiments using mice and discovered the principle of its treatment effects. In doing so, the resear

TechnologyApril 14, 2022

Ex-minister, pension fund chief convicted over role in controversial Samsung merger

South Korea‘s Supreme Court on Thursday upheld a two-and-a-half-year jail term for both ex-health minister Moon Hyung-pyo and Hong Wan-sun, former head of the National Pension Service, over their role in the controversial $8 billion merger of Samsung affiliates in 2015. The final ruling came over five years after the two were indicted on charges of abuse of power and crimes of obstructing another from exercising one’s rights. Moon was accused of coercing the NPS, a blockholder of S

IndustryApril 14, 2022

LG Uplus’ eSIM service subscription surge 44%

An embedded SIM service launched by local mobile carrier LG Uplus since last year for foreign visitors to South Korea saw a 44 percent increase in the number of customers this year, the company said Thursday. The service became available since May to offer convenience to short-term foreign visitors to South Korea. More foreign visitors have been purchasing the service this year, the company said. It compared monthly average number of customers enrolled between May and December last year and the

IndustryApril 14, 2022

BOK raises rate by quarter-percentage-point to quell inflation

South Korea’s central bank on Thursday raised its benchmark interest rate by a quarter percentage point to 1.5 percent, with an official warning of growing inflationary pressure and slower-than-expected economic expansion. The Bank of Korea’s six-member monetary policy board unanimously voted to raise the base rate to 1.5 percent -- the highest level since July 2019 –- during a rate-setting meeting. It marks the central bank’s fourth pandemic-era rate hike, dating to Aug

EconomyApril 14, 2022

KEF chief discusses cooperation with Heritage Foundation president

The Korea Enterprises Federation said that its chairman, Sohn Kyung-shik, met with the president of the Heritage Foundation in Washington on Wednesday, stressing the need for a similar nongovernmental think tank in Korea as well. Founded in 1973, the Heritage Foundation is a nonprofit conservative think tank with a mission to formulate and promote public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values and a strong nationa

IndustryApril 14, 2022

HJ Shipbuilding develops dual-fueled LNG container ship

South Korean shipyard HJ Shipbuilding & Construction Co. said Thursday it has succeeded in developing a dual-fueled liquefied natural gas (LNG) container carrier that meets international environmental requirements. HJ Shipbuilding said it has recently received approval from Lloyd's Register for its design on a 7,700 twenty-foot equivalent unit (TEU) container ship with a LNG-powered dual-fuel engine. The two companies have been joining hands in developing the new type of LNG-fueled container

IndustryApril 14, 2022

Samsung's financial affiliates launch unified service app Monimo

Financial affiliates of South Korean conglomerate Samsung Group on Thursday launched an integrated financial service app that offers various financial plans spanning insurance to financial investment. The new Samsung app, Monimo, offers services from four Samsung financial affiliates, such as Samsung Life Insurance Co., Samsung Fire & Marine Insurance, and Samsung Card Co. The app enables Samsung customers to use different financial services, including calling car insurance agents and filing

IndustryApril 14, 2022

Top airline Korean Air set to issue bonds in April

South Korea's top airline Korean Air Lines Co. is poised to issue bonds worth up to 300 billion won ($245 million) in April in an effort to secure working funds, industry sources said Thursday. The amount of Korean Air's planned debt sale, which is currently estimated to range from 200 billion won to 300 billion won, could rise depending on market demand, according to the sources. The national flag carrier is expected to use the proceeds for refinancing maturing bonds and other operating purpose

IndustryApril 14, 2022

Hyundai IONIQ 5 named World Car of the Year

Hyundai Motor Co.'s IONIQ 5 has been named World Car of the Year at the 2022 World Car Awards, beating models from sister brand Kia Corp. and Ford Motor Co. to claim the overall crown. The all-electric crossover beat Kia's EV6 pure electric sedan and Ford's Mustang Mach-E SUV. It was also named World Electric Car of the Year and World Car Design of the Year, the company said in a statement. In the electric car category, Kia beat Mercedes-Benz's EQS sedan and Audi's e-tron GT sports car. "Wi

IndustryApril 14, 2022

S. Korea's tax revenue up in Feb. amid economic recovery

South Korea's tax revenue rose 1.4 trillion won ($1.1 billion) in February compared to a year earlier as the collection of income and corporate taxes increased amid the economic recovery, the finance ministry said Thursday. The government collected 20.3 trillion won in taxes in February, compared with 19 trillion won the previous year, according to the Ministry of Economy and Finance. The tally was lower than an on-year increase of 10.8 trillion won in January, when the government collected more

EconomyApril 14, 2022

S. Korean regulator starts review of Microsoft takeover deal

South Korea's antitrust regulator said Thursday it has started to review the proposed deal by US software giant Microsoft Corp. to buy leading US game developer Activision Blizzard. The Fair Trade Commission (FTC) said it plans to see if the merger of the two US firms could hurt competition in the online game market. In January, Microsoft announced a plan to acquire Activision Blizzard for $68.7 billion, and it asked the FTC last week to review its proposed takeover for approval. (Yonhap)  

IndustryApril 14, 2022

Hyundai, Kia unveil face-lifted SUV models at New York auto show

Hyundai Motor Co. and its affiliate Kia Corp. -- South Korea's two biggest carmakers -- said Thursday they have unveiled their face-lifted SUV models amid robust demand for SUVs at the New York International Auto Show this week. Hyundai revealed the upgraded Palisade SUV at the show ahead of its domestic launch in May, while Kia introduced the face-lifted Telluride SUV ahead of its US launch later this year, the companies said in separate statements. The new Palisade will be available with an ei

IndustryApril 14, 2022

7 carmakers to recall over 54,000 vehicles over parts defects

Ford Sales & Services Korea Inc., Hyundai Motor Co. and four other carmakers will voluntarily recall 54,390 vehicles combined over parts defects, Seoul's transport ministry said Thursday. Ford will recall 19,733 Explorer SUVs over faulty rear toe links at the back wheels, which could cause safety problems while driving, according to the Ministry of Land, Infrastructure and Transport. Hyundai will recall 17,682 units of its hydrogen fuel-cell Nexo, as the malfunction of a sensor leads to a

IndustryApril 14, 2022

Import prices up for 3rd month in March on oil, raw materials price hikes

South Korea's import prices increased for the third straight month in March as prices of crude oil and other commodities rose, central bank data showed Thursday. The import price index rose 7.8 percent in March from a month earlier, according to the preliminary data from the Bank of Korea. The rise followed 4.4 percent and 4.6 percent rises in January and February, respectively. The rise came as the ongoing war in Ukraine has sent oil and other raw materials prices even higher. The BOK said

EconomyApril 14, 2022

Seasoned bureaucrat to lead Oceans Ministry

Cho Seung-hwan, a former senior official at the Ministry of Oceans and Fisheries who spent more than 20 years in maritime services, was tapped to head the ministry under the incoming Yoon Suk-yeol government. “Cho is a maritime expert with an unmatched depth of experience spearheading many projects under previous governments. I expect him to find new opportunities for the maritime industry and map out plans to make the country a leading maritime power,” Yoon said. Cho, who served

IndustryApril 13, 2022

Startup founder named to lead SME Ministry

President-elect Yoon Suk-yeol on Wednesday named a startup founder-turned-lawmaker to lead the Ministry of Small Medium-sized Enterprises and Startups, in his second round of Cabinet nominations since Sunday. Rep. Lee Young founded local internet and mobile security provider Teruten in 2000, and won a proportional representation seat without a constituency in the 2020 parliamentary election. She is the only legislator at Yoon’s People Power Party with experience in running startups,

IndustryApril 13, 2022

[Herald Interview] ICAO supports opening of inter-Korean airway, but safety check comes first

The United Nations aviation agency supports having direct flights between North and South Korea, on condition of Seoul’s endorsement, but a clear assessment of the safety and security of passengers and flights should be carried out, its chief said Tuesday. 　 “We are interested that these flights are conducted in a safe, secure, efficient manner and we stand ready to support basically if that decision is taken by the government,” said Juan Carlos Salazar, the head of the Intern

MobilityApril 13, 2022

Fiscal chief apologizes for failing to curb housing prices

SEJONG -- Deputy Prime Minister and Finance Minister Hong Nam-ki apologized for failing to curb apartment prices, but said the government’s real estate measures have been consistent. “The government has pushed for real estate policies in a consistent manner under the three principles of increasing supply, protecting real demand and restraining speculative investment,” he said during a ministerial meeting on Wednesday. He said that he felt sorry about the situation in which &l

EconomyApril 13, 2022

Naver's new goal: 1b users in 5 years

SEONGNAM, Gyeonggi Province -- South Korean IT behemoth Naver is aiming to double its annual sales to reach 15 trillion won ($12.2 billion) in the next five years and secure 1 billion users worldwide, company executives said Wednesday. “Naver has entered the ‘Global 3.0’ stage where we create multiple growths through the synergy of various business portfolios, technological leadership as well as domestic and overseas partnerships,” CEO Choi Soo-yeon said at a press conf

IndustryApril 13, 2022

Newsweek chooses Hyundai Motor chief as ‘visionary of the year’

US weekly magazine Newsweek chose Hyundai Motor Group Chairman Chung Euisun as visionary of the year in Newsweek World‘s Greatest Auto Disruptors Award event on Tuesday. In its special issue on agents of change in the automotive industry, Newsweek detailed Chung’s plans for Hyundai’s future, the carmaker’s progress and challenges in alternative fuels, acquisition of a robotics company, and its focus on vertical integration to become self-sufficient, from components to fi

MobilityApril 13, 2022