Samsung Electronics to showcase new Galaxy Book and more at MWC

Samsung Electronics Co. said Sunday it will showcase a new lineup of goods from flagship smartphones to laptops during the upcoming global technology trade fair in Spain. The Mobile World Congress (MWC) 2022 is set to take place from Monday to Thursday in Barcelona. It is one of the top three annual tech events in the world, along with the Consumer Electronics Show in the United States and the IFA in Germany. First, Samsung will hold the virtual "Samsung Galaxy MWC Event 2022," which w

TechnologyFeb. 27, 2022

[MWC 2022] Flying taxis, robots, XR: Korean telcos to unlock potential of future tech

One of the world‘s largest tech events, Mobile World Congress, is returning to Barcelona, and South Korea’s telecommunications firms this week are poised to showcase their future technologies for the next decade to come. Extending their network and connected intelligence technology with respective industrial partners, SK Telecom is set to boast underlying technology to enable flying taxis, while KT brings disinfection robots and LG Uplus presents Korean media contents that run on e

TechnologyFeb. 27, 2022

[Weekender] Available at touch of button, mental care apps empower patients

Han Na-yeon, a pseudonym for a 34-year-old office worker, experienced an anxiety attack during a job interview six months ago, almost having a breakdown in front of interviewers. This encounter preceded a months long period of depression and repressed anger. Beginning to wonder if she had anxiety or some other issue, she delved into various online communities in an attempt to get to the bottom of her problem. Following a readily available online test, she was presented with a diagnosis of atten

TechnologyFeb. 26, 2022

Trading of Seoul shares likely to be volatile next week amid Ukraine risks

South Korean stocks are expected to face highly volatile sessions next week as investors will pay keen attention to situations in Ukraine and the US Federal Reserve's updated stance on its monetary policy, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,676.76 on Friday, down 2.45 percent from a week earlier, amid jitters over the escalating tensions in Ukraine as Russia launched a military offensive in the East European neighbor. KOSPI rebounded on

MarketFeb. 26, 2022

Korea to launch W2tr biz support program to counter Russia-Ukraine crisis if needed

South Korea’s top financial regulator said Friday that a support program worth 2 trillion won ($1.66 billion) will be launched to cushion local businesses from economic woes stemming from the full-scale Russian invasion of Ukraine, if needed. “We will thoroughly review the extent of damages and the financial state of our exporters and importers to prevent any difficulties stemming from the Ukraine crisis,” Financial Services Commission Chairman Koh Seung-beom said at a joint

EconomyFeb. 25, 2022

Nuri rocket’s 2nd launch set for June

South Korea’s first homegrown rocket Nuri will go for a second launch in June, aiming to complete the full launch sequence this time, the Ministry of Science and ICT said Friday. The first liftoff, which took place in October last year, came short of a successful mission as the rocket’s third stage engine shut down earlier than planned. The dummy satellite could not reach sufficient orbital speed as a result. The early stages of the launch were deemed successful as the three-stage

TechnologyFeb. 25, 2022

Korea, India agree to block double taxation

SEJONG -- The tax administrative agencies of South Korea and India have agreed to closely coordinate on easing tax burdens for businesses by holding a bilateral meeting of chiefs, the National Tax Service said Friday. The two also have decided to exchange know-how in uncovering practices of offshore tax evasion. During their meeting in New Delhi on Thursday, NTS commissioner Kim Dae-ji expressed gratitude to his counterpart Tarun Bajaj for the Indian tax authority’s recent policy to prev

EconomyFeb. 25, 2022

Biden’s Russia sanctions to indirectly hit Korea’s chip, auto industries

As the US Biden administration imposes economic sanctions against Russia for invading Ukraine, South Korean firms including Samsung Electronics and SK hynix are expected to take collateral damage. On Friday, President Joe Biden unveiled comprehensive economic sanctions to cripple the Russian economy. The sanctions would limit the export of products that can potentially increase Russia’s ability to advance its military and aerospace sector. The sanctions would prohibit companies from s

IndustryFeb. 25, 2022

S. Korea to support companies to minimize impacts from Ukraine crisis

South Korea said Friday it plans to provide financial support to local exporters in an effort to minimize their potential damage from international sanctions against Russia over Moscow's invasion of Ukraine. The United States announced new sanctions against Russia, including export controls, over Moscow's invasion of Ukraine in a bid to restrict Russia's ability to do business in major currencies. South Korea said Thursday it will join the international community in imposing sanctions against Ru

EconomyFeb. 25, 2022

Hyundai partners with Shell to accelerate transition into carbon-neutral mobility

Hyundai Motor said Friday that it has signed a memorandum of understanding with US energy giant Shell to speed up the popularization of electric vehicles and achieve carbon neutrality. Through this MOU, the South Korean auto giant hopes to actively promote its carbon-neutral goals and Shell hopes this serves as momentum for it to expand its green energy business. The two companies agreed to cooperate in establishing infrastructures for EV charging, coming up with low carbon-emitting solutions,

IndustryFeb. 25, 2022

S. Korea's fisheries output rebounds in 2021

South Korea's fisheries output rebounded last year from the previous year on the back of increased fish stocks and expanded fishing grounds, data showed Friday. Total fisheries output amounted to 3.82 million tons last year, up 2.9 percent from a year earlier, according to Statistics Korea. The 2021 tally rebounded from 3.71 million tons in 2020 when fisheries output hit a four-year low. Last year, aquaculture production increased and fisheries output from inland fishing also gained ground. By v

EconomyFeb. 25, 2022

S. Korea's arable land dips for 9th year in 2021

South Korea's total arable land dropped for the ninth consecutive year in 2021 as rice paddies shrank amid falling consumption of rice, data showed Friday. The country's arable land totaled 1.55 million hectares -- slightly more than three times the size of the U.S. state of Delaware -- as of end-2021, down 1.2 percent or 18,000 hectares from the previous year, according to the data by Statistics Korea. Arable land in Asia's fourth-largest economy has been on the decline since 2013 due to declin

EconomyFeb. 25, 2022

S. Korea's central bank joins BIS Asian green bond fund

The Bank of Korea (BOK) said Friday it has invested part of the country's foreign exchange reserves in a green bond fund for central banks in a bid to expand its investment in green projects. The BOK said it took part in the Asian Green Fund that was launched by the Bank for International Settlements (BIS) on Thursday to invest in dollar-denominated green bonds issued in the Asian region. The BOK did not specify the amount of its investment. Green bonds are meant to raise money to support enviro

EconomyFeb. 25, 2022

Trade terms decline for 10th consecutive month in January

South Korea's terms of trade fell for the 10th straight month in January as import costs rose at a faster clip than export prices, central bank data showed Friday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- stood at 89.42 last month, down 6.8 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). The figure has marked on-year declines each month since April when the index fell 0.6 percent from a year earlier. Compared wi

EconomyFeb. 25, 2022

Samsung Galaxy S22 launched globally

Samsung Electronics on Friday launched its latest flagship smartphone Galaxy S22 as well as its tablet Galaxy Tab S8 in some 40 countries. According to the South Korean tech giant, the new devices will be available in major markets including Korea, the US, Canada, the UK and France. In March, the high-tech gadgets will be available in more than 130 countries. The Galaxy S22 and the Galaxy Tab S8 series enjoyed greater preorders than previous models. Preorders for both the Galaxy S22 and Galax

IndustryFeb. 25, 2022

AB InBev named creative marketer of the year at Cannes Lions

Anheuser-Busch InBev, the Belgian brewing giant and the parent company of South Korea’s largest beer manufacturer Oriental Brewery, said Wednesday that it has won the creative marketer of the year award at the Cannes Lions 2022. Cannes Lions is the world’s largest advertising awards festival. Since 1992, the top honor has been awarded to companies as prominent as Apple, Coca Cola, Google, Samsung Electronics and Microsoft, for demonstrating creative excellence. This year, the honor

IndustryFeb. 24, 2022

Stock price recovery ‘possible’: Kakao CEO nominee

Kakao’s new CEO nominee Namkoong Whon said Thursday that he wishes to restore the company‘s stock price at over 150,000 won ($124.60) per share during his two-year term amid investors’ growing concerns over its underperforming stocks. 　 “We will be able to see (Kakao‘s stock price) to reach 150,000 won (per share) again if (we can) restore the market trust,“ Namkoong said during an online press conference. “I hope to see a boost in stock price within m

TechnologyFeb. 24, 2022

Philips Korea receives Health Minister’s Award for improving lives of underserved

Philips Korea has received the Health and Welfare Minister’s Award at the 2022 Happiness Together Social Contribution Campaign for helping improve people’s lives through health care technology, the company said Thursday. Marking its 12th edition, the annual awards recognizes exemplary companies that practice social responsibilities. Co-hosted by the Korea Enterprises Federation and the Association of Korean Journalists, the campaign is sponsored by several ministries including the

IndustryFeb. 24, 2022

Posco’s plan to set up holding firm in Seoul faces political backlash

Posco Group has been left baffled over calls from political circles and local communities not to establish a new holding company in Seoul, and to stay in Pohang, North Gyeongsang Province, where the firm was initially founded as a state-run enterprise in 1968.  All four leading presidential candidates have publicly urged Posco -- which will officially launch a new holding firm on March 2 -- to remain in its birthplace of Pohang for the sake of balanced regional development. Posco has den

IndustryFeb. 24, 2022

Kepco suffers record operating loss of W5.8tr

Korea Electric Power Corp. hemorrhaged a record operating loss of 5.8 trillion won ($4.8 billion) last year, going back into the red after an operating profit of 4 trillion won the year before. Kepco suffered an unprecedented deficit as the public company couldn’t raise electricity prices in line with rising global fuel prices, due to the government’s inflation concerns. The figure is almost double from when Kepco witnessed an operating loss of 2.7 trillion won in 2008 when oil

IndustryFeb. 24, 2022