Kakao pledges to create 20,000 jobs over next 5 yrs: govt.

Kakao, the operator of South Korea's top mobile messenger KakaoTalk, has promised to create 20,000 new jobs over the next five years as part of the government's youth job and education support project, the Prime Minister's Office said Wednesday. Kakao will directly hire 10,000 people over the next five years, and foster some 6,000 professional IT technicians through its AI Campus. It will also run support programs for partners and startups to recruit 4,000 people. The plan was declared during a

IndustryFeb. 9, 2022

Hyundai, Kia to recall 485,000 vehicles in US

Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday that they will recall 485,000 vehicles in the United States due to possible fire involving an anti-lock braking control module. The subjected models are 357,830 units of Hyundai's Santa Fe and Tucson SUVs and 126,747 units of Kia's K900 sedans and Sportage SUVs. Hyundai and Kia reported their recall plans to the National Highway Traffic Safety Administration after 11 cases of fires involving the component were reported with no casualti

IndustryFeb. 9, 2022

Singapore OKs Korean Air-Asiana combination

Korean Air Lines Co. said Wednesday it has received "unconditional" regulatory approval from Singapore for its integration with Asiana Airlines Inc. in a move that could speed up its process to acquire the smaller domestic rival. In January last year, Korean Air submitted documents to antitrust regulators of 14 countries for the review of its business combination with Asiana.  As of Wednesday, the company received approvals from seven countries -- Singapore, Vietnam, Thailand,

IndustryFeb. 9, 2022

SK Group emerges as No. 2 conglomerate in 2021

SK Group became South Korea's No. 2 conglomerate in 2021 for the first time in 16 years, overtaking automaking behemoth Hyundai Motor Group, a corporate tracker said Wednesday. SK, whose flagship is chip giant SK hynix Inc., had assets worth 270.7 trillion won ($226 billion) as of end-September last year, up 13 percent from a year earlier, according to CEO Score. The amount was the second largest among the country's 71 conglomerates with assets of 5 trillion won or more, which was designated a

IndustryFeb. 9, 2022

Seoul stocks open higher on US gains

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.53 points, or 0.86 percent, to trade at 2,770 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 1.28 percent and the Dow Jones Industrial Average advanced 1.06 percent. In Seoul, market bellwether Samsung Electronics added 1.36 percent, and No. 2 chipmaker SK hynix advanced 2 percent. Internet porta

BusinessFeb. 9, 2022

Hana Financial taps vice chief as new chairman

South Korea’s Hana Financial Group has nominated Vice Chairman Ham Young-joo to be the next chairman of the banking group. On Tuesday, firm’s chairman nomination committee tapped Ham as the sole nominee for the position, citing his performance in generating profit and bolstering stability in business. Ham has also shown “extraordinary leadership” in managing the group and is expected to lead Hana into the future with digital transformation, the committee said in a statem

MarketFeb. 8, 2022

[EXCLUSIVE] Samsung Electronics CEO in Vietnam ahead of Galaxy Unpacked 2022

Samsung Electronics Vice Chairman and CEO Han Jong-hee is in Vietnam to make final preparations for the South Korean tech giant’s annual Galaxy Unpacked event scheduled this Thursday. According to an industry source Tuesday, the executive arrived in Hanoi on Monday to check the production of Galaxy 22 smartphones. This is Han’s first visit to Vietnam since Samsung Electronics merged its smartphone and consumer electronics divisions into the mobile experience (MX) division in Decem

IndustryFeb. 8, 2022

Chanel joins Louis Vuitton in leaving duty free shops in Korea

French luxury brand Chanel has decided to pull out of duty free shops in Busan and Jeju in late March, signaling another blow to local duty free retailers who have also lost Louis Vuitton and Rolex. Chanel has informed the retailers that they will close boutiques at the Lotte duty free store in Busan and the Shilla duty free store in Jeju, the only downtown duty free shops outside Seoul that had Chanel. Louis Vuitton stopped running its store at the Lotte duty free shop in Jeju from Jan. 1, a

ConsumerFeb. 8, 2022

Gasoline prices climb for 30 consecutive days

SEJONG -- Gasoline prices in South Korea climbed for the 30th consecutive day in tandem with international crude prices, adding to the burden on households and businesses. According to the Korea National Oil Corp., the price of gasoline rose to 1,688.19 won ($1.41) per liter on Tuesday. This marked a rebound stretching 30 consecutive days, starting from Jan. 10 after posting 1,621.3 won on Jan. 9. The current level marked the highest in more than two months -- since Nov. 22, when it reached 1,

EconomyFeb. 8, 2022

Eva Global Holdings to support Korean firms for Indian foray

Eva Global Holdings, a New York- and Seoul-based consultancy firm specializing in trade and investment, said Tuesday it has signed a memorandum of understanding with the Federation of Indian Industry to support Korean companies looking to enter the Indian market. The Federation of Indian Industry, or FII, is a business lobby that represents some 5,000 Indian companies. The latest agreement aims to bolster trade and investment relations between South Korea and India. Under the deal, the signi

IndustryFeb. 8, 2022

Seoul stocks end nearly flat on US-China tensions

South Korean stocks closed nearly flat Tuesday, paring most earlier gains, in the face of elevating trade tensions between the world's two largest economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) edged up 1.41 points, or 0.05 percent, to close at 2,746.47 points. Trading volume was moderate at about 555 million shares worth some 11.6 trillion won ($9.7 billion), with losers outnumbering gainers 544 to 313. Foreigners sold a net 97 b

MarketFeb. 8, 2022

Samsung Biologics scoops up all 6 CMO Leadership Awards

Samsung Biologics has won the 2022 CMO Leadership Awards in all six performance categories of capabilities, compatibility, expertise, reliability, quality and service, the company said Tuesday. The awards, presented by Life Science Leader, Outsourced Pharma and Industry Standard Research, recognize the world’s top contract manufacturing organizations based on ratings and feedback from companies that utilize outsourcing services. The latest recognition marked the ninth consecutive year

IndustryFeb. 8, 2022

Krafton debuts virtual humans for metaverse platform

Gaming giant Krafton said Tuesday it has released artificial intelligence-based virtual human characters, who will appear as hyperreal game show hosts and virtual friends on the metaverse platform. The virtual human characters show human-like skin and hair, facial expressions and eye movements, according to the company. In Krafton’s virtual human demo video, a female character shows realistic wrinkles on her nose, forehead and around her eyes as she squints. “Unlike other local ga

TechnologyFeb. 8, 2022

Korean Air adopts palm vein verification for domestic boarding

Korean Air customers flying on domestic routes can now pass through the boarding gate empty handed -- as the airline has adopted palm vein scanning to verify passengers’ identities.  According to the air carrier on Tuesday, those aged above 7 with Korean nationality can register their biometric information at Korean Air kiosks in Gimpo International Airport’s departure area. Passengers who do so can simply scan their palms at the boarding gate without having to show their board

IndustryFeb. 8, 2022

More people moving out of Seoul amid surging housing prices

Some 400,000 people were found to have left Seoul to move to neighboring metropolitan areas last year, government data showed Tuesday, with surging housing prices being cited as the key reason behind the exodus. According to Statistics Korea, a total of 406,975 people submitted change-of-address requests from Seoul addresses last year. Of the total, 362,116 moved to Gyeonggi Province, while 44,859 left for Incheon. The latest data corresponds with the Seoul city government’s data relea

EconomyFeb. 8, 2022

LG CNS, AWS bolster ties on corporate cloud service

LG CNS said Tuesday it has signed a strategic agreement with cloud giant Amazon Web Services to expand cloud services for corporate clients. Under the agreement, the two companies aim to meet demand for application modernization, by updating old software and modernizing their computing platform for clients in the fields of finance, manufacturing and e-commerce. Clients will be encouraged to build cloud-native applications independently to optimize their applications on cloud infrastructure pr

TechnologyFeb. 8, 2022

Global appraisers concerned about fallout of S. Korea's debt growth pace: finance chief

South Korea's finance minister said Tuesday global credit appraisers are concerned about the growth pace of the country's national debt, which could negatively affect its sovereign rating over the medium term. Finance Minister Hong Nam-ki also reiterated his opposition to political parties' push for sharply jacking up a proposed extra budget of 14 trillion won ($11.7 billion), citing concerns about fiscal soundness. Ahead of the March presidential election, political parties are calling for a

EconomyFeb. 8, 2022

LG Chem eyes W60tr in sales by 2030

LG Chem Ltd., South Korea's leading chemical maker, said Tuesday it aims to boost its sales to 60 trillion won ($50.1 billion) by 2030 as it accelerates its push for a green transition with a focus on renewable energy and advanced materials. Unveiling its mid- to long-term business plans, LG Chem said in regulatory filings it is eyeing annual sales of 40 trillion won by 2026. The target figures exclude its two subsidiaries -- the battery-making unit LG Energy Solution Ltd. and LG FarmHannong C

IndustryFeb. 8, 2022

S. Korea to invest W12b in developing 100-ton liquid engine

South Korea plans to invest 12 billion won ($10 million) in developing high-performance, liquid-fuel engines by next year to ramp up the country's decadelong space project, the ICT and science ministry said Tuesday. In 2020, South Korea unveiled the "Space Challenge" program with the aim of investing 49.6 billion won until 2028 to secure future technologies and leadership in the space industry in 2030. Of the total, the ministry has set aside a budget of 4.5 billion won this year and

TechnologyFeb. 8, 2022

LG Energy Solution turns to black in Q4 on strong EV battery sales

LG Energy Solution Ltd. said Tuesday it swung to the black in the fourth quarter from a year earlier on the back of strong electric vehicle (EV) battery sales. Net income came to 71.8 billion won ($59.9 million) in the October-December period, compared with the 436.4 billion-won loss the previous year, South Korea's top battery maker said in a regulatory filing. Operating profit reached 75.7 billion won, a turnaround from the 479.1 billion-won loss. Sales rose 1.9 percent to 4.4 trillion won

IndustryFeb. 8, 2022