Seoul shares open higher on bargain hunting

South Korean shares opened a tad higher Thursday as investors snapped up tech blue-chip bargains following a drop in the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.31 points, or 0.14 percent, to 2,997.60 in the first 15 minutes of trading. Tech and bio shares led the overall gains. Market bellwether Samsung Electronics rose 0.63 percent, and No. 2 chipmaker SK hynix spiked 3.15 percent. But auto, steel and chemicals were in negative terrain to keep the r

MarketDec. 30, 2021

Industrial output rises by most in 17 months in Nov. amid economic recovery

South Korea's industrial output increased by the most in 17 months in November in the latest sign that economic recovery momentum has been extended despite the pandemic, data showed Thursday. Industrial output grew 3.2 percent in November from the previous month, a turnaround from a 1.9 percent on-month fall in October, according to the data compiled by Statistics Korea. It marked the largest on-month gain since June 2020, when industrial output went up 3.9 percent. The rebound came after ind

EconomyDec. 30, 2021

Slim modiolar electrode, early ‘switch-on’ yield better cochlear implant outcomes: study

A slimmer cochlear implant device design and its early activation are likely to lead to better hearing in cochlear implant patients, according to professor Choi Byung-Yoon, an otorhinolaryngology specialist. Cochlear implants, which remains the only way to restore hearing for people with severe to profound deafness, work by translating sound into electrical signals that can be registered by auditory nerves. The implant consists of external components worn outside, much like a hearing aid,

TechnologyDec. 29, 2021

S. Korea to open up public Wi-Fi in network outage, disasters

The Ministry of Science and ICT said Wednesday it will open up public Wi-Fi networks in case of network outages to help citizens gain access to basic telecommunication services. The decision came two months after KT Corp., a major South Korean telecom operator, suffered a nationwide network outage of services due to a routing error in the process of upgrading its equipment. The outage crippled businesses, including schools, restaurants and other facilities, for over an hour on Oct. 25. The go

TechnologyDec. 29, 2021

ESG awareness expanded but without plans implemented: survey

South Korean companies acknowledge the importance of environmental, social and corporate governance (ESG) but not many are integrating ESG into their businesses. According to the Korea Chamber of Commerce and Industry in Seoul on Wednesday, 70 percent of 300 domestic companies that participated in their survey on ESG integration responded that ESG is important. The main reason to why they consider ESG important was because it has a positive effect on business management performance with 42.9

IndustryDec. 29, 2021

Deaths outnumber births for 24 consecutive months

SEJONG -- The number of deaths outstripped that of births for the 24th consecutive month in South Korea, data showed Wednesday, suggesting an obvious demographic downhill phase and the coming crisis over workforce. According to Statistics Korea, deaths outnumbered births by 7,047 -- 27,783 versus 20,736 -- in October, amid falling marriage rates and record-low fertility rates. The population decline for Korean nationals -- when changes in the tally for foreign residents in the nation were not

EconomyDec. 29, 2021

NongHyup Bank introduces antiviral pin pad

NongHyup Bank said Wednesday that it has developed a pin pad that kills germs like the coronavirus with a UV light after customers have used it to enter their passcodes. The pad, the first of its kind adopted by a local bank, will be used at NongHyup branches nationwide after a trial run at its key offices in Seoul, the bank said. It added that the pad does not pose health risks. Meanwhile, Lotte Chemical also said it has come up with an antiviral plastic to be used for credit cards issued by

EconomyDec. 29, 2021

KIPO vows to take lead in setting international rules on AI inventions

The Korean Intellectual Property Office (KIPO) said it will play a leading role in setting up international rules on creations and inventions by artificial intelligence next year. The KIPO, a member of the Intellectual Property Five (IP5), or a forum of the five largest intellectual property offices including those of the US, Europe, China and Japan, said it will also discuss among the IP5 ways to improve protection of trademarks and designs in the virtual world. “As the digital transfor

IndustryDec. 29, 2021

Seoul shares end lower on ex-dividend date, profit-taking

Seoul shares closed lower Wednesday on ex-dividend date and profit-taking amid lingering concerns over the economic implications of the omicron strain. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 26.95 points, or 0.89 percent, to 2,993.29 points. Trading volume was moderate at about 536.6 million shares worth some 10.8 trillion won (about $9 billion), with decliners outnumbering gainers 439 to 438. Institutions and foreigners sol

MarketDec. 29, 2021

Manufacturer to pay compensation for ‘toxic’ baby bathtubs

A local manufacturer and a distributor of a plastic baby bathtub that was previously recalled for containing high levels of toxic environmental hormones will have to pay compensation to thousands of customers. The Korea Consumer Agency said Wednesday it advised the baby tub’s manufacturer, Daehyeon Chemical, and its intermediate distributor, Kihyun Industries, to pay 50,000 won ($42) to each customer who used the product as compensation. While the tub was mostly sold at Daiso stores, t

ConsumerDec. 29, 2021

ICT-powered use of healthcare data to have ‘dynamic effect,’ says vice minister

South Korea’s vice finance minister said Wednesday that the nation’s healthcare data combined with information and communications technology will have a “dynamic effect” on the economy. “With the passage of three data-related bills last year, enactment of the Data Framework Act and pursuit of the data dam project has allowed us to secure a systematic platform to enter a data economy,” Vice Finance Minister Lee Eog-won said in a press conference for healthcare

EconomyDec. 29, 2021

Posco calls time on oldest blast furnace

South Korea’s oldest furnace in Pohang, the home city for steelmaker Posco, has shut down operations on Wednesday, signaling an end to a decadeslong chapter of the nation’s manufacturing-driven industrial growth. The company’s first blast furnace that had run since 1973 was renovated twice as the average lifespan of furnaces lasts around 15 years. “Behind the country stepping up as the world’s top 10 economic power, there was Pohang No. 1 furnace and employees&rsq

IndustryDec. 29, 2021

Samsung likely to regain top spot in global chip market

Samsung Electronics is expected to regain the top spot in the global semiconductor market by revenue this year, outpacing its archrival Intel for the first time in three years. According to estimates collected by market tracker FnGuide on Wednesday, the Korean tech giant is estimated to post 95.13 trillion won ($80.18 billion) in chip sales this year, up 30.6 percent from last year. The record figure is compared to Intel’s sales estimates of $75.5 billion, down 1 percent from a year ag

TechnologyDec. 29, 2021

Loosening of helium tank led to Nuri rocket’s failure: officials

The loosening of a fixture that holds a helium tank of the Nuri rocket blocked the country’s first homegrown rocket from a successful launch, officials said Wednesday. After two months of data analysis, government officials and experts concluded that the degree of buoyancy increase during flight was not sufficiently considered when designing the fixture for Nuri’s helium tank. According to the Science Ministry and Korea Aerospace Research Institute, an unusual vibration from Nuri

TechnologyDec. 29, 2021

[CES 2022] At CES, SK to pledge to cut 1% of Earth’s carbon emissions

SK Group, the third-largest conglomerate in South Korea, albeit lesser known on the global stage than Samsung, plans to surprise the world with its grand plan to reduce 1 percent of the world’s carbon emissions at the Consumer Electronics Show 2022. Bringing a rather public agenda at the world’s largest tech event where technological innovations take center stage, SK will share its hydrogen strategy to promote global transition into a carbon-neutral world, according to Andrew Kwon

IndustryDec. 29, 2021

Samsung Electronics cuts chip production in Xian due to lockdown

Samsung Electronics reduced chip production in Xian where Chinese authorities placed a strict lockdown last week to contain the prolonged pandemic. According to Samsung Newsroom Thursday, the South Korean IT giant “decided to temporarily adjust operations” at its chip factory in Xian. The decision was made to protect the health and safety of its employees and partners, according to the press release. To ensure its customers are not affected, the company will take all necessary me

IndustryDec. 29, 2021

Loose anchor for helium tank blamed for Nuri rocket failure: science ministry

The loosening of a device to anchor a helium tank of the Nuri space rocket was found to have caused the early shutdown of the rocket's third-stage engine, leading to a mission failure, the science ministry said Wednesday. In October, South Korea launched the country's first homegrown space rocket, also called the KSLV-II. It flew to a target altitude of 700 kilometers, but failed to put the dummy satellite into orbit as its third-stage engine burned out 46 seconds earlier than expected. The g

TechnologyDec. 29, 2021

Trade terms hit near 9-year low in Nov.

South Korea's terms of trade hit a near nine-year low in November as import costs rose at a much faster pace than export prices, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- came to 88.27 last month, down 10.1 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). The November tally represented the lowest level since March 2013. The figure is calculated by dividing the index for expor

EconomyDec. 29, 2021

Corporate capital spending forecast to grow 3.6% in 2022

South Korea's corporate capital spending is expected to expand nearly 4 percent in 2022 on a recovery in manufacturing activity and private consumption, a poll showed Wednesday. The survey of 3,700 big, midsize and small companies, taken by the state-run Korea Development Bank (KDB), showed their combined facility investments will likely reach 186 trillion won ($158 billion) next year, up 3.6 percent from this year. "The country's corporate capital spending is likely to keep growing in th

EconomyDec. 29, 2021

LG Chem to invest W475b for cathode materials plant in S. Korea

LG Chem Ltd., South Korea's leading electric vehicle battery maker, will invest 475.4 billion won ($400 million) in cathode materials plant, the trade ministry said Wednesday. LG Chem will set up LG Battery Core Material to produce 60,000 tons a year of cathode materials and create 187 jobs for three years, the Ministry of Trade, Industry and Energy said in a statement. The company plans to begin construction of the plant in Gumi, 260 kilometers south of Seoul, next month with an aim to produc

IndustryDec. 29, 2021