Despite concerns, NFT craze set to expand into fashion, entertainment

The nonfungible tokens market, which first sent the art industry into a frenzy, is expected to take a deep plunge into the fashion and entertainment world, amid fast-growing interest in making new money using the blockchain technology. NFTs are digital tokens of physical or digital assets, mostly of music or art. Through the blockchain, every NFT can be verified by an identification number or a signature of an artist or a creator. A buyer can thus hold ownership over something that is one of a

TechnologyJan. 2, 2022

[CES 2022] Korean low-carbon AI solutions, VR, robots to take limelight at CES 2022

South Korea-based exhibitors are headed for CES 2022 in Las Vegas to showcase new technology in line with the global drive to cut carbon emissions and the urge to adapt to the new normal. Artificial intelligence-based solutions for chips and batteries, and nickel-rich batteries will show paths to reducing carbon footprints, while virtual reality-inspired mobility solutions are also expected to take center stage at what is considered the world’s largest electronics show. On Sunday, SK T

TechnologyJan. 2, 2022

Age of robots nearer than you think

For Kwon Ju-hyeon, a 30-year-old freelancer living in Gyeonggi Province, the robot vacuum cleaner has become something he cannot live without after a month of using it. Kwon’s robot vacuum cleaner, approximately the size and shape of a pizza, sweeps the floor with just the push of a button on the remote control. Using sensors and drive routines, the autonomous device makes its way around the chairs, tables, couch and drawers inside the house to pick up dust and small particles on the flo

TechnologyJan. 2, 2022

[CES 2022] Samsung to unveil world's first 4K 240Hz gaming monitor

South Korean tech giant Samsung Electronics said Sunday it plans to unveil the world’s first gaming monitor with both a 4K resolution and a 240 Hz refresh rate display at the upcoming CES 2022. Thus far, gaming monitors with ultrahigh definition -- having the resolution of 3,840 pixels wide and 2,160 pixels high -- have shown a latency of up to 144 Hz display. With the new 32-inch monitor, dubbed Odyssey Neo G8, Samsung Electronics is expected to show off the technology with the unprec

TechnologyJan. 2, 2022

S. Korea's IPO market to have bumper year in 2022 with mega deals: analysts

South Korea's initial public offering (IPO) market is expected to have another bumper year in 2022 as a slew of companies, including battery maker LG Energy Solution, are planning for stock market debuts, analysts said Sunday. The amount of money raised via IPOs on the main and tech-heavy stock markets reached a record high of 20.8 trillion won ($17.5 billion) last year, according to industry data. As more firms are preparing to go public with an aim of attracting more than 1 trillion won via

EconomyJan. 2, 2022

SK hynix gets A rating in latest MSCI ESG evaluation

South Korean chipmaker SK hynix Inc. said Sunday it has moved up a notch to receive an A in the MSCI ESG Ratings assessment. MSCI, or Morgan Stanley Capital International, is an American rating agency that measures, among other things, a company's resilience to long-term, financially relevant environmental, social and corporate governance issues (ESG) risks. Since October 2020, SK hynix had been labeled BBB on a scale of AAA-CCC in the MSCI ESG Ratings assessment. The latest upgrade put SK hy

IndustryJan. 2, 2022

S. Korea's exports rise 25.8% in 2021 to hit all-time high

South Korea's exports rose 25.8 percent in 2021 from the previous year to reach an all-time high on the back of solid demand for chips and petroleum products amid a global economic recovery, the industry ministry said Saturday. Outbound shipments stood at US$644.54 billion last year, compared with $512.5 billion a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy. It marked the highest annual figure since the country began compiling trade related data in 1

EconomyJan. 1, 2022

Seoul shares expected to rebound next week on optimism for 2022

  South Korean stocks are expected to gather ground next week as an optimistic mood from solid US consumer spending during the end-of-the-year holiday season and other factors will likely whet investor appetite for risky assets.  The Korea Composite Stock Price Index closed at 2,977.65 on Thursday, the last trading day for this year, down 0.68 percent from last Friday.  The stocks moved in a tight range amid a lack of fresh leads as investors took to the sidelines on the final

MarketJan. 1, 2022

S. Korea to prioritize supporting pandemic-hit merchants next year: finance chief

Finance Minister Hong Nam-ki said Friday the government will ramp up its effort to support small merchants next year in a bid to help them tide over the economic fallout of the COVID-19 pandemic. Hong said the government will also prioritize strengthening social safety nets in 2022 in a bid to narrow deepening income gaps caused by the pandemic. "The government will focus on providing multilayered support to small merchants to help them overcome economic difficulties and make a leap forwa

EconomyDec. 31, 2021

[CES 2022] Hyundai Motor to unveil vision for future mobility at CES

A man standing beside a robot, gazing into what seems to be an otherworldly dimension, or perhaps the metaverse, is how Hyundai Motor Group visually teased their stage at the upcoming Consumer Electronics Show to take place in Las Vegas on Jan. 5-8. The Korean auto giant said it will be presenting the group’s blueprint for future mobility where robotics and metaverse technologies are expected to take center stage. Chairman Chung Euisun is expected to lay out the blueprint at Hyundai Motor

IndustryDec. 31, 2021

BOK chief vows to adjust monetary easing in line with economy

The chief of the nation’s central bank said Friday that monetary easing will be broadened in tandem with the pace of the economic recovery next year. “Additional moves related to monetary easing will be carried out after closely reviewing the development of economic growth and inflation,” Bank of Korea Gov. Lee Ju-yeol said in his New Year’s address. “Imbalances in the financial market and shifts in monetary policies of key economies will be taken into considerat

EconomyDec. 31, 2021

Korea’s consumer prices growth hits decade-high

SEJONG -- The on-year growth of consumer prices has reached the highest level in 10 years in 2021, aggravating the burden on the debt-saddled household sector. According to Statistics Korea, consumer prices climbed 2.5 percent this year compared to 2020. After reaching 2.2 percent in 2012, the growth ranged between 0.4 and 1.9 percent during the 2013-2020 period. The 2021 figure marked the highest since it peaked at 4 percent in 2011, posting over 2 percent for the first time in nine years sin

EconomyDec. 31, 2021

Hyundai Electric sells power transformers to Oman in $8.5m deal

Hyundai Electric & Energy Systems Co., an affiliate of Hyundai Heavy Industries Group, said Friday it has exported ultrahigh-voltage power transformers to Oman's state utility provider in a deal valued at $8.5 million. The supply deal with the Oman Electricity Transmission Co., included the sales of three 400-kilovolt/500-megavolt ampere power transformers, which will be installed in a new substation north of Oman, Hyundai Electric said. With the deal, the company's power transformer sales

IndustryDec. 31, 2021

Industry minister vows efforts for stable supply chains, economic security

Industry Minister Moon Sung-wook vowed Friday to make all-out efforts to ensure stable supply chains for key industry materials and to nurture next-generation sectors. He made the pledge in his message for the new year, saying the government will work further to make concrete steps that prevent any recurrences of the recent urea crisis. South Korea experienced a shortage of urea solution, an essential fluid used in diesel vehicles to cut emissions, after China imposed export curbs on urea in O

EconomyDec. 31, 2021

Samsung aiming to wow tech world with new innovations at CES tech show

Can Samsung Electronics Co. live up to the expectations and hype that the company helped create in the days leading up to the Consumer Electronics Show (CES) in Las Vegas next week? Earlier this week, the South Korean tech giant unveiled a teaser video featuring alien employees working hard behind a frosted window on the next innovations. Aliens have been often used by the company in its marketing strategy to create hype about its tech prowess being unparalleled and on another level. As far b

IndustryDec. 31, 2021

Consumption falls steepest in 16 months

SEJONG -- Korean businesses, including those in the manufacturing and service industries, saw the index for their retail sales decline sharply last month despite brisk industrial output, state data showed Thursday. Deputy Prime Minister and Finance Minister Hong Nam-ki also commented on the weakening sentiment index over private consumption, picking negative factors like bolstered quarantine against the omicron variant of COVID-19. According to Statistics Korea, the nation’s retail sale

EconomyDec. 30, 2021

German carmakers take up 60 percent of imported car sales

Imported commercial car sales in South Korea surpassed 200,000 units again this year despite an automotive semiconductor shortage, an industry association said Thursday. According to the Korea Automobile Importers & Distributors Association, imported commercial car sales for the January to November period this year increased 3.6 percent from the same period last year, selling a total of 252,242 units. The top selling brands were Mercedes-Benz, BMW, and Audi being responsible for more than

MobilityDec. 30, 2021

FTC chief, French digital minister discuss online platform regulation

The Fair Trade Commission Chairperson Joh Sung-wook discussed how to regulate online platform monopolies with Cedric O, French secretary of state for the digital transition and electronic communications, officials said Thursday. The two representatives found the need to revise the law and regulations to establish order in the digital market in response to tech giants abusing their market power and not allowing new players to enter the market. The FTC Chairperson Joh said the FTC is working on

IndustryDec. 30, 2021

Hyundai to halt local plant in Jan. for EV production

Hyundai Motor Co. said Thursday it will suspend one of its seven domestic plants next month to prepare for the production of electric vehicles. Hyundai Motor will halt the Asan plant from Jan. 3-28 to upgrade the facilities before beginning production of EVs next year, the company said in a regulatory filing. The company plans to resume operations of the 300,000-unit-a-year Asan plant, which produces the Sonata sedan and the Santa Fe SUV, on Feb. 3. Hyundai has seven domestic plants -- five

IndustryDec. 30, 2021

Hyundai’s Nexo takes up half of global FCEV sales

Global sales of the eco-friendly hydrogen fuel cell electric vehicles almost doubled compared to last year, while more than half of them came from Hyundai Motor’s sole fuel cell EV model, Nexo, market data showed Thursday. From January to November, a total of 16,200 fuel cell EVs have been registered, about a 95.1 percent increase compared to a year ago, according to SNE Research data. The firm expected the figure to surpass 18,000 for this year.  Hyundai Motor has topped the list

IndustryDec. 30, 2021