[Contribution] Controversy over ‘same person’ designation by the KFTC

By Myung-Soo Hong, Professor of Law, Myongji University The trade ministers of South Korea and the US are meeting in Seoul for the first time in 10 years on Nov. 18, 2021. During the meeting, it is expected that various economic and trade related pending issues will be discussed. One of the issues which may be discussed is the Korea Fair Trade Commission’s ongoing review of the possibility of designating US corporations and individual US citizens as the “same person” (i.e., h

IndustryNov. 18, 2021

Gangnam fantasy: Land of longing

Kim Young-woo, a 47-year-old bank employee with two teenage kids, has had trouble sleeping in recent months. Kim’s family lives in a posh neighborhood in Yeoksam-dong, Gangnam-gu, southern Seoul, but may not be able to stay there. “My jeonse contract expires in December. I have to look for a new apartment since I was told that my landlord is moving back to this apartment,” he said. Under South Korea’s jeonse system, the tenant pays a refundable deposit to rent a home fo

MarketNov. 18, 2021

SK Bioscience-AstraZeneca deal to expire by the end of this year

SK Bioscience’s contract manufacturing deal to produce AstraZeneca’s COVID-19 vaccine will expire by the end of this year, according to the company Thursday. The deal greatly helped South Korea secure shots in its early vaccination stage, but as the government has decided to phase out the use of the AstraZeneca vaccine, there is no need for the firm to continue producing it, the firm said. As for international supplies, however, the firm remains in talks with AstraZeneca, the fir

TechnologyNov. 18, 2021

[Newsmaker] Netflix hikes subscription fees by 17 percent in Korea

Streaming giant Netflix announced on Thursday a subscription fee increase of up to 17 percent, its first hike since launching the service in South Korea in 2016. The streaming platform’s standard plan will cost 13,500 won ($11.45) a month, up 12.5 percent from the previous 12,000 won, and the premium plan will go up 17.24 percent to 17,000 won from 14,500 won. The basic plan will remain unchanged at 9,500 won. Local users will be notified of the price changes 30 days before their renewa

TechnologyNov. 18, 2021

Hyundai forms alliance with 6 EV charging stations

Hyundai Motor Group is joining hands with six electric vehicle charging stations here to form an alliance supporting the growth of the EV charging industry, the automotive giant said Thursday. Hyundai said it signed partnerships with six Korean EV charging service providers to establish E-pit Alliance and agreed to work together in developing technologies related to E-pit, the automotive group’s ultra-fast charging station. The six EV service providers are Starkoff, Straffic, Jeju Elect

MobilityNov. 18, 2021

Posco pledges another decade of startup support

Marking a decade of operating its startup accelerator program, South Korean steelmaker Posco on Thursday vowed to continue supporting the local startup ecosystem, particularly in fields related to its future strategic businesses, including hydrogen, secondary battery and green materials. . “The Idea Marketplace has become a representative accelerator program for startups in the country. For Posco, it will continue to play a role in exploring new business items,” said Posco Chairma

IndustryNov. 18, 2021

[Special] AMAXG Group launches NFT-metaverse platform

South Korean blockchain research company AMAXG has launched a metaverse platform where people can trade nonfungible tokens, strengthening its initiative for blockchain commercialization. AMAXG recently launched the platform, dubbed BIZA-UVIT, after joining hands with K2SOFT, a metaverse platform and ANISTAR, a provider of cultural content. According to AMAXG, BIZA-UVIT users can trade NFTs in the metaverse, virtual worlds shared by people online, and expand their own virtual worlds. NFTs are

MarketNov. 18, 2021

Apple releases updated iOS to fix call drop issue

Apple released an update to its mobile operating system Thursday to fix dropped calls on iPhone devices, including the iPhone 12 and 13. The release of the iOS 15.1.1, an updated version of the iOS 15.1, fixes the call drop performance issue on the iPhone 12 and iPhone 13 as well as the usual bug fixes, U.S. online website Apple Insider said. iPhone 12 and iPhone 13 users have recently experienced consistent dropped calls on their devices, preventing them from receiving incoming calls. Apple

TechnologyNov. 18, 2021

Household income grows at fastest pace in Q3 on relief funds

South Korean household income grew at its fastest pace in the third quarter thanks to the economic recovery and the government's emergency relief funds, data showed Thursday. The average household earned 4.73 million won ($4,000) per month in the July-September period, up 8 percent from the previous year, according to the data from Statistics Korea. It marked the fastest on-year growth since 2006, when the statistics agency began compiling related data. Household income rose in the last quart

EconomyNov. 18, 2021

Samsung Heavy demonstrates gas liquefaction technology

Samsung Heavy Industries Co. said Thursday that it has successfully demonstrated its gas liquefaction technology to sharpen its competitive edge for orders of floating liquefied natural gas (FLNG) facilities. With the successful demonstration of the gas liquefaction technology named "SENSE IV," Samsung Heavy will be better positioned to beat its rivals in bagging orders for FLNG facilities, the shipbuilder said. The demonstration was attended by officials from global key LNG produce

IndustryNov. 18, 2021

Auto exports dip 18% in October amid extended chip shortage

South Korea's exports of automobiles fell for the second consecutive month in October due mainly to an extended global supply shortage of automotive chips, data showed Thursday. Outbound shipments of automobiles reached 159,520 units last month, down 18.1 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports also decreased 4.7 percent from a year earlier to $3.83 billion, the data showed. It is the second month in

EconomyNov. 18, 2021

Seoul stocks open lower on US losses

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street, with tech and chemical shares weighing on the market. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.76 points, or 0.4 percent, to 2,950.66 in the first 15 minutes of trading. The Dow Jones Industrial Average retreated 0.58 percent, and the tech-heavy Nasdaq composite declined 0.33 percent amid concerns about the growing inflation pressure. The Korean stock market opened at 10 a.m., one hour

MarketNov. 18, 2021

[Graphic News] Exports of fishery goods up over 20% through October

　South Korea’s exports of fishery products grew 20.5 percent on-year in the first 10 months of this year, data showed. 　Outbound shipments of fishery products reached $2.24 billion during the January-October period, compared to $1.86 billion tallied a year earlier, according to the data from the Ministry of Oceans and Fisheries. 　Exports to China rose 48.1 percent to $540 million, and those to the United States and the European Union surged 24.2 percent and 39.4 percent, respectively.

BusinessNov. 18, 2021

Hyundai, Kia unveil electric concept SUVs at LA auto show

Hyundai Motor Co. and affiliate Kia Corp. said Thursday they have unveiled their electric concept SUVs at the Los Angeles Auto Show as they strengthen their all-electric portfolios in line with rival carmakers' electrification push. Hyundai and Kia debuted the large-sized "Seven" and flagship "EV9" concept models built on Hyundai Motor Group's dedicated EV platform, called E-GMP, at the US motor show during a two-day media preview on Nov. 17 and 18. The carmakers are planni

MobilityNov. 18, 2021

Samsung cements top spot in DRAM market in Q3

Samsung Electronics Co. boosted its market presence in the global memory market in the third quarter, further consolidating its dominant position in the segment, a report showed Thursday. Samsung, the world's biggest memory chip maker, took up 44 percent of the DRAM market for the three months ending in September, slightly up from 43.6 percent the previous quarter, according to analytics provider TrendForce. DRAM, or dynamic random-access memory, is a volatile semiconductor memory that retains

IndustryNov. 18, 2021

4 companies to recall over 2,500 vehicles over faulty parts

Tesla Korea, BMW Korea and two other companies will voluntarily recall more than 2,500 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The two other companies are MAN Truck & Bus Korea and Moto Rossa, which imports Ducati Motor Holding S.p.A's two wheelers, the Ministry of Land, Infrastructure and Transport said in a statement. The

IndustryNov. 18, 2021

Property technology sees boom in pandemic era, but caution is needed: experts

Property technology startups, companies that provide digital services in the real estate industry, are enjoying the spotlight due to the digital transformation sparked by the COVID-19 pandemic, but challenges lie ahead, experts said Wednesday. “Before COVID-19, the real estate industry was one of the most hesitant to implement innovative digital technology. That was largely because clients needed to visit and see the interior work for themselves before making any investment decisions,&rd

MarketNov. 17, 2021

DataStreams wins tech award

DataStreams said Wednesday its CEO won a bronze tower order of industrial service merit from the government for the company’s technological prowess in big data solutions. Founded 20 years ago, DataStreams is a leader of the local big data solution market and is taking steps to get listed in Kosdaq. In addition to the order of merit won by CEO Lee Young-sang, the company’s big data platform named TeraONE won a tech award from the minister of trade, industry and energy. By Kim So-hy

TechnologyNov. 17, 2021

LG Innotek wins presidential commendation

LG Innotek said Wednesday one of its senior officials won a presidential commendation at the 2021 Korea Tech Show for developing innovative technology and products. Lee Kwang-tae, head of LG Innotek’s package substrate production division, received the award for contributing toward enhancing the competitiveness of Korea’s semiconductor substrate industry. Lee joined LG Electronics in 1999 and has worked on substrate development and production technology. Since 2008, he has led the

TechnologyNov. 17, 2021

Naver taps 40-year-old female exec as new CEO

Naver, the No.1 portal operator and internet firm in South Korea, announced Wednesday it has nominated Choi Soo-yeon as new chief executive officer. Choi, born in 1981, would mark the youngest leader of the company so far. The appointment of Choi is interpreted as the tech firm’s intention to overhaul its corporate culture and accelerate business growth in the global market. A Seoul National University graduate with an engineering degree, Choi joined Naver as an entry-level employee

TechnologyNov. 17, 2021