GM Korea to launch 10 new EVs by 2025

General Motors Korea will be launching 10 new electric vehicles for the South Korean market by 2025, General Motors International President Steven Kiefer said Friday. The vehicles will range from entry-level to high-performance models, he said. Kiefer, who is also a senior vice president at GM, said competitiveness and profitability are key to sustaining business in Korea and stressed the importance of the Korean market for the global automotive company, during the GM Future Growth Virtual Pre

MobilityNov. 12, 2021

Katech partners with Horiba Mira for early commercialization of autonomous vehicles

The Korea Automotive Technology Institute, or Katech, has agreed to work together with the UK-based automotive consultancy firm Horiba Mira on the early commercialization of autonomous vehicles, the agency said Friday. Katech Director Heo Nam-yong and Horiba Mira’s Chief Commercial Officer Roisin Hopkins agreed to pursue joint research and development on future vehicle technologies, signing a partnership agreement at the Horiba Mira headquarters in Nuneaton, England, Thursday (Greenwich

MobilityNov. 12, 2021

Samsung Fire Q3 net surges 42% on decreased loss rate

Samsung Fire & Marine Insurance Co., the non-life insurance arm of Samsung Group, reported a 42.2 percent rise in its third-quarter earnings amid a fall in accident-linked insurance payments amid tightened social distancing rules. Net income came to 278.15 billion won ($235.5 million) during the January-September period, compared with a net profit of 195.56 billion won a year earlier, the company said in a regulatory filing. The improved bottom line is attributable to a fall in loss ratio

IndustryNov. 12, 2021

Celltrion's COVID-19 antibody treatment wins EU drug agency's recommendation

The European Union's drug agency has recommended the approval of a COVID-19 antibody treatment by Celltrion Inc., paving the way for its sales in the region, the South Korean pharmaceutical giant said Friday. The Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency recommended the application of Rekirona in adult patients aged 18 and older. The European Commission, which is authorized to approve medicines in the region, is expected to issue its decision wit

IndustryNov. 12, 2021

Domestic demand to gradually recover amid eased virus restrictions: ministry

South Korea's domestic demand is expected to gradually recover as in-person service segments will likely rebound amid the country's eased virus restrictions, the finance ministry said Friday. But Asia's fourth-largest economy still faces external economic downside risks, including global inflation risks and supply chain disruptions, the ministry said in its monthly economic assessment report, called Green Book. "The Korean economy is recovering amid robust exports and an improvement in th

EconomyNov. 12, 2021

Disney+ lands in S. Korea amid competition in video streaming market

Disney+, the flagship streaming service of US media giant Walt Disney Co., landed in South Korea on Friday, heating up competition in the country's video streaming market. The streaming service is now available on its website or in Apple's App Store for iPhones and Google's Play Store for Android devices. The service distributes various films and TV series from Disney, Pixar, Marvel, Star Wars, National Geographic and Star, showing their original content hits, like "Loki" and "T

IndustryNov. 12, 2021

[Graphic News] Online shopping hits record high in September

　Online shopping in South Korea hit a record high in September, led by solid demand for food delivery services and electronic goods amid the resurgence in COVID-19 cases, data showed. 　The value of online shopping transactions stood at 16.2 trillion won ($13.7 billion) in September, up 17 percent from the previous year, according to the data from Statistics Korea. 　The September reading marked an all-time high since the agency began to compile related data in 2001. 　The value of online shopp

BusinessNov. 12, 2021

Seoul stocks open higher on tech, auto gains

South Korean stocks opened higher Friday, largely backed by gains in tech, auto and bio shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.29 points, or 0.76 percent, to 2,947.21 points in the first 15 minutes of trading. Market bellwether Samsung Electronics increased 0.52 percent, No. 2 chipmaker SK hynix advanced 1.4 percent, and pharmaceutical giant Samsung Biologics added 0.37 percent. Hyundai Motor, the country's largest carmaker, moved up 1.22 percent, and elect

MarketNov. 12, 2021

S. Korea temporarily cuts fuel taxes to tackle soaring oil prices

South Korea temporarily lowered fuel taxes Friday in an effort to ease the impact of surging oil prices on the country's consumer inflation and people's lives. Government officials said the 20 percent reduction in taxes on gasoline, diesel and liquefied petroleum gas (LPG) will remain in place for six months until the end of April next year. Under the move, the fuel tax on gasoline drops to 656 won ($0.55) per liter from 820 won, with that on diesel falling to 466 won from 582 won. Taxes accou

EconomyNov. 12, 2021

Kia to sell only EVs in Europe from 2035

Kia Corp., South Korea's second-biggest carmaker, said Thursday it will sell only electric vehicles in Europe from 2035 and in other major markets from 2040 as it seeks to gradually phase out internal combustion-engine cars in global markets.    Kia announced the 2045 carbon neutrality strategy as governments around the globe are adopting more aggressive policies to fight climate change and carmakers are stepping up efforts to transition away from fossil fuels.    Under th

MobilityNov. 11, 2021

Korean tech giants sweep CES 2022 Innovation Awards

Korean tech giants Samsung Electronics and LG Electronics swept the CES 2022 Innovation Awards, ahead of the year’s biggest tech event to be held in Las Vegas in January. Samsung Electronics received 43 CES 2022 Innovation Award honors, including four Best of Innovations accolades. The Consumer Technology Association, which organizes the annual convention, announced Wednesday the products and technologies across 27 sectors that received the CES 2022 Innovation Award. Samsung swept the v

TechnologyNov. 11, 2021

SK invests $340m in Crown X, strengthens partnership with Vietnam’s Masan Group

SK Group announced Thursday that it will invest $340 million in Crown X, a consumer retail platform within Vietnam’s Masan Group, in an effort to expand its strategic partnerships in Southeast Asia. SK Group recently bought a 9.5 percent stake in the Vietnamese consumer goods company, in line with its Global Story initiative to discover new market opportunities through direct foreign investment. Crown X is a subsidiary of Masan Group and owns Masan Consumer Holdings, a food and bevera

IndustryNov. 11, 2021

Coupang kicks off massive sales for China’s Singles Day

South Korean e-commerce giant Coupang has launched a three-day “Singles Day Mega Sale” to celebrate China’s annual shopping bonanza. The massive sales, from Nov. 10 to 12, was inspired by the Chinese version of US’ Black Friday. During the event, Coupang plans to woo Chinese customers with daily special offers using its “Rocket Jikgu” overseas delivery service. The firm will hand out coupons for an additional 10,000 won off purchases of 60,000 won or more.

ConsumerNov. 11, 2021

Commercial air taxi demonstrates flight in Gimpo

A dream team with the goal of trialing commercial air taxis by 2025 demonstrated Thursday its commercial Urban Air Mobility system, or UAM. The team consists of Korea Airports Corp., Hanwha Systems, Korea Transport Institute, Tmap Mobility and SK Telecom. UAM is a new air transportation system that involves private electric aircraft taking off and landing vertically. It can travel faster than cars as it is free from traffic on land, shortening the time to reach a destination to 20 minutes fr

TechnologyNov. 11, 2021

[News Focus] Google’s new billing policy for Korea is under scrutiny again. Why?

When Google announced on Nov. 4 that it was changing its controversial in-app payment policy in South Korea to comply with a revision to the Telecommunications Business Act, dubbed the “anti-Google law,” it appeared that Korea had become the first country in the world to check the US tech behemoth’s growing control of the app ecosystem. But, less than a week after the announcement, Seoul officials are finding themselves caught in yet another tussle between Google and local d

TechnologyNov. 11, 2021

[From the Scene] Versatility drives Renault Samsung’s Busan plant

BUSAN -- While factories usually have one flagship item manufactured on one assembly line to maximize productivity, Renault Samsung Motors’ Busan automotive plant has increased competitiveness by making its lines able to produce more than one. With the versatile assembly line, the Busan plant is in fully geared up to boost exports of Renault Samsung’s global flagship sport utility vehicle XM3, known as Arkana overseas, said Lee Hae-jin, director at Renault Samsung Motors’ man

MobilityNov. 11, 2021

Know your customers: Top bankers hit playgrounds of digital natives

In a studio decorated with colorful mascot dolls, NH NongHyup Bank CEO Kwon Joon-hak, who leads South Korea’s fifth-largest commercial bank, on Tuesday made his YouTube live debut. Co-hosting the one-hour event with a comedian, Kwon ditched the image of an unapproachable corporate representative, and transformed into a “guy next door” making jokes with customers online. “I’m a little nervous but will do my best to have a great time with our customers participating

MarketNov. 11, 2021

Seoul stocks down for 2nd day amid inflation woes

South Korean stocks closed lower Thursday, taking a cue from the estimate-beating inflation data in the United States that fanned concerns about faster-than-expected rate hikes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) retreated 5.25 points, or 0.18 percent, to close at 2,924.92 points. Trading volume was moderate at about 563 billion shares worth some 13.3 trillion won ($11.3 billion), with losers outnumbering gainers 630 to 215. Fore

IndustryNov. 11, 2021

Citibank Korea strengthens community outreach programs, ESG drive

As part of efforts to grow together with the local community, Citibank Korea, the South Korean unit of Citigroup, has carried out diverse social contribution programs, while beefing up management activities focused on environmental, social and governance factors, or ESG, the lender said Thursday.  Based on three principles, including employee participation, long-term commitment and leading activity, the foreign bank has continuously fostered a volunteer culture among employees for its corp

MarketNov. 11, 2021

Daewoo Shipbuilding bags W487b order for 2 LNG carriers

Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Thursday it has signed a 486.7 billion-won ($410.9 million) deal to construct two LNG carriers. DSME will deliver the 174,000-cubic-meter LNG carriers to Maran Gas Maritime Inc. (MGM), a gas shipping unit of Angelicoussis Shipping Group, the largest shipper in Greece, by November 2024, the shipbuilder said. The Greek shipping group has been the largest buyer of DSME, which has placed orders for 112 ships since 1994, the shipbuilding

IndustryNov. 11, 2021