KIPO outlines plan to prevent unfair competition, protect trade secrets

With the reorganization of global supply chains and accelerating digital transformation since the outbreak of the COVID-19 pandemic, securing cutting-edge technologies in fields such as artificial intelligence and semiconductors is becoming ever more crucial. In addition to investing heavily in technological development, countries around the world are strengthening protection of trade secrets and control of technological exports to prevent leaking their core technologies to rivals. The South K

IndustryOct. 15, 2021

Korea’s patent office expands international cooperation

As the grueling seven-year patent war between Samsung and Apple through 2018 showed, intellectual property rights can be used as spears and shields in the global fight for technological hegemony. Amid an intensifying patent war and the COVID-19 pandemic, applications for intellectual property rights in South Korea rose 12.3 percent from a year ago to 284,135 cases in the first half of this year, and the figure is expected to break 600,000 this year. To keep the spirt of innovation alive, the

IndustryOct. 15, 2021

S. Korea to resume discount coupon program to spur spending

South Korea plans to resume discount coupon programs aimed at boosting private spending as the country is preparing to move into a phase of "living with COVID-19" in early November, a senior government official said Friday. Except for food delivery via apps, the country suspended the coupon programs for sports, accommodations, tourism, cultural performances, and railway and bus service due to the resurgence of virus cases. The government earlier said the resumption will depend on the

EconomyOct. 15, 2021

Seoul stocks open higher on US gains

South Korean stocks opened higher Friday, tracking overnight advances on Wall Street, with tech shares leading the market gains. The benchmark Korea Composite Stock Price Index (KOSPI) rose 27.4 points, or 0.92 percent, to 3,016.04 in the first 15 minutes of trading. The tech-heavy Nasdaq composite added 1.73 percent to 14,823 points amid hopes of strong corporate earnings in the third quarter, and the Dow Jones Industrial Average climbed 1.56 percent to 34,913 points. In Seoul, market bell

MarketOct. 15, 2021

S. Korea, UAE agree to push for free trade deal

South Korea and the United Arab Emirates (UAE) announced Thursday that they will launch official talks toward a bilateral free trade agreement, Seoul‘s trade ministry said.　 Trade Minister Yeo Han-koo met his UAE counterpart, Thani Ahmed Al Zeyoudi, in Dubai, and issued a joint statement that calls for pushing to forge a Comprehensive Economic Partnership Agreement (CEPA), according to the Ministry of Trade, Industry and Energy. The CEPA is a type of free trade agreement that emphasize

EconomyOct. 14, 2021

Yanolja to acquire 70% stake in Interpark's e-commerce businesses

Yanolja Co., a leading South Korean travel platform operator, said Thursday that it signed an agreement to buy a 70 percent stake in e-commerce businesses of Interpark Corp. for 294 billion won (US$248 million). 　Yanolja said its move to acquire Interpark‘s travel, performing arts, shopping and book businesses is intended to make inroads into the global travel market dominated by foreign platform companies. 　“The two companies will cooperate to strengthen the competitiveness and

MarketOct. 14, 2021

Yanolja to acquire Interpark, enter global tourism market

Travel and leisure platform operator Yanolja said on Thursday that it will acquire a 70 percent stake in Interpark, one of South Korea’s first e-commerce platforms, for 294 billion won ($248 million). Following the announcement of the deal, Yanolja said it would enter the global tourism market with the new “growth engine.” “The international tourism market has been dominated by foreign platforms. The acquisition will see Yanolja enter the market as a South Korea company

IndustryOct. 14, 2021

Food and coffee brands offer Halloween specials

Although normally celebrated at bars and clubs in South Korea, Halloween this year may look a little different as the pandemic puts paid to nights out partying. The retail industry is coming up with creative Halloween-themed treats and drinks to capture customers planning to celebrate at home. South Korean confectionery maker Orion dressed its signature Choco Pie in a Halloween costume this year. It launched a limited edition “Halloween Choco Pie,” using traditional flavors of H

ConsumerOct. 14, 2021

[News Focus] Gasoline prices reach 82-month high in Korea

SEJONG -- South Korea’s gasoline prices climbed to the highest in almost seven years, in line with a spike in international crude prices over the past month amid steeply rising demand for petroleum worldwide. The situation, which could worsen further, is expected to pose a tough burden to some manufacturers and households, as long as oil producers choose not to increase output. According the Korea National Oil Corp., gasoline prices reached 1,695.98 won ($1.42) per liter on Thursday. Th

EconomyOct. 14, 2021

[Herald Design Forum 2021] Sustainability the new trend for Gen Z, industrial designers say

Sustainability is a key trend in industrial design as Generation Z consumers prioritize conscious and valuable consumption when it comes to making purchases. The latest trend for those born between 1997 and the early 2010s, is not about being trendy, but about creating designs that people do not get sick of for a long period of time and thus leaving a smaller carbon footprint, said experts in industrial design who took part in the Herald Design Forum 2021 on Thursday. Benjamin Hubert, a Londo

IndustryOct. 14, 2021

New global digital tax will push up Korea’s tax revenue: minister

The implementation of the new global digital tax regime will lead to a small increase in tax revenue for the South Korean government, the country’s finance minister said Thursday. The two-pillar tax proposal on taxing the digital economy and ushering in a global minimum tax rate, spearheaded by the Organization for Economic Cooperation and Development, was endorsed by 136 countries Friday. Pillar one aims to reallocate some tax revenue from where multinationals post profit to where the

EconomyOct. 14, 2021

5 startups spin out from Samsung

Five in-house startups that have built business models upon the COVID-19 pandemic will spin out from Samsung Electronics, said the tech giant Thursday. Samsung said the five new spin-outs are the outcome of Samsung employees’ efforts to develop solutions for the post-pandemic era, raising growth prospects of the startups. One of them is DiaVision, a group of employees from Samsung’s medical equipment business, which has developed a quick COVID-19 diagnosis kit based on image reco

TechnologyOct. 14, 2021

Seoul stocks jump on stabilizing currency market, move to ease supply bottleneck

South Korean stocks advanced for a second straight session Thursday, as investors were relieved by the stable currency rate and Washington's move to ease supply chain disruptions. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 44.23 points, or 1.5 percent, to close at 2,988.64 points. Trading volume was moderate at about 607 million shares worth some 11.9 trillion won ($10 billion), with gainers outnumbering losers 745 to 130. Foreigne

MarketOct. 14, 2021

[Exclusive] Alceon raises Korean capital for debt strategies in Australia

Sydney-based investment manager Alceon has raised a combined 55 billion won ($46.3 million) of capital from a South Korean institutional investor for its nonbank loan strategies designed to finance Australian real estate development projects. Alceon‘s senior debt vehicle, named Alceon Australian Real Estate Corporate Senior Loan Fund, received capital from Korean allocator ABL Life Insurance from last year until September, bringing its fund under management to A$383 million ($283 million)

MarketOct. 14, 2021

[Photo News] Flying in Seoul, controlled in California

A pair of Hogreen Air’s hydrogen drones fly across the sky at a park in Gwangju, Thursday, remotely controlled by operators 9,042 kilometers away in California’s Silicon Valley using the 5G network.  Hogreen Air said that with Thursday‘s experiment, it became the world’s first drone company to succeed in remote control of a drone over such a long distance.

IndustryOct. 14, 2021

Posco chairman picked to lead World Steel Association

Posco Chairman Choi Jeong-woo has been chosen to lead the executive board of directors for the World Steel Association, the South Korean steelmaker said Thursday. Choi, who is a member of the association’s executive committee, was appointed to lead the entity along with two other board members, during the annual conference held online on Wednesday, Posco said. The World Steel Association is one of the largest industry associations in the world, representing global steel producers, natio

IndustryOct. 14, 2021

Toss Bank halts loan services on authorities’ debt limit

Toss Bank, South Korea’s third internet-only bank, said on Thursday that it will suspend new loans until the end of this year, Toss Bank, South Korea’s third internet-only bank, said on Thursday that it will suspend new loans through the end of this year, after financial authorities declined to increase the new bank’s lending limit. The banking arm of fintech giant Viva Republica said its loan limit of 500 billion won ($422 million) had been exhaus

EconomyOct. 14, 2021

BOK to join move for setting global standards for stablecoin

South Korea’s central bank said Thursday it has decided to join a global movement of financial regulators to set up standards for stablecoins, saying it would adopt the rules to the local market once they are introduced. Stablecoins are a form of cryptocurrency designed to have a stable value tied to traditional government-backed currencies, or to a commodity such as gold, to dodge the volatilities that bitcoin and other cryptocurrencies have. The Bank of Korea’s announcement com

MarketOct. 14, 2021

JPMorgan expands commercial banking in South Korea

Global investment bank JPMorgan said Thursday it has decided to expand its commercial banking business in South Korea by launching a new team focused on financing midcap companies. The banking giant has appointed Kim Min-sik, former head of the global corporate division at Standard Chartered Bank Korea, to lead its newly established corporate client banking & specialized industries team. In Korea, businesses with total assets between 500 billion won ($421.1 million) and 10 trillion w

MarketOct. 14, 2021

Hyundai Engineering to build e-learning infrastructure in Indonesia

Hyundai Engineering said on Thursday it has launched a new project to build e-learning infrastructure in the city of Balikpapan in Indonesia. The three-year Hello E-Dream Project will see the company team up with the Indonesian government and non-government organization Good Neighbors to improve the educational environment in the city. Marking the 11th project from Hyundai Engineering’s series of social contribution activities known as New Hope School, the latest move will focus on build

IndustryOct. 14, 2021