Security concerns arise over soaring digital currencies

As the prices of Bitcoin and other cryptocurrencies approach record highs, digital currency exchanges are reaping the benefits of increased traffic, but are simultaneously burdened with security concerns. Domestic crypto exchanges said Tuesday that they are ramping up alert levels amid an uptick in interest and the establishment of new laws. Earlier this month, the top two local digital currency exchanges, Upbit and Bithumb, suffered server shutdowns amid increased transactions. Bithumb&rsquo

MarketFeb. 16, 2021

Eyes on Samsung heir’s investment decision from jail

It has been four weeks since Samsung Group’s de-facto chief Lee Jae-yong has been jailed for bribery, and all eyes are on what large-scale investment plans are to come from the imprisoned Samsung Electronics vice chairman as visitation restrictions are set to be lifted. According to industry sources on Tuesday, the Samsung scion has been moved to a regular cell at Seoul Detention Center on Sunday, after a four-week quarantine to prevent the spread of COVID-19 within the facility. In t

TechnologyFeb. 16, 2021

[Behind the Wheel] Honda CR-V kicks it up a notch for hybrid EVs

The more environmentally-friendly version of Honda’s flagship sports utility vehicle CR-V has been launched in Korea, boasting an ample interior space, and with distinguishable driving modes that offer a little more fun to driving. The Japanese automaker has kicked off the new year by presenting the new CR-V Hybrid, a hybrid electric vehicle model of the CR-V, and aims to get back on its feet in the Korean market, where it has been suffering from a nationwide boycott against Japanese goo

MobilityFeb. 16, 2021

'Google to reap up to W150b in additional profit a year from app store fees’

Google’s revenue from app store fees in South Korea could increase by more than 150 billion won a year when the company’s billing policy changes take effect later this year, a local lawmaker said Tuesday. In September last year, Google announced that the company would enforce a 30 percent commission on all in-app purchases of digital content from its app store, starting in October, 2021. Google has so far charged fees on game content sales only. Rep. Park Sung-joong of the oppos

TechnologyFeb. 16, 2021

CJ CheilJedang win nods for marine biodegradation material PHA

CJ CheilJedang is picking up speed with its white biotechnology business, having won a global certification for its biodegradable plastic, the company said Tuesday. CJ‘s polyhydroxyalkanoate, which is touted as a green replacement for petroleum-based plastics, has been certified as biodegradable by TUV Austria, a globally renowned institution for biodegradability testing and certification, in four areas -- industry, household, soil and marine. It is the first time a South Korean company

IndustryFeb. 16, 2021

LS Group president tipped as likely candidate for next KITA chairman

LS Group Chairman Koo Ja-yeol has emerged as the most prominent candidate to become the next chairman of the Korea International Trade Association, according to industry sources on Tuesday. As the next vice president, Hyundai Research Institute President and CEO Lee Dong-geun has been mentioned as a top contender. Incumbent KITA chairman Kim Young-joo and full-time vice chairman Han Jin-hyun held a meeting with representatives of member companies on Tuesday to discuss potential candidates f

IndustryFeb. 16, 2021

Viva Republica teams up with Samsung Life to expand mobile insurance platform

Fintech company Viva Republica said Tuesday that it will work with South Korean life insurance firm Samsung Life Insurance to advance its platform for insurance planners. Viva Republica, the operator of money transfer app Toss, launched insurance affiliate Toss Insurance in 2018, rolling out non-face-to-face insurance services. The company is also running Toss Insurance Partner, a platform to support insurance planners to handle customer services and manage insurance contracts. The support pla

MarketFeb. 16, 2021

Shinsegae’s Signet Partners announces investment in ride-hailing app Grab

Signet Partners, Shinsegae Group’s corporate venture capital firm, announced Tuesday that it had made an investment in the Singapore-based ride-hailing and food delivery app Grab. Explaining the decision, the firm said the app attracts millions of users every day, while noting the growth of mobile platforms in the Southeast Asian region. It did not disclose the amount of its investment. “We will continue to discover and invest in promising startups at home and abroad as well as c

IndustryFeb. 16, 2021

BAT Korea to reach wider audience with modified risk tobacco products through digital marketing

BAT Korea reaffirmed its plan to reach a wider audience with potentially-reduced risk products on Tuesday as it cited the success of recent digital marketing efforts to promote e-cigarettes. “Sales promotions for Glo Pro last month took place both online and in-store and it was especially well received online and we managed to sell out the stock we prepared quicker than expected,” said Yu Jung-min, head of offline activation at BAT Korea during an online press event. “Diversi

ConsumerFeb. 16, 2021

Govt. seeks to submit extra budget bill in early March: finance minister

South Korea's finance minister said Tuesday the government is seeking to submit an extra budget bill in early March in a bid to provide targeted support to merchants and businesses hit hard by the pandemic. Finance Minister Hong Nam-ki said in a parliamentary session that the country is considering expanding the recipients of the fourth round of emergency relief funds, including to merchants whose yearly sales top 400 million won ($364,000). "We are reviewing ways to provide additional su

EconomyFeb. 16, 2021

Scientists develop AI system capable of reading human emotions

A team of researchers led by professor Kim Hyun-bum from Incheon National University have developed a human emotion detection system using fifth-generation networks and artificial intelligence. Researchers claim the virtual emotion detection system called 5G-I-VEmoSYS can recognize at least five kinds of emotion -- joy, pleasure, a neutral state, sadness and anger -- through body movements and other signals. “Emotions are a critical characteristic of human beings and separate humans fr

TechnologyFeb. 16, 2021

Market watchdog to tighten grip over illegal short selling

South Korea’s market watchdog Financial Supervisory Service on Tuesday vowed to toughen its supervision of illegal short selling this year to promote fair market competition. “We will ramp up inspections on illegal practices of short selling by strengthening the work capacity of our special investigative team in charge of detecting securities fraud,” the FSS said in its 2021 policy plan. The FSS has a team of in-house investigators focused on probing financial crime cases un

MarketFeb. 16, 2021

Samsung top tablet vendor in Europe, Middle East, Africa in Q4: report

Samsung Electronics Co. was the top vendor in the Europe, Middle East and Africa (EMEA) tablet market in the fourth quarter of 2020, a report showed Tuesday, amid the pandemic-induced stay-at-home trend. Samsung shipped 4 million tablets in the EMEA market in the October-December period for a 28.1 percent market share, according to industry researcher International Data Corp. (IDC). The figures were up from a year ago when the South Korean tech giant shipped 3.2 million tablets for a 24.8 perc

IndustryFeb. 16, 2021

Restructuring inevitable for Renault Samsung for survival: chief

The chief of Renault Samsung Motors Corp. said Tuesday restructuring will be "inevitable" for the company's survival amid the prolonged coronavirus pandemic and lower demand for its models. In a message to employees, Renault Samsung Chief Executive Dominique Signora made the comments as the company struggles with lower vehicle sales and high labor and manufacturing costs. "There is an urgent need to cut costs (through restructuring) to ride out this crisis as the company's overa

IndustryFeb. 16, 2021

Imprisoned Samsung heir allowed to meet execs after 4-week virus isolation

Lee Jae-yong, the de-facto leader of Samsung Group, has ended his mandatory isolation in a correctional facility and is allowed to meet group executives, industry insiders said Tuesday, raising speculation that South Korea's top conglomerate may speed up its decision-making for potential investments. Lee, the group's heir, was sentenced to 2 1/2 years in prison by the Seoul High Court on Jan. 18 in a retrial of a bribery case involving former President Park Geun-hye and was put behind bars agai

IndustryFeb. 16, 2021

S. Korea's power generation falls for 2nd year in 2020 amid pandemic

South Korea's electricity generation fell for the second consecutive year in 2020 as demand dipped amid the coronavirus pandemic, data showed Tuesday. The amount of electricity generated by the nation's power plants came to 552,165 gigawatt hours (GWh) last year, down 1.9 percent from the previous year, according to the data from state-run Korea Electric Power Corporation (Kepco). It marked the second time generation dropped in two consecutive years, since the 4.1 percent decrease in 1998, whe

IndustryFeb. 16, 2021

[Graphic News] S. Korea’s electric car exports shoot up 66% in 2020: KITA

　South Korea’s exports of electric vehicles advanced nearly 66 percent on-year in 2020, data showed, despite the overall slump in the automobile industry amid the COVID-19 pandemic. 　Outbound shipments of electric vehicles came to $3.9 billion in 2020, the first time the figure surpassed that for hybrid cars, whose exports came to $2.5 billion last year, according to the data compiled by the Korea International Trade Association. 　Electric vehicles accounted for more than half of the

BusinessFeb. 16, 2021

Seoul stocks open higher on tech, auto gains

South Korean stocks opened higher Tuesday on strong advances by tech and auto stocks. The benchmark Korea Composite Stock Price Index rose 16.27 points, or 0.52 percent, to 3,163.27 points in the first 15 minutes of trading. Top cap Samsung Electronics gained 1.07 percent, and No. 2 chipmaker SK hynix advanced 0.38 percent. Leading chemical firm LG Chem moved down 0.51 percent, and rechargeable battery maker Samsung SDI slipped 0.12 percent. Giant internet portal operator Naver jumped 4.02 p

MarketFeb. 16, 2021

Samsung remains 2nd in Indian smartphone market in 2020: report

Samsung Electronics Co. was the second-largest smartphone vendor in India last year, a report showed Tuesday, as its offline sales declined amid the pandemic. The South Korean tech giant shipped 29.7 million smartphones in India in 2020, down 4 percent from a year earlier, for a 20 percent market share, according to market researcher International Data Corp. (IDC). "Samsung remained in its second spot in the 2020 ranking, with its online-heavy portfolio driven by the Galaxy M series and t

IndustryFeb. 16, 2021

Hospitality industry's headcount dips on coronavirus impact

South Korea's hospitality industry has cut nearly 370,000 jobs over the past year in the wake of the coronavirus pandemic, data showed Tuesday. Local accommodations and restaurants had a combined workforce of 1.965 million as of January, down 367,000 from a year earlier, according to the data from Statistics Korea. January marked the first time since February 2020 that the country's hospitality sector had fewer than 2 million workers. The tumble comes as South Korea has been gripped by the no

IndustryFeb. 16, 2021