Loans of self-employed swell 50% in four years

The reliance on bank loans among self-employed South Koreans has surged considerably since the onset of the pandemic, with the overall loan volume and the default rate rising steeply in the past four years. According to data from the nation's major credit ratings firm Nice, provided to Rep. Yang Kyung-sook of the main opposition Democratic Party of Korea, the outstanding loans to self-employed individuals from local financial institutions totaled 1,112.74 trillion won ($811 billion) as of t

EconomyMay 12, 2024

Roborock’s rare success on home turf of Samsung, LG

China’s Roborock, the popular robot vacuum cleaner brand, has become a rare success story on the home turf of Samsung Electronics and LG Electronics. Despite the dominance of the two Korean firms in the nation’s home appliance market, when it comes to the burgeoning robot cleaner market, the Chinese runner-up has maintained its top position over the past four years. Last month, Roborock released its latest flagship model, the Roborock S8 MaxV Ultra, which is capable of both vacuuming

TechnologyMay 12, 2024

KOSA, Saudi Aramco bolster ties on digital innovation

The Korea Software Industry Association said Sunday it has signed a memorandum of understanding with Saudi Aramco, the kingdom’s oil giant, to bolster ties on digital innovation. The KOSA, representing over 14,000 member companies specializing in digital tech, will support Aramco’s push for artificial intelligence and other digital economies. They also plan to work together to extend their global network and secure funding. The MOU signing event was held Thursday in Goyang, Gyeonggi

IndustryMay 12, 2024

Science Ministry expresses regret over Japan’s pressure on Naver

The Science Ministry on Friday expressed regret over the Japanese government’s pressure on Naver to shed its ownership stakes in the popular messaging app Line, hinting at "strong and stern" measures if necessary. “The Seoul government's firm position is that we’ll ensure Korean companies, including Naver, are not subject to any unreasonable measures related to overseas business and overseas investment,” Second Vice Science Minister Kang Do-hyun told report

TechnologyMay 10, 2024

Bithumb to pay W40b taxes for crypto airdrop winners

Korea's major cryptocurrency exchange Bithumb said Friday that it will cover all the 40 billion won ($30 million) of taxes imposed on the winners of its crypto airdrop events. According to Bithumb, some 10,700 users were slapped with a combined 20 billion won in taxes last year for their compensations, including virtual assets and paybacks on commission, worth 83 billion won earned after participating in its multiple airdrop events held between 2018 and 2021. In Korea, the tax authorities h

IndustryMay 10, 2024

Seoul shares end higher on rate-cut hopes after jobs data

Seoul shares ended higher Friday after the latest jobs data supported the case for US rate cuts this year. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 15.49 points, or 0.57 percent, to close at 2,727.63. The main index has risen 1.9 percent this week. Trading volume was moderate at 568.36 million shares worth 11.07 trillion won ($8.09 billion), with gainers outpacing losers 489 to 365. The number of US unemployment claims jumped last week to th

MarketMay 10, 2024

Naver Cloud, Philippines' Converge team up for DX innovation

Naver Cloud, the cloud computing arm of Korea's IT giant Naver, said Friday it has teamed up with Philippine fiber optic internet provider Converge ICT Solutions to speed up digital transformation in the Southeast Asian country. Under the deal, the two sides agreed to collaborate to discuss ways to leverage Naver’s expertise to deliver innovative cloud solutions for the specific needs of Filipino customers. Converge is the fastest-growing broadband provider in the Philippines with a f

TechnologyMay 10, 2024

Korean Air in talks to sell five B747 jets to Sierra Nevada

Korean Air is in talks with Sierra Nevada Corporation, the US aerospace and defense firm, to sell its five B747-8i jets in an apparent move to boost its operational efficiency ahead of its planned merger with Asiana Airlines. According to industry sources on Friday, Korean Air held a board meeting Wednesday and decided to sell the planes to Sierra Nevada. The deal, valued at about 918 billion won ($674 million), is expected to be completed by September 2025. Currently, the company owns nine unit

IndustryMay 10, 2024

Seoul shares open higher on Fed's rate-cut hopes

Seoul shares opened higher Friday, tracking gains on Wall Street, after weekly US jobless claims data offered fresh hope for the Federal Reserve's rate cuts this year. The benchmark Korea Composite Stock Price Index rose 28.15 points, or 1.04 percent, to 2,740.29 in the first 15 minutes of trading. The number of US jobless claims jumped last week to the highest level in more than eight months, renewing hopes for the Fed's rate cuts. Overnight, the Dow Jones Industrial Average increased

MarketMay 10, 2024

Bridging hope: Daewoo E&C wins large-scale bridge projects in India, Africa

Daewoo Engineering and Construction has been showcasing its engineering prowess not only domestically but also internationally, winning a series of large-scale bridge construction projects. On home soil, Daewoo E&C constructed the Dongjak Bridge, the first combined railway and roadway bridge in South Korea in 1984. Since then, they have successfully completed numerous bridges, including the Gwangan Bridge, Cheonsa Bridge, and the Geoga Bridge, which features the country’s first underwa

CompaniesMay 9, 2024

Financial regulator to complete short selling probe this year

South Korea's chief financial regulator, Financial Supervisory Service Governor Lee Bok-hyun, said the agency plans to conclude its ongoing investigation into illegal short selling by the end of the year. He made the statement during a meeting with a group of reporters on Thursday. "We've completed investigations into some companies and made significant progress with three others. About five companies remain, and, if possible, our goal is to wrap up the investigation by the end of

EconomyMay 9, 2024

LG CNS launches Gen AI Studio for corporate clients

LG CNS on Thursday opened its Gen AI Studio, a new venue for its corporate clients to experience business solutions using generative AI. The latest opening aims to offer systematic assistance to companies that seek to explore generative AI but find themselves uncertain about where to begin. Its programs, consisting of Gen AI Tour, Gen AI Discovery Workshop and Gen AI Prototyping, showcase potential applications of generative AI across industries and value chains. Companies can experience the pro

TechnologyMay 9, 2024

HD Hyundai unveils uncrewed vessel concept at US expo

Korean shipbuilding giant HD Hyundai said Thursday that it has unveiled a prototype for its upcoming uncrewed surface vessel Tenebris at this week’s AI Expo for National Competitiveness in Washington, DC. The recent unveiling, a collaboration with US tech firm Palantir Technologies, comes after the two firms signed a memorandum of understanding in April to jointly develop an USV by 2026. Named after the Latin word for darkness, Tenebris is designed for reconnaissance missions in enemy prox

IndustryMay 9, 2024

Seoul shares dip over 1% amid US rate uncertainties

South Korean shares declined by more than 1 percent Thursday as investors remained concerned over the future course of the US key rates ahead of the release of inflation data next week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 32.91 points, or 1.2 percent, to close at 2,712.14. Trading volume was moderate at 413 million shares worth 10.9 trillion won ($7.95 billion), with losers outpacing gainers 531 to 355. Foreign investors offloaded a

MarketMay 9, 2024

New Seoul-Zurich route launched after 27 years

Switzerland's flag carrier Swiss International Air Lines inaugurated its direct flight from Zurich to Incheon on Wednesday, marking its entry into the Korean market. This marks the first time in 27 years that the airline has introduced flights to Korea since the suspension of the Gimpo-Zurich route in 1998. "The Zurich-Seoul route was a missing piece of our extensive global network," Markus Binkert, chief financial officer of Swiss International Air Lines said during a press confe

IndustryMay 9, 2024

Yoon doubles down on repeal of financial investment income tax

President Yoon Suk Yeol on Thursday expressed a strong willingness to rescind the introduction of capital gains taxes on financial investment incomes, asserting the legislation would bring massive outflow of funds from the country’s capital market. “Not only is the understanding of 14 million retail investors at stake, but if the capital market collapses and fails to function properly, it will have a significant impact on the real economy,” Yoon said during a press conference m

EconomyMay 9, 2024

LG Display starts sell-off talks for China plant

LG Display has started talks to sell off its last liquid crystal display manufacturing plant in China in an apparent move to focus on consolidating its leadership in the more advanced organic light-emitting diode display market. According to industry sources on Thursday, LG Display is discussing the issue with Korea’s Ministry of Trade, Industry and Energy as a pricey display plant is considered the nation’s strategic asset whose sales should be approved by the government. In a regul

IndustryMay 9, 2024

Hyundai Mobis to set up W90b plant for EV parts

Hyundai Mobis, the parts and service arm under Hyundai Motor Group, will construct a dedicated electric vehicle module plant in Ulsan, South Korea, with an investment of approximately 90 billion won ($65 million) and completion expected in late 2025. The company signed an investment memorandum of understanding with the Ulsan Metropolitan City on Thursday, with Ulsan Mayor Kim Du-gyeom and Hyundai Mobis CEO Lee Gyu-suk attending the signing ceremony. Located near Hyundai Motor Group's upcomi

MobilityMay 9, 2024

Posco’s furnace No. 4 ready to resume operation

Posco Group said Thursday that it was ready to resume the operation of its blast furnace No. 4 in Pohang, North Gyeongsang Province, at the end of June after months of refurbishment work. A blast furnace usually undergoes maintenance every 15 years, during which its operation is suspended to undergo thorough performance and safety checkups and facility upgrades. The No. 4 furnace, completed in 1981, underwent refurbishments in 1994 and 2010. The current third refurbishment started on Feb. 23 to

IndustryMay 9, 2024

Korea forecast to overtake Taiwan in chip production by 2032: report

South Korea is projected to account for nearly 20 percent of global semiconductor production in 2032, reaching an all-time high in output, a US report showed on Thursday. Asia’s fourth-largest economy is predicted to take up 19 percent of global chip production eight years later, according to a report by the Semiconductor Industry Association, in partnership with the Boston Consulting Group. The report evaluated that Korea invested in the development of the semiconductor industry from the

TechnologyMay 9, 2024