Department stores on high alert amid copycat crime threats

South Korean department stores on Friday boosted security measures after copycat crime threats went viral online, following a stabbing rampage at a department store in Bundang, Gyeonggi Province on Thursday. Lotte Property & Investment, one of the leading department store operators here, on Friday dispatched a security team of 130 members to the area around Lotte Tower near Jamsil Station. Lotte added it has also sent three anti-terrorism agents to search the area. Jamsil Station was one of

IndustryAug. 4, 2023

Hyundai, Kia to recall 91,000 vehicles in US due to fire risks

Hyundai Motor Co. and its smaller affiliate Kia Corp. said Friday they will recall more than 91,000 recently released vehicles in the United States due to fire risks. The South Korean carmakers have submitted their recall reports to the US National Highway Traffic Safety Administration. They advised customers to park affected vehicles "outside and away from structures" until the defective part is fixed. The electronic controller for the Idle Stop & Go oil pump assembly may contain

MobilityAug. 4, 2023

[Contribution] Koreans, be proud of your beers

By Ben Verhaert Oriental Brewery CEO Now is the best season for enjoying a refreshing beer, and Aug. 4 is International Beer Day and I would like to speak for beers today, especially for Korean beers. As one of the oldest human-produced drinks, the beer has many charm factors which have allowed humankind to enjoy it for so long as 8,000 years. First of all, beer is inclusive. Men and women across geographies and socioeconomic groups enjoy having a beer with friends. Beer has always been a great

IndustryAug. 4, 2023

Seoul shares open tad higher ahead of US jobs data

South Korean stocks started a tad higher Friday as investors await the US' July job data, which is expected to give clues for the outlook of the Federal Reserve's monetary tightening policy. The benchmark Korea Composite Stock Price Index rose 6.46 points, or 0.25 percent, to 2,611.85 in the first 15 minutes of trading. All three major US indexes finished a tad lower Thursday was investors digested higher Treasury yields and latest corporate earnings ahead of US job data for July set t

MarketAug. 4, 2023

Hyundai, Kia recall 91,000 US vehicles over fire risks, urge owners to park outside

Hyundai Motor and its sister firm Kia said on Thursday they are recalling more than 91,000 newer vehicles in the United States because of fire risks and urged owners to park outside and away from structures pending repairs. The recall covers Hyundai 2023-2024 Palisade, 2023 Tucson, Sonata, Elantra, and Kona vehicles and 2023-2024 Seltos and 2023 Kia Soul, Sportage vehicles. The Korean automakers said electronic controllers for the Idle Stop & Go oil pump assembly may contain damaged electr

MobilityAug. 3, 2023

Prices of warehouses in greater Seoul plunge over 20%

Real estate prices of logistics centers in the greater Seoul area in the first half of this year have dropped over 20 percent from the previous six month period, amid an oversupply of such facilities and a sluggish economy, according to a local report released on Thursday. According to real estate market research firm Rsquare's report, the average price of a plot of land measuring 3.3 square meters used by logistics centers in Seoul and the surrounding area came to 5.96 million won, down 23

IndustryAug. 3, 2023

Seoul shares end lower on foreign, institutional sell-off

Seoul shares ended lower Thursday on heavy sell-off by foreign investors and institutions after the downgrading of the US credit rating. The South Korean won declined against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index retreated 0.42 percent, or 11.08 points, to 2,605.39. Trading volume was at 773.9 million shares worth 14.6 trillion won ($11.2 billion), with decliners outnumbering gainers 523 to 345. All three US major stock indexes finished lower Wednes

MarketAug. 3, 2023

[KH Explains] Inheritance tax reform postponed amid criticism over 'silver spoon'

Major changes in the inheritance tax, one of President Yoon Suk Yeol's key campaign promises, have been postponed until next year's general election, as the reform could intensify criticism over tax cuts for the wealthy. On July 27, the government unveiled the tax code revision plan to be submitted to the National Assembly. Providing a tax reduction on the inheritance of family business for large conglomerates was not included in the proposal, as the government has been cautious on

MarketAug. 3, 2023

LG sets up $100m global startup investment fund with Clearbrook

LG Electronics said Thursday it has forged a strategic alliance with Clearbrook, a global investment advisory and asset management, to collaborate on a venture capital fund targeting more than $100 million. The venture capital fund, dubbed Nova Prime Fund, is aimed at fostering companies advancing innovations to build a better future, and will be investing in those participating in the Mission for the Future Program sponsored by LG Electronics' North America Center for Innovation, LG said.

IndustryAug. 3, 2023

Ministry to launch safety inspection into flat-plate apartments

The Ministry of Land, Infrastructure and Transport said Thursday it will launch full-fledged safety checks into buildings constructed using flat slab methods, following revelations that some 16.5 percent of apartment complexes built under the state-run Korea Land and Housing Corp. (LH) are missing critical structural components. The Ministry of Land said it will conduct investigations of 293 apartment complexes built by private companies that used flat slab methods starting next week, through th

IndustryAug. 3, 2023

Kakao plans new cost-efficient AI

Kakao, the operator of South Korea’s No. 1 messenger app KakaoTalk, said Thursday that it plans to introduce a new artificial intelligence foundation model to balance performance and cost efficiency, as well as services integrated to the model after October this year. Kakao CEO Hong Eun-taek said at the company’s earnings conference that he believes that a sole hyperscale model would not be suitable for providing every service under the most optimized conditions. “Many AI model

TechnologyAug. 3, 2023

Hyundai Motor invests $50m in Canadian AI chip startup Tenstorrent

Hyundai Motor Group said Thursday it has invested $50 million in Canadian artificial intelligence semiconductor startup Tenstorrent in a move to secure key technology for future mobility. Tenstorrent recently closed a $100 million strategic funding round, for which Hyundai and its smaller affiliate Kia shelled out $30 million and $20 million, respectively. Samsung Catalyst Fund, Samsung Electronics’ evergreen multi-stage venture capital fund, was also reported as one of the largest investo

MobilityAug. 3, 2023

GS Retail posits GS25 as top convenience store in south Vietnam

GS Retail, the operator of Korea’s convenience store franchise GS25, holds the largest number of stores in the southern regions of Vietnam among its five foreign peers, the company said Thursday. According to self-reported data as of last month, a total of 211 GS25 outlets are spread across these regions, edging out the number of stores operated by foreign competitors such as Circle K and Family Mart in the same areas. The southern regions encompass Ho Chi Minh City and its surrounding p

ConsumerAug. 3, 2023

[Photo News] World's first 3D taxiway navigation system

A pilot is testing a navigation system developed by Incheon Airport that provides real-time, three dimension information on ground traffic and runway routes of the airport, in June. Incheon Airport said Thursday it completed the development of the system, which is expected to help prevent aircraft entering the wrong runways and significantly reduce planes' ground travel time. The airport aims to operate the system in the airport starting 2024. (Incheon International Airport)

MobilityAug. 3, 2023

Genesis BBQ opens second branch in Panama

Korean fried chicken franchise Genesis BBQ said Thursday that it has recently opened its second restaurant in Panama, in a move to accelerate its expansion into the Central American market. The opening ceremony was held at Albrook Mall, in Panama City on Wednesday, with top executives including Genesis BBQ Group Chairman Yoon Hong-geun in attendance. The Albrook Mall, where BBQ’s Albrook branch is located, is the largest shopping complex in the Central and South American region. Located

IndustryAug. 3, 2023

Korean battery makers see market share fall in H1 despite solid growth

Three major South Korean battery makers saw their market share fall in the first half of the year from a year earlier despite solid growth, as bigger Chinese rivals further expanded their overseas foothold, a report said Thursday. The combined market share of the three -- LG Energy Solution Ltd., Samsung SDI Co. and SK On Co. -- came to 23.9 percent in the January-June period, compared with 26.1 percent from the previous year, according to the latest data from industry tracker SNE Research. LGES

EconomyAug. 3, 2023

Imported car sales fall 1.3% in July on lack of supply

Imported vehicle sales in South Korea fell 1.3 percent last month from a year earlier due to the end of tax cuts and lack of supplies in some brands, an industry association said Thursday. The number of newly registered imported cars came to 21,138 units in July, down from 21,423 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. The three bestselling models last month were BMW's 520 sedan, Mercedes-Benz's E 250 sedan and Lexus' ES

EconomyAug. 3, 2023

Seoul shares open lower on tech losses

South Korean stocks turned lower after starting a tad higher Thursday on tech losses after the downgrading of the US credit rating. The benchmark Korea Composite Stock Price Index fell 10.85 points, or 0.41 percent, to 2,605.62 in the first 15 minutes of trading. All three US major stock indexes finished lower Wednesday as investors took profits on monthslong gains after Fitch Ratings downgraded the US credit grade to AA+ from AAA for the first time since 2011, citing "repeated debt limit s

MarketAug. 3, 2023

Foreign reserves up for 2nd month in July on weak dollar

South Korea's foreign reserves increased for a second straight month in July as the US dollar's fall boosted the conversion value of holdings in other currencies and increased investment returns, central bank data showed Thursday. The country's foreign reserves came to $421.80 billion as of end-July, up $350 million from the previous month, according to the data from the Bank of Korea. The dollar's slide last month boosted the converted value of holdings denominated in other

EconomyAug. 3, 2023

Government vows compensation for residents amid probe into faulty apartment construction

The government and the ruling People Power Party agreed Wednesday to push for granting prospective residents of poorly constructed apartments developed by the state-run Korea Land and Housing Corp. (LH) the right to cancel their contracts. During an emergency high-level policy coordination meeting, they also promised to provide sufficient compensation to current residents of LH apartments affected by construction deficiencies. A land ministry inspection has found that not enough reinforcing ro

MobilityAug. 2, 2023