More robots lead to fewer workplace injuries: BOK

Industrial robots are found to have helped drastically reduce workplace injuries as well as improve the overall wellness of workers in labor-intensive industries, according to a report released by the Bank of Korea on Monday. The report analyzed the industrial impact of robot adoption across industries between 2010 and 2019, especially on the number of workplace injuries. According to the report, regions with more robots adopted saw fewer injuries at workplaces. More specifically, when an averag

MarketFeb. 27, 2023

Hyundai E&C's Hillstate DMC boasts convenient location

South Korean builder Hyundai Engineering & Construction said Monday that the builder's new rental apartment complex Hillstate DMC Station boasts a convenient location as it is located near the DMC Subway Station and other landmark facilities in the neighborhood. Hillstate DMC Station will consist of two 36-story apartment buildings housing a total of 299 households in Jeungsan-dong, Eunpyeong-gu, northern Seoul. Adding up to its proximity to a subway station, which is considered a key m

IndustryFeb. 27, 2023

Swedish EQT Partners to acquire SK security affiliate for W3tr

EQT Partners, a private equity fund operated by Sweden’s largest conglomerate, the Wallenberg Group, is expected to acquire SK Shieldus, a South Korean security firm, for about 3 trillion won ($2.27 billion) sources said Monday. EQT Partners is expected to sign the deal this week to purchase a 30 percent stake in SK Shieldus from the top shareholder SK Square, which holds a 63.13 percent stake. SK Square is the investment arm of South Korea’s No. 2 conglomerate SK Group. The Swedis

IndustryFeb. 27, 2023

Posco to build electric furnace in Gwangyang

South Korea’s leading steelmaker Posco said on Monday that the company will build an electric furnace at the company’s manufacturing facility in Gwangyang, South Jeolla Province, as part of the company’s low-carbon production transition. Posco said a total of 600 billion won ($463.3 million) will be invested to build the electric furnace, which will have an annual production capacity of 2.5 million metric tons. Construction of the electric furnace will start in January next yea

IndustryFeb. 27, 2023

SKT CEO unveils renewed AI vision at MWC

SK Telecom, South Korea's largest mobile carrier, said Monday it would look to lead the artificial intelligence transformation in all areas of its business with its advanced technologies and to establish an alliance with major AI service providers to foster an ecosystem. SK Telecom Chief Executive Officer Ryu Young-sang unveiled the telecommunications giant’s “AI to Everywhere” strategy to lead innovation in a press conference held a day before the annual Mobile World Cong

TechnologyFeb. 27, 2023

Japanese companies back in black amid waning 'No Japan' boycott

Four years since the “No Japan” boycott in South Korea, Japanese goods are making a comeback in the local market. The boycott, which followed Japan's introduction of control on exports of some of its key products to Korea, was one of Korea's biggest economic boycotts conducted on imported goods. Japanese clothing retailer Uniqlo, one of the brands hit the hardest in the nation by the “No Japan” boycott, said through its annual earnings report for 2022 that the b

ConsumerFeb. 27, 2023

Kumho Tire inks sponsorship deal for TCR World Tour

Kumho Tire announced Monday that it signed a title sponsorship deal for the Kumho Touring Car Racing World Tour with WSC Group in Lugano, Switzerland, Thursday. The South Korean tire maker plans to supply tires for all the vehicles competing in the 2023 TCR World Tour, an international touring car championship for TCR cars promoted by WSC Group. The Kumho TCR World Tour will be held at locations in Portugal, Belgium, Italy, Hungary, Uruguay, Argentina, Australia and Macao. In particular, the Bel

MobilityFeb. 27, 2023

[Photo News] Supporting Busan Expo

Samsung Electronics said Monday it is holding promotional activities for Busan’s bid to host the 2030 World Expo in Barcelona during the Mobile World Congress 2023 that kicks off this week. Promotional banners and videos will be set up at the company’s exhibition booth and other key areas across the city.

IndustryFeb. 27, 2023

Tax, interest repayments make up 27% of households’ spending

South Korean households used a record high portion of their spending on non-consumption expenditures such as interest repayments and tax, according to data released on Monday by the Korean Statistical Information Service. Household non-consumption expenditure includes money spent on tax payments, insurance payments, and interest payments on borrowed money, among other expenditures. As non-consumption expenditures increase, disposable income used for the personal consumption of goods and serv

IndustryFeb. 27, 2023

Hankyoreh sees no direct influence of ex-reporter's transaction with key figure in development scandal

The Hankyoreh newspaper said Monday it could not confirm any direct influence on its articles by a financial transaction that one of its senior reporters had with a key culprit in a high-profile development scandal. Announcing the result of its nearly two months of internal probe into the case, the daily said it reached the conclusion after fully examining its news coverage on the development scandal, including columns and other stories that had been written by the senior reporter since 2019. Se

IndustryFeb. 27, 2023

Seoul shares open sharply lower on renewed US inflation woes

South Korean stocks got off to a weak start Monday, as stronger-than-expected economic data in the United States fueled worries the Federal Reserve will keep raising interest rates for some time. The benchmark Korea Composite Stock Price Index lost 28.85 points, or 1.19 percent, to 2,394.76 in the first 15 minutes of trading. U.S. personal consumption expenditures for January rose 0.6 percent, higher than the 0.2 percent gain in December. Consumer spending also went up at a faster pace in Januar

MarketFeb. 27, 2023

[Test Drive] RAV4 Plug-in Hybrid, Toyota’s latest offering for EV hesitators

After years of supply chain disruptions and diplomatic tensions, Japanese auto giant Toyota is seeking a turnaround in Korea with its first offering to win back customers -- the new RAV4 Plug-in Hybrid, which combines the best qualities of gas and electric cars. The plug-in hybrid model is the latest addition to the carmaker’s popular RAV4 crossover utility vehicle lineup. In Korea, the self-charging RAV4 Hybrid was Toyota’s top-selling hybrid car last year, making up 43 percent of h

MobilityFeb. 26, 2023

Medytox's BTX dispute shows no end in sight

Medytox will soon be entangled in another dispute with South Korea’s leading botulinum toxin, or BTX, products maker Hugel, while an ongoing legal dispute with Daewoong Pharmaceutical is expected to continue as the latter appealed to a higher court here. According to industry sources on Sunday, a lawyer from the US International Trade Commission, who is responsible for a pending dispute between Medytox and Hugel, reportedly presented an opinion that objected Hugel's request to close t

TechnologyFeb. 26, 2023

[Beyond Earth] ‘In space sector, failure is natural’

Innospace, a South Korean startup established in 2017, is gearing up to become the first in the world to successfully launch a hybrid rocket -- its Hanbit-TLV -- from the Alcantara Space Center in Brazil next month. The second trial comes about three months after the first attempt did not get the green light due to a weather issue, problems with a cooling valve and connection errors between systems. “Although the perception has changed a lot, I think the culture that accepts failure is sti

TechnologyFeb. 26, 2023

Intensive probe launched into liquor prices amid inflation woes

The South Korean government has launched an intensive probe into liquor prices in an apparent move to tackle further price hikes for soju and beer, the two most popular alcoholic drinks in Korea, amid deepening inflation woes among consumers. With prices of beer products expected to go up following a tax hike in April, the local liquor industry is widely expected to raise the prices of soju, too. With concerns over the price hikes adding to the burden of consumers, the Finance Ministry is uppi

EconomyFeb. 26, 2023

Woori Financial wins climate award from parliament

Woori Financial Group said Friday its sustainable management efforts have won recognition at the 2023 Korea Green and Climate Award hosted by the National Assembly Forum on Climate Change. The award, which marks its 13th anniversary this year, is one of the highest honors given to organizations or individuals that make a meaningful contribution to creating a sustainable society by setting an exemplary case. Under the slogan “Good Finance for the Next,” Woori Financial has set net-zer

IndustryFeb. 26, 2023

Victorinox launches spring-edition Swiss Army Knife

Swiss premium knife brand Victorinox said Sunday it has released the Alox Limited Edition 2023, a lime-colored spring edition of its popular Swiss Army Knife. The knife made in Switzerland, also widely known as the MacGyver knife, is a timeless design icon frequently featured in contemporary art. The company introduces an Alox edition knife every year with a different theme. Alox is a transparent coating using aluminum oxide that enhances the durability and strength of the knife. This year&rsquo

ConsumerFeb. 26, 2023

Telecom carriers to show off future tech in Barcelona

South Korea’s top mobile service and device suppliers are set to introduce their latest future technologies involving advanced artificial intelligence and next-generation networks at the world's largest mobile tech show, slated to kick off Monday. At this year's Mobile World Congress taking place in Barcelona, Spain through Thursday, leading telecommunications firms SK Telecom and KT will put up exhibitions focused on their latest AI technologies, enabling various services to boo

IndustryFeb. 26, 2023

Hyundai, Kia cars win top safety rankings in US

Hyundai Motor Group said Sunday that four of its cars -- Palisade, Sonata, Genesis G90 and Kia’s Telluride -- have won awards in a crash test held by the US Insurance Institute for Highway Safety, one of the industry's top safety honors. The Hyundai Palisade, Kia Telluride and Genesis G90 were named as Top Safety Pick+, the highest ranking, while Hyundai Sonata won the second-highest Top Safety Pick. The Telluride, in particular, received the highest rankings in every test category,

MobilityFeb. 26, 2023

Ferry services reopen between Busan, Japan's Tsushima

Ferry services between South Korea's Busan and Japan's Tsushima Island resumed Saturday after a three-year suspension due to the COVID-19 pandemic. The Busan Port Authority said two ferry vessels departed from a port in the southeastern city at 8:30 a.m. and 10:10 a.m., and arrived at Hitakatsu Port on the southwestern Japanese island 1 1/2 hours later. Tsushima is the closest Japanese island to the Korean Peninsula. With the resumption, Busan has now reopened all four sea routes with Japan that

IndustryFeb. 25, 2023