[Photo News] Future military vehicle

South Korean automaker Kia said Monday it will showcase its hydrogen fuel cell all-terrain vehicle concept car on the global stage for the first time at the International Defense Exhibition and Conference 2023 held in the United Arab Emirates' capital city Abu Dhabi this week. According to Kia, the future-fit hydrogen fuel cell ATV concept car is prepared to adapt to coming green policies and can maneuver with tactical quietness.

MobilityFeb. 20, 2023

[Photo News] Fire-detecting robot

SK Telecom said Monday it has developed an artificial intelligence-based robot kit, using its own Vision AI technology that controls robots and analyzes high-definition images of the cameras attached to them. The robots are especially designed to detect fire or leakage of harmful gas, as well as offering the 3D measurement of spaces. The company plans to expand their industrial adoption by developing more customized solutions for corporate clients.

TechnologyFeb. 20, 2023

Auto exports up 21.9% in Jan. on record sales of eco-friendly cars

South Korea's car exports jumped 21.9 percent in January on-year, driven by record-high global sales of eco-friendly cars, data showed Monday. The value of outbound shipments of automobiles came to $4.98 billion last month, up from 4.09 billion a year earlier, according to the data from the Ministry of Trade, Industry and Energy. It is the highest figure for any January, the ministry noted. The previous record was set in January 2013, when exports stood at $4.2 billion. In terms of volume,

IndustryFeb. 20, 2023

Seoul shares open lower on tech losses

South Korean stocks opened lower Monday as big-cap tech shares lost ground amid persistent concerns over the aggressive monetary tightening by the US Federal Reserve to curb inflation. The benchmark Korea Composite Stock Price Index shed 12.70 points, or 0.52 percent, to 2,438.51 in the first 15 minutes of trading. On Friday, US shares ended mixed amid uncertainty over future rate hikes. The Dow Jones Industrial Average rose 0.39 percent, while the tech-heavy Nasdaq Composite fell 0.58 percent.

MarketFeb. 20, 2023

[Graphic News] S. Korean oil refiners’ exports hit fresh high in 2022

　South Korean oil refiners’ exports hit a record-high in 2022, data showed, on the back of soaring global energy prices amid the protracted war between Russia and Ukraine. 　The combined exports of local oil refiners reached $57 billion in 2022, up 71.2 percent from a year earlier, according to the data compiled by the Korea Petroleum Association. 　It marked the highest level since $53.2 billion posted in 2012. By destination, South Korea shipped petroleum products to 64 countries last y

IndustryFeb. 20, 2023

Food companies log record sales, but profits lag

South Korean food companies reported robust sales last year, but high raw material prices weighed down their profit growth. In 2022, Korean food companies Lotte Confectionery, SPC Samlip, Ottogi and Nongshim newly joined the short list of Korean food companies who posted annual sales of 3 trillion won ($2.3 billion) or more -- a feat achieved by only four Korean food companies so far. The top four food companies leading the country in terms of sales, which include CJ CheilJedang, Dongwon F&B

ConsumerFeb. 19, 2023

FSS urges tougher regulations for big tech's finance biz

South Korea’s financial watchdog emphasized the need for a stronger regulatory system to prepare for new risks that might arise as big tech companies expand their finance business. “There should be in-depth discussion and research on introducing entity-centered regulations for big tech,” Lee Bok-hyun, chief of the Financial Supervisory Service, said during a speech at the Diagnosis and Future Tasks of Big Tech's Financial Industry seminar held in Myeong-dong, Seoul, Fr

IndustryFeb. 19, 2023

Hana Bank to offer energy expense support

Hana Bank announced Sunday that it has raised 30 billion won ($23.07 million) through a joint labor-management fund to provide energy expense support for the financially vulnerable. The funds raised are enough to cover cash subsidies for the energy expenses of 150,000 people, including users of financial products for the working class and borrowers who are adversely affected by high interest rates. The fund was put together with donations and proceeds from the management’s additional volun

EconomyFeb. 19, 2023

SK Nexilis signs W1.4tr copper foil deal with Northvolt

SK Nexilis, the South Korean copper foil producer under SKC, has inked a supply contract worth up to 1.4 trillion won ($1.08 billion) with Swedish battery maker Northvolt, the company said Sunday. The Korean company’s five-year deal with Europe’s largest secondary battery maker will take effect next year, the announcement read. The supply volume will cover about 80 percent of Northvolt's copper foil demand during the signed period, which would be enough for 1.7 million electric

MobilityFeb. 19, 2023

[Photo News] On top again

Hyundai Motor's electric vehicle Ioniq 5 has been named the Canadian Utility Vehicle of the Year, adding another accolade to the EV's long list of recognitions, the South Korean automaker announced Sunday. The EV received the World Car of the Year and scored top recognitions in Germany and the UK. According to Hyundai Motor, the Ioniq 5 also got the highest rating from the German automobile magazine Auto Bild in a recent assessment of EVs.

MobilityFeb. 19, 2023

SKT, KT to present cutting-edge mobile technology at MWC

With the opening of the world’s largest mobile tech show just a week away, South Korea’s major telecommunications firms including SK Telecom and KT Corp. are poised to showcase their future technologies. Korea's No. 1 mobile carrier, SK Telecom, said Sunday it will operate an exhibition space at the annual Mobile World Congress in Barcelona, Spain, under the theme of "AI, the Wave of Innovation." The company will showcase its innovative future technologies like artific

TechnologyFeb. 19, 2023

[Beyond Earth] ‘Space technology is matter of state survival’

South Korea's space development is more than just science, but also a matter of state survival in terms of security, according to a high-ranking official at the Korea Aerospace Research Institute. “Frankly, space has been regarded as science technology until now. Space development was done by project, such as developing satellites and space launch vehicles. But with a deeper understanding of space, it has become clear that it's not just about science,” said Lee Joon, execut

TechnologyFeb. 19, 2023

EU launches in-depth investigation into Korean Air-Asiana

The European Union has begun the final stage of an investigation on Korean Air Co.'s proposed integration with smaller local rival Asiana Airlines Inc. in order to decide whether to approve the deal. The European Commission said it has opened an in-depth investigation of the deal in a press release posted on its homepage Friday (Belgium time). It conducted the first-stage review of the deal based on documents submitted by Korean Air last month. The commission said the deal could reduce comp

MobilityFeb. 18, 2023

LG Chem signs lithium supply deal with US-based Piedmont Lithium

LG Chem, South Korea's leading chemical firm, announced Friday that the company has signed a deal to receive 200,000 metric tons of spodumene concentrate from Piedmont Lithium, which will ensure a stable supply of the key material for the company's electric vehicle battery production. Under the deal, LG Chem will receive 50,000 tons of spodumene concentrate every year, starting in the third quarter of this year, from North American Lithium, a lithium mine in Quebec, Canada, in which Pi

TechnologyFeb. 17, 2023

Celltrion, LISCure Biosciences to develop microbiome therapy for Parkinson's disease

Celltrion announced on Friday that the company has signed a joint research and development contract with LISCure Biosciences for a microbiome-based Parkinson's disease treatment. LISCure Biosciences is a Pangyo-based biotech company that conducts research for microbiome-based treatment for Parkinson's disease. The biotech currently has an oral microbiome drug development pipeline for Parkinson's disease, called LB-P4. Under the contract, the two companies aim to co-develop live bi

TechnologyFeb. 17, 2023

KCCI donates $100,000 in aid to quake-hit Turkey

The Korea Chamber of Commerce and Industry said Friday it had given $100,000 in aid to Turkey, which is suffering from untold casualties and destruction after a 7.8 magnitude earthquake hit the country on Feb. 6. Woo Tae-hee, executive vice chairman of the largest business lobby in Korea, visited the Turkish Embassy in Seoul on Friday to pay tribute to the victims of the tragedy, according to the KCCI. There, Woo met with Turkish Ambassador to Korea, Salih Murat Tamer, and donated the $100,000.

IndustryFeb. 17, 2023

SK geo centric to build S. Korea's first plastic recycling plant in France

SK geo centric, a chemical business subsidiary of SK Innovation, announced Friday it will build a plastic recycling plant jointly with French partners in Saint-Avold, northeastern France. The SK subsidiary said it has selected the plant site together with Suez, a French water and waste management company, and Loop Industries, a Canadian plastic recycling technology company. "We are happy to achieve a meaningful milestone in selecting a site for our first plastic recycling plant in Europe,&q

IndustryFeb. 17, 2023

SM founder's suspected offshore tax evasion can never happen, says Hybe CEO

Park Ji-won, CEO of K-pop powerhouse Hybe, is seen in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap) Hybe, the K-pop powerhouse that is trying to become the largest shareholder of its rival SM Entertainment, once again tried to dispel concerns over suspected offshore tax evasion by SM founder Lee Soo-man on Friday, calling it "a scenario that can never occur." On Thursday, SM's co-CEO Lee Sung-soo claimed in a YouTube video that the founder Lee established a Hon

CompaniesFeb. 17, 2023

Samsung officially launches Galaxy S23 series, first in 55 countries

Samsung Electronics, the world's largest smartphone maker by shipment, announced the official launch of its Galaxy S23 series in 55 countries Friday, touting record-breaking preorders in South Korea. Starting sales in 55 countries, which include United States, Britain, Dubai and Australia, the tech giant will ultimately launch the new flagship models in 130 countries, the company said. In South Korea, the Galaxy S23 series garnered 1.09 million preorders in seven days, up slightly from the

TechnologyFeb. 17, 2023

Economic slowdown to continue on slumping exports, higher inflation: Finance Ministry

South Korea's Finance Ministry said Friday the country's economy has slowed amid higher inflation and sluggish exports. "South Korea's inflation remains at a high plateau, and domestic consumption recovery is slowing down. A persistent slump in exports and deteriorating business sentiment indicate an economic downturn," the Ministry of Economy and Finance said. The Finance Ministry had been mentioning the possibility of an economic slowdown in its monthly economic assess

EconomyFeb. 17, 2023