‘Don’t touch batteries of flooded EVs’: experts

The possibility of getting an electric shock from a submerged electric vehicle is low, but drivers should never touch the battery of flooded cars, experts warned Tuesday. According to the Korea Transport Institute, EV batteries are designed to automatically cut off outgoing electricity if any water seeps into it. The battery then drains itself by sending electric currents back and forth between the two electrodes. Though it is highly unlikely one would get electrocuted by touching the vehicle

MobilityAug. 9, 2022

Manufacturers' domestic supply grows for 6th quarter in Q2

South Korean manufacturers' domestic supply increased for the sixth straight quarter in the April-June period as exports remained robust despite the global economic slowdown, data showed Tuesday. The manufacturing domestic supply index stood at 112.7 in the second quarter, up 1.5 percent from the previous year, according to the data from Statistics Korea. The index, which measures both locally produced goods and imports, serves as a major indicator of domestic demand trends. The index rose

IndustryAug. 9, 2022

HD Hyundai unit commercializes Level 2 autonomous navigation system

Avikus, a unit of South Korea's leading shipbuilding group, HD Hyundai, said Tuesday it has commercialized its Level 2 autonomous navigation system for the first time in the shipbuilding industry. Avikus has signed a deal with two domestic firms -- SK Shipping Co. and Sinokor Merchant Marine Co. -- to gradually supply the Level 2 autonomous navigation solution to 23 ships operated by the shippers, the company said in a statement. The deep learning-based HiNAS 2.0 system will allow a vessel

IndustryAug. 9, 2022

SK Telecom Q2 net income down 67.6% after spinoff of chip biz

SK Telecom Co., South Korea's largest wireless carrier, said Tuesday that its second-quarter net profit dropped 67.6 percent from a year earlier due mainly to last year's spinoff of its semiconductor businesses. The company logged a net profit of 258.1 billion won ($197.7 million) on a consolidated basis in the three months ending in June, compared with 795.7 billion won a year earlier, the company said in a regulatory filing. Operating profit went up 16.1 percent on-year to 459.6 bill

IndustryAug. 9, 2022

SK Geocentric to build advanced packaging material factory in China

SK Geocentric Co., a chemical unit of South Korean's No. 2 conglomerate SK Group, said Tuesday it is building a plant in China that will produce a high value-added packaging material to expand its presence in Asia's largest market. SK Geocentric will form a 6:4 joint venture with Zhejiang Satellite Petrochemical Co., and the factory will be built in a petrochemical complex in Lianyungang, a city in northeastern Jiangsu Province, according to SK Geocentric. A total of 290 billion won ($

IndustryAug. 9, 2022

KEPCO expected to log huge Q2 loss on high costs

The state-run Korea Electric Power Corp. (KEPCO) likely posted a massive loss in the second quarter due to surging costs following record red ink three months earlier, a market tracker said Tuesday. The market consensus of KEPCO's consolidated operating loss stands at 5.37 trillion won ($4.11 billion) for the April-June period, flirting with the 5.86 trillion-won deficit for the whole of 2021, according to FnGuide. In the first quarter of this year, the state power company chalked off a rec

IndustryAug. 9, 2022

[Graphic News] S. Korea’s ice cream exports hit all-time high in H1

　South Korea’s exports of ice cream reached an all-time high in the first half of this year, data showed, amid a global heat wave and the growing popularity of Korean culture. 　Overseas shipments of South Korean-made ice-cream products came to $50 million in the January-June period, up 14 percent from a year earlier to reach a record high, according to the data from the Korea Customs Service. 　Imports inched up 0.3 percent on-year to $28 million, also hitting an all-time high, during th

BusinessAug. 9, 2022

Seoul shares open higher amid rate hike uncertainties

South Korean stocks opened slightly higher Tuesday, as the market maintains a cautious mood ahead of the release of latest US inflation data this week that might offer a clue as to the Federal Reserve's next move in the monetary policy. The Korea Composite Stock Price Index (KOSPI) gained 1.43 points, or 0.06 percent, to 2,494.53 in the first 15 minutes of trading. US stocks closed almost flat on Monday (local time) after the country reported robust jobs data, a possible indication that the

MarketAug. 9, 2022

[Herald Interview] Due diligence on partners crucial for Korean biotech out-license deals

Korean biotechnology firms hoping to ink successful deals with foreign pharmaceutical companies must fully comprehend their potential partners’ A to Z’s, a legal expert in out-license deals said. “(Global big pharmas) want something that’s going to be successful and hopefully innovative, and both help patients and provide care, but also be valuable and create profit for the company,” Joshua Hofheimer, a partner and co-head of Global Life Sciences industry group at

TechnologyAug. 9, 2022

NHN shifts to loss in Q2 on financial asset losses, increased marketing

NHN Corp., a leading South Korean information technology company, said Tuesday it swung to a net loss in the second quarter from a year earlier due to losses from its financial assets and increased marketing costs. The company logged a net loss of 5.3 billion won ($4.1 million) on a consolidated basis in the three months ending in June, shifting from a net profit of 15.2 billion won a year earlier. Operating profit tumbled 73.9 percent on-year to 5.2 billion won, while sales rose 12.8 percent to

IndustryAug. 9, 2022

Neck fans, a clever or harmful invention?

“Neck fans” are a popular item in the summer which can be worn around the neck and help fight off heat. Without having to be handheld, the gadget is praised as a clever invention by those who want a cooling breeze just for themselves while on the go, such as joggers, delivery workers or just outdoor lovers. According to Shinsegae International’s lifestyle brand Jaju, sales of summer home appliances including portable fans saw a 144 percent jump between June 27 and July 10 c

ConsumerAug. 8, 2022

Seoul weighs ‘Chip 4’ alliance as ties with China hang in balance

South Korea is poised to join a working-level meeting of government officials involving major chipmaking nations along with the United States, Taiwan and Japan, amid mounting concerns over China’s retaliation. Seoul has had to tread carefully around Beijing, as memory chip giants such as Samsung Electronics and SK hynix fear that its chipmaking base in China might be affected by Seoul‘s decision to join the so-called “Chip 4” alliance. President Yook Suk-yeol told repo

TechnologyAug. 8, 2022

Coupang launches loan service

South Korean e-commerce giant Coupang is starting a service offering loans to small businesses on its online platform while enabling its customers to pay for purchases in installments, a filing with the Financial Supervisory Service showed Monday. Coupang Financial, a subsidiary created in January of this year, will lead the new business the top financial watchdog approved Friday. Some analysts consider the expansion part of Coupang’s efforts to offset losses, which have grown over t

TechnologyAug. 8, 2022

Korea to expand foreign workforce quota, seek fast entry

SEJONG -- South Korea will push for fast inbound entry of foreign workers and expand quota for businesses to hire foreign workforces to resolve overall manpower shortages in the industrial sector, economic policymakers said Monday. The government plans to seek fast entry of 42,000 foreign workers, whose immigration process have been delayed during the period between 2020 and the first half of 2022. In addition, immigration checks for 20,000 expatriates, who are destined to visit Korea on work

EconomyAug. 8, 2022

Seoul shares little changed amid rate hike woes

South Korean stocks ended almost flat after a weak start Monday, as upbeat US jobs data helped ease recession fears despite worries over the US Federal Reserve's drastic rate hike. The local currency lost ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) added 2.3 points, or 0.09 percent, to 2,493.10, in choppy trading that started off some 0.4 percent lower at the opening bell. Trading volume was moderate at 409.1 million shares with 7.41 trillion won ($5.67 billi

MarketAug. 8, 2022

Crypto payment is going mainstream: ethereum co-founder

With the fast-growing blockchain industry, cryptocurrency payment will become mainstream after ethereum becomes cheaper and more accessible for a broader user base, according to ethereum co-founder Vitalik Buterin. “The upgrade of ethereum (which is scheduled in September) will dramatically cut the current cost of transaction fees that are around $1 to $20, by making improvements to efficiency and accessibility of the crypto,” said Buterin during a session at Korea Blockchain Week

MarketAug. 8, 2022

Power demand in S. Korea forecast to peak this week

Electricity demand could hit an all-time high this week as scorching weather continues and workers return from summer vacations. According to Korea Power Exchange on Monday, the country’s maximum power demand is expected to surpass 90,000 megawatts this week. The Ministry of Trade, Industry and Energy had forecast in June that electricity demand would rise to the 91.7-95.7 gigawatt range in the second week of August, up from 91.1 gigawatts last year. The country’s electricity dem

IndustryAug. 8, 2022

KB Financial Group wins Red Dot Award

KB Financial Group said Monday that its wine collection using its character design won the Red Dot Award for Brands and Communication Design. The character design, which the firm created to boost its image as a friendly bank open to ordinary Koreans, is aimed at raising domestic wine sales amid the pandemic when small business owners face greater economic challenges, the firm added. “We are grateful for the award because we feel acknowledged for our efforts to help those most in need,&r

MarketAug. 8, 2022

Tech giants deploy NFT to diversify customer services

Industry behemoths are utilizing non-fungible tokens not only as a marketing tool but also to provide more diverse services to their customers, according to industry insiders on Monday. Samsung Electronics has signed a memorandum of understanding with Samsung Digital Plaza, Shilla Duty Free Shop, Show Golf and E Cruise at E Cruise headquarters on Monday, to promote customers’ usage of New Galaxy NFT. In the MOU, blockchain company Theta Labs participated as an NFT issuing partner, and

IndustryAug. 8, 2022

Golfwear market goes luxury in S. Korea

As golf becomes one of the most enjoyed leisure activities in South Korea, not only fashion companies but also others far from apparel business are launching luxury golfwear products, expanding the market size by value. According to the Korea Leisure Industry Institute, the value of the local golfwear industry, which was placed at 4.5 trillion won ($3.5 billion) in 2019, grew about 10 percent annually, despite ongoing COVID-19 restrictions. The market size was placed at 5.6 trillion won as of 2

ConsumerAug. 8, 2022