Yoon mulls extending retirement age of 60

SEJONG -- South Korea will embark on discussions and debates on extending the retirement age from the current 60, under the Yoon Suk-yeol administration’s economic policy approach to cope with workforce shortages caused by demographic change. In a comprehensive plan on the economy unveiled last week, the government said it would foster a “task force to take countermeasures against workforce shortages,” which will comprise relevant ministries, think tanks and private researcher

EconomyJune 20, 2022

South Korea’s misery index reaches highest in 21 years

South Koreans experienced the greatest economic pain in May largely due to soaring consumer prices and higher unemployment rates, according to data on Monday.  The nation’s “misery perceptions” index, calculated by adding the seasonally adjusted jobless rate to the annual inflation rate, stood at 8.4 in May, said Rep. Kim Hoi-jae of the main opposition Democratic Party of Korea, quoting data compiled by Statistics Korea. It was the highest figure in 21 years since it ma

IndustryJune 20, 2022

Nuri rocket ready to launch Tuesday

South Korea’s homegrown rocket Nuri is ready for blastoff on Tuesday, with hopes to deliver a complete and successful launch this time to officially signal the country’s entrance into the global space race. The Korea Aerospace Research Institute said Monday that Nuri, also known as the Korea Space Launch Vehicle-II, has been erected on the launch pad at Naro Space Center in the southern coastal village of Goheung, South Jeolla Province. “Starting around 11 or 11:30 a.m. tom

TechnologyJune 20, 2022

LG Chem to build hydrogen plant for net-zero goals

LG Chem said Monday that it is building its first hydrogen plant in South Korea as part of efforts to become carbon neutral throughout its petrochemical production. The plant, to be located in its Daesan complex, some 75 kilometers southwest of Seoul, will have an annual production capacity of 50,000 tons of hydrogen by the second quarter of 2024, with the construction work to start early next year. The facilities for cracking naphtha at a high temperature, known as naphtha cracking centers,

TechnologyJune 20, 2022

Naver, Qualcomm join hands for 5G drones

Naver’s cloud computing arm Naver Cloud said Monday it has partnered with US chip giant Qualcomm and local drone developer Argosdyne to build the nation’s first drones running on the 5G wireless network. Under the partnership, Naver Cloud will build the 5G network infrastructure for drone services, while Argosdyne will develop drones that can be operated to run on Qualcomm’s Flight RB5 5G platform. Flight RB5 5G is the world’s first artificial intelligence- and 5G-ena

TechnologyJune 20, 2022

Govt. postpones decision on Q3 electricity rates amid high inflation

South Korea has postponed its decision on the possible adjustment of electricity fees for the third quarter, the state-run Korea Electric Power Corp. (KEPCO) said Monday. KEPCO had planned to announce the government's decision Tuesday, a day after being informed by the government on electricity rates for the July-September period. But the government put off the decision, as "discussions among ministries concerned are still under way," KEPCO said in a release. KEPCO earlier called

EconomyJune 20, 2022

SPC to build halal food factory in Malaysia

South Korean food company SPC group said on Monday that it has invested 40 billion won ($31 million) to enter Malaysia’s halal market with its bakery brand Paris Baguette. Halal refers to the types of food Muslims are permitted to eat in accordance with the Islam religion. As Muslims account for almost 24 percent of the world’s population, the SPC group plans to target the promising halal food market by using Malaysia as a launch base. Malaysia is Paris Baguette‘s eighth ove

IndustryJune 20, 2022

Daewoo E&C to develop wearable robots for construction workers

South Korean construction company Daewoo Engineering & Construction said Monday that it is developing wearable robots that can be used at construction sites to prevent injuries while maintaining productivity. The company was chosen Tuesday in a contest held by the Korea Institute for Robot Industry Advancement to work in cooperation with local robotics startup WIrobotics and the Korea Orthopedics and Rehabilitation Center to develop a smart work care service involving wearable robots. The

TechnologyJune 20, 2022

S. Korea to take measures against excessive currency volatility: finance minister

South Korea is ready to take appropriate action in response to any one-sided movements in the local foreign exchange market, the country's top financial policymaker said Monday in his latest remark apparently aimed at easing growing market anxiety amid the US' aggressive monetary tightening and worries over global recession. "Relevant authorities will take action in an appropriate manner in case that there is a one-side movement in the market due to anxiety," Finance Minister

EconomyJune 20, 2022

Samsung signs MOU to provide LED signage to Inspire Entertainment Resort in Incheon

Samsung Electronics Co. said Monday it has reached a tentative deal to provide a high-end LED signage system to Inspire Entertainment Resort, an integrated resort under development by U.S. casino operator Mohegan Gaming & Entertainment (MGE), set to open next year in Incheon, 40 kilometers west of Seoul. Samsung said it has signed a memorandum of understanding with Inspire Integrated Resort Co., an Incheon-based MGE affiliate, and digital signage service company Hyundai Futurenet Co., to build t

EconomyJune 20, 2022

Insurers' household loans grow at slower pace in Q1

South Korean insurance companies' loans to households grew at a slower pace in the first quarter of this year from three months earlier due to tougher lending rules, data showed Monday. Insurers' outstanding loans to households totaled 128.8 trillion won ($99.77 billion) as of the end of March, up 300 billion won from the previous quarter, according to the data from the Financial Supervisory Service. The figure was down from the on-quarter rise of 800 billion won in the fourth quarter of last ye

EconomyJune 20, 2022

Socially responsible investment bonds surpass W200tr in value

The aggregate value of Socially Responsible Investment bonds issued surpassed 200 trillion won for the first time, the Korea Exchange said. The total value of SRI bonds listed on the market stood at 200.2 trillion won as of June 10, marking a 154-fold increase from 1.3 trillion won in 2018 when an SRI bond was first listed. Also known as environmental, social and governance bonds, thematic and social contribution bonds or green, social and sustainable bonds, SRI bonds are used to fund eco-frie

MarketJune 20, 2022

FSS chief urges banks to intensify loss-absorbing capabilities, better manage foreign liquidity

A top financial regulator on Monday urged banks to beef up their loss-absorbing capabilities and make efforts for better management of foreign liquidity amid rising uncertainty at home and abroad from global monetary tightening and a possible economic recession. Lee Bok-hyun, chief of the Financial Supervisory Service (FSS), made the remark in his first meeting in Seoul with chiefs of major banks after taking office earlier this month. "Current economic conditions are showing signs of a com

EconomyJune 20, 2022

LG Chem to build first hydrogen plant in S. Korea

LG Chem Ltd. said Monday it is building a hydrogen plant in South Korea to produce clean fuel for use in its key petrochemical processing in line with its long-term low carbon emission goals. The hydrogen plant, to be located in its Daesan complex, about 75 kilometers southwest of Seoul, will have an annual capacity of 50,000 tons by the second quarter of 2024, with the construction to start in the first half of 2023, the chemical company said in a release. It will be LG Chem's first plant

EconomyJune 20, 2022

Hyundai, Michelin extend partnership for EV tire development

Hyundai Motor Group said Monday it has extended a partnership with French tiremaker Michelin to develop high-end tires dedicated for upcoming electric vehicles. The South Korean automaker will collaborate with Michelin to develop tires for all-electric and environment-friendly vehicles for the next three years, the company said in a statement. In the previous five-year partnership that ended in June, the two companies worked together to develop the tires installed in the Hyundai IONIQ 5 all-elec

IndustryJune 20, 2022

Seoul shares open sharply lower on recession woes

Seoul shares opened sharply lower Monday, as investors still were gripped by fears that a recession in the global economy may come amid faster-than-expected monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) lost 24.44 points, or 1 percent, to 2,416.49 points as of 9:20 a.m. Most local heavyweights dropped, still bracing for the impact of the US Fed's key rate hike last week, the largest increase since 1994. In Seoul, market bellwether Samsung Electronics

MarketJune 20, 2022

S. Korea to expand fuel tax cuts amid soaring energy costs: ministry

South Korea plans to expand fuel tax cuts in July as part of efforts to ease inflationary pressure from surging energy costs, the finance minister said Sunday. The government will expand tax cuts on fuel consumption to a legal cap of 37 percent from the current 30 percent, according to Finance Minister Choo Kyung-ho. The measure will be effective until the end of this year. South Korea is facing mounting inflationary pressure, as the protracted Russia-Ukraine war has jacked up crude oil and comm

EconomyJune 20, 2022

S. Korea to extend fuel tax cuts amid inflation woes

The South Korean government on Sunday decided to further extend tax cuts on fuel consumption as part of efforts to ease inflationary pressure from surging energy costs. Starting next month, the legal cap of fuel tax cuts will be increased to 37 percent from the current 30 percent. The tentative measure will be effective until the end of this year. "The government will immediately implement measures to ease the burden from high oil prices,” Finance Minister Choo Kyung-ho told repor

MobilityJune 19, 2022

Hyundai, Kia hit 3 million milestone in eco-friendly car sales

South Korean automotive duo Hyundai Motor and Kia have hit a 3 million milestone in sales of eco-friendly cars, 14 years since their first hybrid models debuted back in 2009. Eco-friendly cars include hybrid electric, full-electric and fuel-cell electric vehicles. According to Hyundai Motor Group on Sunday, its two brands sold a total of 3,006,414 units of eco-friendly cars over the past 14 years. The figure makes up 3.2 percent of their total car sales during the same period. Their green

MobilityJune 19, 2022

[Test Drive] Smooth and stable: Niro EV shines in the rain

Driving a small electric vehicle in the pouring rain isn’t always pleasant. But the second generation Kia Niro EV has proven that even a small EV can be stable and smooth under slippery conditions. Running on front-wheel drive, the battery-powered compact vehicle seemed to have an edge for driving in extreme weather conditions over rear-wheel drive vehicles. It comes with a 150-kilowatt or 204 horsepower single electric motor, enough for an average electric battery SUV. During a 92-kilom

MobilityJune 19, 2022