S. Korean companies join hands to build vertiports at gas stations

By 2025, flying taxis, or urban air mobility (UAM) vehicles, in South Korea could be accessed at gas stations located near major cities. Oil refiner GS Caltex, along with five leading companies in telecom, mobility and airline businesses, have formed a consortium to jump into the future mobility market together on Tuesday. The five other firms are telecom company LG Uplus, taxi-hailing app Kakao Mobility, domestic drone solutions company Pablo Air, low-cost carrier Jeju Air, and British UAM man

IndustryMay 11, 2022

South Korean researchers develop blood test platform to detect Alzheimer’s

South Korean researchers have developed a diagnosis platform using blood testing to detect early-stage Alzheimer’s disease, the Korea Research Institute of Bioscience and Biotechnology said Wednesday. To date, there is no cure for Alzheimer’s disease, a type of senile dementia leading to memory loss and cognitive impairment. The KRIBB said the key to treatment is to slow the progression of the disease through accurate early diagnosis. The researchers confirmed that the level of m

TechnologyMay 11, 2022

New science chief underlines strategic investments on chip, AI, space, bio

Lee Jong-ho, the new science and ICT minister, stressed the importance of securing core technologies of semiconductor, artificial intelligence, space and bio in his inaugural speech on Wednesday. “In an era where technology is sovereignty, the public and private sectors must consolidate their capabilities to strengthen strategic investment and all-around support and fortify the more practical innovation ecosystem of industry, academia, and research. We need to pursue our own super-gap and

TechnologyMay 11, 2022

KCCI chief stresses Seoul-Tokyo ties amid geopolitical uncertainty

Korea Chamber of Commerce and Industry Chairman Chey Tae-won on Wednesday stressed his desire to help mend the frayed ties between Seoul and Tokyo, saying their partnership will play a role in tackling ongoing geopolitical uncertainties. “Amid ever-changing global situations, hit by supply chain disruptions and the Russia-Ukraine war, the bilateral partnership between South Korea and Japan has become more crucial than ever,” Chey said at a luncheon with a group of Japanese lawmaker

IndustryMay 11, 2022

DAV International to release new collagen supplement

Local health product and cosmetics retailer DAV International said Tuesday that it has launched a collagen powder product that contains eight different vitamins and minerals. The product, All-in-one Daily Small-molecule Marine Collagen, not only supplies collagen to the skin, but contains vitamins essential to rejuvenate one‘s health. The company added more vitamin ingredients than are seen in other products, which usually have four, said a company official. The product is made up of t

ConsumerMay 11, 2022

LG Energy Solution, RIST to begin joint research on smart factory tech

LG Energy Solution Ltd. and the Research Institute of Industrial Science and Technology (RIST) said on Wednesday they agreed to conduct a joint research project to develop smart factory technologies. Among the technologies the country’s top battery maker and the Posco-founded think tank plan to develop together is a “digital twin,” a virtual representation that serves as the real-time digital counterpart of a physical space to predict possible problems through various simulati

TechnologyMay 11, 2022

Listed firms' operating profit forecast to gain 9.6% this year

Non-financial listed companies in South Korea will likely see their total operating income expand nearly 10 percent this year on rising sales, a local brokerage house said Wednesday. In its latest report, Hanwha Investment & Securities Co. forecast the combined operating income of those firms listed on the main stock market to grow 9.6 percent on-year to 208 trillion won ($163 billion) this year. Hanwha Investment & Securities based its rosy outlook on major companies' strong performance

MarketMay 11, 2022

Jeju Air joins consortium for UAM services

Jeju Air Co., South Korea's biggest budget carrier, said Wednesday it has joined a consortium to provide urban air mobility (UAM) services in efforts to find a new growth driver. Jeju Air and five others formed the consortium to participate in the transport ministry-led K-UAM Grand Challenge project in the next two years to commercialize the UAM services by 2025, Jeju Air said in a statement. The five other firms are local refiner GS Caltex Corp., No. 3 telecom company LG Uplus, taxi-hailin

IndustryMay 11, 2022

Seoul shares open tad lower on recession woes

South Korean stocks opened slightly lower Wednesday as concerns over high inflation and a global economic downturn continued to weigh down the market. The Korea Composite Stock Price Index (KOSPI) lost 3.61 points, or 0.14 percent, to 2,592.95 in the first 15 minutes of trading. The market had fallen for six days in a row until Tuesday, hitting a 17-month low. Overnight, US shares ended mixed on fears over an economic slowdown and the Federal Reserve's aggressive monetary tightening to curb infl

MarketMay 11, 2022

S. Korea's exports up 28.7%in first 10 days of May

South Korea's exports rose 28.7 percent in the first 10 days of May from a year earlier on the back of demand for chips and petroleum products, but the trade deficit widened over high global energy prices, customs data showed Wednesday. The country's outbound shipments stood at $16.1 billion in the May 1-10 period, compared with $12.5 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 34.7 percent on-year to $19.78 billion, resulting in a trade deficit

EconomyMay 11, 2022

Job growth extended for 14th month in April amid economic recovery

South Korea reported job additions for the 14th consecutive month in April as economic recovery momentum has been extended despite heightened global uncertainty, data showed Wednesday. The number of employed people came to 28.08 million last month, up 865,000 from a year earlier, according to the data compiled by Statistics Korea. The April reading was higher than an on-year increase of 831,000 in March and also marked the most job additions for any April since 2000, when the number of employe

EconomyMay 11, 2022

Kospi dips below 2,600 amid stagflation fears

The benchmark Kospi hit a 17-month low on Tuesday on persistent market concerns over runaway inflation and sluggish growth despite President Yoon Suk-yeol’s optimistic economic outlook at his inauguration. The Kospi closed at 2596.56, the lowest level since Nov. 30, 2020, when it reached 2,591.34. Global efforts to tighten monetary policy, which the US kicked off last week with its biggest rate hike in 22 years to set the range between 0.75 percent and 1 percent, unsettled investors. A f

MarketMay 10, 2022

[Photo News] OLED that folds 360 degrees

This photo unveiled Tuesday shows an 8-inch, 360-degree folding organic light-emitting diode screen for mobile devices by South Korean panel maker LG Display. It was showcased during Display Week 2022 hosted by the Society for Information Display from Sunday to Friday in San Jose, California. According to LG Display, the screen can be folded over 200,000 times without affecting its performance.

TechnologyMay 10, 2022

Seoul shares extend losing streak to 6th session on recession woes; Korean won hits over 2-yr low

The South Korean stock market fell for the sixth consecutive day Tuesday to hit a 17-month low, as investors fretted about high inflation and a global economic slowdown amid the ongoing crisis in Ukraine and China's lockdown of major cities over COVID-19. The local currency hit its lowest point against the US dollar in more than two years. The Korea Composite Stock Price Index (KOSPI) lost 14.25 points, or 0.55 percent, to close at 2,596.56, extending losses to the sixth session in a row. It is

MarketMay 10, 2022

47% of public agencies suffer deficit in 2021

SEJONG -- Almost 1 out of every 2 state-funded agencies in South Korea were in the red last year, state data showed Tuesday, in the wake of the ongoing pandemic and soaring oil prices. Of the 362 public agencies surveyed, 170, or 46.9 percent, suffered operating losses in 2021, according to Alio, a system that publicizes management information of public agencies. They included the Korea Electric Power Corp. and the Incheon International Airport Corp. Kepco posted the largest deficit with an op

EconomyMay 10, 2022

Stolen W61b paid back by government to Iran’s Dayyani

South Korea’s financial authorities recently returned over 61.4 billion won ($48.84 million) owed to Iran’s Dayyani Group, the amount that was stolen in an embezzlement scheme here between late 2012 and 2018, sources said Tuesday. The policymaking Financial Services Commission has returned most of the total 73 billion won owed to Dayyani’s consumer electronics arm, Entekhab, as compensation over the Iranian business’ failed takeover of Daewoo Electronics back in 2010.

MarketMay 10, 2022

With conservative leader taking office, big 4 chaebol groups ready to spend big

  In his inauguration speech on Tuesday, President Yoon Suk-yeol reaffirmed his will to seek a small government and to push for growth and market economy. And South Korea’s top four chaebol groups -- Samsung, SK, Hyundai Motor and LG -- seem ready to fuel momentum. During his presidential campaign, Yoon vowed to create a business-friendly environment by lifting unnecessary regulations and offering full support across industries. He especially stressed “super gap” tech

IndustryMay 10, 2022

Samsung retakes No.1 in Indian market with S22 Ultra in March

Samsung Electronics has reclaimed the No.1 spot by monthly sales in India, buoyed by the return of its Galaxy Note successor Galaxy S22 Ultra, a phablet with built-in stylus S Pen support, data showed Tuesday. Samsung emerged as the leader in overall smartphone sales and shipments for the first time in six months in the world’s second-largest smartphone market, showed data by market intelligence Counterpoint Research. In March, Samsung accounted for 22 percent by volume market share and

TechnologyMay 10, 2022

Geely’s stake buying in Renault Korea seen as official Korean market entry

Chinese automotive manufacturer Geely Auto of Zhejiang Geely Holding Group is acquiring a 34.02 percent stake in Renault Korea Motors, as part of a strategic effort to establish a foothold in the local market for expanding its overseas presence, according to experts.  Hangzhou-based Geely Automobile Holdings is China’s largest privately-owned automotive group. With an above-30 percent share in the Korean carmaker, which recently dropped “Samsung” from its name upon termi

MobilityMay 10, 2022

Samsung upgrades CXL-based memory expander built for future computing

Samsung Electronics said Tuesday that it has developed the industry’s first 512-gigabyte Compute Express Link (CXL) DRAM module for servers that enables a higher memory capacity and lower latency suitable for artificial intelligence and cloud computing. The CXL-standard DRAM memory expander will allow a server platform in data centers and enterprise servers to add new layers of short-term memory capacity compatible with a processor chip without unnecessary costs and complexities, as oppo

TechnologyMay 10, 2022