Booyoung offers scholarships to international students in Korea

Booyoung Group’s Woojung Education and Culture Foundation provided scholarships totaling 350 million won ($292,000) to 89 international students studying in Korea for the first semester of the 2022 academic year. The recipients are from 34 countries including Vietnam, Bangladesh, Uzbekistan, and Cambodia. Since 2010, the foundation has granted financial support to Asian, African and Latin American students on a semester basis. Scholarships worth 83 billion won have been gi

IndustryFeb. 27, 2022

Market regulators, banks mull Ukraine contingencies

South Korea’s financial regulators have begun drafting contingency arrangements, such as ramping up market monitoring and readying market stabilization funds, to grapple with the impact of the Russia-Ukraine crisis, which has led the local stock market to shed 162 trillion won ($134 billion) over the last two months. “At alert level 2, we’re keeping an eye on the stock market and prepared to deploy our resources, should it need our intervention,” a source with knowledge

MarketFeb. 27, 2022

Hyundai E&C opens virtual model home for Songdo Hillstate Lake

Hyundai Engineering & Construction opened a virtual model home for its new Hillstate Lake apartment complex that will be constructed in Songdo, Incheon, the company said Sunday. 　 The virtual tour delivers an immersive experience that allows customers to view a detailed profile of the floorplan. The service is available on the Hillstate Lake official website. 　 The new build marks the fourth apartment complex of the Hillstate village in Songdo Landmark City, where the first three complexes

IndustryFeb. 27, 2022

40% of young Koreans feel poor

Four out of 10 young Koreans consider themselves poor, citing familial transfer of wealth as a key factor aggravating the social divide, data showed Sunday. According to data from National Youth Policy Institute, 42.6 percent of 4,114 respondents aged between 19 and 34 said they think they’re are poor and of those, some 34.3 percent answered they believe that they won’t be able to get out of poverty. Only some 28.5 percent said they think they can. Some 41.4 percent said they earne

EconomyFeb. 27, 2022

Hyundai’s Ioniq 5, Kia’s EV6 named most competitive EVs

Hyundai Motor Group’s electric SUV models Ioniq 5 and EV6 have been picked as the most competitive electric SUVs in a ranking by the German automotive magazine Auto Zeitung, beating the same segment models from Mercedes-Benz, Tesla and Polestar, the carmaker said. Auto Zeitung’s latest edition compared Hyundai’s Ioniq 5, Kia’s EV6, Polestar’s Polestar 2, Tesla’s Model Y and Mercedes-Benz’s EQB, based on the categories of driving comfort, powertrain, dr

MobilityFeb. 27, 2022

Starbucks Korea donates Han Yong-un’s handwriting to mark Independence Day

Starbucks Korea said Sunday that it has donated a piece of calligraphy by Manhae Han Yong-un, a 20th century Korean Buddhist reformer and poet who also fought for Korea’s independence, to the National Trust for Cultural Heritage to mark the 103th anniversary of Korea’s Independence Movement Day that falls on March 1.  The writing, which reads “Jeon Dae Beob Ryun,” has the meaning that a world of great truth does not settle but constantly evolves. As the only piece

IndustryFeb. 27, 2022

Hana Bank to expand art wealth management

Hana Bank said Sunday it will expand its wealth management services to trading art pieces -- both physical and digital -- amid growing retail demand for alternative assets. Hana Bank has forged a partnership with Seoul Auction Blue, an online auction house, to jointly work on developing new businesses such as nonfungible tokens and metaverse platforms, and operating online education and community platforms on art. The two will also provide traditional art services including artwork sales, art

MarketFeb. 27, 2022

Posco Chemical to expand low-expansion anode production

Posco Chemical, the battery and chemical materials manufacturing arm of Posco Group, said Sunday it will expand investment in low-expansion anodes, a material needed for electric vehicle batteries. Low-expansion anodes are uniquely developed by Posco Chemical that enhance the safety, lifespan and charging speed but at a more affordable price, according to the company.  The production expansion plan from the current 7,000 metric tons to 35,000 tons was approved by the board of directors o

IndustryFeb. 27, 2022

[Photo News] ON VIENNA ROAD

Hyundai Motor Group’s hydrogen-powered fuel cell bus Elecity FCEV provides public transport in Vienna in this picture released Sunday.  Austria’s public transportation corporation Wiener Linien began running the eco-friendly bus on its most crowded bus route, according to Hyundai.  The Korean carmaker’s supply of Elecity FCEV is part of the Austrian government-led hydrogen infrastructure expansion project called HyBus Project. Starting with the delivery of three E

MobilityFeb. 27, 2022

LG Innotek vows shared growth with partners

LG Innotek Co. signed an agreement with some 100 partner firms on financial, technological, management and educational cooperation on Thursday in its annual event for shared growth which it has held since 2010. This year, the IT components maker said it will start providing partner firms with expert consultations on environmental, social and corporate governance, and increase financial support for partners’ factory automation. LG Innotek said it will also offer partner firms knowhow on i

IndustryFeb. 27, 2022

[MWC 2022] Samsung’s gadgets to clash with Chinese newcomers

Samsung Electronics expects the Mobile World Congress 2022 to become a proving ground for its newest 5G smartphones under the S22 series, with Chinese rivals heralding the launch of new phones in the same event in Barcelona, Spain. Samsung Electronics is the largest smartphone maker in Europe by shipments with a third of market share, but has seen its gap with Chinese competitors narrow. While Samsung‘s smartphone shipments in Europe surged 6 percent, its Chinese rivals such as Xiaomi

TechnologyFeb. 27, 2022

Samsung Electronics to showcase new Galaxy Book and more at MWC

Samsung Electronics Co. said Sunday it will showcase a new lineup of goods from flagship smartphones to laptops during the upcoming global technology trade fair in Spain. The Mobile World Congress (MWC) 2022 is set to take place from Monday to Thursday in Barcelona. It is one of the top three annual tech events in the world, along with the Consumer Electronics Show in the United States and the IFA in Germany. First, Samsung will hold the virtual "Samsung Galaxy MWC Event 2022," which w

TechnologyFeb. 27, 2022

[MWC 2022] Flying taxis, robots, XR: Korean telcos to unlock potential of future tech

One of the world‘s largest tech events, Mobile World Congress, is returning to Barcelona, and South Korea’s telecommunications firms this week are poised to showcase their future technologies for the next decade to come. Extending their network and connected intelligence technology with respective industrial partners, SK Telecom is set to boast underlying technology to enable flying taxis, while KT brings disinfection robots and LG Uplus presents Korean media contents that run on e

TechnologyFeb. 27, 2022

[Weekender] Available at touch of button, mental care apps empower patients

Han Na-yeon, a pseudonym for a 34-year-old office worker, experienced an anxiety attack during a job interview six months ago, almost having a breakdown in front of interviewers. This encounter preceded a months long period of depression and repressed anger. Beginning to wonder if she had anxiety or some other issue, she delved into various online communities in an attempt to get to the bottom of her problem. Following a readily available online test, she was presented with a diagnosis of atten

TechnologyFeb. 26, 2022

Trading of Seoul shares likely to be volatile next week amid Ukraine risks

South Korean stocks are expected to face highly volatile sessions next week as investors will pay keen attention to situations in Ukraine and the US Federal Reserve's updated stance on its monetary policy, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,676.76 on Friday, down 2.45 percent from a week earlier, amid jitters over the escalating tensions in Ukraine as Russia launched a military offensive in the East European neighbor. KOSPI rebounded on

MarketFeb. 26, 2022

Korea to launch W2tr biz support program to counter Russia-Ukraine crisis if needed

South Korea’s top financial regulator said Friday that a support program worth 2 trillion won ($1.66 billion) will be launched to cushion local businesses from economic woes stemming from the full-scale Russian invasion of Ukraine, if needed. “We will thoroughly review the extent of damages and the financial state of our exporters and importers to prevent any difficulties stemming from the Ukraine crisis,” Financial Services Commission Chairman Koh Seung-beom said at a joint

EconomyFeb. 25, 2022

Nuri rocket’s 2nd launch set for June

South Korea’s first homegrown rocket Nuri will go for a second launch in June, aiming to complete the full launch sequence this time, the Ministry of Science and ICT said Friday. The first liftoff, which took place in October last year, came short of a successful mission as the rocket’s third stage engine shut down earlier than planned. The dummy satellite could not reach sufficient orbital speed as a result. The early stages of the launch were deemed successful as the three-stage

TechnologyFeb. 25, 2022

Korea, India agree to block double taxation

SEJONG -- The tax administrative agencies of South Korea and India have agreed to closely coordinate on easing tax burdens for businesses by holding a bilateral meeting of chiefs, the National Tax Service said Friday. The two also have decided to exchange know-how in uncovering practices of offshore tax evasion. During their meeting in New Delhi on Thursday, NTS commissioner Kim Dae-ji expressed gratitude to his counterpart Tarun Bajaj for the Indian tax authority’s recent policy to prev

EconomyFeb. 25, 2022

Biden’s Russia sanctions to indirectly hit Korea’s chip, auto industries

As the US Biden administration imposes economic sanctions against Russia for invading Ukraine, South Korean firms including Samsung Electronics and SK hynix are expected to take collateral damage. On Friday, President Joe Biden unveiled comprehensive economic sanctions to cripple the Russian economy. The sanctions would limit the export of products that can potentially increase Russia’s ability to advance its military and aerospace sector. The sanctions would prohibit companies from s

IndustryFeb. 25, 2022

S. Korea to support companies to minimize impacts from Ukraine crisis

South Korea said Friday it plans to provide financial support to local exporters in an effort to minimize their potential damage from international sanctions against Russia over Moscow's invasion of Ukraine. The United States announced new sanctions against Russia, including export controls, over Moscow's invasion of Ukraine in a bid to restrict Russia's ability to do business in major currencies. South Korea said Thursday it will join the international community in imposing sanctions against Ru

EconomyFeb. 25, 2022