Hyundai partners with Shell to accelerate transition into carbon-neutral mobility

Hyundai Motor said Friday that it has signed a memorandum of understanding with US energy giant Shell to speed up the popularization of electric vehicles and achieve carbon neutrality. Through this MOU, the South Korean auto giant hopes to actively promote its carbon-neutral goals and Shell hopes this serves as momentum for it to expand its green energy business. The two companies agreed to cooperate in establishing infrastructures for EV charging, coming up with low carbon-emitting solutions,

IndustryFeb. 25, 2022

S. Korea's fisheries output rebounds in 2021

South Korea's fisheries output rebounded last year from the previous year on the back of increased fish stocks and expanded fishing grounds, data showed Friday. Total fisheries output amounted to 3.82 million tons last year, up 2.9 percent from a year earlier, according to Statistics Korea. The 2021 tally rebounded from 3.71 million tons in 2020 when fisheries output hit a four-year low. Last year, aquaculture production increased and fisheries output from inland fishing also gained ground. By v

EconomyFeb. 25, 2022

S. Korea's arable land dips for 9th year in 2021

South Korea's total arable land dropped for the ninth consecutive year in 2021 as rice paddies shrank amid falling consumption of rice, data showed Friday. The country's arable land totaled 1.55 million hectares -- slightly more than three times the size of the U.S. state of Delaware -- as of end-2021, down 1.2 percent or 18,000 hectares from the previous year, according to the data by Statistics Korea. Arable land in Asia's fourth-largest economy has been on the decline since 2013 due to declin

EconomyFeb. 25, 2022

S. Korea's central bank joins BIS Asian green bond fund

The Bank of Korea (BOK) said Friday it has invested part of the country's foreign exchange reserves in a green bond fund for central banks in a bid to expand its investment in green projects. The BOK said it took part in the Asian Green Fund that was launched by the Bank for International Settlements (BIS) on Thursday to invest in dollar-denominated green bonds issued in the Asian region. The BOK did not specify the amount of its investment. Green bonds are meant to raise money to support enviro

EconomyFeb. 25, 2022

Trade terms decline for 10th consecutive month in January

South Korea's terms of trade fell for the 10th straight month in January as import costs rose at a faster clip than export prices, central bank data showed Friday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- stood at 89.42 last month, down 6.8 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). The figure has marked on-year declines each month since April when the index fell 0.6 percent from a year earlier. Compared wi

EconomyFeb. 25, 2022

Samsung Galaxy S22 launched globally

Samsung Electronics on Friday launched its latest flagship smartphone Galaxy S22 as well as its tablet Galaxy Tab S8 in some 40 countries. According to the South Korean tech giant, the new devices will be available in major markets including Korea, the US, Canada, the UK and France. In March, the high-tech gadgets will be available in more than 130 countries. The Galaxy S22 and the Galaxy Tab S8 series enjoyed greater preorders than previous models. Preorders for both the Galaxy S22 and Galax

IndustryFeb. 25, 2022

AB InBev named creative marketer of the year at Cannes Lions

Anheuser-Busch InBev, the Belgian brewing giant and the parent company of South Korea’s largest beer manufacturer Oriental Brewery, said Wednesday that it has won the creative marketer of the year award at the Cannes Lions 2022. Cannes Lions is the world’s largest advertising awards festival. Since 1992, the top honor has been awarded to companies as prominent as Apple, Coca Cola, Google, Samsung Electronics and Microsoft, for demonstrating creative excellence. This year, the honor

IndustryFeb. 24, 2022

Stock price recovery ‘possible’: Kakao CEO nominee

Kakao’s new CEO nominee Namkoong Whon said Thursday that he wishes to restore the company‘s stock price at over 150,000 won ($124.60) per share during his two-year term amid investors’ growing concerns over its underperforming stocks. 　 “We will be able to see (Kakao‘s stock price) to reach 150,000 won (per share) again if (we can) restore the market trust,“ Namkoong said during an online press conference. “I hope to see a boost in stock price within m

TechnologyFeb. 24, 2022

Philips Korea receives Health Minister’s Award for improving lives of underserved

Philips Korea has received the Health and Welfare Minister’s Award at the 2022 Happiness Together Social Contribution Campaign for helping improve people’s lives through health care technology, the company said Thursday. Marking its 12th edition, the annual awards recognizes exemplary companies that practice social responsibilities. Co-hosted by the Korea Enterprises Federation and the Association of Korean Journalists, the campaign is sponsored by several ministries including the

IndustryFeb. 24, 2022

Posco’s plan to set up holding firm in Seoul faces political backlash

Posco Group has been left baffled over calls from political circles and local communities not to establish a new holding company in Seoul, and to stay in Pohang, North Gyeongsang Province, where the firm was initially founded as a state-run enterprise in 1968.  All four leading presidential candidates have publicly urged Posco -- which will officially launch a new holding firm on March 2 -- to remain in its birthplace of Pohang for the sake of balanced regional development. Posco has den

IndustryFeb. 24, 2022

Kepco suffers record operating loss of W5.8tr

Korea Electric Power Corp. hemorrhaged a record operating loss of 5.8 trillion won ($4.8 billion) last year, going back into the red after an operating profit of 4 trillion won the year before. Kepco suffered an unprecedented deficit as the public company couldn’t raise electricity prices in line with rising global fuel prices, due to the government’s inflation concerns. The figure is almost double from when Kepco witnessed an operating loss of 2.7 trillion won in 2008 when oil

IndustryFeb. 24, 2022

Ministry mulls subsidy cut for hybrids

SEJONG -- Hybrid cars will likely be excluded from a government list of eco-friendly cars in the coming years, rendering hybrid-car owners no longer able to enjoy tax benefits or state-led purchase subsidies. During a ministerial meeting for the nation’s innovative growth in Seoul on Thursday, Deputy Prime Minister and Finance Minister Hong Nam-ki unveiled a policy to regard only electric cars and hydrogen-fueled cars as low-emission cars on a midterm policy direction. He said that the g

EconomyFeb. 24, 2022

[MWC 2022] SKT, Samsung to unveil advanced 5G tech at MWC

South Korea’s telecommunication carrier SK Telecom and wireless network equipment maker Samsung Electronics will unveil the test results of their 5G network architecture “Option 4” for enhanced connectivity at the upcoming Mobile World Congress in Barcelona. The two firms recently tested the advanced 5G connectivity on a commercial network infrastructure for the first time within the industry. SK Telecom plans to commercialize the technology by 2023 in order to support urban

TechnologyFeb. 24, 2022

Preorders start for Genesis GV70 EV

Hyundai Motor’s standalone luxury brand Genesis said Thursday it has started getting preorders for the Electrified GV70, a full-electric version of its mid-sized SUV GV70. The new car is priced at 73.32 million won ($61,232). With the government’s EV subsidies, local drivers can purchase the car for under 66 million won. Equipped with a 77.4 killowatt hour battery pack, the Electrified GV70 offers a range of up to 400 kilometers on a single charge. It can be charged up to 80 per

MobilityFeb. 24, 2022

Seoul stocks plunge over 2% on escalating Ukraine crisis

South Korean stocks plunged more than 2 percent Thursday, as investor sentiment worsened over Russia's launch of military operations in eastern Ukraine. The Korean won steeply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 70.73 points, or 2.6 percent, to close at 3,029.57 points. Trading volume was high at about 904 million shares worth some 13.1 trillion won ($10.9 billion), with losers outnumbering gainers 797 to 108. Foreigners dumped a net 681 bi

MarketFeb. 24, 2022

Biggest drone show in Korea showcases future of air transports

Drone Show Korea 2022 kicked off Thursday to showcase the latest innovations of major South Korean aviation and defense firms, offering a glimpse into future drones that will become available in daily lives in a few years ahead. During the three-day event held at Bexco in Busan, LIG Nex1, a local defense firm that specializes in missiles, unveiled KCD-200, a drone that can transport payloads heavier than 200 kilograms. KCD-200, which looks like a small airplane, is supported by seven propelle

IndustryFeb. 24, 2022

BOK freezes key rate, announces decade-high inflation outlook

South Korea’s central bank on Thursday kept its benchmark interest rate anchored at the current 1.25 percent, but sharply revised its annual inflation outlook to a decade high of 3.1 percent. The Bank of Korea’s seven-day monetary policy board unanimously voted to freeze the key rate at the level it maintained since it delivered a 0.25 percentage point rate hike in January. The January decision brought back the base rate to pre-pandemic levels, before the BOK carried out a 0.5 perc

EconomyFeb. 24, 2022

[MWC 2022] Samsung’s mobile chief hints at greener, more inclusive Galaxy ecosystem

Samsung Electronics mobile head Roh Tae-moon said Thursday its use of recycled and eco-conscious materials will play a critical part in its mobile device innovations, a week ahead of the Mobile World Congress 2022 in Barcelona, Spain. Samsung’s Mobile Experience business, led by Roh, oversees operations related to smartphones, tablets, personal computers and wearable devices -- which Samsung seeks to connect under the Galaxy ecosystem that is turning greener and more inclusive. The Sou

TechnologyFeb. 24, 2022

Hana partners with KAIST to boost scientific approach towards carbon neutrality

South Korea’s Hana Financial Group has partnered up with the nation’s top university in science and technology to bolster the scientific approach toward achieving carbon neutrality by 2050. On Thursday, Hana said it signed a deal with the Korea Advanced Institute of Science and Technology with the goal of developing new technology based on environmental, social and governance values. The goal would be based on the institutions’ joint efforts to resolve climate change issues,

TechnologyFeb. 24, 2022

Ukraine tensions feared to disrupt chip production

A military confrontation between Russia and Ukraine could disrupt supply of raw materials, potentially exacerbating the ongoing global chip shortage, analysts said Thursday. Russia and Ukraine produce raw materials, such as neon, used in chipmaking processes, raising concerns that the escalating tension could disrupt the supply of key materials. According to market research firm TrendForce, Ukraine supplies nearly 70 percent of the world's highly purified neon gas used to etch circuit designs in

IndustryFeb. 24, 2022