[CES 2022] Samsung, SKT execs discuss partnership on 5G, AI, metaverse

SK Telecom CEO Ryu Young-sang and Samsung Electronics’ mobile business chief Roh Tae-moon discussed their potential partnership on a slew of tech areas, including 5G network, artificial intelligence and the metaverse, the company said Thursday. “Samsung has been creating comprehensive services by converging different areas of business into one,” Ryu said at CES 2022 held in Las Vegas. “SK Telecom will continue to push forward to fine-tune its convergence of telecommunic

TechnologyJan. 6, 2022

Korean red ginseng, popular Lunar New Year gift idea overseas

Hongsam, Korean red ginseng, has become a popular choice for Lunar New Year gift in overseas markets, stretching from Asia to the United States, Australia, Russia and the Middle East, the company said Wednesday. Korea Ginseng Corp. (KGC), Korea’s leading Red Ginseng manufacturer, unveiled a map of Korean red ginseng markets around the world, showing its best-selling product by country. According to the map, EveryTime, stick pouches of Red Ginseng extract favored for its portability, has m

BusinessJan. 6, 2022

SPC Group chairman stresses sustainability in kickoff meeting

SPC Group Chairman Hur Young-in stressed corporate sustainability during a New Year meeting held Monday, urging executives to carry out the company’s vision of building its legacy as a global enterprise with more than 100 years of history. At the virtual meeting, he suggested three objectives: ensuring unrivaled product quality, innovating corporate culture and integrating environmental, social and governance values into its franchises. Chairman Hur set forth his aspiration to augment R&

BusinessJan. 6, 2022

[CES 2022] At CES, Hyundai Motor presents robots, not cars

LAS VEGAS -- After unveiling its new vision of expanding a human reach to robotics and metaverse, Hyundai Motor opened its CES booth filled with robots, not cars, to present the future of mobility. The exhibition taking place at the tech show featured three Spots, a quadruped robot, dancing in sync to a BTS song titled “Ioniq: I’m on it.” L7, a micro-mobility concept based on a platform that combines 4 large PnD modules, followed Spot’s lead by demonstrating how it can

IndustryJan. 6, 2022

Hanmi Global enters local REITs market

Hanmi Global AMC, a real estate investment arm of Hanmi Global, said Tuesday that it has acquired final approval from the Land Ministry to enter the local REITs market. Hanmi Global AMC has obtained its preliminary approval from the ministry in August and was putting together its team of executives to spearhead its kick-off. REIT, short for real estate investment trust, is a company that pools capital from investors to finance income-generating property assets and return dividends to individu

BusinessJan. 6, 2022

[CES 2022] Samsung says open to manufacturing OLED TVs

LAS VEGAS/SEOUL -- Samsung Electronics vice chairman and CEO Han Jong-hee told reporters on Wednesday that the doors for collaboration with panel supplier LG Display is “wide open” for its launch of organic light-emitting diode television sets. At a press conference in Las Vegas, when asked about the rumored partnership with its archrival in TV industry ahead of the world’s largest tech show CES 2022, Han said, “I cannot say because there is nothing confirmed regarding

IndustryJan. 6, 2022

S. Korea to take steps to stabilize FX market if needed: official

South Korea is ready to take measures to stabilize the foreign exchange market, if needed, a senior government official said Thursday, as the Korean currency has sharply weakened against the US dollar in recent weeks. First Vice Finance Minister Lee Eog-weon said the government plans to closely monitor the forex market amid the prospects for the won's further descent as the US Federal Reserve would raise its policy rate at a faster-than-expected pace. "The government plans to step up effo

EconomyJan. 6, 2022

Top financial regulators vow to bolster measures against lingering COVID risks

Heads of the nation’s financial policymaker and watchdog held their first meeting of the year on Thursday and vowed to cooperate on adopting stronger preemptive measures to counter lingering pandemic risks. Financial Services Commission Chairman Koh Seung-beom and Financial Supervisory Service Gov. Jeong Eun-bo agreed to make risks tied to the nation’s household debt growth, accumulating debt of the self-employed and small business owners and the non-banking sector their top priori

EconomyJan. 6, 2022

Seoul stocks sink for 2nd session on US rate hike woes

South Korean stocks retreated for the second straight session Thursday, largely as the US Federal Reserve minutes stoked concerns that the Fed may push harsher-than-expected rate hikes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 33.44 points, or 1.13 percent, to close at 2,920.53 points. Trading volume was moderate at about 774 million shares worth some 13.1 trillion won ($10.9 billion), with losers outnumbering gainers 665 to

MarketJan. 6, 2022

Starbucks Korea to raise price of Americano

Starbucks Korea, the nation’s No. 1 specialty coffee chain, said Wednesday it is considering bumping up the price for a cup of Americano in almost eight years due to the price surge in coffee beans imported from overseas. “Even when other franchise coffee shops have increased their coffee prices, we have fixed our price rate. It was bearable back then, but since COVID-19, the price of coffee beans and other materials such as syrups have begun to soar just too much,” an offici

ConsumerJan. 6, 2022

[CES 2022] Coway introduces smart sleep and air care technology

Coway introduced its latest home appliances at the Consumer Electronics Show 2022 in Las Vegas on Wednesday, highlighting its smart solution-embedded products such as mattresses, water purifiers, air purifiers and bidets. Under theme of “We innovate for your better life,” Coway showcased the adjustable Smart Care Air Mattress which has been applied with its patented technology.  According to the company, its mattress can detect the user’s body pressure and sleeping posit

IndustryJan. 6, 2022

[CES 2022] Hyundai Heavy Industries sets vision to become “future builder”

Hyundai Heavy Industries Group, which has topped the global shipbuilding industry for the past 50 years, will embark a new mission to become a “future builder,” the company’s CEO said at the Consumer Electronics Show 2022 on Wednesday. “Starting from the sea, HHI Group’s technological innovation will change the lives of people in the future,” said Hyundai Heavy Industries Holdings CEO Chung Ki-sun during the group’s debut press conference at CES. Speci

IndustryJan. 6, 2022

Korean shipbuilders' new orders hit 8-year high in 2021

South Korean shipbuilders received the largest orders in eight years in 2021, and the country ranked the world's No. 1 in terms of the construction of high value-added vessels, the industry ministry said Thursday. Local shipbuilders won new orders totaling 17.44 million compensated gross tons (CGTs) last year, more than doubling from the previous year's 8.23 million CGTs, according to the data compiled by the Ministry of Trade, Industry and Energy. It is the largest since 2013 when the figure

EconomyJan. 6, 2022

S. Korea to expand tax incentives for R&D on carbon neutrality technology

South Korea plans to provide tax incentives for research and development (R&D) on green technology designed to help cut carbon emissions in an effort to nurture new industries, the finance ministry said Thursday. Currently, the country has picked 235 technologies in 12 sectors, including next-generation vehicles and bio health, as "new growth and original technologies" and provided tax incentives on R&D expenditures on such spending. For such technology, the country has appli

EconomyJan. 6, 2022

Households, nonprofit agencies' excess funds up in Q3

Excess funds held by South Korean households and nonprofit agencies increased in the third quarter of last year on a rise in income from pandemic-related state support and less spending on houses, central bank data showed Thursday. Net financial funds -- the value of financial assets minus financial liabilities -- held by local households and nonprofit organizations serving households amounted to 35 trillion won ($29.1 billion) in the July-September period, up from 29.8 trillion won a year earl

EconomyJan. 6, 2022

Nexon invests $400m in Avengers directors’ production company

Korean gaming giant Nexon said Thursday it has decided to invest $400 million into US production company Agbo, co-founded by Anthony and Joe Russo, the directors of Marvel’s global megahits. Through the latest investment, the Tokyo-listed Nexon plans to accelerate the global expansion of its existing and new intellectual property in the film and TV sectors, while Agbo looks to further boost its influence in the global entertainment market by strengthening its production power. Valued at

IndustryJan. 6, 2022

Exim Bank floats $3b in dollar bonds

The state-run Export-Import Bank of Korea (Exim Bank) said Thursday that it has issued $3 billion worth of dollar bonds to foreign investors. The state lender has sold three-year bonds worth $1 billion, another $1 billion in five-year bonds and $1 billion worth of debt that will mature in 10 years. It marks the largest-ever issuance of foreign-currency bonds among local institutions except the government, the bank said. Exim Bank added it has successfully floated its planned amount of bonds a

MarketJan. 6, 2022

Daewoo Shipbuilding wins W502b LNG ship order

Daewoo Shipbuilding & Marine Engineering Co. said Thursday it has received a 502 billion won ($420 million) liquefied natural gas (LNG) ship order in Greece. Daewoo Shipbuilding will deliver the LNG carriers to an unidentified shipper in Greece by November 2025, the company said in a regulatory filing. The company is the world's third-largest shipbuilder by orders after Hyundai Heavy Industries Group and Samsung Heavy Industries Co. in terms of 2021 orders. Last year, Daewoo Shipbuildi

IndustryJan. 6, 2022

S. Korean lab, EU develop intercontinental 5G-satellite network system

A South Korean research lab said Thursday that it has successfully developed the world's first intercontinental 5G-satellite network system to help communicate in case of a disaster. The 5G-satellite multiple network system -- co-developed with the European Union -- connects 5G networks to satellite networks to allow communication services in remote areas or in disasters, the state-funded Electronics and Telecommunications Research Institute (ETRI) said. The new system provides communication t

TechnologyJan. 6, 2022

Seoul stocks open lower on US rate hike woes

South Korean stocks opened lower Thursday as the US Federal Reserve minutes stoked concerns that the Fed may push harsher-than-expected rate hikes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.69 points, or 0.46 percent, to 2,940.28 points in the first 15 minutes of trading. Stocks got off to a lackluster start, tracking the overnight Wall Street tech plunge. The tech-heavy Nasdaq Composite tumbled 3.34 percent overnight and the Dow Jones Industrial Average lost 1.07 per

MarketJan. 6, 2022