[CES 2022] Samsung Galaxy S21 FE makes debut at CES

LAS VEGAS -- Samsung Electronics on Monday unveiled the latest Galaxy S21 FE 5G, a budget version of its flagship Galaxy S21, at the Consumer Electronics Show 2022 held in Sin City. Coming in four different colors -– olive, lavender, white and graphite -- the mid-range smartphone has a sleek body just 7.9 millimeters thick but is equipped with a generous 4,500 milliampere-hour battery that supports quick charging in 30 minutes. The protruding rectangular camera bump on the back could n

TechnologyJan. 4, 2022

Seoul to open booth at CES 2022 to pitch city's innovative tech firms

The city of Seoul will open a booth at the Consumer Electronics Show (CES) in Las Vegas this week to help pitch innovative technologies by smaller firms based in the city, officials said Tuesday. The Seoul booth will open inside the event's Eureka Park section, an exhibition area for startups, on the first day of the exhibition on Wednesday (US time), according to the Seoul Digital Foundation, a digital arm of the city government. Measuring 310 square meters and covering 25 tech firms from the

TechnologyJan. 4, 2022

BOK chief voices concerns over growing credit risk among households, self-employed

South Korea's central bank chief Tuesday urged local financial institutions to brace for the possibility of growing credit risk from heavily indebted households and self-employed as the country will continue to tighten loose financial and monetary policy put in place to prop up the pandemic-hit economy. Lee Ju-yeol, governor of the Bank of Korea (BOK), made the remarks in his written New Year's greetings for the financial community, adding that such credit risk could get worse amid rising exter

EconomyJan. 4, 2022

Construction contracts gain 12.2% in Q3

The value of construction contracts in South Korea climbed more than 12 percent in the third quarter of 2021 thanks mainly to increased private projects, government data showed Tuesday. Civilian and public works contracts in Asia's fourth-largest economy were valued at 65.2 trillion won ($54.6 billion) in the July-September period, up 12.2 percent from a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. Private deals swelled 12.9 percent on-year to 55 tri

EconomyJan. 4, 2022

Home transactions plunge 42.5% in Nov. on lending curbs

Home transactions in South Korea tumbled nearly 43 percent on-year in November amid lending curbs and rising interest rates, government data showed Tuesday. The number of homes changing hands nationwide stood at 67,159 in November, down 42.5 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Compared with the previous month, the November tally was down 10.8 percent. The number of home transactions in the greater Seoul area, which includ

EconomyJan. 4, 2022

Finance minister sees urgent need to stabilize inflation, housing market

Finance Minister Hong Nam-ki said Monday the government needs to mobilize all available policy means to tame inflationary pressure and stabilize the housing market in the new year. Hong also said the country will prioritize supporting small merchants hit hard by the COVID-19 pandemic and vulnerable people and strengthen social safety nets. "The government faces an urgent need to stabilize inflation and the housing market at an early date by mobilizing all available means," Hong said.

EconomyJan. 3, 2022

Marking best year, Korean tech giants set sight on quality beyond compare

Top executives of South Korean technology giants stressed on Monday their need to push relentlessly for unmatched quality in a long-term approach, as their electronics and semiconductor chip businesses are projected to yield the highest revenue for 2021, in their respective New Year’s addresses. Fierce competition on a global scale still leaves Samsung Electronics, one of the world’s leading electronics goods makers and chipmakers, with a long road ahead to secure a technology leade

TechnologyJan. 3, 2022

Rise or fall? All eyes on 2022 Seoul home prices

SEJONG -- The average trading price of homes in Seoul posted 39.99 million won ($33,500) per 3.3 square meters, which is equivalent to 1 “pyeong,” at the end of 2021, data from KB Kookmin Bank and Naver showed. This indicates that the price for an 84-square-meter unit, a popular size in Korea, in the capital has surpassed 1 billion won on average. In the capital’s priciest district of Gangnam-gu, the average price peaked at an all-time high of 70 million won per 3.3 square m

MarketJan. 3, 2022

Hyundai's Dec. sales fall 11% amid chip shortage

Hyundai Motor Co., South Korea's biggest carmaker, said Monday its sales fell 11 percent last month from a year earlier amid global chip shortages. Hyundai Motor sold 334,242 vehicles in December, down from 375,193 units a year earlier, the company said in a statement. Domestic sales declined 3.5 percent to 66,112 units from 68,486 during the mentioned period, as the lack of semiconductor parts continued to affect vehicle production and sales, it said. Overseas sales also dropped 13 percent t

IndustryJan. 3, 2022

SsangYong's Dec. sales fall 17% amid chip shortage

SsangYong Motor Co. said Monday its sales fell 17 percent last month from a year earlier as a prolonged chip shortage continued to affect its vehicle production. SsangYong Motor sold 8,755 vehicles in December, down from 10,561 units a year earlier, the company said in a statement. Domestic sales declined 31 percent to 5,810 units last month from 8,449 a year ago, while exports climbed 39 percent to 2,975 units from 2,142 during the same period, it said. For the whole of 2021, its sales dippe

IndustryJan. 3, 2022

Banking chiefs say digital transformation key to survival

Heads of South Korea’s top five traditional banking groups on Monday pointed to swift digital transformation and bolstering competitiveness of diverse business units as the main requirements for their survival in the new year. KB Financial Group, the nation’s No. 1 banking group in terms of total assets, must become the nation’s top financial platform and provide customers with the best digital services, its Chairman Yoon Jong-kyoo said in his New Year’s speech. Yoon h

MarketJan. 3, 2022

Seoul shares kick off 2022 with investor optimism

The key benchmark Kospi and junior Kosdaq opened higher on Monday after their last trading session on Thursday, amid strong retail demand and foreign buying betting on a pandemic recovery. The Kospi, which ended at 2,977.65 for its final trading session in 2021, closed at 2,988.77, while the Kosdaq ended at 1,037.83, slightly up from 1,033.98 from the previous session. The rebound was backed by retail investors and foreigners, who snatched up a net 519 billion won ($435 million) and 266 billi

MarketJan. 3, 2022

Manufacturers, retailers, service providers gear up for full recovery from pandemic

South Korea’s key manufacturers, retailers and service providers on Monday vowed to prepare for a full business recovery from the prolonged pandemic crisis by initiating both technological and organizational innovation to tap into markets that had already gone through tremendous changes for last two years. “The paradigm shift that was brought by the COVID-19 crisis and challenges to overcome it lie ahead of us,” Cho Won-tae, the chairman of Hanjin Group and Korean Air CEO, sa

IndustryJan. 3, 2022

China seems to be Samsung chief’s next destination

Speculation is growing that Samsung Electronics Vice Chairman Lee Jae-yong may go on a work trip later this month possibly to China where the Korean tech giant is struggling to elevate smartphone and home appliance sales. According to industry sources on Monday, the de facto Samsung chief is expected to make another business trip during the court’s holiday recess that begins later this month. Lee has been appearing in court hearings every Thursday regarding the controversial merger deal

TechnologyJan. 3, 2022

[CES 2022] LG unveils self-driving car cabin concept turning into living spaces

LG Electronics said Monday it would introduce a new in-vehicle infotainment concept tailored to autonomous vehicles at CES 2022, indicating that its car cabins can turn into a space where passengers work, watch TV, exercise or experience camping virtually. Called LG Omnipod, the new mobility concept solution gives a glimpse of an on-the-road extension of one’s personal living space which is designed to function as a home office, entertainment center or lounge, LG Electronics said in a st

TechnologyJan. 3, 2022

Regulator warns of stern actions against online platforms' unfair biz activities

South Korea's antitrust regulator plans to take stern actions against unfair business activities by online platform operators in a bid to protect small merchants and consumers, its chief said Monday. Concerns have mounted that powerful online platform operators, such as Naver Corp. and Kakao Corp., have abused their dominant market status and engaged in unfair business practices against contractors, posing a threat to the survival of small merchants. "The Fair Trade Commission (FTC) will

EconomyJan. 3, 2022

Hyundai Motor brings autonomous, air mobility to fore in New Year plan

Hyundai Motor Group chief said Monday that the automaker will materialize its vision of becoming a smart mobility provider in autonomous driving and urban air mobility this year, attempting a shift in its focus from manufacturing to auto software. In his New Year‘s address, Hyundai Motor Chairman Chung Euisun said the company will make no delay to its plan to mass produce the Ioniq 5 loaded with Level 4 technology by 2023. He said the Ioniq 5’s Level 4 autonomous driving will test o

IndustryJan. 3, 2022

[CES 2022] Samsung, LG TVs clash again at CES

LAS VEGAS -- Bigger, brighter, more pixels and better contrast. Before the pandemic, who makes the better TV was largely decided by these simple standards.  But as lifestyles have changed amid the prolonged COVID-19 outbreak, particularly with the emergence of the delta and omicron variants, the definition of innovation has changed as well. Now, consumers demand more features they can enjoy in the safety and comfort of their homes. Such new customer demand has brought South Korea‘s

IndustryJan. 3, 2022

Indonesia's coal exports ban to have limited impact on S. Korea: industry ministry

Indonesia's recent ban on coal exports is expected to have a limited impact on South Korea, the industry ministry said Monday, but the Seoul government set up a task force to closely manage the situation as a precaution. Last week, Indonesia announced it has banned exports of coal in January, citing concerns over widespread blackouts due to low supplies at its domestic power plants. Jakarta is one of the world's major exporters of thermal coal, and around 20 percent of South Korea's coal impor

EconomyJan. 3, 2022

S. Korea's 5G users top 20m in November: data

The number of smartphone users on 5G mobile networks had topped 20 million as of November for the first time since the service was commercialized in 2019, data showed Monday. The total number of 5G users reached 20.19 million in November last year, accounting for around 28 percent of the total 72.57 million mobile subscriptions in the country, according to the data from the Ministry of Science and ICT. South Korea, which has a population of 52 million, first commercialized 5G networks in April

TechnologyJan. 3, 2022