Yongsan Park to include former DAPA, military apartment land

Yongsan Park, now a vacant area set to become a public park by 2027 will be expanded to hold a total of 3 million square meters of land by absorbing nearby sites that have been used by the military. According to the revised plan for establishment of Yongsan Park released by the Land Ministry on Monday, the site for Yongsan Park has expanded by 570,000 square meters, or 23.5 percent, compared to the 2014 plan. The plan to turn the USFK’s Yongsan Garrison into a national park was first

IndustryDec. 27, 2021

Seoul shares end lower amid omicron woes

Seoul shares closed lower Monday on profit taking amid lingering concerns over the spread of the omicron variant. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.88 points, or 0.43 percent, to 2,999.55 points. Trading volume was moderate at about 462.9 million shares worth some 8.13 trillion won ($6.8 billion), with gainers outnumbering losers 446 to 405. Individuals sold a net 523 billion won worth of stocks, exceeding instituti

MarketDec. 27, 2021

Stable recovery forecast for Korea in 2022

South Korea is projected to see stable economic growth in 2022, driven by strong memory chips and electronic devices exports, despite lingering omicron and COVID-19 woes, experts in the US, UK and South Korea said.  “We believe that sufficient vaccine supply and South Korea’s capacity to quickly rollout booster jabs will ensure a recovery in private consumption and business investment spending,” Fei Xue, an Asia analyst at the Economist Intelligence Unit told The Korea He

EconomyDec. 27, 2021

Chip, renewable energy sectors set for growth: report

The chip, renewable energy and entertainment industries are set to grow next year, auditing firm Samjong KPMG said Monday in its annual industry forecast report for 24 industries. The supply of system chips will improve as production expands while sales of memory chips next year will not be as strong as this year, because of oversupply, the report said, noting that the South Korean government should work with local chipmakers like Samsung Electronics to localize parts for chip independence. Sa

EconomyDec. 27, 2021

[CES 2022] LG’s rollable obsession extends to curved TV chair

In 2019, LG unveiled its jaw-dropping rollable TV, then followed that up in 2021 with a rollable phone. In 2022, LG will return to Las Vegas with a rather puzzling piece of innovation called Media Chair, a chimera device that combines a curved OLED TV with a recliner chair. While the product may not be familiar to those in the West, for those living in Asia, particularly South Koreans, the Media Chair is a revolution. The Media Chair will be mounted with not just an ordinary recliner chair

IndustryDec. 27, 2021

[Newsmaker] Moon calls for Samsung, Hyundai to collaborate on auto chips

South Korean President Moon Jae-in asked Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Chairman Chung Euisun to “collaborate more closely” on automotive chips during a luncheon at Cheong Wa Dae on Monday. According to Cheong Wa Dae spokesperson Park Kyung-me, President Moon congratulated the Hyundai Motor chief for the automaker’s advancement in the European electric vehicle market and said, “I wish for Samsung and Hyundai to collaborate more closely

IndustryDec. 27, 2021

SK Square invests W35b in agricultural tech startup Green Labs

SK Square, an information and communication technology arm of SK Group, has added South Korean agricultural startup Green Labs to its range of portfolio companies with a 35 billion won ($29.5 million) investment as a sole investor, it said Monday. The startup operates a smart farming platform called “Farm Morning,” dedicated to optimizing the supply chain of crop harvesting and distribution, as well as providing data-driven consulting services to farmers. The deal puts the curren

TechnologyDec. 27, 2021

Exports to New Southern, Northern regions to hit new records in 2021

South Korea's exports to the so-called New Southern and Northern regions are likely to touch all-time highs in 2021 on Seoul's efforts to deepen economic ties with those regions, the trade ministry said Monday. Seoul's overseas shipments to the New Southern Region -- the Association of Southeast Asian Nations (ASEAN) and India -- reached $111.9 billion in the first 11 months of this year, according to the Ministry of Trade, Industry and Energy. In light of that, exports to the region are proje

EconomyDec. 27, 2021

Number of franchise outlets up 9.5% in 2020 despite pandemic

The number of franchise outlets in South Korea rose more than 9 percent in 2020 despite the coronavirus pandemic, but their sales dropped for the first time since 2013, data showed Monday. Franchise stores numbered 235,709 as of end-December last year, up 9.5 percent from a year earlier, according to the data compiled by Statistics Korea. Food and beverage franchise outlets expanded at double-digit numbers as demand for home delivery services grew sharply during the COVID-19 pandemic, it said.

EconomyDec. 27, 2021

[CES 2022] LG teases transparent OLED display concepts at CES 2022

LG Display on Monday unveiled four new concepts using its transparent panel solutions to be premiered at its hybrid CES 2022 exhibitions in January. The new concepts feature screens that look like normal transparent glass windows, allowing users to see objects on the other side. But the screens can display images or deliver information while remaining transparent at the same time. These concepts aim to achieve spatial innovation at home, the office and commercial facilities including department

TechnologyDec. 27, 2021

Founder of Kakao accused by civic group of massive tax evasion

Kim Beom-su, the founder of South Korean internet giant Kakao Corp., and members of his family were accused by a civic group Monday of a massive tax evasion in a past corporate merger process. Spec Watch Korea lodged the accusation against Kim and his family members, including his brother-in-law, with the National Police Agency, alleging they evaded a total of 886.3 billion won ($747.6 million) of taxes in the process of Kakao's merger with internet portal Daum Communications Corp. in 2014. Th

IndustryDec. 27, 2021

Regional GDP inches up in 2020 amid pandemic

SEJONG -- The gross regional domestic product (GRDP) for provinces and cities in South Korea inched up in 2020 from a year earlier amid restrictions on business operations caused by the pandemic, data showed Monday. According to the data provided by Statistics Korea, the GRDP came to 1,936 trillion won ($1.63 trillion) in 2020, up 0.4 percent or 9 trillion won from a year earlier. The greater Seoul area -- which covers Gyeonggi Province that surrounds the capital Seoul, and the western port ci

EconomyDec. 27, 2021

S. Korea to submit application for CPTPP in April: finance minister

South Korea will push to submit an official application to join a mega Asia-Pacific free trade agreement in April next year by speeding up the process of collecting public opinions and building social consensus, the country's top economic policymaker said Monday. The government earlier said that it had begun the process to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) involving 11 nations as part of efforts to diversify its export portfolio. Finance Mi

EconomyDec. 27, 2021

Samsung Heavy wins W240b LNG ship order in Latin America

Samsung Heavy Industries Co., the world's second-biggest shipbuilder by orders, said Monday it has received a 240 billion won ($202 million) order to build a liquefied natural gas ship for a shipper in Latin America by 2024. The company did not provide the name of the shipper. With the latest order, Samsung Heavy has achieved $12.2 billion worth of orders this year, exceeding its annual order target of $9.1 billion amid the pandemic. This year, Samsung Heavy said it has received orders to

IndustryDec. 27, 2021

Cost of living top economic issue next year in Seoul: survey

The cost of living was cited as the most important economic issue of 2022 by Seoul citizens, a survey showed Monday. According to the survey on 1,200 households in the capital by the Seoul Institute, 19.2 percent of the respondents said the cost of living is the top economic issue next year. Another 17.3 percent cited youth unemployment and job creation followed by mortgage loans and increasing household debts at 9.8 percent, the result of the 2022 presidential election at 8.3 percent, incom

EconomyDec. 27, 2021

Seoul shares open lower on profit taking

Seoul shares opened lower Monday on profit taking amid lingering concerns over the impact of the omicron variant. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.62 points, or 0.12 percent, to 3,008.81 points in the first 15 minutes of trading. Individuals and foreigners' stock selling worth a combined 48 billion won ($40 million) exceeded institutions' stock purchases valued at 43 billion won.  Tech and airline stocks were lead decliners.  Market bellwether Samsun

MarketDec. 27, 2021

Container volume hits 6-month low at Incheon Port

Container volume at Incheon Port, the nation’s gateway for seaborne trade, has tumbled to a six-month low due to severe bottlenecks at major ports around the world and more lucrative offers by Chinese cargo owners. According to Incheon Port Authority on Sunday, the goods volume transported through the port was 1.64 million 20-foot-long containers in the June to November period this year, down 5.5 percent from a year ago. The port said cargo owners around the world, especially those fro

MobilityDec. 26, 2021

Edison Motors likely to seal SsangYong deal this week

Edison Motors, South Korea’s leading EV bus maker, and the bankrupt SsangYong Motor are likely to seal their merger and acquisition deal this week. Legal circles and automobile industry insiders expect the M&A to take place by this week or by January 7 the latest. “We need to adjust the contents of the contract, but if the discussion goes well, it can be done within this month. If the adjustment is prolonged, it could be early January,” said an official from Edison Motors

IndustryDec. 26, 2021

Korean fragrance market soars on pandemic blues

The market for fragrance products has seen an unprecedented expansion both in size and type of products, with more consumers, especially those in their 20s and 30s, opening their wallets for new olfactory experiences in the middle of the coronavirus pandemic. According to global market watcher Euromonitor, Korea’s fragrance market grew 36.4 percent from 2018 to 2019, and is projected to reach 650 billion won ($547.5 million) by 2023. “During a crisis, we depend more on our olfact

ConsumerDec. 26, 2021

KCCI chief urges practical approach to governance reforms

SK Group Chairman Chey Tae-won, who doubles as head of the Korea Chamber of Commerce and Industry, has called for a justifiable and practical approach to dealing with the governance structure issue of South Korean conglomerates. “Samsung had a leader who jumped into semiconductor (business) and overcame difficult challenges. Without such structure, who could have had managed such risks?” the KCCI chief told reporters during a year-end conference held Wednesday in Seoul. “

IndustryDec. 26, 2021