DSME seeks to localize key eco-friendly motor technology

South Korea’s shipbuilder Daewoo Shipbuilding & Marine Engineering said Friday that it will localize a core technology to propel ships, in order to advance its competitiveness, especially regarding high value-added vessels. DSME has signed a memorandum of understanding with Hyosung Heavy Industries, the industrial motor manufacturer under Hyosung Group, to jointly develop a shaft generator motor using permanent magnet, according to officials. A shaft generator motor is a technolog

IndustryMay 21, 2021

Bithumb dismisses concerns about fraud case

Bithumb, South Korea’s second-largest cryptocurrency exchange by trading volume, shrugged off questions on Friday about a fraud case involving a major shareholder. Lee Jung-hoon, former chairman of Bithumb Korea -- the operator of crypto exchange Bithumb and Bithumb Holdings, which controls Bithumb Korea -- is currently under investigation in connection with fraud allegations. Due to a very complicated corporate structure, Lee reportedly holds a 65 percent stake in Bithumb Korea. In Oc

MarketMay 21, 2021

Moderna COVID-19 vaccine gets final nod in S. Korea

A panel of medical experts on Friday said the vaccine for the novel coronavirus developed by US pharmaceutical company Moderna Inc. showed enough efficacy and safety, and recommended the use of the product. In the previous two rounds of review on Moderna's two full-dose regimen, the panel already concluded that the product is eligible for all adults. The Moderna vaccine, finally approved by the Ministry of Food and Drug Safety, marks the country's fourth COVID-19 vaccine, following the ones by

TechnologyMay 21, 2021

Netmarble’s US mobile game subsidiary Jam City to go public

Jam City, Netmarble’s mobile game subsidiary in the US, will go public in a deal with a blank-check company in the second half of this year, company officials said Friday. The company has reached a merger agreement with a publicly traded special purpose acquisition company DPCM Capital, which will result in Jam City being listed on the New York Stock Exchange. The combined company will have a valuation of $1.2 billion, according to Jam City. Jam City will use the cash proceeds to acq

IndustryMay 21, 2021

Seoul stocks finish lower on profit-taking

South Korean stocks closed in negative terrain on Friday as investors sold stocks to lock in profits. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.86 points, or 0.19 percent, to close at 3,156.42 points. Trading volume was moderate at about 787 million shares worth some 14.6 trillion won ($13 billion), with gainers outnumbering losers 674 to 189. Foreigners sold a net 135 billion won, while retail investors purchased 59 billion won.

MarketMay 21, 2021

Korea’s greenhouse gas tracking system becomes 1st WMO-endorsed project in Asia

South Korea has become the first country in Asia to launch a project officially endorsed by the World Meteorological Organization’s Integrated Global Greenhouse Gas Information System, or IG3IS, the Korea Meteorological Administration said Friday. The project is named Inverse-Korea, which is short for inverse modeling for validating and evaluating the reduction of sectoral emissions in Korea, according to the KMA. The National Institute of Meteorological Sciences under the weather agency

TechnologyMay 21, 2021

Exports surge 53.3% in first 20 days of May

South Korea's exports jumped 53.3 percent on-year in the first 20 days of May on the back of robust demand for chips and automobiles, data showed Friday. The country's outbound shipments stood at $31.1 billion in the May 1-20 period, compared with $20 billion a year earlier, according to the data from the Korea Customs Service. Over the period, imports also moved up 36 percent to reach $31.4 billion. By sectors, South Korea's outbound shipments of chips, the mainstay export product, advanced

EconomyMay 21, 2021

Producer prices up for 6th month in April

South Korea's producer prices increased 0.6 percent on-month in April due to a modest rise in commodity prices, extending their monthly gains for the sixth straight month, central bank data showed Friday. The producer price index, a barometer of future consumer inflation, stood at 107.68 in April, compared with 107.04 a month earlier, according to the Bank of Korea (BOK). The index advanced 5.6 percent from the previous year, the BOK data showed. The prices of agricultural goods fell 8.2 p

EconomyMay 21, 2021

Seoul stocks open higher on hopes of economic rebound

South Korean stocks opened higher Friday on hopes for a quick economic rebound, backed by overnight gains on Wall Street and strong local exports data. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.77 points, or 0.85 percent, to 3,189.05 points in the first 15 minutes of trading. Stocks got off to a strong start, tracking a 1.77 percent gain on the tech-heavy Nasdaq Composite. The Dow Jones Industrial Average and the S&P 500 finished up 0.55 percent and 1.06 percent, re

MarketMay 21, 2021

‘Excessive’ controls reduce animal infections in Korea

SEJONG -- South Korea has been successful in minimizing the spread of contagious animal disease by building up a bolstered, preemptive livestock disease control system over the past few years. Three major livestock diseases -- African swine fever, avian influenza and foot-and-mouth -- have been subject to full-fledged control measures, led by the Ministry of Agriculture, Food and Rural Affairs. Among the ministry-led countermeasures and preemptive actions were intensive disinfection, immediat

IndustryMay 20, 2021

Cryptocurrency panic-selling wipes out W900tr in 24 hours

Cryptocurrency markets continued to experience a sellout on Thursday, triggered by a combination of negative news including China’s latest regulations. According to CoinMarketCap, a market data tracker, some 900 trillion won ($794 billion) worth of cryptocurrency was lost within less than 24 hours as of Wednesday night. That is twice as much as Samsung Electronics’ market capitalization, which stood at 474 trillion won Thursday. The price of a bitcoin was around 51 million won

MarketMay 20, 2021

Hyundai Investments close W490b fund for acquisition financing

Asset management firm Hyundai Investments on Thursday announced the closure of a new, 490 billion-won ($433 million) private fund dedicated to South Korea-focused acquisition financing for private equity clients. The fresh fund, closed on Tuesday, is a second installment of its kind to invest in senior debt, following a 230 billion-won fund created in February 2020. The first installment was fully invested a year after the fund close, financing private equity acquisitions of clients such as Mac

MarketMay 20, 2021

Renewed real estate measures coming up in June: finance minister

Finance Minister Hong Nam-ki said Thursday that the government will roll out changes to housing policies which may include real estate taxation reforms as early as next month. While maintaining the key framework and the stance of the real estate policy announced on Feb. 4, which focuses on easing building regulations and supporting redevelopment projects in urban areas to shore up the number of new houses, “some changes will be presented within the next month after collecting public opi

EconomyMay 20, 2021

Hyundai Steel evolving as hydrogen provider

As the car industry is moving fast to migrate to environmentally friendly energy sources, Hyundai Steel is going full steam ahead with its hydrogen business.　 The steelmaker said Thursday that it will expand its hydrogen business to go in tandem with its biggest client Hyundai Motor Group’s fuel cell electric vehicle production. Hyundai Motor Group, in its Fuel Cell Electric Vehicle Vision 2030 unveiled in 2018, said it would produce 500,000 FCEV units by 2030. It was in 2016 that Hyun

IndustryMay 20, 2021

[Behind the Wheel] Limited-edition Maserati Levante S made more luxurious with Italian leather

What completes a perfect ride relies not only on the car’s driving performance, but also how it instills a sense of self-worth and pride in the driver, people here often say. Luxury Italian automaker Maserati’s sport utility vehicle Levante S ticks all of those boxes, naturally catching the eyes of passersby with its classy, yet powerful aura. The Korea Herald had the chance to test drive the Maserati Levante S GranSport Zegna Pelletessuta, the limited edition model whose interi

MobilityMay 20, 2021

International Vaccine Institute chief backs Seoul as vaccine hub

The chief of the International Vaccine Institute said Thursday that he feels positive about the possibility of South Korea becoming an Asian manufacturing hub for COVID-19 vaccines. Dr. Jerome Kim, director general of the Seoul-based IVI, made the remarks during a conservation with Korea Society President Tom Byrne, released via YouTube. When asked if Korea has what it takes to become an Asian vaccine production hub in 6 to 9 months, he responded: “I think the short answer is yes.&rdqu

TechnologyMay 20, 2021

Beam Mobility expands e-scooter sharing service in Korea

Vivid purple e-scooters from Beam Mobility can be found on the roads at four new locations in South Korea, as the firm announced expansion of its service area here. According to the Singapore-based micromobility startup, Beam Saturn+, a state-of-the-art model equipped with a cellphone dock and a cup holder will be rolled out at the four new locations -- Seoul’s Nowon District, Seongnam’s Bundang District, Goyang City and Gwangju City. With an aircraft-grade aluminum frame, the mod

IndustryMay 20, 2021

Monthly active users of Netflix in S. Korea decrease for third consecutive month

The video-streaming service  Netflix saw the number of its monthly active users in South Korea decline for a third consecutive month, data showed Thursday. It is the first time the figure has ever dropped for three straight months. Netflix had 8.08 million monthly active users here in April, down 1.9 percent from 8.24 million in March, according to the data published by market researcher Nielsen Koreanclick. The figure peaked at 8.99 million in January, according to the data. The vide

TechnologyMay 20, 2021

Redevelopment of Korea’s first multiuse building picks up pace

The planned redevelopment of Jwawon Shopping Center, the first mixed-use building in Seoul, has cleared another hurdle as state developer Korea Land & Housing Corporation was chosen to lead the project, local media reported on Thursday. Built in 1966 in Seodaemun-gu, the structure consists of retail shops and offices on lower floors and apartments on the top floor. Although it was graded with one of the lowest scores in a safety evaluation in March, which qualifies the dilapidated buildi

MarketMay 20, 2021

LIG Nex1 to develop Korea's largest hydrogen cargo drone

LIG Nex1 said Thursday it will develop a hydrogen drone that can carry 200 kilograms of cargo, the largest in South Korea. According to the defense and aerospace firm, it was selected by the Ministry of Trade, Industry and Energy to carry out the 44-billion-won ($38.8-million) national project for the development of autonomous cargo drones powered by hydrogen fuel cells. “The development will be completed in 2025 and the drones will be deployed to the military as transportation drones

IndustryMay 20, 2021