Hyundai Motor opens ultra-fast EV charging station in Seoul

Hyundai Motor Co. said Thursday it opened an ultra-fast charging station for electric vehicles (EVs) in southeastern Seoul in the latest move that could boost convenience for drivers of zero-emission cars. Hyundai Motor and SK networks, a chemical and energy company, jointly transformed an old gas station into South Korea's largest ultra-fast EV charging station spanning 4,066 square meters, the companies said. The station has eight 350 kWh high-speed chargers developed by Hyundai Motor, which

IndustryJan. 21, 2021

Demand for processed rice products up 11% in 2019

Local retail sales of processed rice products shot up nearly 11 percent in 2019 from a year earlier due to the growing demand from single-member households while more people opt for convenient meals, data showed Thursday. Retail sales of processed rice products, including ready-to-eat steamed rice, porridge, and noodles, came to 884 billion won ($804 million) in 2019, compared with 797.3 billion won posted in 2018, according to the latest data provided by the Ministry of Agriculture, Food and R

EconomyJan. 21, 2021

Samsung Display to mass-produce 90Hz OLED screens for laptops

Samsung Display Co. said Thursday it will mass-produce organic light-emitting diode (OLED) displays for laptops with a higher refresh rate in the first quarter of the year as the South Korean panel maker eyes increasing sales amid the pandemic. Samsung Display said the mass production of its 90Hz OLED screen for laptops will begin in March. The affiliate of Samsung Group said most laptops in the market currently come with a 60Hz refresh rate display, but its latest product will deliver a more

IndustryJan. 21, 2021

SK Innovation invests in China's EV battery swap station operator

SK Innovation Co., a South Korean refinery-to-battery company, said Thursday it has invested in a Chinese battery swap system provider to step up its battery business in the world's largest market. SK Innovation said it acquired a 13.3 percent stake in Blue Park Smart Energy Technology Co. (BPSE), a subsidiary of Beijing Automotive Group, without elaborating on the financial terms. The South Korean firm said the strategic investment will boost its electric vehicle (EV) battery business in Chin

IndustryJan. 21, 2021

Seoul stocks open higher on Wall Street gains

South Korean shares opened higher Thursday, tracking overnight Wall Street gains as US President Joe Biden took office. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.24 points, or 0.71 percent, to 3,136.79 in the first 15 minutes of trading. Stocks rose on expectations that the new US administration's potential spending increase would spur demand for export-intensive economies. Market bellwether Samsung Electronics edged up 0.11 percent, with No. 2 chipmaker SK hynix gaining

MarketJan. 21, 2021

S. Korea's exports grow 10.6% in first 20 days of Jan.

South Korea's exports rose 10.6 percent on-year in the first 20 days of January on the back of robust shipments of chips and autos amid the pandemic, customs data showed Thursday. The country's outbound shipments stood at $28.2 billion in the Jan. 1-20 period, compared with $25.5 billion a year earlier, according to the data from the Korea Customs Service. Per-day exports also grew 10.6 percent on-year during the cited period. Imports inched up 1.5 percent on-year to $28.6 billion in the 20-da

EconomyJan. 21, 2021

Producer prices rise 0.7% in December last year

South Korea's producer prices rose 0.7 percent on month in December last year, aided by a modest rise in prices of farm goods, central bank data showed Thursday. The producer price index, a barometer of future consumer inflation, stood at 103.78 in December, compared with 103.09 a month earlier, according to the Bank of Korea (BOK). Compared with a year earlier, the index rose 0.1 percent, the BOK data showed. In November last year, producer prices stayed flat, underscoring lackluster demand

EconomyJan. 21, 2021

Biden administration tipped to have positive impact on S. Korea's exports

The new administration of US President Joe Biden is expected to have a positive impact on South Korea's exports as he pledged to reverse the Trump administration's protectionism and trade wars, along with a massive economic relief package. However, trade tension between the US and China is likely to persist as he is predicted to confront Beijing by stepping up cooperation with Washington's European and Asian allies, although Biden is unlikely to engage in a trade war seen under Trump. "Wh

EconomyJan. 21, 2021

8 out of 10 want online ads clearly identified: survey

More than 80 percent of respondents to a recent survey said online platforms needed to change their practices for search ads to protect consumers from misleading marketing. The Fair Trade Commission on Wednesday announced the results of a consumer awareness survey regarding attitudes toward search ads on online platforms. The respondents were 1,152 ordinary users. Online search ads are displayed together with search results when users type a keyword in the search bar of a website. The survey

TechnologyJan. 20, 2021

Turning off camera during video meetings could cut carbon emissions by 96%: study

Remote work and more home entertainment could present a grave danger to the environment, according to a recent study. Published in the Resources, Conservation and Recycling journal earlier this month, the study points to how internet data is stored and transferred across the globe and how it impacts the environment. The study says just one hour of videoconferencing or streaming emits 150-1,000 grams of carbon dioxide. In comparison, a car burning a gallon (3.8 liters) of gasoline emits less t

TechnologyJan. 20, 2021

Toss seeks talent to gear up for competition

Viva Republica, the operator of leading finance app Toss, on Wednesday announced that it plans to add 330 new staff in the first quarter ahead of the launch of an internet-only bank and an online securities arm later this year. The latest hunt for talent comes as the 6-year-old startup prepares to become the country‘s third internet-only bank, expected to launch in July, and to kick off the mobile securities firm Toss Securities next month. With five units under its umbrella, including f

MarketJan. 20, 2021

LG mulls exit from smartphone market

LG Electronics may exit the smartphone business after losing about 5 trillion won ($4.5 billion) over the past five years. Its CEO Kwon Bong-seok on Wednesday sent out a message to staff that hinted there would be a major change in the operation of the smartphone segment. “Regardless of any change in the direction of the smartphone business operation, the employment will be maintained, so there is no need to worry,” he said. “Since the competition in the global market for

TechnologyJan. 20, 2021

Samsung introduces thinner, more advanced capacitors for 5G phones

Samsung Electro-Mechanics has begun supplying slimmer three-socket multilayer ceramic capacitors, or MLCCs, to global smartphone makers, the electronic components maker said Wednesday.　 The company’s latest MCCC model, 0.65 millimeter thin, is 18 percent smaller than existing products, allowing phone designers to spare internal space in mobile devices. It has also one additional earth socket than existing products and reduces high-frequency power noise, the company said. A MLCC is a k

TechnologyJan. 20, 2021

Samsung announces global launch of new SSD series

Samsung Electronics Wednesday announced the global launch of its new consumer solid state drive series. The 870 EVO SSD series will be available in around 40 countries, starting with South Korea and the US, according to the company. Samsung Electronics’ new SATA solution, which features the company’s latest V-NAND and controller, allows maximum sequential read and write speeds of 560 and 530 megabytes per second, respectively. It also boasts 38 percent faster read and write spee

TechnologyJan. 20, 2021

Seoul stocks up for 2nd day on tech, auto gains

South Korean stocks advanced for a second consecutive session Wednesday, as auto and tech stocks continued to rebound. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.97 points, or 0.71 percent, to close at 3,114.55 points. Trading volume was high at about 1.2 billion shares worth some 24.3 trillion won ($22.1 billion), with gainers outnumbering losers 511 to 322. Foreigners sold a net 236 billion won, while retail investors purchased

MarketJan. 20, 2021

Davos Forum invites LG Chem chief for his climate change plans

LG Chem Vice Chairman and CEO Shin Hak-cheol has been invited to the World Economic Forum in Davos, Switzerland, to share the company’s strategies on the climate change. According to South Korea’s leading chemical company, Shin will give a speech on the subject during the “Mobilizing Action on Climate Change” session of the forum which will be held online Jan. 25-29. “Korean business leaders have participated in the forum before, but Shin will be the first to t

IndustryJan. 20, 2021

Hyperconnect launches global project SLIDE in North America

Hyperconnect has officially launched SLIDE, a video-first dating and social discovery app with plans to roll out in select markets. The launch comes as online social discovery channels continue to grow rapidly in the era of COVID-19. After a year of development, SLIDE is now available in North America, enabling users to express themselves three-dimensionally and vividly through a video-based dating experience. Slide is the product of a multinational development effort, involving resources acros

TechnologyJan. 20, 2021

W38.4tr set to support liquidity-strapped companies ahead of holiday

The government will extend some 38.4 trillion won ($34.86 billion) in financial support for companies and small merchants suffering from liquidity crunch ahead of Lunar New Year’s Day, the Finance Ministry said Wednesday. The size of the financial support package, usually planned weeks before the holiday to spur spending, has increased by 2.1 trillion won from last year. The three-day Lunar New Year holiday kicks off on Feb. 11. “Although the third wave of the COVID-19 epidemic

EconomyJan. 20, 2021

Korean business leaders get ready for Biden era

As the United States prepares to inaugurate Joe Biden as its 46th president, South Korea’s business community on Wednesday took swift steps to align itself with the new Democratic US government that will take charge of the world’s largest economy for at least the next four years. Given that Biden’s policy direction largely centers on reviving multilateralism and boosting green and digital growth -- in tune with President Moon Jae-in’s Korean New Deal package -- local

IndustryJan. 20, 2021

Korea eyes Novavax deal for 20 million people: Moon

South Korea may be able to secure additional vaccines for 20 million people from US drugmaker Novavax, President Moon Jae-in said Wednesday. The deal is still under negotiation, Moon said, while earlier Korean media reports suggested only being able to cover 10 million people. Earlier on this day, Moon had a virtual meeting with Novavax’ CEO Stanley Erck, during which they held an amicable discussion regarding the latter’s probable technology license issuance to SK Bioscience this

IndustryJan. 20, 2021