South Korean research team contributes to discovery of photon avalanches

A joint research team from South Korea, the US and Poland has discovered a new phenomenon called “photon avalanche,” which is expected to open up new ways of research on fields that use optical technology. According to the research team from the Korea Research Institute of Chemical Technology, it has found that absorption of a single photon in some materials could trigger a chain reaction that produces a large burst of light. This special type of upconversion called photon avalan

TechnologyJan. 14, 2021

Lotte Group chief calls for drastic changes in post-COVID-19 era

South Korea’s retail giant Lotte Group needs to undergo innovative changes and portfolio revisions to respond to the post-COVID-19 market changes, the group’s chair said in a call to action, according to company officials Thursday. Chairperson Shin Dong-bin also sent out a reprimanding signal to executives for failing to defend the group’s previous lead in the retail market. “The sluggish management indexes amid the COVID-19 crisis last year indicate that we failed

IndustryJan. 14, 2021

Korea updates EV rules to meet market reality

South Korea has realigned its regulations for eco-friendly vehicles, in an effort to catch up with the quickly changing industry and global enhanced calls for reduced emissions, officials said Thursday. While the discontinued low-speed electric vehicles were removed from the regulatory guidance, articles on microsized electric vehicles were added. Clauses on the maximum speed and travel range for a single charge have also been updated, reflecting the current level of technology. The governm

IndustryJan. 14, 2021

Hyundai Oilbank to launch solar panel material business

Hyundai Oilbank said Thursday it will begin the production of a raw material for solar panels to seek a new growth engine in the renewable energy industry amid sluggish demand for petrochemical products due to the prolonged pandemic. According to the South Korean refinery, its subsidiary Hyundai Chemical will manufacture 180,000 metric tons of ethylene vinyl acetate at its plant under construction in the Daesan petrochemical complex in South Chungcheong Province, starting in the second half o

IndustryJan. 14, 2021

LG, Samsung spearhead OLED patents in South Korea

LG companies applied for the most number of patents for organic light-emitting diode materials in South Korea, new data showed. LG companies, including LG Display and LG Electronics, lodged a total of 939 patent filings for OLED materials in the 2015-2019 period, according to the Korean Intellectual Property Office on Thursday. Samsung Group and its affiliates came in second with 442 filings and Doosan companies ranked fourth with 203 patent applications. Of the total 3,067 patent applicat

IndustryJan. 14, 2021

Antitrust regulator starts review of Korean Air's Asiana takeover deal

South Korea's antitrust regulator said Thursday it has started to review a deal by Korean Air Lines Co., the country's biggest carrier, to buy the debt-ridden Asiana Airlines Inc. The Korea Fair Trade Commission (KFTC) said it will see if the merger of the nation's two largest carriers could constitute a monopoly or hurt market competition as Korean Air submitted an application for approval earlier in the day. In November 2020, Korean Air said it will acquire its smaller rival Asiana Airlines

MobilityJan. 14, 2021

[News Focus] Nonregular jobs growth fastest in Moon strongholds

SEJONG -- The number of nonregular employees in South Korea came to 7.4 million as of 2020, which made up 36.3 percent of the country’s 20.4 million salaried employees, Statistics Korea data showed. Job statuses in the nation are commonly divided into regular jobs with permanent contracts and strong protections for workers, and nonregular jobs such as temporary jobs, contract jobs and other forms of works with lower job security. Compared to 32.4 percent in 2015 during the previous Park

EconomyJan. 14, 2021

S. Korean firms wrap up CES journey after showcasing solutions for new normal era

South Korean firms, anchored by Samsung Electronics Co. and LG Electronics Inc., wrapped up their four-day journey at the world's largest tech expo Thursday after introducing their innovations for the new normal era of the pandemic. This year's Consumer Electronics Show (CES) went all-digital for the first time due to the novel coronavirus. The number of exhibitors for CES 2021 was only 1,960, which was far less than last year's 4,500 attendees, as many Chinese firms decided to skip the show f

IndustryJan. 14, 2021

IT, bio lead Korean IPO market: KRX

South Korea’s IPO market has seen a shift in its driving force with information technology and biopharma companies taking the lead, replacing manufacturing and finance firms in recent years, a report showed Thursday. According to the report released by the Korea Exchange, initial public offerings of companies delivering IT and communication services topped the list of industries, accounting for 22.8 percent of all market debuts made on the nation’s main bourse after its benchmark Ko

MarketJan. 14, 2021

Seoul stocks end almost flat amid valuation pressure

South Korean stocks closed nearly flat Thursday as investors cashed in gains from large-cap chip and auto stocks amid valuation pressure in sectors such as chipmaking and automaking. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.64 points, or 0.05 percent, to 3,149.93. Trading volume was high at about 1.2 billion shares worth around 23.8 trillion won ($21.7 billion), with gainers outnumbering losers 518 to 320. Foreigners scooped up

MarketJan. 14, 2021

Half of Alzheimer’s patients show mild symptoms of dementia

Half of patients with Alzheimer’s disease have mild symptoms of dementia, a group of researchers at the Boston University School of Medicine said Wednesday. Using data from the Framingham Heart Study, the researchers found that 50.4 percent of the patients had mild symptoms, 30.3 percent had moderate symptoms and 19.3 percent had severe cases. The Framingham Heart Study is a long-term cardiovascular cohort study of residents of the city of Framingham, Massachusetts. The study began in

TechnologyJan. 14, 2021

Doosan Infracore gains upper hand in case involving its Chinese unit

Top construction equipment maker Doosan Infracore Co. on Thursday gained the upper hand in a lawsuit brought against it by investors in its Chinese unit Doosan Infracore China Co. (DICC) as the Supreme Court sent the case back to a lower court for retrial. The highest court ordered the appeals court to reconsider its ruling favorable to the financial investors including Mirae Asset Private Equity, saying that Doosan Infracore's failure to share information about its Chinese unit did not get in

IndustryJan. 14, 2021

Dyson to open flagship store in Seoul this week

British home appliance maker Dyson Ltd. said Thursday it will open its first flagship store in South Korea this week as the company eyes to expand its sales amid the pandemic. Dyson Demo Store will open at IFC Mall in western Seoul on Friday, featuring all of Dyson's products and services. It is the first flagship store to be directly run by Dyson Korea since the Korean unit was established in 2018. "We want to offer a place where people can explore, test and try Dyson's full lineup of te

IndustryJan. 14, 2021

Samsung unit signs collective agreement with labor union

Samsung Display Co. on Thursday signed a collective agreement with its labor union, becoming the first electronics affiliate of Samsung Group to ink such a deal. The agreement was reached about seven months after the management and the labor union started to negotiate on welfare programs and working condition improvements. Samsung Display is the first among Samsung Group's five major electronics affiliates, including Samsung Electronics Co. and Samsung SDI Co., to ink a collective agreement wi

IndustryJan. 14, 2021

3- and 4-year-olds hooked on TV, smartphones: survey

Teo, who just turned 3 years old this month, is cared for by a babysitter until sunset, as day care centers have been partially shut down due to COVID-19. After dark, the situation changes. “When I work overtime at home past 6 in the evening, it’s the smartphone that keeps Teo company in the living room,” the mother of Teo sighed, as she admitted that smartphone usage at such a young age may not be the best option for a child. A recent survey has demonstrated that Teo is not

TechnologyJan. 14, 2021

Virus, scandals slow Korean private fund growth

The coronavirus pandemic and a series of hedge fund turmoils last year have impeded the growth of private funds managed by asset management companies in South Korea, data showed Thursday. According to data by the Korea Financial Investment Association, the combined assets managed by Korea-domiciled private funds grew 5.7 percent to 438.7 trillion won ($398.4 billion) in 2020, far lower than their 2019 growth which stood at 23.5 percent. Between 2014 and 2019, the funds grew 18.8 percent annual

MarketJan. 14, 2021

Banks' household loans grow by most in 2020

South Korean banks' household loans increased by the most last year, fueled by demand for home-backed lending and overdrafts for stock and property investments, central bank data showed Thursday. Outstanding bank loans to local households came to 988.8 trillion won ($896 billion) as of end-December, up 100.5 trillion won from the previous year, according to the data from the Bank of Korea (BOK). It marked the largest on-year gain since 2004, when the central bank began compiling related data.

EconomyJan. 14, 2021

S. Korea to obligate listed firms to disclose ESG data from 2025

  South Korea’s financial authorities on Thursday unveiled a comprehensive policy framework that obligates listed firms to disclose corporate information on investment activities related to environmental, social and governance standards, so-called ESG, in phases. Under the envisioned scheme jointly released by the policymaking Financial Services Commission, the market watchdog Financial Supervisory Service and the country’s sole bourse operator Korea Exchange, companies liste

MarketJan. 14, 2021

Starbucks’ first store with disabled staffs hailed as an exemplary

A month into its operation, Starbucks Coffee Korea’s first store committed to making a better workplace for workers with disabilities is showing early success, the coffee chain said Thursday. In early December, Starbucks Korea opened a new store inside Seoul National University Dental Hospital, filling half of its 12 staff positions with people with disabilities. From the initial design stage, the US-based coffee chain took in opinions to make the outlet a disability-friendly space fo

ConsumerJan. 14, 2021

S. Korea's smartphone market tipped to grow over 10% this year

The South Korean smartphone market is projected to grow 11 percent this year from a year earlier, a report showed Thursday, on the back of increased sales of 5G handsets. Smartphone shipments in South Korea are estimated to reach 19 million units this year, up from 17 million units a year ago, according to market researcher Counterpoint Research. It predicted that expanded 5G smartphone models and the release of smartphones with new form factors, such as foldables and rollables, will push up h

TechnologyJan. 14, 2021