[KH Explains] Lukewarm EV sales offset by boom in hybrid cars

With the yearslong electric vehicle boom showing signs of dying down, hybrid cars using a combination of electric and gasoline power are seeing a boost in sales in Korea. In the January-November period of 2023, Korea sold a record 254,258 hybrid cars, growing 54.7 percent from a year earlier, while EV sales dipped 7.9 percent to 107,453 units, according to data from the Korea Automobile Manufacturers Association. Bestselling hybrid models included Hyundai’s Grandeur and Tucson and Kia&rsqu

Jan. 4, 2024

Breaking down key points of Korea's 2024 economic policy

South Korea has set its economic priorities for the year, aiming to boost domestic consumption by supporting the real estate market and to encourage investment to ensure a steady economic recovery. In its economic policy directions for 2024 announced Thursday, the government expected that Asia’s fourth-largest economy will see slightly improved growth of 2.2 percent this year, compared with 1.4 percent in 2023, buoyed by an export bounce-back as demand for semiconductors rises. It lowe

Jan. 4, 2024

BMW reclaims top auto importer title in Korea

BMW has once again reclaimed the top auto importer title in South Korea, for the first time since 2015, by edging out Mercedes-Benz in a duel that came down to the wire. According to the Korea Automobile Importers and Distributors Association’s report released Thursday, BMW sold 77,395 vehicles in the Korean market last year, just 698 more than Mercedes-Benz’s 76,697 sold. As the former took up 28.56 percent of the total market share and the latter accounted for 28.3 percent, the two

Jan. 4, 2024

Samsung, Hyundai Motor to boost home-car connectivity

South Korea's top makers of chips and cars, Samsung Electronics and Hyundai Motor Group, are joining hands for heightened connectivity by integrating their smart home and connective car solutions, the companies said Thursday. In a signing ceremony on Wednesday, the two sides agreed to expand Samsung's SmartThings platform to support Hyundai Motor and Kia's connected cars, including electric vehicles. The goal of their partnership is to develop "Home-to-Car" and "C

Jan. 4, 2024

LG, West Virginia to collaborate on tech ventures

LG Electronics’ North American Innovation Center, also known as LG Nova, has forged a strategic partnership with the US state of West Virginia to advance technologies for renewable energy, health care and other future industries, the Korean tech giant said Thursday. The two entities agreed to form an impact fund dubbed the Nova West Virginia Investment Fund to channel $700 million in project investment into the state over the next five years and grow related businesses. The businesses deve

Jan. 4, 2024

[Photo News] Virtual flight attendant

Netmarble's Metaverse Entertainment and Korean Air said Thursday that they have collaborated to create a virtual-reality in-flight safety video, debuting this week. The video features a virtual environment called the Korean Air Safety Lounge and Lina, a digital avatar styled as a flight attendant. Utilizing visual effects and 3D technologies, including motion graphics and 3D sculptures, the video aims to convey safety information intuitively while enhancing Korean Air's brand image g

Jan. 4, 2024

[Photo News] Pups and cups

Starbucks Korea said Thursday that it will open Friday a new branch in Guri-si, northeast of Seoul, where visitors will be allowed to bring their pets -- the first of its kind operated by a coffee franchise here. The two-story building is 644.6 square meters with a total of 143 seats. Customers can take their pets to the second floor where private booths and pet seating are prepared. Pets must be on a leash and are not allowed on the first floor where beverages are made. "We hope the Guri

Jan. 4, 2024

Shipping firms asked to consider detouring Red Sea

South Korea's industry ministry on Thursday asked shipping firms to consider delivering freights through alternative routes amid lingering tensions in the Red Sea. The remark came after Iran-backed Houthi militants in Yemen have been attacking commercial vessels in one of the world's most important waterways. "Amid the continued geopolitical risks in the Red Sea, we have requested shippers to proactively consider detouring, as the safety of our vessels and export products come as

Jan. 4, 2024

Seoul shares open lower after Fed minutes

Seoul shares opened lower Thursday, following an overnight slump in US stocks, after the latest Fed minutes indicated interest rates will remain at high levels for some time. The benchmark Korea Composite Stock Price Index fell 10.97 points, or 0.42 percent, to 2,596.34 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.8 percent to 37,430.19, and the tech-heavy Nasdaq declined 1.2 percent to 14,592.21. Fed minutes from its December meeting indicated rates cou

Jan. 4, 2024

Ceragem to make CES debut next week

South Korean health care solutions provider Ceragem said Wednesday it will make its debut at the upcoming CES 2024, slated for next week in Las Vegas, to strengthen global partnerships and unveil the latest version of its flagship therapeutic thermal massager. In a 330-square-meter exhibition booth, Ceragem will present its Master V9, equipped with an upgraded massage module -- massage rollers -- as well as a reclining-back function. Besides the massager, Ceragem will also present new health car

Jan. 4, 2024

Ex-Samsung employee indicted for alleged chip tech leak to Chinese firm

Prosecutors indicted a former employee of Samsung Electronics on Wednesday on charges of leaking key semiconductor technologies of the tech giant to a Chinese company in return for money, officials said. The Seoul Central District Prosecutors Office indicted the employee surnamed Kim, who formerly served as a department head at Samsung, under physical detention on charges of violating the industrial technology protection law, prosecution officials said. Kim is accused of having stolen Samsung&

Jan. 3, 2024

Kia logs record sales in 2023

Kia has set a new record by selling 3.08 million vehicles across the world last year, Korea’s second-largest automaker said Wednesday. Kia sold 563,660 cars in Korea and 2.51 million vehicles overseas, up 4.6 percent and 6.7 percent on-year, respectively. The automaker’s previous record was 3.04 million units in 2014. Kia’s sport utility vehicles led the company’s record year. The three bestselling models were the Sportage with 523,502 units sold, the Seltos with 344,013

Jan. 3, 2024

Total year-end taxes paid by foreign employees reaches record high

The total amount in year-end tax settlements submitted by employees of foreign nationality in South Korea reached a record high of 1.19 trillion won ($910 million) last year, the National Tax Service said Wednesday. All wage-earning workers of foreign nationality here, except for day laborers, are required to file their year-end tax settlements, as are those of Korean nationality. Foreign national taxpayers who submitted year-end tax settlements for income attributable to the year 2022 totaled 5

Jan. 3, 2024

Hyundai Motor kick-starts year at Korea’s first EV-only factory

Hyundai Motor Group kick-started the year with a New Year's address on Wednesday at Kia AutoLand Gwangmyeong, South Korea’s first dedicated electric vehicle factory, with Executive Chair Chung Euisun and other top executives sharing the company's vision and commitment to electrification and future mobility. The Hyundai chief reaffirmed the group's focus on "constant change" and "sustainable growth" as key strategies to thrive amid global uncertainties and

Jan. 3, 2024

Seoul shares dip over 2% on profit taking ahead of Fed minutes

South Korean stocks dropped by more than 2 percent Wednesday as investors sought to cash in recent gains ahead of the release of the Federal Reserve's latest minutes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 62.50 points, or 2.34 percent, to close at 2,607.31, ending its four-day winning streak. Trade volume was moderate at 455.9 million shares worth 9.99 trillion won ($7.65 billion), with losers outpacing winners 610 to 279. Foreigners

Jan. 3, 2024

Beyond messaging: Line focuses on users' peace of mind

Global service Line has become one of the most popular messaging apps in Asia, with its presence soaring as an essential platform that enhances convenience in daily life. According to Line Plus, the global arm of Japan-based LY Corp., Line is considered a must-have app, especially in Southeast Asia, where it offers a host of special features from disaster alerts to mental care and fighting misinformation. The company launched Line Alert, an official account dedicated to disaster notifications, i

Jan. 3, 2024

[KH explains] How young are ‘young’ CEOs in Korea?

“Generational shift” has long been a buzz phrase in the year-end leadership reshuffle at Corporate Korea for years. 2023 was no exception. The nation’s conglomerates, especially the top four, have touted having promoted younger executives to breathe fresh air into somewhat rigid operations and prepare for the next growth drivers in the ever-evolving business environment. Many of the CEOs in their 60s stepped down to be replaced by those in their 50s, while managers in their 40s

Jan. 3, 2024

[Photo News] Donation for future generation

Mirae Asset Financial Group Chairman Park Hyeon-joo (left) poses for a photo after agreeing to donate 25 percent of his stake in Mirae Asset Consulting to the group's charitable entity, Mirae Asset Hope Foundation, during a ceremony in central Seoul on Dec. 26, 2023. Aiming to give back to society, the Mirae chief plans to donate more shares in Mirae Asset Capital and Mirae Asset Global Investments to the charity in phases. (Mirae Asset Global Investments)

Jan. 3, 2024

Koreans flock to airports, malls during New Year's holiday: GPS data

Incheon International Airport and Starfield shopping malls were the top two destinations searched for on GPS app T Mobility, during the three-day New Year's holiday, the app’s operator said Wednesday. The big data analysis confirms a preference for either overseas vacations or shopping at mega malls during the holidays. From Dec. 30 to Jan. 1, T Map Mobility recorded 33,856 GPS-based routing requests from users heading to Incheon International Airport Terminal 1. Combined with reque

Jan. 3, 2024

Samsung's AI-powered Galaxy S24 to debut this month

Samsung Electronics will unveil the Galaxy S24 series featuring the company’s latest artificial intelligence model in Silicon Valley -- the home turf of its archrival, Apple -- this month. Releasing the official invitation on Wednesday, the world’s largest smartphone maker said it will hold the Unpacked event for its flagship smartphone series in San Jose on Jan. 17. The company said it will be “opening a new era of mobile AI” with the latest smartphone series. “A

Jan. 3, 2024