[Photo News] More accessible home appliances

LG Electronics said Tuesday that its Universal Up’s Kit, a set of accessories that aim to enhance the accessibility of home appliances for disabled people, will be unveiled during the IFA trade show held in Berlin next month. The accessories include a detachable handle for a washing machine, a rotating rack for a refrigerator, and a silicon-based braille cover for a remote control. (LG Electronics)

Aug. 15, 2023

No. of air passengers recover to 83.8% of pre-pandemic level in July: data

The number of air passengers recovered to nearly 84 percent of the pre-pandemic level in July, government data showed Tuesday. A total of 8.98 million people boarded international and domestic flights last month, up 79 percent from a year earlier, according to data compiled by the Ministry of Land, Infrastructure and Transport. The number accounts for 83.8 percent of the 10.7 million tallied in July 2019, before the COVID-19 pandemic broke out. The number of international flight passengers more

Aug. 15, 2023

Lotte Group chairman highest-paid biz leader in S. Korea during H1

Lotte Group Chairman Shin Dong-bin was rated as the highest-paid business tycoon among South Korea's major conglomerates in the first half of 2023, data showed Friday. Shin received a total of 11.2 billion won (US$8.4 million) in paychecks over the January-June period from six affiliates, slightly up from 10.2 billion won tallied a year earlier, according to the group's regulatory filing. Of the total, he received 4.53 billion won from Lotte Corp., the controlling unit of the retail co

Aug. 14, 2023

Hyundai Motor bolsters EV charging service in China

Hyundai Motor Group on Monday joined hands with NaaS, a Chinese electric vehicle charging service provider, to innovate in the EV charging market. Officials of the South Korean auto giant and NaaS signed a memorandum of understanding at the Chinese firm in Beijing to develop EV charging services tailored to fit Chinese customers and push for EV-lifestyle services. NaaS, established in 2019, is considered the first Chinese company professionalized in EV charging information services. According to

Aug. 14, 2023

Cosmax completes Asia's largest cosmetics plant in China

South Korean cosmetics manufacturer Cosmax BTI's cosmetics production plant, jointly built with China-based cosmetics company Yatsen, recently began operations in Guangzhou, China, amid burgeoning demand for high-quality consignment production of cosmetic goods in the Chinese market. The plant is Asia's largest cosmetics production plant, built on 60,593 square meters of land. According to Cosmax, the company's initial plan is to produce 5 million units of cosmetics products per m

Aug. 14, 2023

Hyundai Bioscience, US agency to develop antiviral drug

Hyundai Bioscience said Sunday that it will co-develop a broad-spectrum antiviral drug with the US National Institutes of Health, a federal agency for conducting and supporting medical research and the world’s largest public funder of biomedical research. A non-clinical evaluation agreement was signed on Friday between Hyundai Bioscience USA, a US-based subsidiary of the Korean pharmaceutical company, and the National Institute of Allergy and Infectious Diseases under the NIH, the compan

Aug. 14, 2023

[KH Explains] K-culture brings tourists in, but K-maps leave them wandering

"No no. Google Maps won’t guide you well here. Oh, you downloaded the English version of Naver Map? Most of the content there is not translated." This is the line Kim Seong-hee, a guide working at the Tourist Information Center (East) in Incheon Airport Terminal 1, repeats almost fifty times a day to tourists confused about whether they can use Google Maps or local map services. Such requests constitute half her inquiries, she said. This problem isn’t new. As of April 2023,

Aug. 14, 2023

Seoul shares down for 3rd day on inflation, Fed woes

South Korean stocks ended lower for the third consecutive day Monday on big-cap tech losses, as investor sentiment remains weak on lingering concerns over inflation and the Federal Reserve's policy path. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 20.39 points, or 0.79 percent, to close at 2,570.87. Trading volume was moderate at 613.21 million shares worth 9.83 trillion won ($7.38 billion), with losers outpacing gainers 601 to 288. Th

Aug. 14, 2023

Commercial real estate market slump to persist until 2024: Mastern

The global commercial real estate market, hit by high interest rates and a decline in office space demand, is likely to be in a prolonged slowdown until next year, a real investment firm based in Seoul said through a report issued on Monday. While Korean investment firms are suffering from losses in their investments in office properties overseas, Mastern Investment Management said the slump in the market will continue as major economies, including the US Federal Reserve, are yet to drop their a

Aug. 14, 2023

Foreign investment banks lukewarm on Korea’s near-term growth

Global investment banks offered a lukewarm outlook for South Korea’s near-term growth, with their average projection for 2024 remaining at 1.9 percent as of July, according to a report from the Korea Center for International Finance on Monday. If the Korean economy aligns with these forecasts and achieves 1 percent growth for two consecutive years, it would be the first time since collecting a growth rate statistic in 1954. The Korean economy's growth rate has fallen below 2 percent o

Aug. 14, 2023

[Photo News] In commemoration of Aug. 15

Starbucks Korea on Monday unveiled limited edition merchandise, including a coaster and a tumbler inlaid with mother-of-pearl, to celebrate the Liberation Day holiday celebrated on Aug. 15. The specialty coffee chain said all profits from their sales will be spent to support the preservation of cultural heritage and offer scholarships to the descendants of independence fighters. (Starbucks Korea)

Aug. 14, 2023

Hanwha to set up robotics unit in October

Hanwha Group, South Korea’s seventh-largest conglomerate, is looking to bolster its robotics business as it plans to establish a new robotics corporation. Hanwha announced Friday that its robot and automated guided vehicle businesses under the factory automation department at Hanwha Corporation/Momentum would be split off into a new robotics firm named Hanwha Robotics. The company said the split-off is taking place to sharpen each business’ expertise. “Through the establishment

Aug. 14, 2023

Hanmi Global posts record earnings for H1

Hanmi Global said Monday that it posted 205.6 billion won ($154 million) in sales and 13.7 billion won in operating profits in the first half of this year, both record figures for the Korean construction management firm. Compared to a year ago, sales and operating profits surged 25.6 percent and 21.5 percent, respectively. Net profits also jumped 45.8 percent to 12.1 billion won during the same period. The company attributed its upbeat earnings to its global expansion despite a market slowdown a

Aug. 14, 2023

Upstage launches alliance for AI model based in Hangeul

Korean artificial intelligence startup Upstage said Monday that it is launching an industrywide alliance that is devoted to developing a large-scale language model that specializes in Hangeul, or the Korean alphabet. The 1T Club -- meaning "1 trillion token club" -- alliance brings together private firms and various organizations to provide Korean-language data totaling over 100 million words. A token refers to the basic unit of text or code used by an AI-powered language model to proc

Aug. 14, 2023

[Photo News] Farewell to Jamboree Scouts

World Scout Jamboree attendees from the Maldives depart from the LG Electronics Corporate Learning Center in Pyeongtaek, Gyeonggi Province, Sunday. The Korean tech giant invited Scouts from the Maldives and Finland to offer a tour of its business facilities and accommodation. (LG Electronics)

Aug. 14, 2023

S. Korea retakes No. 1 spot in global shipbuilding orders in July

South Korea recaptured the top spot in new global shipbuilding orders for the first time in five months in July, industry data showed Monday. Local shipyards clinched orders totaling 1.46 million compensated gross tons to build 29 ships, accounting for 44 percent of the global total of 3.33 million CGTs, according to London-based Clarkson Research Services Ltd. The world total was up 22 percent from the same month a year earlier. It marks the first time since February for South Korean shipbuilde

Aug. 14, 2023

Hyundai to launch new Santa Fe in S. Korea this week

Hyundai Motor Co., South Korea's biggest carmaker by sales, said Monday it will launch the all-new Santa Fe SUV in the domestic market this week, with the goal of selling 28,000 units this year. The fifth-generation Santa Fe, set to go on sale on Wednesday, will be available with a 2.5-liter turbocharged gasoline engine or a 1.6 turbocharged gasoline hybrid engine, the company said in a statement. The 1.6 gasoline hybrid model sells at 40 million-48 million won ($30,000-$36,000) depending o

Aug. 14, 2023

Seoul shares open lower on tech losses

South Korean stocks opened lower Monday, led by big-cap tech losses, amid uncertainties over the Federal Reserve's policy path and a global economic recovery. The benchmark Korea Composite Stock Price Index shed 7.97 points, or 0.31 percent, to 2,585.29 in the first 15 minutes of trading. On Friday, US stocks closed mixed. The Dow Jones Industrial Average rose 0.3 percent, while the tech-heavy Nasdaq Composite dropped 0.68 percent. Investors expect the Fed to pause its interest rate hikes i

Aug. 14, 2023

Cosmax's cosmetics factory with Yatsen begins operations in China

Cosmax Inc., South Korea's major cosmetics manufacturer, said Sunday its factory jointly built with Yatsen Holdings has begun operations in Guangzhou, China. Cosmax set up a joint venture, Yatsen Biotechnology, with the New York-listed Chinese Yatsen in 2020, and began construction of the 60,593-square-foot factory, Asia's biggest cosmetics factory. Cosmax said the factory is expected to produce 4 billion units of cosmetics a year. Yatsen, founded in 2016, runs cosmetics brands, includ

Aug. 13, 2023

Hyundai Bioscience, US NIH to co-develop broad-spectrum antiviral drug

Hyundai Bioscience said Sunday it will develop a broad-spectrum antiviral drug with the US National Institutes of Health, a federal agency for conducting and supporting medical research. Hyundai Bioscience USA, a wholly owned subsidiary of Hyundai Bioscience, signed a Non-Clinical Evaluation Agreement with the National Institute of Allergy and Infectious Diseases (NIAID) under the NIH. Under the contract, Hyundai Bioscience USA will provide Xafty (CP-COV03), a candidate for COVID-19 antivirals

Aug. 13, 2023