Tech leaders flock to MWC to take cue for innovation

Chiefs of South Korea’s major information and communication technology conglomerates attended the Mobile World Congress 2023, which kicked off in Barcelona, Spain, on Monday. As innovative future technologies ranging from telecommunications and mobile to artificial intelligence and robots are showcased at the event, they gathered to foster new growth engines. On the first day of the MWC, SK Group Chairman Chey Tae-won visited the ICT trade show to support the group’s telecommunicatio

Feb. 28, 2023

Tensions heat up over SM acquisition

Hybe, the Korean entertainment agency behind BTS, announced on Tuesday that it has submitted a petition to the Financial Supervisory Service asking for an investigation into a "suspicious" large purchase deal of SM Entertainment stocks. The request comes amid Hybe’s bid to take over its rival agency after becoming its largest shareholder. “On Feb. 16, an abnormal purchase of 2.9 percent (683,398 shares) of SM's issued shares took place at IBK Investment Securitie

Feb. 28, 2023

Renault Korea, union pledge win-win partnership

Renault Korea said Tuesday its labor and management have agreed to join forces to push for the company’s Busan factory to become a global production base for the French carmaker. According to the company, Renault Korea CEO Stephan Deblaise and Kim Dong-suk, the labor union leader, signed a joint declaration that underscores a win-win partnership and mutual trust. “Based on renewed labor-management relations, we should fulfill our vision as one team. Without cooperation from the lab

Feb. 28, 2023

Finance minister urges close attention to China's reopening

South Korea's chief economic policymaker on Tuesday called for more attention to the reopening of the Chinese economy in order to address the prolonged downturn in the country's outbound shipments. At a Cabinet meeting, Finance Minister Choo Kyung-ho pointed out challenges facing South Korea, such as high inflation, higher borrowing costs and the strong US dollar amid the war between Russia and Ukraine. The finance minister added each ministry should especially keep a watchful eye

Feb. 28, 2023

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Tuesday, tracking gains in Wall Street overnight amid speculation that the tight monetary policy by the Federal Reserve may persist for longer than expected. The benchmark Korea Composite Stock Price Index rose 16.01 points, or 0.67 percent, to 2,418.65 in the first 15 minutes of trading. US stocks rebounded Monday as investors hunted for bargains from last week's losses. Data showed new orders for capital goods in the world's largest economy increased

Feb. 28, 2023

Iced Americano most popular drink in freezing temperatures: S.Korean coffee chain data

“Eol-juk-a,” a shortened version of the phrase that roughly translates to “iced Americano even if I freeze to death,” has been vindicated as the cold beverage turned out to be the most popular menu in a nationwide coffee franchise during January, the coldest month in South Korea. Hollys Coffee, one of South Korea’s top 10 coffee franchises, on Monday announced sales statistics for January when the average temperature was below zero. The figures, collected from custo

Feb. 27, 2023

SeAH Group remains mum over SpaceX supply deal

SeAH Group, a South Korean steelmaker, could become the first South Korean company to sign a delivery contract with SpaceX as the conglomerate is in talks with the US spacecraft manufacturer to supply materials for rockets and satellites, according to local reports Monday. Citing anonymous industry sources, the reports said SeAH Changwon Integrated Special Steel (SeAH CSS) -- the group’s unit that specializes in producing special steel alloys for aerospace parts -- is carrying out negoti

Feb. 27, 2023

China’s duty-free giant joins bid to operate at Incheon Airport

Competition for operational rights for lucrative duty-free shops at Incheon Airport is heating up, with China Duty Free Group, one of the largest duty-free retailers globally, joining the race. According to industry sources on Monday, CDFG offered its bid to join the heated race after participating in a tender briefing session last month. Competing head-on with Korean rivals such as Lotte, Shinsegae and Hotel Shilla, the Chinese duty-free giant aims to win as many as two business licenses to ope

Feb. 27, 2023

More robots lead to fewer workplace injuries: BOK

Industrial robots are found to have helped drastically reduce workplace injuries as well as improve the overall wellness of workers in labor-intensive industries, according to a report released by the Bank of Korea on Monday. The report analyzed the industrial impact of robot adoption across industries between 2010 and 2019, especially on the number of workplace injuries. According to the report, regions with more robots adopted saw fewer injuries at workplaces. More specifically, when an averag

Feb. 27, 2023

Hyundai E&C's Hillstate DMC boasts convenient location

South Korean builder Hyundai Engineering & Construction said Monday that the builder's new rental apartment complex Hillstate DMC Station boasts a convenient location as it is located near the DMC Subway Station and other landmark facilities in the neighborhood. Hillstate DMC Station will consist of two 36-story apartment buildings housing a total of 299 households in Jeungsan-dong, Eunpyeong-gu, northern Seoul. Adding up to its proximity to a subway station, which is considered a key m

Feb. 27, 2023

Swedish EQT Partners to acquire SK security affiliate for W3tr

EQT Partners, a private equity fund operated by Sweden’s largest conglomerate, the Wallenberg Group, is expected to acquire SK Shieldus, a South Korean security firm, for about 3 trillion won ($2.27 billion) sources said Monday. EQT Partners is expected to sign the deal this week to purchase a 30 percent stake in SK Shieldus from the top shareholder SK Square, which holds a 63.13 percent stake. SK Square is the investment arm of South Korea’s No. 2 conglomerate SK Group. The Swedis

Feb. 27, 2023

Posco to build electric furnace in Gwangyang

South Korea’s leading steelmaker Posco said on Monday that the company will build an electric furnace at the company’s manufacturing facility in Gwangyang, South Jeolla Province, as part of the company’s low-carbon production transition. Posco said a total of 600 billion won ($463.3 million) will be invested to build the electric furnace, which will have an annual production capacity of 2.5 million metric tons. Construction of the electric furnace will start in January next yea

Feb. 27, 2023

SKT CEO unveils renewed AI vision at MWC

SK Telecom, South Korea's largest mobile carrier, said Monday it would look to lead the artificial intelligence transformation in all areas of its business with its advanced technologies and to establish an alliance with major AI service providers to foster an ecosystem. SK Telecom Chief Executive Officer Ryu Young-sang unveiled the telecommunications giant’s “AI to Everywhere” strategy to lead innovation in a press conference held a day before the annual Mobile World Cong

Feb. 27, 2023

Japanese companies back in black amid waning 'No Japan' boycott

Four years since the “No Japan” boycott in South Korea, Japanese goods are making a comeback in the local market. The boycott, which followed Japan's introduction of control on exports of some of its key products to Korea, was one of Korea's biggest economic boycotts conducted on imported goods. Japanese clothing retailer Uniqlo, one of the brands hit the hardest in the nation by the “No Japan” boycott, said through its annual earnings report for 2022 that the b

Feb. 27, 2023

Kumho Tire inks sponsorship deal for TCR World Tour

Kumho Tire announced Monday that it signed a title sponsorship deal for the Kumho Touring Car Racing World Tour with WSC Group in Lugano, Switzerland, Thursday. The South Korean tire maker plans to supply tires for all the vehicles competing in the 2023 TCR World Tour, an international touring car championship for TCR cars promoted by WSC Group. The Kumho TCR World Tour will be held at locations in Portugal, Belgium, Italy, Hungary, Uruguay, Argentina, Australia and Macao. In particular, the Bel

Feb. 27, 2023

[Photo News] Supporting Busan Expo

Samsung Electronics said Monday it is holding promotional activities for Busan’s bid to host the 2030 World Expo in Barcelona during the Mobile World Congress 2023 that kicks off this week. Promotional banners and videos will be set up at the company’s exhibition booth and other key areas across the city.

Feb. 27, 2023

Tax, interest repayments make up 27% of households’ spending

South Korean households used a record high portion of their spending on non-consumption expenditures such as interest repayments and tax, according to data released on Monday by the Korean Statistical Information Service. Household non-consumption expenditure includes money spent on tax payments, insurance payments, and interest payments on borrowed money, among other expenditures. As non-consumption expenditures increase, disposable income used for the personal consumption of goods and serv

Feb. 27, 2023

Hankyoreh sees no direct influence of ex-reporter's transaction with key figure in development scandal

The Hankyoreh newspaper said Monday it could not confirm any direct influence on its articles by a financial transaction that one of its senior reporters had with a key culprit in a high-profile development scandal. Announcing the result of its nearly two months of internal probe into the case, the daily said it reached the conclusion after fully examining its news coverage on the development scandal, including columns and other stories that had been written by the senior reporter since 2019. Se

Feb. 27, 2023

Seoul shares open sharply lower on renewed US inflation woes

South Korean stocks got off to a weak start Monday, as stronger-than-expected economic data in the United States fueled worries the Federal Reserve will keep raising interest rates for some time. The benchmark Korea Composite Stock Price Index lost 28.85 points, or 1.19 percent, to 2,394.76 in the first 15 minutes of trading. U.S. personal consumption expenditures for January rose 0.6 percent, higher than the 0.2 percent gain in December. Consumer spending also went up at a faster pace in Januar

Feb. 27, 2023

[Test Drive] RAV4 Plug-in Hybrid, Toyota’s latest offering for EV hesitators

After years of supply chain disruptions and diplomatic tensions, Japanese auto giant Toyota is seeking a turnaround in Korea with its first offering to win back customers -- the new RAV4 Plug-in Hybrid, which combines the best qualities of gas and electric cars. The plug-in hybrid model is the latest addition to the carmaker’s popular RAV4 crossover utility vehicle lineup. In Korea, the self-charging RAV4 Hybrid was Toyota’s top-selling hybrid car last year, making up 43 percent of h

Feb. 26, 2023