[Contribution] A new order for transforming our shared oceans

For a long time, the ocean functioned as a set of passageways for ships and a space to catch fish. However, today’s ocean offers us much more. Some may enjoy the sea as a leisure venue for surfing as they ride across the cool waves, and others may think of it as a place with a marine science base that continues to respond to climate change. The sea also serves as a repository for renewable energy, including tidal, wave and wind power. Ninety-nine percent of the world’s internet traff

Oct. 24, 2022

[Test Drive] The ID.4: a great family EV

It’s no wonder why Volkswagen took a while to introduce its electric vehicle in South Korea. With its all-electric SUV ID.4, the German carmaker offers an accessible EV solution for local customers pursuing an eco-friendly family life. The electrified midsize SUV boasts remarkable spaciousness. It is big enough to accommodate a family as well as equipment for activity lovers. There is enough leg- and headroom in both the front and back seats, and the trunk is capable of storing up to 543 l

Oct. 24, 2022

Seoul shares snap 3-day losing streak amid eased default risks

South Korean stocks advanced Monday to end their three-day losing streak. with construction and tech companies leading the rally, as the government's 50 trillion-won ($35 billion) liquidity support plan eased worries about growing credit crunch risks. The local currency ended nearly flat against the US dollar. The benchmark Korea Composite Stock Price Index rose 23.04 points, or 1.04 percent, to close at 2,236.16. Trading volume was moderate at 434 million shares worth 6.76 trillion won wit

Oct. 24, 2022

Chip firms invested 10 times more in China than US: lawmaker

SEJONG -- South Korea’s chipmakers are likely to suffer losses from US sanctions against the Chinese semiconductor industry, as Korea has invested far more in China than the US, an opposition lawmaker said Monday. According to data handed over to Rep. Kim Hoi-jae of the Democratic Party of Korea by the Ministry of Trade, Industry and Energy, Samsung Electronics invested $3.8 billion in the US market between 1997 and 2020. This was equal to just 22.2 percent of the chipmaker’s inves

Oct. 24, 2022

Hyundai Motor Q3 sales soar 30% on increased global sales

Hyundai Motor on Monday reported 37.7 trillion won ($26.2 billion) in total sales for the third quarter, an increase of 30.6 percent on-year. It was boosted by a significant increase in global sales, which the automaker forecast would expand in the final quarter as the auto parts supply crunch eases. Hyundai Motor sold 1.02 million cars from July to September, according to a regulatory filing. The third quarter is regarded as a low season for the carmaker, as employees take vacations for the sum

Oct. 24, 2022

Korean Air plane with 162 passengers overruns runway at Cebu Airport

A Korean Air plane overran a runway at the Cebu International Airport in the Philippines while attempting to land in poor weather late Sunday. No injuries were reported. The flight had 162 passengers and 11 crew onboard. Korean Air flight KE631, which had departed from Incheon to Cebu, had attempted to land twice in poor weather, and on the third attempt overran the runway, according to the South Korean air carrier while delivering an apology. “We sincerely apologize to our passengers and

Oct. 24, 2022

KAIST develops brain-machine interface that controls robotic hands just by thought

Researchers at the Korea Advanced Institute of Science and Technology said Monday they succeeded in developing a brain-machine interface system which interprets brain signals to allow patients to control robot hand movements only by thought. By studying the electrocorticograms of epilepsy patients when they imagine hand movements, research teams led by KAIST’s brain and cognitive engineering professor Jeong Jae-seung and Seoul National University’s Medical School professor Chung Chun

Oct. 24, 2022

Korean chipmakers suffer decline in market cap, profitability

  South Korean chipmaking giants have suffered a decline in their market capitalization and profitability due to heated competition from Chinese rivals and a heavy tax burden, data showed Monday. Of the world's top 100 chipmakers in the world by average market cap from January to September period, only three local players -- Samsung Electronics, SK hynix and SK Square -- were listed, according to the Federation of Korean Industries, a lobby group based in Seoul, citing data from S&P Cap

Oct. 24, 2022

[Newsmaker] Depression, panic disorder fester in Korea as social stigma persists

Two-hundred and fifty-six. That's the number of people between age 10 and 20 that took their lives due to mental health problems last year. Of a total 13,205 deaths by suicide in 2021, some 5,258 had histories of mental health treatment, according to police data provided by Rep. Oh Young-hwan of the main opposition Democratic Party. The same data shows that the number of suicides aged 10-29 age groups jumped each year from 2019, with the figure for the latter marking 888 as of 2021. The figures

Oct. 24, 2022

Seoul shares open higher on Fed hopes

South Korean stocks got off to a strong start Monday, as US Federal Reserve officials' remarks raised hopes that the central bank may dial down the pace of interest rate increases. The benchmark Korea Composite Stock Price Index gained 35.60 points, or 1.61 percent, to 2,248.72 in the first 15 minutes of trading. While the market still widely predicts another 0.75 percentage point rate hike by the Fed in December, Mary Daly, president of the San Francisco Federal Reserve Bank, suggested pla

Oct. 24, 2022

Unionists at HD Hyundai's shipyards begin strike vote

ULSAN -- Unionized workers at HD Hyundai's three shipyard units kicked off a joint strike vote Monday amid little progress in their collective negotiations. Unionists at the three shipbuilders -- Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. -- are slated to cast votes till Wednesday, according to union officials. It marks the first time that the labor unions of the shipbuilders have held a joint strike vote. The outcome of the vote is due la

Oct. 24, 2022

Korean Air flight overruns Cebu runway, no injuries reported

Korean Air Lines Co. said Monday its flight KE631 with 173 people on board overran the runway while landing at Cebu International Airport in the Philippines a day earlier but no injuries were reported. Korean Air expressed its "genuine" regret as it always prioritizes safety in all of its operations. "A thorough investigation will be performed together with the local aviation authorities and Korean authorities to determine the cause of this event," Korean Air President Woo Ke

Oct. 24, 2022

[Graphic News] Electronic payments jump in H1 amid pandemic

　The amount of payments made electronically posted two-digit growth in the first half of this year, central bank data showed, as the COVID-19 pandemic prompted more people to engage in contactless commerce. 　The daily average amount of electronic financial transactions came to 802 billion won ($575 million) in the January-June period, up 13.5 percent from six months earlier, according to the data from the Bank of Korea. 　The daily average number of electronic financial transactions rose 4.4 p

Oct. 24, 2022

Korea readies emergency liquidity to contain ‘Legoland Crisis’

South Korea’s economic policy chiefs, led by Finance Minister Choo Kyung-ho, said Sunday the government would expand liquidity facilities to buy corporate bonds and commercial paper to stop a recent credit default from spilling over into the wider financial market. “The government will earmark 50 trillion won ($34 billion), at the least, to avoid a liquidity crunch,” Choo said, noting the fund will be used starting Monday to calm growing worries over the corporate debt markets.

Oct. 23, 2022

[Photo News] Joint effort

A Bangkok Skytrain is shown on Sunday advertising Samsung Electronics’ newest Galaxy Z Flip4 smartphone on its exterior. Samsung launched a campaign with Google to put full exterior advertisements created by a Thai designer on four of Bangkok’s Skytrains on its busiest line to promote the two companies. The promotion will run until January 2023, according to Samsung.

Oct. 23, 2022

[Newsmaker] Another worker injured at SPC bread factory

A worker was injured at one of South Korean bakery giant SPC Group’s bread-making factories on Sunday, just two days after its chief extended a public apology in response to a deadly accident in another factory run by the bakery group. A factory worker in his 40s lost a finger when trying to sort out defective products from a conveyer belt at a Shany bread-making factory operated by SPC Group in Seongnam, Gyeonggi Province, at around 6:10 a.m., police said. Two more workers were reportedly

Oct. 23, 2022

66% of job seekers end search amid lack of entry-level jobs: survey

Nearly 7 out of 10 four-year college graduates have practically given up searching for jobs, showed a survey result published Sunday by the Federation of Korean Industries. According to the survey of 2,469 job-seeking graduates and undergraduates by the lobby group, 65.8 percent of respondents had just about stopped job searching, with 31.8 percent only habitually looking for employment, 26.7 percent rarely partaking in job searching and 7.3 percent taking a break. Meanwhile, 66.3 percent of res

Oct. 23, 2022

Digital crisis management body planned in wake of Kakao outage

The South Korean government will set up a digital crisis management headquarters to launch an all-year-round system that inspects and supervises the country’s digital infrastructure and services, the Ministry of Science and ICT said Friday. The government’s plan came in the wake of Kakao’s server outage caused by a fire at SK C&C’s data center building, which led to a breakdown of the country’s most popular messaging app KakaoTalk for over 10 hours on Oct. 15. M

Oct. 23, 2022

SK chairman calls on CEOs to turn misfortune into gain

  SK Group Chairman Chey Tae-won called on chiefs of the group’s affiliates to navigate business uncertainties by setting up case-by-case scenarios in order to turn misfortunes into gains, South Korea's second-largest business conglomerate said Sunday. The implementation of a data-driven action plan and internalization of sustainability factors, under the mantra of "SK Management System 2.0" unveiled in June, will allow the energy-to-biotechnology group to take a leap forwar

Oct. 23, 2022

Koreans spend more on hotels, less on camping trips as pandemic wanes

South Korean accommodation sales in the third quarter rose 142.5 percent compared to the same period in 2020 when COVID-19 pandemic was at its peak, according data provided Sunday by hospitality tech firm Onda. The results revealed lodging firms' sales have been on a constant rise since the pandemic, with third-quarter sales this year increasing by 75 percent on-year, and 54.4 percent on-quarter. Among business types, hotels and resorts showed the highest increase rate. Hotels showed a 200.

Oct. 23, 2022