Incheon Airport to host ACI CX Global Summit next year in Incheon

Korea Herald correspondent KRAKOW, Poland—Incheon Airport will be hosting a global summit on airport customer experience held by the Airports Council International in Incheon next year. The announcement was made during the closing ceremony of the ACI CX Global Summit 2022 held in Krakow, Poland, on Thursday. This follows Incheon Airport winning the level 5 Customer Experience Accreditation, the highest level and the first granted by the ACI since accreditation began in April 2019, in recog

Sept. 19, 2022

State review on national R&D projects to be shortened

South Korea will cut down the time it takes to complete the review process for national research and development projects to 4 1/2 months from the current seven-month period to secure the timeliness of certain projects, the Ministry of Science and ICT said Friday, as it announced the revised policies to enhance the country’s preliminary feasibility study for R＆D projects. According to the ministry, projects that will be subject to the new review policy will be limited to those that pass th

Sept. 18, 2022

'Future of mobility is in user experience technology'

Hyundai Motor Group on Friday unveiled its vision for future mobility with its purpose-built vehicle and the latest user experience technology that underlies it, with an aim to help drivers and passengers make better use of their time inside the vehicle. Showcasing prototypes and technologies at UX Tech Day 2022 in Seoul on Friday, engineers at the carmaker said these future mobility features are set to make a market debut after 2025. According to the carmaker, dozens of patent technologies have

Sept. 18, 2022

Korean drugmakers unfazed by Biden order to beef up US bio sector

US President Joe Biden’s executive order on bolstering the country's biotechnology and biomanufacturing sectors with over $2 billion in spending will not dampen the outlook for the South Korean bio industry, according to industry insiders and analysts. The US-first initiative could rather serve as an opportunity for Korean companies, they said. “The US’ move appears to be another attempt to solidify the ‘made-in-America’ efforts, similar to the electric vehicle and

Sept. 18, 2022

SK chief visits Japan to ask support for Busan’s Expo bid

SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry, held meetings with Japanese political and business leaders, including Prime Minister Fumio Kishida, to ask Tokyo’s support for South Korean port city Busan’s bid to host the 2030 World Expo. Chey stayed in Tokyo on Thursday and Friday, according to the KCCI -- the nation’s largest business lobby -- on Sunday. On the first day, the KCCI chief met with Matsumoto Masayoshi, the v

Sept. 18, 2022

Financial workers’ strike has little short-term impact

Some 10,000 unionized financial workers held their first strike in six years on Friday, but the rally may have backfired on them, as their absence at work had minimal impact on customer services, sources said Sunday. The Korean Financial Industry Union affiliated with the Federation of Korean Trade Unions, one of the country’s two umbrella unions, carried out a one-day general strike and demonstration at Gwanghwamun Square, central Seoul, calling for a 5.2 percent wage hike and the adopti

Sept. 18, 2022

[Photo News] Mucking in

Posco Group Chairman Choi Jeong-woo (right) joins efforts to remove mud and debris at the steel giant’s plant in the southeastern city of Pohang on Saturday. Posco said it aims to fully normalize operations of the typhoon-hit plant by early December. (Posco)

Sept. 18, 2022

Samsung chip plants look to stamp out carbon footprint

Chip factories have long been considered the biggest culprit in the computing industry behind climate change. Advancing abatement technologies to reduce carbon emissions is the top priority in the Samsung Electronics semiconductor unit's goal to become carbon neutral by 2050, a top official said Friday. "Treatment of gas used to manufacture semiconductor chips is our biggest focus in our spending (to achieve net-zero emissions)," Song Doo-guen, executive vice president and head of th

Sept. 18, 2022

Jeju Air signs MOU with Indonesian province for new route

Jeju Air Co., South Korea's leading budget carrier, said Sunday it has signed an initial pact with an Indonesian provincial government for a partnership to open a new route between the two countries. Jeju Air has signed a memorandum of understanding with North Sulawesi Province to explore opportunities to offer flights to the Southeast Asian country, the company said in a statement. The Indonesian government aims to develop new tourism sites to attract travelers from around the world under

Sept. 18, 2022

Hyundai E&C wins W1.9t railway deal in Philippines

Hyundai Engineering & Construction Co., South Korea's leading builder, said Sunday it has received a 1.9 trillion-won ($1.4 billion) railway order in the Philippines. Hyundai E&C will build a 56-kilometer railway connecting the capital city of Manila to the southern city of Calamba in the next six years, the company said in a statement. The company said it recently received notification that it was awarded the order from the Philippine Department of Transportation. (Yonhap)

Sept. 18, 2022

Seoul shares fall for 3rd day on Fed rate-hike jitters

South Korean stocks retreated 0.79 percent Friday, extending a losing streak to a third straight day, as the latest US economic data supported the view that the Federal Reserve will deliver another steep interest rate hike in next week's policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) lost 19.05 points to 2,382.78. Trading volume was moderate at 432.5 million shares worth 8.4 trillion won ($6.04 billion) with decliners outnumbering gainers 687 to 193. "The after

Sept. 16, 2022

NTS chief says 'no discrimination' for foreign firms

National Tax Service Commissioner Kim Chang-ki said that the tax agency will ensure transparent and impartial tax services for foreign firms operating here at a roundtable meeting with the American Chamber of Commerce in Korea on Friday. "We are thankful for the deep trust and constant investment US firms make in Korea," he said. "The NTS will continue to provide foreign firms with a world-class, transparent and fair tax system, with no discrimination." Kim was responding to

Sept. 16, 2022

Auto exports jump 36% in August on popularity of eco-friendly cars

South Korea's car exports jumped 35.9 percent on-year in August on brisk global demand for eco-friendly cars, data showed Friday. The value of outbound shipments of automobiles came to $4.12 billion last month, the largest ever figure for any August, according to the data from the Ministry of Trade, Industry and Energy. In terms of volume, a total of 168,155 vehicles were sold last month, up 29.1 percent from the previous year, it added. Rising demand for eco-friendly vehicles led the overa

Sept. 16, 2022

Won falls to new yearly low amid woes over Fed's tightening, economic uncertainty

South Korea's currency fell to a new yearly low in intraday trading Friday amid worries the US Federal Reserve will continue monetary tightening to tame inflation and its negative impact on the global economy. The local currency was trading at 1,396.1 won per dollar as of 9:50 a.m., down 2.4 won from the previous session's close. The won fell to as low as 1,399.0 won at one point, flirting with the 1,400 level that has not been breached since March 31, 2009, when it dived to 1,422.0 wo

Sept. 16, 2022

Seoul shares open lower on Fed rate hike jitters

South Korean stocks opened lower Friday, as the latest US economic data made it more certain that the Federal Reserve will deliver another steep interest rate hike in next week's policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.31 points, or 0.72 percent, to 2,384.52 in the first 15 minutes of trading. US retail sales posted a higher-than-expected gain in August in the latest government release Thursday (local time), supporting the view that the Fed will push

Sept. 16, 2022

Unemployment rate hits all-time low in August; job growth slows

South Korea's unemployment rate hit an all-time low last month, but the pace of job growth slowed down for the third month in a row amid economic uncertainties, data showed Friday. The number of employed people stood at 28.41 million in August, up 807,000 from a year earlier, according to the data compiled by Statistics Korea. It is the highest on-year rise for any August since 2000, when the country added 848,000 jobs from the previous year. The country's job market has improved markedly after

Sept. 16, 2022

Import prices decline for 2nd straight month in Aug. amid falling oil prices

South Korea's import prices declined for the second straight month in August as global oil prices fell amid concerns about global economic slowdown, central bank data showed Friday. The import price index fell 0.9 percent in August from a month earlier after it declined 2.6 percent on-month in July, according to the preliminary data from the Bank of Korea (BOK). The BOK attributed the decline to falling oil prices which drove down prices of petroleum and mine products. South Korea depends o

Sept. 16, 2022

FSS to step up market scrutiny amid volatility

South Korea’s top financial watchdog chief said Thursday that the agency would step up checks on financial institutions bearing the bigger brunt of market volatility prompted by global inflation, while reinforcing internal oversight in the sector. The local currency hit an intraday low of 1,397.9 won against the US dollar in the onshore market before closing at 1,393.7, its lowest level since March 2009 during the global financial crisis. The benchmark Kospi fell to 2,401.83, losing 9.59 p

Sept. 15, 2022

Terraform founder could face ‘severe punishment,’ say legal experts

Terraform Labs founder and CEO Do Kwon now may face severe punishment with South Korean prosecutors recently charging him for violating the capital market law, not just on fraud allegations, legal experts said Thursday. The Seoul Southern District Prosecutors Office said Wednesday it has issued arrest warrants for Kwon and five others, including fellow Terraform labs founding member Nicholas Platias on charges of violating the capital market law. While a group of victims’ move to file a c

Sept. 15, 2022

[Photo News] After the storm

This photo provided by Posco on Thursday shows inside of a submerged steelmaking plant in Pohang, North Gyeongsang Province, on Sept. 6, when up to 110 millimeters of rain per hour was recorded in the region. Repair work is underway, the company said, targeting a full recovery in three months, after it resumed operations of three furnaces earlier this week. Flooded electricity connections dealt a heavy blow to the steelmaker, as power utilities are mostly located underneath the plants. Only 37 p

Sept. 15, 2022