Korea to draft frequency plan to support EVs, UAM

The South Korean government will draw up a frequency spectrum plan by the end of this year in efforts to support the growth of new industries such as electric vehicles, robots and urban air mobility, the Ministry of Science and ICT said Tuesday. “We hope that the government’s preemptive supply of frequency and policy improvements will serve as a foundation for Korea to lead the global market in various new industries, including wireless charging of EVs in times of digital transform

Aug. 9, 2022

Seoul shares rise to 2-month high amid inflation, rate hike uncertainties

South Korean stocks closed moderately higher Tuesday to extend their winning streak to a fifth day, as investors keep a wary eye on upcoming US inflation data that might offer a clue as to the Federal Reserve's next move in its monetary policy. The local currency inched up against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 10.36 points, or 0.42 percent to 2,503.46, the highest since June 13 when the index ended at 2,504.51. Trading volume was mod

Aug. 9, 2022

MetLife‘s 360Health app to cater to South Korea’s aging society

South Korea has become an aging society since 2000 and is now on track to become a super-aged society within five years when older people makes up 20 percent of its 50 million population. With the insurers‘ customers across Asia now expecting longer life spans, helping them build a healthier lifestyle has become a key goal for the businesses, says MetLife Asia’s chief marketing officer. “MetLife‘s response to the issue of an aging society was the 360Health solution, wh

Aug. 9, 2022

Inflation causes higher car repair, parking charges

SEJONG -- The nation’s transportation fees recorded double-digit growth on-year for the fifth consecutive month in the wake of a spike in international crude prices and a glitch in supply of raw materials, state data showed Tuesday. According to Statistics Korea, transportation-related fees such as cost of fuel, repair and parking climbed 15.3 percent in July, compared to the corresponding month of 2021. Transportation fees grew 12.7 percent in March, 13.8 percent in April, 14.5 percent

Aug. 9, 2022

Floods ravage Seoul area shopping malls, hospitals

The heaviest rainstorms in 115 years have flooded hospitals, shopping malls, convenience stores and office buildings in Seoul, leaving the capital city in chaos overnight. Gangnam Severance Hospital in Gangnam-gu, one of the largest hospitals in Seoul, was submerged last night, with water cascading down the underground levels where restaurants, cafes, pharmacies and MRI rooms are located. Hospital staff scooped up water all night in front of MRI rooms to protect the medical devices inside

Aug. 9, 2022

Nearly 5,000 vehicles flooded due to heavy rain

Insurance companies are expected to face costly claims for flooded cars as a result of the heavy rain that has inundated Seoul’s Gangnam area since Monday night. Twelve automobile damage insurance companies received more than 4,791 claims for flooded cars overnight, according to the General Insurance Association of Korea, as of 2 p.m. Tuesday. The estimated damage amounts to 65.86 billion won ($50.42 million) but is expected to increase as torrential rain is forecast to continue through

Aug. 9, 2022

Hanwha chairman's wife dies at 61

Hanwha Group Chairman Kim Seung-youn’s wife, Suh Yung-min, died at 61 at a hospital in the United States on Sunday, as she was suffering from cancer, the group said Tuesday. Suh is survived by Kim, who leads South Korea‘s seventh-largest conglomerate dedicated to chemicals, renewable energy and finance, and their three sons, Dong-kwan, Dong-won and Dong-sun. Suh, who studied pharmaceuticals at Seoul National University, was the daughter of five-term lawmaker Suh Chung-hwa, who fo

Aug. 9, 2022

Avikus bags 1st Level 2 autonomous navigation orders

Avikus, an in-house venture under Hyundai Heavy Industries Group, became the first autonomous navigation software company to sell Level 2 autonomous navigation solutions in the world. Avikus signed order contracts with two South Korean shipping companies, SK Shipping and Sinokor Merchant Marine, to install Hyundai intelligent Navigation Assistant System (HiNAS) 2.0 on a total of 23 large vessels, including container ships and LNG carriers, starting from August 2023, the company said Tuesday. H

Aug. 9, 2022

‘Don’t touch batteries of flooded EVs’: experts

The possibility of getting an electric shock from a submerged electric vehicle is low, but drivers should never touch the battery of flooded cars, experts warned Tuesday. According to the Korea Transport Institute, EV batteries are designed to automatically cut off outgoing electricity if any water seeps into it. The battery then drains itself by sending electric currents back and forth between the two electrodes. Though it is highly unlikely one would get electrocuted by touching the vehicle

Aug. 9, 2022

Manufacturers' domestic supply grows for 6th quarter in Q2

South Korean manufacturers' domestic supply increased for the sixth straight quarter in the April-June period as exports remained robust despite the global economic slowdown, data showed Tuesday. The manufacturing domestic supply index stood at 112.7 in the second quarter, up 1.5 percent from the previous year, according to the data from Statistics Korea. The index, which measures both locally produced goods and imports, serves as a major indicator of domestic demand trends. The index rose

Aug. 9, 2022

HD Hyundai unit commercializes Level 2 autonomous navigation system

Avikus, a unit of South Korea's leading shipbuilding group, HD Hyundai, said Tuesday it has commercialized its Level 2 autonomous navigation system for the first time in the shipbuilding industry. Avikus has signed a deal with two domestic firms -- SK Shipping Co. and Sinokor Merchant Marine Co. -- to gradually supply the Level 2 autonomous navigation solution to 23 ships operated by the shippers, the company said in a statement. The deep learning-based HiNAS 2.0 system will allow a vessel

Aug. 9, 2022

SK Telecom Q2 net income down 67.6% after spinoff of chip biz

SK Telecom Co., South Korea's largest wireless carrier, said Tuesday that its second-quarter net profit dropped 67.6 percent from a year earlier due mainly to last year's spinoff of its semiconductor businesses. The company logged a net profit of 258.1 billion won ($197.7 million) on a consolidated basis in the three months ending in June, compared with 795.7 billion won a year earlier, the company said in a regulatory filing. Operating profit went up 16.1 percent on-year to 459.6 bill

Aug. 9, 2022

SK Geocentric to build advanced packaging material factory in China

SK Geocentric Co., a chemical unit of South Korean's No. 2 conglomerate SK Group, said Tuesday it is building a plant in China that will produce a high value-added packaging material to expand its presence in Asia's largest market. SK Geocentric will form a 6:4 joint venture with Zhejiang Satellite Petrochemical Co., and the factory will be built in a petrochemical complex in Lianyungang, a city in northeastern Jiangsu Province, according to SK Geocentric. A total of 290 billion won ($

Aug. 9, 2022

KEPCO expected to log huge Q2 loss on high costs

The state-run Korea Electric Power Corp. (KEPCO) likely posted a massive loss in the second quarter due to surging costs following record red ink three months earlier, a market tracker said Tuesday. The market consensus of KEPCO's consolidated operating loss stands at 5.37 trillion won ($4.11 billion) for the April-June period, flirting with the 5.86 trillion-won deficit for the whole of 2021, according to FnGuide. In the first quarter of this year, the state power company chalked off a rec

Aug. 9, 2022

[Graphic News] S. Korea’s ice cream exports hit all-time high in H1

　South Korea’s exports of ice cream reached an all-time high in the first half of this year, data showed, amid a global heat wave and the growing popularity of Korean culture. 　Overseas shipments of South Korean-made ice-cream products came to $50 million in the January-June period, up 14 percent from a year earlier to reach a record high, according to the data from the Korea Customs Service. 　Imports inched up 0.3 percent on-year to $28 million, also hitting an all-time high, during th

Aug. 9, 2022

Seoul shares open higher amid rate hike uncertainties

South Korean stocks opened slightly higher Tuesday, as the market maintains a cautious mood ahead of the release of latest US inflation data this week that might offer a clue as to the Federal Reserve's next move in the monetary policy. The Korea Composite Stock Price Index (KOSPI) gained 1.43 points, or 0.06 percent, to 2,494.53 in the first 15 minutes of trading. US stocks closed almost flat on Monday (local time) after the country reported robust jobs data, a possible indication that the

Aug. 9, 2022

[Herald Interview] Due diligence on partners crucial for Korean biotech out-license deals

Korean biotechnology firms hoping to ink successful deals with foreign pharmaceutical companies must fully comprehend their potential partners’ A to Z’s, a legal expert in out-license deals said. “(Global big pharmas) want something that’s going to be successful and hopefully innovative, and both help patients and provide care, but also be valuable and create profit for the company,” Joshua Hofheimer, a partner and co-head of Global Life Sciences industry group at

Aug. 9, 2022

NHN shifts to loss in Q2 on financial asset losses, increased marketing

NHN Corp., a leading South Korean information technology company, said Tuesday it swung to a net loss in the second quarter from a year earlier due to losses from its financial assets and increased marketing costs. The company logged a net loss of 5.3 billion won ($4.1 million) on a consolidated basis in the three months ending in June, shifting from a net profit of 15.2 billion won a year earlier. Operating profit tumbled 73.9 percent on-year to 5.2 billion won, while sales rose 12.8 percent to

Aug. 9, 2022

Neck fans, a clever or harmful invention?

“Neck fans” are a popular item in the summer which can be worn around the neck and help fight off heat. Without having to be handheld, the gadget is praised as a clever invention by those who want a cooling breeze just for themselves while on the go, such as joggers, delivery workers or just outdoor lovers. According to Shinsegae International’s lifestyle brand Jaju, sales of summer home appliances including portable fans saw a 144 percent jump between June 27 and July 10 c

Aug. 8, 2022

Seoul weighs ‘Chip 4’ alliance as ties with China hang in balance

South Korea is poised to join a working-level meeting of government officials involving major chipmaking nations along with the United States, Taiwan and Japan, amid mounting concerns over China’s retaliation. Seoul has had to tread carefully around Beijing, as memory chip giants such as Samsung Electronics and SK hynix fear that its chipmaking base in China might be affected by Seoul‘s decision to join the so-called “Chip 4” alliance. President Yook Suk-yeol told repo

Aug. 8, 2022