Researchers uncover new cause behind Alzheimer’s memory loss

South Korean researchers have found a new cause behind the memory impairment in Alzheimer’s disease, the Institute for Basic Science said Thursday. The researchers at IBS and Korea Institute for Science and Technology have pinpointed a process, the urea cycle, that takes place in astrocytes, which are star-shaped cells that take up over half of all brain cells. An activated urea cycle aggravated the memory loss in patients with Alzheimer’s disease, according to their study publishe

June 23, 2022

[Photo News] End of food delivery boom?

Customers look around at premade side dishes for Korean hansik at a side dish (banchan) store in Seoul on Thursday. After years of a food delivery boom here, an increasing number of Koreans are turning to cheaper options like eating at home amid inflation woes.

June 23, 2022

Dermocosmetics market fast growing in Korea: report

With fast-growing interest in high quality skin and hair care products in South Korea, the dermocosmetics market -- cosmetics that are just as effective as dermatological care -- has expanded in recent years to surpass the 4 trillion won ($3.1 billion) mark, a report showed Thursday. According to Samjong KPMG, a Seoul-based consulting firm, the country’s dermocosmetics market size has increased by 17.6 percent to 4.5 trillion won in 2020, compared to five years ago. The report said new

June 23, 2022

Daewoo E&C gears up for business expansion in Vietnam

South Korean builder Daewoo E&C is gearing up for further expansion in Vietnam with a comprehensive plan to invest in infrastructure building, logistics and energy. To support the builder’s Vietnam project, Jungheung Group Vice Chairman Jung Won-ju, along with a business delegation, on Wednesday met with Deputy Prime Minister Pham Binh Minh to discuss the progress of its Starlake City project in Hanoi and other investments, according to Daewoo officials. “We are planning to in

June 23, 2022

S. Korea braces for ‘perfect storm’ in the financial market

South Korea’s financial authorities on Thursday warned of a “perfect storm” approaching the nation’s economy, while pledging to pump liquidity into financial institutions to cushion them from growing risks, if needed. The concerns come as the US Federal Reserve’s aggressive rate hikes, a strong dollar trend, high inflation and ongoing global supply chain bottlenecks have been rattling the Korean market. “Some experts compare the current economic state to t

June 23, 2022

TGS hires Go master Lee Se-dol for TV campaign

South Korean retail and finance company, TGS Holdings, said Thursday that it has produced a TV commercial featuring former professional Go master Lee Se-dol last month. Lee Se-dol, who competed with Google’s artificial intelligence program AlphaGo in 2016 during the peak of his career, signed a contract to become the face of TGS in Novermber 2021. The newly produced commercial introduces TGS’s new smart currency called C-Cash. It is the world‘s first hybrid smart currency t

June 23, 2022

Posco hosts companywide community service event

Posco said Thursday that it kicked off its annual community service event, “Global Model Citizen Week,” on June 14. The 12-day event will have 63,000 Posco employees worldwide participating. It consists of over 1,000 volunteer projects that give back to society, such as helping disadvantaged groups, preserving the ecosystem and supporting welfare centers. As part of the event, Posco Vice Chairman Kim Hak-dong planted red roses and honey tree saplings with other Posco employees at

June 23, 2022

BOK official stresses efforts to tame inflation expectations amid rising prices

A senior central bank official on Thursday underscored the importance of preventing inflation expectations from rising as the country is grappling with rising prices amid high energy and commodity costs. Bank of Korea (BOK) Deputy Gov. Lee Seung-heon voiced concerns that inflation pressure remains high for the time being, citing such factors as the ongoing war in Ukraine that has exacerbated supply-chain disruptions. "Mandated to maintain price stability, the BOK should preemptively manage

June 23, 2022

HJ Shipbuilding wins $240 m order for 2 container ships

BUSAN -- South Korean shipyard HJ Shipbuilding & Construction Co. said Thursday it has clinched a $240 million order to build two eco-friendly container carriers for a European shipper. HJ Shipbuilding & Construction said it will build the 7,700 twenty-foot equivalent unit container vessels with liquefied natural gas duel-fuel engines at its shipyard in this southeastern port and deliver them to the undisclosed shipping company from late 2024. HJ Shipbuilding & Construction, formerly

June 23, 2022

AFoCO, Woori Financial to cooperate for forest management

The Asian Forest Cooperation Organization (AFoCO) said it has signed an agreement with Woori Financial Group to cooperate for climate control through sustainable forest management and environmental, social and corporate governance. The AFoCO is an international organization established upon Seoul’s proposal at the 2009 special summit between South Korea and the Association of Southeast Asian Nations. Through a public-private platform known as the AFoCO green partnership, AFoCO offers bus

June 23, 2022

S. Korea successfully deploys precision navigation satellite to boost GPS accuracy, flight safety

South Korea successfully launched a precision aviation satellite Thursday to improve the accuracy and reliability of global positioning system (GPS) signals and better ensure flight safety, the government said. The satellite for the Korea Augmentation Satellite System (KASS), the country's first precision GPS location augmentation system, lifted off from Guiana Space Center in Kourou in French Guiana, at 6:50 a.m. Thursday (Seoul time), according to the Ministry of Land, Infrastructure and

June 23, 2022

Won falls to 13-yr low against dollar in intraday trading

South Korea's currency on Thursday fell below the 1,300-won level against the US dollar for the first time in about 13 years amid growing concerns about global monetary tightening and an economic recession. The Korean currency was trading at 1,300.70 won against the dollar as of 9:52 a.m., down 3.40 won from the previous session. It marked the first time that the won has fallen through the 1,300-won level since July 14, 2009, in intraday trading. Market volatility has recently heightened ov

June 23, 2022

Seoul shares open higher; Korean won hits 13-yr low

Seoul shares opened slightly higher Thursday after another market rout the previous session amid growing woes over an economic slowdown. The Korea Composite Stock Price Index (KOSPI) rose 4.67 points, or 0.2 percent, to 2,327.68 in the first 15 minutes of trading. Overnight, Wall Street closed lower after Federal Reserve Chair Jerome Powell acknowledged the central bank's aggressive rate hikes could cause an economic downturn. The US central bank raised its policy rate by 0.75 percentage po

June 23, 2022

Producer prices grow for 5th month in May on high energy, service costs

South Korea's producer prices grew for the fifth straight month in May, driven by rising prices of coal, oil and services, central bank data showed Thursday. The producer price index, a major barometer of consumer inflation, stood at 119.24 in May, up 0.5 percent from a revised 118.59 a month earlier, according to the preliminary data from the Bank of Korea (BOK). From a year earlier, the index jumped 9.7 percent, the 18th straight month of on-year rises. Energy and raw material prices rema

June 23, 2022

GM Korea adds pickup truck brand, vows to break even this year

GM Korea launched its premium SUV and pickup truck brand GMC in South Korea on Wednesday, renewing its marketing strategy to target diversified customer demands. Calling it a multi-brand strategy, the new plan is about having many of its global brands, including Chevrolet, Cadillac, and GMC, provide a wide range of choices for domestic customers who enjoy diverse lifestyles. The company, which has undergone a massive restructuring process since 2018, also hopes to reach a break-even point this

June 22, 2022

Posco, Brazil’s Vale donate $100,000 to Korea Food for the Hungry International

Posco said Wednesday that it has teamed up with Brazil’s largest raw material supplier, Vale, to donate $100,000 to Korea Food for the Hungry International, an international relief program, as part of their humanitarian efforts jointly pledged last year.  The two firms have maintained close ties for more than 40 years, with Vale supplying key materials like iron ore to Posco, the steel giant, for decades.  In May last year, they signed a memorandum to create a new matching fun

June 22, 2022

LG, Kakao team up for future mobility

LG Electronics and Kakao Mobility have teamed up to create a new ecosystem for future mobility as they jointly develop services like delivery robots and in-car infotainment systems. The two firms recently signed a memorandum of understanding, with their chief technology officers in attendance, they said in a statement Wednesday. Their partnership involves a slew of new projects on in-car user experience, delivery robots, connected home appliances, vehicle communications for passenger safety

June 22, 2022

GS Group unveils sustainability goals in its first ESG report

South Korea’s energy-to-retail conglomerate GS Group said Wednesday that it has published its first environmental, social and governance report which contains three key execution plans under a slogan of “Grow Sustainably, GS.” The company said the slogan illustrates the firm’s willingness to make long-term growth which is flexible to social changes in terms of its sustainability execution plans. The plan seeks to reduce, improve and innovate rather than chasing after ef

June 22, 2022

Seoul stocks dip almost 3 pct on recession fears; Korean won at 13-year low

South Korean stocks fell again, shedding almost 3 percent Wednesday as recession woes made investors avoid risky assets amid hawkish monetary policy in major economies. The local currency fell to the lowest point against the US dollar in 13 years. The Korea Composite Stock Price Index (KOSPI) dropped 66.12 points, or 2.74 percent, to close at 2,342.81. Trading volume was moderate at 520.87 million shares worth 8.50 trillion won ($6.54 billion), with decliners far outpacing gainers by 870 to 40.

June 22, 2022

Nuri’s satellite completes link-up with ground control

Nuri rocket's performance test satellite launched into the Earth’s 700-kilometer orbit has successfully made its first two-way communication with the ground control center, completing the final steps of the launch mission, the Ministry of Science and ICT said Wednesday. According to the ministry, the satellite that was sent into space on the Nuri rocket yesterday made two-way communication with the Korea Aerospace Research Institute’s ground control center in Daejeon at around 3 a.m

June 22, 2022