[Photo News] 2nd Attempt

South Korea’s homegrown space rocket Nuri is erected at the launch pad at Naro Space Center in Goheung, South Jeolla Province, Tuesday morning, waiting for its second launch trial in the afternoon. Nuri’s first attempt in October last year had ended in failure as it failed to put a dummy satellite into orbit.

June 21, 2022

Crypto-related stocks plunge amid liquidity crisis

South Korea’s cryptocurrency-related stocks have been nosediving in recent weeks, weighed down by the growing liquidity crisis in the global virtual currency market, data showed Tuesday. According to the nation’s sole bourse operator Korea Exchange, Vidente, the largest shareholder of Bithumb Holdings and the company behind one of top crypto exchanges here, nearly halved from the beginning of the year to close at 8,910 won ($6.89) on the secondary bourse Kosdaq on Tuesday. It traded

June 21, 2022

LS Cable supplies optical cables to Vietnam’s Viettel

LS Cable & System Asia, LS Group’s cable manufacturing unit, said Tuesday that it has delivered fiber optic cables manufactured in Vietnam to the country’s largest telecommunications operator Viettel.  The latest deal with state-run Viettel comes amid soaring demand. LSCV had set up infrastructure and facilities for producing optical cables in Vietnam in 2015. Fiber optic cables, network cables which contain strands of glass fibers inside insulated casing, are designed for

June 21, 2022

[Photo News] IONIQ 6 SNEAK PEEK

A sketch released on Tuesday shows the design concept of Hyundai Motor’s new electric vehicle Ioniq 6.  Hyundai Motor said Ioniq 6 will have streamliner design typology called Electrified Streamliner, with simple lines and aerodynamic form, reflecting its commitment to fulfill both aesthetic and functional aspects of an EV. Built on the carmaker’s Electric Global Modular Platform which is developed to provide an optimized wheelbase and interior design, Ioniq 6’s full de

June 21, 2022

SK chairman to be awarded French Legion of Honor

SK Chairman Chey Tae-won is to be awarded the French Legion of Honor, France‘s highest civilian order of merit, during his trip to Paris later this week, according to news reports Tuesday. Chey, who has spearheaded South Korean capital investment in France, was reportedly recognized for his contributions to French-Korean economic cooperation. A week prior, SK Group’s subsidiary SK Geo Centric announced plans to partner with French environmental service provider Suez and Canadian

June 21, 2022

SK Geo Centric exports benzene made from recycled chemical

South Korean petrochemical company SK Geo Centric said Monday that it has started exporting renewable benzene from last week, as part of its cooperation with European firms in creating a regional value chain for renewable chemicals. Benzene is an organic compound used to make plastic, resin and synthetic fiber. It is traditionally produced by processing fossil fuel-based feedstocks. Finnish oil company Neste Corp. provided its Korean counterpart with feedstock made from recycled materials. S

June 21, 2022

Inspire Entertainment Resort signs MOU with tech firms for LED signage

Inspire Entertainment Resort said Tuesday that it has signed a memorandum of understanding with Samsung Electronics and Hyundai Futurenet to build a high-end LED signage system in its resort under construction in Incheon, South Korea. The agreement established a consortium between Samsung and the Hyundai Department Store Group’s ICT platform unit, Hyundai Futurenet, on Monday to offer dynamic and futuristic ICT experiences for vacationers. As part of the consortium, Samsung Electronics

June 21, 2022

New app, Crates, helps users learn Korean

An online learning service company said it has launched a new app for non-Koreans learning Korean. The app, Crates, also provides Korean cultural content for free to help people understand Korean culture, eKYSS said, adding that demand for learning the language has increased sharply with the rising popularity of Korean pop music, movies and TV shows. Currently available in English, Chinese, Bahasa and Vietnamese, Crates will gradually be expanded to help people learn English, Chinese, Japanese

June 21, 2022

Hanwha Solutions to supply hydrogen tanks to Shell in US

Hanwha Solutions Corp., a chemical and energy unit of South Korean conglomerate Hanwha Group, said Tuesday it has won a deal to provide hydrogen tanks to global energy firm Shell PLC in the United States. Hanwha Cimarron, its wholly-owned US subsidiary, will be supplying the Neptune hydrogen tanks, as Shell is pushing to participate in a project led by California to build 1,000 hydrogen charging stations in the state by 2030, Hanwha said in a release. Hanwha declined to give more details on the

June 21, 2022

Exports down 3.4% during first 20 days of June

South Korea's exports fell 3.4 percent in the first 20 days of June from a year earlier due mainly to fewer working days, and its trade deficit widened on higher global energy costs, customs data showed Tuesday. The country's outbound shipments stood at $31.28 billion in the June 1-20 period, compared with $32.4 billion a year earlier, according to the data from the Korea Customs Service. The fall is attributable to fewer working days during the cited period due to holidays for the Jun

June 21, 2022

Seoul shares open slightly higher after Monday's rout

Seoul shares opened slightly higher Tuesday, after the market slipped by more than 2 percent the previous day on concerns that a recession in the global economy may come amid faster-than-expected monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) rose 2.62 points, or 0.11 percent, to 2,393.65 points in the first 15 minutes of trading. On Monday, the index slumped 2.04 percent to close at a fresh 19-month low of 2,391.03, weighed by tech heavyweights, including

June 21, 2022

BOK expects 2022 inflation to grow faster than anticipated, hit highest in 14 years

South Korea's central bank said Tuesday it expected inflation to grow at a faster pace than previously anticipated and possibly hit the highest level in 14 years for this year as price pressures are mounting from rising demand and a tight supply. In an apparent forward guidance, Bank of Korea (BOK) Gov. Rhee Chang-yong said the central bank will carry out its monetary policy with a priority on price stability until inflation ends its upward trend, hinting that it will likely continue to raise it

June 21, 2022

S. Korea to extend rental-related loans for tenants, tax incentives for landlords

The government on Tuesday vowed to relax regulations on loans for "jeonse" home rentals and to raise tax deduction rates for monthly rental contractors in a move to help ease financial burdens on tenants and stabilize the housing market. Under the Yoon Suk-yeol administration's first package of measures on the property market, the government also pledged to reform the presale price cap scheme imposed on private apartments and offer a tax cut to landlords who sell their homes after long

June 21, 2022

FSS chief calls for loan support for vulnerable

South Korea’s top financial watchdog said Monday that banks should step up efforts to protect self-employed and small business owners who are affected most by surging interest rates, at a meeting held with 17 local bank CEOs ahead of a rate decision by the Bank of Korea in July. “Rising interest rates and prices could push them into defaults and we have to be ready for that,” said Gov. Lee Bok-hyun, who was named to lead the Financial Supervisory Service two weeks ago. Th

June 20, 2022

Lotte Chemical considering building electrolyte solvent factory with Sasol

Lotte Chemical Corp. said Monday it is pushing to build an electrolyte solvent factory overseas with a US-based chemical company as it seeks to bolster its battery components business. It signed an agreement with Sasol Chemicals LLC, the American unit of South African petrochemical firm, Sasol Ltd., last week to conduct a feasibility study on the envisioned project, with either the US state of Louisiana or the industrial city of Marl in northwestern Germany being considered for the location, Lot

June 20, 2022

[Photo News] Don't get wet

Umbrellas and rain boots are on display at a discount chain in Seoul for customers preparing for the rainy season.

June 20, 2022

Yoon mulls extending retirement age of 60

SEJONG -- South Korea will embark on discussions and debates on extending the retirement age from the current 60, under the Yoon Suk-yeol administration’s economic policy approach to cope with workforce shortages caused by demographic change. In a comprehensive plan on the economy unveiled last week, the government said it would foster a “task force to take countermeasures against workforce shortages,” which will comprise relevant ministries, think tanks and private researcher

June 20, 2022

South Korea’s misery index reaches highest in 21 years

South Koreans experienced the greatest economic pain in May largely due to soaring consumer prices and higher unemployment rates, according to data on Monday.  The nation’s “misery perceptions” index, calculated by adding the seasonally adjusted jobless rate to the annual inflation rate, stood at 8.4 in May, said Rep. Kim Hoi-jae of the main opposition Democratic Party of Korea, quoting data compiled by Statistics Korea. It was the highest figure in 21 years since it ma

June 20, 2022

Nuri rocket ready to launch Tuesday

South Korea’s homegrown rocket Nuri is ready for blastoff on Tuesday, with hopes to deliver a complete and successful launch this time to officially signal the country’s entrance into the global space race. The Korea Aerospace Research Institute said Monday that Nuri, also known as the Korea Space Launch Vehicle-II, has been erected on the launch pad at Naro Space Center in the southern coastal village of Goheung, South Jeolla Province. “Starting around 11 or 11:30 a.m. tom

June 20, 2022

LG Chem to build hydrogen plant for net-zero goals

LG Chem said Monday that it is building its first hydrogen plant in South Korea as part of efforts to become carbon neutral throughout its petrochemical production. The plant, to be located in its Daesan complex, some 75 kilometers southwest of Seoul, will have an annual production capacity of 50,000 tons of hydrogen by the second quarter of 2024, with the construction work to start early next year. The facilities for cracking naphtha at a high temperature, known as naphtha cracking centers,

June 20, 2022