Businesses step up push for hydrogen support

The South Korean government should help companies build a hydrogen economy because using the renewable energy ensures growth as businesses race to reduce their carbon footprint, Woo Tae-hee, vice chairman of the Korea Chamber of Commerce and Industry, said Tuesday at a forum on green hydrogen. “I believe it is time for us to turn the climate crisis into an opportunity to secure the hydrogen market and improve our economy with strong commitment and collective wisdom,” Woo said at the

May 31, 2022

Amid escalating uncertainty, output, spending, investment drop in April

SEJONG -- South Korea suffered a “triple” decline in industrial output, consumption and investment in April amid expanded economic uncertainty from global inflationary pressure and a glitch in supply, state data showed Tuesday. According to Statistics Korea, industrial output decreased by 0.7 percent in April on-month, private consumption (also called retail sales) by 0.2 percent and facilities investment by 7.5 percent. This marked the first simultaneous decline in the three secto

May 31, 2022

Companies join forces for Busan’s World Expo bid

A business-led civilian committee was launched Tuesday to support Busan’s bid to host the 2030 World Expo, one of the world's biggest international events, in the realm of the World Cup and Olympics. SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry, leads the committee, while top executives of 11 conglomerates are joining to add weight to the bid from South Korea’s second-largest city. The 11 businesses include: Samsung Electron

May 31, 2022

Three-way race set for Korea's flying car commercialization

The race for leadership of South Korea’s flying car market intensified Tuesday, with SK Telecom, Hyundai Motor Group and Kakao Mobility announcing their bid by forging consortiums with local companies.  SKT, Hyundai Motor Group and Kakao Mobility submitted their business proposals to join the K-UAM Grand Challenge, a government-led program to select an urban air mobility business operator. They are vying for the lucrative sector that is expected to surpass 1,800 trillion w

May 31, 2022

‘Jeonse’ no more? More Koreans opt for monthly rentals under debt burden

Monthly lease contracts exceeded half of South Korea’s home rentals and surpassed “jeonse” transactions for the first time in April, government data showed Tuesday, mostly due to greater debt burden sparked by soaring interest rates on loans. Of the total 258,313 lease transactions for apartments and houses, 50.4 percent of them were for monthly rentals in April, according to the Ministry of Land, Infrastructure and Transport. Jeonse contracts -- a lump-sum returnable deposit

May 31, 2022

S. Korea has best EV infrastructure per unit in world: report

South Korea has the most established electric vehicle charging infrastructure per unit in the world, a report by an autonomous intergovernmental organization said Tuesday. The latest findings released in the Global EV Outlook 2022 by the Paris-based International Energy Agency showed that South Korea had 2.6 EVs per charging point last year. A charging point refers to the number of sockets that can charge vehicles at the same time. Among the 20 countries included in the report, South Korea h

May 31, 2022

[Photo News] Hello Japan

Passengers get ready to depart to Fukuoka, Japan, from Gimhae International Airport near Busan on Tuesday, as the airport opened the route to the Japanese city for the first time since its pandemic closure two years ago. Gimhae became the first regional base gateway in South Korea, outside of Incheon International Airport, to resume passenger flight services to Japan.

May 31, 2022

Fake crypto exchange operators arrested for duping victims out of W1.7b

Four people have been arrested for scamming a total 1.7 billion won ($1.3 million) out of investors who transferred money on a fake cryptocurrency exchange, South Korean police said Tuesday. The four, recently taken into police custody, are suspected of operating the fake crypto exchange that tricked investors into thinking they were actually trading coins and gold. More than 20 investors saw losses after the scammers told them they were unable to return their investments due to the coins&rsquo

May 31, 2022

LG Chem, China’s Huayou Cobalt set up JV for cathode production

LG Chem said Tuesday it has set up a joint venture with Tianjin B&M Science and Technology, a materials subsidiary of Chinese miner Huayou Cobalt, to secure a stable supply of key materials for high-nickel cathodes in its latest push for electric vehicle batteries. Under the deal signed on Monday in Seoul, B&M is securing a 49 percent stake in LG Chem’s existing cathode-making unit in Gumi, North Gyeongsang Province, supplying essential materials for nickel, cobalt, manganese, an

May 31, 2022

Hyundai E&C showcases new Hillstate apartment complex in Yangju

Local builder Hyundai Engineering & Construction opened a model house for its new Hillstate Yangju Okjeong Patio Foret housing complex on May 13. Customers can tour the model house until June 12 after making a reservation through Hillstate Patio Foret’s official website. A virtual tour is also available. The new building can accommodate up to 809 households in 84-square-meter block houses. Each three story house was designed to include two parking spaces and an electric vehicle charg

May 31, 2022

Hyundai Engineering expands nuclear power plant business

Hyundai Engineering (HEC) set up a new division for nuclear power projects as it seeks to develop its own small modular reactors (SMR). What was previously a team has been expanded and elevated to a division, and more nuclear power specialists will join, the company said. In addition to SMRs, Hyundai Engineering plans to produce micro modular reactors and hydrogen; enter new fields such as decommissioning of aging nuclear power plants, nuclear fuel cycle, reactors for research purposes and nuc

May 31, 2022

[Graphic News] Chinese nationals purchase nearly 7,000 buildings in S. Korea in 2021

　Chinese people purchased nearly 7,000 buildings in South Korea last year, with more than half of the properties being in the Greater Seoul area, a ruling party lawmaker said. 　A total of 6,640 buildings, including apartments, were purchased by Chinese nationals last year, and 2,659 of them are located in Gyeonggi Province, which surrounds the capital city of Seoul, Chung Woo-taik, a lawmaker of the ruling People Power Party, said in a report, citing the National Assembly Research Service. 　C

May 31, 2022

Seoul shares open tad lower amid continued recession woes

South Korean stocks opened slightly lower Tuesday, as worries over a possible recession induced by the US Federal Reserve's pledge to hike rates continued to overshadow the markets despite optimism from China's easing of COVID-19 lockdowns. The Korea Composite Stock Price Index lost 1.33 points, or 0.05 percent, to 2,668.33 in the first 15 minutes of a choppy trading. Large-cap stocks lost ground across the board, with market heavyweight Samsung Electronics dipping more than 1 percent.

May 31, 2022

S. Korea suffers falls in production, consumption, investment in April

South Korea's industrial output, consumption and investment declined together for the first time in over two years in April in the latest sign that economic recovery momentum remains fragile, data showed Tuesday. Industrial production fell 0.7 percent in April from the previous month, compared with a 1.6 percent on-month rise in March, according to the data from Statistics Korea. Compared with a year earlier, industrial output grew 4.5 percent. Retail sales, a gauge of private spending, fel

May 31, 2022

Kakao to implement 'metaverse work'

All Kakao employees will be required to work remotely for at least four days a week from July as part of a new "metaverse work" system, the IT giant said Monday. During the testing period of the new working system, which will begin from July 1, employees are to work from outside the office for four days a week. For the remaining day, employees will have to meet offline but the meeting does not have to take place at the company office, a Kakao official said. All work-related items wil

May 30, 2022

Samsung, Intel chiefs meet in Seoul for chip collaboration

Samsung Electronics Vice Chairman and de facto leader Lee Jae-yong met Intel CEO Pat Gelsinger, the company said Monday, raising expectations over a possible collaboration amid an intensifying race for next-generation chip technology. The heads of the world’s No. 1 and No. 2 companies in the chip industry by revenue held a meeting during Gelsinger‘s visit to Seoul. He flew to Korea after attending the 2022 World Economic Forum in Davos, Switzerland. Samsung’s $82.3 billion rev

May 30, 2022

Hyundai E&C remediates dioxin-contaminated soil at US Army base in Incheon

Hyundai Engineering & Construction successfully remediated a large amount of dioxin-contaminated soil for the first time in South Korea. According to Hyundai E&C on Monday, the project of remediating 11,031 cubic meters of dioxin-contaminated land at Camp Market -- a US Army installation situated in Bupyeong-gu, Incheon -- was successfully completed after two years and 11 months of work. The company used the in-pile thermal desorption and thermal oxidation cleanup treatment of dioxins

May 30, 2022

Korea to lift tariff on food imports, raise LTV for first home seekers

SEJONG -- The government on Monday unveiled a package to the improve living conditions of households suffering from a spike in consumer prices, by slashing their expenditure burden for commodities and housing. A batch of countermeasures -- which are likely to cost about 3.1 trillion won ($2.5 billion) in state funds -- against the high inflation rate were confirmed during a meeting of economy-related ministers, presided by Deputy Prime Minister and Finance Minister Choo Kyung-ho in Seoul. A co

May 30, 2022

Are ‘Samsung plant,’ ‘Apple branch’ empty promises?

Ahead of Wednesday’s local elections, candidates are making their last-minute plea for votes, with some of them talking big to take advantage of big name companies and their huge investment plans unveiled recently. Politicians offering populist pledges is nothing new during election campaigns, but this year their rhetoric appears to have gained some weight as they come along with a series of new investment plans, worth a combined 1,000 trillion won ($800 billion), announced by the nation

May 30, 2022

Seoul shares up for 2nd day on easing inflation; Korean won at over 1-month high

Seoul shares ended higher for second straight session Monday as investors scooped up large-cap stocks on bargain hunting following gains on Wall Street and hopes for economic recovery in China. The South Korean won rose to the highest in over one month to the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 31.61 points, or 1.2 percent, to close at 2,669.66. Trading volume was moderate at 458.66 million shares worth 7.32 trillion won ($5.9 billion), with gainers outpacing decliners

May 30, 2022