Prices growth in groceries, car fuel hits 10-year high

SEJONG -- Consumer prices of groceries and transportation in Korea climbed fastest in a decade in 2021, which have posed aggravated burden on households amid the pandemic, state data showed Monday. These two items were found to have led the instability in overall consumer prices last year, despite the Bank of Korea’s interest rate hikes twice in August and November. According to Statistics Korea, consumer prices of groceries rose 5.9 percent in 2021, compared to the previous year -- 6.2

Jan. 24, 2022

Hanwha Q Cells CEO to lead renewable energy association

Hanwha Q Cells said Monday that its CEO Lee Ku-hyung has been appointed the 14th chairman of the Korea New and Renewable Energy Association, a business lobby with some 420 member companies. Lee, who joined Hanwha Group in 1990, has served key positions at the group’s solar solutions unit Hanwha Q Cells, formerly Hanwha SolarOne, since 2011 and was promoted to the top position in September last year. Lee, whose term is three years, is expected to lead the association based on years of

Jan. 24, 2022

[Test Drive] Polestar 2, simple but powerful

The Polestar 2, the first Polestar car to hit the Korean roads, is a performance-driven car, living up to the reputation of the Swedish carmaker that was once Volvo’s racing skunkworks. With the new model, Polestar aims to compete head-on with the Tesla Model 3, the world’s most popular plug-in EV in 2020. At first sight, one can easily grasp that Polestar 2 displays Scandinavian aesthetics: clean and simple lines and functionality without sacrificing beauty. It has a clean-cut

Jan. 24, 2022

[Korea Chips Act] Korea sets out own Chips Act, in less ambitious fashion

This is the first installment of a two-part series on Korea's Chips Act and controversies surrounding a law meant to support the local chip industry amid heated competition around the world. -- Ed. In the wake of the global chip shortage, supply chain disruptions posed by the pandemic, and tensions between superpowers -- the United States and China -- governments around the world are scrambling to support and protect their respective semiconductor chip industries. South Korea is one of the co

Jan. 24, 2022

Korea’s beer imports drop to all-time low

South Korea’s imports of beer recorded an all-time low last year, amid a nationwide boycott of Japanese beer and other products, data showed Monday. According to the Korea Customs Service, imports of beer decreased by 1.7 percent on-year to $223.1 million last year. The figure surpassed the record-low imports of $181.5 million in 2016. The list of major beer import countries last year includes the Netherlands, followed by China, Belgium, Poland, Ireland, Germany and the Czech Republic.

Jan. 24, 2022

GS E&C becomes first to export green hydrogen plant modules

GS Engineering and Construction said Monday it has signed a memorandum of understanding with California-based SG H2 to supply modules that will be used to construct green hydrogen plants. 　 The renewables project, led by SG H2 Energy’s special purpose company SG H2 Lancaster LLC, is expected to produce 11 tons of green hydrogen in Lancaster, California, an amount that can fuel 1,700 mid-size hydrogen-powered cars. The deal will mark the first time for a Korean firm to export hydrogen pl

Jan. 24, 2022

BOK says mock issuance, distribution of digital currency successful

South Korea’s central bank said Monday that it has successfully completed the pilot testing of issuance and distribution of digital currency. The Bank of Korea has wrapped up the first phase of its two-part mock testing of the central bank digital currency in December and has been carrying out the second phase “smoothly.” Once the second phase wraps up in June, the BOK plans to start discussions on its actual launch and commercialization. It aims to expand the scope of the t

Jan. 24, 2022

LG to unveil life-size Omnipod, self-driving concept car

LG Electronics Inc. said Monday it will show off the real-life version of its futuristic self-driving vehicle next month. The LG Omnipod, a mobility concept solution that can serve as "a home office, an entertainment center or even a lounge," will be on display at a mobility fair at the COEX convention center in southern Seoul on Feb. 10. The self-driving home on wheels is fitted with LG home appliances retooled for in-vehicle use and provided with artificial intelligence concierge s

Jan. 24, 2022

LG Onmipod to make debut at Kakao's tech conference in Feb.

LG’s future mobility concept car LG Omnipod will make its first offline debut here next month at a tech conference organized by Kakao Mobility, companies said Monday. Introduced in a video at the Consumer Electronics Show held in Las Vegas earlier this month, LG Omnipod is a concept model of future self-driving cars interpreted as  vehicles as extensions of the home. Based on users’ needs, it can be an office or personal space where users can enjoy various activities such as wa

Jan. 24, 2022

Jeju Air to adopt cargo plane for 1st time among budget airlines

Jeju Air Co., South Korea's biggest low-cost carrier, said Monday it will adopt a cargo plane for the first time among local LCCs to ride out the prolonged COVID-19 pandemic. Jeju Air plans to begin operating a cargo plane in the first half of this year to offset a sharply declined passenger travel demand amid the pandemic, the company said in a statement. Korean Air Lines Co. and Asiana Airlines Inc., the country's two biggest and full-service carriers, have focused on winning cargo deals to

Jan. 24, 2022

Biz hour curbs cause largest drop in in-person spending among all measures: BOK report

Curbs on business operation hours have resulted in the biggest shrinkage in the "consumption of in-person services" among various antivirus measures introduced to combat the coronavirus pandemic, an internal central bank report showed Monday. The report suggests that easing a curfew on business operations while imposing a stricter ceiling on the number of people at private gatherings could be more conducive to consumption than the current measures at a time when the government has bee

Jan. 24, 2022

Listed firms' rights issues nearly double in 2021

South Korean listed companies' rights issues nearly doubled in 2021 from a year earlier, data showed Monday. Companies listed on the country's main and other stock markets raised a combined 50.6 trillion won ($42.4 billion) through 1,346 rights offerings last year, up 97.5 percent from a year earlier, according to the data from the Korea Securities Depository. The number of last year's rights offerings was up 19.3 percent from the previous year. Rights issues by companies listed on the main K

Jan. 24, 2022

Public firms to hire over 26,000 new regular workers this year: govt.

South Korea's public institutions plan to hire more than 26,000 new regular workers this year in an effort to help buttress job creation, the finance minster said Monday. The move is aimed at meeting growing demand in the public service sector, including public health, safety and New Deal policy initiatives, according to Finance Minister Hong Nam-ki. He said the public firms also plan to hire around 22,000 interns to help them build work experience. "The government will spare no effort t

Jan. 24, 2022

Doosan Heavy wins W160b plant order in Germany

Doosan Heavy Industries & Construction Co., a South Korean plant builder, said Monday its German subsidiary has received a 160 billion-won ($134 million) order for a waste processing plant in Germany. Doosan Lentjes obtained the order from MHKW Wiesbaden GmbH to build a waste-to-energy plant in Wiesbaden, Germany, by 2024, the company said in a statement. Doosan Heavy said it aims to win more waste-to-energy plant deals in Europe as European countries are expected to place about 80 waste-t

Jan. 24, 2022

Air Busan opens Busan-Saipan route amid pandemic

Air Busan Co., a budget carrier unit of Asiana Airlines Inc., said Monday it has opened the Busan-Saipan route following a travel bubble agreement. On Sunday, Air Busan began to offer one flight per week on the Saipan route to preemptively respond to pent-up travel demand amid rising vaccinations and eased virus curbs, the company said in a statement. A travel bubble refers to a quarantine-free travel partnership between two or more cities or countries with similar levels of COVID-19 cases. O

Jan. 24, 2022

[Graphic News] FDI in free economic zones up 43% in 2021: data

　Foreign direct investment pledged to South Korea's free economic zones surged 42.8 percent in 2021, led by the overseas investment in bio and other new industry sectors, data showed. 　The country’s nine FEZs received $1.31 billion worth of FDI commitment last year, up from $910 million a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. 　It is the first time in three years that the figure marked an on-year growth. 　The amount of foreign direct

Jan. 24, 2022

Seoul stocks open lower ahead of Fed meeting

South Korean stocks opened lower Monday, as investors took to the sidelines ahead of the US Federal Reserve's policy meeting this week. The benchmark Korea Composite Stock Price Index (Kospi) fell 18.49 points, or 0.65 percent, to 2,815.8 points in the first 15 minutes of trading. Stocks traded bearish, led by losses in chemical and tech companies that are usually more sensitive to borrowing costs. The US Federal Reserve is widely expected to raise its policy interest rate in March. It is to

Jan. 24, 2022

[Test Drive] SsangYong’s New Rexton Sports Khan proves pickups can go smart, too

For SsangYong, Rexton is not simply a flagship SUV model that has significantly pulled up its sales among its complete lineup of SUVs ranging from those in the small segment to pickup trucks. Following an unprecedented bumper year in 2015 for the small SUV model Tivoli, SsangYong needed to continue the momentum to keep the nickname “leader of SUV.” The fourth generation Rexton, launched in 2017, recorded a 200 percent growth rate that year. A year later, SsangYong took its well-se

Jan. 23, 2022

Hyundai sweeps Best Cars for the Money awards in US

Hyundai Motor said Sunday it has won five US News and World Report 2022 Best Cars for the Money Awards, outpacing rivals in the awards that put a spotlight on cars and SUVs that represent the best combination of long-term value and excellent ownership experience. The Hyundai winners include: the Elantra hybrid, Tucson hybrid, Kona subcompact SUV, Tucson compact SUV and Santa Fe 2-row SUV. Its smaller sibling Kia Motors’ Telluride also topped the best 3-row SUV for the money category. T

Jan. 23, 2022

[Battery+] Samsung SDI’s premium strategy faces daunting test

Samsung SDI’s long-held “premium strategy” with high pricing is expected to face a daunting test in its renewed competition with rivals amid ever-evolving market trends. Until 2020, bringing down the price through scale and manufacturing more powerful batteries were of the utmost priority. However, as the competition heats up with the entry of new players, securing stable profits through partnerships with automakers has emerged as the key trend, which Samsung SDI is refusin

Jan. 23, 2022