[Herald Interview] Young designers launch brands through Han Sung Motor’s Dream Gream project

Jung Ji-won, a graphic designer at a fashion company, always thought it was a waste to discard countless pieces of leftover fabric every day.  Inspired by the piles of discarded cloth samples and fabric pieces, Jung came up with an idea to create a brand that makes hats from recycled fabric, such as Mipan regen that is made from reclaimed waste. “I believe that the MZ generation spend money based on their values. That’s why I thought the brand I created, Crayon Studio, could a

Jan. 5, 2022

CJ Bioscience eyes global microbiome market leadership

CJ Bioscience, a biotechnology subsidiary of CJ CheilJedang, has been officially launched with its eyes set on becoming a global leader in the microbiome sector, the Korean food giant said Wednesday. The establishment of the biotechnology firm is part of CJ Group Chairman Lee Jay-hyun’s earlier pledge to strengthen the group’s wellness business, one of the four growth engines he had vowed to cultivate for the future. CJ Bioscience on Tuesday held an inauguration ceremony with key

Jan. 5, 2022

All-in-one banking service launched

South Korea’s financial institutions -- including banks, brokerages and credit card companies -- launched an all-in-one banking service Wednesday for customers to manage their financial data spread across financial firms in one place. Called “MyData,” the service was put on a trial run in December before 33 financial institutions officially started offering it this week to help customers make more informed financial decisions looking at their account balances, loans and insura

Jan. 5, 2022

Regulator looking into market interest rates amid complaints over widening deposit-loan rate spread

South Korea's chief financial regulator said Wednesday that he is looking into loan and interest rates set by financial institutions amid complaints that their spread is widening, deepening the financial burden on many consumers. Jeong Eun-bo, head of the Financial Supervisory Service (FSS), made the remarks as criticism has grown that banks and other financial firms are quicker to increase their loan rates than raise rates on deposits. The rate hikes are in line with the central bank's push t

Jan. 5, 2022

Exports of agro-fisheries goods hit new high in 2021

South Korea's exports of farm and fishery products surged more than 15 percent on-year to touch a new record high in 2021, government data showed Wednesday. Outbound shipments of agricultural, livestock and fisheries goods came to $11.36 billion last year, up 15.1 percent from a year earlier, according to the agriculture and fisheries ministries. It marks the first time in history that South Korea's exports of those products have exceeded the $10 billion level. Exports of agricultural and liv

Jan. 5, 2022

Hyundai Heavy signs MOU with US firm for data platform

Hyundai Heavy Industries Group, the world's biggest shipbuilder by sales, said Wednesday it has signed a pact with a US data analytics firm for the big data platform business. At the Consumer Electronics Show held in Las Vegas, the South Korean shipbuilder signed a memorandum of understanding (MOU) with Palantir Technologies Inc. to establish a big data platform and a joint venture, the company said in a statement. "The partnership will substantially improve the competitiveness of the gro

Jan. 5, 2022

[CES 2022] Samsung working on asymmetrical foldable display for flip smartphone

Las Vegas -- Samsung Display unveiled an asymmetrical foldable display for flip smartphones at a private media showcase held at Encore in Las Vegas. During the tour, Samsung officials showcased a prototype flip smartphone where the upper half is shorter than the lower half. When folded, the bottom part of the display is exposed, where basic information such as time and weather showed up. “By exposing the bottom screen, flip smartphones no longer need a secondary screen on the exterior

Jan. 5, 2022

[CES 2022] Samsung unveils portable beam projector

LAS VEGAS -- Samsung Electronics on Tuesday unveiled a portable beam projector, “the Freestyle,” to overcome the physical constraints of TVs and bring screen experience everywhere. According to the South Korean tech giant, the Freestyle weighs just 830 grams and offers a minimal design that fits in one hand, a perfect option for travelers and campers. “The Freestyle can rotate freely in 180 degrees and support screen size up to 100 inches. It can project a screen anywhere f

Jan. 5, 2022

Imported car sales down 24% in Dec. amid chip shortages

Sales of imported vehicles in South Korea plunged 24 percent in December from a year earlier as chip shortages continued to disrupt vehicle production, an industry association said Wednesday. The number of newly registered foreign vehicles fell to 23,904 units last month from 31,419 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. "Chip supply issues continued to weigh on vehicle sales last month despite a variety of new models,

Jan. 5, 2022

Housing market continues to stabilize on regulations: minister

South Korea's housing market has been stabilizing with home prices not just in Seoul but also many other local areas on a downward trend on higher taxes and stricter lending rules, the finance minister said Wednesday. The recent downward trend comes after the government adopted dozens of measures to curb skyrocketing home prices in recent years as more people rushed to take out bank loans to buy homes in anticipation of further price hikes. "The pace of stabilization in the recent home tr

Jan. 5, 2022

Wine imports jump 76% in 2021 amid pandemic

South Korea's wine imports soared over 70 percent in 2021 as more people enjoyed drinking at home and alone amid the coronavirus pandemic, data showed Wednesday. Asia's fourth-largest economy imported $506.2 million worth of wine in the January-November period of last year, up 76 percent from a year earlier, according to the data by the Korea Customs Service and industry sources. It marks the first time that the country's wine imports have surpassed the $500 million level. South Korea's wine

Jan. 5, 2022

Hyundai, Kia's US sales soar 19% in 2021

Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States spiked 19 percent in 2021 from a year earlier despite the prolonged pandemic and chip shortages. The corporate duo sold a total of 1.44 million vehicles in the world's most important automobile market last year from 1.21 million units a year ago, according to the companies' sales data. Hyundai's US sales climbed 19 percent to 738,081 units from 622,269 over the cited period and Kia's also jum

Jan. 5, 2022

Samsung Display to produce QD OLED TV displays in 1st half of 2022

Samsung Display Co., the display panel-making arm of Samsung Group, said Tuesday it will roll out QD OLED TV displays in two sizes as well as a monitor display in the first half of the year, ending industry speculations regarding the timing of the commercial debut of the company's next-generation display. The announcement was made during the media preview of the Consumer Electronics Show (CES) held at Encore At Wynn in Las Vegas where the display maker is showcasing its innovative new products

Jan. 5, 2022

[Graphic News] Bio sector output, exports grow at fastest pace amid pandemic

　Output and exports of South Korea’s bio industry expanded at the fastest clip ever in 2020 amid the coronavirus pandemic, data showed. 　Output of the local bio industry was estimated at 17.5 trillion won ($14.7 billion) in 2020, up 38.2 percent from the previous year, according to the data from the Korea Biotechnology Industry Organization and the Trade Ministry. 　It was the highest on-year growth rate to date. The bio industry’s production had been growing at a double-digit rate

Jan. 5, 2022

S. Korea's foreign reserves shrink for 2nd month in December

South Korea's foreign reserves declined for the second straight month in December as the country redeemed some of the maturing foreign currency stabilization bonds, central bank data showed Wednesday. The country's foreign reserves came to $463.12 billion as of end-December, down $790 million from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the second straight month that the foreign reserves have contracted. In November, the amount dropped $5.3 bi

Jan. 5, 2022

Banks start lending again, but borrowers face stricter rules

Banks have started lending again as of Tuesday after months of temporarily suspending their household and mortgage loans, but strict standards from last year are likely to remain or get even tighter this year. NongHyup Bank, one of the five major commercial banks here, normalized lending of its entire household loan products, including mortgages on Monday. It has also decided to raise its lines of credit from the previous 20 million won ($16,700) to 100 million won. NongHyup had suspended le

Jan. 4, 2022

In face of omicron scare, Korean tech firms make bigger presence at CES

The Consumer Electronics Show will be back in-person this week after going fully online last year, with a record number of Korean exhibitors flaunting their technological prowess. Kicking off its three-day run Wednesday in Las Vegas, the number of participating companies overall this year have been reduced by almost half to some 2,200 due to the protracted coronavirus pandemic. But facing the virus risk, a record number of 502 Korean companies, including 292 startups, are set to test their pot

Jan. 4, 2022

Korea’s FEZs attract $20b since 2003

SEJONG -- Foreign direct investment in the nine free economic zones in South Korea surpassed a cumulative $20 billion mark since the nation started operating the FEZs 18 years ago in 2003. According to the Ministry of Trade, Industry and Energy, the nine FEZs attracted FDI worth $1.31 billion in 2021, up 42 percent from a year earlier. This was a bounce-back after recording declines for two consecutive years -- from $1.69 billion in 2018 to $1.02 billion in 2019 and $910 million in 2020. Col

Jan. 4, 2022

Edison to sign final deal to acquire SsangYong by Monday

A consortium led by South Korean electric carmaker Edison Motors Co. said Tuesday it aims to sign a final deal to acquire the embattled SsangYong Motor Co. by Monday. In April, SsangYong was placed under court receivership for the second time after undergoing the same process a decade earlier. Its Indian parent Mahindra & Mahindra Ltd. failed to attract an investor due to the prolonged COVID-19 pandemic and its worsening financial status. The Edison-led consortium is on track to take over

Jan. 4, 2022

[CES 2022] LG adds larger, smaller OLED TVs for 2022, hails newcomers

LG Electronics said Tuesday it plans to roll out new self-lit television models that come in both the largest and smallest size in the world, as early as March this year. The latest strategy appears to have been laid out to solidify its industry leadership amid dozens of electronics rivals making their TV market entries with organic light-emitting diode displays. The company, which ships over 60 percent of OLED TVs globally, showcased the world‘s largest 97-inch OLED TV model, and at the

Jan. 4, 2022