LG Chem develops plastic that can replace aluminum, eyes solar panel frame market

LG Chem said Tuesday it has developed a new type of plastic that is as durable as aluminum but 50 percent lighter, with plans to apply the raw material for frames of solar panels and auto components. According to South Korea’s leading chemical company, the new materia -- LUPOY EU5201 -- is designed to withstand long-term exposure to sunlight and exhibits strong resistance to heat and erosion. The material is also able to maintain its original color despite sunlight, as it is resistant to

Oct. 19, 2021

Korea to build autonomous ship, test it in Ulsan

South Korea will construct an autnomous ship able to carry 300 people by 2022 and operate it in coastal waters off Ulsan to conduct feasibility tests on key technologies. According to the Ministry of Trade, Industry and Energy, the 45 billion-won ($38.1 million) project aims to gain a track record for the 2,800-ton ship and verify core technologies to be mounted on it, such as carbon emission reduction and engine optimization technologies. At the same time, the Industry Ministry will establis

Oct. 19, 2021

[News Focus] Seoul housing prices climb 7% since May

SEJONG -- Housing prices in Seoul have continued to renew their all-time highs this year, in addition to a surge over the past few years since the mid-2010s. Many apartment complexes in the capital have recorded a 100-150 percent increase in price between 2016 and 2020. According to KB Kookmin Bank and Naver.com, the average trading price of homes in Seoul reached 39.33 million won ($33,100) per 3.3 square meters as of Oct. 15. This posted a 7.3 percent increase in just five months from&n

Oct. 19, 2021

VR, AR videos to be registered as intellectual property in S. Korea

Virtual reality and augmented reality videos alongside designs on streets, walls and human bodies will be eligible to be registered as intellectual property in South Korea from Thursday, the nation’s IP office said Tuesday. According to the Korean Intellectual Patent Office, the newly revised law would protect digitally produced designs with various purposes including communication, medical and security. Previously, such designs were able to be filed as IP when they formed part of items.

Oct. 19, 2021

Posco locally develops special steel pipes for hydrogen transportation

South Korean steelmaker Posco has succeeded in locally producing special steel pipes for hydrogen transportation and will supply them for the first time to the city of Ansan, Gyeonggi Province, the company said Tuesday. Until now, South Korea has relied on imported, small-caliber seamless steel pipes with a width about 15 centimeters for hydrogen transportation. Bigger pipes, as wide as 20 centimeters, are needed to carry the big volume of hydrogen transfer needed in the hydrogen test bed ci

Oct. 19, 2021

Hyundai Glovis partners with Air Products to establish global hydrogen supply chain

Hyundai Glovis, the logistics arm of Hyundai Motor Group, is joining hands with Air Products & Chemicals, a US-based industrial gas manufacturer, to speed up the development of a liquefied hydrogen supply chain, the company said Tuesday. Hyundai Glovis CEO Kim Jung-hoon signed the supply chain agreement during a videoconference with Air Products & Chemicals Asia President Wilbur Mok as well as Korea unit CEO Kim Kyo-young. “We expect a great synergy from the partnership, a

Oct. 19, 2021

NSC expresses 'deep regret' over N. Korea ballistic missile launch

The National Security Council expressed "deep regret" Tuesday over North Korea's launch of a short-range ballistic missile and urged Pyongyang to return to dialogue. The council met shortly after the North fired the missile toward the East Sea, according to Cheong Wa Dae. "The council members expressed deep regret that North Korea's launch occurred while active consultations are under way with the United States, China, Japan, Russia and other major countries to advance the Korea

Oct. 19, 2021

No. of employees in food service segment rebounds amid job recovery

The number of employees in the food service segment rebounded in April from a year earlier as the job market recovered amid the economic recovery, data showed Tuesday. The number of people employed at restaurants and eateries reached 1.6 million in April, 65,000 more than the previous year, according to Statistics Korea. The tally rebounded from October 2020 when the number of such workers fell 179,000, marking a record on-year fall. Still, the total number of workers in the food service segm

Oct. 19, 2021

KDB issues $1.5b in global bonds

The state-run Korea Development Bank (KDB) said Tuesday it has successfully issued $1.5 billion worth of bonds to foreign investors. The lender has sold 10-year bonds worth $300 million and 5 1/2-year bonds worth $500 million. The KDB has also issued $700 million worth of green bonds that will come due in three years and three months, which will be used to finance Green New Deal projects, such as rechargeable batteries and renewable energy. The state bank said its has floated those bonds at t

Oct. 19, 2021

Residents' FX deposits jump in Sept. amid brisk exports

Foreign currency deposits at banks in South Korea rose sharply in September from a month earlier as exporters increased dollar holdings, central bank data showed Tuesday. Residents' outstanding foreign currency-denominated deposits came to $94.2 billion as of end-September, up $1.6 billion from the previous month, according to the Bank of Korea (BOK). It represents the second consecutive month of on-month increase. In August, they climbed by $470 million from the previous month. Residents inc

Oct. 19, 2021

ELS sales in S. Korea sink 30.8% in Q3

Sales of equity-linked securities (ELS) in South Korea plunged more than 30 percent in the third quarter from three months earlier amid the coronavirus pandemic, data showed Tuesday. The value of ELS products in Asia's fourth-largest economy stood at 11.6 trillion won ($9.8 billion) in the July-September period, down 30.8 percent from the second quarter, according to the data from the Korea Securities Depository. The figure, however, was up 17.8 percent from the 9.8 trillion won floated during

Oct. 19, 2021

S. Korean shipbuilders surpass annual targets on brisk new orders

South Korea's major shipbuilders have outpaced their annual order targets backed by brisk global new orders, company officials said Tuesday. According to data provided by global market researcher Clarkson Research Service, global new orders for ships came to 37.54 million compensated gross tons (CGTs) in the January-September period, up nearly threefold from 13.22 million CGTs a year ago. Compared with 10.53 million CGTs in the same period of 2016, when the shipbuilding industry was in a fier

Oct. 19, 2021

Seoul stocks open higher on US tech gains, easing virus woes

South Korean stocks opened higher Tuesday, tracking overnight advances on Wall Street and eased concerns over the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.48 points, or 0.85 percent, to 3,032.16 in the first 15 minutes of trading. Stocks got off to a strong start on overnight gains on Wall Street and easing virus woes. Overnight, the tech-heavy Nasdaq composite added 0.84 percent to 15,022 points as investors monitor the inflation factors, while the Dow Jones

Oct. 19, 2021

CJ ENM in talks for taking over SM Entertainment: source

CJ ENM, a leading entertainment and media company, is in talks to bring K-pop powerhouse SM Entertainment under its control, a source with direct knowledge of the talks has said. The deal, if realized, would see the birth of an entertainment giant that could shake the Korean pop cultural scene. SM, one of the country's top K-pop agencies, manages such idol groups as EXO, Red Velvet, NCT and aespa that have a large following abroad. "It is true that CJ is in some kind of talks with SM in

Oct. 19, 2021

Retailers hope for sales recovery amid 'Living with COVID-19' scheme

Beset by curfews and fewer customers amid the coronavirus pandemic, the retail industry in South Korea is now pinning hopes on a business rebound, as the government is set to ease long-enforced strict restrictions under the "Living with COVID-19" scheme set to be introduced next month. Department stores, supermarkets and other retailers are expected to be among those likely to benefit, given that eased restrictions on gatherings and business operations will bolster consumer sentiment

Oct. 19, 2021

ABS issuance plunges 31.5% in Q3

The issuance of asset-backed securities (ABS) in South Korea plunged over 30 percent on-year in the third quarter of this year due to a decline in sales of mortgage-backed securities, data showed Tuesday. The value of ABS issued in the third quarter stood at 12.8 trillion won ($10.8 billion), down 31.5 percent from a year earlier, according to the data from the Financial Supervisory Service (FSS). ABS refers to securities structured with mortgages, auto loans, credit-card receivables and stud

Oct. 19, 2021

SK E&S funds W500b for US affiliate to invest in US energy firm

SK E&S Co., the natural gas provider under SK Group, said Monday it will invest some 500 billion won ($421 million) in its US affiliate, SK E&S Americas, to buy a stake in a US renewable energy firm. In a regulatory filing, SK E&S said it will buy 505 billion won worth of shares in SK E&S Americas, in a bid to invest up to $400 million in Rev Renewable. Rev Renewable is focused on the development and operation of energy storage, as well as renewable projects. Rev Renewable, an

Oct. 18, 2021

Kakao Bank, Dell heads discuss future finance platform

Kakao Bank CEO Yoon Ho-young and Michael Dell, founder and CEO of Dell Technology, discussed further cooperation between the two companies and ways to improve competitiveness in the midst of the digital transformation, officials in Seoul said Monday. Dell provides server, network and data storage services to Korea’s largest internet-only bank. The online meeting between the two was held last month to seek cooperation in cloud and big data solutions, Kakao said, without elaborating on w

Oct. 18, 2021

[News Focus] Will Windows 11 revive PC demand in South Korea?

Windows 11, released on Oct. 5 worldwide, is expected to offer a fresh round of changes for South Korean computer users, global PC makers and distributors, but a mix of unpredictable factors such as COVID-19, the chip shortage and the launch of compatible devices could affect how the new operating system will be received in the coming months. On major online communities here, users continue to share their experiences of Microsoft’s new operating system that comes with an overhauled user

Oct. 18, 2021

Google to launch new subscription bundle

South Korea’s smartphone makers and subscription service providers are expected to face increasing competition from Google, as the tech giant is set to introduce a subscription-based bundle that includes a phone and various Google services, to lock more users into its ecosystem. According to industry sources Monday, Google is likely to launch the Pixel 6 and Pixel 6 Pro smartphones in the US on Tuesday, local time. It is also set to unveil a new subscription service, Pixel Pass, which bu

Oct. 18, 2021