[Behind the Wheel] Solid family vehicle Volvo XC90 made more eco-friendly with B6 engine

Volvo Cars Korea was once one of the back markers in South Korea’s automotive market, but it has emerged as a force to be reckoned with in recent years, thanks to its reputation for safety. As cases accumulated over time that highlighted Volvo cars’ strength, the automaker’s sales, which were still below 2,000 units in 2013, have surpassed the 10,000-unit mark for two years running, setting a new sales record of 12,798 units in 2020. Now, the automaker is charging ahead for

May 27, 2021

SPC Samlip brings US yogurt brand Chobani to Korea

South Korean food company SPC Samlip has signed an exclusive contract with US-based Chobani to distribute and sell their yogurt products here, the company said Thursday. Starting July, SPC Samlip said it will exclusively supply Chobani products to retailers here, and also work on producing new products under the brand using homegrown ingredients. Chobani supports the Farmer’s Assuring Responsible Management animal welfare program, which ensures that farms supplying milk to the company

May 27, 2021

Kia to run a ‘pick up and charge’ service for EV users

Kia, the carmaker affiliated with Hyundai Motor Group, will run a pilot “pick up and charge” program for the convenience of electric vehicle users, officials said Thursday. “We have come up with an on-demand pick up and charge system in order to reduce any inconvenience that all-electric vehicle drivers may face in everyday life,” the company said in a release. To go with the service, which will be available 24 hours a day in most parts of the country, the company has

May 27, 2021

HMM vows to halve carbon emission by 2030

South Korea’s top shipping company HMM -- formerly Hyundai Merchant Marine -- has vowed to halve carbon emissions by 2030, as part of its blueprint to attain carbon neutrality by 2050. The announcement came during a preliminary session of the 2021 P4G, Partnering for Green Growth and the Global Goals 2030, an event held Wednesday at Seoul’s Dongdaemun Design Plaza, officials said Thursday in a release. “HMM saw its carbon emission volume reduced by 40 percent from 2008 to 20

May 27, 2021

Eco-friendly KTX-Eum showcases homegrown high-speed train technology

Have you tried the KTX-Eum yet? This eco-friendly high-speed train is South Korea’s first to feature homegrown technology. The KTX-Eum began operating along the central line in January, making it possible to travel from Cheongnyangni Station in Seoul to Andong, North Gyeongsang Province, in just two hours. While other KTX trains have power cars on either end, the KTX-Eum’s power system is dispersed, making it possible for more passengers to be on board and for the train to slow dow

May 27, 2021

[Herald Interview] Korail CEO Son Byung-seok maps out new future

Could South Korea’s railroad network one day be connected all the way to Europe? It’s a vision the country has long hoped for, after its railroad tracks were severed at the 38th parallel border line during the 1950-53 Korean War that now divides the North from the South. The war has left South Korea “an island,” Son Byung-seok, CEO of Korea Railroad Corp. said in an interview with The Korea Herald. That’s why a railway link from Northeast Asia to Europe would pl

May 27, 2021

Seoul stocks inch down ahead of key US data, MSCI rebalancing

South Korean stocks closed a tad lower Thursday, as investors wait for key economic data from the United States later this week, which is widely seen as a gauge for a potential rate hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 2.92 points, or 0.09 percent, to close at 3,165.51 points. Trading volume was high at about 1.1 billion shares worth some 19.9 trillion won ($17.8 billion), with gainers outnumbering losers 496 to 360. Fo

May 27, 2021

Seoul apartment prices undeterred by market intervention

An upward trend for apartment prices in Seoul has continued for 40 weeks in a row, since last June, according to the state-run Korean Real Estate Board on Thursday. Market experts say unstoppable apartment price increases in Gangnam have driven the growth, inflating home prices in other regions in and around Seoul. The rate of increase stayed between 0.1 percent and 0.2 percent during most of the second half last year, and this year it increased from 0.06 percent in the first week of January

May 27, 2021

Central bank hints at rate hike, raises growth forecast to 4%

South Korea’s central bank on Thursday took a more hawkish stance toward an interest rate hike by the end of the year, while upgrading its economic outlook for this year to 4 percent. In a briefing tied to a monetary policy meeting held earlier in the day, Bank of Korea Gov. Lee Ju-yeol hinted that the policy board has discussed the possibility of a policy shift. “If the economic situation improves, then there is a need to adjust the measures in line with the situation,” Lee

May 27, 2021

Korea joins US-led Artemis Accords for space exploration

South Korea has become the 10th member of an international program for peaceful exploration of the space led by the United States, the Ministry of Science and ICT said Thursday. Science and ICT Minister Lim Hye-sook signed the Artemis Accords on behalf of the Korean government as a follow-up measure of the Korea-US presidential summit last week, the ministry said. The Artemis Accords is an international agreement among governments participating in the Artemis Program, a US-led effort to

May 27, 2021

Samsung rolls out LED package with highest light efficacy

Samsung Electronics is rolling out a new mid-power LED package, the LM301B EVO, which boasts the highest light efficacy and innovative color quality for indoor and industrial applications, the company said Thursday. The latest Samsung LED package, built on the tech giant’s proprietary flip-chip design, features the industry’s highest efficacy of 235 lumens per watt, by applying a new reflective material inside the packaging mold and improving phosphor conversion efficiency. The p

May 27, 2021

Korean food exports soar to record high amid pandemic

South Korea’s food exports advanced 14.6 percent on-year in 2020, despite an overall export slump on the back of the lingering pandemic, customs data showed Thursday. Overseas shipments reached an all-time high of $4.28 billion last year, compared with $3.73 billion posted in 2019, according to the Korea Customs Service. Livestock and fishery products were not counted in the figures, and neither were alcohol or other beverages. The upward trend continued so far this year, amounting to $1

May 27, 2021

Hanwha Solutions to begin supplying hydrogen fuel for cars

Hanwha Solutions, the chemical arm under Hanwha Group, said Thursday that it will begin supplying hydrogen fuel to car parts company Hyundai Mobis, a step toward a more active role in the expanding hydrogen market. The company’s plan is to produce a total of 48 tons of hydrogen over two years starting in July, and gradually increase the supply in line with the establishment of related infrastructure. The move marks the chemical company’s foray into the country’s automotive hy

May 27, 2021

Central bank says leveraged crypto trading threatens banking system

Leveraged cryptocurrency trading by individuals in South Korea threatens the nation’s financial system, Bank of Korea Gov. Lee Ju-yeol said Thursday. Given the price volatility of virtual assets, increased trading in such assets leaves Korea’s financial system subject to instability, Lee said in a press conference after a monetary policy committee meeting. “An excessive level of leveraged cryptocurrency trading puts households at risk of financial damages considering the in

May 27, 2021

Hyundai Engineering selected as preferred bidder for construction project in Poland

Hyundai Engineering is accelerating efforts to gain a bigger foothold in the European plant construction market, having been chosen as a preferred bidder for a 2 billion-euro ($2.4 billion) deal in Poland. The South Korean firm has teamed up with Spain’s Tecnicas Reunidas for the project, lead by Poland’s PKN Orlen, one of the biggest oil refiners and petroleum retailers in Central and Eastern Europe, to build a petrochemical complex in Plock, central Mazovia, about 120 kilometers

May 27, 2021

Authorities to discuss green finance during P4G Seoul Summit

South Korea’s top financial regulator said Thursday it will host a special session ahead of the upcoming P4G Seoul Summit to discuss the finance industry’s role in the global fight against climate change. The event will be held virtually on Saturday at 8 p.m. under the theme of “Role of Finance in Post COVID-19 Green Recovery,” convened by Financial Services Commission Chairman Eun Sung-soo, Environment Minister Han Jeoung-ae, Korea Development Bank Chairman Lee Dong-gul

May 27, 2021

Line Plus, NuriFlex to develop CBDC payment platform targeting Latin America, Africa

Line Plus, a subsidiary of the Naver-owned Line Corp., said Thursday that it had signed a memorandum of understanding with NuriFlex, a global provider of blockchain-based payment solutions, to develop a transaction platform for central bank digital currency targeting Latin American and African countries. Under the business partnership, the two companies will set up the envisioned payment system in a way that complies with Latin American and African states’ financial regulations and provid

May 27, 2021

Samsung launches new shoe care appliance

Samsung Electronics Co. on Thursday launched a shoe refresher as the South Korean tech giant eyes bolstering its sales with new lifestyle appliances amid the pandemic. Samsung's BESPOKE ShoeDresser is a footwear care appliance that can deodorize, dehumidify and dry shoes. The product, which can manage a maximum three pairs of shoes, comes in four colors -- cotta white, cotta charcoal, glam greenery and glam sun yellow. It will be sold between 999,900 won ($890) and 1.099 million won here. Sam

May 27, 2021

Retail sales up 13.7% in April amid extended pandemic

Retail sales in South Korea shot up 13.7 percent on-year in April on the back of an economic recovery amid the prolonged COVID-19 pandemic, data showed Thursday. The combined sales of 25 major offline and online retailers reached 12.3 trillion won (US$11 billion) last month, up from 10.8 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores jumped 11.2 percent over the cited period as consumers, less wary of the pan

May 27, 2021

S. Korea to invest W90b on development of clean fuel

South Korea said Thursday it plans to allocate 90 billion won ($80.6 million) by next year to carry out research and development projects for electrofuel, in line with its vision to go carbon neutral by 2050. Electrofuel refers to an environment-friendly energy source that can be used in traditional fossil fuel-powered automobiles. It is produced by synthesizing hydrogen and other gases, including carbon dioxide and nitrogen. South Korea announced last year it will effectively reduce its emiss

May 27, 2021