Kia rebrands itself as mobility solution developer

Kia announced Friday a new brand strategy and future ambitions to transform the company to go beyond vehicle manufacturing to create mobility solutions for customers. In a digital showcase event on the company’s official YouTube channel, South Korea’s second-largest automaker announced a new corporate name removing “Motors” from its previous name of Kia Motors Corp. This signals the brand breaking away from its traditional manufacturing-driven business model to expan

Jan. 15, 2021

BOK chief says stock markets rise at 'very fast clip'

Bank of Korea Gov. Lee Ju-yeol on Friday expressed concerns about the stock market’s recent rally, warning retail investors that their debt-backed equity buying spree could lead to big losses. The country’s benchmark Kospi has been on a bullish run since November, setting record highs last week when the market closed above the 3,000 mark on Jan. 7 for the first time in its 38-year history. Individual investors have continued to snap up shares amid record-low interest rates and abun

Jan. 15, 2021

Seoul stocks tumble on profit-taking

South Korean stocks dipped more than 2 percent Friday as investors booked profits from a recent rally. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 64.03 points, or 2.03 percent, to close at 3,085.9 points. Trading volume was high at about 1.3 billion shares worth around 22.8 trillion won ($20.7 billion), with losers outnumbering gainers 626 to 240. The KOSPI opened higher, buoyed by a massive stimulus proposal by US President-elec

Jan. 15, 2021

Market Kurly wins packaging award for cooling cardboard box

Grocery delivery firm Market Kurly has won an award for its insulation packaging from the World Packaging Organization, the company said on Friday. The WorldStar Global Packaging Award was given to 194 recipients this year, including Market Kurly, which won the prize in the transit category for its eco-friendly insulated corrugated box. The recyclable, corrugated packaging mimics the insulation effect of a cooler with a pad attached to the insides of the box, allowing a layer of air to form b

Jan. 15, 2021

AI chatbot creator to discard data, algorithms used in controversial persona

The South Korean developer of a controversial female chatbot said Friday it will discard all data and learning algorithms used in training the artificial intelligence (AI) platform amid mounting criticism over its data collection process and hate speech. Scatter Lab, a Seoul-based startup, said it has decided to pull the plug on its 20-year-old female chatbot persona called Lee Luda and dispose of its database and deep learning algorithms to address concerns among its users. The company on Mon

Jan. 15, 2021

T'way Air to continue 'international flights to nowhere' later this month

Low-cost carrier T’way Air said Friday it will fly two more international flights to nowhere later this month, flying over Fukuoka, Japan. Passengers for the flights scheduled to take off from Incheon Airport on Jan. 30 and 31 will enjoy special deals for shopping at Lotte Duty Free stores as well as coupons and souvenir goods such as a calendar and blanket, the company said. “You will be able to enjoy the feelings of traveling as well as shopping with this new flight and have a un

Jan. 15, 2021

Hyundai to build 1st overseas hydrogen fuel-cell systems plant in China

Hyundai Motor Co. said Friday it will build its first overseas hydrogen fuel-cell systems plant in China to make a presence in global hydrogen markets. Hyundai will produce 6,500 fuel-cell systems for hydrogen-powered vehicles annually at the plant in China's southern city of Guangzhou, starting in the second half of 2022. It will consider increasing the production depending on future market demand, the company said in a statement. The plant's construction begins next month. The South Korean

Jan. 15, 2021

LG Uplus to terminate 2G services by June

LG Uplus Corp., a major South Korean telecom operator, said Friday it will phase out its 2G services by the end of June, a move that would mark the complete termination of the country's aging network. The carrier said it has applied to end its 2G operations with the government and will decide on a specific time frame for the service's termination. The move comes after SK Telecom Co., South Korea's largest wireless provider, ended its 2G services in July last year, while rival KT Corp. shut dow

Jan. 15, 2021

Kia to launch 7 new platform-based EV models by 2027

Kia Corp., South Korea's second-biggest carmaker by sales, said Friday it will launch seven all-electric models by 2027 to gain a share of the growing electric vehicle market. Kia said it will release its pure electric crossover model based on a new EV platform called the electric-global modular platform (E-GMP) in the first quarter, the company said in a statement. The new vehicle with the project name of "CV" will be the first global model to bear Kia's new logo. It also comes with

Jan. 15, 2021

RCI Financial Services rolls out auto finance app

RCI Financial Services Korea, an affiliate of Renault Samsung Motors, launched a mobile app which enables customers to apply for loans remotely after signing a contract to buy a car, the firm said Friday. The new Renault Finance app is developed to apply and complete loan application without visiting dealer shops through a simple verification process online. Evaluation on loan applicants will run 24 hours a day, seven days a week for a broader range of customers including foreigners residing h

Jan. 15, 2021

BNP Paribas to exit from asset management joint venture with Shinhan

France-based BNP Paribas Asset Management Holding is set to divest its entire stake in its South Korean joint venture with Shinhan Financial Group, the Korean banking group said Friday. Shinhan BNP Paribas, a 65:35 joint venture of Korea‘s second-largest banking group by total assets and the French counterpart, will become a fully owned subsidiary of Shinhan, as the former has decided to buy out the 35 percent stake from its partner. The two companies inked an agreement on Dec. 30, 202

Jan. 15, 2021

Galaxy S21 draws 57m viewers during Unpacked event

The debut of the Galaxy S21 series, the first smartphones to be released globally in 2021, drew the largest number of viewers to its hourlong virtual Unpacked show in the wee hours of Friday morning here. According to Samsung Electronics, as many as 57 million viewers around the world tuned in to the show streamed via YouTube and the company’s homepage to check out the newest mobile devices to become available this year. The number of viewers marked the largest for an online unveiling

Jan. 15, 2021

Health and tech giants meet for ‘vaccination passports’

To combat the pandemic in 2021, private industries and nonprofit organizations are developing vaccine passports or identification cards that can serve as proof of inoculation to governments and businesses, including airlines. The ID card targets both domestic and international purposes of use, such as simply going out to theaters or stadiums, or traveling abroad to neighboring countries. On Thursday, Microsoft, Salesforce and Oracle, in collaboration with the US health care nonprofit Mayo Cli

Jan. 15, 2021

Posco Chemical raises W1.3tr through stock issuance

Posco Chemical Co., an affiliate of South Korea's steel giant Posco Group, said Friday it has raised 1.3 trillion won ($1.1 billion) by new stock sales to fund its rechargeable battery material business. Posco Chemical said it sold 16.47 million shares at 77,300 won to the company's employee stock ownership association and existing shareholders between Wednesday and Thursday, with its subscription rate at 103 percent. The new shares will be listed on the Seoul bourse on Feb. 3, the firm said.

Jan. 15, 2021

Samsung unveils new flagship phone with BTS, viral Korean act

Samsung Electronics Co. unveiled its new flagship Galaxy S21 series phones on Friday, featuring trendy K-pop acts such as megastar BTS and eccentric alternative group Leenalchi, as the South Korean tech giant eyes capturing young smartphone users around the world. The South Korean smartphone maker introduced the Galaxy S21 series, which comes in three models -- the 6.2-inch S21, the 6.7-inch S21+ and the 6.8-inch S21 Ultra -- at the livestreamed online Galaxy Unpacked 2021 event that drew in a

Jan. 15, 2021

Economic uncertainty continues amid flare-up in COVID-19: finance ministry

The South Korean economy faces persistent uncertainty as a resurgence in new coronavirus cases and stricter virus curbs are hampering domestic demand, the finance ministry said Friday. Domestic demand and the job market remained sluggish, affected by the third wave of the COVID-19 pandemic and tougher social distancing rules, according to the Ministry of Economy and Finance. "Though the country's exports are improving, the real economy faces continued uncertainty, with domestic demand shr

Jan. 15, 2021

[Graphic News] Exports of kimchi hit all-time high through October amid pandemic

　South Korea’s exports of kimchi reached an all-time high in the first 10 months of 2020, data showed, on the back of growing global demand for healthier foods amid the new coronavirus pandemic. 　Outbound shipments of kimchi over the January-October period of last year came to $119 million, rising 36.4 percent from a year earlier, according to the data compiled by the Korea International Trade Association. 　The export volume also set a fresh high of 32,000 tons during the cited perio

Jan. 15, 2021

BOK keeps key rate at record low as pandemic persists

South Korea's central bank on Friday held its policy rate unchanged at a record low of 0.5 percent, as the fallout from a third wave of the new coronavirus hurt the scope of maintaining an economic recovery. As widely expected, the monetary policy board of the Bank of Korea (BOK) voted to leave the base rate steady in this year's first rate-setting meeting. In November last year, the BOK froze the key rate as economic uncertainty heightened amid a flare-up in new coronavirus cases. To bolster

Jan. 15, 2021

Seoul stocks open higher on US stimulus proposal

South Korean stocks opened higher Friday, as investor sentiment was boosted by a massive stimulus proposal by US President-elect Joe Biden that fueled hopes of speedy global recovery from the pandemic. The benchmark Korea Composite Stock Price Index rose 11.13 points, or 0.35 percent, to 3,161.06 points in the first 20 minutes of trading. Samsung Electronics shed 0.78 percent, and No. 2 chipmaker SK hynix advanced 1.92 percent. Leading chemical firm LG Chem retreated 0.3 percent, but recharge

Jan. 15, 2021

S. Korea puts priority on increasing home supply to ease housing crunch

South Korea will put priority on increasing housing supply by lowering construction regulations in the densely populated urban area and supporting redevelopment projects to stabilize the housing market, the finance minister said Friday. Finance Minister Hong Nam-ki said housing stability is one of the government's most pressing tasks, vowing to make use of all available policy measures to rein in the heated market. "The government will put priority on supplying new housing units this year

Jan. 15, 2021