[KH Explains] Rates of ‘disease of kings’ gout doubling in Korea

Gout has long been thought of as a “disease of kings” due to its apparent link to a diet rich in meat and alcohol consumption. With rapid economic growth and dietary changes, the number of such patients has almost doubled in South Korea over the past decade. More recently, the incidence has been rising in people in their 20s and 30s. According to the National Health Insurance Service, more than half a million Koreans (508,397) suffered the disease in 2022, compared to 265,065 patient

Sept. 2, 2023

L’Oreal Korea, marking 30th anniversary, bets big on K-beauty

L’Oreal Korea, making its 30th anniversary this year, said Friday it would boost collaboration with South Korean partners to ride the K-beauty boom around the world. “Korea has a very strategic and strong role to play within the ecosystem of the North Asia Beauty Triangle,” Fabrice Megarbane, president of the company’s North Asia Zone and CEO of L’Oreal China, during a press conference at the Korean unit’s headquarters in southern Seoul. The North Asia Beauty

Sept. 1, 2023

Hyundai, LG to double funding for Georgia battery plant

Hyundai Motor Group and LG Energy Solution are poised to inject an additional $2 billion to build a joint electric vehicle battery manufacturing plant in the US state of Georgia, raising the total investment to more than $4.3 billion, the state government announced on Thursday local time. According to a press release by Georgia, with this expansion, Hyundai-LG’s joint battery plant and Hyundai’s EV manufacturing plant is set to bring around $7.59 billion in investment and create 8,50

Sept. 1, 2023

Seoul shares open nearly flat amid rate pause prospects

South Korean stocks opened almost flat Friday amid the outlook that the US Federal Reserve is likely to pause the interest rate hikes in its next policy meeting in September. The benchmark Korea Composite Stock Price Index rose 0.84 points, or 0.03 percent, to 2,557.11 in the first 15 minutes of trading. Stocks fluctuated in and out of positive terrain in the 15-minute period. Wall Street ended mixed Thursday as investors cemented bets the Fed will pause the interest rate hike, after data showed

Sept. 1, 2023

S. Korea's exports down for 11th month in Aug. on weak chip demand

South Korea's exports fell for the 11th consecutive month in August due mainly to weak demand for semiconductors and petroleum products, but the country reported a trade surplus for the third straight month, the industry ministry said Friday. Outbound shipments fell 8.4 percent on-year to $51.87 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. The decline came as exports of semiconductors, the country's key export item, sank 21 percent o

Sept. 1, 2023

Samsung lays out vision for smarter, sustainable living at IFA

Samsung Electronics Co. on Thursday shared its vision and technological developments for what it sees as the future way of living: fully connected homes and an eco-friendly lifestyle. The South Korean tech giant highlighted its latest products and innovations, built for sustainable and smart living, at a press conference, one day ahead of the official opening of the IFA tech trade show in Berlin. Samsung, which has participated in the tech show since 1991, did not offer any exclusive product lau

Aug. 31, 2023

Samsung, LG to boast enhanced connectivity at IFA

At this year’s IFA, Europe’s biggest home appliances trade show, two of South Korea’s tech giants, Samsung Electronics and LG Electronics, are set to showcase their latest premium products that maximize energy efficiency As the IFA celebrates its 99th anniversary this year, about 2,290 companies in the fields of IT, consumer appliances and telecommunication will take part from 50 countries. The five-day event, which kicks off in Berlin on Friday, will see 174 Korean companies t

Aug. 31, 2023

Corning starts producing bendable glass in Korea

US tech company Corning Inc. Chairman Wendell Weeks announced Thursday that the company is building the world’s first fully integrated supply chain to manufacture next-generation bendable glass technology in South Korea. Manufacturing of the latest product has already kicked off at its Asan plant in South Chungcheong Province. “Our latest innovation will enable new mobile device form factors and advanced automotive displays for more immersive driving experiences, making this a hub fo

Aug. 31, 2023

Renault Korea CEO aims high with hybrids

Amid fierce competition among carmakers in the Korean electric vehicles market, Renault Korea Motors vowed to accelerate the launch of hybrid cars running on an electric motor along with a gasoline engine until it boosts battery-powered vehicles in 2026. “Under our Aurora Project, we’re preparing for two types of batteries for hybrid cars and EVs. The company is working with battery suppliers inside and outside of Korea,” said Renault Korea Motors CEO Stephane Deblaise during a

Aug. 31, 2023

HDC steps up digital transformation efforts

Hyundai Development Co., a major real estate development and builder here, is pushing its digital transformation further to run its construction projects in safer and more precise ways. To do so, HDC has devised the HDC Estimate system based on Building Information Modeling (BIM), an intelligent tool that provides digital representation to architecture, engineering, and construction industry. With the system, it allows the developer to immediately calculate the amount of materials needed in the

Aug. 31, 2023

Hyundai Oilbank enables app users to pay for gas via Toss Pay

Hyundai Oilbank, Korea's major refiner, has enabled users of its mobile application Car& to make payments via Toss Pay, one of the most popular mobile payment methods here, offering a more convenient option for transactions. Customers can pay for gas via Toss Pay before visiting gas stations through the refiner’s mobile service dubbed “Smart Fueling,” using Toss Pay. Hyundai Oilbank Bonus Card members -- customers who get extra points or price reductions according to t

Aug. 31, 2023

Government attempts to reassure KFCC depositors

The government on Thursday stepped in to soothe public anxiety over the Korean Federation of Community Credit Cooperatives (KFCC), as depositors' distrust toward the nation's primary mutual financial institution lingers over its high delinquency rates. The joint briefing was organized by relevant agencies including the Ministry of the Interior and Safety, the Financial Services Commission and the KFCC. "Customer assets, including savings deposits, are guaranteed to remain secure u

Aug. 31, 2023

Seoul shares snap 3-day rise amid US rate pause outlook

South Korean stocks closed marginally lower Thursday, snapping a three-day winning streak, amid growing expectations the US Federal Reserve may pause the interest rate hike after a set of fresh economic data signaled a cooling economy. The local currency inched up against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.95 points, or 0.19 percent, to close at 2,556.27. Trading volume was moderate at 461.5 million shares worth 10.8 trillion won ($8.16 billion), with decliners

Aug. 31, 2023

Hyundai’s Chung Mong-koo archery competetion kicks off

Hyundai Motor Group is sponsoring the Hyundai Motor Chung Mong-koo Cup Korea Archery Competition 2023, investing considerable effort to support development of the sport, the auto giant said Thursday. With the aim of providing quality experiences for Korean archery players, the conglomerate decided to sponsor this year’s competition along with its affiliates Kia, Hyundai Mobis and Hyundai Steel. Kicked off Wednesday, the nation’s most prestigious archery competition will take place at

Aug. 31, 2023

[Photo News] GM Korea chief visits Boryeong

Hector Villarreal (second from right), president and CEO of General Motors Korea, visited the company’s Boryeong plant in South Chungcheong Province on Wednesday to mark that the number of six-speed automatic transmission manufactures at the facility has reached 6 million units. The plant started to produce the transmission in 2007, as the first among the carmaker’s production facilities, and was recognized for its stellar production record by the Harbour Report indicator up to 2020,

Aug. 31, 2023

SK On co-develops more advanced lithium-ion conductivity

SK On announced on Thursday that it has developed in collaboration with Dankook University an innovative solid-state battery component that is expected to significantly extend battery lifespans and reduce charging times, with implications across industries, from portable devices to electric transportation. The component is a new oxide-based solid-state electrolyte called lithium-lanthanum-zirconium-oxygen, or LLZO, and boasts the highest lithium-ion conductivity to date. The findings of the rese

Aug. 31, 2023

Woori wins global approval for net-zero target in shortest period

South Korean financial conglomerate Woori Financial Group announced Thursday that it obtained approval for its carbon reduction target from a global climate science organization earlier this month, saying that it took the shortest period among other domestic companies in the industry. The Science Based Targets initiative or SBTi, is a global organization which was jointly founded in 2015 by the Carbon Disclosure Project, the United Nations Global Compact, and the World Wide Fund for Nature. Co

Aug. 31, 2023

Samsung Heavy wins certification for floating CO2 storage unit

South Korean shipyard Samsung Heavy Industries Co. said Thursday it has won an approval in principle for a floating carbon dioxide storage unit (FCSU) from Norwegian accredited registrar and classification society DNV. The floating unit, developed jointly with Malaysia's MISC Berhad, is 330 meters long and 64 meters wide, and is capable of storing 100,000 cubic meters of liquid CO2 at temperatures of minus 50 C and below, Samsung Heavy said. The shipyard said its FCSU is able to store CO2 c

Aug. 31, 2023

Seoul shares open higher amid US rate pause outlook

South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street, as the latest US data bolstered bets that the US Federal Reserve may pause the interest rate hike in the next policy meeting. The benchmark Korea Composite Stock Price Index rose 4.57 points, or 0.18 percent, to 2,565.79 in the first 15 minutes of trading. The US economy grew at a 2.1 percent annual pace in the second quarter, falling short of a 2.4 percent expansion estimate. Payrolls in the private sector slow

Aug. 31, 2023

Industrial output, retail sales, facility investment lose ground in July

South Korea's industrial output, retail sales and facility investment lost ground from a month earlier amid growing concerns of an economic slowdown, data showed Thursday. The industrial output fell 0.7 percent in July from a month earlier after standing still in June, according to the data from Statistics Korea. The three indicators lost ground at the same time for the first time since January. The output in the mining, manufacturing, gas and electricity industries decreased 2 percent due

Aug. 31, 2023