1st meeting to set 2024 minimum wage falls apart

The first negotiating session for next year's minimum wage fell through Tuesday, as public sector representatives stayed away from the meeting in protest of labor activists shouting slogans in the conference room. The tripartite Minimum Wage Commission, which is composed of nine members each from labor, business and public sectors, was scheduled to meet for its first plenary meeting at 3 p.m. Tuesday to determine the minimum wage for 2024. But public sector representatives, including Commis

April 18, 2023

[Photo News] Volkswagen to foster tech talent in Korea

Volkswagen Group Korea said Tuesday it has signed a memorandum of understanding with 42 Wolfsburg, a German nonprofit coding school, the German Embassy in Korea and a consortium led by Seoul’s Education Ministry to nurture young tech talent in the automotive software sector. The signing ceremony was held Thursday in commemoration of the 140th anniversary of diplomatic ties between Korea and Germany, with German Ambassador to Korea Michael Reiffenstuel (front, center) and Volkswagen Group K

April 18, 2023

Soju's main ingredient posts biggest price jump in 20 years

The price of spirits used to make soju products went up Tuesday, marking the biggest jump in the last 20 years. The price hike comes for a second consecutive year, increasing burdens on local soju makers. Korea Ethanol Supplies Co. said Tuesday it has raised the price by 9.8 percent. The price hike will apply to all soju makers as the company is the country's sole distributor of the spirit. The latest 9.8 percent increase follows an 8 percent raise last year, and it is the highest increase

April 18, 2023

Seoul shares snap 7-day winning streak to close lower

South Korean stocks finished down Tuesday, breaking their seven-day streak of gains amid concerns over possible rate hikes in the United States. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 4.82 points, or 0.19 percent, to close at 2,571.09. Trading volume was high at 882.9 million shares worth 13.9 trillion won ($10.5 billion), with losers outnumbering gainers 577 to 309. Institutions sold a net 664 billion won worth of stocks, while foreig

April 18, 2023

Korea extends tax cut on fuel for 4 more months

The Korean government will extend the current tax cut imposed on fuel until the end of August, the Finance Ministry announced Tuesday. Fuel tax reductions -- namely a 25 percent cut for gasoline, and 37 percent cuts for diesel and the liquefied petroleum gas butane -- which were to end in April, will last for another four months, considering the rising prices of oil, the ministry said. The cut pulls down gasoline prices by cutting tax worth 205 won ($0.16) from 820 won to 615 won per liter, di

April 18, 2023

[Photo News] Hyundai N makes China debut

Hyundai Motor Group said it has unveiled its high performance car N Brand model The New Elantra at the Shanghai International Automobile Industry Exhibition in China for the first time in the world. The Elantra model, scheduled for launch by the end of this year, is part of Hyundai's renewed sales push in China. Mufasa, the compact sport utility vehicle waiting for debut in June, was also showcased during the event.

April 18, 2023

US strips Hyundai, Kia cars of eligibility for EV tax credits

All Hyundai and Kia cars are no longer eligible for tax credits for electric vehicles in the US amid increased protectionist sentiment there. As the result of the Inflation Reduction Act that took effect in August last year, the US Treasury Department on Monday announced a total of 16 EV models that will qualify for a tax credit of up to $7,500. All of the cars are produced by US carmakers, including Tesla, GM, Ford and Stellantis. The list includes: Tesla’s Model 3 Performance, Model

April 18, 2023

SC Bank Korea offers savings account with 3.6% interest rate

Standard Chartered Bank Korea announced Tuesday it has launched a promotion for new clients signing up for its “Jaeil EZ account,” promising first-time customers interest rates of up to 3.6 percent per year, even to those who deposit their funds for a single day. Jaeil EZ account is a high-interest money market demand account providing a basic daily interest rate of 2.6 percent. Newcomers can enjoy an additional 1 percent interest rate during the first six months without any addition

April 18, 2023

Samsung may ditch Google for Bing

Speculation is growing that Samsung Electronics may be ditching its close ties with Google by replacing the default search engine for its flagship Galaxy devices with Microsoft’s Bing which has been upgraded with OpenAI’s powerful chatbot, ChatGPT. According to industry sources and media reports on Tuesday, Samsung was considering switching to Bing last month, putting roughly $3 billion in annual revenue at risk for Google. Citing internal documents, the New York Times reported that

April 18, 2023

[KH Explains] Why Kolon bets big on space startups

Fashion and materials conglomerate Kolon Group is eyeing the aerospace business as its driver of future growth, following its belief that the group’s know-how in producing various composite materials will prove competitive in the space sector. Kolon set in motion its vision to foray into the space business in 2019, starting with its venture capital unit Kolon Investment’s 1 billion won ($757,679) investment in Innospace, a South Korean startup specializing in developing hybrid space

April 18, 2023

LG chief orders to bolster leadership in batteries

LG Group Chairman Koo Kwang-mo inspected the cathode manufacturing plant of LG Chem, the group's chemical arm, on Tuesday, checking on the company's global supply strategy amid rising demand in the electric vehicle market. During his visit to the chemical firm's cathode manufacturing plant in Cheongju in North Chungcheong Province, Koo was briefed on the production and global supply strategy, LG said. “Cathodes are the foundation for securing a competitive edge in the batter

April 18, 2023

SKT to enter US market with new broadcast solution

SK Telecom announced Tuesday it would enter the American market by providing a next-generation broadcast solution built with mobile edge computing technology to Sinclair Broadcast Group, a provider of local news and sports coverage in the US. MEC refers to the real-time processing of large amounts of data by devices and applications close to end-user devices, rather than a centralized data hub. Incorporating MEC technology, SKT developed Petasus Media -- a combination of SKT’s MEC solution

April 18, 2023

Daewoong inks deal with Sygnature Discovery for drug discovery

South Korea’s Daewoong Pharmaceutical said Tuesday it has signed a deal with Sygnature Discovery, a UK-based discovery and preclinical solutions provider, to find potential candidates for autoimmune diseases treatment. Under the agreement, Daewoong Pharmaceutical will use Sygnature Discovery’s drug discovery technology, such as "fragment-based drug discovery," and virtual screening to find effective substances to use in treatments. “We are engaging in collaborations t

April 18, 2023

[Contribution] Time to push SME-led R&D innovation

By Cho Ju-hyeon Small and midsized enterprises in Korea have shown remarkable progress in innovation in the global markets, pushing the need for systematic support from the government. Of the 20 Innovation Awards winners at the 2023 Consumer Electronics Show held in January, nine were Korean companies. Among them, five were ventures and startups. This result was driven by continuous efforts from small companies, as well as the government’s stable funding in research and development. Bu

April 18, 2023

[Herald Interview] Local airports to support boost in inbound travel: KAC CEO

With heightened interest in South Korea’s vibrant entertainment and culture, Korea Airports Corp. CEO Yoon Hyeong-jung vowed to create growth momentum for local airports as regional hubs for international tourism. “During the COVID-19 pandemic, the Korean culture boom has increased the appetite for traveling to the country to the highest level -- not just to Seoul but also to other regions, which had faced challenges in the tourism industry compared to metropolitan areas,” sa

April 18, 2023

Seoul shares open lower amid rate hike worries

Seoul shares opened lower Tuesday as investors are concerned about possible additional rate hikes by the US Federal Reserve and a possible economic slowdown. The benchmark Korea Composite Stock Price Index fell 5.87 points, or 0.23 percent, to 2,570.04 in the first 15 minutes of trading. The Kospi bucked overnight gains on Wall Street. The Dow Jones Industrial Average rose 0.3 percent and the tech-heavy Nasdaq Composite also climbed 0.28 percent. This week, investors are awaiting the release of

April 18, 2023

Imports of Japanese seafood jump 21 % in Q1 amid tainted water concerns

South Korean imports of Japanese seafood swelled nearly 21 percent in the first quarter of 2023 despite concerns over Tokyo's planned release of contaminated water from its crippled nuclear power plant, government data showed Tuesday. Seoul imported $48.6 million worth of fishery products from the neighboring country in the January-March period, up 20.9 percent from a year earlier, according to the data from the Korea Customs Service. It marked the largest first-quarter value of Japanese se

April 18, 2023

Posco Group's market cap up 50% this year

Posco Group has seen an increase of more than 20 trillion won ($15.2 billion) in its market capitalization this year, buoyed by anticipated gains in its battery businesses. According to data released by Korea Exchange on Monday, the combined market capitalization of Posco Group's listed firms came to around 63.5 trillion won as of Sunday, up by around 50 percent -- some 23 trillion won -- from early 2023. Posco Group's market capitalization also surpassed that of Kakao, which came to 4

April 17, 2023

Woomi Construction invests in Fifth Wall’s proptech fund

Korean construction company Woomi Construction said Monday it has signed a contract to invest in global asset management company Fifth Wall’s Real Estate Technology III for Early Stage Ventures Fund, also called Fund III, on March 31. This decision comes as part of Woomi’s efforts to continue investing in property technology, or proptech, and expand its foothold in the global investment sphere. Property technology refers to the application of information technology tools and the plat

April 17, 2023

[KH Explains] Why Galaxy Watch won't support Samsung Pay in Korea for some time

The highly publicized debut of Apple Pay last month has prompted unexpected calls in South Korea for Samsung Pay to be usable with the Galaxy Watch. Apple Pay became available in March here nearly a decade after its debut in the US in 2014. All Apple mobile devices, including iPhones and Apple Watches, support the new feature based on near-field communication technology. Amid the buzz surrounding Apple Pay, a growing number of Galaxy Watch users are now wondering why they cannot use Samsung Pay

April 17, 2023