Customs agency allows imports of full-body sex dolls

South Korea's customs agency said Monday it has started permitting imports of full-body sex dolls, three years after the country's top court ruled they are not "obscene materials." The Korea Customs Service had been allowing imports of sex dolls that depict particular human body parts, but not life-size dolls, since July. The agency, however, said dolls depicting minors -- based on height, weight, and face -- will still not be permitted. Those resembling a specific person wil

Dec. 26, 2022

Jobs at public organizations to be reduced amid economic slump

South Korea plans to reduce some 4 percent of jobs at state-run organizations by 2025, the finance ministry said Monday, in line with efforts to tighten its belt amid the economic slump. Under the plan, the country will eliminate 17,230 jobs at public organizations, according to the Ministry of Economy and Finance. It marks the first job cut scheme for such institutions since 2009. A separate batch of 4,788 workers will be reassigned with new duties over the period, it added. The ministry said t

Dec. 26, 2022

Seoul stocks open tad lower on recession woes

South Korean stocks opened slightly lower Monday as investors took to the sidelines amid the recession woes. The benchmark Korea Composite Stock Price Index had slipped 1.68 points, or 0.07 percent, to 2,312.01 points as of 9:15 a.m. Stocks got off to another muted start, with the KOSPI retreating every session since Dec. 15, except for last Thursday, amid a pessimistic economic outlook for 2023 and monetary tightening moves in major economies. In Seoul, top cap Samsung Electronics traded flat,

Dec. 26, 2022

Korean strawberries showcased in Vietnam

The Korea Agro-Fisheries and Trade Corporation (aT) said Sunday it had hosted the “Korean Premium Strawberry Launching Show” on Dec. 16, in Hanoi, Vietnam, together with Korea’s Ministry of Agriculture, Food and Rural Affairs and integrated strawberry export organization K-Berry. The event invited local food importers, online influencers, and retail firms to introduce them to different Korean strawberry breeds. Participants were able to try samples of four Korean premium strawb

Dec. 26, 2022

Coway boosts eco-friendly projects

South Korean home appliance maker Coway said Sunday it has been expanding its eco-friendly management in 2022 through clean energy and environment preservation projects. Coway has been installing solar energy plants on the rooftops of its facilities since 2013. Most recently it began construction of a solar power plant in October on the roof of its global sleep technology subsidiary iOBED’s plant in Paju, Gyeonggi Province. The solar plant will begin operation in the first half of 2023, an

Dec. 26, 2022

[Test Drive] All-new Grand Cherokee blends off-road features with luxurious city driving

The Grand Cherokee -- Jeep’s flagship sport utility vehicle -- has been at the top of the game in the global SUV market. As the most-awarded SUV model, it has won over 700 accolades since its first generation made its debut in 1992, according to the carmaker. The all-new Grand Cherokee 4xe, a plug-in hybrid SUV that recently became available for sale in South Korea, features the carmaker’s latest EV technology and off-road strengths. The Grand Cherokee 4xe allows drivers to select

Dec. 25, 2022

Where do the superrich keep their money?

In Seoul’s Apgujeong in Gangnam-gu, home to many of Korea’s rich families, an elegant seven-story building draws the gaze of passersby. The eye-catching building is established by KB Financial Group to offer hyperpersonalized financial services to the wealthiest people in the country. This place goes well beyond what people usually expect of commercial banks. Instead of having to grab a queue ticket, customers are served with a cup of coffee a barista stationed in the building just b

Dec. 25, 2022

Analyst reports going virtual

More brokerage firms are turning to new technologies such as virtual humans, artificial intelligence and short form video content to improve the accessibility of their analyst reports and appeal to a growing number of young investors. Earlier this month, Korea Investment & Securities rolled out a new virtual human called Han Ji-ah to promote its research reports. The character, developed to resemble new employees who entered the company this year, summarizes and explains research reports in

Dec. 25, 2022

International flight passengers exceed domestic travelers for first time since pandemic

The number of international flight passengers exceeded domestic travelers for the first time since the onset of the coronavirus pandemic in 2020, data showed Sunday, with the figure still remaining at half the pre-pandemic levels. According to data from the Ministry of Land, Infrastructure and Transport, the number of international flight passengers was 3.08 million in November, while the figure for domestic flight passengers was 2.85 million. It was the first time the country saw the number of

Dec. 25, 2022

'Half-baked' chips act falls short of drastic corporate tax cuts

South Korea last week passed a revision bill being deemed the "Korean chips act," expanding tax benefits for investments in the semiconductors industry. But the bill has done little to appease stakeholders in the industry, who said the increased tax cuts are too little to boost their competitiveness against other countries that have adopted their own chips laws. The National Assembly on Friday passed the revision bill to the Restriction of Special Taxation Act, which raised the corpora

Dec. 25, 2022

Posco, Energyn succeed in localizing hydrogen tanks

South Korean steelmaker Posco and local gas containment equipment manufacturer Energyn have localized the production of hydrogen storage tanks, according to Posco on Sunday. Hydrogen storage tanks are used to store highly compressed, gaseous hydrogen in electric vehicle charging stations. Currently, US-based global provider of gas containment equipment FIBA Technologies dominates Korea's hydrogen storage tank market. However, Energyn, a Korean producer of various modules for hydrogen chargi

Dec. 25, 2022

Imported car registrations exceed 3m in S. Korea

Cumulative imported vehicle registrations in South Korea have exceeded 3 million units, as a growing number of customers purchase foreign brands instead of local ones, government data showed Sunday. The number of imported car registrations had reached 3.17 million, or 12 percent of the country's overall car registrations of 25.46 million, as of the end of November, according to the Ministry of Land, Infrastructure and Transport. In 2011, the country's import car registrations stood at

Dec. 25, 2022

SKC to showcase semiconductor, secondary battery materials at CES

SKC Co., a chemical materials unit of SK Group, said Sunday it will present a range of key products, including a semiconductor glass substrate, battery-grade copper foil and bioplastics, at an upcoming US tech exhibition next week. The glass substrate, considered a "game changer" in semiconductor packaging, will be unveiled to the public for the first time at the Consumer Electronics Show due to take place in Las Vegas from Jan. 5-8, SKC said. SKC is investing up to $600 million to bui

Dec. 25, 2022

Samsung chief's puffer vest sells out in one day

A simple puffer vest worn by Samsung Electronics Chairman Lee Jae-yong stole the limelight when the business mogul appeared at Gimpo International Airport on Wednesday, with the item selling out online just one day later. Lee, who usually dresses in formal Western business attire for official engagements, was headed for Vietnam to participate in an inauguration ceremony for a newly built Samsung Research and Development center. The mobile device R&D center is the company's largest in So

Dec. 23, 2022

Seoul shares slump nearly 2% on rate hike woes

Seoul stocks retreated nearly 2 percent Friday amid expectations of further rate hikes in the United States. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index retreated 43.04 points, or 1.83 percent, to close at 2,313.69 points. Trading volume was moderate at about 360 million shares worth some 5.9 trillion won ($4.6 billion), with losers outnumbering gainers 796 to 98. Institutions bought a net 251 billion won, while foreigners sold 73 billion won and re

Dec. 23, 2022

Battery giants to see W50tr revenue amid booming EV market

South Korean battery giants -- LG Energy Solutions, Samsung SDI and SK On -- are expected to see a combined sales of some 50 trillion won ($39 billion), marking a record-breaking year amid burgeoning demand for electric vehicles overseas. LG Energy Solutions’ revenue this year is estimated to surge on-year by 41.4 percent to 25.2 trillion won, according to data from market tracker FnGuide. Net profit would skyrocket 95.3 percent to 1.5 trillion won, surpassing the 1 trillion won mark for

Dec. 23, 2022

Celltrion submits FDA application for CT-P13 SC

Celltrion announced Friday that it completed submission of a biologics license application for subcutaneous version of biosimilar to anti-inflammatory medicine Remicade the US drug regulator. CT-P13 SC, or Remsima SC, is Celltrion’s subcutaneous formulation of the company’s infliximab biosimilar referencing Johnson & Johnson’s rheumatoid arthritis treatment Remicade. CT-P13 SC is the world’s first SC formulation of biosimilar infliximab, which has earned sales approva

Dec. 23, 2022

BOK hints on interest rate hikes for 2023

The Bank of Korea put forward price stability as its major commitment for next year, hinting on further hikes of its key rate to fight ongoing inflation. The central bank released a report on its monetary policy for next year on Friday, suggesting forecasts on the economic outlooks in and out Korea. The bank said it will focus on price stability next year, so that consumer inflation will move towards the target level, currently set at 2 percent. “Although consumer inflation is expected to

Dec. 23, 2022

LegoChem Biosciences inks W1.6t out-licensing deal with Amgen

LegoChem Biosciences, a South Korean drug company, announced on Friday that the company signed a technology transfer agreement with US multinational biopharmaceutical company Amgen to transfer antibody-drug conjugate technology. The contract could potentially be worth 1.6 trillion won ($1.2 billion), the Korean firm stated in a public disclosure. ADC is a medicine that can deliver highly potent chemotherapy agents to kill cancer cells. Under the contract, LegoChem Biosciences will transfer an an

Dec. 23, 2022

KAI inks W302b deal to supply light armed helicopters

South Korean defense company Korea Aerospace Industries said Friday it signed a 302 billion won ($235 million) deal with Korea’s Defense Acquisition Program Administration to provide light armed helicopters (LAH). Under the contract, KAI will supply the South Korean military with 10 LAH units starting in December 2024. The deal also requires KAI to provide integrated product support, including training for first-time operators and a maintenance float. The KAI LAH is the second domestically

Dec. 23, 2022