Hyundai Motor, labor union reach tentative wage deal

Management and unionized workers of South Korea's top automaker Hyundai Motor Co. reached a tentative wage deal on Tuesday, averting a labor strike for the fourth consecutive year. The two sides agreed to a 98,000 won ($74.80) increase in basic monthly pay, the construction of a new electric vehicle (EV) factory in South Korea and more new hires, among other things, during their 16th round of negotiations held in Ulsan, some 310 kilometers southeast of Seoul. It marked the fourth consecutive

July 12, 2022

Logistics venture DSF signed MOU to support Ukraine

Korean logistics venture DSF L&I has signed a memorandum of understanding with a non-profit organization Eurasian Business Association to implement relief and restoration projects in Ukraine, the company said Tuesday. The signing ceremony was held last month during a seminar on humanitarian aid and post-war recovery in Ukraine that took place in On General Hospital, Busan, it added. The seminar was co-hosted by the Ukraine Support Joint Task Force, Green Doctors Foundation and Eurasian Bu

July 12, 2022

Dunamu to invest W500b for 5 years to create 10,000 jobs

Dunamu, the operator of local crypto exchange Upbit, will invest 500 billion won ($380 million) to create 10,000 new jobs for the next five years. The blockchain company plans to nurture 500 promising startups and create around 8,000 new jobs to operate startup counseling programs, according to Dunamu on Tuesday. Startup counseling programs include “UP Start Incubator” to help those working with Web 3.0, a decentralized online system based on blockchain technology, and “UP St

July 12, 2022

Digital health care for seniors blue ocean in S. Korea: report

With the emerging digital health care market sparked by the coronavirus pandemic, demand for digital health care services for seniors is continuing to grow in South Korea, a report showed Tuesday. According to Samjong KPMG, a Seoul-based consulting firm, the digital literacy level of the elderly here has surged by 4.8 percentage points to 69.1 percent last year, compared to 2019. The report said seniors are emerging as key customer base for digital health care, noting that one out of three Ko

July 12, 2022

Mercedes-Benz CSR donates W530m to support underprivileged kids

The Mercedes-Benz CSR Committee donated 530 million won ($403,000) raised through the ninth Mercedes-Benz Give ’N’ Race to provide medical and education expenses to underprivileged children and teenagers. The donation will be delivered to Gangnam Severance Hospital’s Rare Incurable Disease project, the Kids & Future Foundation’s Children and Youth Welfare project, the SeungIl Hope Foundation’s Lou Gehrig Disease project and Wild Flower Youth Center’s Grou

July 12, 2022

HanmiGlobal acquires UK consultancy Walker Sime

Korean construction management firm Hanmi Global said Tuesday that it has acquired Manchester, England-based construction consultancy Walker Sime. Walker Sime, established in Manchester in 1999, provides specialist services including quantity surveying, project management, employer agents and commercial consultancy. It also has talented employees with diverse consulting experience in the field of construction. Walker Sime has recently been expanding its portfolio by carrying out projects in

July 12, 2022

SPC Group chairman attends Choose France event

SPC Group chairman Hur Young-in attended a global business event held by the French government as the only Korean entrepreneur to have participated in the event twice, the food company said Tuesday The one-day event, called Choose France, invites overseas companies to accelerate their investment in the second-largest economy in Europe. The government-led event has been held since 2018. On Monday, French President Emmanuel Macron hosted a banquet to welcome global entrepreneurs from over 250 c

July 12, 2022

Seoul shares down for 2nd day on earnings, virus concerns

South Korean stocks retreated for a second straight session Tuesday, weighed by concerns about corporate earnings and a surge in new coronavirus outbreaks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 22.51 points, or 0.96 percent, to close at 2,317.76 points. Trading volume was relatively small at about 374 million shares worth some 6.3 trillion won ($4.8 billion), with losers outnumbering gainers 772 to 129. Institutions sold a ne

July 12, 2022

Korea snubs display industry with focus on chips

Flat-panel displays usually come together with semiconductor chips as they are both considered basic elements of the most of the electronic devices in the world. But with the Yoon Suk-yeol administration placing its policy focus on semiconductor chips and as Yoon pivots toward “economic security” based on the Korea-United States alliance, South Korea’s display panel business has largely been sidelined. Experts say such shift could end up endangering Korea’s foothold in

July 12, 2022

Only 2 Korean firms listed in top 100 ICT companies worldwide: FKI

South Korea has only two companies on the list of the world’s top 100 information and communications technology firms, despite the country’s self-claimed label as an ICT powerhouse, the Federation of Korean Industries said Tuesday. The KFI used the database from company tracker S&P Capital IQ to rank the global top 100 ICT companies by market capitalization. According to the FKI’s analysis, South Korea’s Samsung Electronics ranked ninth and SK hynix came in at 56th.

July 12, 2022

Construction of nuclear reactors in Korea to resume in 2024

SEJONG -- South Korea will resume construction of new nuclear reactors in the country's eastern industrial city of Uljin in the next two years, speeding up its nuclear energy drive announced earlier this month, the energy minister said in a briefing to President Yoon Suk-yeol on Tuesday. The construction of the Shin-Hanul No. 3 and No. 4 reactors in North Gyeongsang Province is set to begin as early as 2024, said Minister Lee Chang-yang, adding that about 130 billion won ($99 million) worth of

July 12, 2022

Hyundai Motor to build first local factory in 29 years

Hyundai Motor will build an electric vehicle production factory in South Korea by 2025, making it the carmaker's first investment in expanding its local manufacturing capacity in 29 years. The envisioned factory will be first-ever EV-dedicated manufacturing facility here, the company said. The plan was a part of a labor-management agreement to secure jobs for its workers, according to the union. The carmaker said it aims to break ground next year, while existing facilities that are old and ou

July 12, 2022

[Contribution] Three requirements for Korea to embrace nuclear power for more sustainable future

The global energy industry is witnessing unprecedented turbulence triggered by supply shocks, inflation and geopolitical issues. In contrast to where we stood a few years ago with the big issues of sustainability, including electrification and decarbonization -- dominating the CEO agenda -- we have now shifted the focus onto diversifying supply security. There have been numerous announcements to pace the speed of energy transition as a way of boosting energy security. For instance, highly devel

July 12, 2022

Movie tickets likely to be made tax deductible

South Korea’s Finance Ministry is set to announce a legal revision bill next week that includes tax deductions on movie tickets and a raise to the tax exemption for company meal plans for middle-class workers.  Under the current tax law, the government offers a 30 percent tax cut on cultural expenses for middle-class workers whose annual salary is less than 70 million won ($53,300). Eligible workers can receive up to 1 million won in tax deductions for book purchases, museum tickets,

July 12, 2022

Hanwha Solutions to push for 500 MW solar power project in Germany

Hanwha Solutions Corp., a key energy unit of South Korean conglomerate Hanwha Group, said Tuesday it will work with a German renewable energy firm to push for a 500 megawatt (MW) solar power development project in the European country in a bid to tap deeper into the region with its clean energy business. Hanwha Q Energy, Hanwha Solutions' wholly-owned subsidiary in Germany, will co-develop 38 solar power plant projects, with the size in range of 2-70 MW each, with Enviria Energy, a Frankfur

July 12, 2022

Samsung's DRAM sales drop in Q1 for 2nd quarter

Samsung Electronics Co., the world's top memory chip maker, saw its DRAM sales fall in the first three months of the year for a second quarter on weaker prices and other negatives, but the company retained its top spot in the global market, data showed Tuesday. Samsung's DRAM revenue came to $10.34 billion in the January-March period, down $9 million from three months earlier, according to the data from global market researcher Omdia. It marks the second straight quarter of falls. Sams

July 12, 2022

Seoul housing prices show signs of slowdown

South Korea’s overheated housing market is showing signs of cooling down, as Seoul housing prices have inched down in recent months with persistent inflation and soaring interest rates squeezing household budgets. According to the Land Ministry on Monday, apartment prices in Apgujeong-dong, a wealthy neighborhood in Gangnam-gu, Seoul, dropped by as much as 300 million won ($230,000) in June from the previous month. A price slowdown was palpable in other affluent Seoul districts like Son

July 11, 2022

New FSC chief vows to stabilize markets, ease rules

Kim Joo-hyun, the new chief of the Financial Services Commission, said Monday that he would use all resources and cooperate with authorities for market stability at his inauguration, which took place after a divided National Assembly failed to hold a confirmation hearing.  Kim underscored mounting concerns that aggressive rate hikes by the US Federal Reserve would further dampen investor optimism here. “Rapid inflation is eating into the economy. Economic and political factors,

July 11, 2022

[Photo News] 2022 Genesis scottish open

  Hyundai Motor Group Executive Chair Chung Euisun (left) and Hyundai Motor Group CEO Chang Jae-hoon (right) pose with 2022 Genesis Scottish Open winner Xander Schauffele (center) at the Renaissance Club in East Lothian, Scotland, on Thursday.  Genesis became a new title sponsor of one of Europe’s top-tier Rolex Series tournaments last year and renamed the tournament the Genesis Scottish Open this year. Schauffele finished at 7-under 273, one shot ahead of Kurt Kitayama, taki

July 11, 2022

Eco-friendly vehicles make up 30.3% of Korea’s automotive exports

Eco-friendly vehicles were responsible for 30.3 percent of South Korea’s total car exports in the first five months of this year, according to the Korea International Trade Association on Monday. South Korea exported $20.45 billion worth of cars from January to May, and 30.3 percent of them were eco-friendly, showing an 8.7 percentage points increase on-year. According to KITA, such an increase comes from growing global demand for carbon-neutral vehicles and the launch of all-electric m

July 11, 2022