McDonald’s McWings makes a comeback

Fast-food chain McDonald’s Korea said Monday that it has relaunched its limited edition side menu McWings. McWings is a fried chicken snack that comes with a complimentary dipping sauce. First released in 2014, McWings created a fad in 2019 when it sold out earlier than expected. It has since become a favorite seasonal menu among chicken maniacs for its crispiness and salty flavor, according to the burger franchise. “McDonald’s is presenting a wide range of chicken menus, i

June 6, 2022

AI uses digital waste for upcycled clothing design

Tilda, a virtual artist powered by the artificial intelligence engine of South Korean conglomerate LG, has showcased 30 upcycled clothing designs on World Environment Day that fell on Sunday, according to the company Monday. The collection on the metaverse comprising 13 jackets, 14 trousers and three hats, dubbed the “Digital Upcycling Project,” was designed to highlight using digital waste to reduce carbon footprint. In its first solo fashion collection, Tilda combined digital w

June 6, 2022

Genesis' global sales exceed 700,000 units

Hyundai Motor Co. said Monday the accumulated sales of its independent Genesis brand models exceeded 700,000 units last month despite the prolonged chip shortage. The South Korean carmaker sold 699,751 Genesis vehicles, including 188,547 overseas sales, from its launch in November 2015 to end-April this year, according to Hyundai's sales data. In May, the carmaker sold an additional 12,234 units of Genesis models in the domestic market, bringing cumulative sales to 711,985 units, the data s

June 6, 2022

Gasoline, diesel prices rise for 4th straight week amid tight supply

The weekly average prices of gasoline and diesel in South Korea both climbed for the fourth consecutive week on a continued energy crunch around the world, industry data showed Saturday. The average retail price of gasoline stood at 2,013 won per liter from May 29-June 2, up 19.3 won from a week ago, according to Opinet, a website operated by the state-run Korea National Oil Corp.  In Seoul, where oil prices are usually higher than other regions, the average retail price of gasoline

June 4, 2022

KB Chairman, UK deputy minister discuss net-zero partnership

KB Financial Group Chairman Yoon Jong-kyoo and the UK Department for Business, Energy & Industrial Strategy’s Deputy Minister Garry Grimstone discussed partnership in achieving net-zero carbon emissions and green investment, the South Korean bank said Friday. In the meeting held Friday, Grimstone called for KB’s active cooperation with UK businesses in investment of renewable energy, according to the firm. He noted the growing importance of renewable energy in achieving the join

June 3, 2022

Seoul stocks rebound on eased inflation woes

South Korean stocks rebounded Friday from the previous session's sharp fall, amid eased inflation concerns after the group of major oil exporting countries announced a plan to increase the crude supply and the US job market showed weaker-than-expected growth. The local currency rose sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) closed up 11.66 points, or 0.44 percent, to 2,670.65. Trading volume was moderate at 552.2 million shares worth 7.45 trillion won (US$

June 3, 2022

Mom’s Touch in search for new owner

South Korean chicken burger chain Mom’s Touch is searching for a new owner following its delisting from the nation’s second bourse Kosdaq on Tuesday. Its largest shareholder, local private equity firm Korea F&B Holdings, plans to buy shares at 62,000 won apiece for the next six months in order to protect minority shareholders. Following its delisting, industry watchers say sell-off talks are also expected to gain momentum. “Listed companies have legal obligations suc

June 3, 2022

Korean Air kicks off engine development for small satellite launch vehicle

The country’s largest air carrier Korean Air will develop common bulkhead propellant tanks for small satellite launch vehicles by 2027 as part of the Ministry of Science and ICT’s Space Pioneer project, the company said Friday.  Under a ministry-led program, some 211.5 billion won ($170 million) will be spent until 2030 on developing the country’s bulkhead propellant tanks for small satellite launch vehicles, a device for umbilical release and mobile launch pad, as well

June 3, 2022

Inflation exceeds 5% for 1st time in 13 years

SEJONG -- Korea’s inflation surpassed 5 percent on-year last month in the wake of an ongoing glitch in global supply and rapid growth in domestic demand amid normalization from the pandemic, state data showed Friday. According to Statistics Korea, consumer prices climbed 5.4 percent in May compared to a year earlier. This posted the highest figure in more than 13 years, dating to August 2008, when 5.6 percent growth in prices was reported. This also marked the first time that on-year inf

June 3, 2022

[Newsmaker] KB raises awareness of saving bees for World Environment Day

KB Financial Group said Friday it had produced and launched a video highlighting the impact of the declining bee population on the environment for the upcoming World Environment Day. The video titled “Warning of the Bees” portrays how climate change and excessive exposure to pesticides threaten the existence of bees, as well as the alarming consequences for humanity. It also paints the stories of people contributing to the effort to revive the bee population. The video is part o

June 3, 2022

Aviation service restrictions to be lifted, more outbound routes approved

South Korea’s Transport Ministry said Friday that it would lift restrictions on the operation of international flights and also expand the number of outbound routes, getting ready to go back to pre-pandemic status. Authorities said measures for aviation industry’s normalization will be applied from Wednesday. The ministry has approved some 762 international flights per week for June, 230 more flights added compared to in May, but said it was also willing to give more approvals if

June 3, 2022

Seoul shares open higher on hopes of easing inflation

South Korean stocks opened higher Friday, tracking the overnight US rally partly fueled by the Organization of the Petroleum Exporting Countries' decision to increase the oil supply that helped ease inflation concerns. The Korea Composite Stock Price Index (KOSPI) rose 17.09 points, or 0.64 percent, to 2,676.08 in the first 15 minutes of trading. The OPEC Plus decided Thursday (local time) to add 648,000 barrels per day to the market next month, raising the size from the 432,000 barrels per

June 3, 2022

Inflation growth hits nearly 14-year high in May on high energy prices

South Korea's consumer prices rose at the fastest clip in almost 14 years in May due to high energy and food costs over the protracted war between Russia and Ukraine and the economic recovery, data showed Friday. Consumer prices jumped 5.4 percent last month from a year earlier, accelerating from a 4.8 percent on-year spike in April, according to the data from Statistics Korea. It marked the steepest on-year increase since August 2008, when consumer prices soared 5.6 percent. Inflation grow

June 3, 2022

Hyundai, Kia's May US sales fall 31% amid chip shortage

Hyundai Motor Co. and its affiliate Kia Corp. said Friday their combined sales in the United States fell 31 percent last month from a year earlier amid the prolonged chip shortage. Hyundai and Kia sold 117,373 vehicles in the world's most important automobile market in May compared with 170,315 units a year ago, according to the companies' sales data. Hyundai's sales plunged 34 percent to 59,432 units last month from 90,017 a year ago, while Kia's declined 28 percent to 57,94

June 3, 2022

BOK chief stresses post-pandemic role

Central banks should think about what they should do besides keeping prices stable as emerging economies including South Korea struggle to avert anemic growth once persistent inflation caused by the pandemic cools off, Bank of Gov. Rhee Chang-yong said Thursday at a conference. “To escape a low growth, low inflation trap, should emerging market economies, or Korea for that matter, follow the same advice professor Paul Krugman gave to central bankers in advanced economies, to ‘credib

June 2, 2022

Finance minister warns against wage, price hikes

SEJONG -- South Korea’s fiscal chief on Thursday called on businesses to refrain from raising product prices and wages amid lingering fears of rising inflation. The comments from Deputy Prime Minister and Finance Minister Choo Kyung-ho came during his meeting with heads of the nation’s six business lobby groups in Seoul. “Given that hikes in price tags and wages could bring about a vicious circle in inflationary pressure, (the government would like to ask you) to internally

June 2, 2022

Seoul shares snap 3-day winning streak amid recession woes; Korean won sharply down

South Korean stocks retreated Thursday, snapping a three-day gaining streak, as worries about the world economy possibly going into a recession continued to weigh on investor sentiment. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) fell 26.91 points to close at 2,658.99. Trading volume was light at 513.1 million shares worth 7.6 trillion won ($6.06 billion), with decliners outnumbering gainers 520 to 322. Institutional investors unloaded a n

June 2, 2022

LG, Guggenheim Museum to spur innovation in art world

LG Group said Thursday it has partnered with the Guggenheim Museum, a world-renowned modern and contemporary art museum in New York, to spur innovation in the art world using its technological prowess. The nation’s fourth-largest conglomerate plans to discover and support the convergence of advanced technology and art, and also financially support emerging innovative artists through this partnership. In collaboration with the Guggenheim Museum which is located in New York City, Abu Dhab

June 2, 2022

[Photo News] BMW M celebrates 50th anniversary

BMW’s M division vehicles are on display at the BMW Driving Center located in Yeongjongdo, Incheon, on Thursday. BMW Korea plans to hold a series of promotional events, including a special exhibition at the center to celebrate the 50th anniversary of the German carmaker’s high-performance motorsport brand for the next two months. (BMW Korea)

June 2, 2022

Coupang adds almost 30,000 new jobs in 2021

South Korea’s e-commerce giant Coupang topped the list of the largest employers here last year, adding almost 30,000 new jobs in the year alone, according to industry data released Thursday. According to market tracker Korea CXO Institute, Coupang hired 29,361 new employees in 2021, with its total workforce standing at 72,763. The figure made up almost half the total 63,740 new hires made by the nation’s 76 largest companies with assets over 5 trillion won ($3.9 billion) last ye

June 2, 2022