Hyundai, Kia unveil face-lifted SUV models at New York auto show

Hyundai Motor Co. and its affiliate Kia Corp. -- South Korea's two biggest carmakers -- said Thursday they have unveiled their face-lifted SUV models amid robust demand for SUVs at the New York International Auto Show this week. Hyundai revealed the upgraded Palisade SUV at the show ahead of its domestic launch in May, while Kia introduced the face-lifted Telluride SUV ahead of its US launch later this year, the companies said in separate statements. The new Palisade will be available with an ei

April 14, 2022

7 carmakers to recall over 54,000 vehicles over parts defects

Ford Sales & Services Korea Inc., Hyundai Motor Co. and four other carmakers will voluntarily recall 54,390 vehicles combined over parts defects, Seoul's transport ministry said Thursday. Ford will recall 19,733 Explorer SUVs over faulty rear toe links at the back wheels, which could cause safety problems while driving, according to the Ministry of Land, Infrastructure and Transport. Hyundai will recall 17,682 units of its hydrogen fuel-cell Nexo, as the malfunction of a sensor leads to a

April 14, 2022

Import prices up for 3rd month in March on oil, raw materials price hikes

South Korea's import prices increased for the third straight month in March as prices of crude oil and other commodities rose, central bank data showed Thursday. The import price index rose 7.8 percent in March from a month earlier, according to the preliminary data from the Bank of Korea. The rise followed 4.4 percent and 4.6 percent rises in January and February, respectively. The rise came as the ongoing war in Ukraine has sent oil and other raw materials prices even higher. The BOK said

April 14, 2022

Seasoned bureaucrat to lead Oceans Ministry

Cho Seung-hwan, a former senior official at the Ministry of Oceans and Fisheries who spent more than 20 years in maritime services, was tapped to head the ministry under the incoming Yoon Suk-yeol government. “Cho is a maritime expert with an unmatched depth of experience spearheading many projects under previous governments. I expect him to find new opportunities for the maritime industry and map out plans to make the country a leading maritime power,” Yoon said. Cho, who served

April 13, 2022

Startup founder named to lead SME Ministry

President-elect Yoon Suk-yeol on Wednesday named a startup founder-turned-lawmaker to lead the Ministry of Small Medium-sized Enterprises and Startups, in his second round of Cabinet nominations since Sunday. Rep. Lee Young founded local internet and mobile security provider Teruten in 2000, and won a proportional representation seat without a constituency in the 2020 parliamentary election. She is the only legislator at Yoon’s People Power Party with experience in running startups,

April 13, 2022

[Herald Interview] ICAO supports opening of inter-Korean airway, but safety check comes first

The United Nations aviation agency supports having direct flights between North and South Korea, on condition of Seoul’s endorsement, but a clear assessment of the safety and security of passengers and flights should be carried out, its chief said Tuesday. 　 “We are interested that these flights are conducted in a safe, secure, efficient manner and we stand ready to support basically if that decision is taken by the government,” said Juan Carlos Salazar, the head of the Intern

April 13, 2022

Fiscal chief apologizes for failing to curb housing prices

SEJONG -- Deputy Prime Minister and Finance Minister Hong Nam-ki apologized for failing to curb apartment prices, but said the government’s real estate measures have been consistent. “The government has pushed for real estate policies in a consistent manner under the three principles of increasing supply, protecting real demand and restraining speculative investment,” he said during a ministerial meeting on Wednesday. He said that he felt sorry about the situation in which &l

April 13, 2022

Naver's new goal: 1b users in 5 years

SEONGNAM, Gyeonggi Province -- South Korean IT behemoth Naver is aiming to double its annual sales to reach 15 trillion won ($12.2 billion) in the next five years and secure 1 billion users worldwide, company executives said Wednesday. “Naver has entered the ‘Global 3.0’ stage where we create multiple growths through the synergy of various business portfolios, technological leadership as well as domestic and overseas partnerships,” CEO Choi Soo-yeon said at a press conf

April 13, 2022

Newsweek chooses Hyundai Motor chief as ‘visionary of the year’

US weekly magazine Newsweek chose Hyundai Motor Group Chairman Chung Euisun as visionary of the year in Newsweek World‘s Greatest Auto Disruptors Award event on Tuesday. In its special issue on agents of change in the automotive industry, Newsweek detailed Chung’s plans for Hyundai’s future, the carmaker’s progress and challenges in alternative fuels, acquisition of a robotics company, and its focus on vertical integration to become self-sufficient, from components to fi

April 13, 2022

Wealthy young Koreans hold average asset of W6.6b: report

Wealthy Koreans in their 20s, 30s and 40s held an average asset of 6.6 billion won ($5.3 million) with a median annual income of 400 million won as of end-2021, a report showed Wednesday. The report dubbed 2022 Korean Wealth Report compiled by a think tank under Hana Bank was based on a survey of 1,952 Koreans above the age of 19 conducted in December last year. It categorized 708 respondents with personal assets over 1 billion won as “wealthy,” and of the group, 131 people aged bet

April 13, 2022

Posco wins Worldsteel‘s recognition for sustainable management

South Korean steelmaker Posco was named Sustainability Champion of the year by the World Steel Association in recognition of its sustainable management, the company said Wednesday. Worldsteel is an international non-profit organization representing the global steel industry with memberships of 140 companies around the world.  The organization named 10 companies for their sustainable efforts. Posco was added to the list for the first time, the company said. The Worldsteel recognition is

April 13, 2022

SK Telecom buys stake in 3D motion graphics firm in metaverse push

South Korean telecommunications giant SK Telecom said Wednesday it has agreed to buy a stake in Morph Interactive, a Seoul-based three-dimensional motion graphics company, in a move to bolster a strategic partnership for accelerating its metaverse push. The deal terms, such as acquisition cost and the amount of Morph Interactive’s stake, was undisclosed upon the consent of the two companies. Morph Interactive has been dedicated to real-time 3D visual effects on Unity’s game engine

April 13, 2022

KT to launch telemedicine pilot in Vietnam by 2022

South Korean telecommunication firm KT said Wednesday it plans to launch a pilot telemedicine platform in Vietnam before the end of this year, with the aim of a soft landing within the next three years. The service will be aimed at monitoring those who are suffering from chronic diseases such as cancer, diabetes and high blood pressure, allowing patients to check their health conditions, medications and workouts, and get access to counseling with Vietnamese medical professionals. Vietnam&lsquo

April 13, 2022

Samsung opens store in Argentina's southernmost city of Ushuaia

SAO PAULO -- Global tech powerhouse Samsung Electronics Co. said Tuesday it has opened an outlet in Argentina's southernmost city of Ushuaia. The store, which opened Friday, carries Samsung's Galaxy S22 smartphone, the Galaxy Watch 4, accessories and other products, according to Samsung's Latin America Headquarters. Ushuaia, which claims the title of the world's southernmost city and has a population of some 60,000, is one of five internationally recognized Antarctic gateway cities and lures man

April 13, 2022

Job growth slows in March amid upsurge in COVID-19 cases

South Korea reported job additions for the 13th consecutive month in March, but job growth slowed from the previous month as employment in in-person services was hit by the upsurge in COVID-19 cases, data showed Wednesday. The number of employed people came to 27.75 million last month, up 831,000 from a year earlier, according to the data compiled by Statistics Korea. The number of employed people grew by the largest for any March since 2002, when it rose 864,000 on-year. But the March tally was

April 13, 2022

[Graphic News] Rice farmers’ net income hits 20-year high in 2021

　Rice farmers in South Korea posted the largest net profit in 20 years in 2021 thanks mainly to favorable weather conditions, data showed. 　Rice farmers’ net income reached some 502,000 won ($414.2) per 1,000-square-meter paddy last year, up 13.4 percent from a year earlier, according to the data compiled by Statistics Korea. 　The amount represents the highest net profit from rice cultivation since the 511,600 won recorded in 2001. 　The statistics agency said local farmers’ net i

April 13, 2022

Vehicle registration in S. Korea surpasses 25 million

The number of registered vehicles in South Korea had surpassed 25 million as of end-March, which means one out of every two South Koreans owns a vehicle, data showed Wednesday. Car registrations had come to 25.07 million units in the country of 52 million people as of end-March, up 2.12 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. The number of environmentally friendly cars registered here had advanced 7.7 percent from the previous y

April 13, 2022

Aviation experts gather in Seoul to prepare for post-COVID era

Aviation experts from around the world gathered in Seoul on Tuesday to discuss ways to promote the aviation industry’s safe recovery in the post-pandemic era. During the 2022 International Civil Aviation Organization’s Legal Seminar hosted by the Ministry of Land, Infrastructure and Transport, South Korea’s Transport Minister Noh Hyeong-ouk pointed out that governments around the world have sought for diverse ways to support the air industry to recover from plunging travel dem

April 12, 2022

Edison files court injunction against SsangYong's sale bid

Edison Motors Co. has filed a court injunction seeking to block SsangYong Motor Co.'s move to find a new buyer after its takeover bid fell through due to payment failure, a filing showed Tuesday. Edison said in a regulatory filing that it lodged the injunction request with the Seoul Central District Court, claiming SsangYong must not "proceed with a new takeover other than the one with the Edison consortium under the contract signed in January."  Edison has agreed to buy Ssang

April 12, 2022

S. Korea to make nuclear power U-turn under new government

The transition committee working for President Yoon Suk-yeol said Tuesday that the incoming government will embrace nuclear power in its decarbonization efforts, signaling a major shift in energy policy the outgoing Moon Jae-in government had said has no place for nuclear power. Won Hee-ryong, chief policymaker setting out Yoon’s agenda, said Korea had seen more emissions and would see soaring electricity costs because of Moon’s push to phase out nuclear power, which makes up roughl

April 12, 2022