Blockchain firm AMAXG enters NFT business

Blockchain company AMAXG said on Thursday it has entered the nonfungible token platform business to trade unique and noninterchangeable data stored on digital ledgers. AMAXG said it recently opened a digital asset NFT transaction platform named BIZA-UVIT, and built strategic partnerships with the Federation of Artistic and Cultural Organizations of Korea (FACO), the Global Medical Aesthetic Exchange Association (GMAEA) and the Korea Blockchain Enterprise Promotion Association. FACO plans to di

Nov. 4, 2021

Number of Koreans outside labor force down 0.6% in 2021

SEJONG -- The number of South Koreans outside the labor force edged down 0.6 percent from a year earlier amid signs of an economic recovery, data showed Thursday. The number of non-economically active people, or those who have no willingness to work, came to 16.76 million as of end-August, down 106,000 from a year earlier, according to the data from Statistics Korea. People outside the labor force accounted for 37.2 percent of all South Koreans aged 15 and older, down 0.4 percentage point from

Nov. 4, 2021

Doosan Heavy mulls unloading stake in construction affiliate

Doosan Heavy Industries & Construction Co. said Thursday it is considering selling a stake in its construction subsidiary Doosan Engineering & Construction Co. to improve its financial health. A local media company reported that Doosan Heavy, the country's largest power equipment maker, is looking at the option of unloading its stake in Doosan Engineering. In a regulatory filing, Doosan Heavy confirmed the report but said, "Nothing has been decided yet." Doosan Heavy has b

Nov. 4, 2021

Netflix aware of 'network usage fee' controversies in S. Korea: VP

The vice president of Netflix Inc. said Thursday the global streaming giant is well aware of controversies surrounding costs from increased network traffic due to a surge of viewers in South Korea. The US-based streamer has been under criticism by local internet service providers (ISPs) and regulators for refusing to pay for the use of the network. President Moon Jae-in earlier also said global platforms and content providers should meet their responsibilities. "We fully agree with what P

Nov. 4, 2021

S. Korea launches task force on economic security amid supply chain disruptions

South Korea has established a new task force at the foreign ministry to support the pan-governmental campaign to build resilient supply chains of key items and tackle pandemic-driven economic challenges, Seoul officials said Thursday. The "economic security" team was launched earlier this week to collaborate with other government agencies in helping local companies' efforts to resolve ongoing supply chain issues, which has emerged as a hot-button global issue, especially amid the prot

Nov. 4, 2021

Fed's tapering to have limited impact on S. Korean market: official

The US Federal Reserve's latest decision to start to taper its bond purchases is expected to have limited impacts on the South Korean financial markets as the move was widely anticipated, a senior government official said Thursday. First Vice Finance Minister Lee Eog-weon said the government plans to take measures to stabilize the market, if needed, as market volatility could increase if global inflation fears persist longer than expected. At the latest policy meeting, the Federal Reserve on W

Nov. 4, 2021

Seoul stocks open steeply higher over Fed's tapering

South Korean stocks opened steeply higher Thursday, following the US Federal Reserve's decision to start to taper its bond purchases. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.91 points, or 1.01 percent, to 3,005.62 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 1.04 percent and the Dow Jones Industrial Average gained 0.29 percent as the Federal Reserve said it will start to taper its massive asset purchases later this month amid the

Nov. 4, 2021

Kakao Q3 net jumps nearly six times on content biz

Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Thursday its third-quarter net profit jumped nearly six times from a year earlier on the back of robust growth of its content businesses amid the pandemic. Net profit reached 866.3 billion won ($733.1 million) in the July-September period on a consolidated basis, compared with a profit of 143.7 billion won a year earlier, the company said in a regulatory filing. The operating income for the cited period came to 168

Nov. 4, 2021

Hybe to raise W700b via stock sale

Hybe Co.on Thursday announced that it will sell stocks to raise 700 billion won. The proceeds from the stock offering will be used primarily to finance stock acquisition. According to a regulatory filing, the company will issue some 2.3 million common shares at a price of 304,008 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)

Nov. 4, 2021

3 foreign car companies to recall over 32,000 vehicles over faulty parts

Mercedes-Benz Korea and two other foreign automobile companies will voluntarily recall more than 32,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The two other companies are Yamaha Sports Korea, which imports Yamaha two-wheelers, and Kiheung International that imports Royal Enfield Himalayan two wheelers, the Ministry of Land, Infr

Nov. 4, 2021

Mirae Asset appoints younger leaders in reshuffle

In a bid to respond more swiftly to changes in the global business environment, South Korean asset managing giant Mirae Asset Financial Group said Wednesday that it has appointed new executives at affiliates as part of a new shake-up. Two chief executive officers -- Choi Chang-hoon and Lee Byeong-seong -- were named as the new chiefs of Mirae Asset Global Investments as part of the firm’s efforts to accelerate innovative growth. “Celebrating the 25th anniversary of the group&rsquo

Nov. 3, 2021

12-year-old boy injured from a metal screw found in a fried chicken wing

A boy was reportedly injured from biting into fried chicken that had a metal screw in it, sold from a local franchise. According to local media reports Wednesday, the boy, 12, had to have two teeth pulled out after a screw found inside a chicken wing became stuck in his gums.  The chicken was reportedly from a major Korean fried chicken franchise brand. Included in the media reports were a photo of the boy’s bloody gums and a doctor’s note showing the boy had two of his te

Nov. 3, 2021

[Photo News] Hyundai Motor, SNU teamp up for next-gen batteries

Representatives of Hyundai Motor Group and Seoul National University pose for photographs after the two organizations signed an agreement to establish a joint battery research and development center at SNU’s campus in Gwanak-gu, southern Seoul, Wednesday.  Hyundai Motor will invest more than 30 billion won ($25.4 million) over 10 years into the research center to develop next-generation batteries with significant improvements in driving range and charging time. From left are SNU Pres

Nov. 3, 2021

[News Focus] Elixir for diesel cars puts Korea’s supply chain policy to test

South Korea faces a potential retail crisis ahead of winter after China imposed a de facto export ban on diesel exhaust fluid -- an emissions control liquid solution essential for most cargo trucks here. According to industry sources Wednesday, Korea is running dangerously low on DEF supplies, after Chinese authorities last month began mandatory customs inspections and practically banned exports of the product. DEF is a liquid solution that goes inside diesel vehicles. The product has to be

Nov. 3, 2021

W70m fine finalized for Samsung Lee’s illegal drug use

Samsung Group’s leader Lee Jae-yong will have to pay a 70 million won ($59,200) fine for illegal use of propofol, an anesthetic medication, judicial sources said Wednesday. The fine was finalized as both prosecutors and the defendant have not filed an appeal by Tuesday, the last day of the seven-day window to appeal the court order. The Seoul Central District Court last week ordered Lee to pay the fine and an additional forfeiture of 17 million won for violating the Narcotics Control Act

Nov. 3, 2021

[Newsmaker] Conglomerates cut emissions by 9.3% in 2 years

South Korean conglomerates managed to reduce greenhouse gas emissions by 9.3 percent over the past two years, according to a report on Wednesday, suggesting they face a tough task in meeting the government’s 2050 carbon neutrality target. CEO Score, a corporate tracker based in Seoul, said major companies in the country curbed more than 46 million tons of greenhouse gas output in 2020, compared to 2018 figures. The calculation is based on emissions data from 197 companies in South Kore

Nov. 3, 2021

Lotte commemorates 100th birthday of late founder

Lotte Group is commemorating what would have been the 100th birthday of its late founder Shin Kyuk-ho by publishing his memoirs, giving out scholarships and funding for startups, holding a concert, and opening a memorial hall in the Lotte World Tower in Jamsil, Seoul. On Monday, Lotte unveiled a bronze bust of Shin and a memorial hall displaying media and historical records of the conglomerate’s history, a replica of Shin’s office in the early days, his old shoes, reading glasses, p

Nov. 3, 2021

Seoul stocks shed over 1% ahead of US Fed meeting

South Korean stocks closed more than 1 percent lower Wednesday as investors seek clues on the timeline for the tapering with the US Federal Reserve meeting this week in focus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 37.78 points, or 1.25 percent, to close at 2,975.71 points. Trading volume was moderate at about 649 million shares worth some 12.3 trillion won ($10.4 billion), with losers outnumbering gainers 684 to 187. Foreigners

Nov. 3, 2021

Korea unlikely to enter long-term recession: experts

The risk of Korea entering a long-term economic recession is relatively low as Asia’s fourth-largest economy is likely to gradually recover from the pandemic under the “living with COVID-19” strategy, experts said Tuesday. “Many worry that the Korean economy would suffer long-term recession due to huge government debt. But the country is on the move to actively recover from the pandemic by taking its first step, lowering the social distancing measures,” said Lee K

Nov. 3, 2021

CJ Group vows to invest 10 trillion won with focus on culture and platforms

CJ Group said on Wednesday it would invest more than 10 trillion won over the next three years to cultivate four growth engines -- culture, platform, wellness and sustainability. In a video message addressed to employees, Chairman Lee Jay-hyun shared the mid-term business plan – the first time the leader of the conglomerate explained his vision to all employees since 2010, the group said. “With COVID-19 being unpredictable, the world is now going through a fundamental and rapid ch

Nov. 3, 2021