Conrad Seoul apologizes after serving detergent instead of sauce

The Conrad Seoul apologized Thursday amid an investigation after the five-star hotel’s buffet restaurant accidentally served detergent to a guest instead of syrup. The luxury hotel, part of Hilton’s international high-end brand Conrad Hotels & Resorts, said it “sincerely apologizes” to the customer for the “major inconvenience” and vowed to maintain health and safety rules. “We are actively cooperating with the authorities on the investigation,&rdq

Oct. 7, 2021

UN climate change tech unit to open office in Songdo

A United Nations’ climate change body will open an office in Songdo, Incheon, in March, the Ministry of Science and ICT said Thursday. Science Minister Lim Hye-sook and Incheon Mayor Park Nam-choon signed an agreement with UN Environment Program Executive Director Inger Andersen to bring the Climate Technology Center and Network’s partnership and liaison office to Korea. The CTCN is the operational arm of the United Nations Framework Convention on Climate Change Technology Mechan

Oct. 7, 2021

SK chief discusses hydrogen, grid with Plug Power, Key Capture Energy CEOs

SK Group Chairman Chey Tae-won held consecutive meetings with the heads of US-based green energy firms Plug Power and Key Capture Energy to discuss hydrogen and green solutions, the third-largest conglomerate in South Korea said Thursday. According to SK Group, Chey met with Plug Power CEO Andrew J. Marsh at its headquarters in central Seoul on Wednesday and agreed to establish a robust hydrogen ecosystem based on their technological expertise on hydrogen. “Plug Power‘s key hydro

Oct. 7, 2021

[Newsmaker] ABL Bio begins clinical trial of anticancer drug candidate

South Korean biotech firm ABL Bio said Thursday that it has begun the phase 1 clinical trial of anticancer drug candidate ABL501. ABL501 is an antibody that uses the Grabody-I platform technology to block both the PD-L1 and LAG-3 checkpoint pathways, improving the current limitation in PD-L1 therapies. ABL Bio said the company has administered the drug candidate to the first patient with a solid tumor at Samsung Medical Center in Seoul. An official from ABL Bio said the phase 1 clinical tria

Oct. 7, 2021

Korea raises $1.3 billion via forex bonds

The government raised $1.3 billion by selling foreign exchange stabilization bonds at the second-lowest-ever rates despite heightened uncertainties in the global financial markets, the Finance Ministry said Thursday. It sold US dollar-denominated bonds worth $500 million with a maturity of 10 years to yield 1.769 percent, 25 basis points more than US Treasurys and five-year euro-denominated bonds worth 700 million euros ($809 million) with a negative yield of 0.053 percent. The bonds were iss

Oct. 7, 2021

Moon vows to further push hydrogen economy initiative

South Korean President Moon Jae-in reiterated the country’s commitment to the hydrogen economy, while meeting government and industry officials Thursday. Attending a briefing session on the progress of the country’s hydrogen programs, he also encouraged chiefs of major conglomerates, including Hyundai Motor Group and SK Group, in attendance to continue their effort for building a hydrogen ecosystem. “A hydrogen economy is one of the core areas the government is working on f

Oct. 7, 2021

Hyundai Mobis to build 2 new hydrogen fuel cell plants

Hyundai Mobis will invest 1.3 trillion won ($1.09 billion) to build two new hydrogen fuel cell system plants in South Korea, it said Thursday. The affiliate of Hyundai Motor held a groundbreaking ceremony for one of the two to be built at the industrial complex in Cheongna International City, Incheon, with President Moon Jae-in and Deputy Prime Minister Hong Nam-ki in attendance. This new fuel cell plant along with the other to be established in the southeastern city of Ulsan are expected to

Oct. 7, 2021

Samsung introduces industry’s first open-source solution for CXL memory platform

Samsung Electronics said Thursday it is unveiling an open-source software solution specially designed to expand the use of the compute express link memory platform. Dubbed a “scalable memory development kit,” or SMDK, it is the industry’s first solution for customers of the relatively new memory platform CXL developed by Samsung in May. CXL is an open interconnect standard that allows not only CPUs but also other high-performance computing system such as artificial intellige

Oct. 7, 2021

Korean car makers cry foul over US tax incentive plan for US-made EVs

A Korean carmakers’ association has sent a letter to the US House of Representatives, asking it to reject a legislative bill to offer tax incentives for US-made electric vehicles, arguing the proposed plan could unfairly disadvantage foreign carmakers and limit customer choice. The Korea Automobile Manufacturers Association said Thursday the written letter, directed to House Speaker Nancy Pelosi and Rep. Richard Neal, concerns the $4,500 tax incentive plan for American electric vehicles

Oct. 7, 2021

Overworked Starbucks baristas take protest message to the streets

Baristas and other employees of Starbucks Korea mobilized two trucks emblazoned with words of protest on Thursday, expressing their pent-up anger against the coffee chain and calling out treatment they consider inhumane. “Starbucks Partners are not expendable. Partners, who have raised their voices for the first time in 22 years, shall not be silenced,” read the message on the sides of both trucks, which drove past symbolic locations in Seoul for Starbucks Korea.  These inclu

Oct. 7, 2021

Vice minister says market ‘excessively reacting’ toward global risks

Financial authorities on Thursday expressed concerns over increased volatility in the South Korean market and its vulnerability toward external risks. First Vice Finance Minister Lee Eog-won vowed to adopt stabilizing measures at the appropriate time, saying the Korean market has been displaying “somewhat excessive reactions” to global risks, despite solid fundamentals. Lee’s remark comes after the nation’s benchmark Kospi plunged below the threshold of 3,000 points T

Oct. 7, 2021

KEPCO urged to sell property amid huge loss

The value of property assets owned by Korea Electric Power Corp. (KEPCO) was estimated at 8.6 trillion won ($7.2 billion) as of 2020, data showed Thursday, as lawmakers urged the state-run utility firm to promptly sell idle assets to improve its profitability. The amount marked a 9.5 percent increase from 7.8 trillion won in 2016, according to the data released by Rep. Eom Tae-young of the main opposition People Power Party during a parliamentary audit. The value of property assets that are not

Oct. 7, 2021

Experts from S. Korea, Finland discuss future of pensions

The Korean Pension Association, a group of experts conducting research on the nation‘s public and private pension systems, on Thursday held a joint seminar with the Finnish Center for Pensions based in Helsinki, Finland, a research institute dedicated to developing the nation’s earnings-related pension scheme. Titled “International Symposium on the Pensions of South Korea and Finland: Demographic Challenges and Future Responses,” the event was aimed at providing expert k

Oct. 7, 2021

Naver, Mirae Asset's W500b stock swap back to limelight amid tech crackdown

South Korea’s top financial regulator has pledged to reexamine a deal involving technology giant Naver during the parliamentary audit, highlighting a relentless push for a nationwide tech crackdown. On Wednesday, Financial Services Commission Chairman Koh Seung-beom said he would “examine the feasibility of the deal,” referring to a share-for-share exchange deal between internet giant Naver and investment bank Mirae Asset Securities four years prior. The pledge comes amid c

Oct. 7, 2021

‘Squid Game’ sensation prompting money flow into S. Korean media scene

The global craze over “Squid Game,” Netflix’s original Korean drama series, is adding momentum to the fast-growing South Korean media and entertainment market. Tving, the country’s leading streaming service provider run by entertainment and media firm CJ ENM, recently set out to lure investments from private equity funds at home and abroad, in partnership with Nomura Securities, according to industry sources Thursday.  Tving plans to sell its new shares worth 300 b

Oct. 7, 2021

S. Korean economy to grow 2.8% in 2022: think tank

The South Korean economy is likely to lose its upward momentum and grow less than 3 percent in 2020 amid slowing exports and waning pandemic-related stimulus, a private think tank said Thursday. The Hana Institute of Finance predicted Asia's fourth-largest economy to expand 2.8 percent next year, down from this year's growth estimate of 3.9 percent. "The Korean economy is expected to post solid growth on strong domestic demand stemming from looser social distancing measures," said the

Oct. 7, 2021

S. Korean economy faces growing downside risks: KDI

The South Korean economy is facing increasing downside risks as the uptick in COVID-19 cases is delaying the recovery of private spending amid heightened uncertainty about the global economic recovery, a state-run think tank said Thursday. Asia's fourth-largest economy is on a recovery track driven by solid exports, but slumps in the face-to-face service sector are deteriorating during the current spike in coroanvirus cases, according to a monthly economic assessment report by the Korea Developm

Oct. 7, 2021

Most bond experts eye rate freeze in Oct.: poll

Nearly nine in 10 bond mavens in South Korea predict the central bank to freeze its key interest for October due mainly to volatile external conditions, a poll showed Thursday. According to the survey of 200 bond experts by the Korea Financial Investment Association, 87 percent of the 100 respondents forecast the Bank of Korea (BOK) to hold its policy rate steady at a rate-setting meeting slated for next week. The number of standpatters was up from 67 in August. In contrast, 13 bond experts, dow

Oct. 7, 2021

S. Korea to implement market-stabilizing steps if needed: official

South Korea plans to implement measures to stabilize the market in a timely manner if needed as market volatility has increased amid external economic risks, a senior government official said Thursday. First Vice Finance Minister Lee Eog-weon said the Korean financial market has been "excessively" volatile in recent sessions despite the country's strong macroeconomic fundamentals. South Korea's benchmark index, the Kospi, nosedived nearly 2 percent and the Korean currency fell to a 14-

Oct. 7, 2021

LG Electronics enhances partnership with Italy's furniture maker Molteni&C

LG Electronics Inc. said Thursday it will expand its partnership with Italian luxury furniture maker Molteni&C S.P.A. to better promote its high-end brand LG Signature. The two sides last year signed a deal to collaborate on marketing, promotion and product development related with LG Signature home appliances, Molteni&C residential furniture and Dada kitchen furniture over the next three years. Molteni&C, founded in 1934, is a renowned designer furniture maker. It runs some 530 stor

Oct. 7, 2021