S. Korea sees record-high No. of new businesses by senior citizens

The number of enterprises founded by those aged 60 and above marked a record-high number in the first quarter this year, government data showed Tuesday, despite the overall number of new businesses continuing to decline. According to Statistics Korea, a total of 276,000 new companies were founded in the first quarter, excluding those related to real estate. Of those, 38,000 were founded by people aged 60 and older, marking the highest figure ever. It was also the first time ever that new enter

June 11, 2024

SK-backed TerraPower breaks ground for next-gen nuclear plant

TerraPower, Bill Gates’s energy company that SK Group invested in, is starting the construction of a next-generation nuclear power plant at its Wyoming site, SK Group said Tuesday. According to SK Group, TerraPower held its groundbreaking ceremony Monday at Kemmerer, Wyoming, with Chairman Bill Gates, TerraPower CEO Chris Levesque, and government representatives participating. SK On Vice Chairman Yoo Jung-joon and SK Inc. Executive Vice President Kim Moo-hwan also joined the event. Kemmere

June 11, 2024

Banks to allow staff up to 5 years of child care

More local banks are implementing so-called optional "parental resignation" programs as internal welfare measures, as one attempt to address the nation's notoriously low birth rate problem. According to industry sources, Woori Bank recently received applications for parental resignations with the guarantee of re-employment. A total of 35 employees applied, and they are scheduled to resign at the end of this month to begin a maximum two and a half years of unpaid child care leave.

June 11, 2024

Korea, Turkmenistan forge stronger ties on gas fields, smart cities

Business leaders and government officials from South Korea and Turkmenistan pledged to further strengthen cooperation in infrastructure and digital development at a bilateral business forum held Tuesday in Turkmenistan's capital, Ashgabat. The forum, hosted by the Korea Chamber of Commerce and Industry and chaired by SK Group Chairman Chey Tae-won, who doubles as chairman of the KCCI, in collaboration with the Turkmenistan Chamber of Commerce, was attended by more than 250 participants. Wit

June 11, 2024

Seoul shares close tad higher ahead of US Fed meeting

South Korean shares closed slightly higher Tuesday ahead of the Federal Reserve's rate-setting meeting this week. The local currency fell slightly against the US dollar. The benchmark Korea Composite Stock Price Index added 4.15 points, or 0.15 percent, to close at 2,705.32. Trade volume was moderate at 550 million shares worth 11.6 trillion won ($8.4 billion), with losers outnumbering gainers 510 to 349. The index had opened higher, tracking overnight gains on Wall Street. After choppy tra

June 11, 2024

Hyundai Motor to premier first original film starring Son Suk-ku, Ioniq 5

Hyundai Motor Company said Tuesday it is releasing its first original film “Night Fishing,” starring actor Son Suk-ku and featuring its top-selling electric vehicle the Ioniq 5, this Friday nationwide. The film, the carmaker’s first foray into cinema, is a humanistic thriller weaving mystery and twists against the backdrop of an EV charging station. Directed by Moon Byoung-gon, the first Korean to win the Short Film Palme d’Or at Cannes in 2013, this project marks his ret

June 11, 2024

Does Apple Intelligence have edge over Galaxy AI?

Months after Samsung Electronics launched the world's first artificial intelligence smartphone equipped with its original Galaxy AI, its archrival Apple debuted its own Apple Intelligence, only to show it lacks any kind of overwhelming advantage to differentiate itself. At the Worldwide Developers Conference on Monday, Apple presented Apple Intelligence, its AI system that will be incorporated across products from iPhones to Macbooks. “Our unique approach combines generative AI with a

June 11, 2024

S. Korean ChatGPT app users soar 30% in May

The popularity of OpenAI's artificial intelligence chatbot, ChatGPT, has surged in South Korea, with the number of monthly users of its mobile app surpassing 1 million for the first time last month. User numbers rose by 30 percent in May, reaching an estimated 1,273,922, compared to 980,318 in April, according to statistics from the mobile big data company IGAWorks released Tuesday. This follows a steady increase from 697,830 in February to 880,364 in March. "The mobile app version i

June 11, 2024

LG-GM joint venture workers win 30% wage hike

LG Energy Solution and General Motors' joint venture, Ultium Cells, have tentatively agreed to a 30 percent wage increase over the next three years, significantly boosting worker pay amidst concerns about rising production costs. The United Auto Workers announced Monday that their local chapter at the Ultium Cells plant in Warren, Ohio, has reached a preliminary agreement with the company. This tentative deal still requires ratification by union members. UAW President Shawn Fain stated that

June 11, 2024

SK Ecoplant eyes bigger footing in Vietnam’s solar market

South Korean energy and environmental solutions provider SK Ecoplant said Tuesday that it is ramping up efforts to seek a bigger footing in Vietnam’s solar panel market with a recent solar panel installation within an industrial complex. The company held a ceremony on Monday to celebrate the completion of a solar panel rooftop for a plant owned by Samil Vina, a Vietnam-based textile exporter located in Dong Nai province. All energy generated from the 1-megawatt solar power plant will be us

June 11, 2024

Hyundai Mobis unveils giant panoramic display for cars

Hyundai Mobis, the parts and service arm of Hyundai Motor Group, said Tuesday it has showcased M.VICS 5.0, the new addition to the company’s in-vehicle digital cockpit series, as part of its efforts to lead the global competition in electrified vehicle parts technology development. First launched in 2021, the M.VICS series is an infotainment system installed in front of the driver and passenger seats, providing various driving information and media content while enabling external communica

June 11, 2024

KB Kookmin Card's Indonesia unit marks 30th anniversary

KB Kookmin Card on Monday celebrated the 30th anniversary of its Indonesian subsidiary, KB Finansia Multi Finance, in the capital city Jakarta. Established in 1994, KB FMF is a credit finance corporation that primarily offers mortgages for used cars and motorcycles, as well as installment financing for durable goods. KB Kookmin Card acquired shares of KB FMF in July 2020, integrating it as a subsidiary. KB Kookmin Card CEO Lee Chang-kwon attended the event and encouraged local employees, present

June 11, 2024

[Photo News] Summer poem

Korean refiner S-Oil displays a refreshed billboard at its headquarters in Mapo-gu, western Seoul, on Tuesday with "Diary of a Grass Leaf" by Korean poet Han Sang-soon. It reads: "Sunshine, you make me sparkle in shades of green." Set against a backdrop of a lush, sunlit forest, the display is designed to convey a refreshing feeling of summer. This update continues S-Oil’s tradition since 2016 of integrating cultural elements into its corporate environment to inspire em

June 11, 2024

DP policy chief says 'no budget' for oil exploration project without data

The chief policymaker of the main opposition Democratic Party said Tuesday no extra budget should be allowed for a project for potential offshore oil and gas reserves in the East Sea unless relevant data is submitted. The remark came amid growing controversies surrounding Act-Geo, the US geoscience firm that gave a positive assessment of the potential reserves, including one that the company had signed a contract with state-run Korea National Oil Corp. when it was subject to operational restrict

June 11, 2024

Seoul shares open higher on Wall Street gains

South Korean stocks opened slightly higher Tuesday, tracking overnight gains on Wall Street ahead of a US Fed meeting. The benchmark Korea Composite Stock Price Index added 9.99 points, or 0.37 percent, to 2,711.16 in the first 15 minutes of trading. The positive start follows overnight gains on Wall Street, with investors taking caution ahead of the US Federal Open Market Committee meeting slated for Tuesday and Wednesday. The Dow Jones Industrial Average added 0.18 percent to close at 38,868.0

June 11, 2024

Ongoing scrutiny plagues Act-Geo's credentials

The proposed deepwater oil and gas field development off the coast of Yeongil Bay in Pohang, South Korea, is under intense scrutiny, with debates surrounding the reliability of the discovery and the credibility of Act-Geo, the US consulting firm behind the survey. The Ministry of Trade, Industry and Energy has been actively addressing these concerns, including allegations of a fake Korean-language website for Act-Geo that was quickly found to be fraudulent on Monday. Doubts about Act-Geo's

June 10, 2024

S-Oil donates W325m to Korea Coast Guard

South Korean oil refiner S-Oil on Monday delivered a donation of 325 million won ($235,728) to the Korea Coast Guard (KCG), as part of its ongoing program to support the country’s maritime officers. The donation will be used to award honorary maritime officers, support the officers with medical expenses and provide tuition scholarships for children of officers who died while on duty. “Maritime officers, who take risks to save lives despite difficult sea conditions, are the real heroe

June 10, 2024

GS E&C, Seoul team up for after-school child care

GS Engineering & Construction announced Monday that the company would cooperate with the Seoul Metropolitan Office of Education to open new after-school care facilities for elementary school students to help low-income households and families with working parents. The Seoul Metropolitan Government is currently trying to expand after-school care programs for elementary school students to help families save expenses on private after-school classes. As part of its plan, the government is introd

June 10, 2024

Seoul shares close lower ahead of US Fed meeting; won sharply down

South Korean shares closed lower Monday as investors took to the sidelines ahead of the US Federal Reserve's rate-setting meeting later this week. The local currency sharply lost ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 21.5 points, or 0.79 percent, to close at 2,701.17. Trade volume was moderate at 499.3 million shares worth 11.16 trillion won ($8.1 billion), with losers outnumbering gainers 499 to 381. Retail investors scooped up a net 553.8 billi

June 10, 2024

US poised to replace China as Korea’s top export destination

South Korea's exports to the United States are likely to exceed those to China this year for the first time in 22 years, according to a joint report released Monday by Statistics Korea, the Trade Ministry, and the Ministry of SMEs and Startup. From January to May, exports to the US amounted to $53.3 billion, approximately $610 million more than exports to China which stood at $52.69 billion. Large companies have already shifted their export trend since last year, while small and medium-size

June 10, 2024