In Korea, wage goes sharply up between the 10th year to the 20th year in employment, due to a widespread seniority-based salary system, a report said Monday. According to an analysis by professor Lee Sang-hee of Korea Polytechnic University, South Korea saw the sharpest hike in one’s salary of 15.1 percent in the 10-year period, compared to other members of the Organization for Economic Cooperation and Development.  The OECD average was a 5.9 percent increase.  Professor Lee

Industry Nov. 8, 2021

Prices of instant noodle products rose 11 percent from a year ago in October, the largest jump since 2009, leading an overall increase in food prices, government data showed Sunday.  According to the state-run Statistics Korea, ramen prices reached the highest on record last month, growing by the largest margin since February 2009, when the country saw a 14.3 percent growth in instant noodle prices.  The market’s four main players -- Nongshim, Ottogi, Samyang and Paldo --have a

Industry Nov. 7, 2021

South Korean technology conglomerates are making last-minute preparations ahead of submitting their semiconductor-related data to the US as the deadline approaches, industry insiders said Wednesday. The move is in line with the US Department of Commerce’s request on Sep. 24 for global semiconductor firms to hand over internal data on clients, inventory levels and chipmaking equipment by Nov. 8, so the department can “review” supply-side issues. Shortages of key parts, includin

Industry Nov. 3, 2021

After almost two years of staying at home, canceling holidays and skipping social gatherings, many South Korean consumers are slowly emerging from their cocoons to embark on post-pandemic shopping sprees -- ready to dress up, travel overseas and dine out again.  Industry data on Tuesday showed that retail conglomerates raked in record-high sales from their latest sales events in October, fueled by shoppers’ pent-up demand and a recovery in consumer sentiment in anticipation of the &l

Industry Nov. 2, 2021

KT will pay 35 billion-40 billion won ($29 million-$33 million) to subscribers in compensation for the massive network outage last week, the country’s No. 2 telecom operator in terms of revenue said Monday.  In a press conference, executives of the firm acknowledged that the Oct. 25 incident was a human-caused disaster caused by lax oversight on its side and pledged to go “back to basics” to regain confidence from users.  “We deeply apologize for causing incon

Industry Nov. 1, 2021

The Ministry of Science and ICT said Friday that telecom operator KT’s massive network outage on Monday happened due to input of an incorrect command on router equipment during maintenance work in Busan.  Other flaws have been also revealed from the ministry’s investigation into KT’s nationwide internet disruption -- the maintenance work on router equipment was conducted during the day although it was originally approved by officials to be done from 1 to 6 a.m. The mainte

Industry Oct. 29, 2021

Arid, rocky desert stretching out across the horizon with no end in sight, with heavy sandstorms carving out dry steppe land from time to time.  This may be what you would normally imagine when you think of Mongolia, home to Asia’s largest and coldest desert -- Gobi Desert. In a country where forests only cover less than 10 percent of the total land, afforestation is innately difficult -- it has a very short growing season that is restricted by cold temperatures and low precipitatio

Industry Oct. 28, 2021

South Korea’s Cabinet on Wednesday endorsed a plan to reduce greenhouse gas emissions by 40 percent from the 2018 level by 2030, sharply increasing the previous goal, set last year, of a 26.3 percent cut.  In response to the new goal, conservative experts and industry insiders are voicing caution.  At a seminar hosted by the Federation of Korea Industries on Wednesday, Park Ju-heon, professor of economics at Dongduk Women’s University said the energy transition should be

Industry Oct. 27, 2021

The contactless trend in the COVID-19 era and development of digital technologies have accelerated the advent of the metaverse, opening up a new market with limitless business opportunities.  People will spend more time in three-dimensional virtual spaces than they do on the two-dimensional internet, said Jeon Jin-soo, vice president of SK Telecom who is leading the firm’s venture into the metaverse world.  “Metaverse is the next internet platform. All 2D information wil

Industry Oct. 26, 2021

South Korean telecommunications operator KT suffered a nationwide network outage on Monday, causing widespread disruptions to daily tasks requiring connectivity. Virtual classrooms were down, food delivery orders were lost, and clinics couldn’t access patient data.  The network outage, which began around 11 a.m. and lasted for nearly an hour, was initially said to have been caused by a cyberattack. A local police station dispatched a team of cybercrime investigators to KT’s he

Business Oct. 25, 2021

South Korea’s Science Ministry said Sunday that researchers will begin looking into why the country’s first domestically-built rocket Nuri, or Korean Satellite Launch Vehicle II, failed to put a dummy satellite into orbit in its maiden flight last week.  The Korea Aerospace Research Institute that led the Nuri project will form a task force to examine data from the Oct. 21 test to determine what caused the shorter-than-programmed burning of the rocket’s third engine. 

Industry Oct. 24, 2021

The Ministry of Land, Infrastructure and Transport said Friday it has ordered a recall of 34,268 vehicles -- sold by Hyundai Motor, Kia Motors, Renault Samsung Motors, Toyota, Mercedes-Benz Korea, Hanbul Motors and BMW Korea -- for faulty components.  The defective components found in 23 models sold by the seven carmakers include faulty air bag in Hyundai Motor’s Avante, loose nut for generator inside Carnival, worn-out gearshift for Soul EV and oil leak in Renault Samsung’s M

Mobility July 17, 2020

South Korean low-cost carrier Eastar Jet’s unionized workers on Friday blamed Jeju Air and the government for the botched acquisition plan of its rival. The workers’ union argued that the government “neglected” the situation for three months, until the aviation industry’s economic situation severely deteriorated. “The government should actively step up, since the Moon Jae-in government and the ruling party cannot escape responsibility for the economic impac

Mobility July 17, 2020

Renault Samsung Motors unveiled a revamped version of its midsized sedan SM6 on Wednesday, four years after it was launched.  The new SM6 has been upgraded by adopting a renewed powertrain to improve the driving performance, along with a new rear suspension and driving assistant function to offer driving comfort.  For the exterior, the automaker added new color options including silver, gray and red. The newly added dynamic turn-signal light has made the exterior more aesthetic

Mobility July 15, 2020

South Korean full-service carrier Korean Air has released a video featuring Korean Air CEO Cho Won-tae and some 30 employees disinfecting the inside of an airplane, the airline said Tuesday.  In a video titled “We are waiting for you,” which runs just over a minute and a half, Cho and the employees sanitize the interior of the plane by spraying disinfectant on shelves, monitors, safety belts, tables and lavatories. The disinfectant, called MD-125, is effective for seven days.

Mobility July 14, 2020