A Jincheon-based online store has temporarily suspended taking new orders after a drastic surge in orders following the county’s decision to accept Afghan evacuees. In a statement released on the website Sunday, JC Mall said its order volume had jumped “more than twentyfold” since Friday, compared with other weekends. Its increased popularity comes after hundreds of evacuees from Afghanistan were admitted to the Leadership Campus of the National Human Resources Development I

Consumer Aug. 30, 2021

The government is set to bring back its cashback scheme for food delivery services next month to soften the blow from the fourth wave of COVID-19. Consumers will receive 10,000 won ($8.60) back for every four orders made on delivery apps worth 20,000 won each, according to the Ministry of Economy and Finance on Sunday. The scheme is expected to take effect sometime before the Chuseok holiday next month to help boost spending in the hospitality industry. With some 20 billion won set aside for

Consumer Aug. 29, 2021

Troubled automaker SsangYong Motor is speeding up the process of finding a new buyer after undergoing preliminary due diligence. The Korean arm of Indian automaker Mahindra & Mahindra plans on receiving acquisition proposals until mid-September from potential buyers, according to industry sources Sunday, with a preferred bidder set to be chosen based on the acquisition price and business plan. A total of 11 investors from home and abroad have submitted letters of intent to take part in the

Mobility Aug. 29, 2021

Forestry body chief talks multiple green projects and goals during his tenure Amid the prolonged coronavirus pandemic, more South Koreans are rediscovering the joy of immersing themselves in nature, heading out to rugged mountains away from crowded cities. With some 63 percent of its land covered in forest, as opposed to the global average of 30 percent, Korea is indeed a country for hikers, with mountaineering being one of the favorite hobbies of many. While more people are reconnecting

Industry Aug. 24, 2021

The global market for floating solar panels is set to more than quadruple by 2025, a recent report has revealed. The report published by Korea Energy Economics Institute on Sunday estimates that the total power generation capacity of floating solar farms around the globe had surpassed 3 gigawatts as of October 2020. By 2025, the volume will grow by another 10 GW, the institute said, citing data from market researcher Fitch Solutions. The findings come as the Korean government announced the G

Industry Aug. 22, 2021

South Korean companies, many of them in the manufacturing industry, face bigger environmental, social and corporate governance risks than their service-heavy European counterparts, the Federation of Korean Industries warned on Sunday. Compared to companies located in countries like France or the UK, those based in South Korea, China, and India are more vulnerable to risks stemming from global ESG trends, the FKI said in a report. ESG first gained traction among risk-conscious investors and are

Industry Aug. 22, 2021

Credit card company Samsung Card will divest all of its 19.9 percent stake in automaker Renault Samsung Motors, in a sale that would pull the plug on its parent Samsung Group’s old, botched auto dream. The company said the decision was made recently and has tapped Samsung Securities, Samsung Group’s financial investment arm, to lead the exit. “Though we are pursuing the stake sale, details such as the method of sale, the buyer and the process have yet to be decided,” t

Mobility Aug. 19, 2021

Children from South Korea, the Canary Islands and China won Japanese automaker Toyota’s 14th Dream Car Art Contest. Lee Jae-yul, a 7-year-old from South Korea, won the award with a piece titled “Pollution Purifying Car.” The work depicts a time-traveling car that “travels to the past” and “absorbs the polluted air, turning it into fresh air for the future,” the company said. Se Eun Hong and Heng wei Xu from the Canary Islands and China, respectively,

Mobility Aug. 18, 2021

Full-service carriers like Korean Air and Asiana Airlines continued to deliver profit thanks to their cargo business, drawing a stark contrast with low cost carriers amid a severe drop in international air travel due to the prolonged coronavirus pandemic. Last week, Korean Air reported its fifth consecutive quarterly operating profit. Revenue in the second quarter of this year increased by 16 percent to 1.95 trillion won ($1.73 billion) and operating profit by 31 percent to 196.9 billion won co

Mobility Aug. 18, 2021

South Korean resort developer Ananti delivered a record-breaking 111.8 billion won ($95.6 million) in revenue during the first half of this year, up 156 percent from a year ago. Its operating profit stood at 38 billion won, up by 65.8 billion won as it turned to profit. The firm’s revenue growth comes as its brand awareness grew, coupled with the burgeoning demand for private spaces for vacations. Some 54 percent of its revenue was generated from membership sales for their resorts, while

Industry Aug. 18, 2021

When travel and leisure platform operator Yanolja raised $1.7 billion from SoftBank Vision Fund 2 last month, it drew comparisons with e-commerce giant Coupang, drumming up excitement over the recent startup boom in South Korea. “We have the super app Yanolja at home and a cloud-based automation solution for the international market. They are fast-growing markets with great potential and we believe the funding acknowledges our technology to keep things going and our great team,” Lee

Technology Aug. 17, 2021

South Korea’s top shipping company HMM’s operating profit rose to a record high during the second quarter on the back of growing shipping costs and strong demand. The company racked up 1.38 trillion won in operating profit, a regulatory filing released on Friday revealed, up over 900 percent compared to the same time one year ago. The figure also surpasses its performance during the first quarter, which stood at 1.19 trillion won in operating profit. Revenue rose 111 percent to 2.

Mobility Aug. 13, 2021

Korean Air posted an operating profit for a for a fifth consecutive quarter Friday, citing its efforts to boost cargo operations and reduce costs. Revenue increased by 16 percent to 1.95 trillion ($1.73 million) and operating profit by 31 percent to 196.9 billion won ($174 million) compared to the same time last year. Despite a drop in passenger demand due to the COVID-pandemic, which has dealt a severe blow to the tourism and aviation sectors, the airline’s cargo business racked up a re

Mobility Aug. 13, 2021

Hyundai Motor said Friday its manufacturing plant in Alabama in the US has produced 5 million vehicles in total since the facility began operations in May 2005. Some 2.56 million Sonatas were produced at the plant, as well as 1.48 million Elantras, 0.9 million Santa Fes, 36,989 Tucsons, and 1,784 Santa Cruzes. A Santa Cruz built in late July brought the automaker to the 5 million milestone. “The 5 millionth vehicle represents a tremendous achievement for Hyundai Motor North America. We

Mobility Aug. 13, 2021

In early March, South Korean e-commerce giant Coupang made its landmark debut on the New York Stock Exchange, raising $4.6 billion in an initial public offering that shattered expectations. The successful debut of the South Korean flag-waving Softbank-backed startup in the US stock market soon became a major talking point in an economy heavily dominated by a handful of conglomerates, capturing the excitement surrounding the growing number of local startups. The move also followed a year marked

Industry Aug. 12, 2021