The number of South Koreans in the agro-fishery sector declined 9.5 percent last year from five years earlier amid rapid aging and younger people's movements to cities, data showed Tuesday. The number of people engaged in the farming and fishery segments totaled 2.64 million last year, compared with 2.92 million in 2015, according to the data from Statistics Korea. The number of households in the agro-fishery sector came to 1.18 million last year, down 4.5 percent from five years earlier. The

Economy April 27, 2021

Samsung Electronics Co., the world's leading memory chip producer, on Tuesday released a high performing enterprise solid state drive (SSD) that supports the latest serial attached SCSI (SAS) interface. The PM1653 is the industry's first 24G SAS SSD made with sixth-generation V-NAND memory chips, according to Samsung, with its storage capacity ranging from 800 gigabytes to 30.72 terabytes for enterprise server systems. SAS is a high-speed data transfer interface used for servers or storage dev

Industry April 27, 2021

S-Oil Corp., South Korea's No. 3 refiner, said Tuesday it turned to the black in the first quarter from a year earlier on rising prices of petrochemical products and inventory-related gains. S-Oil's net income reached 344.7 billion won ($310.1 million) in the January-March period, turning from a loss of 880.6 billion won a year earlier, the company said in a regulatory filing. Its logged a higher-than-expected operating profit of 629.2 billion won in the first quarter, the highest in five year

Industry April 27, 2021

South Korea's investment in startups spiked nearly 61 percent in the first quarter of the year amid hopes of high returns, government data showed Tuesday. A total of 1.25 trillion won ($1.12 billion) was invested in promising venture firms and startups in the January-March period, up 61.1 percent from a year earlier, according to the data from the Ministry of SMEs and Startups. It was the highest amount for the first quarter and the second-largest quarterly figure after the 1.41 trillion won f

Economy April 27, 2021

Samsung Electronics Co. on Tuesday launched a new robot vacuum cleaner with upgraded artificial intelligence (AI) solutions here as the tech giant eyes to boost home appliance sales amid the pandemic-driven stay-at-home trend. The BESPOKE JetBot AI vacuum cleaner comes in five colors at a price of 1.59 million won ($1,430). The product, which was first unveiled at the all-digital Consumer Electronics Show (CES) 2021, is equipped with Intel's Movidius AI solution and utilizes LiDAR and 3-D sens

Industry April 27, 2021

Public organizations will have to choose only eco-friendly cars when purchasing new automobiles, in line with the country's green energy drive, the industry ministry said Tuesday. "In order to speed up the transition, it is necessary to create new demands," the Ministry of Trade, Industry and Energy said in a statement. The eco-friendly cars refer to electric vehicles (EVs) and hydrogen fuel-cell cars, as well as hybrid models. South Korea launched a rule in 2016 that required publi

Industry April 27, 2021

Retail sales in South Korea jumped 18.5 percent in March from a year earlier on the back of seasonal promotions by offline stores, with local consumers also turning to "revenge shopping" amid the prolonged virus pandemic. The combined sales of 26 major offline and online retailers reached 13.1 trillion won ($11.7 billion) last month, up from 11.1 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores jumped

Consumer April 27, 2021

South Korea said Tuesday it will strengthen support to exporters facing a hike in freight costs by increasing marine shipping services amid the recovery of global trade from the new coronavirus pandemic. Under the plan, South Korea plans to add two new scheduled services for the route to the Americas per month to cope with a shortage in shipping, according to the Ministry of Trade, Industry and Energy. The government plans to add more ships for routes to Europe and Southeast Asia depending on

Industry April 27, 2021

South Korea's demand for natural gas is expected to rise 15 percent through 2034, data showed Tuesday, on the back of higher demand from hydrogen fuel cell cars and liquefied natural gas (LNG) bunkering ships. The country's annual demand for natural gas is expected to reach 47.9 million tons in 2034, compared with 41.7 million tons estimated for this year, according to the Ministry of Trade, Industry and Energy. Of the volume, the demand from the industrial segment is especially anticipated to

Economy April 27, 2021

Major South Korean credit card issuer Samsung Card Co. said Tuesday its net profit soared nearly 23 percent in the first quarter of the year on a rebound in consumer confidence. Net profit stood at 138.4 billion won ($124.7 million) in the January-March period, up 23.4 percent from a year earlier, the company said in a regulatory filing. Operating profit jumped 23.1 percent on-year to 185.3 billion won, with sales rising 0.6 percent to 918.1 billion won. Samsung Card attributed its stellar fi

Industry April 27, 2021

A state-run defense development agency said Tuesday it has completed the development of a new high power and high sensitivity radar technology capable of detecting stealth fighter jets. The new technology will be used for wide area surveillance to monitor military aircraft operated by neighboring countries near the Korean Peninsula, according to the Agency for Defense Development. "Securing a homegrown radar technology to detect warplanes with a low radar cross section was essential as th

Defense April 27, 2021

South Korean refiners' exports fell to the lowest level in 10 years in the first quarter of the year as global oil demand remained low amid the prolonged COVID-19 pandemic, industry data showed Tuesday. Oil and petrochemical products shipped by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 90.94 million barrels in the first quarter of the year, down 27.4 percent from a year earlier, according to the data compiled by the Korea Petroleum Association. The t

Economy April 27, 2021

South Korean left-hander Yang Hyeon-jong of the Texas Rangers has made his Major League Baseball debut on the day he joined the team's big league roster. Yang took the mound as a relief pitcher for the first time in a major league game against the Los Angeles Angels at Globe Life Field in Arlington, Texas, on Monday (US time), relieving starter Jordan Lyles, who allowed seven earned runs in 2 2/3 innings. The southpaw made 66 pitches in 4 1/3 innings, giving up two runs on five hits, with one

Baseball April 27, 2021

Foreign Minister Chung Eui-yong offered condolences to the families of the crew members killed in last week's deadly sinking of an Indonesian submarine off the island of Bali, the foreign ministry said Tuesday. The Indonesian submarine KRI Nanggala 402 with 53 people on aboard went missing last week while conducting a training exercise.Its military on Sunday declared all 53 crew members dead after it found its wreckage broken into three pieces at the bottom of the sea. "Foreign Minister

Foreign Affairs April 27, 2021

South Korean President Moon Jae-in sent a condolence letter to his Indonesian counterpart, Joko Widodo, over the deadly sinking of the country's naval submarine, Cheong Wa Dae said Tuesday. Moon expressed regret about the deaths of 53 crew members and delivered a message of condolences and sympathy to the Indonesian people, according to presidential spokesperson Park Kyung-mee. He hoped that the Indonesian people will overcome grief from the tragic accident at an early date, she added. Indone

Politics April 27, 2021