Yogiyo begins robot delivery service for 1st time as food delivery app

Yogiyo, a South Korean food delivery app, officially launched the country's first robot delivery service, the company said Monday. The service was introduced in the Songdo district of Incheon, about 40 kilometers west of Seoul, with plans for nationwide expansion in the future, according to Yogiyo. It is the first robot delivery service by a South Korean food delivery app. The self-driving delivery robots will operate within a 1.2-kilometer radius from participating restaurants, delivering

IndustrySept. 9, 2024

Young Koreans with bad credit surge

The number of young South Koreans with delinquent loans has rapidly increased in the past three years, data by the state-run financial watchdog showed Monday. As of July, 65,887 people in their 20s have been registered at the Korea Credit Information Services as "delinquent borrowers," referring to people who are disadvantaged in financial transactions due to long-standing credit card or bank debt. This figure marked a 25.3 percent increase from the 52,580 delinquent borrowers in the s

EconomySept. 9, 2024

HD Hyundai, Hanwha on edge as KDDX probe nears conclusion

South Korea’s shipbuilding industry is bracing for the conclusion of a high-profile police investigation into alleged corruption surrounding the Korea Destroyer Next Generation (KDDX) project, with results expected as early as mid-September. The outcome could determine whether the delayed selection process for the multi-billion-dollar naval project finally moves forward. The National Office of Investigation, part of the National Police Agency, is set to finalize its probe into allegations

IndustrySept. 9, 2024

Seoul shares dip for 5th day on dim prospects over Fed's big cut

Seoul shares ended lower Monday to extend their losing streak to a fifth day amid concerns that the US Federal Reserve may not cut its rate by a large margin. The Korean won traded sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index lost 8.35 points, or 0.33 percent, to close at 2,535.93. Trading volume was moderate at 262.46 million shares worth 7.3 trillion won ($5.4 billion), with gainers outnumbering losers 502 to 371. Foreigners sold a net 540 billion won wo

MarketSept. 9, 2024

Korea’s hostility to short selling may scare global investors away

While South Korean regulators maintain a wary eye against short selling, the prolonged ban and imposing stricter guidelines on the practice could drive foreign investors away from the local equity market, experts said. Following heavy market fluctuations, local regulators enforced a complete ban on short selling in November. Short selling is a trading strategy that involves borrowing and selling stocks expected to decline in price. The halt, initially set to last until June, has been prolonged

MarketSept. 9, 2024

[2024 IFA] LG Electronics CEO committed to elevating corporate value

BERLIN -- LG Electronics CEO Cho Joo-wan promised to actively engage with global investors as part of the company’s value-up drive. “LG Electronics is committed to enhancing its corporate value these days,” Cho said during a meeting with a group of Korean reporters held on the sidelines of the IFA trade show in Berlin on Friday. His comments came ahead of his visit to London to meet with institutional investors for a non-deal roadshow on Saturday. This marks the first time the

IndustrySept. 9, 2024

Celltrion eyes new production plant, aims for W5tr in sales

Celltrion Group Founder and Chairman Seo Jung-jin has announced plans to expand the company's pharmaceutical production facilities either in South Korea or abroad as part of its strategy to enter the contract development and manufacturing organization sector. The biosimilar giant also aims to commercialize a total of six new drug pipelines by the end of 2029. "Expanding manufacturing facilities is crucial for securing production capacity and ensuring a sustainable future," Seo rep

IndustrySept. 9, 2024

[2024 IFA] Samsung eyes bigger presence in ad-supported streaming market

BERLIN -- As TVs evolve into platforms offering limitless content-based enjoyment, Samsung Electronics has revealed its ambition to lead the free ad-supported television market, or FAST, by providing distinctive services and diverse content. “In line with the AI era, we will actively explore and implement measures to become the optimal platform by advancing and enhancing basic AI usability,” Kim Yong-su, head of the global service business team of the visual display division at Samsu

IndustrySept. 9, 2024

LS Cable CEO vows to hit W10tr sales by 2030

LS Cable & System CEO Koo Bon-kyu has pledged to achieve 10 trillion won ($7.5 billion) in sales by 2030 by accelerating business expansion abroad. “Joining hands with (our subsidiary) LS Eco Energy, we will set up our global production bases in Europe, Asia and North America,” Koo said during a press conference in Yeouido, Seoul, Thursday. “With LS Marine Solution, the company aims to strengthen its business portfolio for cable supply, installation and maintenance using t

IndustrySept. 9, 2024

HD Hyundai to showcase uncrewed vessel at REAIM conference

HD Hyundai said Monday that it is participating in the REAIM Summit, a global military conference, held at the Lotte Hotel in Jung-gu, central Seoul, this week. REAIM Summit 2024 is an international multilateral event where 90 countries are presenting their uncrewed vessel technologies and discussing responsible military use of artificial intelligence. HD Hyundai will showcase a model of Tenebris, an uncrewed surface vehicle co-developed with US-based big data analytics firm Palantir Technologie

IndustrySept. 9, 2024

SK Ecoplant secures $98m by offloading stake in Ascend Elements

South Korean energy and environmental solutions provider SK Ecoplant said Monday that it has secured over $98 million by selling its stake in the American battery recycling firm Ascend Elements, as part of its initiative to restructure its recycling business portfolio. SK Ecoplant had invested over $60.8 million in Ascend Elements since 2022. It sold its entire stake of approximately 9.2 million shares to SKS PE, a Seoul-based private equity firm, according to the company’s regulatory fili

CompaniesSept. 9, 2024

APR’s Medicube, Aprilskin brands enter UK market

Korean beauty brands Medicube and Aprilskin have officially entered the UK market, South Korean beauty tech company APR announced Monday. The two brands are now available through London-based K-beauty retailer Pureseoul, which operates both online and in physical stores in prime shopping districts such as those of Soho, Westfield and Oxford. Pureseoul, a leading distributor of over 60 Korean beauty brands, is seen as a key partner in helping Medicube and Aprilskin gain a foothold in the UK marke

CompaniesSept. 9, 2024

[Photo News] Hyundai sweeps podium at acropolis rally

Hyundai Motor secured a triple podium finish at the Acropolis Rally Greece that took place from Thursday to Sunday, in the 10th round of the 2024 World Rally Championship. Thierry Neuville took the top spot, with teammates Dani Sordo and Ott Tanak close behind. This victory, Hyundai’s fourth of the season, came on one of the toughest WRC courses, known for its punishing unpaved roads and high temperatures. Hyundai’s i20 N Rally1 Hybrid cars outperformed rivals in durability and rel

MobilitySept. 9, 2024

Govt. to issue legislative notice for new EV safety regulations

The transport ministry said Monday it plans to issue a legislative notice for new government regulations regarding electric vehicle safety announced last week in response to public concerns over EV fires. The ministry said the legislative notice for amendments to the enforcement regulations of the Automobile Management Act will be issued for 40 days, from Tuesday to Oct. 21. Last week, the government said its EV battery certification system that was scheduled to go into effect next February will

MobilitySept. 9, 2024

FSC chief calls on mutual savings banks to swiftly address risks on PF loans

The chief of the financial regulator urged mutual savings banks Monday to recommit themselves to their basic duty of serving their communities, also calling on them to quickly address risks on loans extended to real estate projects. Kim Byoung-hwan, chair of the Financial Services Commission, made the call in a meeting with top officials from five major mutual savings banks and credit cooperatives, including Nonghyup. "The mutual banking sector has long contributed to the balanced developme

EconomySept. 9, 2024

Seoul shares open lower after US jobs data

Seoul shares opened lower Monday after weaker US employment data, amid concerns that the Federal Reserve has waited too long to cut rates as recession risks grow. The benchmark Korea Composite Stock Price Index fell 1.3 percent, or 33.89 points, to 2,510.39 in the first 15 minutes of trading. Weaker-than-expected employment data in August weighed on investor sentiment ahead of the Fed's rate decision later this month, analysts said. They noted that investors will focus on next week's i

MarketSept. 9, 2024

[KH Explains] NCSoft pins hopes on new titles to stop bleeding

NCSoft is seeking answers to rebound with new titles and managerial overhauling efforts amid its falling stock price, as the first-generation South Korean gaming powerhouse hopes to get back to the throne. Experts forecast that the success of new games NC plans to roll out and reorganization of human resources will determine whether the game developer can turn things around in the short term. Plummeting shares NC’s stock has been practically in a free fall since reaching its peak at 1.

CompaniesSept. 8, 2024

Lotte chief eyes W1tr in Pepero sales

Lotte Group Chairman Shin Dong-bin has chosen Pepero as the flagship product for a new strategic initiative in partnership with Lotte food affiliates from Korea and Japan, the nation's sixth-largest conglomerate announced Sunday. The initiative aims to elevate the chocolate stick snack into a global megabrand with annual sales of 1 trillion won ($748 million). During Shin's recent business trip to Europe, the chairman visited Lotte's global food production facilities in Belgium an

IndustrySept. 8, 2024

SC Bank Korea names new chief

Standard Chartered Bank Korea has appointed Lee Kwang-hee, managing director and executive vice president, as its new CEO, the global lender said Friday. Lee, recognized as an expert in corporate banking, will succeed the outgoing CEO, Park Jong-bok. "A detailed evaluation was conducted on the nominees' leadership in the financial sector, willingness to share the bank’s vision, efforts for boosting public interest and sound business administration," the bank's executive

IndustrySept. 8, 2024

Hyundai Casper EV to make Japan debut early next year

Hyundai Motor plans to bring its Casper Electric mini SUV to Europe later this year and Japan in early 2025, following robust domestic sales. The company reported Sunday that it sold 28,784 units of the Casper -- both gasoline and electric versions -- in the Korean market from January to August this year, marking a 1.4 percent increase from the same period last year. Total Casper sales surged in August, with 5,031 units sold -- making it the first month in 2024 to break the 5,000 mark. The boost

MobilitySept. 8, 2024