Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Doosan forms new hydrogen R&D firm ‘Doosan H2 Innovation’
Doosan Group said Thursday it has established “Doosan H2 Innovation” to consolidate the group’s hydrogen research and development efforts currently dispersed across different affiliates. According to South Korea’s No. 15 conglomerate, the newly established company will take a central role of the group’s development of solid oxide fuel cells, or SOFCs. SOFCs are third-generation fuel cells that can offer longer life spans and greater efficiency than conventional m
Sept. 30, 2021
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SK turns oil extracted from plastic waste into clean raw materials
SK Geo Centric has become the first company in South Korea to utilize oil extracted from plastic waste as a feedstock to manufacture petrochemical products, the company said Thursday. Formerly known as SK Global Chemical, the petrochemical subsidiary of SK Innovation began pumping waste plastic oil mixed together with crude oil into the production line of its plant in Ulsan to manufacture various products including gasoline, diesel, aviation fuel and naphtha. “Starting October, SK Geo C
Sept. 30, 2021
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SK Broadband countersues Netflix for net fees
SK Broadband said Thursday that it had countersued Netflix for network usage fees based on a June verdict that favored the South Korean company. The SK Telecom subsidiary, one of the country’s leading broadband internet access providers, said the suit, filed with the Seoul High Court, was a follow-up measure after Netflix failed to respond to SK’s proposals. “Despite the fact that massive investments are made in maintaining the internet network every year and the fact that
Sept. 30, 2021
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Genesis unveils GV60 electric SUV with facial recognition
Hyundai Motor’s luxury brand Genesis unveiled on Thursday the GV60, its first electric car based on its exclusive EV-dedicated modular platform. The coupe-style crossover SUV is fitted with a 77.4 kilowatt-hour battery and can travel up to 451 kilometers on a single charge, the automaker said in a statement. Priced at between 60 and 70 million won ($50,570-$59,000), the GV60 comes in three types: rear-wheel drive, four-wheel drive and a four-wheel performance version. The GV60 is t
Sept. 30, 2021
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[Newsmaker] COVID-19 cashback scheme criticized over fairness
South Korea’s new cashback scheme, designed to encourage private spending, has rather unusual criteria for coverage. Money spent at Emart Every Everyday stores is eligible for rewards, but not at Emart outlets. Businesses covered by the scheme include Ikea, Starbucks, small supermarket chains, hotels, movie theaters, restaurants as well as delivery apps. But purchases made at big supermarket chains such as Emart, Costco and Homeplus as well as department stores and duty-free stores do n
Sept. 30, 2021
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Gamevil to become Coinone’s second-largest shareholder
South Korean game developer Gamevil said Thursday it will become the second-largest shareholder of Coinone by acquiring a 22 percent stake in the cryptocurrency exchange. During a board meeting Wednesday, the company, through its fully owned subsidiary Gamevil Plus, decided to buy 151,218 shares of the digital coin exchange for 53.9 billion won ($45.5 million). After the additional share purchase slated for January next year, Gamevil will hold a 38 percent stake in Coinone. “The acq
Sept. 30, 2021
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[Feature] Not just headsets: Gaming gear gets dedicated furniture, room
Gamers are fast becoming the latest demographic target for the retail industry as companies rush to take advantage of a recent surge in video gaming. Last week, Swedish furniture giant Ikea unveiled a lineup of furniture designed for gamers as a collaboration project with Republic of Gamers -- a gaming-focused brand by a Taiwanese computer manufacturer. Hitting the shelves next month, the company said the new range including gaming desks, chairs as well as accessories is aimed at “democr
Sept. 30, 2021
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Kurly CEO calls for more domestic growth capital in Korea’s startup ecosystem
More homegrown late-stage venture capital investing is crucial to spurring South Korean startups to be able to scale up and innovative for job creation and economic development, which will ultimately lead to a windfall for investors, head of Seoul-based unicorn Kurly said Thursday. “Once a startup achieves a scale-up at a certain point, the value it can create is immense,” Sophie Kim, founder and chief executive officer, said during KDB Nextround 500, a special investor relation eve
Sept. 30, 2021
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Tax agency cracks down on property-related tax evasion involving young people
South Korea’s tax agency is probing suspected tax evasion involving hundreds of young people who allegedly acquired houses, commercial buildings and stocks through undue wealth transfers from their parents. The National Tax Service said Thursday that it had launched a probe into 446 people in their early 30s or younger, saying they had “seriously hampered fairness” in society by increasing their wealth in an improper manner. The youngest property owner under investigation was
Sept. 30, 2021
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S. Korea to unveil measures to curb snowballing household debt in October
South Korea will put forth its best efforts to curb the nation’s fast-growing household debt and roll out additional measures next month to do so, while allowing borrowers to take out loans within their repayment capabilities, the nation’s fiscal chief said Thursday. Deputy Prime Minister and Finance Minister Hong Nam-ki made the remark at a meeting of macroeconomic leaders here, where he was joined by Bank of Korea Gov. Lee Ju-yeol, recently appointed chief of the policymaking Fin
Sept. 30, 2021
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LS Electric factory wins nod for technological innovation
A smart factory from LS Electric was awarded at the World Economic Forum for its innovative technologies and efforts to increase energy efficiency, the company said Thursday. According to the South Korean power solutions producer, its smart factory in Cheongju, North Chungcheong Province, was among winners of the “Lighthouse Factory” title awarded to factories that set an example in the manufacturing industry for effectively utilizing next-generation technologies like artific
Sept. 30, 2021
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Banks' lending rates rise in August
South Korean banks' lending rates rose in August as the Bank of Korea (BOK) delivered its first pandemic-era rate hike, central bank data showed Thursday. The average interest rate charged on new bank loans came to 2.87 percent in August, up 0.1 percentage point from the previous month, according to preliminary data from the BOK. The BOK cut the key interest rate to a record low of 0.5 percent in May last year after delivering an emergency rate cut of half a percentage point in March to cushion
Sept. 30, 2021
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POSCO breaks ground on battery recycling plant
POSCO, the world's fifth-largest steelmaker by output, said Thursday it has broken ground on a 120 billion won ($101 million) plant that will extract nickel and lithium, key materials for electric vehicle batteries. The plant by POSCO HY Clean Metal is capable of extracting nickel, lithium and cobalt from 12,000 tons of black mass annually. The recycling plant is set to be completed in the second half of next year in Yulchon Industrial Complex in South Jeolla Province. POSCO said it will receive
Sept. 30, 2021
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S. Korea actively reviewing trans-Pacific trade pact
South Korea's trade ministry said Thursday it is reviewing joining a mega free trade pact comprising Asia-Pacific countries in line with its goal to play a leading role in trade in the region. "South Korea is considered an ideal partner for the CPTPP in terms of its competitiveness in different industries and technologies," Trade Minister Yeo Han-koo said during a meeting with local trade experts. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is the
Sept. 30, 2021
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Galaxy Z Fold3 can be used as digital car key for Genesis GV60
Samsung Electronics Co. said Thursday its latest smartphones, including the Galaxy Z Fold3, will be able to be used as a digital car key for a new electric vehicle from South Korean luxury automaker Genesis. The tech giant said its ultra-wideband (UWB)-based digital car key service with its Galaxy smartphones will be available for the Genesis GV60. At its Unpacked event in January, Samsung said it is working with several automakers, including Audi, BMW, Ford and Genesis, to develop digital key s
Sept. 30, 2021
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Seoul stocks open lower on lingering US bond uncertainties
South Korean stocks opened lower Thursday as the bond yields in the United States remained high, raising concerns about an early inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 13.57 points, or 0.44 percent, to 3,046.7 points in the first 15 minutes of trading. The South Korean main index got off to a muted start after its US stock peers closed mixed. Overnight, the tech-heavy Nasdaq composite lost 0.24 percent, while the Dow Jones Industrial Average and the S&P 500 r
Sept. 30, 2021
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Hanwha Q Cells' solar power plant in Texas comes online
Hanwha Q Cells, a solar solutions unit of South Korean conglomerate Hanwha Group, said Thursday it has completed the construction of a 168-megawatt solar power plant in the United States. Hanwha Q Cells said its US unit has recently begun operation of the solar farm in Fannin County, Texas, which is enough to power about 30,000 households a year. It is the second solar plant with over 100 MW capacity built in Texas, following a 235 MW facility in 2018, the firm said. Hanwha Q Cells has been expa
Sept. 30, 2021
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Production, consumption, investment fall in Aug. amid 4th wave of pandemic
South Korea's trade ministry said Tuesday it has agreed with Uruguay to make joint efforts to speed up negotiations for a free trade pact with a group of South American countries. Trade Minister Yeo Han-koo plans to meet his Uruguayan counterpart, Francisco Bustillo, virtually later in the day to discuss ways to expand economic ties, according to the Ministry of Trade, Industry and Energy. "Uruguay is one of the key partners for South Korea, as the two can make joint efforts to overco
Sept. 30, 2021
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Genesis unveils 1st dedicated EV GV60
Genesis, the luxury brand of Hyundai Motor Co., on Thursday unveiled the GV60, its first electric car built on a dedicated EV platform, ahead of its local launch later this year. The GV60 SUV is equipped with a 77.4 kilowatt-hour battery and can travel up to 451 kilometers on a charge, Hyundai said in a statement. The GV60 has three available options: rear-wheel drive, four-wheel drive and four-wheel performance version. It is priced at 60 million won to 70 million won ($50,000-$60,000). Hyundai
Sept. 30, 2021
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Under new law, Upbit set to verify 8.3 million users
Upbit, South Korea’s first cryptocurrency exchange to receive a green light from regulators, is gearing up to verify its massive number of users to fulfill the next important duty under the anti-money laundry act. Industry watchers believe Upbit’s user verification could take as long as three months due to its massive user base of 8.3 million and a public ID verification system operated by the Ministry of the Interior and Safety. The ministry’s identity verification system
Sept. 29, 2021