Most Popular
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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[Graphic News] More Koreans say they plan long-distance trips this year
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Yoon's approval rating plunges to all-time low
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Fed: Elevated inflation will likely delay rate cuts this year
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Korean researchers develop robotic catheter
South Korean researchers have developed the country’s first robotic catheter system that can be inserted into human organs to perform interventional therapies, the Korea Institute of Machinery and Materials said Monday. A catheter is a thin tube-like medical device that can be inserted in the body to treat diseases or perform surgical procedures. Interventional therapies, which refer to treating surgery-requiring-diseases through non-surgical procedures, have been implemented in a wide r
April 18, 2022
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‘Seoul has full potential to become Asia’s next financial center’: deputy mayor
It was 2003, with South Korea still clinging to the euphoria of the 2002 World Cup, when the official road map to making Seoul Asia’s financial center was first announced. Hope was in the air and it quickly became a key task for current Mayor Oh Se-hoon, who previously served as the city’s mayor from 2006 to 2011. But the hurdles were too high. Global financial institutions were put off by Korea’s rigid labor market and tight, yet somewhat vague regulations, despite the geopo
April 18, 2022
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ArkData completes disaster recovery system for Kyungpook Univ.
Local data replication solution provider ArkData said Monday that it has successfully completed the development of a disaster recovery system for Kyungpook National University in the southeastern city of Daegu. The project aims to protect the school’s student database and prevent business disruptions caused by data center failures or natural disasters. ArkData, specialized in data replication and integration, provides business continuity planning and disaster recovery solutions. The c
April 18, 2022
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SK Telecom’s digital remastering technology Supernova going global
SK Telecom’s artificial intelligence-powered digital remastering technology Supernova is going global in a new partnership with France’s Verimatrix, a leading provider of content security solutions, the Korean telecom giant said Monday. Supernova aims to recreate digital content by using AI-powered colorization tool, called DeOldify. The technology has already been widely used in remastering classic content or restoring historic records here. Its smartphone app made its global debu
April 18, 2022
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Regulator to delay review of punitive actions against shippers for price fixing
South Korea's antitrust regulator plans to put off its review of punitive measures over shippers' alleged collusions to fix freight rates as some foreign players have faced difficulty in doing business amid COVID-19 lockdowns in China, industry officials said Monday. The Fair Trade Commission (FTC) has been investigating allegations that around 20 domestic and foreign shippers colluded to fix higher freight rates for the Korea-China and Korea-Japan sea routes since early 2000. The FTC was suppos
April 18, 2022
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Seoul stocks open lower on concerns over Fed's aggressive tightening
South Korean shares opened lower Monday amid concerns that the Fed may raise rates at a faster and stronger-than-expected pace. The benchmark Korea Composite Stock Price Index (Kospi) went down 3.87 points, or 0.14 percent, to 2,692.19 as of 9:15 a.m. Expectations are high that the Fed may raise interest rates aggressively in the coming months. The US markets were closed on Friday. On the Seoul bourse, shares traded mostly lower. Market bellwether Samsung Electronics inched down 0.15 percent and
April 18, 2022
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CJ Logistics to raise W740b fund to bolster fulfilment network
CJ Logistics, South Korea’s largest logistics firm, said Sunday that it is set to raise up to 740 billion won ($602 million) to construct major fulfillment centers in the metropolitan area, accelerating its e-commerce business. The firm will first raise 250 billion won in cash with Samsung SRA Asset Management, the real estate investment arm of Samsung Group, and plans to borrow the remaining 490 billion won from other financial companies. The fund will be operated for eight years until
April 17, 2022
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[Market Eye] Is Arm M&A still a pipe dream?
Antitrust hurdles brought down a $40 billion deal in February, which would have otherwise allowed graphic processor giant Nvidia to control United Kingdom-based chip design giant Arm. A few months later, there are signs that a consortium of strategic investors is building, joined by South Korea-based memory chip maker SK hynix. The consortium is looking to salvage what was considered the largest deal in the history of the global chip industry. All eyes are on whether the consortium would be a
April 17, 2022
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Foreign direct investment hit by US-China trade war
South Korea received some 33 percent less foreign direct “greenfield” investments as of 2020, compared with the amount before the start of the US-China trade war in March 2018, a report showed Sunday. Greenfield investment refers to a type of foreign direct investment in which a parent company sets up a new affiliate in a different country rather than buying one and builds its own operations from the ground up. “When three-year greenfield FDIs before and after the conflict a
April 17, 2022
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Google Korea logs W292b in sales without app store transaction fees
Amid the ongoing controversy over Google’s new in-app payment policy deemed Google Korea posted sales of 292 billion won ($237 million) from last year, up 32.8 percent on-year - but that did not include commission from the Play app store, estimated to be trillions of won. According to the regulatory filing submitted by the Korean arm of the global IT giant on Thursday, Google Korea’s operating profit recorded 29.4 billion won, up 88.4 percent on year, while its net income rose 152.
April 15, 2022
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Asia’s first Porsche exhibition garners attention in Seoul
Asia’s first Porsche exhibition, “Porsche Ikonen,” drew thousands of visitors in its first week in Seoul, Porsche Korea said Friday. Since the general opening to the public Saturday, the exhibition saw around 6,500 visitors as of Thursday, with an average of 2,000 visitors last weekend, according to the automaker. Tickets for the coming weekend have already sold out. Showcasing 18 units of legendary cars including the hypercar concept “919 Street,” Porsche’
April 15, 2022
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Kia, Coupang to develop electric truck by 2025
South Korean carmaker Kia and last-mile delivery service firm Coupang announced Friday that they had signed an agreement Wednesday to develop all-electric vehicles for cargo delivery. The two companies plan to launch mid-sized and large electric cargo vans by 2025, with better storage, efficiency and safety than Coupang’s current 1-ton cargo truck. Kia said it would use its experience and technology in the automobile sector to offer diverse solutions and services requested by Coupang to
April 15, 2022
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Discount vouchers to be offered for hotels, sport games
SEJONG -- Policymakers on Friday have unveiled a monthslong consumption campaign offering discount vouchers for the leisure and sports sectors, as the country eases social distancing and slowly returns to normal. At a meeting to monitor consumer prices and economic policies on Friday, Vice Finance Minister Lee Eog-weon said the government will provide households with discount vouchers that can be used when booking lodging facilities and buying tickets to watch professional sports leagues. He s
April 15, 2022
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Korean startup exports League of Legends AI analysis program
South Korean startup GameEye has signed contracts with five esports teams for them to use Deeplol Pro, the company’s artificial intelligence-based gaming data analysis program, the firm said Friday. The startup signed the deals on Thursday to five undisclosed League of Legends teams, each in Argentina, Brazil, Japan, Korea and the United States. GameEye said it would target more LoL teams in North America, South America, Europe and Asia with the AI-powered service. Deeplol Pro uses the
April 15, 2022
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Netflix sales jump 52% in Korea
Netflix’s South Korean arm raked in 631.7 billion won ($513 million) in revenue through 2021, up 52 percent from a year prior, a filing showed Friday. The platform’s blockbuster performance in Korea reflects its increasing clout over the streaming service market here, largely thanks to Korean-language hits such as “Squid Game” and “Hellbound.” It also however highlights the “network usage fee” debate in Korean court and parliament. According to
April 15, 2022
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Inflationary pressure growing amid Ukraine war: finance ministry
The South Korean economy is on a recovery track on robust exports, but it faces growing inflationary pressure as the protracted war in Ukraine has jacked up energy prices, the finance ministry said Friday. External economic uncertainties have heightened as global price pressure has risen due to Russia's invasion of Ukraine, while major central banks are expected to accelerate monetary tightening, the ministry said in its monthly economic assessment report, called the Green Book. "The Sout
April 15, 2022
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Seoul stocks open lower on concerns over Fed's aggressive tightening
South Korean shares opened lower Friday, tracking overnight Wall Street losses amid concerns that the Fed may raise rates at a faster and stronger than expected pace. The benchmark Korea Composite Stock Price Index (Kospi) shed 25.4 points, or 0.93 percent, to 2,691.31 as of 9:15 a.m. Overnight, the US stock markets ended down as investors faced renewed risks of the Fed's monetary tightening to curb the highest inflation in four decades. The 10-year Treasury yields rose to 2.8 percent, the highe
April 15, 2022
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Foreigners to face tighter scrutiny in real estate deals
South Korea will step up checks on foreigners buying and selling homes here amid accusations that some of them deliberately evaded property taxes because of lax oversight, President-elect Yoon Suk-yeol’s transition committee said Thursday. The team said once the Yoon government takes over on May 10, foreigners will have to report to authorities how many homes they have here, because multiple-home owners pay more taxes. Whether they have family members living with them here will be reporte
April 14, 2022
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At NY autoshow, Hyundai Ioniq 5 wins World Car of the Year title
Hyundai Motor‘s first all-electric car Ioniq 5 was named World Car of the Year by the World Car Awards for solidifying its position as the carmaker’s signature EV in global markets as well as for creating its unique vehicle design, the company said Thursday. On the announcement made on the eve of the New York International Auto Show, its chief Chung Euisun said the carmaker will continue to push for making competitive all-electric vehicles and also speed up the establishment of the
April 14, 2022
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[Weekender] Back to normal?: ‘It will never be the same’
The COVID-19 pandemic has been a source of suffering for all, but it has offered an unexpected opportunity too -- to experience what relaxed mornings are like on weekdays. Without having to take that subway from hell while suppressing a hangover from the company dinner the night before, not to mention the shirt-ironing and face-to-face meetings, many workers in South Korea -- known as one of the hardest working countries in the world -- spent more than two years free from fitting themselves into
April 14, 2022