Seoul shares close tad lower ahead of BOK's rate decision

South Korean stocks finished slightly lower Wednesday as investors remained cautious ahead of the central bank's rate-setting meeting this week. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index declined 1.95 points, or 0.08 percent, to close at 2,519.81. Trading volume was moderate at 571.6 million shares worth 9.27 trillion won ($7.19 billion), with losers beating winners 598 to 272. Institutions sold a net 140.9 billion won worth of l

MarketNov. 29, 2023

Korea to showcase advanced climate technologies at COP28 Dubai

A total of 16 South Korean climate tech companies, ranging from promising startups to well-established companies, have been chosen to represent the country at the United Nations’ 28th COP28 climate conference, slated for Nov. 30 to Dec. 12 in Dubai, United Arab Emirates, according to the Ministry of Environment. Korea will set up a national pavilion, themed “Green Industry for a Sustainable Future,” at the venue and will present various technologies. The 16 companies, represent

Social AffairsNov. 29, 2023

Korean female scientists struggle with highest gender barrier in world

Female scientists in South Korea struggle with the highest gender barrier in the world, a study revealed Tuesday. Korea scored an average of 4.09 out of 5 in a scale that measures the gap between the effects of marriage, pregnancy, childbirth and child care on male and female scientists, according to a 2022 survey analysis conducted by the Association of Korean Woman Scientists and Engineers. Higher scores indicate that respondents experienced tougher gender barriers. Korea outscored 86 other co

Social AffairsNov. 29, 2023

City Oil Field converts plastic waste into sustainable solutions

City Oil Field, a Korean company that develops and commercializes technologies for converting waste plastic into quality oil, has set forth to recycle plastic and vinyl in the most environmentally friendly way. The company, officially certified by the Ministry of Trade, Industry and Energy, aims to provide both plastic manufacturers and users with safety nets and eco-friendly solutions. Its technology, dubbed “Regenerated Green Oil,” is a groundbreaking innovation capable of signific

Social AffairsNov. 29, 2023

Eco Creation eyes bold ESG goals with plastic waste management

To tackle problems with conventional plastic, Eco Creation converts waste into renewable energy with its pyrolysis system capable of extracting oil without pre-treatment. Through its plastic waste pyrolysis system installed in its factory in Yeoncheon, Gyeonggi Province, Korea’s leading pyrolysis plant operator has succesfully commercialized renewable energy. The system fuels diesel engine generators with pyrolysis oil to produce electricity. Eco Creation is the first among its industry pe

Social AffairsNov. 29, 2023

SangJinARP eyes top spot in eco-packaging

SangJinARP is an industry leader in producing environmentally friendly prefabricated products. The Korean company boasts some 250 types of such products, including boxes, shelves, bogies (a wheeled framework) and racks for various industries and at home. Responding to the surging demands for eco-friendly products and growing concerns over packaging waste, the company has come up with sustainable solutions. The company has developed its own prefabricated method that does not generate waste throug

Social AffairsNov. 29, 2023

Hyundai Elevator, Erbud team up to rebuild Ukraine

Hyundai Elevator has joined hands with Erbud, the third-largest constructor in Poland, to cooperate on a reconstruction project in Ukraine, the Korean company said Wednesday. Hyundai Elevator and Erbud signed a memorandum of understanding in Warsaw, Poland, on Tuesday. The signing ceremony was attended by Hyundai Elevator’s Managing Director of Global Sales Division Cho Cheol-ho, Erbud’s Vice President Jacek Leczkowski and other company officials. Erbud specializes in commercial and

IndustryNov. 29, 2023

Samsung promotes execs in 30s, 40s for future growth

Samsung Group's key technology affiliates -- Samsung Electronics, Samsung Display and Samsung SDS, Samsung SDI and Samsung Electro-Mechanics -- on Wednesday promoted a swath of young executives in their 30s and 40s as part of their ongoing efforts to build a foundation for future growth. Samsung Electronics promoted a total of 143 executives in a year-end reshuffle, a decrease from last year’s 183. The total number of executives promoted this year was the lowest since May 2017 marked

TechnologyNov. 29, 2023

Hanwha Ocean developing submarine stealth technology

Hanwha Ocean is leading a government research project on defense and security technology for building stealthy warships, according to the company on Wednesday. The 50-year-old shipbuilding company, acquired this year by Hanwha Group, said in a press release it signed the contract with the government’s Korea Research Institute for Defense Technology Planning and Advancement. The project, which is to be completed by May 2028 under the contract, aims to design new demagnetizing equipment for

DefenseNov. 29, 2023

Hillstate Gayang flats in Daejeon to go on sale

Some 350 flats at Hyundai Engineering & Construction's new apartment complex, Hillstate Gayang The Wise, located in Gayang-dong, Daejeon, will go on sale in December. The 358 units at the three-building apartment complex range from 84 square meters to 155 square meters. At 49 stories high, Hillstate Gayang The Wise will become the tallest residential building in East Daejeon. Residents are expected to move in starting from next October. The complex is right next to the Daejeon bus termi

IndustryNov. 29, 2023

Yuhan-Kimberly wins first GMP certification for sanitary pads

Yuhan-Kimberly, the country’s leading hygiene product manufacturer, earned the first Good Manufacturing Practice recognition for a sanitary pad manufacturing facility. The firm on Wednesday said its factory in Chungju, North Chungcheong Province, acquired the Ministry of Food and Drug Safety’s GMP accreditation, awarded to manufacturers that meet the authority’s production and quality control standards. The Chungju plant is Yuhan-Kimberly’s manufacturing base for its fema

IndustryNov. 29, 2023

Korean Air orders 20 Airbus A321neo aircraft

Korean Air, South Korea's leading airline, said Wednesday that it has ordered 20 additional Airbus A321neo aircraft, as part of efforts to deliver a modern flight experience to its customers. With the latest order, the total number of its A321neo aircraft has reached 50. The Airbus A321neo is a small-sized, single-aisle airliner with a total of 182 seats. Its eight "Prestige" seat options in business class allow travelers to relax comfortably on a 180-degree fully horizontal sea

IndustryNov. 29, 2023

AI robots to aid English education in Seoul schools

Robots powered by artificial intelligence will aid English education in five elementary and middle schools in Seoul starting in March 2024, the Seoul Metropolitan Office of Education said Wednesday. The English tutoring robots will aid students in brushing up their English language knowledge, conversation skills and pronunciation. For students struggling academically, the robots will provide a customized education service, enabling them to learn the language at their own pace. The education offi

Social AffairsNov. 29, 2023

Seoul reviews scenarios for restoring guard posts in DMZ

South Korea has initiated a comprehensive examination of scenarios aimed at restoring guard posts in the Demilitarized Zone that were deactivated and dismantled in alignment with a 2018 inter-Korean military agreement, military sources said Wednesday. One potential first step involves the restoration of a disarmed guard post, the structure of which has been exclusively preserved for historical purposes through mutual consent with North Korea. South Korea has deemed it essential to implement coun

DefenseNov. 29, 2023

Overprescription of diet pills lead to drug charges

South Korean police said Wednesday that it is investigating two doctors on suspicion of overprescribing anorexiant, abuse of which can be prosecuted as a drug crime. According to the Chungnam Provincial Police Agency, overseeing the police activities in South Chungcheong Province, a 50-year-old private practitioner and his 59-year-old partner is being questioned by police on possible violation of the Narcotics Control Act and the Medical Service Act. The suspects allegedly prescribed 10 female p

Social AffairsNov. 29, 2023

Ham, sausage consumption may increase risk of diabetes: study

Individuals who consume large amounts of ultra-processed foods such as ham and sausages may be at a higher risk of developing Type 2 diabetes, a study showed Wednesday. Korea University’s Division of Health Policy and Management discovered a link between ultra-processed foods and Type 2 diabetes after studying 7,438 test subjects between ages 40 to 69 living in Ansan and Anseong of Gyeonggi Province over a time span of around 15 years. Research was conducted from 2001 to 2019. Of all ultra

Social AffairsNov. 29, 2023

Drug addiction treatment to be covered by national insurance

Starting in the first half of 2024, people who have an addiction to illegal drugs in South Korea will be able to have their rehabilitation expenses covered by the National Health Insurance plan, the Ministry of Health and Welfare said Wednesday. Previously, only those with a court order were given such health insurance coverage. However, from next year, every person “subject to treatment protection” will have health insurance coverage. People “subject to treatment protection&

Social AffairsNov. 29, 2023

Yoon apologizes for Busan's Expo bid failure; Mayor open to 2035 rebid

President Yoon Suk Yeol on Wednesday extended an apology for the South Korean port city Busan's failure to host the World Expo 2030. "I feel that we greatly missed our prediction target, which was based on what we've felt from meetings (to ask for support for Busan's bid)," Yoon said in a 10-minute speech to South Korean citizens at his office. "The blame is all on me." Yoon expressed his appreciation for the all-out efforts of those involved in Busan's bi

PoliticsNov. 29, 2023

Hyundai Motor says Expo bid bolstered global partnerships

Hyundai Motor Group, one of the most avid supporters of the ultimately unsuccessful Korean campaign to host the World Expo 2030 in Busan, reports having strengthened its worldwide business opportunities and global partnerships through the campaign-backing efforts across the globe. The Korean government came up short as the country lost to Riyadh, Saudi Arabia in the first round of voting by the members of the Bureau International des Expositions in Paris on Tuesday. Despite the loss, Hyundai Mot

MobilityNov. 29, 2023

Why pediatricians are opening dermatology clinics in Korea

After 20 years of service, Dr. Kim, a pediatrician in Gwangju, closed her pediatric clinic in July due to financial challenges and Korea's dwindling population of children. Instead, she opened a new clinic that primarily treats skin problems, chronic pain and mental health issues. Kim is not alone. One in 10 pediatric clinics in Seoul has closed in the past five years, according to a recent report released by the Health Insurance Review and Assessment Service. Doctors in essential fields su

Social AffairsNov. 29, 2023