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The Korea Herald

Market Now

May 04, 2022
Korea to tighten measures for ESS safety, prevent battery fires

The Energy Ministry on Tuesday proposed a new set of tightened measures to prevent lithium-ion batteries mounted on energy storage systems in South Korea from catching fire. The government will seek to revise the law to force battery vendors in Korea to make sure that the ESS field has ground-faul...
May 04, 2022
Korean Air president urges to scrap PCR testing upon departure, arrival

The president of South Korean flag carrier Korean Air on Tuesday called for lifting rules that obligate passengers to submit PCR test results before departure and on arrival here. Referring to other countries that have entirely scrapped COVID testing for travelers from April, Woo Ki-hong, the pres...
May 04, 2022
Annual EV expo in Jeju kicks off; aims to add UAMs next year

The International Electric Vehicle Expo, an annual exhibition of green cars, kicked off Tuesday for its ninth run bringing around 200,000 industry experts and visitors from around 50 countries to the South Korean island of Jeju. While the expo preparation committee had promised to expand the parti...
May 04, 2022
New tech, new war: Naver, Kakao race for AI dominance

With digital technology becoming the key drivers for growth across industries, tech behemoths Naver and Kakao are going all-in to win the tech war using artificial intelligence through AI-powered search engines and logistics solutions businesses. Naver announced Tuesday it has made upgrades to its...
May 04, 2022
Korean scientists develop world’s 1st photothermal filters that kill coronavirus

South Korean scientists have developed the world’s first photothermal-effect-based high efficiency particulate air filter -- also known as HEPA filter -- that can take out 99.9 percent of influenza and COVID-19 viruses, the Korea Institute of Energy Research said Tuesday. The photothermal effect,...
May 03, 2022
Toss Bank becomes first Korean digital lender to allow foreigners to open accounts

Toss Bank is now the first South Korean internet-only bank to allow foreign residents here to open an online bank account, the lender said Monday. “Starting Monday, all foreigners here are able to open an account as long as they have their registration card,” Toss Bank said in a statement. Forei...
May 03, 2022
Authorities, Woori Bank missed W61b swindle despite 11 audits

South Korea’s financial authorities failed to notice a mammoth embezzlement scheme at a top bank here, in which an employee withdrew a combined 61.4 billion won ($48.84 million) from 2012 to 2018, despite carrying out 11 audits during the period, sources said Monday. Police arrested the employe...
May 03, 2022
Trade balance worsens on China, Russia factors

SEJONG -- South Korea’s trade-related officials are striving to overcome the worsening trade balance in the wake of declining exports to major destinations, including China and Russia, from a variety of incidents. Trade Minister Yeo Han-koo on Monday presided over a meeting to map out countermeas...
May 03, 2022
AMAXG begins DAO project to foster musical talents, pursue shared values

An affiliate of blockchain company AMAXG has begun a project to protect music copyrights, and find and foster musical talent through a decentralized autonomous organization (DAO). A DAO is a member-owned community without centralized leadership and represented by transparent rules fixed in compute...
May 03, 2022
Experts, businesses discuss building new reality, opportunity in metaverse

By Kim Da-sol ( ddd@heraldcorp.com ), Son Ji-hyoung ( consnow@heraldcorp.com ), Hong Yoo ( yoohong@heraldcorp.com ), Kan Hyeong-woo ( hwkan@heraldcorp.com ) and Byun Hye-jin ( hyejin2@heraldcorp.com )
May 02, 2022
How will Hyundai’s entry reshape used car market?

South Korea’s used car market, which has long been dominated by brick-and-mortar dealers, is bracing for a major change after large companies, especially carmakers with extensive sales networks and quality control systems, have gotten the green light to enter the market starting next year. Indust...
May 02, 2022
GS Caltex, Posco International team up for biofuel push

South Korean refiner GS Caltex said Sunday it has teamed up with Posco International, the trading unit of steel giant Posco, to make a push into the biofuel market amid growing calls for emissions cuts . Under the deal, the two firms seek to build an extensive biofuel value chain combining GS Calt...
May 02, 2022
Hyundai Glovis, Swisslog join hands for smart logistics

Hyundai Glovis, a logistics unit of Hyundai Motor Group, said Sunday it is launching a new smart logistics business supplying cutting-edge solutions for clients to better respond to the latest tech trends and improve operational efficiency overall. The market for smart logistics solutions, based o...
May 02, 2022
Seegene eyes US facility for molecular diagnostics

South Korea biotech firm Seegene is expected to build production facilities for molecular diagnostics in West Coast of the US in a bid to expand its presence in the all-important market, its US chief hinted in a recent media interview. “Seegene Technologies will move beyond serving as a distribut...
May 02, 2022
Posco’s cultural complex wins three iF Design Awards

The park’s name is a reference to 1,538 degrees Celsius, the melting point of iron, and the space symbolizes the infinite possibilities of iron and the sweat and passion of Posco employees. It used 807 tons of steel construction material from POSCO to create space. After officially opening the spa...

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