In his book “Rich Economy, Poor Happiness," Lee Nae-chan, a professor of economics at Hansung University, explores the dark sides of South Korea’s prosperous economic development and sheds light on how to ultimately achieve happiness in a country that is no longer on a fast economic growth track. “Korea has grown remarkably in size, so far from the debris of the Korean War, but happiness and quality of life are ranked at the bottom among OECD (Organization for Economic Coo

Books Sept. 16, 2022

National Tax Service Commissioner Kim Chang-ki said that the tax agency will ensure transparent and impartial tax services for foreign firms operating here at a roundtable meeting with the American Chamber of Commerce in Korea on Friday. "We are thankful for the deep trust and constant investment US firms make in Korea," he said. "The NTS will continue to provide foreign firms with a world-class, transparent and fair tax system, with no discrimination." Kim was responding to

Industry Sept. 16, 2022

Digital art platform ArtToken said Thursday it has partnered with Samsung Electronics to provide non-fungible token art contents on Samsung’s smart televisions. Customers will now be able to purchase, store and view NFT artworks from home through Samsung’s smart televisions. ArtToken’s NFT platform will be connected to Samsung’s smart hub through a smart TV application, the company said. The app was showcased at Europe’s largest home appliances tech show IFA 2022, h

Technology Sept. 15, 2022

Volvo's popular compact SUV XC40 has finally made its South Korean debut -- four years since its official global launch. The model comes with a digital connectivity package the automaker co-developed exclusively for the Korean market with local mobility service firm T Map Mobility. The package, which took two years and 30 billion won ($21.5 million) to develop, includes an information and entertainment platform, a digital key mobile application, and a roadside assistant for troubleshooting

Mobility Sept. 15, 2022

South Korean e-commerce giant Coupang released a statement on Tuesday dismissing local reports that it was planning on selling its food delivery service Coupang Eats. “The rumor that we are selling Coupang Eats is groundless, and we have taken no measures to sell the service,” the company said in the statement. Coupang “will respond firmly against the industry and press concerning the spread of any rumors and falsehood, taking legal action (if necessary),” it added. The s

Industry Sept. 13, 2022

The market capitalization of JYP Entertainment, one of South Korea’s four major K-pop powerhouses led by producer Park Jin-young, has remained higher than that of Korea's largest entertainment firm CJ ENM for three consecutive weeks, data showed Tuesday. According to Korea Exchange on Tuesday, JYP shares closed Thursday at 63,000 won ($45.81) per share, while its market cap closed at 2.23 trillion won, just before the Chuseok holiday. On the same day, CJ ENM shares settled at 91,000 w

Market Sept. 13, 2022

Jeju Air, South Korea’s leading budget carrier, said Monday it has raised a combined 320 billion won ($232 million) as part of a new fleet modernization plan. The airliner said it secured the funds by selling 273 million new common shares starting Aug. 26. This paid-in capital increase will be used to boost the company's facility budget, it added. AK Holdings, Jeju Air’s largest stakeholder, issued 130 billion won-worth of exchangeable bonds to partake in the paid-in capital increase

Industry Sept. 12, 2022

Bettina Fetzer, vice president of communications and marketing at Mercedes-Benz AG, participated in a campaign on Wednesday promoting school-zone traffic safety in front of an elementary school located in Songpa-gu, southeastern Seoul. The campaign, co-hosted by the Mercedes-Benz Corporate Social Responsibility Committee and the Kids & Future Foundation, was conducted as part of a business agreement signed in April with the Green Mother’s Society, a local advocacy group for children’

Mobility Sept. 7, 2022

The James Dyson Foundation, global home appliance company Dyson's charity arm, announced Wednesday the local recipients of the James Dyson Awards 2022, an engineering competition held both locally and internationally to provide opportunities for young engineers to showcase their ideas on a global stage. Of the 125 entries, a team of students from Hongik University took first place for designing a rotating safety hook. When temporary scaffolding is raised at construction sites, there are poi

Technology Sept. 7, 2022

South Korea’s flag carrier Korean Air said Tuesday it will open a new international flight route from Incheon to Budapest, Hungary, starting Oct. 3. According to the airliner, flights will depart from Incheon every Monday at 11:25 a.m., and arrive at its destination at 5:05 p.m. local time. Return flights will take off from Budapest at 7:15 p.m. every Tuesday, landing in Korea the next day, 50 minutes past noon. However, the flight schedules will be pushed back by approximately 20 minutes

Mobility Sept. 6, 2022

Seoul’s city council said Friday it has received plans from the city government to raise taxi fares. The draft document, “Proposal for Opinion Hearing on the Taxi Fare Adjustment Plan for Resolving Late-Night Ride Difficulties," outlines the city's proposal to increase basic cab fares from the current 3,800 won ($2.80) for the first 2 kilometers to 4,800 won for 1.6 kilometers. According to the outline of the plan, the basic fare of Seoul cabs would increase 26.3 percent, and

Industry Sept. 2, 2022

South Korean food company Daesang, famous for its Jongga kimchi brand, has launched a branch in Poland as a strategic European base to expand its business in the region. The Polish branch, established in Warsaw, is Daesang's second office in Europe since 1994, when it opened an office in the Netherlands. Daesang said that it has decided to expand its business in Europe amid growing interest in Korean food worldwide. Daesang currently operates in 21 countries including the US, China, Japan, Ind

Industry Sept. 2, 2022

Electronic components manufacturer LG Innotek said Thursday it has restructured its website to improve consumer experience and to maximize customer satisfaction. Visitors to the website can experience diverse contents ranging from technology, products, and recruitment information. Customers can subscribe to the company newsletter and may leave any questions they have about the company and its products. The most notable addition, according to the company, is the website’s new virtual show

Industry Sept. 1, 2022

South Korea’s state-funded Korea Water Resources Corp. hosted Wednesday a ceremony marking the completion of Chungju Dam’s third floating photovoltaic power plant at Chungju Lake located in the North Chungcheong Province. Floating photovoltaic power plants are installed on buoys that float on bodies of water. They inflict less damage to the surrounding environment, and the water acts as a natural coolant, increasing solar panel efficiency by 10 percent, according to experts. The Ch

Industry Aug. 31, 2022

Hyundai Heavy Industries Group’s refining affiliate Hyundai Oilbank said it has been bolstering efforts in developing next-generation energy, it said in a statement Wednesday. The refiner said it has been constructing a biodiesel production plant with an annual production capacity of 130,000 metric tons in Seosan, South Chungcheong Province, since last year, as part of its “White Bio” project. The plant is expected to be completed by 2023. White bio refers to carbon reduction

Industry Aug. 31, 2022