Korea Daily News (October 23, 2024)

Politics

  • SPC’s CEO Huh Jin-soo attends dinner hosted by French President: Huh Jin-soo, CEO of SPC, was invited to a dinner hosted by French President Emmanuel Macron.
  • Kimchi ingredient supply stabilization talks: Key officials, including People’s Power Party leader Han Dong-hoon and floor leader Chu Kyung-ho, attended a meeting to discuss stabilizing kimchi ingredient supply.
  • Lee Jae-myung’s remarks at the Democratic Party’s Supreme Council meeting: Lee Jae-myung, leader of the Democratic Party, made various statements addressing current issues during the meeting.
  • Government’s Youth Leap Account gains popularity: The government’s Youth Leap Account saw a surge in applicants in September, with interest rising due to high-interest rates amidst the Bank of Korea’s interest rate cuts.
  • Former National Assembly Vice Chairman Lee Sang-deuk passes away: Lee Sang-deuk, the elder brother of former President Lee Myung-bak, passed away at the age of 89 on October 23.

 

Economy

  • Samsung Biologics stock soars: Samsung Biologics shares have been rising steadily, surpassing 1.1 million KRW.
  • Korean hotel market thriving: The Korean hotel market is driving investments in the Asia-Pacific region, experiencing robust growth.
  • Electricity rate hike: Both large and small companies face increased electricity rates, with the largest companies bearing a significant additional burden.
  • Homecenter Holdings cancels dividends due to accounting errors: Construction material company Homecenter Holdings canceled its past three years’ dividends due to accounting errors, causing a sharp drop in its stock price.
  • Samsung Electronics hits 52-week low: Samsung Electronics continued its decline, hitting a 52-week low with stock prices dropping to 57,500 KRW.

 

Society

  • 400 million KRW luxury bag gift sparks controversy: An online debate arose over parents gifting a luxury bag worth over 400 million KRW to their elementary school child.
  • Government expands contract farming for kimchi ingredients: The government and the People’s Power Party have expanded contract farming for cabbage ahead of the kimchi-making season to stabilize food prices.
  • Eastar Jet launches pet-friendly service: Eastar Jet introduced an online reservation system for domestic flights that allows passengers to travel with their pets.
  • BMW Motorrad supports motorcycle maintenance for police: BMW Motorrad announced it would provide maintenance support at the 2024 Police Motorcycle Championship.

 

Technology/IT

  • Samsung Electronics reveals AI TV background feature: Samsung Electronics introduced an AI-powered “generative background” feature for its AI TV lineup.
  • Naver Cloud invests in Clutch: Naver Cloud made a strategic investment in Clutch, a cloud-native technology company.
  • Kakao Pay unveils ‘Large Font Home’ for seniors: Kakao Pay introduced a new user interface with larger font sizes to improve accessibility for elderly users.
  • Oneuniverse unveils virtual YouTuber character tool ‘Meta Soulmate’: Oneuniverse is set to release a tool that allows users to easily create virtual YouTuber characters.

 

Real Estate/Construction

  • Demand for Seoul office space declines: Demand for prime office space in Seoul has slowed down, as indicated by recent reports.
  • 59㎡ small apartment designs evolve: Smaller apartments, including 59㎡ units, are now incorporating luxury features such as dressing rooms and powder rooms, showing price differentiation in transactions.
  • Seoul to develop Yeouido into an international financial hub: Seoul city announced a revised district plan to develop Yeouido into a global digital finance hub.
  • Gyeonggi-do to push underground railway development: Gyeonggi Province is advancing its plans for integrated underground railway development to reduce noise and vibrations and stimulate local economic growth.
  • Incheon Gyeyang Industrial Complex begins sales: Sales have begun for the Gyeyang Industrial Complex, jointly promoted by the Korea Industrial Complex Corporation and Incheon Gyeyang-gu.

 

International

  • Yen hits 3-month low against the dollar: The Japanese yen has dropped to its lowest level in three months against the dollar, primarily due to delayed interest rate cuts in the US.
  • Finnair increases flights to major cities in Asia and the US: Finnair announced plans to increase flights to major cities in Asia and the US starting in the 2024 summer season.
  • Air France introduces new aircraft on Incheon-Paris route: Air France is deploying a new Airbus A350 on the Incheon-Paris route, offering business class and premium class seats.

 

Culture

  • King of Pop Cho Yong-pil releases 11th album after 11 years: Legendary singer Cho Yong-pil has released his 20th full-length album, collaborating with young lyricists and international composers.
  • NewJeans MV production team Dolphin Kidnappers involved in Cho Yong-pil’s album: The production team behind NewJeans’ music videos has contributed to Cho Yong-pil’s latest album.
  • Asia’s 50 Best Restaurants event to be held in Seoul: Asia’s 50 Best Restaurants event will feature top chefs and take place at Sebitseom in Seoul.
  • Moon Geun-young donates books to Korean language school in Australia: Actress Moon Geun-young continues to support Korean language education by donating books to a Korean language school in Australia.

 

Gaming

  • Riot Games unveils new LoL champion ‘Ambessa’: Riot Games has introduced a new League of Legends champion, Ambessa, and a reworked Howling Abyss map based on the Arcane series.
  • Netmarble’s ‘Solo Leveling’ reaches 50 million users: Netmarble’s popular mobile game ‘Solo Leveling’ has surpassed 50 million users worldwide.
  • Wemade concludes ‘Wemix Open 2024’ tennis tournament: The ‘Wemix Open 2024’, a national amateur tennis tournament, successfully concluded with 1,374 teams participating.

 

Health/Medical

  • Korea Health Industry Development Institute collaborates on Gangwon Bio-Specialized Complex: Gangwon Province and the Korea Health Industry Development Institute are working together to foster the Gangwon Bio-Specialized Complex.
  • Importance of early COPD treatment emphasized: Chronic Obstructive Pulmonary Disease (COPD), which severely impacts breathing, requires early detection and treatment, as highlighted in recent health initiatives.
  • Small habits to prevent dementia deterioration introduced: A report highlighted how small daily habits can positively affect the lives of patients with dementia and prevent worsening symptoms.

 

Industry

  • Shinsung E&G reveals cleanroom technology: Shinsung E&G showcased its domestically developed cleanroom technology at the 2024 Semiconductor Exhibition (SEDEX).
  • Daebo Group appoints new CEO of Daebo Information & Communication: Daebo Group appointed Chae Seung-eon as the new CEO of Daebo Information & Communication.
  • LocknLock holds global conference with 15 partners: LocknLock held a global conference in Vietnam with 15 of its global partners to review business achievements and plan for the coming year.