The Korea News Plus https://newsarticleinsiders.com We offer insider info on Korea. We focus on biz and tech news. Thu, 13 May 2021 06:16:28 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.18 https://i0.wp.com/newsarticleinsiders.com/wp-content/uploads/2019/05/cropped-korea-news-plus_type1-1-1.png?fit=32%2C32&ssl=1 The Korea News Plus https://newsarticleinsiders.com 32 32 159813972 Book Review: Simulacra and Simulation https://newsarticleinsiders.com/book-review-simulacra-and-simulation https://newsarticleinsiders.com/book-review-simulacra-and-simulation#respond Wed, 12 May 2021 01:44:50 +0000 https://newsarticleinsiders.com/?p=15426   Copies have no longer any originals Before filming the world-famous Matrix series, its directors of the Wachowski brothers asked actors and actresses to read three books, including “Out of Control” by Kevin Kelly and “Introducing Evolutionary Psychology” by Dylan Evans. The third book is “Simulacra and Simulation,” written by French philosopher Jean Baudrillard in […]

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Copies have no longer any originals

Before filming the world-famous Matrix series, its directors of the Wachowski brothers asked actors and actresses to read three books, including “Out of Control” by Kevin Kelly and “Introducing Evolutionary Psychology” by Dylan Evans.

The third book is “Simulacra and Simulation,” written by French philosopher Jean Baudrillard in the early 1980s.

In fact, the book appears in the first movie of the trilogy: when Neo (Keanu Reeves) uses a hollowed-out book to deliver computer discs to his friend. It is “Simulacra and Simulation.”

Sooner or later, Neo is forced to select between the red pill to learn the unsettling truth or the blue pill to remain in contented ignorance.

In the book, Baudrillard defines simulacra as models of a real without origin or reality. Simulacra is built upon the absence of a distinction between the copy and the original.

And simulation refers to the imitation of how the real-world process or system works. In other words, the term alludes to the way to create simulacra.

Hyperreal world

And simulacra proceed the real, the situation which Baudrillard depicts “hyperreal.” Because of the “procession of the simulacra,” people are left with “the desert of the real itself.”

And in the world of hyperreal, so many bizarre things happen, as the author notes.

“Illusion is no longer possible because the real is no longer possible.”

“Law and order themselves might be nothing but simulation.”

“You no longer watch TV; it is TV that watches you.”

“There is no more hope for meaning.”

Back to the Matrix movies: in the hyperreal world, there is no such thing as the red pill and the blue pill because there is no distinction between the real and the copy.

And people will increasingly realize that Baudrillard’s insights offered 40 years ago make sense in the modern society, which brings about augmented reality and artificial reality.

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Trends of Korean red ginseng products changing fast https://newsarticleinsiders.com/trends-of-korean-red-ginseng-products-changing-fast https://newsarticleinsiders.com/trends-of-korean-red-ginseng-products-changing-fast#respond Sun, 09 May 2021 08:12:57 +0000 https://newsarticleinsiders.com/?p=15419 Recently, portable-pouch products gain popularity Korea ginseng is a medicinal hub used to treat various diseases. And fresh ginseng plants are processed to the world-famous red ginseng, which is abundant with saponin. The Korea Ginseng Corporation (KGC), which churns out Korea’s foremost red ginseng brand CheongKwanJang, recently said that the consumer trends had changed over […]

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Recently, portable-pouch products gain popularity

Korea ginseng is a medicinal hub used to treat various diseases. And fresh ginseng plants are processed to the world-famous red ginseng, which is abundant with saponin.

The Korea Ginseng Corporation (KGC), which churns out Korea’s foremost red ginseng brand CheongKwanJang, recently said that the consumer trends had changed over the past few decades.

“Before the New Millennium, the red ginseng extract products won the hearts and minds of end users. Back then, more than 1 million bottles were sold every year,” a KGC official said.

“In the 2000s, red ginseng drinks packaged in pouches gained great popularity. And in the 2010s, more convenient products of our Everytime brand came to the fore.”

Everytime is red ginseng extract powder packaged in a stick pack, which contains the recommended daily dose. Thanks to the convenient pouch, people can consume it on the go.

Since its debut in 2012, Everytime has especially drawn consumers in their 20s and 30s. Even after the virus pandemic, the sales of Everytime jumped almost 30 percent among the young generations.

In comparison, 40-somethings and 50-somethings still love red ginseng drinks packaged in pouches, while senior citizens love traditional extract products, according to the KGC.

Korean red ginseng

Red ginseng is acknowledged as one of the best health foods not only in Korea but also across the globe _ scores of countries import Korean red ginseng products, including those of CheongKwanJang.

There are a set of benefits for which Korea’s red ginseng is known. Included in the advantages range from boosting stamina and the metabolism to calming nerves and detoxifying the body.

The Korean government approved red ginseng as one of 24 products, which help improve human immunity.

Red ginseng made of six-year-old ginseng roots is recognized as the best product.

Many Korean companies use six-year-old roots. In particular, the KGC has used only six-year-old ginseng roots to make its CheongKwanJang products.

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Mirae Asset Securities racks up record profit https://newsarticleinsiders.com/mirae-asset-securities-racks-up-record-profit https://newsarticleinsiders.com/mirae-asset-securities-racks-up-record-profit#respond Sat, 08 May 2021 02:57:34 +0000 https://newsarticleinsiders.com/?p=15406 Korea’s leading brokerage triples bottom line in 1Q Mirae Asset Securities, Korea’s leading brokerage house, announced on May 7 that it chalked up a profit of 419.1 billion won ($377 million) during the first quarter of this year, up 202.2 percent from a year before. It marks Mirae Asset Securities’ biggest quarterly profit. The Seoul-based […]

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Korea’s leading brokerage triples bottom line in 1Q

Mirae Asset Securities, Korea’s leading brokerage house, announced on May 7 that it chalked up a profit of 419.1 billion won ($377 million) during the first quarter of this year, up 202.2 percent from a year before.

It marks Mirae Asset Securities’ biggest quarterly profit. The Seoul-based outfit’s sales amounted to 4.76 trillion won during the January-March period.

Mirae Asset Securities have been widely expected to rack up solid incomes in the first three months of this year. And its operating profit was around 2.5 percent higher than the market consensus.

The company said that the bullish stock market contributed to the record result, together with its outstanding performances in offshore markets and corporate segments.

“Our overseas businesses are doing well. We have also fared well in the initial public offering (IPO) market to underpin our bottom line,” a Mirae Asset Securities official said.

Unprecedented milestones

Indeed, the company noted early this week that it had achieved the feat of reaching 20 trillion won in overseas stocks and 20 trillion won in pension assets for the first time in Korea.

It took four years for Mirae Asset Securities to achieve the unprecedented exploit after it reached 1 trillion won in overseas stock assets in early 2017. The figure rocketed by more than 4 trillion won this year alone.

During the four-year period, Mirae Asset Securities helped its clients earn up to 5 trillion won from overseas stock investments.

The outfit has also focused on exchange-traded funds (ETFs) for the customers’ well-diversified portfolio. ETFs are investment instruments geared toward tracking an index as compared to index funds.

Thanks to their low management fees and high price visibility, ETFs have taken firm root around the world since their debut in the early 1990s.

In particular, Mirae Asset Global Investments launched the world’s first ETF that bets on the plunge of Bitcoin midway through April. The firm is the sister company of Mirae Asset Securities.

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KFCC gains status of official financial institution in Uganda https://newsarticleinsiders.com/kfcc-gains-status-of-official-financial-institution-in-uganda https://newsarticleinsiders.com/kfcc-gains-status-of-official-financial-institution-in-uganda#respond Fri, 07 May 2021 07:44:37 +0000 https://newsarticleinsiders.com/?p=15396 5,000 Uganda people enjoy financial services from KFCC The Korean Federation of Community Credit Cooperatives (KFCC) announced on May 7 that the outfit had gained the status of a perpetual legal entity in Uganda. This means that the KFCC has become an official financial institution of the country, which has acknowledged the sustainability of the […]

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5,000 Uganda people enjoy financial services from KFCC

The Korean Federation of Community Credit Cooperatives (KFCC) announced on May 7 that the outfit had gained the status of a perpetual legal entity in Uganda.

This means that the KFCC has become an official financial institution of the country, which has acknowledged the sustainability of the KFCC’s business model.

The KFCC, the leading apex organization for Korea’s cooperative banking sector, tapped into Uganda in October 2018 and up to 5,000 Uganda people are now enjoying financial services through the KFCC.

“We have collaborated with the South Korean government to enable Uganda people to access financial services over the past few years,” a KFCC official said.

“Our operational self-sufficiency (OSS) ratio in Uganda tops 100 percent. And in some places, the ratio surpassed 900 percent to show the stability of our business.”

The OSS refers to the ratio, which gauges any financial institution’s ability to generate enough revenues or incomes to cover the total cost incurred in running its business.

A ratio of 100 percent is a break-even point. Any figure higher than 100 percent demonstrates that the outfit is doing fine.

“We are trying to help Uganda people in rural areas realize their dream,” KFCC Chairman Park Cha-hoon said.

In South Korea, the KFCC represents about 1,300 financial cooperatives across the nation. Its customer base is bigger than 20 million in Korea alone.

The KFCC has briskly made inroads into foreign countries to share its successful business model.

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SKIET shatters IPO record https://newsarticleinsiders.com/skiet-shatters-ipo-record https://newsarticleinsiders.com/skiet-shatters-ipo-record#respond Sat, 01 May 2021 03:46:30 +0000 https://newsarticleinsiders.com/?p=15412 SK Group affiliate attracts the biggest IPO demand in history Korean battery material maker SK IE Technology (SKIET) broke the country’s initial public offering (IPO) record in terms of demand by drawing tens of trillions of the Korean won. SKIET received 80.9 trillion won ($73 billion) of deposits from individual investors over the two-day subscription […]

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SK Group affiliate attracts the biggest IPO demand in history

Korean battery material maker SK IE Technology (SKIET) broke the country’s initial public offering (IPO) record in terms of demand by drawing tens of trillions of the Korean won.

SKIET received 80.9 trillion won ($73 billion) of deposits from individual investors over the two-day subscription period through April 29, according to its IPO advisors headed by Mirae Asset Securities.

The previous record was held by its sister firm of SK Bioscience, the vaccine development company that attracted 63.6 trillion won ($57 billion) from retail investors this March.

SKIET will debut on the Korean exchange midway through this May. Many expect that from Day 1, the lithium-ion battery separator maker’s value will rocket from its initial price of 105,000 won ($95).

Separators are one of the most significant parts of rechargeable batteries as they affect battery performance like energy, cycle life, and safety.

As an affiliate of SK Innovation, South Korea’s No. 2 battery manufacturer following LG Energy Solution, SKIET supplies battery separators to electric vehicle producers.

SKIET is already profitable as it recorded up 469.3 billion won ($420 million) in sales last year for an annual operating profit of 125.2 billion won ($113 million).

Popularity of electric vehicles

“SKIET attracts attention because of the rising popularity of electric cars. They need batteries, and batteries should be equipped with separators. And SKIET is a powerhouse in separators,” Prof. Kim Pil-soo at Daelim University said.

“Startups related to batteries and electric vehicles are expected to keep advancing into the stock market down the road.”

Meritz Securities researcher Ju Min-woo expected that SKIET’s share price will remain strong.

“The separator is one of the four main components of rechargeable batteries. And it is very difficult for newcomers to make separators,” he said.

The analyst expected that SKIET’s share price would almost double to around 200,000 won ($180).

Through the record-breaking floating, SKIET raised more than 2 trillion won. The firm said that it will expand its production facilities to meet the rising demand for wet separators.

In March, SKIET disclosed its plan of investing about 1 trillion won in building new separator plants in Poland. It also runs factories in Korea and China.

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Hankook Tire supplies tires for top utility vehicles https://newsarticleinsiders.com/hankook-tire-supplies-tires-for-top-utility-vehicles Wed, 28 Apr 2021 05:08:44 +0000 https://newsarticleinsiders.com/?p=15370 SUVs of Porsche, Mercedes-Benz use Hankook products Hankook Tire & Technology, South Korea’s biggest tiremaker, said this week that a mounting number of automakers use its products for sports utility vehicles (SUVs). Included in its new SUV customers list are such European premium brands as Porsche, BMW, Audi, and Mercedes-Benz, which use Hankook’s original equipment […]

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SUVs of Porsche, Mercedes-Benz use Hankook products

Hankook Tire & Technology, South Korea’s biggest tiremaker, said this week that a mounting number of automakers use its products for sports utility vehicles (SUVs).

Included in its new SUV customers list are such European premium brands as Porsche, BMW, Audi, and Mercedes-Benz, which use Hankook’s original equipment tires for their utility vehicles.

Compared to passenger car products, SUV tires are required to be stronger in sidewall and trade patterns so that drivers can feel comfortable on the road.

Because of the vehicle’s heavier weights, SUV-specific tires also need to have better load carrying capacity and flatness, the requirements that Hankook Tire has successfully met.

“Utility vehicles have a higher gravitational center compared to passenger cars. Hence, they are more vulnerable to rollover accidents and other incidents,” a Hankook Tire official said.

“Through technologies tailored to SUV, we strengthened safety of our tires while making motorists feel like their vehicle is floating on the road just like high-end sedans.”

Hankook Tire has already provided its tires to up to 320 models of 46 automotive brands.

And an increasing number of SUV makers also knock on the door of the Seoul-based Hankook Tire, the world’s No. 7 player in terms of annual sales.

For example, Hankook Tire is providing tires for the third-generation Cayenne of Porsche. Plus, the New Audi SQ8 TDI, the New X3 of BMW, and the GLC of Mercedes-Benz opt for Hankook Tire.

“We will continue to make efforts to improve the quality of our products to meet the rising demands for premium SUV tires in the global markets, in particular in the United States and Europe,” the official said.

Established in 1941, Hankook Tire is currently headed by CEO Cho Hyun-bum. The outfit has production facilities across the world.

On top of tires, the firm also sells automobile-related products such as batteries, brake pads, and alloy wheels.

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uLikeKorea develops early detection kit of swine fever https://newsarticleinsiders.com/ulikekorea-develops-early-detection-kit-of-swine-fever Wed, 28 Apr 2021 03:17:07 +0000 https://newsarticleinsiders.com/?p=15409 Korean company achieves exploit for the first time in the world A Korean biotech startup has developed a device, which can early detect symptoms of African swine fever (ASF), the deadly pig disease prevalent across the world. uLikeKorea said on April 27 that its biosensor implanted into the uterus of pigs measure biometric data like […]

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Korean company achieves exploit for the first time in the world

A Korean biotech startup has developed a device, which can early detect symptoms of African swine fever (ASF), the deadly pig disease prevalent across the world.

uLikeKorea said on April 27 that its biosensor implanted into the uterus of pigs measure biometric data like hormone changes to detect various diseases, including SWF.

“Pigs contracting ASF may develop a high fever. But they show no other noticeable symptoms for the first several days. Our biosensor can diagnose ASF early on as it checks pig hormones,” uLikeKorea CTO Charles Park said.

“Our biosensor is powered by a battery, which can operate for a year. Farmers can replace the battery every year to keep using the sophisticated device.”

Currently, no vaccine is commercially available for the swine fever. The disease was first occurred in Africa in the early 20th century and spread to American and European countries.

Since 2018, ASF has spread to scores of countries to lead to a pork shortage. In particular, Asian pig farmers have suffered severe economic losses over the past few years.

The fatal disease also dealt a big blow to the South Korean pig industry, infecting many farms in recent years.

To deal with the disease, the South Korean government has culled all animals not only in infected farms but also those within a buffer zone. But reports on ASF cased linked to wild boars continue.

uLikeKorea has developed biosensor technology since 2019. The Seoul-based outfit plans to launch its commercial service later this year via the brand of LiveCare.

uLikeKorea also said that its biosensor also helps manage other pig-related diseases, estrus, and birthing. The startup said that it has yet to fix the product’s price.

“There are 850 million domestic pigs across the world. They are our target markets. Starting with Denmark, we will tap into such countries as Japan, Brazil, and the United States,” uLikeKorea CEO Kim Hee-jin said.

“We received a patent from the Korean government. We will also apply patents to overseas countries, beginning with Japan.”

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Soucy supports competitive of Hanwha Redback https://newsarticleinsiders.com/soucy-supports-competitive-of-hanwha-redback Tue, 27 Apr 2021 08:21:53 +0000 https://newsarticleinsiders.com/?p=15364 Two defense giants join hands to win Australian military project Partners of Hanwha Defense proactively support the Korean company’s efforts to win the Project Land 400 Phase 3 of Australia with its “Redback” infantry fighting vehicles (IFVs). Hanwha Defense announced on April 27 that one of its key partners, the Soucy Group, is willing to […]

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Two defense giants join hands to win Australian military project

Partners of Hanwha Defense proactively support the Korean company’s efforts to win the Project Land 400 Phase 3 of Australia with its “Redback” infantry fighting vehicles (IFVs).

Hanwha Defense announced on April 27 that one of its key partners, the Soucy Group, is willing to transfer 50 percent of its top-end technology to Australia to enable local manufacture in case Hanwha wins the project.

Then, track mechanical components like road wheels and idlers would be sub-licensed to Australian industry, possibly one or more small- to medium-sized companies, according to Hanwha.

Currently, Hanwha’s Redback is under consideration by Melbourne under an ongoing tender process for the Project Land 400 Phase 3 of acquiring 450 IFVs.

The Soucy Group is a global giant whose composite rubber track (CRT) increases the competitive edge of the Redbacks as it enables fuel savings of up to 30 percent compared to conventional metal track designs.

Hanwha noted that CRT offers many other advantages over traditional options, including up to 70 percent less vibration, 13.5 decibels of noise reduction, less weight, better maneuverability, and a maximum of 80 percent less maintenance.

Two-way competition with Lynx of Rheinmetall

In 2019, Hanwha defeated global contenders from the United States and the United Kingdom to be shortlisted as one of two finalists of the multi-billion-dollar Australian project.

Its competitor is the Lynx of Germany’s Rheinmetall, which is known to use metal tracks.

After wrapping up performance assessments with the two competitors’ trial products, the Australian government is set to decide the preferred bidder in late 2022.

“Hanwha’s overall AIC strategy is to deliver to our customer the best technologies from Australia and around the world,” said Richard Cho, who leads Hanwha Defense’s operation in Australia.

“In this instance, Soucy’s CRT is a highly innovative product that offers significant advantages, and we are enormously pleased to be working with them to bring that technology to Australia under the Risk Mitigation Activity.”

Short for Australian Industry Capability, the AIC program encourages the involvement of Australian industry in supply chains.

Soucy’s senior official Normand Lalonde also expressed the company’s commitment to the Redback’s success.

“Soucy has a long history of working successfully with Hanwha, and we are excited to see that relationship extend into Australia with our CRT on the Redback IFV,” he said.

“Soucy has a long-term strategy for the Asia-Pacific region, and our cooperation with Hanwha is an important part of that.”

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KOGAS employee accused of using insider info for personal gains https://newsarticleinsiders.com/kogas-employee-accused-of-using-insider-info-for-personal-gains Mon, 26 Apr 2021 08:02:55 +0000 https://newsarticleinsiders.com/?p=15346 KOGAS comes under criticism for belated measures Over the past few months, the Korea Land & Housing Corp came under fire as its employees allegedly misused insider information on development projects for property speculation. This time around, another state-backed agency of the Korea Gas Corporation (KOGAS) comes to the fore as its employee is suspected […]

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KOGAS comes under criticism for belated measures

Over the past few months, the Korea Land & Housing Corp came under fire as its employees allegedly misused insider information on development projects for property speculation.

This time around, another state-backed agency of the Korea Gas Corporation (KOGAS) comes to the fore as its employee is suspected of committing similar misdeeds.

Terrestrial TV station MBC recently reported that the KOGAS employee was in charge of purchasing two apartments last October in Daegu, some 240 kilometers south of Seoul, for official residences.

The problem was that the two apartments were owned by his wife, who purchased them in advance to earn tens of millions of profits based on insider information.

MBC also reported that the employee faces charges of embezzlement.

The broadcaster blasted the KOGAS that the corporation took a belated measure _ it discovered the wrongdoings late last year but only recently suspended him.

When contacted, a KOGAS spokesman admitted that there were such problematic transactions of apartments last year but refused to elaborate.

“We reported the case to police in Daegu, and internal probes are also underway. Hence, we cannot make detailed remarks,” the spokesman said.

“The investigations are expected to finish later this month. Then, we will be able to disclose details.”

KOGAS is the country’s public natural gas company, which was set up by the Korean government in 1983. It has grown into one of the major LNG-importing outfits in the world.

It has a stake in the Prelude floating LNG facility in Australia, which is the largest floating production structure in the globe. Included in other investors is the global giant Shell.

CEO Chae Hee-bong is leading the outfit, which is also listed in the country’s benchmark KOSPI market. Its market capitalization is around $2.7 billion as of April 26.

On the day, the entity gained 0.76 percent to finish 33,350 won. It is the 105th-biggest company in the KOSPI market in terms of market capitalization.

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Travelling South Korea: Dokjeokdo https://newsarticleinsiders.com/travelling-south-korea-dokjeokdo Mon, 26 Apr 2021 00:22:45 +0000 https://newsarticleinsiders.com/?p=15343 Perfect travel destination with multiple beaches By Jun Won Lee Dokjeokdo, an island with almost no people, mountains with fresh air, and multiple beaches, is a perfect travel destination for those with some travelling experience in Korea. Jeju Island should be the main travel spot if you came to Korea for the first time or […]

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Perfect travel destination with multiple beaches

By Jun Won Lee

Dokjeokdo, an island with almost no people, mountains with fresh air, and multiple beaches, is a perfect travel destination for those with some travelling experience in Korea.

Jeju Island should be the main travel spot if you came to Korea for the first time or if you weren’t able to look around much.

How to travel to Dokjeokdo

Travelling to Dokjeokdo is simple. There’s a ship that takes you there, and the transportation service is located at the Incheon Coastal Passenger Terminal (or Yeon-an-yeo-gaek terminal in Korean). The link for the website in getting the ship tickets and information on the Dokjeokdo arrival and leaving time is here.

http://www.kefship.com/m//index.php

Not many people travel here. There are not many people when you arrive here and it’s quiet, even on Saturdays. Therefore, it’s not necessary to buy tickets online.

It is recommended, though, by others to buy the ticket online since ticket cancellation notification is sent instantly to your phone. Cancellation means the ship will not operate that day.

Also, keep in mind that you should come to the port to get on the ship about an hour before leaving time and almost two hours before leaving time if you’re bringing your own car.

Planning is necessary before coming here

Dokjeokdo almost feels like a deserted island. As such, you do need some preparations before going.

This isolated feeling island here, in most of the places, accepts cash only (Korean won).

There are no hotels, so you should plan out which rooms to sleep in. Since it’s not a popular destination, you can call and reserve on the spot. If you call or text in advance, they will probably give you a free transportation service and take you there to your reserved room.

The biggest part here really is the ride. Though they may take you there to the accommodation, this island is big.

It may be difficult to explore if you don’t have your own ride. My recommendation is to rent a car there.

Travelling begins

Once you have your car (if you rented one, it would cost around 40,000~60,000 won worth some $40 for one night), you’re free to travel around and see the nature of Dokjeokdo.

It’s not like other places where you can do lots of special leisure activities with high-quality facilities.

It’s all about the sightseeing of multiple beaches, the sightseeing of mountains with fresh air and having a loud and free conversation with your friend or partner, having no one around. And maybe some meditation, if you want to clear your mind before going back.

The must-see places are: Sapori Beach, Bojobong (mountain), another beach with a bunch of stones (I don’t remember its name), and most importantly, Soyado Island, which is connected to the Dokjeokdo Island. The only way to come here is by car, so make sure to bring one or rent it.

If you have any inquiries, feel free to send me one to fbifbi625@gmail.com.

The author is a contributing writer to The Korea News Plus. _ ED.

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Hermes, Channel, Vuitton hardly donate in Korea https://newsarticleinsiders.com/hermes-channel-vuitton-hardly-donate-in-korea Sun, 25 Apr 2021 09:19:50 +0000 https://newsarticleinsiders.com/?p=15336 Luxury fashion houses come under criticisms South Korean affiliates of the world’s three foremost luxury brands _ Hermes, Channel, and Louis Vuitton _ are found to hardly donate despite their handsome bottom lines. The three outfits’ Korean subsidiaries revealed their 2020 income statements this month for the first time in decades because of the revised […]

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Luxury fashion houses come under criticisms

South Korean affiliates of the world’s three foremost luxury brands _ Hermes, Channel, and Louis Vuitton _ are found to hardly donate despite their handsome bottom lines.

The three outfits’ Korean subsidiaries revealed their 2020 income statements this month for the first time in decades because of the revised rules.

Channel Korea’s 2020 operating profit stood at $134 million, up 34.4 percent from a year before. Its 2020 donation stayed almost flat at $600,000.

Hermes Korea chalked up $120 million in operating income in 2020, up 15.9 percent from a year ago. And it donated some $270,000.

The two are much better compared to Louis Vuitton Korea, which saw its operating profit almost triple to $136 million last year. But it did not donate at all.

Things are almost the same for other luxury fashion houses, including Christian Dior Korea and Burberry Korea, whose profits were tens of millions of dollars in 2020.

The former’s 2020 donation was less than $10,000, while that of the latter was below $5,000.

“As they could not travel abroad due to the pandemic, wealthy Koreans went on a spending spree at high-end luxury shops last year. This boosted the profitability of luxury fashion houses,” Prof. Sung Tae-yoon from Yonsei University said.

“Overseas travels are not likely to resume this year. That means that the top-tier fashion houses’ profitability will be good in 2021, too”.

Critics said that the luxury brands are required to think about ESG activities over the long term because otherwise, they may lose customers.

Short for environmental, social, and corporate governance, ESG refers to the three central factors in measuring the sustainability of a company or business.

ESG has emerged as a significant managerial value across the world over the past few years.

“Thanks to their good brand images, luxury fashion brands have so many customers in Korea. Accordingly, it seems that they don’t bother to conduct social responsibility activities here,” Prof. Kim Woo-chan at Korea University said.

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A token rises 1,000 times in 30 minutes https://newsarticleinsiders.com/a-token-rises-1000-times-in-30-minutes Sun, 25 Apr 2021 08:34:43 +0000 https://newsarticleinsiders.com/?p=15339 Young investors responsible for extreme fluctuation of coin markets Arowana Token was listed this week on the Korean market with a starting price of 50 won. And in half an hour, the value jumped more than 1,000 times to 53,800 won. The token is issued for blockchain technology-based transactions of gold. Behind such extreme movements […]

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Young investors responsible for extreme fluctuation of coin markets

Arowana Token was listed this week on the Korean market with a starting price of 50 won. And in half an hour, the value jumped more than 1,000 times to 53,800 won.

The token is issued for blockchain technology-based transactions of gold.

Behind such extreme movements are young investors in their 20’s and 30’s, according to Rep. Kwon Eun-hee from the minor opposition People’s Party on Wednesday.

The third-term lawmaker checked the new customers of the country’s four biggest cryptocurrency exchanges during the first quarter of this year.

Among around 250 newcomers, 32.7 percent were 20-somethings while 30.8 percent were 30-somethings. The proportion of minors was 1.5 percent.

And younger investors were more aggressive as minors almost quadrupled their deposits for cryptocurrency investment during the first three months of 2021.

By contrast, those in their 20s and 30s more than doubled their deposits, respectively.

“The youth unemployment rate is high. And our young generations are angry at the rising house prices. Against this backdrop, they seem to think that cryptocurrency is their only opportunity. FOMO is driving them to bet on the coin market, which is becoming gambling,” Prof. Lee Phil-sang from Seoul National University said.

“This is a really big problem. The country should feel a sense of urgency and do everything to stop this. Otherwise, our youngsters may face big problems when the cryptocurrency market turns bearish.”

Resentments of young generation

Short for fear of missing out, FOMO refers to the uneasy and all-consuming feeling that others might be making big money and having fun while they are not present.

The country’s youth unemployment rate was 10 percent as of the end of this March compared to the overall rate of less than 4.5 percent.

And the young generations have expressed their resentment toward the overly bullish real estate market over the past few years, thinking that only the older generations with apartments benefit.

Rep. Kwon lashes out at the incomplete Korean regulation system as the country does not have any ministry or agency in charge of cryptocurrencies.

“Due to the economic difficulties and the high jobless rate, young people rush to the cryptocurrency market, and some suffer from great losses,” the lawmaker said.

“The government is required to set up a sophisticated system to do away with blind spots of the regulations.”

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SC Bank Korea offers special promotion https://newsarticleinsiders.com/sc-bank-korea-offers-special-promotion Fri, 23 Apr 2021 00:31:58 +0000 https://newsarticleinsiders.com/?p=15331 SC Cheil My Zoom provides generous benefits Standard Chartered (SC) Bank Korea tries to attract customers with its account, dubbed SC Cheil My Zoom, which bears a high interest rate and offers special benefits to new clients. To enjoy the benefits, people have to create an SC Cheil My Zoom account by the end of […]

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SC Cheil My Zoom provides generous benefits

Standard Chartered (SC) Bank Korea tries to attract customers with its account, dubbed SC Cheil My Zoom, which bears a high interest rate and offers special benefits to new clients.

To enjoy the benefits, people have to create an SC Cheil My Zoom account by the end of May and maintain a certain balance for the next three months, according to the lender on April 23.

For example, those who keep a balance of more than 10 million won during the three months after opening the account will receive a Shinsegae Department Store gift card worth 20,000 won.

In case the amount goes up to 30 million won, 50 million won, 100 million won, 300 million won, 500 million won, and 1 billion won, the value of gift cards will rise to 60,000 won, 100,000 won, 200,000 won, 600,000 won, 1 million won, and 2 million won, respectively.

Customers need to apply for the promotion via the SC Bank Korea website or mobile banking application.

On top of the promotion, customers can enjoy a lottery event. Per 50 million won a client has in his or her account balance, an extra chance is given to take part in the raffle.

LG televisions will be delivered to three lucky customers, while five will be able to get LG vacuum cleaners. The winners will be announced midway through September.

SC Cheil My Zoom account debuted in 2017 to win the hearts and minds of people. Even if a customer deposits just a single day, the account offers interests.

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Korea developing big-sized unmanned surveillance vehicle https://newsarticleinsiders.com/korea-developing-big-sized-unmanned-surveillance-vehicle Thu, 22 Apr 2021 09:14:10 +0000 https://newsarticleinsiders.com/?p=15326 ADD, Hanwha Defense will lead South Korea’s military project South Korea’s defense procurement agency announced on April 22 that it had successfully completed the exploratory development of an unmanned surveillance vehicle (USV). The Agency for Defense Development (ADD) has teamed up with Hanwha Defense to build the 6×6 USV and integrate communication/surveillance systems into it. […]

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ADD, Hanwha Defense will lead South Korea’s military project

South Korea’s defense procurement agency announced on April 22 that it had successfully completed the exploratory development of an unmanned surveillance vehicle (USV).

The Agency for Defense Development (ADD) has teamed up with Hanwha Defense to build the 6×6 USV and integrate communication/surveillance systems into it.

It marks the first time in the world that a mid- to large-sized unmanned ground combat vehicle enters the systems development stage.

And Hanwha Defense has a track record of developing a 4×4 multi-purpose unmanned ground vehicle weighing 1.5 tons in 2009 for the first time in the country.

The new 6×6 USV, which will be unveiled halfway through this year, is set to have a payload capacity of 500 kilograms and a cruising radius of 100 kilometers.

“This unmanned surveillance vehicle can be used to remotely lead mechanized units across a variety of terrains, including tactical roads, off-road, and unpaved roads,” a Hanwha Defense spokesman said.

“The vehicle is designed to conduct many different operations such as reconnaissance, target guidance, engagement with the enemy.”

The exploratory development of the USV started in 2008 to test and evaluate operational capabilities as well as the readiness of key technologies, according to Hanwha.

The recent field trials, which finished this February, showed that Hanwha’s unmanned robotics system met key operational requirements to be developed in the military.

Last month, the USV reached technology readiness level six regarding such significant unmanned technologies as self-driving, obstacle detection/avoidance and surveillance.

Meeting the level six is one of the crucial prerequisites to go ahead with full-scale systems development. Powered by hybrid power systems, the USV is to work either by remote control or autonomously.

Hanwha said that the vehicle features sophisticated unmanned functions such as follow-me, travel-route control, obstacle detection/avoidance, and path planning in the case of communication loss.

It is also armed with a machine gun mounted on a remote-controlled weapon station developed by Hanwha Defense.

In fact, Hanwha has proactively taken part in state projects _ it has been part of at least 15 state R&D projects related to unmanned and robotics programs since 2006.

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BTS meal to hit McDonald’s https://newsarticleinsiders.com/bts-meal-to-hit-mcdonalds Wed, 21 Apr 2021 02:45:29 +0000 https://newsarticleinsiders.com/?p=15322 Global fast-food franchise joins hands with K-pop megastars McDonald’s has teamed up with K-pop superstar BTS to come up with a special meal set with South Korean flavors late next month in almost 50 countries across the world. McDonald’s said on April 20 that the BTS Meal will include chicken nuggets, fries, coke, sweet chili, […]

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Global fast-food franchise joins hands with K-pop megastars

McDonald’s has teamed up with K-pop superstar BTS to come up with a special meal set with South Korean flavors late next month in almost 50 countries across the world.

McDonald’s said on April 20 that the BTS Meal will include chicken nuggets, fries, coke, sweet chili, and Cajun dipping sauces inspired by popular recipes from McDonald’s South Korea.

“BTS truly lights up the world stage, uniting people across the globe through their music,” McDonald’s USA chief marketing officer Morgan Flatley said.

“We’re excited to bring customers even closer to their beloved band in a way only McDonald’s can – through our delicious food – when we introduce the BTS signature order on our menu next month.”

This is not the first time for the global fast-food franchise to release celebrity-themed menus.

For example, it has collaborated with such artists as U.S. rapper Travis Scott and Colombian singer J Balvin.

But McDonald’s said that BTS would be the first celebrities to share their order with customers worldwide.

HYBE, the label of the seven-piece boy band, also expressed its hype.

Earlier this month, the management company announced its plan to take over Ithaca Holdings of the United States. This means that such famous artists as Ariana Grande and Justin Bieber will join BTS.

Thereafter, the share price of HYBE has been on the increase. It was formerly known as Big Hit Entertainment.

“The band has great memories with McDonald’s. We’re excited about this collaboration and can’t wait to share the BTS Meal with the world,” a HYBE official said.

Since its debut in 2013, BTS has topped charts around the globe, while delivering positive messages to young audience.

In particular, “Dynamite” dropped last summer fascinated the international fans. The English-language digital single topped Billboard’s Hot 100 Singles chart in late August, making BTS the first Korean act to achieve the exploit.

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