Experts share insight on US investment at AmCham seminar

Representatives from the Korean and US governments and industries joined to provide their insights on key factors that Korean companies should consider when investing in the US, at the Doing Business in Korea Seminar 2020, its second iteration, held in Seoul on Tuesday. The seminar was jointly hosted by the American Chamber of Commerce in Korea and the Korea International Trade Association. It also covered the impact of the US presidential election on investment opportunities abroad. In his

Nov. 24, 2020

[From the Scene] Drones the highlight of DX Korea defense expo

GOYANG, Gyeonggi Province -- From Iraqi commander to Filipino admiral, the 4,000-square-meter hall was packed with high-ranking military officials wandering around some 200 booths where state-of-the-art weapons and systems were displayed by global defense companies from about 20 countries around the world. At DX Korea 2020 -- a military expo held at Kintex in Goyang, Gyeonggi Province, just northwest of Seoul, on Nov. 18 -- Korean Army officials were greeted by public relations officials, ready

Nov. 24, 2020

LS Cable & System to supply high voltage cables to Orsted

LS Cable & System said Tuesday that it has inked a five-year contract with Danish energy firm Orsted to supply high voltage export cables for offshore wind farms. Though the exact size of the deal is unknown, it is estimated at hundreds of millions of dollars, according to industry sources. LS Cable & System has participated in multiple offshore wind projects with Orsted. Previously, it supplied cables to the world’s largest offshore wind farm, Hornsea One and Two, in England.

Nov. 24, 2020

Orsted pledges opportunities for Korean offshore wind industry

Danish energy firm Orsted on Tuesday held a forum to explain how its 1.6-gigawatt offshore wind farm project to be built in the waters off Incheon can contribute to South Korea’s infant offshore wind power industry and the country’s ambitious green targets. At the Orsted 2020 Offshore Wind Industry Promotion Forum held at Conrad Seoul, in Yeouido, western Seoul, Orsted Asia-Pacific President Matthias Bausenwein said that the Incheon offshore wind project will offer massive opport

Nov. 24, 2020

Posco’s environmental activities recognized by Boston College’s journal

Posco, South Korea’s leading steelmaker, has been recognized for its environmental activities in a recent journal published by the Boston College Center for Corporate Citizenship, the company said Tuesday. “Posco’s efforts to clean and recover our planet’s oceans, as well as cooperate with steel industry on blue carbon, places it at the forefront in the battle against climate change,” the journal said. The journal illustrated Posco’s Clean Ocean Volunteer

Nov. 24, 2020

Samsung Electronics marks all-time high TV market share

Samsung Electronics posted an all-time high share in the global TV market in terms of revenue during the third quarter, according to a report. Market research organization Omdia said in its report that Samsung‘s market share in the third quarter reached 33.1 percent in terms of revenue, a record-high quarterly figure for the company. Samsung Electronics’ revenue from TV sales in the third quarter reached $9.3 billion, up by 22 percent on-year. Samsung sold a total of 14.85 mil

Nov. 24, 2020

KDB chief says integration of Korean Air, Asiana Airlines may generate W300b in profit

Korean Air Lines Co.’s planned acquisition of rival Asiana Airlines Inc. and subsequent restructuring will lead to an annual profit of 300 billion won ($269.6 million), the head of the main creditor of Asiana said Monday. Lee Dong-gull, chairman of the state-run Korea Development Bank (KDB), offered the estimate in an interview with a local broadcaster, adding that the two carriers can brace for the post-pandemic era in two to three years if they push to restructure in a way that streamli

Nov. 24, 2020

S. Korea’s consumer sentiment gains for 2nd month in November

South Korea’s consumer sentiment rose for the second consecutive month in November, as the economic outlook improved amid relaxed social distancing measures, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 97.9 for November, up 6.3 points from 91.6 recorded for October, according to the Bank of Korea (BOK). The reading marks the second straight month of gains following a 12.2-point on-month rise in October. A reading below 100 means pessimist

Nov. 24, 2020

SK to invest W2.1tr in local infra project by 2025

A consortium of two SK Group affiliates will invest 2.1 trillion won ($1.9 billion) in data centers and a startup cluster in South Korea's southwest industrial complex by 2025, the transport ministry said Tuesday. The consortium of SK E&S Co. and SK broadband Co. will invest 2 trillion won to build eight data centers in the Saemangeum industrial complex by 2025, the Ministry of Land, Infrastructure and Transport said in a statement. It said the companies aim to double the number of data ce

Nov. 24, 2020

Seoul stocks close at all-time high on extended foreign buying

South Korean stocks extended their winning streak to a fifth day, finishing at an all-time high Tuesday on hopes of an economic recovery and new coronavirus vaccine development. The Korean won fell against the US dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.17 points, or 0.58 percent, to close at 2,617.76. Trading volume was high at about 1.3 billion shares worth some 16.6 trillion won ($14.9 billion), with gainers outnumbering losers 528 to 299. Foreigne

Nov. 24, 2020

Daewoo Shipbuilding develops AI-based welding quality tester

Daewoo Shipbuilding & Marine Engineering Co. said Tuesday it has developed an artificial intelligence (AI) welding quality monitoring robot for the first time in the shipbuilding industry. The robot inspects the welded parts of ships and offshore plants with a 3-D modeling program and carries out automated welding quality tests using AI technologies, according to Daewoo Shipbuilding. Shipbuilders usually inspect the quality of the welded parts of ships and offshore plants by taking pictu

Nov. 24, 2020

Kospi’s record-high rally continues on COVID-19 vaccine, recovery hopes

South Korea’s main bourse extended record-setting rallies for the second consecutive session Tuesday, setting a fresh high on hopes of an economic recovery and new coronavirus vaccine developments. The Kospi closed at 2,617.76, up 15.17 points, or 0.58 percent, from the previous session’s close, which itself was an all-time closing number. It even surpassed the intraday record of 2,607.10 marked on Jan. 29, 2018 in morning trading. The index started off at 2,616.28 and gained thro

Nov. 24, 2020

Korea Shipbuilding wins nod for SOFC power system from DNV-GL

Korea Shipbuilding & Offshore Engineering Co. said Tuesday it has obtained an approval for the design of a fuel cell-based power system for ships from DNV GL, a Norwegian-German ship quality assurance company. The power system based on the solid oxide fuel cells (SOFCs), energy conversion devices that generate electricity will substitute some part of 3 megawatt power-generating engines to be mounted on A-max oil tankers, Korea Shipbuilding said. The A-Max tankers refer to 85,000 to 125,0

Nov. 24, 2020

LG Electronics sponsors cholera inoculations in Ethiopia

LG Electronics said Tuesday that it will back a project by the International Vaccine Institute to provide free cholera vaccinations for some 40,000 people in Ethiopia for three years starting in 2021. LG Electronics and IVI will also establish a disease monitoring system in the region. “Although COVID-19 has taken attention away from cholera, it still remains a disease that takes away many lives across the globe,” said Jerome Kim, director general of IVI. “Together with LG

Nov. 24, 2020

NH Financial chief set to resign to lead federation of Korean banks

NH Financial Group Chairman Kim Kwang-soo is likely to offer resignation soon as he was named the sole candidate to represent the nation’s largest bankers’ club, according to reports quoting insiders said Tuesday. On Monday, board members of the Korea Federation of Bank unanimously nominated Kim, among six other candidates. The federation is set to hold a general meeting on Friday to put Kim’s nomination to vote. If elected, Kim will officially start his term on Dec. 1, rep

Nov. 24, 2020

Major firms' Q3 overseas sales inch up despite pandemic

Major South Korean companies saw their overseas sales inch up in the third quarter of the year despite the coronavirus pandemic, data showed Tuesday. Combined overseas sales of the country's top 100 firms by revenue totaled 181.9 trillion won ($164 billion) in the September-July period, up 1.6 percent from a year earlier, according to the data from the Federation of Korean Industries (FKI). The figure marks a 24.1 percent surge from three months earlier when their overseas sales tumbled nearly

Nov. 24, 2020

[Herald Interview] S. Korea vows to open an era of ‘digital IP’: IP office chief

In line with the digitalization of industries accelerated by the COVID-19 pandemic, the chief of the nation’s intellectual property office vowed Tuesday to “open an era of digital IP” via systemic upgrades. “In order to resolve key issues tied to protection of core values of the digital era, we will update laws that can bolster IP protection in the process of data manufacturing, transfer and utilization and address issues surrounding creative rights of inventions by art

Nov. 24, 2020

Porsche Korea opens first Porsche Dream Circle student education project

Porsche Korea said Tuesday it opened the first Porsche Dream Circle, a student education program promoting the value of sustainability in the environment, at an elementary school in Gyeonggi Province. According to the automaker, the new project is part of its corporate social responsibility campaign, Porsche Do Dream, which marks its fourth year in 2020. Porsche Dream Circle, which has opened at the Pangyo Elementary School in Seongnam, is to provide a learning space for students on the imp

Nov. 24, 2020

Hyundai Heavy, Eugene submit final bids for Doosan Infracore

Hyundai Heavy Industries Holdings Co. (HHIH) and ready-mixed concrete maker Eugene Group on Tuesday submitted their final bids for a 36 percent stake in Doosan Infracore Co., the largest local construction equipment maker here. In a regulatory filing, the shipbuilder said that it has joined the final bid, with Eugene Group reportedly joining the final bid. But GS Engineering & Construction Corp. and three local private equity funds -- Glenwood PE, MBK Partners and Eastbridge Partners drop

Nov. 24, 2020

Samsung takes one-third of global TV market in Q3: report

Samsung Electronics Co. remained the world's leading TV vendor in the third quarter of the year, a report showed Tuesday, as it accounted for one-third of the market amid the pandemic. The South Korea tech giant had a all-time high of 33.1 percent market share in the global TV market in the July-September period in terms of revenue, according to data from industry researcher Omdia. Samsung sold $9.3 billion worth of TVs in the third quarter, up 22 percent from a year earlier, the data showed

Nov. 24, 2020