Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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LG Innotek partners with Microsoft on 3D-sensing camera
LG Innotek said Monday the company has inked a deal with Microsoft to increase its share in the 3D-sensing module market. The South Korean electronic parts supplier signed a memorandum of understanding with the US-based tech mogul to cooperate on the development of ToF modules for Microsoft’s Azure Cloud service. The ToF -- time of flight -- module is a core component of 3D-sensing cameras which perceives three-dimensionality, spatial information and movement of an object by measuring
March 8, 2021
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S. Korea’s food prices show 4th-highest increase among OECD states
South Korea’s food prices increased at the fourth-highest rate among members of the Organization for Economic Cooperation and Development in January, largely due to a supply shortage brought on by bird flu, according to data and market experts Monday. January’s prices for groceries and nonalcoholic beverages soared by 6.5 percent on-year, more than twice the OECD average of 3.1 percent, data compiled by the OECD and Statistics Korea showed. Among the 37 OECD member states, steepe
March 8, 2021
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4 makers of sewage pipes fined W2.95b over price fixing
South Korea's antitrust regulator said Monday it has decided to fine four manufacturers of sewage pipes and manhole covers a combined 2.95 billion won ($2.6 million) for colluding to fix prices of industrial products. Kolon Industries Inc. and its three smaller rivals colluded to fix their quotations between 2011 and 2016 for 268 rounds of purchase bidding for waste pipes and manhole covers by the state procurement agency and builders, according to the Korea Fair Trade Commission (KTFC). The d
March 8, 2021
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Banks' 2020 earnings down 11.5% on loan-loss reserves
South Korean banks saw their 2020 earnings decline 11.5 percent from a year earlier as they set aside more loan-loss reserves amid the pandemic, data showed Monday. Their combined net profit came to 12.3 trillion won ($10.9 billion) last year, compared with 13.9 trillion won the previous year, according to preliminary data from the Financial Supervisory Service (FSS). The decline in net profit came as local banks sharply increased loan-loss reserves last year to cope with the fallout from the
March 8, 2021
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Samsung Heavy to appeal arbitration ruling for drill rig
Samsung Heavy Industries Co. said Monday that it plans to appeal a British arbitration ruling that ordered the South Korean shipbuilder to return money received from Swedish company Stena for a shipbuilding deal. The London Court of International Arbitration (LCIA), one of the world's leading arbitral institutions, ruled Friday that Samsung Heavy should refund prepaid money and accrued interest worth 463.2 billion ($409.7 million) to Stena, Samsung Heavy said in an emailed statement. The court
March 8, 2021
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S. Korea unveils management plan for fishery resources, overfishing
South Korea's oceans ministry announced Monday a five-year blueprint to better manage the country's fishery resources, as climate change and overfishing have been challenging the sustainability of the local fisheries industry. Under the plan, the combined amount of fishery resources in the country's coastal lines will rise to 4 million tons by 2025, soaring 28 percent from the current estimate of 3.13 million tons, according to the Ministry of Oceans and Fisheries. In detail, South Korea will
March 8, 2021
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KITA seeks to operate new convention center in Vietnam
The Korea International Trade Association (KITA) said Monday it has won a new contract in Vietnam to operate a newly built convention center in Vietnam, in line with its efforts to revitalize its virus-hit exhibition business and penetrate deeper into Southeast Asia. Under the agreement, KITA and its convention business arm, the Convention & Exhibition Center (COEX), will operate Vietnam's largest convention center located in Binh Duong, just north of Ho Chi Minh City, for the next three ye
March 8, 2021
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Samsung to launch Galaxy A42 5G smartphone in S. Korea this week
Samsung Electronics Co. said Monday it will release a new 5G budget smartphone in South Korea this week to expand its dominant status on home turf. Samsung said the Galaxy A42 5G smartphone will be launched here Friday with a price tag of 449,900 won ($400), the cheapest among 5G smartphone models sold in South Korea. The A42 5G was already released in select markets in Europe and Southeast Asia last year. The latest smartphone, equipped with a 6.6-inch display, comes with a rear quad-camera
March 8, 2021
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SK hynix starts mass-production of mobile DRAM offering industry's largest capacity
SK hynix Inc., South Korea's No. 2 chipmaker, said Monday it has begun mass-production of a mobile DRAM that offers the industry's largest capacity. SK hynix said 18-gigabyte low-power double data rate (LPDDR) 5 is in mass production and that the company supplied its very first products to Asus' gaming smartphone, the Republic of Gamers 5. The world's largest DRAM producer said its latest chip will be ideal for premium smartphones to support high-resolution games and videos. The company expect
March 8, 2021
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Seoul stocks open higher on strong Chinese data
South Korean stocks opened higher Monday on improved Chinese economic data and slowing bond yield hikes in the United States. The benchmark Korea Composite Stock Price Index rose 9.39 points, or 0.31 percent, to 3,035.65 points in the first 15 minutes. Steel, financial and tech stocks led the KOSPI's hike, while retail and insurance traded bearish. Samsung Electronics added 0.37 percent, and No. 2 chipmaker SK hynix advanced 0.36 percent. Leading chemical firm LG Chem retreated 1.11 perce
March 8, 2021
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LG Innotek joins hands with Microsoft for cloud-supporting 3D sensing cameras
LG Innotek Co., a major electronics parts maker in South Korea, said Monday it has joined hands with Microsoft Corp. to better expand its presence in the 3D sensing component market. Under the partnership, the two sides will collaborate on the development and supply of Time of Flight (ToF) modules dedicated for Microsoft's cloud platform Azure. A ToF module is a core 3D sensing camera component that can recognize three-dimensionality, spatial information and movement of an object by using the
March 8, 2021
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Foreign investors' stock sell-offs extended in Feb.
Foreign investors remained net sellers of South Korean stocks last month, extending their selling spree for a third consecutive month, data showed Monday. Foreigners sold a net 3.24 trillion won ($2.87 billion) worth of local stocks in February, according to the data from the Financial Supervisory Service (FSS). American investors sold a net 1.37 trillion won of stocks last month, while investors from the Cayman Islands net purchased 840 billion won worth of stocks, according to the FSS. As o
March 8, 2021
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[News Focus] No signs of settlement between Korea’s warring battery makers
Nearly a month has passed since the US trade court delivered a victory to LG Energy Solution in its trade secret dispute with crosstown rival SK Innovation, but the two sides appear no closer to ending their bitter war. Quite the contrary. The fight between the world’s two leading battery producers for electric vehicles has now spilled over to the White House, much to the dismay of Seoul officials, who hope for an early resolution to the matter, saying this would help Korea maintain its l
March 7, 2021
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Woori Financial Group joins first movers list of ESG bonds
Woori Financial Group plans to issue environmental, social and governance hybrid bonds in South Korean won after gaining top credentials, the company said Sunday, joining a growing list of investment firms tapping into the fast-growing market. The financial company said it plans to issue ESG bonds in the form of hybrid securities after acquiring ST1, the highest grade for sustainable financing in a five-tier grading system, from Korea Ratings, a credit rating company. Woori plans to decide the
March 7, 2021
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S-Oil acquires 20% stake in hydrogen fuel cell developer
S-Oil said Sunday it has purchased a 20 percent stake in advanced hydrogen fuel cell developer Fuel Cell Innovations. According to the South Korean refinery, the strategic investment will allow S-Oil to become the biggest shareholder of FCI and secure technologies for next-generation solid oxide fuel cells, or SOFCs. Compared to conventional fuel cells, SOFCs have a competitive edge in price, as they use nickel as a catalyst, instead of platinum, to generate electricity. They can also turn m
March 7, 2021
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Hanwha heir to spearhead group’s ‘shortcut to space’
Kim Dong-kwan, the heir apparent of South Korea’s defense-to-finance conglomerate Hanwha and the mastermind behind its advancements in the solar power industry, will lead the group’s space satellite business, the group said Sunday. The 37-year-old chief executive of Hanwha Solutions and the eldest son of Hanwha Group chairman Kim Seung-youn will head aerospace task force “Space Hub,” which will comprise key personnel and engineers from Hanwha affiliates. The move fo
March 7, 2021
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Korean golf courses pricier than ever for investors
South Korea‘s golf courses are carrying heftier price tags as investment destinations than ever, and their transactions are becoming more and more active, as the coronavirus pandemic since last year has opened doors to more golfing activities and investors are scrambling for more attractive options for their real asset investments, data showed Sunday. The total investment transaction volume of Korean golf facilities in 2020 reached an all-time-high, rising twofold year-on-year to 1.43 tri
March 7, 2021
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Art display at SKT headquarters
An employee looks at works created by local artists on display at a lobby area of SK Telecom’s headquarters building in central Seoul. The South Korean telecommunications firm said Sunday that the company would continue installing artwork there to support local artists who have been deprived of opportunities to introduce their works amid the COVID-19 pandemic. (SKT)
March 7, 2021
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South Korea to brief firms on ‘Netflix Law’
The South Korean government will discuss with providers of online services to set up detailed guidelines for the country’s “Netflix Law,” industry sources said Sunday. The Ministry of Science and ICT will hold a meeting this week with officials from Google, Facebook, Netflix, Naver, Kakao and Wavve. The companies are expected to use the session to clarify terms in the revised Telecommunications Business Act, which could potentially disrupt their business activities in the
March 7, 2021
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S. Korea’s number of ultra-high net worth individuals up 6.3%
South Korea marked the eighth-highest rate of growth in the number of individuals with ultrahigh net worth, recent data compiled by a global property consultancy showed Sunday. The number of ultrawealthy people in Korea -- those with net assets worth $30 million or more -- increased by 6.3 percent on-year to 7,354 in 2020, according to the annual wealth report released by Knight Frank. The number of people around the globe at the same standard of net wealth rose by 2.4 percent on-year to 521,6
March 7, 2021