Hanwha Techwin enters clerkless store tech biz with auto checkout machine

Hanwha Techwin Co., a major surveillance tech firm in South Korea, said Thursday it will start into the clerkless store solution business with its auto checkout (ACO) machine as the company expands its business portfolio amid the pandemic-induced non-contact trend. Hanwha Techwin said it decided to enter the unmanned store solutions market as many retailers opt to open cashier-free shops for 24-hour operation while there is a need to improve consumer convenience in the checkout process at stor

Oct. 15, 2020

S. Korea says G-20 debt relief to help poor nations achieve economic recovery

SEJONG -- An extension of debt relief programs by the Group of 20 major economies will help low-income nations achieve their economic recovery from the coronavirus pandemic, South Korea's finance minister has said. Finance Minister Hong Nam-ki and his counterparts of G-20 finance ministers agreed to extend the debt relief programs by another six months during their virtual meeting Wednesday. Under the Debt Service Suspension Initiative (DSSI), the G-20 gave debt relief to poor nations in Apri

Oct. 15, 2020

Virus-hit S. Korean exporters pining hopes on ASEAN, China: poll

Nearly half of South Korean exporting companies expect Southeast Asian and Chinese markets to spearhead a recovery in their exports down the road, a poll showed Thursday. According to the survey of 1,051 local exporters, 25.2 percent of the respondents said trade conditions in the Association of Southeast Asian Nations (ASEAN) will improve the most among overseas markets in the fourth quarter of the year and thereafter. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the

Oct. 15, 2020

Samsung remains atop smartphone memory chip market in H1: report

Samsung Electronics Co. dominated the global market for smartphone memory chips in the first half of the year, a report showed Thursday. In terms of revenue, Samsung maintained its top position in the smartphone memory market with a 49 percent share in the first six months of the year, according to a report from industry tracker Strategy Analytics. Samsung was followed by its smaller South Korean rival SK hynix Inc. and US chipmaker Micron Technology Inc. By sector, Samsung had a revenue sha

Oct. 15, 2020

Seoul shares open lower, tracking falls on Wall Street

South Korean stocks opened lower Thursday, taking a cue from overnight losses in US markets over doubts about a fiscal stimulus plan. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.24 points, or 0.18 percent, to 2,376.24 in the first 15 minutes of trading. Seoul shares closed down nearly 1 percent Wednesday on renewed concerns that a resurgence in new coronavirus cases dimmed hopes for economic recovery. Wall Street ended lower Wednesday as investor sentiment was chilled by ex

Oct. 15, 2020

Air Busan resumes flights to China's Qingdao

Air Busan Co., the budget carrier unit of Asiana Airlines Inc., on Thursday resumed flights to the Chinese city of Qingdao to meet travel demand from businessmen. Air Busan will offer one flight a week on the Busan-Qingdao route from Thursday after suspending the route for more than seven months due to the coronavirus impact on the airline industry, the company said in a statement. In July, the carrier resumed the Incheon-Shenzhen route, but other Chinese routes to Ningbo, Chengdu, Qingdao, Ya

Oct. 15, 2020

Hearings on LG Chem's battery patent suit against SK Innovation to open online in Dec.

Hearings on LG Chem Ltd.'s electric vehicle (EV) battery patent infringement lawsuit against SK Innovation Co. with the US International Trade Commission (ITC) will open online in December, industry insiders said Thursday. Evidentiary hearings for LG Chem's case will take place virtually on Dec. 10 and 11, according to the sources. In September 2019, LG Chem filed the suit with the ITC, claiming that SK Innovation and SK Battery America infringed its EV battery patents. The ITC usually holds

Oct. 15, 2020

BTS agency listed amid fanfare on stock market

Big Hit Entertainment, the management agency of K-pop superstars BTS, debuted on South Korea's main bourse on Thursday, building a valuation higher than the country's next three largest entertainment companies combined. Big Hit shares opened at 270,000 won ($236) on Thursday on the Korea Exchange and jumped by the daily upper limit of 30 percent to 351,000 won three minutes after market opening. The stocks closed at 258,000 won, down 4.4 percent from the starting price. Still, the closing pr

Oct. 15, 2020

Bentley Motors Korea unveils revamped Flying Spur V8 in Korea

Bentley Motors Korea unveiled Wednesday the revamped luxury sports sedan Flying Spur with the popular V8 powertrain, for the first time in South Korea. 　 In a media preview event held at a hotel in Gangnam, southern Seoul on Oct. 8, the head of Bentley Motors Korea Warren Clarke presented the Flying Spur V8 and also revealed the company’s brand strategy for the upcoming years. Prior to the global launch this week, Bentley Motors Korea ran a private preview event to allow a peek for pros

Oct. 14, 2020

Mercedes-Benz Korea launches best-selling revamped E-Class

The game is back on between import vehicle archrivals, intensified by Mercedes-Benz Korea’s release of the newest E-Class this week. To drive away the enthusiastic runner up BMW and to maintain its position as Korea’s favorite imported car brand, Mercedes-Benz has returned with a revamped version of the best-selling model Tuesday. The new E-Class is a revamped version of the 10th-generation model, which the automaker hailed for having achieved a “monumental milestone”

Oct. 14, 2020

Hyundai Motor stocks unmoved by leadership change

Stock prices of Hyundai Motor Group’s affiliates remained largely unfazed by the announcement of the South Korean conglomerate welcoming Chung Euisun as its new chairman on Wednesday, except for Hyundai Glovis, a subsidiary controlled by the new leader. Stock in the group’s crown jewel, Hyundai Motor Company, ended 0.56 percent lower at 178,000 won ($155.16) while that of Hyundai Mobis, an automotive parts company, ended 1.7 percent lower at 231,500 won. The conglomerate’s oth

Oct. 14, 2020

[News Focus] Chung Mong-koo: The man who made Hyundai Motor global

Chung Mong-koo led Hyundai Motor Group for two decades as chairman and CEO before stepping down Wednesday. As his only son, Chung Euisun, takes over the world’s fifth-largest automaker, the elder Chung, who has now become an honorary chairman of the automotive company, is leaving behind a legacy. As the son of the late Hyundai Group founder Chung Ju-yung, Chung Mong-koo joined Hyundai Motor Company in 1970 as an auto parts manager at its Seoul office. He became the chairman of Hyundai M

Oct. 14, 2020

[News Focus] Chung Euisun moving Hyundai Motor Group toward future mobility

Chung Euisun, who took the helm of the country’s No. 1 automotive company, Hyundai Motor Group, Wednesday, has shown strong and progressive leadership over the past two years. Born in 1970 as the only son of Hyundai Group leader Chung Mong-koo, who is now honorary chairman, Chung Euisun majored in business administration at Korea University before entering group affiliate Hyundai Precision and Industries, now Hyundai Mobis, in 1994. Chung Euisun has since accumulated experience in vari

Oct. 14, 2020

LG Chem to offer cash dividends to soothe retail investors

LG Chem said Wednesday it will offer cash dividends of at least 10,000 won ($8.70) per common share over the next three years as part of an effort to promote shareholder value. The South Korean battery giant last month decided to split off its promising battery business division as a wholly-owned subsidiary LG Energy Solution. The decision triggered fierce resistance from retail investors, many of whom invested in LG Chem for its battery business. “To apply the same dividend criteria af

Oct. 14, 2020

S. Korea to lower market threshold for newlyweds, first-time homebuyers

South Korea will alleviate the requirements to qualify for housing subscriptions, in a move to lower the market entry barrier for young non-homeowners, Deputy Prime Minister and Finance Minister Hong Nam-ki said Wednesday. The government expects that the revised set of rules will allow up to 92 percent of newlyweds and first-time homebuyers to apply for newly built houses. “(The government) will seek to further alleviate the income rule in the special housing supply for first-time bu

Oct. 14, 2020

Hyundai Motor’s journey from 1940s to 2020

Though founded in 1967, Hyundai Motor’s origins date back to 1940s, when entrepreneur named Chung Ju-yung established Hyundai Auto Service in Seoul after Korea was liberated from Japanese colonial rule in 1946. Along with the Hyundai Auto Service, Chung established Hyundai Engineering and Construction in 1947 to help South Korea rebuild and industrialize after the liberation. However, the Korean War broke out in 1950, forcing Chung to abandon his businesses in Seoul and evacuate to B

Oct. 14, 2020

Korean Air extends paid leave until December on pandemic

Korean Air Lines Co., South Korea's biggest carrier, said Wednesday it will have 70 percent of its employees go on unpaid leave until December due to the prolonged coronavirus impact on the airline industry. In April, the national flag carrier had 70 percent of its 18,000-strong workforce take paid leave for six months through Oct. 15 as part of self-help measures to overcome the unprecedented virus crisis.  With no end in sight for the COVID-19 pandemic, Korean Air has decided to exten

Oct. 14, 2020

LG Innotek develops advanced ferrite for slimmer TVs, lighter EVs

LG Innotek, the high-tech parts making unit of LG Group, said Wednesday the company has developed a “highly efficient” ferrite material to be used for ultra slim TVs and vehicles. Ferrite, made of iron oxide power, is used to change voltage in power modules for TVs and on board chargers in vehicles. As home appliances including TVs and electric vehicles go slimmer and lighter, the ferrite has become a viable material. LG’s ferrite can make power modules for TVs as thin as

Oct. 14, 2020

Samsung heir meets ASML head to enhance cooperation

Samsung Electronic Vice Chairman Lee Jae-yong met top executives of Dutch semiconductor equipment provider ASML, the company said Wednesday. Lee held a meeting with Peter Wennink, ASML’s chief executive officer, and Martin van den Brink, chief technology officer, in which they discussed supply and operation plans for extreme ultraviolet equipment that is needed for production of chips on 7-nanometer processes and below. They also talked about increasing cooperation on next-generation

Oct. 14, 2020

Korea’s trend expert defines 2021 as ‘Cowboy Hero’

Kim Ran-do, renowned scholar on fast-emerging trends in South Korea, has defined the year 2021 as “Cowboy Hero” as he announced 10 key words for next year that would continue to be affected by the COVID-19 pandemic. Through an online lecture live-streamed on YouTube to mark publication of his latest publication Trend Korea 2021 late Tuesday, the professor from Seoul National University created the term “Cowboy Hero” from the initial letters of 10 key phrases. “W

Oct. 14, 2020