Doosan to expand presence in unmanned forklift market

Doosan Corp., the holding company of South Korea's Doosan Group, said Tuesday that it will increase sales of unmanned forklifts in the country. Industrial Vehicle, a business division of Doosan, has been discussing ways to provide its automated guided forklifts to about 20 companies, Doosan said. Last year, Doosan launched its first-ever unmanned forklifts in the local market. "To meet growing demand for automated forklifts, we plan to expand our product lineup to pallet trucks known

Oct. 6, 2020

Green Cross to export ‘twindemic’ test kits to Europe

Green Cross Medical Science Corporation, the diagnostics kits affiliate of GC, signed a $19 million deal to export diagnostic devices that will simultaneously and separately detect COVID-19 and influenza. GCMS will provide Polish company Handprod with $11 million worth of blood sugar measurement devices and glycated hemoglobin evaluation systems; and provide Swiss firm Medysis with $8 million worth of a combined diagnosis kits for COVID-19 and influenza, as well as an immunofluorescence antigen

Oct. 6, 2020

W58.4tr flows into BTS agency’s stock preorders

Big Hit Entertainment, the agency behind K-pop sensation BTS, closed a two-day retail subscription Tuesday for its long-awaited initial public offering. Retail investors had submitted some 58.42 trillion won ($50.26 billion) in deposits for stock preorders. Despite anticipation by market watchers who thought the K-pop agency would set a record for subscription deposits, the accumulated amount was a little less than the figure seen during the public subscription of Kakao Games -- some 55.55 tri

Oct. 6, 2020

Hyundai Glovis enters Kazakhstan logistics market

Hyundai Glovis said Tuesday it set up a new branch in Kazakhstan and signed a seven-year transportation business deal with local beverage firm RG Brands, its first move to target the logistics market in Central Asia. RG Brands, established in 1994, ranks second in the local beverage market. Under the partnership, Hyundai Glovis is set to carry out transportation business in Nur-Sultan, capital of Kazakhstan, and major cities such as Almaty and Shymkent. Its main task is to deliver produc

Oct. 6, 2020

SK hynix rolls out DDR5 chips as world’s first

South Korean memory chipmaker SK hynix announced Tuesday the company will launch the fifth generation of DRAM chips, DDR5, as the first in the world. Compared to its predecessor DDR4, the latest edition is 1.8 times faster and consumes 20 percent less power, making it optimal for big data, artificial intelligence and machine learning solutions. SK had embarked on development of the first 16-gigabit DDR5 in November 2018 and sought cooperation from customers like Intel to complete verificat

Oct. 6, 2020

Naver faces 26.7b-won fine, accused of manipulating algorithms

SEJONG -- South Korea's antitrust regulator on Tuesday accused Naver Corp., the nation's biggest search engine, of manipulating search algorithms in favor of the company's online shopping site and imposed a 26.7 billion-won ($22.9 million) fine. The fine, announced by the Korea Fair Trade Commission (KFTC), is the nation's first that the regulator has levied on a technology platform operator for making algorithmic changes that favor a certain business. The accusation is also expected to unde

Oct. 6, 2020

LS Cable & System completes 5G parts factory in India

LS Cable & System said Tuesday it completed construction of its second telecommunications plant in India and has doubled production capacity of communications parts.　 LS Cable plans to foster LS Cable & System India, or LSCI, as a specialized production base for communications harness to respond to India’s rapidly growing domestic market and target overseas markets such as Europe and North America. A communications harness is a cable component that connects mobile communications

Oct. 6, 2020

Seoul stocks set to extend winning streak on Trump's discharge from hospital, stimulus hopes

South Korean stocks traded higher late Tuesday morning heading toward a fifth consecutive day of gains as investor sentiment was spurred by an overnight rally on Wall Street after improvements to US President Donald Trump's condition and stimulus hopes in the world's largest economy. The benchmark Korea Composite Stock Price Index (KOSPI) added 13.17 points, or 0.56 percent, to 2,371.17 as of 11:20 a.m. Wall Street rallied overnight after uncertainties cleared over reports of Trump, who tested

Oct. 6, 2020

S. Korean shipyards take No.1 spot in new orders in Q3

South Korean shipbuilders took the top spot in new global shipbuilding orders in the third quarter of the year, beating their Chinese rivals, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, Korean shipbuilders' new orders came to 1.42 million compensated gross tons (CGTs), taking up 45 percent of the total orders amounting to 3.19 million CGTs in the July-September period. The South Korean shipbuilders were followed by Russi

Oct. 6, 2020

SK hynix announces launch of DDR5 DRAM

SK hynix Inc. said Tuesday it has launched the world's first Double Data Rate 5 (DDR5) DRAM, as South Korea's No. 2 chipmaker strives to expand its presence with the next-generation memory product. SK hynix's 16 Gigabit (Gb) DDR5 DRAM, which was developed in 2018 using 1Ynm process technology, is now available on the market after completing various verification and compatibility tests. DDR5 is a next-generation DRAM standard that boasts fast speed and high density with reduced power consumpt

Oct. 6, 2020

S. Korea's exports of agricultural goods up 6.5% through Sept.

South Korea's exports of agricultural products rose 6.5 percent on-year in the January-September period, data showed Tuesday, on the back of strong overseas demand for kimchi and other traditional fermented products. Outbound shipments of agricultural goods reached $5.51 billion over the first nine months of 2020, up $5.18 billion posted over the same period a year earlier, according to the data released by the Ministry of Agriculture, Food and Rural Affairs. By category, outbound shipments o

Oct. 6, 2020

[Monitor] Hyundai, Kia sold fourth most EVs worldwide

The nation’s largest automakers, Hyundai Motor and Kia Motors, sold the fourth most electric vehicles among global car brands by July of this year. Citing data provided by SNE Research, the Korea Automotive Technology Institute said Monday the two automakers sold a combined 6,707 electric vehicles in the global market by July, ranking fourth in terms of sales. (khnews@heraldcorp.com)

Oct. 6, 2020

Daewoo wins approval for ammonia-fired ship from LIoyd's Register

South Korea's Daewoo Shipbuilding & Marine Engineering Co. said Tuesday that it has gotten the nod for its ammonia-powered ship from Lloyd's Register, a British quality assurance and risk management company. Daewoo Shipbuilding plans to commercialize the ammonia-fueled 23,000 TEU container carrier by 2025, the company said in an emailed statement. TEU stands for twenty-foot equivalent unit, a measurement of a ship's cargo capacity. In a bid to develop the ammonia-propelled container car

Oct. 6, 2020

Samsung to spend 39.6b won for 31 research projects

Samsung Electronics Co. said Tuesday it will spend more than 39.6 billion won ($34.1 million) for 31 research projects in the areas of basic science, materials engineering and information and communication technology solutions through its foundation. The South Korean tech giant confirmed the research projects chosen for funding in the second half of 2020, which include studies related to human taste receptors, cell therapy and quadruped walking robots. Since 2013, Samsung has been funding loc

Oct. 6, 2020

Hyundai Glovis wins delivery deal in Kazakhstan

Hyundai Glovis, a logistics unit of Hyundai Motor Group, said Tuesday it has signed a seven-year delivery deal with a Kazakhstan beverage company as part of its expansion strategy. Hyundai Glovis will deliver RG Brands JSC's beverage products from the Kazakhstan firm's warehouses to wholesale and retail stores in the central Asian country, the company said in a statement.  The company did not reveal the value of the contract. RG Brands is the second-biggest beverage producer in Kazakh

Oct. 6, 2020

[Graphic News] Decline in housing transactions means fewer new real estate agencies in August

　The number of new real estate agencies in South Korea fell more than 11 percent in August amid a nationwide tumble in housing transactions, data showed. 　A total of 1,302 new real estate agencies opened across the nation last month, down 11.3 percent from the previous month, according to the data from the Korea Association of Realtors. 　August marked the second consecutive month of on-month decline. 　The numbers were 1,468 for July and 1,488 for June. (Yonhap)

Oct. 6, 2020

BTS' agency to close IPO retail subscription

Big Hit Entertainment, the management agency of K-pop superstar BTS, is set to close a two-day subscription Tuesday for its initial public offering (IPO) next week in what could be the biggest stock sale in South Korea. Since Monday, the company has allowed retail investors to subscribe to around 1.43 million shares, or 20 percent of its 7.13 million new stocks to be issued under the IPO scheduled for Oct. 15. The IPO price is 135,000 won ($116). Reflecting the global popularity of the K-pop b

Oct. 6, 2020

Samsung to host annual AI forum online next month

Samsung Electronics Co. said Tuesday it will hold an artificial intelligence (AI) forum online next month to share experts' insights on future technologies related to human-like algorithms amid the pandemic. The South Korean tech giant said the Samsung AI Forum 2020 will take place online via its YouTube channel on Nov. 2 and 3. Entering its fourth anniversary this year, the annual forum has been a platform for AI researchers to discuss their findings and ideas on the future of AI. Samsung

Oct. 6, 2020

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street amid investor optimism on the improved condition of US President Donald Trump. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.88 points, or 0.67 percent, to 2,373.88 in the first 15 minutes of trading. The main index tracked overnight gains on Wall Street. The Dow Jones Industrial Average rose 1.7 percent, and the tech-heavy Nasdaq composite index gained 2.3 percent. US stocks jumped as Trump,

Oct. 6, 2020

Growth of bank credit loans slows in September

South Korean banks' credit loans to individuals grew at a slower pace in September than a month earlier amid financial authorities' tougher restrictions, industry data showed Tuesday. Outstanding unsecured loans to individuals by five major lenders -- KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup -- totaled 126.4 trillion won ($109 billion) as of end-September, up 2.1 trillion won from August. The on-month increase was down sharply from the 4.1 trillion won gain in August from the prior mon

Oct. 6, 2020