Local company develops smart livestock management solution for pigs

South Korean livestock health management firm uLikeKorea announced the launch of an information and communication technology-based solution to detect symptoms of swine diseases, including African swine fever. Kim Hee-jin, CEO of uLikeKorea, claimed it is the world’s first and only such solution developed for pig farming. According to the firm’s press release, it uses a device that is inserted in a pig’s uterus to keep track of its activities, hormone levels and body temper

April 26, 2021

SK E&C to ramp up efforts to secure emission rights

South Korean construction company SK E&C is speeding up the process to secure certified emission reduction credits in Korea and Vietnam, paving the way for potential renewable business opportunities in the future, the firm said Monday. The Seoul-based builder has so far committed to two Programs of Activities, one that is a modality of project development under the Clean Development Mechanism of the United Nations Framework Convention on Climate Change and the other organized by the Enviro

April 26, 2021

KT, Samsung Electronics launch world’s 1st nationwide emergency telecom network

Mobile carrier KT teamed up with Samsung Electronics to launch the world’s first emergency telecommunications network that covers the whole nation, KT said Monday. The system, based on wireless LTE technology, integrates the networks of 335 state institutes, such as the police, railway defense and firefighting agencies, and is available anywhere in Korean territory -- land or sea -- allowing for a swifter, coordinated response against major natural disasters and accidents. “The

April 26, 2021

Seoul stocks up for 3rd day on recovery hopes, vaccination campaign

South Korean stocks closed up for a third consecutive session Monday, as progress in the local vaccination campaign and strong US economic data fueled hopes of a quick economic rebound from the pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.43 points, or 0.99 percent, to close at 3,217.53 points. Trading volume was moderate at about 1.3 billion shares worth some 15.4 trillion won ($13.8 billion), with gainers outnumbering lo

April 26, 2021

Assessment system for ESG lacks consistency: FKI

Appraisals for ESG -- the management trend that focuses on environmental, social and governance factors -- tend to lack consistency as different rating agencies apply different standards, a major business representation here said Monday. According to a report by the Federation of Korean Industries, about 40 percent of businesses witnessed a conspicuous variation in the ESG ratings they have received from key evaluation agencies. The given study included 55 companies among the nation&rsquo

April 26, 2021

Shinhan’s green fund invests in wind farm project

Shinhan Financial Group said Monday it has dedicated its first chunk of a 240 billion-won fund ($215 million) into a wind turbine project, as part of an ongoing initiative to support the government’s New Deal programs. The Shinhan Green New Deal Fund was designed to double down investments in the renewable energy sector for the country to achieve sustainable development after the COVID-19 pandemic. Affiliates of Shinhan Financial Group including Shinhan Bank and Shinhan Life Insurance

April 26, 2021

Kakao Pay heads to Kospi

Kakao Pay, the financial technology arm of mobile giant Kakao, is finally heading to the country’s main stock board, defying market expectations that it was considering the tech-heavy secondary market or even overseas listings. The company filed for a preliminary review for its listing to KRX , the stock market exchange, on Monday, a regulatory filing showed. According the the disclosure, the IPO is expected to be priced between 73,700 won ($66.32)and 96,300 won per

April 26, 2021

[Herald Interview] ‘Education should be a balanced combination of teaching and coaching’

The education business is often equated with “teaching” -- that is, delivering facts and figures to students to advance their academic output. But according to the founder of an education-based business here, the concept should be understood in a more comprehensive way to encompass “coaching” -- addressing the detailed needs and emotions of students and trainees. “One of the key goals of my business is to convey to young people and our employees that education

April 26, 2021

“We Can Do”: Vine Group’s corporate social responsibility programs

Since 2017, education services firm Vine Group has been running a social contribution project named “We Can Do” -- a free program designed to help teenagers with building confidence, leadership and communication skills. The company’s youth self-improvement program began in 2017, offering free learning materials to participants as part of the company’s wider corporate social responsibility efforts. The program launched an online program last year due to the COVID-19 pan

April 26, 2021

Insurers' risk-based capital ratio falls in Q4 last year

Insurance firms in South Korea saw their risk-based capital fall in the fourth quarter of last year, data showed Monday. The risk-based capital (RBC) ratio of local insurance firms stood at 275.1 percent at end-2020, down 8.8 percentage points from three months earlier, according to the data from the Financial Supervisory Service (FSS). Their RBC ratio fell in the fourth quarter as their funds to hedge against risks increased, the FSS said. A key yardstick of financial stability, the RBC rati

April 26, 2021

Overseas branches of Korean insurers report 34.8% drop in 2020 profit

Overseas branches of South Korean insurance firms reported a 34.8 percent drop in their combined net profit for 2020, mainly due to economic pains from the COVID-19 pandemic, data showed Monday. The overseas branches posted a combined net profit of $45.6 million last year, compared with a net profit of $69.9 million in 2019, according to the data from the Financial Supervisory Service (FSS). "COVID-19's impact on the life insurers' business and the increased losses of nonlife insurance co

April 26, 2021

Samsung's new QLED TV sales top 10,000 units in S. Korea

Samsung Electronics Co. said Monday sales of 2021 QLED TV models have topped 10,000 units in South Korea less than two months since its release as the company expects more premium TV sales amid the pandemic-induced stay-at-home trend. The world's largest TV maker said new QLED TVs, launched on March 3 here, achieved the milestone twice as fast as its predecessors last year. The domestic sales of total QLED TVs stood at around 40,000 units between March 3 and April 23, according to the company.

April 26, 2021

Samsung to launch new budget smartphone in S. Korea this week

Samsung Electronics Co. said Monday its Galaxy M12 budget smartphone will be sold in South Korea this week as the tech giant eyes to expand mobile sales here by introducing more price-competitive models. The M12 will hit local shelves Wednesday through online sales channels at 198,000 won ($180), the company said. The M12 has been already released in select markets including Vietnam, India and Britain. The smartphone with a 6.5-inch screen comes with a quad-rear camera setup, featuring a 48-m

April 26, 2021

Imported commercial car sales rise 18% in March

Sales of imported commercial vehicles in South Korea rose 18 percent in March from a year earlier on recovering demand amid the extended coronavirus pandemic, an industry association said Monday. The number of newly registered imported commercial vehicles climbed to 413 units last month from 349 a year earlier, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Sales of all imported commercial vehicles were up last month on increased sales of MAN, Volvo an

April 26, 2021

Posco's Q1 net more than doubles amid pandemic

Posco, the world's fifth-largest steelmaker by output, said Monday that its first-quarter net profit soared 162 percent from a year earlier on robust demand amid the global economic recovery from the COVID-19 pandemic. Net profit for the three months that ended in March soared to 1.13 trillion won ($1.02 billion) from 434.7 billion won a year ago, the company said in a regulatory filing. Operating profit for the January-March quarter jumped to 1.55 trillion won from 705.3 billion won during th

April 26, 2021

LG to launch new 27-inch gaming monitor in S. Korea

LG Electronics Inc. on Monday said its new 27-inch gaming monitor will be launched in South Korea next month as the company eyes to expand sales of IT products amid the pandemic-driven stay-at-home trend. LG's new 27-inch UltraGear 4K monitor, named the 27GP950, will hit the local shelves next Monday with a price tag of 1.09 million won ($980). The new monitor, which was featured in the all-digital Consumer Electronics Show (CES) 2021 in January, is already sold in select markets in North Amer

April 26, 2021

[Graphic News] Chicken franchise sales soar in 2020 amid pandemic

　Sales at South Korea’s major fried chicken franchises jumped in 2020 as people relied on food delivery amid the coronavirus outbreak, industry data showed. 　Kyochon, the biggest franchise, saw its top line surge 17.8 percent on-year to 447.6 billion won ($398 million) last year, and sales of No. 2 BHC shot up 25.7 percent to 400.4 billion won. 　It marks the first time that local chicken franchise sales have exceeded the 400 billion won mark. 　No. 3 player BBQ sales soared 32.1 perc

April 26, 2021

Posco Chemical Q1 net income up 180.6% to W39.9b

Posco Chemical Co. on Monday reported its first-quarter net profit of 39.9 billion won ($35.8 million), up 180.6 percent from a year earlier. Operating income for the January-March period was 34.3 billion won, up 114.9 percent from a year ago, the company said in a regulatory filing. Revenue rose 20.6 percent to 467.2 billion won. The operating profit was 8.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The

April 26, 2021

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Monday on gains on Wall Street, as strong US economic data fueled hopes of a quick global economic rebound from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.25 points, or 0.23 percent, to reach 3,193.35 points in the first 15 minutes of trading. The strong start followed Friday's gains on Wall Street, which got a boost from estimate-beating US new home sales data. The Dow Industrial Average gained 0.67 percent, with the tech-he

April 26, 2021

April exports estimated to jump 41%: poll

South Korea's exports are expected to jump 41 percent in April from a year earlier, on the back of a base effect, and robust shipments of chips and autos, a poll showed Monday. The country's outbound shipments are forecast to reach $51.1 billion this month, according to the poll on five local brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency. It would mark the sixth straight month of gains and the fastest on-year growth in more than 10 years, it showed. Imports

April 26, 2021