LG Chem’s battery biz split-off gets green light from 82.3% of shareholders

LG Chem’s plan to split off its battery business received final approval at a shareholders meeting at the LG Twin Towers in Yeouido, western Seoul, Friday. The split-off required support from at least two-thirds of all shareholders in attendance, who had to possess at least one-third of all shares issued. “About 77.5 of shareholders participated in the meeting and 82.3 of them voted yes. Also, the split-off earned support from 63.7 percent of total shares,” an LG Chem offi

Oct. 30, 2020

Hyundai Oilbank aims to reduce carbon emissions by 30% over 30 years

Hyundai Oilbank, South Korea’s major refiner, said Friday that the company would lower its carbon emissions by 30 percent over the next 30 years. Under the plan, the South Korean refiner would cut its carbon emissions by 1.79 million tons, from 6.78 million tons last year to 4.99 million tons in 2050. Hyundai Oilbank said the company would also seek zero net growth in greenhouse gas emissions, even while expanding its business. Hyundai Oilbank is currently conducting joint research wit

Oct. 30, 2020

LG Electronics partners with foodmaker to expand AI-powered services

LG Electronics Inc. on Friday signed a partnership with a local food firm to expand the use of its artificial intelligence-powered services in kitchen appliances amid the pandemic-driven stay-at-home trend. The South Korean tech powerhouse joined hands with Dongwon F&B Co. so that more LG DIOS light wave oven owners can use the product's AI feature in cooking foods, especially easy-to-cook meals. When users scan a barcode of Dongwon F&B's home meal replacement (HMR) products via the L

Oct. 30, 2020

SK Innovation swings to Q3 loss on weak demand

SK Innovation Co., South Korea's largest refiner and major battery maker, said Friday it shifted to a net loss in the third quarter from a year earlier due to low demand for petrochemical products amid the COVID-19 pandemic. For the three months that ended in September, SK Innovation swung to a net loss of 16.13 billion won ($14 million) from a net profit of 174.26 billion won in the same period of last year, the company said in a statement. "The coronavirus pandemic continued to weigh

Oct. 30, 2020

[Monitor] Marriages hit record low amid pandemic

With more deaths than births, the natural decline of the population in August reached 2,800, the highest year-round, the government data showed on Thursday. According to the August population trend released by Statistics Korea, the number of marriages in August fell 18 percent from a year ago, reaching a record low due to the re-proliferation of coronavirus. (khnews@heraldcorp.com)

Oct. 30, 2020

Samsung launches mobile device locator app

Samsung Electronics Co. on Friday launched a mobile application that allows users to easily locate their misplaced smart devices. SmartThings Find is now available on Samsung's Galaxy devices globally after the service was tested by 6 million users in South Korea, the United States and Britain for about two months, the company said. The South Korean tech giant will provide a new software update for the service on Galaxy smartphones and tablets running Android 8 or later, Galaxy Watch smartwat

Oct. 30, 2020

Apple's new iPhone 12 heats up 5G competition in S. Korea

Apple Inc. launched its new iPhone 12 in South Korea on Friday, joining the fierce competition for the local 5G phone market. The country's 5G phone market has so far been dominated by local tech giants, such as Samsung Electronics Co. and LG Electronics Inc., but the newest iPhone models -- Apple's first smartphones to support the high-speed network -- are expected to heat up competition. South Korea commercialized the 5G network in April last year as the first in the world. Local telecom o

Oct. 30, 2020

S. Korea, Mongolia to lower tariffs starting 2021 under regional trade pact

SEJONG -- South Korea and Mongolia will lower tariffs on some products starting next year, as Ulaanbaatar joined a regional trade pact known as the Asia-Pacific Trade Agreement (APTA), Seoul's finance ministry said Friday. Under the deal, South Korea will reduce tariffs by an average 33.4 percent on 2,797 items, while Mongolia will cut tariffs by an average 24.2 percent on 366 items, the ministry said in a statement. Mongolia's accession to the APTA is expected to help the two nations expand

Oct. 30, 2020

Seoul stocks open lower on tech loss

South Korean shares opened lower Friday despite the overnight Wall Street rebound, as major tech giants suffered a slump. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.33 points, or 0.49 percent, to 2,315.34 in the first 15 minutes of trading. Stocks came to a weak start, led by top cap tech losses. Pharmaceutical heavyweights that posted stellar gains the previous session also retreated on profit-taking. The Dow Jones Industrial Average rebounded by 0.52 percent to 26,659

Oct. 30, 2020

S. Korea's industrial output rises 2.3% in September

SEJONG -- South Korea's industrial output, consumption and facility investment increased in September, in a sign that the nation's economy may be on a track toward a mild recovery from the coronavirus pandemic-caused slump, data showed Friday. The nation's overall industrial production gained 2.3 percent on-month in September, following a 0.8 percent on-month decline in August, according to data compiled by Statistics Korea. Compared with a year earlier, overall industrial production jumped 3

Oct. 30, 2020

Doosan Heavy wins 400b won order to build hydropower plant in Nepal

Doosan Heavy Industries & Construction said Thursday it has won a 400 billion won ($353 million) order to build a hydropower plant in Nepal. The South Korean company signed an agreement with Nepal Water & Energy Development to build a 216-megawatt hydroelectric power station on the Trishuli River, 70 kilometers north of Kathmandu, over the next five years, the company said in a statement. NWEDC, a special purpose entity for the project, is 50 percent owned by Korea South-East Power, a

Oct. 29, 2020

SK hynix CEO says $9b Intel deal 'not expensive'

Lee Seok-hee, the CEO of SK hynix, said Thursday he believes the company's 10.3 trillion won ($9 billion) acquisition of Intel's NAND memory business is not an expensive deal. South Korea's No. 2 chipmaker last week announced it agreed to buy Intel's non-volatile memory unit for $9 billion, including its solid state drive business and a NAND flash chip plant in Dalian, China. If completed, it will be the largest-ever acquisition by a South Korean firm, far exceeding Samsung Electronics's $8 b

Oct. 29, 2020

[Advertising Awards] Shinhan’s 'Sobi Mama' campaign finds wit in wise spending

MARKETING AWARDS / GOLD PRIZE SHINHAN CARD By Yoon Seung-won General manager of planning team I would like to extend my gratitude to customers for giving steadfast love to Shinhan Card. I am also honored that Shinhan Card’s Shinhan Pay Fan “Sobi Mama” winning the Gold Prize at the Korea Herald Marketing Awards. As we are on verge of entering the “new normal” era, we are witnessing quick changes in our lives in regard to the digitalization of industries. Customer

Oct. 29, 2020

‘Intergovernmental cooperation key to success in New Northern market’

The Korea Chamber of Commerce and Industry said Thursday it held a meeting with companies entering New Northern countries to discuss success factors and market entry strategies. The New Northern countries -- a term coined by the government -- are Russia, Moldova, Mongolia, Belarus, Armenia, Azerbaijan, Uzbekistan, Ukraine, Georgia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan. The meeting was attended by Yeo Han-gu, head of the Northern Economic Cooperation Committee, large co

Oct. 29, 2020

[Advertising Awards] SK supports good influence of MZ generation

PRINCIPAL AWARDS/GRAND PRIZE SK HOLDINGS By Hong Kyung-pyo Vice president of Brand Management Dept. First of all, I would like to express our gratitude for giving us the Korea Herald Advertising Awards Grand Prize, which will no doubt boost SK holdings’ brand management activities. SK is pursuing greater happiness for all of us by creating social values, with the belief that sustainable management is possible in a sustainable society. This year’s OK! SK campaign is design

Oct. 29, 2020

Gmarket Global Shop to launch ‘K-products’ campaign “Mega G”

E-commerce retailer eBay Korea‘s online Korean goods shopping site Gmarket Global store will launch a sales campaign for a wide range of South Korean products including Korean food, Korean cosmetics and K-pop items starting Sunday, according to the firm. The campaign will continue until Oct. 12 in connection with eBay Korea’s Big Smile Day shopping event, which will see the prices of some of South Korean products on the platform slashed by up to 70 percent. Some of the latest album

Oct. 29, 2020

Genesis unveils design for new SUV GV70

Hyundai Motor‘s premium brand Genesis revealed the design for its new luxury midsize SUV GV70 on Thursday, which is scheduled to hit the market later this year. With the model’s name inspired by the initials of the brand Genesis and its “versatility,” the carmaker said the mid-size SUV was built with an elegant finish and a dynamic design -- the brand’s design philosophy known as “athletic elegance” -- which will differentiate itself from its rivals.

Oct. 29, 2020

Korea to promote Gangneung as host for 2025 ITS World Congress

South Korea’s Ministry of Land, Infrastructure and Transport held an international webinar Thursday to actively promote Gangwon Province’s Gangneung as a candidate city for the 2025 ITS World Congress. The ITS World Congress, dubbed the “Transportation Olympics,” is the world’s largest exhibition and academic conference in the field of intelligent transport systems that began in Paris, France in 1994 and is held annually in Asia, the Americas and Europe. Intel

Oct. 29, 2020

S. Korea to sell 12.4tr won worth of Treasurys in November

SEJONG -- South Korea plans to sell 12.4 trillion won ($10.9 billion) in state bonds next month, the finance ministry said Thursday. The ministry will issue 2.9 trillion won in bonds with a maturity of three years and another 2.4 trillion won in five-year bonds in November, according to the Ministry of Economy and Finance. It also intends to sell 3 trillion won in bonds with a maturity of 10 years and 1 trillion won in 20-year Treasurys, while floating 3.1 trillion won in bonds with a maturity

Oct. 29, 2020

SK Biopharm, SK Chem likely to join MSCI index, but not Big Hit

SK Biopharmaceuticals and SK Global Chemical are likely to be included on the MSCI Korea Index next month, market watchers said Thursday. But Big Hit, the local entertainment agency behind K-pop sensation BTS, is seen as unlikely to make the cut. The Geneva-based MSCI is set to announce the results of its semiannual index review Nov. 11. Other South Korean companies, including Hanmi Science, Doosan Heavy Industries & Construction and Genexine, could also join the index, while Posco Interna

Oct. 29, 2020