KCCI vies to beef up Korea-ASEAN biz partnership

Leaders of the Korea Chamber of Commerce and Industry in ASEAN countries discussed how to strengthen the strategic business partnership between the two regions at a meeting held online Tuesday. The Association of ASEAN Korean Chambers took place at the Four Seasons Hotel in central Seoul, joined by government officials and businesspeople. At the meeting, Ahn Byung-hwa, deputy chief of the Presidential Committee on New Southern Policy, introduced seven major tasks, such as comprehensive colla

IndustryDec. 23, 2020

Seoul stocks rebound nearly 1% on tech gains

South Korean stocks rebounded by almost 1 percent Wednesday after the previous session's plunge, backed by strong advances by tech giants. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.14 points, or 0.96 percent, to 2,759.82. Trading volume was high at about 1.1 billion shares worth some 19.9 trillion won ($18 billion), with losers outnumbering gainers 491 to 360. Foreigners bought a net 83 billion won, snapping a four-session

MarketDec. 23, 2020

Residents to be selected for Korea’s first smart community

Residents of South Korea’s first smart community, to be built in the southern port city of Busan, will be selected Thursday in a 148:1 competition, the company behind the project said Wednesday. The state-run Korea Water Resources Corp., also known as K-Water, will hold a drawing at BEXCO convention center to pick the lucky 36 households who will experience the cutting-edge technologies incorporated in prototype smart residences at the Busan Eco Delta City. They will join eighteen househ

IndustryDec. 23, 2020

Will Apple’s EV benefit Korean battery industry?

Upon the news that Apple will launch a self-driving electric vehicle by 2024, attention quickly shifted to which batteries it will use. Industry watchers predict that the Apple Car is likely to be loaded with LFP (lithium iron phosphate) batteries made by China’s CATL, but local lithium-ion batteries manufacturers, namely LG Energy Solution and Samsung SDI, will benefit from the US firm’s entry into the field in the long term. “Apple’s autonomous EV project, also know

IndustryDec. 23, 2020

IBK partners with Naver’s cloud platform for fintech innovation

The Industrial Bank of Korea joined hands with a platform operated by Naver’s cloud affiliate for digital innovation and development of fintech services, the state-run bank said Wednesday. The new partnership will enable them to bolster their cloud and artificial intelligence capabilities, IBK said. To keep pace with each other, both plan to establish a solid communication channel to review Naver’s technologies capable of upgrading banking business. Discovering and recommending

MarketDec. 23, 2020

COVID-19 consumption defined by ‘home, indoor life’

When the novel coronavirus made its appearance across the world earlier this year, optimistic market observers anticipated that “revenge spending” would eventually rebound to counter the damaging effect of the initial outbreak. South Korea, which had successfully retained its domestic virus spread in the first half of the year, had hopes for a while of seeing its domestic market get back on track within the year. But with a third wave of infections here and the stronger social dist

IndustryDec. 23, 2020

LG Electronics to launch joint venture with Magna

LG Electronics will set up a joint venture with the world’s third-largest auto part maker Magna International in a bid to raise the competitiveness of its vehicle component business, the company said Wednesday. Tentatively named “LG Magna e-Powertrain Co,” the envisioned entity will launch in July 2021. It will be headquartered in Incheon, west of Seoul, and will have around 1,000 employees. 　 According to the plan approved by LG’s board of directors, the joint venture

TechnologyDec. 23, 2020

Korea to launch 1st tranche of New Deal policy fund by March

The South Korean government is poised to launch the first batch of its 20 trillion-won ($18 billion) government policy fund aimed at supporting Korean New Deal projects by March, the Finance Minister said Wednesday. With the first batch to start in March, the government is looking to raise 4 trillion-won commitments in the first year of the five-year scheme, Finance Minister Hong Nam-ki, who doubles as deputy prime minister, said in a pangovernmental meeting held at Seoul Government Complex.

MarketDec. 23, 2020

'Changes in spending trend to affect commercial property market next year' report

The growing number of small businesses, including restaurants and mom-and-pop stores closing down their operations amid the lingering coronavirus crisis, has seriously affected commercial real estate markets as well, a report said Wednesday. The report published by KB Financial Group suggested that commercial property markets will continue to suffer next year, along with hotel, commercial space rental, and retail businesses, among others, facing serious challenges. The number of vacant commer

MarketDec. 23, 2020

Samsung set to introduce more customizable appliances

Samsung Electronics is set to further expand its customizable home appliance lineup, putting greater emphasis on the personal tastes of consumers through its product design and development. On Wednesday, the tech giant said it has added Cube Air, Samsung’s conventional air purifier model, to the Bespoke category, and unveiled a total of eight combinations of panel colors and patterns for the customizable air purifier. “The Bespoke Cube Air provides a sense of unity when it’

TechnologyDec. 23, 2020

Samsung wins W815b order to build 4 LNG ships from Africa

Samsung Heavy Industries Co., the world's second-biggest shipbuilder by orders, said Wednesday it has won a 815 billion-won ($734 million) order to build four liquefied natural gas ships for an African customer. Samsung Heavy plans to supply the ships by May 2024, the company said. Since Monday, the company has won orders to build eight LNG carriers with a total value of 1.6 trillion won. The shipbuilder has so far won $5.5 billion worth of orders this year, which accounts for around 65 perce

IndustryDec. 23, 2020

Presidential committee lays out first ethical standards for AI

South Korea drew up its first-ever ethical standards for artificial intelligence, with a focus on humanity-centered technology. On Wednesday, the government’s presidential committee on the “fourth industrial revolution approved the AI ethical standards, which were proposed by the Ministry of Science and ICT and the Korea Information Society Development Institute. Under the main theme “AI for humanity,” the ethical standards recommend following three pillars when using

TechnologyDec. 23, 2020

Korean millennials say buying a house is difficult using only income

Amid soaring house prices, seven out of 10 South Koreans born in 1980s and 1990s believe having their own house is necessary but were pessimistic about purchasing residential property only with their income, a survey showed Wednesday. According to the survey, conducted by Mirae Asset Investment and Pension Center and Hankook Research in May, 70.6 percent of respondents said buying a house is necessary, while 73 percent said they think it is difficult for the young generation to do so with their

MarketDec. 23, 2020

[Behind the Wheel] Genesis G70 lives up to expectations

Expectations were high for Genesis’ second compact luxury sports utility GV70. When the car was unveiled online in early December, the website temporarily went down as consumers flocked to check out the mid-sized successor to the brand’s first SUV, GV80, launched here in January to rave reviews and strong sales. It turned out Hyundai Motor, the Korean carmaker behind the Genesis brand, has done quite well in meeting those expectations. The GV70 offers a fine driving experience an

MobilityDec. 23, 2020

Retail sales up in Nov. on nationwide sales event

Retail sales in South Korea moved up 6.3 percent in November from a year earlier on the back of the nationwide consumption-boosting events aimed at overcoming the economic jitters from the COVID-19 pandemic, data showed Wednesday. The combined sales of 26 major offline and online retailers reached 12.41 trillion won ($11.2 billion) last month, up from 11.68 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The annual Korea Sale FESTA kic

ConsumerDec. 23, 2020

Daewoo E&C wins $455m deal from Mozambique

Daewoo Engineering & Construction Co., a major builder in South Korea, said Wednesday it has won a $455 million order to build two liquefied natural gas (LNG) production trains in Mozambique. Under the deal signed with CCS joint venture, Daewoo E&C will handle steel structures, mechanics, piping works and electronic instruments in the project at the Afungi Industrial Complex in northern Mozambique. The joint venture, a special purpose company set up for the project, is composed of US o

IndustryDec. 23, 2020

Seoul stocks open higher on tech advances

South Korean stocks opened higher Wednesday, backed by strong advances by giant tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.59 points, or 0.53 percent, to 2,748.27 in the first 15 minutes of trading. The index rebounded after a 1.6 percent plunge the previous session, as optimism for a better corporate environment next year pushed up tech stocks. On Wall Street, the tech-heavy Nasdaq composite advanced 0.51 percent, while the Dow Jones Industrial Average close

MarketDec. 23, 2020

S. Korea to control abuse of chemicals in meat, fishery products

South Korea said Wednesday it plans to adopt the positive list system (PLS) to regulate the maximum residue limit of chemicals in meat and fish products in 2024. Under the measure, South Korea will set the ceiling of 0.01 milligrams per kilogram concerning the use of any types of drugs other than those from the positive list, according to the Ministry of Agriculture, Food and Rural Affairs. "The new rule is designed to prevent the misuse or abuse of unauthorized animal drugs and to enhanc

EconomyDec. 23, 2020

Hyundai Motor takes over GM plant in Russia

Hyundai Motor Co. said Wednesday it has acquired General Motors Co.'s auto plant in Russia to step up its vehicle production in the nation. The South Korean automaker finalized the deal in early November to buy the American carmaker's assembly line in Saint Petersburg, a company spokesperson said, without elaborating on the amount and production schedule at the plant.The GM plant, which has an annual production capacity of around 100,000 vehicles, opened in 2008 but suspended operations in 2015

IndustryDec. 23, 2020

Samsung to remain top global TV seller for 15th year: report

Samsung Electronics Co. is expected to remain the world's leading TV vendor for the 15th straight year in 2020 on brisk demand caused by the coronavirus pandemic, a report said Wednesday. The South Korean tech behemoth is forecast to sell 49.02 million TVs this year after shipping 33.92 million units in the first three quarters of the year, according to the report from market researcher Omdia. The estimate is up 11.2 percent from the previous year and marks the largest annual sales number sinc

IndustryDec. 23, 2020