Hyundai to invest W60tr by 2025

Hyundai Motor unveiled Thursday its new “2025 Strategy” for innovative mobility solutions and core business strategies such as electric vehicles, urban air mobility, autonomous driving, fuel cells and the hydrogen ecosystem. The nation’s largest automaker announced the plan during its CEO Investor Day forum held online for shareholders, analysts and credit rating agency officials. During the event, the company vowed to invest 60.1 trillion won ($55 billion) in future busines

MobilityDec. 10, 2020

[News Focus] Revised laws may have big ramifications for major conglomerates

South Korean businesses on Thursday cried foul over the passage of what they called anti-business bills, saying the revisions could threaten management controls and put pressure on them at a time of unseen hardships stemming from the pandemic. Among the bills that passed the National Assembly on Wednesday, a revision to the Commercial Act regarding the “3 percent rule” has been met with the most criticism. The amendment requires listed companies to elect at least one auditor fro

IndustryDec. 10, 2020

[Herald Interview] Procurement system revamp to spur growth of innovative SMEs

South Korea‘s central government procurement agency has been putting efforts into bridging innovation-oriented small and medium-sized enterprises and aspiring buyers of their prototypes and goods, its chief said in a recent interview with The Korea Herald. As the state-run Public Procurement Service is looking to strengthen a separate web-based procurement platform created in February, in addition to its flagship Korea Online E-Procurement System, the agency will stay committed to the ro

MarketDec. 10, 2020

LG Electronics CEO vows to improve mobile biz next year

The CEO of LG Electronics Inc. vowed Thursday to improve the company's mobile communications business next year amid the pandemic. Kwon Bong-seok said South Korea's No. 2 tech firm is "working hard" to create a turnaround in its struggling mobile business. "We are improving by reinforcing our cost competitiveness, and we plan to make quality improvements next year with growth in the premium sector," Kwon told reporters after the 15th Electronics and IT Day event in Seoul.

IndustryDec. 10, 2020

Samsung unveils MicroLED TV

Samsung Electronics on Thursday unveiled the first MicroLED screen for home use, announcing its push for a whole new category of home entertainment. In an online press conference, the South Korean TV manufacturer showcased the new 110-inch MicroLED model, with a retail price tag of 170 million won ($156,612) for the domestic market. It refuses to call the new display a TV, preferring “screen” or “display solution,” it said. “As demand is rising for better home

TechnologyDec. 10, 2020

LG Innotek’s substrate developer wins presidential award

Son Kil-dong, senior vice president at LG Innotek, won a presidential award in recognition of his contribution for development of the electronic material industry. Son, who joined LG Electronics as an engineer in 1995, moved to LG Innotek, the parts making affiliate in 2008. He has led a variety of new technologies and manufacturing processes in the field of semiconductor substrate. His works include development of radio frequency-system in package substrate for telecommunications, and a

TechnologyDec. 10, 2020

CU rolls out drive-thru shopping service

Convenience store CU said Thursday it will roll out a drive-thru order pickup service sometime this month, in the latest in a series of moves by the retail industry to reduce human-to-human contact amid the pandemic. Using a mobile app, customers can browse through products and place their orders at the location they choose. As they drive to the store, staff will prepare the order then step out of the store to hand over the merchandise to shoppers in their vehicle. The move comes as retailers

ConsumerDec. 10, 2020

Foreigners remain net buyers of S. Korean stocks in November

Foreign investors extended a net purchase of South Korean equities for the second consecutive month in November, supported by hopes of a global economic recovery from the coronavirus pandemic, the central bank said Thursday. Foreigners bought a net $5.52 billion worth of local stocks last month, compared with a net purchase of $1.38 billion in October, according to the Bank of Korea (BOK). Offshore investors became net sellers of Korean bonds worth $450 million last month, the BOK said. Meanw

MarketDec. 10, 2020

Winter virus wave likely to derail consumption recovery: BOK

The Bank of Korea (BOK) warned Thursday that a winter wave of coronavirus outbreaks is likely to hurt the fragile recovery of private consumption. The BOK also took a cautious tone on progress in the global coronavirus vaccine campaign, saying it will take more time to speed up the distribution of vaccines worldwide. South Korea, which has largely brought outbreaks under control, has been facing a resurgence of virus cases in recent weeks, with the nation reporting more than 600 daily new ca

EconomyDec. 10, 2020

S. Korea to send chartered flights to Singapore with strawberry shipments

South Korea's agricultural ministry said Thursday it will send chartered flights to Singapore to support exports of strawberries, as local farmers have been facing troubles in shipping their produce amid the new coronavirus pandemic. Under the plan, South Korea plans to send Korean Air Lines Co.'s planes weekly through April to promote the exports of strawberries, according to the Ministry of Agriculture, Food and Rural Affairs. The move came as the COVID-19 pandemic has virtually suspended gl

EconomyDec. 10, 2020

S. Korea to spend over W400b in XR industry in 2021

South Korea said Thursday it will spend more than 400 billion won ($371 million) next year in the extended reality (XR) industry, such as augmented reality (AR) glasses and virtual reality (VR) content, setting its sights on leading the budding tech sector. The Ministry of Science and ICT said the government has set aside a total of 403 billion won for next year to boost XR development, which includes spending 44.6 billion won to integrate XR technology in key sectors, such as manufacturing, he

TechnologyDec. 10, 2020

[Monitor] South Korea’s tax revenue up W6.8tr won in October

South Korea’s tax revenue grew 6.8 trillion won ($6.3 billion) in October due largely to a rise in income tax revenue, data showed Wednesday. The country collected 39.1 trillion won in taxes in October, compared with 32.3 trillion won the previous year, according to the Ministry of Economy and Finance. The rise in tax revenue mainly came as income tax revenue rose 4.1 trillion won on-year to 10.5 trillion won. The consolidated fiscal balance, total income minus total expenditure, rema

EconomyDec. 10, 2020

ADB expects S. Korean economy to retreat less than expected in 2020

The Asian Development Bank (ADB) on Thursday revised up the economic outlook for the South Korean economy this year, citing robust exports of tech products and a mild recovery in private consumption. The ADB expected Asia's fourth-largest economy to retreat 0.9 percent this year, compared with its September forecast of 1 percent contraction. The Manila-based bank predicted the Korean economy will grow 3.3 percent next year, the same as its earlier forecast. The ADB said the Korean economy is f

EconomyDec. 10, 2020

Seoul stocks open lower on Facebook lawsuit, allergy cases in British vaccination

South Korea's benchmark stock index opened sharply lower Thursday on overnight Wall Street tech losses and reports of allergy cases related to the vaccinations in Britain. The Korea Composite Stock Price Index fell 26.77 points, or 0.97 percent, to 2,728.7 in the first 15 minutes of trading. The fall was led by shares of tech giants, tracking a 1.94 percent overnight plunge on the Nasdaq composite. The US Federal Trade Commission's antitrust lawsuit against Facebook dropped investor appetite f

MarketDec. 10, 2020

Samsung ranks 3rd in smartwatch market in Q3: report

Samsung Electronics Co. moved up to the third spot in the global smartwatch market in the third quarter of the year thanks to brisk sales of the Galaxy Watch3, a report showed Thursday. Samsung accounted for 10 percent of the global smartwatch shipments in the July-September period, up 2 percentage points from a year earlier, and surpassed China's BBK Electronics Corp., which settled for a 7 percent share, to take the third position in the market, according to industry tracker Counterpoint Rese

IndustryDec. 10, 2020

US panel again delays ruling on trade secret case involving 2 Korean EV battery makers

A US trade panel on Wednesday again postponed a much-awaited ruling on a trade secret dispute involving South Korean battery makers LG Energy Solution Ltd. and SK Innovation Co. to Feb. 10. The US International Trade Commission (ITC) postponed the final ruling slated for Dec. 10 without elaborating on the reason, putting off the schedule for the third time. LG Energy Solution, which supplies batteries to Tesla and General Motors, filed trade complaints with the ITC in early 2019, claiming SK

EconomyDec. 10, 2020

Instant noodle exports soar more than 30% this year amid virus

South Korean exports of instant noodles jumped more than 30 percent in the first 10 months of the year amid the coronavirus pandemic, a report said Thursday. Overseas shipments of instant noodles, or "ramyeon" in Korean, came to $573 million in the January-October period, up 32.4 percent from a year earlier, according to the report from the Korea International Trade Association (KITA). The surge was attributed to the global popularity of home cooking in the wake of the coronavirus ou

EconomyDec. 10, 2020

Posco Chemical to supply cathodes to LG-GM EV battery JV

Posco Chemical said Wednesday it will supply cathodes to Ultium Cells, a joint venture established by LG Energy Solution and General Motors last year. According to the refractory and secondary battery materials arm of South Korean steel giant Posco, it will provide cathodes to Ultium Cells’ electric vehicle battery manufacturing facility, which is set to begin mass production of NCMA (nickel, cobalt, manganese, aluminum) batteries that contain 90 percent nickel starting next year. Ca

IndustryDec. 9, 2020

Why Kospi could be headed for 3,000

Stock analysts are setting bullish targets on South Korea‘s main stock market index Kospi, as optimism for strong earnings growth next year abound, while investors backed by ample market liquidity are zeroing in on equities as their choices are increasingly limited. The views came as the Kospi on Wednesday resumed its record run by closing at 2,755.47. The index rebounded 2 percent from a day prior when Kospi retreated from the five-trading-day rally since the start of December. Kospi, w

MarketDec. 9, 2020

S. Korea, World Bank strive for sustainable growth

South Korea’s Ministry of Economy and Finance, in partnership with the World Bank Group, launched a two-day innovation forum to contemplate a road map for sustainable growth in the post-coronavirus era, officials said Wednesday. Global Innovative Growth Forum 2020, the second forum in an annual series launched as a collaboration platform for the promotion of sustainable growth, kicked off Wednesday under the slogan “Innovative and Sustainable Growth in the Post-COVID-19 Era,”

EconomyDec. 9, 2020