Can LG Energy Solution, SK Innovation ITC suit be delayed 3rd time?

As South Korean battery makers LG Chem and SK Innovation inch toward the deadline for a final ruling by the US International Trade Commission, scheduled for Dec. 10, rumors are swirling that the institution may delay the decision a third time, according to industry sources on Sunday. “There are multiple factors that make the rumors about a third delay plausible, such as the changing US administration and the continued spread of COVID-19,” an industry source told The Korea Herald.

IndustryNov. 29, 2020

Household savings will likely hit highest level since 1999: BOK

South Korea is likely to see its household savings reach their highest level in more than two decades, as the prolonged COVID-19 pandemic has driven people away from consumption and investment, central bank data showed Sunday. A high level of savings may be seen as a positive economic indicator, but may also be cause for alarm over sluggish consumption and negative market sentiment. Through its monthly research statistics report, the Bank of Korea suggested that the country’s househol

MarketNov. 29, 2020

As stock market logs new records in November, investors eye year-end rally

While South Korea’s main bourse has been hitting all-time highs, the country’s stock market also set records in November on the back of an extended buying spree y foreign investors’ Following this month’s rally, both market watchers and investors are keeping a close watch on whether the market will sustain its momentum throughout the year. According to the nation’s sole bourse operator, the Korea Exchange, Sunday, the benchmark Kospi on Friday closed at 2,633.45, u

MarketNov. 29, 2020

Number of Seoul apartments bought by under-30s doubles

The number of apartments in Seoul purchased by South Koreans below the age of 30 more than doubled on-year in the first 10 months of this year, data from the Korea Appraisal Board showed Sunday. Though Seoul apartment transactions for people in all age groups increased noticeably in the same period, those in their teens and 20s bought 29,287 new homes in the January-October period, compared with 14,809 homes last year, data showed. People under 30 bought some 40 percent of all apartments purc

MarketNov. 29, 2020

Overdraft accounts surge on fear of stricter lending rules

The number of South Koreans that flocked to banks to open new overdraft accounts surged in recent days, following the financial authorities’ announcement to tighten lending rules in a bid to curb the nation’s growing household debt, industry data showed Sunday. The five major banks here -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- saw their customers open a combined average of roughly 5,500 accounts daily in days following Nov. 20. The figure stood at 6,324 on Nov. 20 and

MarketNov. 29, 2020

Hyundai E&C offers premium apartment rent service

Hyundai Engineering & Construction will rent out new housing units in Bongdam in Hwaseong, Gyeonggi Province, starting in December. Hyundai E&C said Sunday the company’s rental housing units, named Hillstate Bongdam, will be an alternative for those who are reluctant to purchase apartments in the overheated housing market in Seoul and nearby areas. The Bongdam apartments are part of the government‘s rental housing policy devised to help people to lease apartment units on a

IndustryNov. 29, 2020

Over 30,000 teleconsulting sessions lead to $72 million deals: KOTRA

The state-run Korea Trade-Investment Promotion Agency said Sunday that it has conducted over 30,000 teleconsulting sessions to help connect local businesses and foreign buyers since the pandemic began earlier this year. With over 7,700 South Korean businesses and over 14,000 foreign buyers having taken advantage of KOTRA’s business consulting services, which began in February, a total of 446 business deals have been struck so far, worth 80.2 billion won ($72 million), KOTRA explained. Ea

IndustryNov. 29, 2020

[Chew on IT] Major M&As reshape global chip market

The COVID-19 pandemic in 2020 has proven the importance of semiconductors. While the novel coronavirus has roiled many other industries, the chip industry has not just survived, but thrived owing to a surge in demand for noncontact businesses. Despite the border shutdowns, the world’s leading chipmakers -- regardless of which specific segments of the markets they are playing in -- have been silently preparing for a new chapter in the industry’s growth after the COVID-19 crisis.

TechnologyNov. 29, 2020

Korean Air's Asiana takeover requires regulatory approval from 4 countries

South Korea's biggest carrier Korean Air Lines Co.'s planned acquisition of the debt-laden Asiana Airlines Inc. requires approval from antitrust authorities in at least four other countries, industry sources said Sunday. According to the aviation industry sources and the Fair Trade Commission (FTC), the planned merger requires review from authorities in the United States, European Union (EU), China and Japan. A failure would jeopardize the deal valued at 1.8 trillion won ($1.6 billion) that w

MobilityNov. 29, 2020

LG Uplus’ CEO creates new biz unit for growth

LG Uplus, the third-biggest mobile carrier by subscriptions in South Korea, said Sunday that it has created a division for new businesses that it hopes will propel the company’s growth. The telecom company said it has decided to combine small business units scattered across the organization -- covering areas ranging from smart health to security, education, advertising and data -- and form one group that will be the carrier’s core unit for new growth. It was part of the first org

TechnologyNov. 29, 2020

Output of domestic alcohol down 10%, yet imports double in 5 yrs: data

Output of domestic alcoholic beverages decreased by over 10 percent over the past five years, but imports of alcohol nearly doubled during the same period, government data showed Sunday. The total production of alcoholic beverages made in the country came to 337 million kiloliters in 2019, down 11.3 percent from 390 million kiloliters in 2014, according to the data by the National Tax Service (NTS). In contrast, a total of 460,000 kiloliters of alcoholic beverages was imported last year, up 12

IndustryNov. 29, 2020

S. Korean firms tipped to report earnings improvement in Q4

South Korean listed firms are expected to log better earnings in the fourth quarter compared with a year ago amid simmering recovery from the pandemic's fallout, data showed on Sunday. As of Friday, the combined operating income for 167 major listed firms on the main bourse was estimated at 33.6 trillion won ($30.4 billion) for the October-December period, up 60.1 percent from a year earlier, according to financial info tracker FnGuide. It also represents a 6.9 percent increase from the previo

EconomyNov. 29, 2020

Auto recalls top 2m this year: data

The number of automobiles subject to recalls topped 2 million in the first 10 months of the year, marking the fourth straight year of auto recalls exceeding the threshold, industry data showed on Sunday. According to the data, a total of 2.04 million units was subject to recalls in the January-October period, up 56.2 percent from a year earlier. Last year, a total of 2.16 million units was subject to recalls. Last week, Hyundai Motor Co., Mercedes-Benz Korea and four other companies were orde

MobilityNov. 29, 2020

Hyundai, Kia fined for delaying US engine failure recalls

Hyundai and Kia must pay $137 million in fines and safety improvements because they moved too slowly to recall over 1 million vehicles with engines that can fail. The National Highway Traffic Safety Administration announced the penalties on Friday. They resolve a three-year government probe into the companies' behavior involving recalls of multiple models dating to the 2011 model year. "It's critical that manufacturers appropriately recognize the urgency of their safety recall responsibi

IndustryNov. 28, 2020

OECD highlights S. Korea's COVID-19 response

South Korea's COVID-19 pandemic response was highlighted in a report compiled by the Organization for Economic Cooperation and Development (OECD), the ICT ministry said Friday. The OECD included South Korea's use of technology to combat the pandemic this year in its Digital Economic Outlook report, such as the country's mobile application that monitors those under quarantine and its epidemiological investigation system, according to the Ministry of Science and ICT. The report shares policy mea

TechnologyNov. 27, 2020

Renault Samsung to idle Busan factory for 4 days next month

Renault Samsung Motors, the South Korean unit of Renault SA, on Friday announced plans to halt operations at its Busan factory for four days next month. The automaker has suffered a sharp decline in sales this year due to a lack of new models and the COVID-19 pandemic. The company plans to suspend operations at its plant in the southeastern port city on Dec. 11, 23, 24 and 31. It will also continue to suspend overnight operations at the plant after having reduced operating hours starting Nov.

IndustryNov. 27, 2020

Ground broken for airport on Ulleung Island

The central and local governments on Friday began construction of a new airport at Ulleung Island off the eastern coast. Some 100 people, including officials from the transport ministry and local governments, attended a groundbreaking ceremony. The airport, to be completed by 2025, is projected to shorten the travel time between Seoul and Ulleung to one hour from the current seven hours. The airport is also expected to increase the number of visitors to the island to more than 1 million per y

IndustryNov. 27, 2020

Former Hyundai Motor chief discharged from hospital after 4 months, in ‘healthy condition’

Former Hyundai Motor Group Chairman Chung Mong-koo has been discharged from the hospital in healthy condition after about four months of treatment for colonic diverticulitis, according to industry sources Friday. The former chairman was discharged earlier Friday and is expected to stay at his home in Hannam-dong, central Seoul. Chung had been hospitalized for the chronic illness since mid-July. Though Chung was scheduled to be discharged as soon as his condition was brought under control,

IndustryNov. 27, 2020

Shinsegae launches online stores for Starfield

Shinsegae Property, the real estate development company owned by Shinsegae Group, announced Friday that the company has opened official online stores for its shopping mall brand Starfield on both the group and Naver‘s online shopping platforms. The online stores at Shinsegae‘s online shopping site SSG.com and Naver Shopping are opening with around 1,500 products from stores of 30 brands at offline Starfield malls, the company said. The firm had been testing online sales by provid

IndustryNov. 27, 2020

E-Land Group vows fight against hackers

E-Land Group Vice Chairman Choi Jong-yang of E-Land Group, which was recently hit with a ransomware attack, said Friday that the company will not surrender to the threats of the hackers. According to the South Korean fashion and retail conglomerate, Choi sent out an email to employees on Thursday in which he dismissed rumors that the hackers had acquired valuable corporate information. On Nov. 22, E-Land Group suspended operations at nearly half of its stores due to a ransomware attack. The

IndustryNov. 27, 2020