S. Korea's trade deficit with Japan inches up amid weaker boycott

South Korea's trade deficit with Japan edged up in the first 10 months of the year, data showed Thursday, as a local boycott of Japanese consumer goods shows signs of losing steam. Seoul posted a trade deficit of $16.56 billion in the January-October period, compared with $16.42 billion during the same period a year earlier, according to the data from the Korea International Trade Association (KITA). Exports to the neighboring country fell 13 percent on-year to $20.63 billion over the cited pe

IndustryNov. 26, 2020

LG U+ names Hwang Hyun-sik as new CEO

LG U+’s Chief Executive Officer Ha Hyun-hwoi stepped down Wednesday, recommending in his place Hwang Hyun-sik, president of consumer business. According to LG U+, Ha has determined that now is a critical point for LG U+ in its preparation for the post-COVID-19 era and digital transformation.  He has recommended Hwang to helm the leadership, saying his 20 years of experience in the telecommunications business will stably guide LG U+ through the rapidly evolving market.  Hwang,

IndustryNov. 25, 2020

Is COVID-19 like the flu?

Perhaps one of the most frequently posed questions since the pandemic’s onset is how the new virus may compare to seasonal influenza. Infectious disease specialist Dr. Oh Myoung-don, who leads the National Medical Center’s committee for clinical management of emerging infectious diseases, said during a press conference Tuesday that complications from “COVID-19 might not be more severe than the flu.” “Certain cardiovascular and neurological complications have been

TechnologyNov. 25, 2020

IATA exec says more consolidation in aviation possible

The International Air Transport Association’s regional vice president said on Wednesday that the aviation industry could see more consolidation between airlines from the same country in the wake of Korean Air and Asiana Airlines acquisition deal. “We’ve had a number of airlines who’ve tried to set up regional operations but they’ve tended to be challenged by the ownership and control rules that apply in different countries with respect to air operator certificates,

MobilityNov. 25, 2020

LG Display appoints new CTO, first female senior vice president

LG Display, in its annual personnel appointment announcement Wednesday, introduced a new chief technology officer, Yoon Soo-young. Yoon will replace incumbent CTO Kang In-byeong. All new appointments are effective January 1st, LG Display said. Yoon, formerly the head of LG Display Laboratory, has been acknowledged for his role in leading the company‘s business transition to next-generation organic light-emitting diode technology. LG Display said that it has promoted 19 more officials

IndustryNov. 25, 2020

Top 10 conglomerates’ market cap exceeds W1,000tr

The recent spate of records in South Korea’s stock market on hopes of a global coronavirus containment has brought the market capitalization of the 10 largest business groups’ listed affiliates to fresh highs, data showed Wednesday. As of Monday, the market cap of all 102 listed affiliates of the 10 largest business groups came to 1,069 trillion won ($964.3 billion), topping 1,000 trillion won for the first time in history, according to data from financial market tracker FnGuide.

MarketNov. 25, 2020

Hyundai Motor chief meets Lotte chairman for future mobility partnership

Hyundai Motor Chairman Chung Euisun on Wednesday held a meeting with Lotte Group Chairman Shin Dong-bin at Lotte Chemical’s advanced materials plant in Uiwang, Gyeonggi Province, according to news reports Wednesday. The two chiefs reportedly discussed how to apply Lotte Chemical’s new materials under development to Hyundai Motor’s future eco-friendly vehicles such as electric vehicles and hydrogen vehicles. However, neither Hyundai Motor Group not Lotte Group officials said

IndustryNov. 25, 2020

Smilegate donates tablet PCs to low-income students as classes go online

South Korean game company Smilegate said Wednesday it has donated 50 tablet PCs worth 30 million won ($27,100) to eight youth institutions, providing the tools for students from low-income households to take online classes amid the coronavirus outbreak. For the donation, Smilegate Foundation’s Hope Studio collaborated with SundayToz, a Korean mobile game developer. After launching a donation campaign among users of its popular puzzle game Anipang 4, SundayToz raised 30 million won, which

IndustryNov. 25, 2020

Samyang wins contract to supply ion exchange resin to KHNP

Samyang said Wednesday that it has won a contract to supply ion exchange resins used in the purification of nuclear power plants to Korea Hydro and Nuclear Power. The chemical firm, affiliated with Samyang Holdings, said it had competed against foreign suppliers to obtain the order, becoming the first South Korean company to do so. Previously the country imported all its ion exchange resins, Samyang Corp. explained. Under the agreement, Samyang will supply 700,000 liters of four types of ion

IndustryNov. 25, 2020

GM Korea, labor union reach tentative agreement on wages

General Motors Korea and its labor union reached a tentative agreement on wages Wednesday, four months after their talks began in July. According to GM Korea, the two sides came up with a draft agreement during negotiations that started Tuesday. In the tentative agreement, GM Korea promised to offer an incentive of 4 million won ($3,600) to its workers as a message of encouragement amid the COVID-19 pandemic. As the labor union asked for the management to maintain operations at the two aut

MobilityNov. 25, 2020

[Behind the Wheel] SsangYong’s Rexton returns younger, stronger

YEONGJONGDO, Incheon -- SsangYong Motor’s new Rexton has returned, with a bolder look and enhanced driving assistance systems. Introducing the new Rexton after launching the previous Rexton G4 model in 2017, the automaker said it sought to create a young and trendy vibe for the upper-mid-sized sports utility vehicle, targeting families that enjoy leisure activities. The company expects the upgrade to raise the popularity of Rexton, which has been preferred by those seeking abundant inte

MobilityNov. 25, 2020

[Photo News] Incheon Airport Bags New Project

The Transport Ministry and Incheon International Airport Corp. said Wednesday that IIAC has been chosen as the strategic advisory consulting partner for Poland’s new airport project known as the Solidarity Transport Hub.  With the 5.6 billion-won ($5.06 million) deal set to be signed later this year, IIAC will take on multiple responsibilities, including reviewing the master plan and writing a white paper for the development and operation of the new airport that is set to replace War

IndustryNov. 25, 2020

S. Korea fines Facebook W6.7b for sharing users' info without consent

South Korea's information watchdog on Wednesday fined Facebook Inc. 6.7 billion won ($6 million) for passing information of at least 3.3 million South Koreans to other companies in its first crackdown on the US tech giant. The Personal Information Protection Commission (PIPC) said Facebook violated the country's personal information law by providing personal information of at least 3.3 million of the country's total 18 million local users from May 2012 to June 2018 to other companies without th

IndustryNov. 25, 2020

BAT Korea’s Sacheon factory to adopt solar power facility

BAT Korea is teaming up with LS Electric to introduce solar power generation facilities at its Sacheon factory in South Gyeongsang Province, the tobacco company said Wednesday. As part of its environmental, social and governance strategy, the move will see solar power modules installed in six areas at the site, including at buildings and parking lots that occupy the space that totals 16,000 square meters. Construction work is set to begin in March next year. When completed, the factory is exp

IndustryNov. 25, 2020

Spending on tobacco, liquor hit record high amid pandemic

Household expenditure on alcohol and cigarettes hit a new high in the July-September period, data showed Wednesday, with the “stay-at-home” situation amid the coronavirus pandemic apparently fueling the spending. Monthly spending on tobacco and liquor by local households of two or more people gained 10.7 percent on-year to an average 42,980 won ($38.70), in the three-month period, data compiled by Statistics Korea showed. The figure marks the largest since the government started

EconomyNov. 25, 2020

Amorepacific study shows harmful impact of mask wearing on skin

South Korean cosmetics giant Amorepacific published findings from a recent study on Wednesday showing that mask wearing can cause dry skin and redness. The researchers discovered that wearing a mask for between one and six hours can also bring significant change to skin temperature and sebum after conducting an experiment with 21 men and women. The perioral area – the area surrounding the mouth including both lips and the upper lip area under the nose – could be most affected afte

ConsumerNov. 25, 2020

South Korean supplier to Tesla eyes December IPO on Kospi

South Korean midsized automotive parts maker Myoung Shin Industry said Wednesday it is looking to raise as much as 91.2 billion won ($82.3 million) from its initial public offering on the nation’s benchmark Kospi early next month. “We are looking forward to raise our overseas sales from the current 30 percent to 70 percent to become the No. 1 global green car automotive parts maker,” said Park Bong-kun, president of the company to be listed as Myoung Shin Ind., in a press bri

MarketNov. 25, 2020

Seoul stocks snap 5-session winning streak on profit-taking

South Korean stocks ended a five-session winning streak Wednesday after hitting an all-time high the previous session, as investors dumped local stocks to lock in gains. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.22 points, or 0.62 percent, to close at 2,601.54. Trading volume was high at about 1.4 billion shares worth some 21.3 trillion won ($19.2 billion), with losers outnumbering gainers 653 to 210. Foreigners sold a net 135

MarketNov. 25, 2020

SK Telecom enters semiconductor biz with new AI chip

SK Telecom Co., South Korea's leading wireless carrier, unveiled Wednesday a new artificial intelligence (AI) semiconductor for data center operations, expanding its business to the semiconductor market. The new SAPEON X220 is the first AI chip developed by the mobile carrier and also the country's first AI chip for data centers. SK Telecom said its new semiconductor will target the global AI chip market set to grow to 50 trillion won ($45 billion) by 2024, citing data from market researcher

TechnologyNov. 25, 2020