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

TechnologyOct. 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

EconomyOct. 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

MarketOct. 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

EconomyOct. 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

IndustryOct. 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

TechnologyOct. 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

MarketOct. 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

IndustryOct. 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

IndustryOct. 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

ConsumerOct. 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.

MobilityOct. 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

IndustryOct. 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

EconomyOct. 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

MarketOct. 29, 2020

[Advertising Awards] SK Telecom leads in age of hyper innovation

CORPORATE PR AWARDS/ GRAND PRIZE SK Telecom By Kim Hee-sup Senior vice president of Public Relation Office What use would it be if the latest technologies mean nothing to your life? SK Telecom believes that the new era should be multifaceted just as taste varies from person to person. The new age with technological innovations should also be the same. SK Telecom aims to bring the age of hyper innovation that fits each and every individual.  SK Telecom is experiencing transformati

TechnologyOct. 29, 2020

S. Korean subsidiaries of foreign banks, online giants make top 10 list for gender equality

South Korean subsidiaries of foreign banking groups, online giants and daily necessities makers made the annual list for the 10 best companies working toward gender equality among the country’s 500 largest firms, data showed Thursday.  This year’s awarded firms comprised foreign-based lenders Citibank Korea and Standard Chartered Bank Korea, leading local internet firms Naver and Kakao, cosmetics giant Amorepacific, outdoor clothing manufacturer Yongone Corp., LG Group a

MarketOct. 29, 2020

[Advertising Awards] Incheon Free Economic Zone Authority strengthens national competitiveness

INDUSTRY AWARDS/INVESTMENT ATTRACTION INCHEON FREE ECONOMIC ZONE AUTHORITY By Kim Jae Beom Director of Media & Culture Division I am delighted that the Incheon Free Economic Zone Authority (IFEZA) has been given the Industry Award for Investment Attraction from The Korea Herald this year. The award is significant for recognizing IFEZA’s efforts, which started as Korea’s first free economic zone in October 2003 and marked its 17th anniversary this year, to strengthen national

IndustryOct. 29, 2020

[Advertising Awards] GS Caltex gives energy to public amid COVID-19 outbreak

PRINCIPAL AWARDS/ GOLD PRIZE GS CALTEX By Lee Sang-hun Vice president of Public Relations  First, I feel grateful to receive the gold prize for this year’s The Korea Herald Advertising Awards and there is no doubt that this would become a great energy for GS Caltex to carry out its communication activities in the future. In 2009, GS Caltex set its corporate brand image as “Energy for sustainable life” and developed “I am your Energy” as a brand slogan to

IndustryOct. 29, 2020

[Advertising Awards] SK Innovation pursues green strategy for sustainable growth

CREATIVE AWARDS/ GRAND PRIZE SK INNOVATION By Lim Su-kil Head of PR Office SK Innovation is pursuing its “Green Balance 2030” initiative with full force to seek growth through an eco-friendly business management strategy. SK Innovation sends gratitude to all who supported our corporate public relations campaign “Hi !nnovation -- Save Ink.” SK Innovation, which aims to go beyond its energy and petrochemical businesses and open up the future of sustainability, has

IndustryOct. 29, 2020

Samsung's Q3 revenue surges to W67tr

Samsung Electronics posted a record-breaking quarterly revenue in the July-September period, buoyed by the strong performance of its device solutions and consumer electronics businesses, according to a regulatory filing Thursday. The South Korean information technology giant enjoyed a quarterly revenue of 66.9 trillion won ($59 billion), up 8 percent on-year and breaking the previous record of 65.9 trillion won set in 2017. The company’s operating profit spiked 58.8 percent to 12.3 trill

IndustryOct. 29, 2020