S. Korea's 5G download speed 2nd fastest globally: report

South Korea's 5G download speed is the world's second fastest, reaching an average speed of 336.1 megabits per second (Mbps), a report showed Tuesday. The country was only behind Saudi Arabia, which delivered an average 5G download speed of 377.2 Mbps, according to a report from industry tracker Opensignal, which tracked data between July 1 and Sept. 28 in 15 countries with 5G networks. South Korea's average 5G download speed over the period was also 5.6 times faster than its average 4G downlo

TechnologyOct. 20, 2020

LG Electronics tops TV consumer survey in Australia

South Korean electronics giant LG Electronics Inc. has placed first in a recent TV consumer satisfaction survey in Australia, overtaking rival Samsung Electronics Co., industry sources said Tuesday. In the annual survey conducted by Australian consumer tracker Canstar Blue, LG topped the list of best TV brands by earning five stars in five categories -- overall satisfaction, picture quality, ease of use, sound quality and smart compatibility. LG received four stars only in the value for money

IndustryOct. 20, 2020

S. Korea's demand deposit turnover hits nadir in Aug.

South Korea's demand deposit turnover ratio hit an all-time low in August amid growing uncertainty due to the coronavirus pandemic, central bank data showed Tuesday, The ratio, or withdrawals of demand deposits divided by the average deposit balance, came to 15.5 for August, according to the data from the Bank of Korea (BOK). It was the lowest figure since January 1985, when the BOK began tracking related data. The previous record low was 15.6 posted in May this year. The turnover ratio of de

EconomyOct. 20, 2020

SK hynix to buy Intel's NAND memory chip unit for $9b

SK hynix Inc., South Korea's No. 2 chipmaker, said Tuesday that it will buy the NAND business of US semiconductor giant Intel Corp. in a deal worth 10.3 trillion won ($9 billion) to help the company vault to become the world's second-largest NAND flash chipmaker. SK hynix said it will acquire all of Intel's NAND flash business, except its Optane memory unit. The deal includes Intel's solid state drive (SSD) business and its factory in Dalian, China. SK hynix said it will pay Intel 8 trillion w

IndustryOct. 20, 2020

Hyundai, Kia warn of $2.9 billion hit to earnings over US quality woes

Hyundai Motor and affiliate Kia Motors  warned of another $2.9 billion of provisions related to engine issues, bringing their total hit from the years-long quality problem that has tarnished their credibility to nearly $5 billion. Hyundai Motor Group said on Monday their third-quarter earnings would reflect quality-related costs of a combined 3.36 trillion won ($2.94 billion), of which Hyundai accounted for 2.1 trillion and Kia for 1.26 trillion. Hyundai and Kia, together the world’

MobilityOct. 19, 2020

[Behind the Wheel] BMW Korea bids to take back throne with revamped 5, 6 GT Series

BMW Korea once led the foreign car market here, dating as far back as the importers association started to record sales in 2003 -- at least most of the time, until Mercedes-Benz took over in 2016. Now, BMW is stepping up its game against the archrival, with the revamped BMW 5 and 6 Gran Turismo Series. The automaker is making clear its intention to take back the throne, as it launched the upgraded version of its bestselling models on Oct. 5, just a week before Mercedes-Benz presented the fac

MobilityOct. 19, 2020

Korean automotive companies witness jumps in sales, production

South Korea’s automotive industry has recovered to see sales and production grow by over 20 percent on-year in September, government data showed Monday. According to the data from Ministry of Trade, Industry and Energy, the production of Korean cars increased by 23.2 percent in September, compared to the same time last year. Overall sales went up as well. In September, 137,771 Korean cars were sold in the domestic market, up 22.2 percent compared to the year earlier. The ministry als

MobilityOct. 19, 2020

Anxiety mounts on S. Korea’s debt management outlook

Despite the government’s repeated reassurance that South Korea’s sovereign debts are under control, concerns continue to mount not only in the private sector but also among state-run think tanks, data showed Monday. The Korea Institute of Public Finance, a government-funded institution affiliated with the Prime Minister’s Office, recently pointed out that Asia’s fourth-largest economy will see its level of debt without payment resource approach 900 trillion won ($787

EconomyOct. 19, 2020

Hyundai, Kia set to shift to Q3 loss on provisions for massive recall

Hyundai Motor Co. and its affiliate Kia Motors Corp. said Monday they plan to reflect a combined 3.4 trillion won ($3 billion) in provisions for product recall and quality control in their balance sheets for the third quarter of the year, indicating that they are set to swing to net losses in the July-September period. Hyundai and Kia, which together form the world's fifth-biggest carmaker by sales, set aside massive provisions for additional costs for the recall of a faulty engine and preempt

EconomyOct. 19, 2020

5G accessibility in major subway lines at over 75%: data

The average accessibility of the fifth-generation network in major subway lines in South Korea reached over 75 percent, a lawmaker said Monday, as the country races to boost nationwide coverage. The high-speed network's accessibility stood at 76.3 percent across 12 subways lines in six major cities across the country, according to Rep. Kim Sang-hee of the ruling Democratic Party, citing data from the Ministry of Science and ICT. The country's three major telecom operators -- SK Telecom Co., KT

TechnologyOct. 19, 2020

LG Chem introduces world’s 1st biodegradable plastic with identical properties, functions

LG Chem said Monday that it has developed a new material made of 100 percent biodegradable raw materials, the first in the world that is identical to synthetic plastic in its properties and functions. According to the South Korean chemical-to-battery firm, the new material -- made of glucose from corn and waste glycerol generated from biodiesel production -- offers the same properties and transparency as synthetic resins such as polypropylene, one of the most widely produced commodity plastics

IndustryOct. 19, 2020

SK Broadband to build renewable energy-powered hyperscale data center in Saemangeum

SK Broadband will construct a renewable energy-powered hyperscale data center and a startup cluster in the Saemangeum area in Gunsan, North Jeolla Province, according to the company Monday. SK Broadband planns to develop the Saemangeum area into Northeast Asia’s data center hub, together with SK group’s energy affiliate SK E&S. “South Korea has optimal conditions to emerge as the region‘s data center hub with its geographical advantage,“ SK Broadband said.

TechnologyOct. 19, 2020

S-Oil invests in startup developing safe water solution

S-Oil announced Monday that the company would secure certified emission reductions by helping a local startup specializing in developing solutions designed to improve access to safe water in developing countries. S-Oil will purchase certified emission reductions of around 13,000 metric tons of carbon dioxide by investing in Glory & Tech, the South Korean firm that is currently providing water solutions to foreign nations including Bangladesh. S-Oil said the latest decision is part of the

IndustryOct. 19, 2020

Half of credit loan users still get top rating grade: data

Nearly a half of local lenders’ borrowers have received the top credit rating as their ability to repay interest improved under the ultra-low interest rate environment, data showed Monday. As of end-September, 3.11 million, or 48 percent of the 6.46 million individual customers who borrowed money on credit were found to have received top score of the 10-level credit assessment system, according to Rep. Yoon Du-hyeon, citing data from credit rating firm NICE Credit Information Service.&nbs

MarketOct. 19, 2020

GS E&C Q3 net down 43.9% on currency losses

GS Engineering & Construction Co., a major South Korean builder, said Monday that its third-quarter net profit plunged 43.9 percent from a year earlier due to currency losses. GS E&C posted a net profit of 96.8 billion won ($84.7 million) in the July-September period, compared with a net profit of 172.8 billion won a year earlier, the builder said in a regulatory filing. The builder said the won's strength against the U.S. dollar drove down the value of its overseas dollar-denominated

EconomyOct. 19, 2020

S. Korea considers duty-free limit on overseas direct buying

South Korea is considering placing a tax-free cap on local consumers’ direct purchases from foreign countries, to be enacted as early as 2022, officials said Monday. The move comes as the government has been eyeing ways to invigorate domestic consumption and Korea Customs Service Commissioner Roh Suk-hwan’s announcement of the idea in a parliamentary audit last week. “(From December, the) KCS will make mandatory for consumers to receive personal customs clearance codes to an

EconomyOct. 19, 2020

Card issuers, retailers team up for big data development

Big name retail chains have been recently joining forces with card companies to analyze spending patterns and cater to diverse needs of consumers. Spearheading the trend, South Korea’s largest card company Shinhan Card inked a partnership with GS Retail, the operator of convenient store chain GS25, on Monday to develop new business models by analyzing data linked to items purchased and consumer behavior. By combining a wide range of data, including items sold at convenience stores and

MarketOct. 19, 2020

Seoul stocks snap 4-day losing streak on bargain hunting

South Korean stocks ended a four-session losing streak Monday on investors' bargain hunting rush despite disappointing growth data from China. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.21 points, or 0.22 percent, to close at 2,346.74. Trading volume was moderate at about 911 million shares worth some 10.2 trillion won ($8.9 billion), with gainers outnumbering losers 442 to 394. Institutions purchased a net 297 billion won, and fo

MarketOct. 19, 2020

Big Hit suffers extended slide after market debut

Shares in Big Hit Entertainment, the creative nest of K-pop superstar BTS, continued to suffer an extended slump on the third day since the company's market debut as some institutional investors dumped the stocks. Big Hit shares tumbled 5.74 percent to close at 189,000 won ($165), far underperforming the benchmark Korea Composite Stock Price Index's (KOSPI) 0.22 percent gain. The company dipped to as low as 187,000 won at one point. The entertainment firm had a rollercoaster market debut on Th

MarketOct. 19, 2020

Ottogi, AhnLab among money-losing investors in Optimus funds

About 60 local listed firms, state-run companies and major universities had invested in the scandal-ridden Optimus funds that have lost more than 5 trillion won ($4.38 billion) so far, according to local reports Monday. The list of investors for fraudulent hedge funds operated by South Korea’s Optimus Asset Management included leading food company Ottogi, which invested 15 billion won, and Kosdaq-listed antivirus software firm AhnLab, which invested 7 billion won, according to the local K

MarketOct. 19, 2020