LG expands washer-dryer combo lineup with bigger products

LG Electronics Inc., a major South Korean home appliance maker, said Wednesday it will expand its washer-dryer combo lineup with large capacity products to better meet consumer demand. LG WashTower is a washer-dryer combo that combines a front-loading washing machine and a dryer into a single laundry appliance. The product is currently sold with a 21-kilogram washer at the bottom and a 16-kilogram dryer at the top, but the new model will have a 24-kilogram washer and a 17-kilogram dryer, the c

IndustryOct. 14, 2020

More than half of card loan users juggle multiple debts

More than a half of credit card loan users in South Korea pay debts with cash withdrawn from multiple financial institutions, data showed Monday, indicating that both credit card issuers and commercial banks are facing a growing default risk. About 56 percent of the country’s 2.6 million holders of credit card loans were found to have received loans from more than three financial service companies, including credit card issuers and banks, between January and June, said Rep. Jeon Jae-su fr

MarketOct. 14, 2020

SK Telecom to develop 5G-based smart ports

SK Telecom Co., South Korea's largest mobile carrier, said Wednesday it will develop smart ports using 5G network services by partnering with the Ministry of Oceans and Fisheries and the Busan Port Terminal Corp. Under the memorandum of understanding signed between the three parties, they will develop a test bed for a smart port that uses 5G-powered services. A smart port refers to ports that use Internet of Things (IoT) devices to track and analyze the movement of cargo and workers to improve

TechnologyOct. 14, 2020

Chung Euisun officially takes helm of Hyundai Motor Group

Chung Euisun became the official chairman of Hyundai Motor Group on Wednesday, seizing full control at a critical juncture when the manufacturing mammoth is positioning itself as a mobility solutions leader. The group said Hyundai Motor, Kia Motors and Hyundai Mobis had held an extraordinary board meeting in the morning and unanimously approved Chung’s appointment as chairman. His father -- outgoing Chairman Chung Mong-koo, under whose leadership Hyundai Motor Group has grown into the w

MobilityOct. 14, 2020

Samsung introduces new SD cards for first time in 5 years

Samsung Electronics Co. on Wednesday unveiled two news lines of SD cards boasting fast speeds and enhanced durability as the South Korean tech giant targets content creators and consumers who need high-performance memory cards in shooting videos and photos. Samsung's PRO Plus and EVO Plus SD cards come with four storage capacity options -- 32-gigabyte (GB), 64GB, 128GB and 256GB. This is the first time since 2015 that Samsung introduced new SD card products. The PRO Plus offers sequential rea

IndustryOct. 14, 2020

Samsung heir returns home after meeting with ASML officials in Netherlands

Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of South Korea's top conglomerate, returned home Wednesday after meeting with top executives from ASML Holding NV, the world's leading photolithography equipment maker, in the Netherlands. Lee met with ASML CEO Peter Wennink and ASML Chief Technology Officer Martin van den Brink at ASML headquarters in Eindhoven, the Netherlands, on Tuesday before returning to South Korea, Samsung said. Lee departed for Europe last Thursday,

IndustryOct. 14, 2020

S. Korea to hold population census this week amid pandemic

SEJONG -- South Korea will hold a national census this week, the statistics agency said Wednesday, amid the coronavirus pandemic. Statistics Korea asked people to use mobile phones, fixed-line telephones and computers to register their personal, family and other information in a move to stop the spread of COVID-19. The agency said about 27,000 census workers will carry out door-to-door visits from Nov. 1 to Nov. 18 for those who fail to respond to the non-contact survey from Oct. 15 to 31. So

EconomyOct. 14, 2020

[Monitor] Scouting of foreign experts dwindles

Recruitment by South Korean firms of foreign experts in various fields dropped to 153 as of the first nine months of this year, according to data submitted by the Korea Trade-Investment Promotion Agency to Rep. Lee Joo-hwan. The number is one-quarter of the 615 recruited in 2016.  (khnews@heraldcorp.com) 　

IndustryOct. 14, 2020

‘Seoul needs more global talents to become a tech hub’

Wcoding, which provides coding education in English, says that Seoul needs to bring in more global talents and businesses to turn the metropolitan city into a regional tech hub. “We believe Seoul is an ideal place for tech-related ventures in Asia, and that’s why we’re helping our students find their true potential and also help them realize their dream.” said Kim Kyung-dong, co-founder of Wcoding.   “To bridge Korea and the rest of the world and become a ste

TechnologyOct. 14, 2020

Apple to launch iPhone 12 in S. Korea on Oct. 30

Apple Inc. said Wednesday it will launch its new smartphone, the iPhone 12, in South Korea later this month as the US tech giant aims to attract more consumers here with its first 5G-supporting handset. Apple on Tuesday (local time) unveiled four models of the iPhone 12 series -- the 5.4-inch iPhone 12 Mini, the 6.1-inch iPhone 12, the 6.1-inch iPhone 12 Pro and the 6.7-inch iPhone 12 Pro Max. Of them, Apple said the iPhone 12 and the iPhone 12 Pro will go on sale in South Korea on Oct. 30, o

IndustryOct. 14, 2020

Seoul stocks open lower on US stimulus deadlock, vaccine worries

South Korean shares opened lower Wednesday, as investor sentiment weakened over a deadlock in US fiscal stimulus plans and slow progress in new coronavirus vaccine development. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.77 point, or 0.03 percent, to 2,402.38 in the first 15 minutes of trading. Stocks traded bearish, taking a cue from Wall Street losses that stemmed from worries that the new US stimulus plan is losing steam ahead of the November presidential election. Inve

MarketOct. 14, 2020

BOK freezes key rate amid virus fallout and growing household debt

South Korea's central bank froze its key interest rate at a record low Wednesday amid heightened economic uncertainties over the protracted coronavirus outbreak and rising housing prices. The Bank of Korea (BOK) also voiced concerns about the fast growth of household debt as asset markets, such as the housing market, could become unstable due to excessive household loans. In a unanimous decision, the BOK's monetary policy board kept steady the benchmark seven-day repo rate, called the base rat

EconomyOct. 14, 2020

KT gets boost in top pay TV status via cable unit's acquisition

South Korean telecom giant KT Corp. is set to strengthen its top pay TV operator position in the local market after its satellite broadcasting unit clinched a deal to acquire a local cable TV operator. In a regulatory filing late Tuesday, KT Skylife Co. said it will acquire Hyundai HCN Co.'s broadcasting business for 491.1 billion won ($427.4 million) by July 30, 2021. Currently, Hyundai HCN is in the process of spinning off its broadcasting division, which will retain the original name, as a

IndustryOct. 14, 2020

S. Korea seeks to supply more homes to newlyweds, first-time homebuyers

SEJONG -- South Korea plans to supply more homes to newlyweds and first-time homebuyers through public and private development projects, Finance Minister Hong Nam-ki said Wednesday. About 92 percent of newlyweds and first-time homebuyers will be eligible to purchase housing units as the government plans to ease some rules for them, Hong said in a meeting with property-related ministers. Currently, the government requires public and private construction firms to sell a certain amount of new h

EconomyOct. 14, 2020

IMF slightly upgrades S. Korea's growth forecast for this year

  The International Monetary Fund said Tuesday that South Korea's economy will shrink 1.9 percent this year as the coronavirus pandemic ravaged exports and consumption. The IMF's latest forecast represented a slight upgrade from its previous prediction of 2.1 percent contraction in June. The IMF also painted a somewhat brighter picture of the global economy as advanced nations reopened their economies, although the pandemic has showed no signs of weakening. The global economy is expect

EconomyOct. 13, 2020

Hyundai heir Chung Euisun set to become group chairman

Hyundai Motor Group Executive Vice Chairman Chung Euisun is set to take the helm of the nation’s largest automaker through the group’s emergency board meeting on Wednesday morning, according to industry sources on Tuesday. This promotion is interpreted as reflecting growing concerns that a chairman should lead the group and has responsible management as the automobile industry has been suffering from the recent coronavirus. His father Chung Mong-koo, 82, who was hospitalized in J

MobilityOct. 13, 2020

Hyundai Motor breaks ground for open mobility innovation center in Singapore

Hyundai Motor Group said Tuesday it had begun the construction of its open mobility innovation center in Singapore. The automaker held an online groundbreaking ceremony for its new global lab called Hyundai Motor Group Innovation Center in Singapore, or HMGICS, at Hyundai-Kia Motors Namyang R&D Center and Jurong Town Hall in Jurong, in western Singapore. The ceremony was held online by connecting the venues in the two countries by video link in consideration of the COVID-19 situation. Th

MobilityOct. 13, 2020

SK Biopharm licenses out cenobamate to Japan‘s Ono for $503m

SK Biopharmaceuticals has licensed out its breakthrough epilepsy drug cenobamate to Japan’s Ono Pharmaceutical for 53.1 billion yen ($503 million), the company said via shareholders’ notice, Tuesday. The contract gives Ono the rights to develop and commercialize cenobamate in Japan. SK Biopharmaceuticals’ CEO Cho explained that this is a strategic decision to enter Japan, one of Asia’s largest pharmaceuticals market. Cenobamate is a drug for partial-onset seizure pa

IndustryOct. 13, 2020

IBK provides online PR channel for coronavirus-hit local SMEs

The Industrial Bank of Korea said Tuesday that it will help local small and medium-sized enterprises promote their products via online channels amid the prolonged market fallout of COVID-19. The state-run lender, in partnership with the Seoul Business Agency, will hold an online promotion campaign for a selected list of quality SME products. After receiving applications in May, the bank singled out 10 beneficiaries and created video advertisements that will be posted on IBK and SBA’s cha

MarketOct. 13, 2020

Kakao affiliate Kids Note sets its eyes on IPO in 2022

Kids Note, an operator of a mobile platform for nursery schools and parents in South Korea, said Tuesday it was preparing to go public in 2022. As part of its initial steps for the planned initial public offering, the company has recently picked Daishin Securities as a lead underwriter. Founded in 2012, Kids Note runs a communication service between child care centers and parents. In 2015, it became an affiliate of mobile tech behemoth Kakao. Mimicking Kakao’s free-of-charge business mod

MarketOct. 13, 2020