SK hynix invests in group's first AI entity Gauss Labs

SK hynix on Tuesday announced its investment in an artificial intelligence solutions company Gauss Labs that will lead SK Group’s future value creation. The chipmaker will invest $55 million in Gauss Labs as the sole investor through 2022. Last month, Gauss Labs opened its headquarters in California’s Silicon Valley, and plans to establish a Korean office later this month. Kim Young-han, a data scientist and tenured professor at the University of California, San Diego, will ser

TechnologySept. 22, 2020

Mobile carriers step up partnerships for future mobility services

As the global transport sector braces for future mobility services like flying taxis, South Korean telecom operators are strengthening partnerships with both auto giants and startups alike to join the industry shift. Major local carriers have emerged as key players in the transport shake-up as network infrastructure and technology are crucial in developing future vehicles. Earlier this week, major telecom firm KT Corp. joined hands with the country's largest carmaker, Hyundai Motor Co., as wel

TechnologySept. 22, 2020

LG partially shutters headquarters building in Seoul over virus

LG Group, South Korea's fourth-largest conglomerate, on Tuesday said it has partially closed its headquarters building in Seoul over virus infections. The West Building of LG Twin Towers in Yeouido, western Seoul, has been shuttered partially after two employees of LG Electronics Inc. tested positive for the novel coronavirus, the group said. One employee came to work until Friday before testing positive for COVID-19 on Monday, while another received a positive virus test result Tuesday, accor

IndustrySept. 22, 2020

Extra budget will help virus-hit small merchants: finance minister

SEJONG -- Finance Minister Hong Nam-ki said Tuesday a fourth supplementary budget would help small merchants navigate through the difficult time as they were hit by a recent resurgence of the new coronavirus. "The government has actively taken bold measures to overcome the economic crisis," Hong told Yonhap News TV. Hong said the fourth extra budget will become "welcome rain" for small merchants to overcome this crisis. Hong made the remarks as the ruling Democratic Par

EconomySept. 22, 2020

Nonghyup Bank files for approval of Beijing branch

Major South Korean lender Nonghyup Bank has applied for China's approval to open a branch in Beijing as part of its Asian push, industry sources said Tuesday. Nonghyup Bank, which lodged the application with the China Banking and Insurance Regulatory Commission late last month, is expected to receive preliminary approval by February at the latest. It usually takes six months to receive preliminary approval from the Chinese financial authorities to open a branch in the world's second-largest ec

EconomySept. 22, 2020

[Monitor] No. of travelers within country during Chuseok to decline 30%

With the continuing spread of COVID-19, the number of travelers visiting their hometowns or traveling locally during the upcoming Chuseok holiday is expected to decrease 30 percent from last year. The Transport Ministry said most travelers appear to be using cars for their travel. It predicted the morning hours of Sept. 30 and afternoon of Oct. 3 to see the heaviest traffic on expressways. (khnews@heraldcorp.com)

IndustrySept. 22, 2020

Samsung to introduce new Galaxy F smartphone line in India

Samsung Electronics Co. will introduce a new smartphone line in India, industry insiders said Tuesday, as the South Korean tech giant eyes to expand its presence in the world's second-largest smartphone market. Samsung's Indian unit recently said on Twitter that it will soon launch the Galaxy F smartphone series. The world's leading smartphone producer currently has the premium Galaxy S and Galaxy Note series, foldable Galaxy Z family and budget Galaxy A and M lines. The new Galaxy F lineup

IndustrySept. 22, 2020

LG unveils price of new rotating-screen smartphone

LG Electronics Inc. on Tuesday unveiled the price of its new dual-screen smartphone with a rotating form factor that will be released early next month in South Korea. LG Wing will come with a price tag of 1,098,900 won ($940), making it the cheapest non-bar type smartphone in the domestic market, according to the tech firm. The Wing, introduced last week, is highlighted by its two separate displays, with the main screen swiveling 90 degrees horizontally to reveal a secondary screen under it

IndustrySept. 22, 2020

US halves anti-dumping tariffs on S. Korean oil pipelines

The United States has nearly halved its anti-dumping tariffs on oil pipeline products from South Korean steelmakers, industry sources said Tuesday. The US Department of Commerce has decided to levy a tariff of 4.23 percent to 9.24 percent on South Korean oil pipelines, far lower than the 2018 ruling of up to 18.77 percent. The tariff reduction came after the Court of International Trade (CIT) ordered Washington to readjust its earlier duties in January following complaints from South Korean st

EconomySept. 22, 2020

Seoul stocks open lower on Wall Street losses

South Korean stocks opened lower Tuesday, taking a cue from overnight losses on Wall Street over the new coronavirus concerns. The benchmark Korea Composite Stock Price Index fell 15.13 points, or 0.63 percent, to 2,374.26 in the first 15 minutes of trading. Investor sentiment worsened after US Federal Reserve Chairman Jerome Powell said a full recovery from the pandemic will take a considerably long time.  In a related move, former Food and Drug Administration Commissioner Scott Gottl

MarketSept. 22, 2020

Kia to resume operation of virus-hit local plant Tuesday

Kia Motors Corp. said Monday it will resume operations at one of two domestic plants that were suspended after some of its workers were infected with the coronavirus. Kia halted the operations of two plants in Gwangmyeong, just south of Seoul, from Wednesday through Monday, with all of the 6,000 employees at the plants staying at home, a company spokesman said over the phone. "The company will resume operation of the No. 1 plant (in Gwangmyeong) tomorrow under health authorities' guidan

IndustrySept. 21, 2020

Hyundai Motor, union agree to freeze wages amid pandemic

Hyundai Motor Co. and its labor union agreed Monday to freeze wages for the first time in 11 years as the carmaker struggles to ride out the impact of the coronavirus pandemic. The two sides reached a wage deal without a strike for the second consecutive year, the company said in a statement. The union accepted the company's proposal that included a freeze on basic pay, a one-off bonus amounting to 150 percent of monthly salary, 1.2 million won ($1,029) in special COVID-19 allowance, 10 com

IndustrySept. 21, 2020

Airbus aims for hydrogen-powered plane by 2035

PARIS -- Airbus is aiming to put the world's first hydrogen-powered commercial plane into service by 2035, the European aircraft maker's boss said in remarks published Monday. Hydrogen is a clean fuel, emitting only steam, but whether it is green depends on the carbon footprint of the fuels used to produce it. France and other European countries are investing billions of euros in the development of green hydrogen, with the highly polluting transport industry a prime area for its intended use

IndustrySept. 21, 2020

S. Korean healthcare exports up 42% on-year in Aug.

South Korea's healthcare and cosmetics exports rose 42 percent last month from a year ago, led by shipments of COVID-19-related medical devices, industry data showed Monday. According to data from the Korea Health Industry Development Institute (KHIDI), South Korea's exports of pharmaceuticals, cosmetics and medical devices came to $1.69 billion in August, marking the 12th consecutive month of increase since September last year. The rise is largely attributable to growing demand for coronav

IndustrySept. 21, 2020

Hanwha Solutions stocks plunge as Nikola doubt deepens

Shares of Hanwha Solutions plunged Monday immediately after electric vehicle developer Nikola announced a leadership shakeup, as it faces a heap of fraud allegations and an upcoming probe. Hanwha Solutions common shares retreated 7.4 percent Monday, while its preferred stocks dipped 10 percent. Hanwha Solutions, a Seoul-based petrochemical arm of the Hanwha conglomerate, indirectly controls a minority stake in Nikola. Nikola fetched a combined $100 million of funding evenly from Hanwha Ene

MarketSept. 21, 2020

Doosan sells Doosan Tower for W800b to Mastern Investment

Doosan Group said Monday the firm sold its iconic building Doosan Tower to real estate investment company Mastern Investment Management for 800 billion won ($689 million). Doosan said the sale is aimed at improving the group’s financial structure. The group sold Doosan Solus and Doosan Tower one after another to normalize the management of its struggling construction firm Doosan Heavy Industries & Construction. It is also seeking to sell other subsidiaries such as Doosan Infracor

IndustrySept. 21, 2020

[Market Close-up] W520b per BTS member? Market worth of K-pop stars in limelight as agency IPO nears

With a mere estimate of the market value of Big Hit Entertainment, the label behind BTS, reaching nearly 4.6 trillion won ($3.97 billion) after listing, eyes are on the seven-member boy band that generates most of the company’s revenue. The K-pop agency is scheduled to make its market debut on South Korea’s main bourse, Kospi, in October, offering 7.13 million shares at a price between 105,000 won and 135,000 won per share. Its market capitalization is anticipated to reach nearly

MarketSept. 21, 2020

Litigations pile pressure on Mirae Asset Group

Korean investment banking group Mirae Asset Group is being swamped by litigations at home and abroad, including one against China’s Dajia Insurance Group surrounding high-profile hotel deals in the United States, filings showed Monday. As of the end of June, the total litigation costs incurred to brokerage house Mirae Asset Daewoo and its affiliates could exceed 7 trillion won ($6 billion) if the group loses all 35 lawsuits in which it is involved. The cost has gone up from 68.8 billion

MarketSept. 21, 2020

Apartment transactions dive amid lingering market anxiety

Confusion in South Korea‘s real estate market has continued with the transaction volume of Seoul apartments taking a dive while a buying drive by 30-somethings concerned over further price hikes remained strong last month, data showed Monday. According to data released by the state-run Korea Appraisal Board, a total of 6,880 apartment units changed hands in Seoul last month, down 57 percent from 16,002 in July. Apartment transactions reached a fever pitch in 2019 with the sales volume

MarketSept. 21, 2020

S. Korea inches close to legalizing shared accommodation biz

South Korea has moved a step closer to officially legalizing the shared accommodation business in rural areas, according to the country’s top fiscal chief. The “Korean Airbnb” -- modeled after the US shared lodgings company -- would allow business operators to run such services by using empty houses in non-urban areas for all guests -- locals and foreigners alike. “We have reached a mutually beneficial consensus on using empty homes in farming and fishing areas as l

EconomySept. 21, 2020