Hyundai Motor Group's market value recovers to 100 tr won

The market value of South Korean auto giant Hyundai Motor Group has recovered to the 100 trillion-won ($85.9 billion) level after more than 28 months thanks to brisk sales of hydrogen and electric vehicles, data showed Monday. The total market capitalization of Hyundai Motor Co. and 11 other listed subsidiaries came to 100.2 trillion won as of Thursday, according to the data from the Korea Exchange. South Korea's leading automaker was valued at 39.3 trillion won, with No. 1 auto parts manufac

MarketSept. 21, 2020

LG Chem to decide acquisition of Nissan factory in Spain within this month

LG Chem is expected to notify the Spanish government within this month as to whether it will take over Nissan’s factory in the country to turn it into a battery plant, according to local media reports Monday. To salvage the Nissan plant in Barcelona that is scheduled for closure in December 2021, the Spanish government has proposed direct aid of 600 million euros ($711 million) out of the total 1.6 billion euros of investments required for the acquisition. LG Chem is set to respond to

IndustrySept. 21, 2020

S. Korea to set rules for fiscal soundness

SEJONG -- South Korea plans to unveil rules to ensure fiscal soundness, Finance Minister Hong Nam-ki said Monday.  The rules, which aim to keep the growth rate of government spending at a level of nominal growth of gross domestic product (GDP), will be announced by the end of this month, Hong told lawmakers. However, such rules will be exempted in time of a crisis, like the coronavirus pandemic, Hong said. The move comes amid concerns that this year's four extra budgets could strain fi

EconomySept. 21, 2020

Seoul stocks dip almost 1% amid valuation pressure

South Korean shares fell below the 2,400 mark on Monday, as lingering valuation pressure drove down the key index. The Korean won rose against the U.S. dollar to the highest level in eight months. The benchmark Korea Composite Stock Price Index (KOSPI) lost 23.01 points, or 0.95 percent, to close at 2,389.39. Trading volume was high at about 1 billion shares worth some 14 trillion won ($12.1 billion), with losers outnumbering gainers 694 to 168. Foreigners sold a net 77 billion won, while re

MarketSept. 21, 2020

[Behind the Wheel] Kia Stinger returns with more power, technology

Defying speculations that it may be discontinued, Kia Motors’ sports sedan Stinger was reborn with a face-lift in the Stinger Meister, three years after its launch in 2017, featuring an upgraded powertrain. Despite the fair performance and sleek design, sales of the Stinger have been less than stellar, falling behind its rival Genesis midsize sedan G70. Its cumulative sales here stood at 1,870 units between January and August, compared to G70’s 5,652 units. It is the lowest figur

MobilitySept. 21, 2020

LS Cable & System mass-produces aluminum wires for EVs

LS Cable & System said Monday it has started mass-producing aluminum wires for electric vehicles. The cable provider expanded its investment in aluminum wires as it believes that aluminum will become a key material for vehicles amid growing competition in EV industries. Aluminium conductor wires are 40 percent lighter than conventional copper wires and can reduce the weight of wires from 25 kilograms per vehicle to about 15 kilograms, the firm said. LS Cable said it has built a factor

IndustrySept. 21, 2020

KCCI calls for caution on 284 business bills

The Korea Chamber of Commerce and Industry, which represents South Korean businesses, has called on lawmakers to carefully discuss bills that may greatly affect corporate management. The KCCI said Monday that it had submitted a report to the National Assembly containing its constituents’ opinions on major legislative issues. According to the business association, citing its own survey, 284 bills were proposed in the three months from June to August following the opening of the 21st N

IndustrySept. 21, 2020

Kia halts 2 local plants on COVID-19 cases for 4 days

Kia Motors Corp., South Korea's second-biggest carmaker, said Monday it has suspended two of its domestic plants for four days, as some of its workers were confirmed to have contracted the new 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. "As of noon Monday, 11 assembly line workers were confirmed to have been in

EconomySept. 21, 2020

Samsung relegated to 3rd spot in Q2 Indonesian smartphone market: report

Samsung Electronics Co. lost its status as the top smartphone vendor in the Indonesian smartphone market in the second quarter of the year, dropping to the third spot, a report showed Monday, as Chinese brands expanded their presence with budget devices. Samsung clinched a market share of 19.6 percent in the Southeast Asian country in the April-June period, down from 27 percent a year ago when it was the top smartphone vendor in Indonesia, according to industry tracker Counterpoint Research.

IndustrySept. 21, 2020

Samsung’s wearable robot meets global safety standards

Samsung Electronics’ first wearable robot, GEMS Hip, has been certified for its safety requirements by the Korea Institute for Robot Industry Advancement, the company announced Monday. Samsung first unveiled the GEMS robot, which stands for gait enhancing and motivating system, at CES 2019. The company has developed three types of the wearable robot: GEMS Hip, GEMS Knee and GEMS Ankle. Each one supports the particular body parts’ abilities, enabling wearers to move more easily.

TechnologySept. 21, 2020

Hyundai Motor Group returns to W100tr club

The combined market capitalization of Hyundai Motor Group affiliates surpassed the 100-trillion won ($85.9 billion) mark last week on the back of market expectation on its strength in green vehicle technology, data showed Monday.  As of Thursday, the auto giant‘s 12 listed affiliates had a combined market capitalization of 100.2 trillion won, re-entering the 100-trillion-won club for the first time in 28 months, according to the Korea Exchange. Of the total, the combined market va

MarketSept. 21, 2020

First patient administered with COVID-19 plasma treatment in Korea

GC Pharma, a blood plasma-derived medicine company, said Monday that it has administered its COVID-19 plasma treatment GC5131A to the first domestic patient for a phase 2 clinical trial. In Korea, professor Chung Jin-won of the division of infectious diseases at Chung-Ang University Hospital was the first to take on GC Pharma’s GC5131A pipeline for treatment of a COVID-19 patient on Saturday. This phase 2 trial will determine the right dosage for safe and efficacious use of GC5131A. It t

IndustrySept. 21, 2020

Duty-free operators desperate for survival amid protracted COVID-19 pandemic

Stung by the protracted new coronavirus outbreak, South Korean duty-free operators are struggling to overcome the industry-wide slump with belt-tightening measures, including increasing the number of closing days at some outlets in major local cities and cutting their overseas operations. Industry leader Lotte Duty Free began closing its outlets at COEX in southern Seoul and the southeastern port city of Busan every Sunday and Monday from this month. In April, Lotte decided not to open the tw

IndustrySept. 21, 2020

SK Telecom rolls out mobile app-based DNA test service

SK Telecom Co., South Korea's largest mobile carrier, said Monday it has released a mobile app-based DNA testing service in partnership with bio firm Macrogen Inc. and the mobile carrier's joint venture Invites Healthcare Co., expanding its involvement in the digital health care sector. The subscription-based service, named care8 DNA, is offered through a mobile application, on which users can sign up for 29 types of genetic testing, such as for nicotine reliance and hair loss, according to th

TechnologySept. 21, 2020

Hanwha, SK hynix develop core chip packaging equipment

Hanwha Precision Machinery Co., a major assembly automation equipment maker in South Korea, said Monday it has developed core semiconductor packaging equipment in collaboration with the country's No. 2 chipmaker SK hynix Inc. Hanwha Precision and SK hynix worked together to commercialize the die bonder, a machine that attaches a semiconductor die to a package, such as a printed circuit board in the back-end chip packaging process. Hanwha Precision Machinery said its die bonder has better mate

IndustrySept. 21, 2020

[Monitor] Overseas investments shrink in Q2

Amid the ongoing COVID-19 pandemic, the volume of overseas direct investments made shrunk 27.8 percent in the second quarter, according to data released by the Ministry of Economy and Finance. The amount of overseas investments stood at $12.14 billion in the April to June period, a decline of 27.8 percent from the same period last year. The decline marked the biggest in nine quarters, since the first quarter of 2018. The net investment posted $7.61 billion, down 46 percent from a year earl

IndustrySept. 21, 2020

LG Electronics to release hair growth helmet

LG Electronics Inc., a major home appliance maker in South Korea, said Monday it plans to launch a hair loss treatment device within this year. South Korea's drug safety ministry recently approved the LG Pra.L MediHair as a laser apparatus for medical use, according to the company. LG said its hair growth helmet is based on Low Level Light Therapy (LLLT), which was cleared by the US Food and Drug Administration for the treatment of androgenetic alopecia. The wearable device combines 146 la

TechnologySept. 21, 2020

Seoul stocks open tad higher on chip, auto gains

South Korean shares opened a tad higher Monday, led by chip and auto gains on the main bourse. The Korea Composite Stock Price Index (KOSPI) rose 5.67 points, or 0.24 percent, to 2,418.07 in the first 15 minutes of trading. Market bellwether Samsung Electronics added 0.51 percent, with No. 2 chipmaker SK hynix advancing 0.84 percent. Hyundai Motor, the country's largest automaker, jumped 3.59 percent, and its smaller affiliate Kia Motors leaped 3.97 percent. Internet portal giant Naver ga

MarketSept. 21, 2020

Exports rise 3.6% in first 20 days of September

SEJONG -- South Korea's exports rose 3.6 percent on-year in the first 20 days of September, marking the first 20-day rise in six months due to a sharp gain in exports of semiconductors, customs data showed Monday. The nation's outbound shipments stood at $29.6 billion in the Sept. 1-20 period, up $1.02 billion from a year ago, according to the data from the Korea Customs Service. The average daily exports during the 20-day period, however, dropped 9.8 percent. The coronavirus pandemic has

EconomySept. 21, 2020

Renault Samsung’s SUV QM6 popular among city commuters

Renault Samsung Motors’ sport utility vehicles have been gaining popularity in South Korea as more consumers choose SUVs for city driving and commuting with the vehicle’s improved fuel efficiency and ride quality. Sales of SUVs in Korea this year were tallied at 315,534 so far, a 25 percent from the same period of last year. In line with the upward trend, RSM’s SUV sales have been on the rise too, the automaker said. Its best-selling model mid-sized SUV QM6 sold 24,946 uni

MobilitySept. 20, 2020