[Advertorial] LG Chem stands as world’s 4th most valued chemical company

South Korean chemical giant LG Chem’s brand value has surpassed the 4 trillion won mark ($3.3 billion) for the first time, according to a recent report. Based on the Brand Finance Chemicals 25 2020 report, LG Chem’s brand value is estimated at $3.5 billion or 4.1 trillion won, about a 10 percent growth from $3.2 billion last year, allowing the company to maintain its position in fourth place for a second year running. “As a chemical company representing Korea, LG Chem aims

IndustryAug. 26, 2020

Hyundai Steel finds new uses for coffee waste

A Hyundai Steel social contribution project is finding ways to repurpose coffee waste and create jobs along the way. When someone brews a cup of coffee, only 0.2 percent of the coffee grounds ends up in the final product. The other 99.8 percent is discarded as waste. According to Hyundai Steel, about 150,000 tons of coffee waste are either buried or incinerated in South Korea. To find new uses for used coffee grounds, the steelmaker teamed with the Korea Productivity Center and Korea Green

IndustryAug. 26, 2020

Hedge fund sells off stake in local builder Taeyoung E&C

South Korean hedge fund Must Asset Management is moving to divest its stake in domestic builder Taeyoung Engineering & Construction, a month after it declared an end to its shareholder engagement, according to a disclosurce Wednesday. The news comes after yearlong efforts by Must to shake up the governance structure of Taeyoung E&C, which led to spinoffs of the builder’s businesses outside the construction sector. Since July 20, Must had offloaded a 4.61 percent stake in Taeyou

MarketAug. 26, 2020

Seoul stocks close nearly flat on virus resurgence

South Korean shares closed nearly flat on Wednesday, as investor sentiment was spooked by increasing new COVID-19 cases in the country. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.59 points, or 0.11 percent, to close at 2,369.32. Trading volume was high at about 941 million shares worth some 14.3 trillion won ($12 billion), with losers outnumbering gainers 522 to 324. Foreigners purchased a net 190 billion won, extending thei

MarketAug. 26, 2020

Samsung smart TVs recognized by UK institute

Samsung Electronics said Wednesday that its 2020 smart TV lineup has been certified by the Royal National Institute of Blind People in the United Kingdom. The organization offers a platform design and app services that increase access to TV for people with impaired vision. The RNIB has granted Samsung its Tried and Tested Accreditation for the smart TVs launched this year. It is the first time it has granted accreditation to a TV maker. The institute awards accreditation to products, webs

TechnologyAug. 26, 2020

Kakao Games aims to raise up to W384b on stock market debut

Kakao Games, the gaming arm of local mobile messenger giant Kakao, said Wednesday it was looking to raise as much as 384 billion won ($298 million) in its initial public offering on the nation’s tech-heavy Kosdaq in September. The game developer is offering around 16 million new common shares in the price band of 20,000-24,000 won, CEO Namkoong Whon said in an online press conference. Targeting institutional investors, book building is to take place Wednesday and Thursday to determine t

MarketAug. 26, 2020

Celltrion moves on to phase 1 trial on mild case COVID-19 patients

Celltrion will carry out another clinical phase 1 trial of its COVID-19 antibody treatment CT-P59 in South Korea, this time targeting confirmed patients showing mild symptoms, the company said Wednesday. A day ahead of this announcement, the company’s Senior Managing Director Kwon Ki-sung said at the Bio Incheon Global Conference held in Songdo, Incheon, that the previously ongoing clinical phase 1 trial of CT-P59 in healthy people has wrapped up with confirmation of the drug’s safe

IndustryAug. 26, 2020

LG’s twisting dual screen phone image goes viral

A video clip showing a potentially new dual screen smartphone model by LG Electronics is going viral online. According to a post made on technology blog Android Authority Wednesday, a near-final version of the temporarily-named “LG Wing” phone was spotted in action. The video shows that the Wing’s secondary screen can be rotated, making a T-shape formation. In the clip, navigation was running on the full-screen main display without a notch, while the second screen sho

TechnologyAug. 26, 2020

Posco International joins campaign to thank medical workers

Posco International said Wednesday its CEO Joo Si-bo and employees have joined the Thank You Challenge campaign to express gratitude to medical staff during the COVID-19 pandemic. The public campaign was launched by the Central Disaster Safety and Countermeasure Headquarters with the aim of encouraging medical workers struggling to prevent the spread of coronavirus. Anyone can participate in the campaign by posting a picture of sign language with gratitude on social media and naming the next p

IndustryAug. 26, 2020

[News Focus] Struggling tire makers face bumpy road ahead

South Korea’s major tire makers -- Hankook Tire, Kumho Tire and Nexen Tire -- have been smacked with a triple whammy. Local automakers are increasingly adopting imported brand tires, while the US antidumping probe on Korean tires is raising uncertainty in the global market. Internally, they face family feuds and labor-management conflicts. In the second quarter, the three tire makers posted dismal earnings amid the economic slowdown due to the pandemic. Hankook Tire’s sales

MobilityAug. 26, 2020

S. Korea, Indonesia eye broader ties to overcome pandemic fallout

South Korea and Indonesia on Wednesday agreed to expand their economic ties to overcome the economic fallout from the new coronavirus pandemic. Trade officials from Seoul and Jakarta held a two-day virtual meeting to discuss ways to bolster the two countries' economic ties and overcome economic jitters of the COVID-19 pandemic, according to the Ministry of Trade, Industry and Energy. During the meeting, the two countries vowed to expand cooperation in the e-commerce segment, which is especial

EconomyAug. 26, 2020

Apartment prices in Seoul show signs of stabilizing: finance minister

Apartment prices in Seoul have shown signs of stabilizing since the government unveiled a set of measures to cool prices and supply more homes, Finance Minister Hong Nam-ki said Wednesday. Hong also vowed to take stern measures against speculative home transactions, saying that the government found a total 811 home transactions that might have violated laws. This month, apartment prices in Seoul largely remained flat, Hong said, citing data released by KB Kookmin Bank. Apartment prices in S

EconomyAug. 26, 2020

[Monitor] Foreign-made laptops see surge in sales

Foreign manufacturers of laptops saw their sales surge drastically in the second quarter, according to market researcher IDC. They concentrated more on on-line marketing and benefited from a surge in e-commerce sales amid the COVID-19 pandemic, IDC said. Lenovo, for instance, sold 92,325 units between April and June, up over 70 percent from 53,556 in the first quarter. Korean firms, meanwhile, saw slight drops. Samsung’s sales reaching 259,754 units from 308,388 in the first quarter

TechnologyAug. 26, 2020

Seoul stocks open tad higher on Wall Street gains

  South Korean shares opened slightly higher Wednesday on overnight tech gains on Wall Street, despite concerns over the recent surge in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.34 points, or 0.14 percent, to 2,370.07 in the first 15 minutes of trading. Stocks traded choppy after three-session gains, as investors weigh the pace of stock rally and the risk from the spreading COVID-19 cases. The Nasdaq Composite advanced 86.75 points, or 0.

MarketAug. 26, 2020

Homegrown walk-thru virus testing booth patented

South Korea’s patent office, the Korea Intellectual Property Office, said Tuesday that it has completed registration of the nation’s first patent for a booth that enables people to get tested for the new coronavirus quickly and with minimal risk to medical workers. The patent was filed in May by Kim Sang-il, chief director of H Plus Yangji Hospital, a medical center in Seoul, and the registration process was completed Aug. 24, according to the patent office. First deployed in the

MarketAug. 25, 2020

Samsung tops smartphone production in Q2 amid pandemic: report

Samsung Electronics Co. was the top global smartphone manufacturer in the second quarter of the year, a report showed Tuesday, although its production declined due to the novel coronavirus pandemic. Samsung led the industry in terms of smartphone production with 55 million units in the April-June period, accounting for 19.2 percent the total market share, according to market researcher TrendForce. The South Korean tech titan, however, was the only brand among the top six that suffered produ

IndustryAug. 25, 2020

[Green & New] Time for action on ‘Green New Deal’: EU envoy

The Korea Herald is publishing a series of articles to address the Moon Jae-in administration’s “Green New Deal” policy, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. -- Ed. While giving momentum to its “Green New Deal,” the South Korean government should now strive to make tangible commitments in order to involve the private sector in green financing, according to a top representative of the European Union here

EconomyAug. 25, 2020

LG Electronics shuts Indonesia factory after virus outbreak

JAKARTA (AFP) -- South Korea's LG Electronics has temporarily shut a factory near Indonesia's capital after some 200 employees contracted coronavirus, the company and a local official said Tuesday. The Cibitung plant, which makes televisions and digital sign parts, will shut for nine days after about a third of its 600 employees tested positive. LG would "come up with disinfection measures for the entire property for the safety and health of its employees", it said in a statement.

BusinessAug. 25, 2020

Singapore’s antitrust agency approves KSOE-DSME merger

Singapore’s antitrust watchdog has approved the merger of the world’s two largest shipbuilders, Hyundai Heavy Industries confirmed Tuesday. The Competition and Consumer Commission of Singapore concluded the screening process by saying in a notice that “there is no disagreement about the approval of a tie-up between Korea Shipbuilding & Offshore Engineering and Daewoo Shipbuilding & Marine Engineering.” KSOE is a subholding company of HHI group’s shipbui

MobilityAug. 25, 2020

Korean Air sells in-flight catering business at W990b

Korean Air has sold its in-flight catering and duty-free business to private equity fund Hahn & Co. for 990 billion won ($758 million) as part of its efforts to secure liquidity. The decision was approved by the board of directors on Tuesday, with plans to acquire 20 percent stocks of what would become a newly established corporation to secure the supply chain. The move is the latest in a series of efforts to secure funds to keep the airline afloat as the pandemic is predicted to prolong.

MobilityAug. 25, 2020