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

[Graphic News] Instant noodle sales hit new high in H1 amid virus

　Sales of instant noodles in South Korea soared to an all-time high in the first half of the year due to the coronavirus outbreak, data showed. 　Local shipments of instant noodles, or “ramyeon” in Korean, came to 1.13 trillion won ($950 million) in the January-June period, up 7.2 percent from a year earlier, according to the data compiled by Nielsen Korea and released by industry leader Nongshim. 　The first-half tally represents the largest half-year sales figure on record. 　N

BusinessAug. 25, 2020

Korea Ginseng Co. donates W1b worth of ginseng to support COVID-19 relief efforts

Korea Ginseng Co., the country’s leading ginseng manufacturer, said Tuesday that it donated 1 billion won ($843,000) worth of ginseng products to support the medical personnel and public servants dealing with the COVID-19 crisis. Before making the donation, the company said, it organized a walking campaign from Aug. 3 to Friday, and vowed to donate the goods if participants met the target of 500 million steps. In response, about 10,000 people recorded 570 million steps via the CheongKwan

IndustryAug. 25, 2020

Renault Samsung’s XM3 appeals to younger buyers

Renault Samsung Motors’ compact sport utility vehicle XM3 is gaining praise from young consumers for its unique design, according to market watchers. The XM3 reportedly sold 10,000 units in just 49 days after its release in March, a record for the company. The compact SUV sold over 5,000 units monthly for four consecutive months following its launch, accumulating sales of 24,161 units as of July -- the highest figure in four months, in the domestic compact SUV market. The vehicle&rsqu

MobilityAug. 25, 2020

Ikea’s sales in Korea grows 32.6% despite COVID-19

Ikea Korea said Tuesday it saw sales grow by over 30 percent in the fiscal year of 2020 following increased interest in home furnishing amid COVID-19. Holding an online press conference via Zoom, Ikea Korea Country Retail Manager Fredrik Johansson revealed that the home furnishing retailer recorded a turnover of 663.4 billion won in the fiscal year of 2020 (from September 2019 to August 2020), growing 32.6 percent on-year. During the period, the number of visitors to Ikea also increased. Th

ConsumerAug. 25, 2020

[Chew on IT] Resemblance widely accepted in tech world

When Apple released its iPhone 11 Pro Max last year, it was teased for having an induction cooktop-design camera module on the rear. But in a few months, its archrival Samsung Electronics came up with the Galaxy S20 Ultra, boasting a similar cooktop-like rear camera that offered a 108-megapixel lens and calling it the industry’s first. “It is difficult to buck the trend,” said a Samsung official at the time in response to a question about why the company risked critici

TechnologyAug. 25, 2020

Seoul stocks up for 3rd session on vaccine hopes

South Korean shares extended gains to a third session on Friday, as optimism for new coronavirus vaccines fueled hopes of an economic rebound. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 36.9 points, or 1.58 percent, to close at 2,366.73. Trading volume was moderate at about 760 million shares worth some 13.4 trillion won ($11.3 billion), with gainers outnumbering losers 783 to 95. Foreigners purchased a net 152 billion won, exte

MarketAug. 25, 2020

MS opens experience center in Seoul

Microsoft announced Tuesday it has opened an experience center in Hyundai Department Store branch in Gangnam-gu, southern Seoul. The company noted that its Smart Life-style Experience Store will hold exhibitions featuring the latest products. The store comes in four sections showcasing different types of products, including its gaming console Xbox, the company’s operating system, software, digital devices and character products from Minecraft. The company will also hold promotional ev

TechnologyAug. 25, 2020

Galleria Gwanggyo unveils Maarten Baas’s new artwork

Upscale department store chain Galleria recently unveiled Dutch artist Maarten Baas’ new artwork “Confetti Clock” at its Gwanggyo branch. The artwork features a man sweeping colorful confetti off the floor in a clockwise motion, living up to the “party” theme while showing shoppers what time it is. Baas explained that his new work was inspired by the impression he received from the venue, comparing the feel-good image of the department store to a party, Hanwha Gal

ConsumerAug. 25, 2020

Cafe24 to host event featuring Facebook experts to share global marketing strategies

E-commerce platform Cafe24 will hold a webinar featuring Facebook officials to share marketing strategies for the social media platform on Sept. 1. During the “Successful E-commerce Strategies on Facebook” event, key speakers Nadia Tan, APAC Marketing Partnership Director, and Philip Hur, APAC Head of Partnerships, will share strategies for online merchants to maximize their sales growth on Facebook, while Cafe24’s experts are presenting best practice cases in marketing strate

ConsumerAug. 25, 2020

Asset management firms’ net profits soar 46% in Q2

The combined net profits of asset management firms in South Korea jumped 46 percent on-year during the April-June period this year amid the local stock market’s sharp rebound, data showed Tuesday. The net income of 10 companies here came to 145.8 billion won ($122.95 million) in the second quarter, according to data from the Korea Financial Investment Association. Contrary to the previous quarter, when only four asset management companies saw their net profits rising, all of the AMCs&rsq

MarketAug. 25, 2020

Consumer sentiment improves, pessimism over housing market remains in August

South Korea’s consumer sentiment rose for the fourth consecutive month in August, boosted by optimism for economic improvement, but doubts that recent measures will cool the heated real estate market remained strong, data from the Bank of Korea showed Tuesday. The composite consumer sentiment index inched up 4 points on-month to 88.2 this month, hitting the highest since February, when the figure stood at 96.9, weighed on by the outbreak of the COVID-19. It has been slowly improving si

EconomyAug. 25, 2020

[M&A Weekly] Toshiba, Carlyle manage to exit failing Korean equity investment

Foreign investors in two Korean companies -- Unison and Yakjin Trading -- managed to sell their stakes earlier this week, but only at significant losses, disclosures showed Tuesday. The sale price was significantly lower than what the investors -- Japanese conglomerate Toshiba and US private equity firm Carlyle Group -- had paid at least seven years before to acquire the assets. Toshiba, the largest shareholder of wind turbine maker Unison, has agreed to sell a 13.9 percent stake, or 15.5 mil

MarketAug. 25, 2020

What makes SsangYong Rexton Sports timely choice

With the rising popularity of car camping in South Korea, the pickup truck market in the country has surged in recent years, up from around 22,000 vehicles sold in 2017 to 42,000 in 2018. The trend has only grown with the COVID-19 pandemic as more people are opting for outdoor and social-distancing activities that require larger storage and stronger off-road driving capacity. Leading the segment is SsangYong Motor’s Rexton Sports, which pioneered the Korean market for open-deck sports

MobilityAug. 25, 2020

Hyundai tops JD Power’s advanced tech survey

Hyundai Motor ranked first in satisfaction for high-tech automobiles in the US mass market, according to the latest survey of US research firm JD Power on Tuesday. Hyundai ranked highest in the mass-market segment with a score of 556, offering an above-average level of technologies and scoring well for excellence in execution. Subaru (541) ranked second, followed by Kia (538), Nissan (534) and Ram (520). In the luxury segment, Genesis (559) placed sixth. Volvo ranked highest overall with an

MobilityAug. 25, 2020

SK C&C, Gil Hospital join hands on AI target discovery service

SK C&C and Gachon University Gil Hospital in Incheon will jointly develop an artificial intelligence service that will help medical professionals discover what causes a metabolic disease, SK C&C said Tuesday. This AI service deals in the very first step of the winding process of novel drug discovery. It attempts to search for, and identify, the genetic idiosyncrasy or protein anomaly that triggers illness. After a cause is pinpointed, scientists can proceed to discover novel drug ca

IndustryAug. 25, 2020

[Monitor] Major exporters anticipate pessimistic H2

While South Korea’s major exporters managed to see a slight rise in revenue in the first half of this year, they will see a drop in the second half as the COVID-19 pandemic continues to pummel the economy worldwide, the Federation of Korean Industries said in its report. The six major export industries saw their revenue inch up by 0.3 percent on average on-year, but anticipate it to decline by an average of 4.2 percent in the second half, the FKI said citing a survey it conducted on resp

IndustryAug. 25, 2020

LG Display’s OLED gets quality nod from Intertek

  　LG Display said Tuesday its organic light-emitting diode TV panels have earned the Accurate Picture Quality certification from UK-based Intertek. 　Intertek is a global test and certification body for OLED panels. 　“With the spread of contactless culture, we are seeing an increased TV viewership for movies, performances and arts. The importance of accurate expression on displays, therefore, is becoming ever more emphasized,” said Oh Chang-ho, executive vice president of LG D

IndustryAug. 25, 2020

Korean investors join IFC-led financing package for infra projects in APAC during fiscal year 2020

Korean investors have partly invested in a $650 million financing package for two infrastructure projects in Asia-Pacific countries during its fiscal year from July 2019 to June 2020, International Finance Corp. said in an announcement Monday. Of the major private sector investment deals in 12 Asian countries supported by IFC, Korean entities have invested in two projects including a 216-megawatt hydroelectric plant on the Trishuli River in Kathmandu, Nepal worth $450 million. The other on

MarketAug. 25, 2020

Seoul stocks open higher on vaccine hopes

South Korean shares opened higher Tuesday, as optimism for new coronavirus vaccines fueled hopes of an economic rebound in the financial markets. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.03 points, or 0.60 percent, to 2,343.86 in the first 15 minutes of trading. Investor sentiment improved after US bio firm Moderna Inc. said it is close to making a deal on supplying about 80 million doses of COVID-19 vaccines to the European Union. The announcement fueled hopes for a

MarketAug. 25, 2020