LG Electronics joins hands with local partners for 6G tech

LG Electronics signed a deal Wednesday with local partners to develop 6G telecommunication technologies, the company said. South Korea's No. 2 tech firm partnered with the Korea Research Institute of Standards and Science, and the Korea Advanced Institute of Science and Technology to develop technologies for the next-generation wireless communications system. The three will focus on researching terahertz frequencies and solutions that can deliver 1 terabyte-per-second data transmission speed.

TechnologyAug. 12, 2020

LG Chem, Samsung Biologics close in on SK hynix market cap

The market capitalizations of biopharmaceutical company Samsung Biologics and chemical-to-battery firm LG Chem have soared over the past six months, reflecting market interest in IT and bio sectors amid the coronavirus pandemic. Samsung Biologics’ market cap came to 55.7 trillion won ($47 billion) as of Wednesday, the third-largest in Korea‘s main stock bourse Kospi, data by the Korea Exchange showed Wednesday. This was followed by the fourth-largest LG Chem, whose market cap stood

MarketAug. 12, 2020

McDonald’s Korea, Uniqlo support flood recovery efforts

Foreign brands operating in South Korea are lending a helping hand to recovery efforts during the record-breaking monsoon season. McDonald’s Korea said Wednesday it will donate burgers and drinks for 5,000 volunteers and soldiers who are working to combat the flood damage in provinces hit hardest by the heavy downpours. The burger chain will distribute Big Mac burgers and drinks for those helping recovery efforts in seven regions including Cheorwon and Chuncheon in Gangwon Province, Ch

ConsumerAug. 12, 2020

Hyundai, Aptive unveil name of autonomous driving venture

Hyundai Motor Group announced Wednesday that its autonomous driving joint venture with Aptive has been named Motional. The automaker had announced a joint venture in March with Aptive -- a self-driving technology company -- as it seeks to develop and commercialize its autonomous technology for vehicles. According to Hyundai, Motional is a combination of words “motion” and “emotional,” to indicate mobility centered on safety and human values. Motional is currently de

MobilityAug. 12, 2020

FCA Korea appoints Jake Aumann as new president

Fiat Chrysler Korea announced Wednesday that it has appointed Jake Aumann as its new president and managing director. Aumann served as managing director of the automaker’s China branch for the past two years, successfully leading Alfa Romeo, a subsidiary auto brand, the company said. The new president will start his duties Monday. Since joining FCA Group in 1999, Aumann gained work experience in various sectors in the company, including administration, change management, marketing, sal

MobilityAug. 12, 2020

[Green & New] Financial circles rush to keep pace with ‘Green New Deal’

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. “Green” has fast risen as the new buzzword for South Korea’s financial players as they strive to adapt to the Moon Jae-in administration’s “Green New Deal” initiative. They are striving to move away from thermal pow

EconomyAug. 12, 2020

Korea to strengthen inspection of illegal property transactions

The South Korean government said Wednesday that it will soon announce the results of its inspections into illegal transactions involving expensive real estate in Seoul and the surrounding areas. “Having tracked transactions of expensive houses reported earlier this year, state agencies found some irregularities, and the government will announce the final results in August,” said Deputy Prime Minister and Finance Minister Hong Nam-ki at a meeting with related ministers. “The

MarketAug. 12, 2020

Hanwha Q Cells wins top award in Germany

Hanwha Q Cells said Wednesday it has received a prestigious award in Germany, taking the first place in the electrical industry category, topping major local players including R. Stahl and Dehn und Söhne. Arranged by German publication Focus Money, the award commissioned the Institute for Management and Economic Research to analyze 15.7 million online customer responses on some 5,000 companies across 270 industries and chose the most reputable companies evaluated by various categories. P

IndustryAug. 12, 2020

Digital driver’s license app users reach 1 million

The number of digital driver’s license app users in South Korea has surpassed 1 million, according to major telecommunications firms here Wednesday. Personal smartphone authentication app Pass was developed in June, as a collaboration between SK Telecom, KT, LG U+ and the Korean National Police Agency. The digital driver’s license is currently used as to show driver’s qualification and as identification at convenience stores. The local mobile carriers said they plan to incr

TechnologyAug. 12, 2020

KT launches cloud-based game streaming service

South Korean telecom firm KT on Wednesday announced the launch of its subscription-based game service that streams computer and console games on smartphones. The streaming service will be up against rivals SK Telecom and LG U+, who have joined hands with Microsoft and Ndivia, respectively, for a similar service. KT said it has decided to offer a platform that is more flexible and fits the demands of local users. The company started its beta tests of the cloud-based gaming service GameBox sev

TechnologyAug. 12, 2020

Seoul stocks up for 8th consecutive session on hopes for vaccine, economic rebound

South Korean stocks extended their gaining streak to an eighth session on Wednesday on hopes for COVID-19 vaccines and optimism for a quick economic rebound from the impacts of the new coronavirus pandemic. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 13.68 points, or 0.57 percent, to close at 2,432.35. Trading volume was high at about 753 million shares worth some 16.4 trillion won ($13.8 billion), with losers

MarketAug. 12, 2020

Korea technically has no vaccine supply secured

As nations battle over access to a potential COVID-19 vaccine, Korea is under pressure to secure its share. But as some nations cut corners, the government says it won’t sacrifice safety in its quest for a solution. Currently, the Ministry of Food and Drug Safety has approved two clinical phase 1 2/a trials of COVID-19 vaccines in the country. One is American company Inovio’s INO-4800 being tested here by the International Vaccine Institute and the other is Genexine’s GX-19. T

IndustryAug. 12, 2020

[From the Scene] HMM St. Petersburg ready for record haul

  GEOJE, South Gyeongsang Province -- HMM St. Petersburg is the world’s largest container ship, capable of carrying 24,000, 20-foot container boxes at once. The vessel is about 400 meters long, 61 meters wide and 33.2 meters high, and the deck is about 400 meters. HMM St. Petersburg is the last 24,000 TEU, or twenty-foot equivalent units, vessel of 12 super-large ships built as part of South Korea’s five-year plan to rebuild the country’s shipping industry. Sev

MobilityAug. 12, 2020

[Monitor] Vegetable prices surge due to monsoon

Agricultural produce prices have surged as the monsoon season continued for nearly 50 days, according to data by the Ministry of Agriculture, Food and Rural Affairs. The ministry said it will implement measures to stabilize supplies of vegetables that are consumed the most during the summer and autumn seasons such as Chinese cabbage, radish, zucchini and perilla leaves.  (khnews@heraldcorp.com)

IndustryAug. 12, 2020

Seoul stocks open tad higher on pharmaceutical, financial gains

South Korean stocks opened a tad higher Wednesday, led by an advance by pharmaceutical and financial heavyweights. The benchmark Korea Composite Stock Price Index rose 4.85 points, or 0.20 percent, to 2,423.52 in the first 15 minutes of trading. Pharmaceutical giants led the gain, with leading pharmaceutical firm Samsung Biologics jumping 3.73 percent on expectations of rising overseas orders. SK Biopharmaceuticals gained 1.83 percent. Among financial large caps, Hana Financial Group added

MarketAug. 12, 2020

S. Korea to ban 'backdoor online advertising' from Sept.

South Korea will ban social media influencers from pitching a new product or service on their online platforms without disclosing their business ties with corporate sponsors, officials said Wednesday. The move comes amid controversy over some famous social media influencers' involvement in the shady practice called "backdoor online advertising." The Fair Trade Commission (FTC), the country's antitrust watchdog, said its revised advertising guidelines for social media platforms will

EconomyAug. 12, 2020

Korea's gold market turnover hits record high in July

The daily turnover of South Korea's gold market hit a record high in July amid a surge in trade in the precious metal, the local exchange said Wednesday. The market's daily turnover averaged 13.1 billion won ($11.1 million) in July, more than double the amount of 5.2 billion won the previous month, according to the Korea Exchange (KRX). It marks the largest-ever turnover since March 2014, when the KRX gold market opened, and far exceeds the previous record of 9.7 billion won set in August 201

EconomyAug. 12, 2020

S. Korean trade minister promotes campaign pledges as new WTO head online

South Korean Trade Minister Yoo Myung-hee, a candidate for the next head of the World Trade Organization (WTO), has accelerated her online electioneering as the new coronavirus pandemic has limited face-to-face campaigning. "I want to rebuild trust in the multilateral trading system by making it more relevant, resilient and responsive," Yoo posted on her Twitter account, while sharing other visions and campaign pledges. The South Korean candidate recently opened up her official webs

EconomyAug. 12, 2020

Job losses extend into July amid pandemic, unemployment rate up to 4%

South Korea lost about 277,000 jobs in July, marking a decline in the number of the employed for a fifth consecutive month, as the new coronavirus pandemic strained business activities, data showed Wednesday. The country's jobless rate rose by 0.1 percentage point on-year to 4 percent in July, with the number of employed people falling to 27.1 million, according to the data compiled by Statistics Korea. It marked the longest fall since the eight months of decline posted in 2009 amid the globa

EconomyAug. 12, 2020

Jeju Air Q2 net losses widen on failed Eastar merger

  Jeju Air Co., South Korea's biggest low-cost carrier, on Tuesday announced a revised second-quarter earnings report, which showed the company posted larger net losses than initially estimated due to the unsuccessful acquisition of debt-ridden Eastar Jet Co. Net losses reached 100.6 billion won ($84.4 million) in the April-June period, which was 17.4 billion won higher than the previous announcement, the company said in a regulatory filing. Jeju Air attributed the adjustment to the cost

IndustryAug. 11, 2020