Korea's energy demand predicted to dip 1.4% this year

South Korea's energy demand is expected to drop for a second year in 2020 due to the fallout from the coronavirus outbreak, a report said Wednesday. The country's annual energy consumption is likely to contract 1.4 percent on-year this year, according to the report from the Korea Energy Economics Institute. Last year, overall energy consumption in Asia's fourth-largest economy fell 1.3 percent on-year to 303.5 million tons of oil equivalent (TOE), the first decline since the country's foreign

EconomyJuly 8, 2020

Citibank Korea launches AI chatbot consulting service

Citibank Korea said Tuesday it has launched an artificial intelligence-based chatbot consulting service to bolster its untact (contactless) digital customer service. According to the South Korean subsidiary of the New York-based bank, the service provides round-the-clock consulting for customers that need immediate consulting. It can be used after adding Citibank channel via messenger app KakaoTalk. The AI chatbot will help customers find the nearest Citibank branch and provide information

MarketJuly 7, 2020

Korean Air to sell off inflight service operations to Hahn & Co.

South Korea’s cash-strapped flag carrier Korean Air Lines said Tuesday it plans to sell its inflight meal catering and duty-free units to local private equity firm Hahn & Co. “As for the divestment of inflight catering services and duty-free operations, Korean Air has given Hahn & Co. the exclusive rights to negotiate,” it said in a disclosure after a board meeting at 4 p.m. “Korean Air will continue to discuss the details about the transaction with Hahn &

MarketJuly 7, 2020

Korea, Spain discuss cooperation in digital, green tech

South Korean and Spanish business experts discussed potential partnerships, especially in digital and green technologies, at a virtual conference on Tuesday. The Korea Chamber of Commerce and Industry held the 21st Korea-Spain Economic Cooperation Committee meeting online in collaboration with the Spanish Chamber of Commerce. The meeting comes after a phone conversation between President Moon Jae-in and King Felipe VI of Spain last month. It aims to serve as an opportunity to build momentum

IndustryJuly 7, 2020

LG Electronics’ Q2 earnings better than feared

LG Electronics on Tuesday announced its preliminary earnings for the second quarter of this year, beating forecasts by market watchers over concerns about sales falls during the COVID-19 outbreak. According to the earnings guidance, LG is expected to have posted 12.8 trillion won ($10.7 billion) in revenue and 493.1 billion won in operating profit for the April-June period. The figures were down 17.9 percent and 24.4 percent, respectively, from a year earlier. The second-quarter operating

TechnologyJuly 7, 2020

NCSoft’s market cap soars, briefly entering top 10

NCSoft continued to perform strong at the stock market, briefly entering the top 10 market capitalization list on Monday, nudging top automaker Hyundai Motor. Hyundai Motor managed to recover its 10th place as of Tuesday, though the gap between NCSoft remained at 76.1 billion won ($63.6 million). NCSoft is the only South Korean game company to have breached the 20-trillion-won mark in market valuation. The game company’s market cap reached 21.8 trillion won at the closing bell on the

IndustryJuly 7, 2020

WeWork Labs reinforces virtual startup acceleration programs

Coworking space giant WeWork said Tuesday that it plans to upgrade its online startup acceleration programs in a bid to support local firms that aim to expand overseas. WeWork Korea held online forums, workshops and conferences this year to connect venture capitalists and industry experts with fledgling startups via its WeWork Labs platform, which offers budding firms access to seasoned experts, investors and other peers through mentoring programs and networking events. WeWork began the Labs

MarketJuly 7, 2020

Hyundai, SK chiefs discuss next-gen lithium-metal EV battery

Hyundai Motor Group Executive Vice Chairman Chung Euisun on Tuesday met SK Group Chairman Chey Tae-won at SK Innovation’s electric vehicle battery plant in Seosan, South Chungcheong Province, to discuss future partnerships and next-generation EV technologies including lithium-metal batteries. Current lithium-ion batteries consist of four key components: cathode, anode, electrolyte and separator. Lithium-metal batteries use metal instead of graphite for anodes, increasing energy density

IndustryJuly 7, 2020

State-led research institute launches AI education platform

The Electronics and Telecommunications Research Institute, a state-funded research body under the ICT Ministry, announced Tuesday that it has rolled out an educational program designed to nurture experts in artificial intelligence. The new educational program has been launched jointly by AWS and Nvidia’s regional offices, which provided assistance to develop the curriculum, according to ETRI. ETRI’s new curriculum includes platforms that allow students to get hands-on training i

TechnologyJuly 7, 2020

Han Sung Motor extends unlimited engine oil service

Han Sung Motor, an official dealer of Mercedes-Benz in Korea, said Tuesday it has extended its promotion offering customers free and unlimited service for changing engine oil and oil filter by a month. Customers who purchase a new car from Han Sung Motor in July are still eligible for the free service. The promotion was initially held for the month of June, but will now be available at its 20 service centers across the country, even after the end of three-year guarantee period, the company sa

IndustryJuly 7, 2020

Seoul stocks snap 3-day winning streak on growing virus concerns

South Korean stocks fell by more than 1 percent Tuesday amid growing fears over the resurgence of the new coronavirus at home and overseas. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 23.76 points, or 1.09 percent, to close at 2,164.17, ending its three-session winning streak. Trading volume was high at about 837 million shares worth some 14.7 trillion won ($12.3 billion), with losers outnumbering gainers 581 to 263. The index erased

MarketJuly 7, 2020

Jeju Air warns to abort from deal if Eastar Jet fails to meet conditions

Casting more doubt over the controversy-ridden merger of two budget carriers, Jeju Air reiterated its warning on Tuesday that it will cancel its acquisition contract if Eastar Jet fails to meet prerequisites by July 15. Jeju Air, South Korea’s largest low cost carrier by sales, released a statement that the company has “done its best” to close the acquisition deal since it signed the contract to acquire a 51.17 percent stake in rival LCC Eastar Jet for 54.5 billion won ($45 m

MobilityJuly 7, 2020

PMK chief urges regulation ease based on ‘facts, science’

Philip Morris Korea Managing Director Paik Young-jay urged Tuesday for the government to come up with differentiated regulations for its heat-not-burn e-cigarettes, as the industry is largely misrepresented due to its “ideological” approach, rather than based on science. Speaking at his first press conference held live on YouTube, the new managing director emphasized that heated tobacco products are less harmful substitutes for conventional cigarettes. In the first quarter of this

IndustryJuly 7, 2020

FSC vows fair market for financial firms, Big Tech rivals

South Korea’s top financial regulator Tuesday vowed to induce fair competition between conventional financial companies and Big Tech groups, in preparation for the forthcoming digital shift in the local financial industry. “Responding to the non-face-to-face trend triggered by the COVID-19 outbreak, a growing number of major technology companies, or Big Tech, have been pursuing (new opportunities) from the financial services industry,” said Financial Services Commission Chair

MarketJuly 7, 2020

SK Biopharm’s market cap jumps amid bubble concerns

SK Biopharmaceuticals shares continued to soar on Tuesday, outpacing its parent company SK Holdings by market capitalization on the nation’s main bourse Kospi. Shares of the bio unit of South Korean conglomerate SK Group began trading at 214,500 won ($179.85), then spiked by 51,500 won, up 24.01 percent, to reach 266,000 won in the first 10 minutes of trading. The stock was still on the rise but slightly fell to 216,500 won, at the closing bell. Due to the stock rally, the firm’s

MarketJuly 7, 2020

Hyundai Motor, SK chiefs vow to bolster EV biz partnership

The heir apparent of Hyundai Motor Group met with the head of refinery-to-battery conglomerate SK Group on Tuesday to discuss cooperation in the electric vehicle (EV) business. Hyundai Motor Group Executive Vice Chairman Chung Euisun and SK Group Chairman Chey Tae-won discussed cooperation on next-generation EV battery technologies, power management chips, and the "battery-as-a-service (Baas)" platform, the automaker said in a statement. Baas is a breakthrough business model mainl

MobilityJuly 7, 2020

Global shipbuilding orders at historic low in H1

Global new orders of ships fell to a historic low in the first half of the year amid the coronavirus pandemic, industry sources said Tuesday. In the January-June period, global new shipbuilding orders totaled 5.75 million compensated gross tons (CGTs), or a total of 269 ships, according to data provided by global market researcher Clarkson Research Service. The tally marks the lowest since 1996, when the market tracker began to compile related data, and a 42 percent drop from the previous y

MobilityJuly 7, 2020

S. Korea loses footholds in Chinese market amid tightened competition: KIEP

South Korea accounted for the biggest share of imports to China in 2019, but its slice has been shrinking in recent years due to intensifying competition with other Asian players, a think tank said Tuesday. While South Korea accounted for 8.42 percent, the largest share, of China's overall imports in 2019, the portion marked a slight drop from 9.65 percent posted a year earlier, according to the Korea Institute for International Economic Policy (KIEP). Instead, Association of Southeast Asian

EconomyJuly 7, 2020

Tables turn as USITC's initial determination favors Medytox

Medytox shares made a dramatic turnaround Tuesday, following the US International Trade Commission’s initial determination advising a 10-year sales ban on Daewoong Pharmaceutical’s Jeuveau. 　The South Korean company and its US partner Allergan had filed a complaint against Daewoong and its partner Evolus at the USITC in 2019 contesting that the latter’s botulinum toxin Jeuveau that hit shelves in the US was a product of industrial poaching. 　Medytox shares Tuesday shot up t

IndustryJuly 7, 2020

[Monitor] Koreans use smartphones more amid pandemic

Smartphone usage among South Koreans increased in the wake of the coronavirus outbreak, data showed Monday. According to a survey of 1,017 adult men and women nationwide conducted by local civic group Korean Addiction Forum last month, 44.3 percent of the respondents said smartphone usage time has increased -- either slightly or greatly -- since the implementation of social distancing measures. Among the increase of content, social media and messaging accounted for the largest proportion wi

IndustryJuly 7, 2020