LG CNS ditches ID card for facial recognition system

LG CNS, the information and communication technology solutions affiliate of LG Group, has adopted artificial intelligence-based facial recognition technology to boost its security. The company said Tuesday that it has rolled out facial recognition devices on its 26 points of entry at its headquarters within LG Science Park in Magok, Seoul. LC CNS collaborated with AI startup SenseTime to develop the biometric entry service. The service can verify captured faces with images in its databas

IndustryFeb. 11, 2020

Online shopping more popular amid coronavirus scare: analysts

South Koreans are increasingly favoring shopping online for daily necessities due to safety concerns over the spread of a new strain of coronavirus, analysts said Tuesday. "Shopper sentiment has grown more against offline shopping," said SK Securities Co. analyst Lee So-joong, after people later diagnosed with the new coronavirus recently visited a hypermarket chain and duty-free shops. Online shopping has grown in recent weeks after the South Korean authorities announced the first

IndustryFeb. 11, 2020

Carmakers partially restart production following resumption in China

Carmakers in South Korea said Tuesday they have partially resumed vehicle production that was halted due to parts shortages caused by the new coronavirus outbreak, on resumed supply of parts from China. Hyundai Motor Co. and its affiliate Kia Motors Corp., the country's two biggest carmakers, said they restarted production at their domestic plants Tuesday, mainly using auto components shipped from Southeast Asia. "Some parts from Southeast Asia arrived at the plants Monday and our South

MobilityFeb. 11, 2020

New coronavirus fuels 1,236% jump in overseas purchases of masks, hand sanitizers

Since the outbreak of the new coronavirus, more and more South Koreans are shopping online for protective items from overseas sites. According to the Korean branch of the international shopping support site Malltail, orders for sanitary products from overseas sites jumped 1,236 percent in the period between Jan. 20 to Thursday, compared with the same period last year. The most popular item was hand sanitizer, with sales surging 6,243 percent during the cited period. Face masks and hand soap

ConsumerFeb. 11, 2020

Korea's PC market grows 7% in 2019 on Windows 10 transition: data

South Korea's PC market grew 7 percent last year from the previous year on the back of the Windows 10 transition in the commercial market, industry data showed Tuesday. Domestic PC shipments totaled 4.55 million units in 2019, up 7.2 percent from 2018, according to the data by market researcher IDC Korea. Of the total, desktop shipments accounted for 2.19 million units, up from 1.93 million units in 2018, while laptop shipments increased slightly from 2.31 million units to 2.35 million units

IndustryFeb. 11, 2020

Korea's exports jump 69.4% in first 10 days of Feb.

SEJONG -- South Korea's exports jumped 69.4 percent in the first 10 days of February, mainly due to rising shipments of cars and semiconductors, customs data showed Tuesday. The country's exports stood at $10.7 billion in the Feb. 1-10 period, compared with $4.38 billion in the same period last year, according to the Korea Customs Service. By product, exports of cars and semiconductors soared 114.5 percent and 37.8 percent, respectively. However, the average daily exports -- which reflect

EconomyFeb. 11, 2020

[News Focus] Battle intensifies to become ‘Korea’s Goldman Sachs’

With Hana Financial Investment jumping into the local investment banking market last week, competition has heightened among Korean securities firms to scale up their business operations. Hana’s brokerage arm is the latest and sixth in the race to become the nation’s premier investment bank. Following Hana Financial Group’s board approval, the brokerage unit decided to increase its capital by issuing new stocks worth 499.7 billion won ($420.4 million) by March 26. Its net wo

MarketFeb. 10, 2020

Q1 smartphone output may drop to 5-year low due to coronavirus: report

Global smartphone production in the first quarter of the year may drop to a five-year low due to the novel coronavirus outbreak, a market researcher said Monday. TrendForce said it expects global smartphone production in the first quarter to decline 12 percent on-year to 275 million units following the coronavirus outbreak that has killed more than 900 people in China. "Delayed resumption work and uncertainties in employees' returns will cause the monthly delivery of key components to

IndustryFeb. 10, 2020

Logistics startup Mesh Korea denies sell-off rumors

South Korea’s logistics startup Mesh Korea -- operator of algorithm-powered micro delivery service Vroong -- denied rumors Monday that it is selling the stakes of its executives, amid a growing conflict between its CEO and other major stakeholders. The deal manager Samjong KPMG is reportedly looking for potential investors in Mesh Korea’s newly issued stocks and shares of existing investors. The exact stake a new investor will control remains unknown, while 

MarketFeb. 10, 2020

MMAA chief meets US PEF Rhone, ex-Trump adviser Bolton

South Korea's institutional investor Military Mutual Aid Association said Monday its Chief Executive Kim Do-ho held a closed-door meeting with a batch of top officials at US-based private equity house Rhone Group, including former US national security adviser John Bolton, in its headquarters in Seoul. Bolton, a former adviser to US President Donald Trump, attended the meeting as the senior adviser to the US private equity firm. He served the same position before joining the White House and

MarketFeb. 10, 2020

[News Focus] Woori, FSS lock horns over Sohn’s leadership

The conflict between Woori Financial Group and South Korea’s financial watchdog has escalated over the disputed leadership of its top executive in light of the alleged extensive financial product misselling. While the group is gearing up to prolong the term of incumbent Chairman Sohn Tae-seung at all costs, the Financial Supervisory Service is set to corner it with a new information-theft case. The FSS on Monday decided to summon its sanctions committee over allegations that Woori Bank

MarketFeb. 10, 2020

[Monitor] Will global economy survive coronavirus epidemic?

The global economy is facing its first major test this year as the on-going outbreak of the novel coronavirus (2019n-CoV) is taking a devastating toll on China, the world’s second-largest economy. With the death toll from the outbreak soaring to more than 800 in China as of Sunday and still rising, the global economy is suffering collateral damage as the country accounts for 16.3 percent of global GDP. “Due to the spread of the novel virus, the global economy is likely to shrink

IndustryFeb. 10, 2020

CJ Group shares credit for Parasite’s historic Oscar win

Capping off the historic moment at the 92nd Academy Awards on Sunday was a relatively unfamiliar face, thanking everyone from her brother to the Academy and general moviegoers for the best film win. That was Lee Mi-kyung, vice chairman of South Korea’s retail and entertainment mogul CJ Group, who -- without the need for a translator -- shared her joy with director Bong Joon-ho and the cast and crew of the first non-English-language film to win the Academy of Motion Picture Arts and Scien

IndustryFeb. 10, 2020

Korea’s capital market full of opportunities: FSC chief

Giving the thumbs-up to South Korea’s capital market which is undergoing continuous reforms, the nation’s top financial regulator said Monday that foreign investors can discover fresh opportunities here. “Expanding cooperation with startups such as fintech firms, invigorating the asset management market by converting capital flow to corporates and keeping the growth of the pension funds will benefit investors immensely,” Financial Services Commission Chairman Eun Sung-s

MarketFeb. 10, 2020

Travel, transport sectors suffer most from novel coronavirus outbreak

The continued spread of China’s new coronavirus is hitting the South Korean economy hard, adversely affecting many sectors including travel, tourism, services, airlines and auto firms. Among them, the tourism industry has been more severely affected due to fears of infections in tourist spots and airports where many people gather. Hana Tour, the nation’s biggest tour agency, saw overseas travel demand dip around 50 percent last month. It is urging employees to apply for unpaid l

IndustryFeb. 10, 2020

Hyundai Motor, Kia Motors plants to resume operation from Tuesday

Manufacturing plants of the country’s two largest automakers, Hyundai Motor and Kia Motors, which had been suspended due to disruption of parts supplies will resume operation from Tuesday, industry sources said Monday. The resumption follows delivery of Chinese-made wiring harnesses, a crucial auto part laid on the floor of the vehicles during initial assembly. A portion was set to arrive here Monday via flights and vessels from Qingdao and Weihai, according to a Hyundai Motor official.&n

MobilityFeb. 10, 2020

Samsung airs ad for Z Flip at Oscars ceremony

Samsung Electronics aired a surprise teaser commercial for its new foldable cell phone Z Flip, during the live Academy Awards 2020 on Sunday. Z Flip is the second foldable phone from Samsung Electronics, after the Galaxy Fold that launched in 2019. The Galaxy Fold horizontally folds, while the Z Flip shuts vertically. In the teaser, the clamshell type Z Flip could display an incoming call while shut closed in a square shape, allowing users to choose to accept or decline the call. The hinge

IndustryFeb. 10, 2020

Korean EV battery companies carve out bigger market share in 2019

South Korea’s major electric vehicle battery makers strengthened their market control in 2019 by supplying products to foreign automakers, industry data showed Monday. Three domestic electric vehicle battery giants -- LG Chem, Samsung SDI and SK Innovation -- increased their combined market share to 15.8 percent from 11.8 percent a year earlier, according to data from market tracker SNE Research. LG Chem moved up to third place with market share of 10.5 percent, knocking down Chinese

IndustryFeb. 10, 2020

S. Korea eyes further economic cooperation with India

A senior South Korean trade official left for India on Monday as part of the country's drive to forge deeper ties with emerging countries, the trade ministry said. Yeo Han-koo, deputy minister for trade negotiations, is set to meet with India's Commerce Secretary Anup Wadhawan in Delhi on Tuesday to discuss ways to bolster economic ties of the two countries, according to the Ministry of Trade, Industry and Energy. "As India is the key partner of the country's New Southern policy, we need

EconomyFeb. 10, 2020

Hyundai, Kia beat Volkswagen in EV sales last year

Hyundai Motor Co. and its affiliate Kia Motors Corp. said Monday their combined electric vehicle sales exceeded Volkswagen's EV sales in global markets last year. Hyundai and Kia, which together form the world's fifth-biggest carmaker by sales, sold a total of 126,406 electric vehicles in 2019, higher than the German carmaker's 84,199 units, according to data from global EVs data-focused provider InsideEVs. The two ranked sixth in the global EV sales rankings for 2019, following Tesla, Inc.,

IndustryFeb. 10, 2020