Toyota to launch 4 new models in H1 to boost S. Korea sales

Toyota Motors Corp. said Thursday it will launch four new models in South Korea in the first half of the year to jump-start its lackluster sales amid trade tensions between Seoul and Tokyo. Toyota Motors plans to introduce the gasoline-powered GR Supra sports car on Jan. 21, the Camry's sports version XSE gasoline model in February and the all-wheel drive Prius and Prius C Crossover gasoline hybrid models in March, the company said in a statement.For the whole of 2019, Toyota sold 10,611 vehicle

MobilityJan. 9, 2020

Economic slump shows signs of easing: KDI

South Korea's economy remained sluggish in November due to a slump in manufacturing and investment, but the slump showed signs easing as business confidence improved, a state-run think tank said Thursday. "The Korean economy is still exhibiting slow growth although some indicators imply that the slowdown is easing," the Korea Development Institute said in its English-language Monthly Economic Trends publication."The growth in retail sales and services production ticked up and lead

EconomyJan. 9, 2020

BOK Gov. Lee to attend BIS meeting

The head of South Korea's central bank will head to Switzerland this week to attend a Bank for International Settlement meeting, the Bank of Korea said Thursday.BOK Gov. Lee Ju-yeol will head to Basel on Friday for the meeting of governors from 60 BIS member central banks. The bimonthly meeting will be held Sunday and Monday."During the meeting, Gov. Lee will discuss current conditions facing the global economy and financial market," the bank said."Also as a member of the BIS Boar

EconomyJan. 9, 2020

Kakao hits yearly high on Q4 earnings hope

Shares of Kakao Corp., the operator of South Korea's largest messaging app, Kakao Talk, climbed to a yearly high on the Seoul bourse Thursday, helped by a rosy quarterly earnings outlook. Kakao stocks closed at 164,000 won ($141.56), up 2.82 percent from the previous session's close.The tech firm's stock rally came amid high hopes for the firm's earnings last year. NH Investment & Securities estimated Kakao's quarterly sales to grow 26.4 percent to 85.1 billion won in the October-December pe

MarketJan. 9, 2020

S. Korea to revamp safety policies on deep-sea fishing boats

South Korea said Thursday it will revamp safety guidelines for deep-sea fishing boats and their crewmen to improve their working environment and better meet international regulations.Under the plan, South Korea will raise a fund worth 170 billion won ($146 million) together with shipowners and financial firms to replace fishing boats that are 40 years or older, according to the Ministry of Oceans and Fisheries.The state budget allocated for the fund is 85 billion won.  "Many of the dee

IndustryJan. 9, 2020

DuPont to invest $28m in S. Korea to build material production line

US-based chemical firm Dupont on Thursday announced its plan to invest $28 million in South Korea to build a production line for photoresist, which can potentially help Asia's No. 4 economy reduce its dependence of the key industrial material on Japan amid their trade spat.Under the project, Rohm and Hass Electronic Materials Korea Ltd., the South Korean unit of Dupont, will build a new production line in Cheonan, 92 kilometers south of Seoul, and test facilities for extreme ultraviolet  &n

IndustryJan. 9, 2020

Hankook Tire sets up Austria subsidiary for Europe expansion

Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Thursday it has set up an overseas subsidiary in Austria for expansion in Europe.The subsidiary established in Vienna Schwechat will be in charge of sales in Austria and Switzerland to gain a bigger share in the European markets, the company said in a statement.Hankook Tire has 15 subsidiaries in Europe in countries such as Germany, Britain, France, Spain, Hungary, Russia and Sweden, it said. Hankook Tire earns

IndustryJan. 9, 2020

Hyundai, Kia's US sales rise 4.6% on brisk demand for SUVs in 2019

Hyundai Motor Co. and its affiliate Kia Motors Corp. said Thursday their combined sales in the United States rose 4.6 percent last year, helped by robust sales of SUVs. In 2019, Hyundai and Kia sold a combined 1,304,109 vehicles in the world's most important automobile market, up 4.6 percent from 1,257,307 units the previous year, the companies' sales data showed. The annual figures include sales of Genesis models that are sold under Hyundai's independent Genesis brand. Hyundai and Genesis' US s

MobilityJan. 9, 2020

S. Korea faces more trade barriers amid growing protectionism

South Korea faced more trade barriers last year amid growing protectionism around the globe spearheaded by the US-China trade war, with steel and chemical industries being primary victims, data showed Thursday.The number of newly added import regulations targeting South Korean goods reached 41 cases in 2019, doubling from just 20 cases a year earlier, according to the data compiled by the Korea International Trade Association.The trade barrier includes anti-dumping tariff, countervailing duty an

EconomyJan. 9, 2020

SUV sales in S. Korea hit record high in 2019

Sales of sport utility vehicle models in South Korea hit a record high last year as carmakers strengthened their SUV lineups to meet rising demand for recreational vehicles, industry data showed Thursday.  For the whole of 2019, the country's five automakers, including Hyundai Motor Co. and Kia Motors Corp., sold a combined 575,662 SUVs here, accounting for 38 percent of their domestic sales of 1,533,166 passenger vehicles, according to the carmakers' sales data.  Their local sales fel

MobilityJan. 9, 2020

[News Analysis] Can Delivery Hero-Woowa deal reshape Korea’s food delivery market?

For decades, free door-to-door food delivery service has been a common option for all kinds of South Korean restaurants.Not just pizzas, fried chicken and Chinese food, but also soups and meat dishes are just a phone call away – for delivery to homes, offices and even parks and other public spaces. The advent of digitalization, however, has led to the rise of online on-demand food delivery service platforms. Homegrown mobile apps, including Baedal Minjok, Yogiyo, Baedaltong, as well as exp

MarketJan. 8, 2020

Iran's retaliation dents Korean financial market

To combat economic fears stemming from the escalating geopolitical tensions, the financial authorities have bolstered their monitoring and reiterated their commitment on Wednesday to swiftly stabilize the market via contingency plans if necessary.Global markets were rattled by escalating tensions in the Middle East, as Iran fired more than a dozen ballistic missiles at a US air base in Iraq early Wednesday in retaliation for last week’s American drone strike to kill a top Iranian commander

EconomyJan. 8, 2020

[Monitor] Young chaebol scions promoted faster

According to local corporate tracker CEOScore, members of the owner families of the nation’s conglomerates joined their groups at the age of 29 and became executives at 33.6 on average. The survey was carried out on 40 groups, in which both parents and their children participate in the management, among the nation’s top 59 groups that are defined as chaebol by the Fair Trade Commission. The survey showed the young chaebol scions were promoted to executives after 4.1 years after joini

IndustryJan. 8, 2020

[CES 2020] LG, Luxoft to set up JV for in-vehicle infotainment

LG Electronics and Switzerland’s Luxoft announced Wednesday they will set up an in-vehicle infotainment joint venture in Santa Clara, California, in the first half of 2020. The partnership deal was signed by LG Electronics Chief Technology Officer Park Il-pyung and Luxoft CEO Dmitry Loschinin on the sidelines of the Consumer Electronics Show in Las Vegas. They vowed to strive for innovations in the intelligent mobility field. The JV, whose name or ownership ratio will be decided later, wil

IndustryJan. 8, 2020

Stock market adds just 1 company to ‘W1tr club’ last year

The South Korean stock market saw only one listed firm join its 1 trillion won ($849 million) market capitalization club last year, reflecting the overall sluggish performance, according to the Korea Exchange on Wednesday.The local stock market operator said in its report that there were 194 listed companies in the exclusive club at the end of last year, just one more than the previous year.Seoul’s benchmark Kospi welcomed three new big caps, for a total of 168. The tech-laden secondary Ko

MarketJan. 8, 2020

[CES 2020] Korean electronics giants pack technology into cars

LAS VEGAS -- Samsung Electronics and LG Electronics boasted their technological prowess with up-to-date developments of connected car platforms exhibited at the world’s biggest technology show that kicked off Tuesday.LG Electronics showcased a connected car model for the first time this year at the Consumer Electronics Show 2020 in Las Vegas. The company exhibited the connected car model, co-designed with automotive seating supplier Adient, next to the AI ThinQ zone at its booth, offering

TechnologyJan. 8, 2020

[Exclusive] CJ HealthCare to reinvent itself under Kolmar by April

CJ HealthCare, which was acquired by Kolmar Korea -- the 10th-largest pharmaceutical company in South Korea -- for around 1.3 trillion won ($1.2 billion) in 2018, will be rebranded by April to show its affiliation with the parent company, sources told The Korea Herald on Wednesday.As per the acquisition deal, CJ HealthCare was allowed to retain its name for two years to maintain its corporate image for sales promotion.According to sources, the company is now actively considering to change its na

IndustryJan. 8, 2020

LG sees record high revenue but earnings dip 10%

LG Electronics said Wednesday its fourth-quarter operating profit is expected to have increased by more than 30 percent from a year earlier, but the performance was below analyst expectations. The annual sales, however, are expected to reach an annual record high of 62.31 trillion won ($53.22 billion), up 1.6 percent from a year earlier. The operating profit will be around 2.4 trillion won for the whole of last year, a year-over-year decline of 10 percent, in the firm’s regulatory fil

TechnologyJan. 8, 2020

[CES 2020] SK Telecom partners with HK-based EV brand Byton

South Korean mobile carrier SK Telecom said Tuesday it has signed a memorandum of agreement with Hong Kong-based all-electric vehicle brand Byton to cooperate on next-generation mobility. The two companies signed an MOU at the Consumer Electronics Show in Las Vegas, the world’s largest annual tech show that is currently underway.Last year, Byton’s parent company, Future Mobility, signed a deal with Korea’s Myongshin to build electric sport utility vehicles in Korea -- with

TechnologyJan. 8, 2020

[CES 2020] Samsung to roll out robots around June: CEO

Samsung Electronics is planning on commercializing a new robot in June or July this year, said Kim Hyun-suk, chief executive officer of Samsung’s consumer electronics division.  During a press conference held Tuesday at Caesars Palace in Las Vegas, Kim said the new robot would be the third or fourth Project Prism product. Project Prism is the company’s personalized electronics platform. For wider access, the price of the robot will be similar to that of a large washing machine f

TechnologyJan. 8, 2020