Positive outlook for Korean shipbuilders in 2020 with new sulfur cap

Korean shipbuilders, which secured over a third of new orders placed around the globe last year, are expected to lead the global industry in 2020 as well, especially with the new maritime cap regulating sulfur emissions, according to industry sources on Tuesday.Five prominent Korean shipbuilding companies recorded a combined $26.2 billion in 2019, fulfilling 81 percent of annual targets, industry data showed.Hyundai Heavy Industries won $12 billion in new orders to build 135 ships, achieving som

IndustryJan. 7, 2020

Posco to donate A$500,000 for Australian bushfire relief

South Korea’s leading steelmaker Posco will donate 500,000 Australian dollars ($347,000) for Australian bushfire relief via its regional corporation there, the company said Tuesday. According to Posco, the relief fund will be delivered to the Australian Red Cross after the decision passes at its Australian corporate board of directors meeting.  “We wish to help relief of the disastrous bushfire and share the burden with Australians,” Posco Chairman Choi Jeong-woo said. Sin

IndustryJan. 7, 2020

Net assets of ETFs jump 26% in 2019: data

South Korea's exchange traded fund market posted solid growth last year, with net assets of ETFs surpassing 50 trillion won ($42.9 billion) for the first time, the bourse operator said Tuesday.The net asset value of the country's ETFs increased 26.1 percent last year from a year earlier to amount to 51.7 trillion won, according to the Korea Exchange .Representing a basket of stocks that reflect an index, an ETF can be traded on stock exchanges, allowing more flexibility in making investments and

EconomyJan. 7, 2020

[CES 2020] LG Display CEO vows to expand OLED supplies beyond TVs

LAS VEGAS -- Jeong Ho-young, chief executive officer of LG Display -- the world’s largest organic light-emitting diode panel maker -- vowed Monday to put the money-losing company back on track by expanding supplies of OLED panels to growing markets such as transportation and interior. During a press conference held ahead of the opening of the Consumer Electronics Show in Las Vegas, Jeong revealed his target figures for improving the company’s financial status and plans to expand sale

TechnologyJan. 7, 2020

[CES 2020] LG Electronics envisions AI that can reason

LAS VEGAS – It’s a small butler, hard as a tin but intelligent as a human.“Good morning, did you sleep well?” says a robot as it suggests breakfast menus, recommending a light green salad to help reduce stress before your big presentation at work.The AI robot knows your schedule, can even assume the state of your feeling and offer due action plan.This is what a Level 3 AI will be able to do for humans, according to the AI framework envisioned by LG Electronics and Element

TechnologyJan. 7, 2020

[CES 2020] Samsung unveils life companion bot Ballie

LAS VEGAS -- A small yellow ball-shape robot, called Ballie, stole the show during a keynote speech by Samsung Electronics’ CEO in Las Vegas on Monday. The South Korean tech giant unwrapped its brand new personal care robot, defining that artificial intelligence is the future of personalized care. Kim Hyun-suk, chief executive officer of Samsung’s consumer electronics division, shared the stage with a yellow ball-shape robot that literally “rolled” during his keynote spee

TechnologyJan. 7, 2020

Volvo aims to sell 12,000 vehicles in S. Korea this year

Volvo Cars Korea said Tuesday it aims to sell 12,000 vehicles this year on higher demand for its SUVs.The 2020 sales target is 14 percent higher than the carmaker's sales of 10,570 vehicles last year, according to data from the Korea Automobile Importers and Distributors Association.Volvo's three best-selling models were the midsize XC60 SUV, the compact XC40 SUV and the S90 upper midsize sedan in 2019, driving up the annual sales result, the KAIDA data showed. The midsize S60 sedan and the V60

MobilityJan. 7, 2020

[Newsmaker] Shin Dong-bin steps down as director of Lotte E&C

Lotte Group Chairman Shin Dong-bin stepped down as an executive director of the group’s construction unit last month, according to the firm’s regulatory filing on Tuesday. Shin resigned from his post at Lotte Engineering & Construction after two years and nine months to take responsibility following the Supreme Court’s decision on his involvement in a bribery scandal and to strengthen responsible management, the group said. In October, the nation’s top court conf

IndustryJan. 7, 2020

Global chip market will likely recover in Q2: report

The global semiconductor market will likely rebound in the second quarter as manufacturers struggle to ease a supply glut that has pushed down prices, an industry report said Tuesday. Hana Institute of Finance said in the report that the fluctuations and downturn in the semiconductor sector were largely due to oversupply."Last year's sluggish chip exports and poor earnings by chipmakers were not due to a drop in sales but to price drops driven by oversupply," the report said.  Har

IndustryJan. 7, 2020

Major firms' operating profit estimated to have almost halved last year

Major listed firms are estimated to have seen their earnings nearly halve last year in the face of uncertainties stemming from the Sino-American trade row, a market tracker said Tuesday.According to data compiled by Yonhap Infomax, a financial information provider, the combined operating profit of the 51 companies, which are also part of the KOSPI 200 Index, is estimated to have fallen by 44.59 percent to 69 trillion won ($59.2 billion) in 2019 compared with the previous year's 124.5 trillion wo

IndustryJan. 7, 2020

S. Korea to host more companies at food cluster

South Korea said Tuesday it will continue efforts to invite more businesses to the food industry complex with tax incentives and better infrastructure to bolster the country's exports of foodstuff and meet the changing market demand.As of 2019, there were a total of 93 food companies and institutes operating at the national food cluster in Iksan, 246 kilometers south of Seoul, according to the Ministry of Food, Agriculture and Rural Affairs.South Korea said the figure will rise to 110 by the end

IndustryJan. 7, 2020

S. Korea in close talks with ASEAN for mega Asia-Pacific trade deal

South Korea will spare no efforts to help conclude a mega Asia-Pacific trade deal by the end of this year by forging deeper ties with the Association of Southeast Asian Nations, as the country strives to revitalize its ailing exports, Seoul's trade ministry said Tuesday.In line with the efforts, Yeo Han-koo, deputy minister for trade negotiations, plans to visit the headquarters of ASEAN in Indonesia on Wednesday to meet the regional bloc's Secretary-General Lim Jock Hoi, according to the Minist

EconomyJan. 7, 2020

More liquidity to be funneled into small firms, merchants ahead of holiday

South Korea plans to inject more liquidity into smaller firms and merchants to help boost private consumption ahead of Lunar New Year's Day, the finance ministry said Tuesday. As part of the plan, the government will provide 36 trillion won ($30.7 billion) in financial support, up 3.3 trillion won from the previous year, the Ministry of Economy and Finance said in a statement. The government will also roll over 54 trillion won worth of debt owed by smaller firms and merchants, the ministry said.

IndustryJan. 7, 2020

Korea's current account surplus widens to $5.97b in Nov.

South Korea's current account surplus grew from a year earlier in November as its service account deficit narrowed, while its primary income account surplus expanded, central bank data showed Tuesday.The country's current account surplus came to $5.97 billion in the month, up $840 million from the same month last year, according to preliminary data from the Bank of Korea.November marks the seventh consecutive month the country's current account has been in black. The figure, however, marks a dro

EconomyJan. 7, 2020

[CES 2020] LG Electronics further enhances OLED TVs for cinema, sports, gaming

LAS VEGAS -- LG Electronics announced Monday the company would unveil a reinforced lineup of organic light-emitting diode TVs for 2020, including further-enhanced picture quality and art-inspired design breakthroughs, with the goal of bringing cinema, sports and gaming to life at home, at the Consumer Electronics Show in Las Vegas. The world’s biggest provider of OLED TVs enhanced picture quality of its OLED models with the latest third-generation artificial intelligence Alpha 9 processor,

IndustryJan. 6, 2020

With US-Iran tension, Korea braces for oil price hike

Heightened tensions between the US and Iran may force South Korea to further lower its oil import reliance on the Middle East, according to industry watchers. As hostilities between the two nations escalated over the weekend, international oil prices have soared, stocks have fallen and prices for safe assets have soared. International benchmark Brent crude closed at $68.60 a barrel on Friday, up 3.55 percent, the highest level in six months. Gold rose 1.3 percent to $1,549 an ounce, the highest

IndustryJan. 6, 2020

[CES 2020] Samsung to produce microLEDs for homes

LAS VEGAS/SEOUL -- Under its mantra “Screen is Everywhere,” Samsung Electronics on Monday announced an expanded lineup of microLED screens aimed for mass production and commercial launch for homes in the second half of the year. A full lineup of Samsung’s highest-end self-emissive microLED display brand The Wall, including 75, 88, 93, 110 and 150 inches, will be mass-produced starting from the second half of the year, according to Samsung Visual Display President Han Jong-hee a

IndustryJan. 6, 2020

Korean stock market hit by US-Iran conflict

The Korean stock market was impacted by the intensifying geopolitical tensions between the US and Iran, with negative repercussions expected to continue, according to analysts Monday.Seoul’s benchmark bourse Kospi opened sharply low -- down 21.49 points, or 0.99 percent, from the previous session. The weak start continued through the day and it closed at 2,155.07. The tech-heavy Kosdaq also slipped 14.62 points, or 2.18 percent, to 655.31.Most large caps in the local market were in negativ

MarketJan. 6, 2020

FDI to Korea falls 13.3% to $23.3b

Data from the Ministry of Trade, Industry and Energy showed Monday that foreign direct investment to South Korea fell 13.3 percent on-year in 2019 to reach $23.3 billion of investment in total.According to the data, last year’s FDI pledged to Korea was the second-largest amount after the $26.9 billion reported in 2018. The ministry said 2018 saw the record-high FDI thanks to earlier-reported investments by firms prior to the government’s planned abolition of corporate tax benefi

IndustryJan. 6, 2020

How to allure Parisians? Marketing startup Ppanam has an answer

France, a beauty and fashion powerhouse, has been a hard nut to crack for many Korean cosmetics companies. Although local South Korean brands have spent a huge amount on marketing since the 1980s to gain traction there, they have seen little success. Making matters worse, social media has rapidly transformed marketing trends, meaning traditional marketing through TV commercials and offline stores are not as effective as before.Korean influencer marketing startup Ppanam’s CEO Ham Dong-hyuk

MarketJan. 6, 2020