Korean retailers expand delivery service with robots, drones

Retail companies in South Korea are taking the plunge into last-mile mobility technology by launching service robots and drones to provide contactless services sparked by the coronavirus pandemic. To meet the high demand for delivery and dining services, Mesh Korea, the operator of tech-based logistics startup Vroong, said Wednesday it has partnered up with Bear Robotics Korea, the Korean branch of a US-based robot manufacturing company, to introduce unmanned automated transport service to the

ConsumerFeb. 9, 2022

LX Hausys sets eye on North American market at KBIS 2022

The building materials company LX Hausys said Wednesday that it showcased its latest collection of engineered stone and artificial marble at the Kitchen and Bath Industry Show in Orlando, Florida, which began Tuesday and concludes Thursday. The company’s outing to North America’s largest jamboree for kitchen and bath brands signals its ambitions to further tap into the lucrative North American market.  The Calacatta Collection fashioned from Viatera, an engineered stone surface

BusinessFeb. 9, 2022

Google files lawsuit against S. Korean regulator to overturn fine

Google has filed a lawsuit against South Korea's antitrust regulator to overturn the regulator's decision to fine the global technology giant for pressing smartphone makers into only using its Android mobile operating system, sources said Wednesday. The legal action by Google against the Korea Fair Trade Commission (KFTC) came after the KFTC decided in September last year to fine Google 207.4 billion won ($173 million) for obstructing local smartphone makers, such as Samsung Electronic

TechnologyFeb. 9, 2022

SK rises to No. 2 Korean company by assets

Semiconductor-to-telecom conglomerate SK Group has stepped up as the country’s second-largest business group in terms of assets, market data showed Wednesday. SK Group, which has the largest number of affiliates in the country, 176, has been the country’s third-largest since 2006.  According to market tracker CEO Score data on conglomerates’ assets as of third quarter last year, SK Group’s assets came at 270.7 trillion won ($226 billion) as of Q3 last year, which

IndustryFeb. 9, 2022

Asset value rise leads to early retirement of senior citizens: BOK report

An increase in the value of assets owned by senior citizens results in a rise in the possibility of their early retirement, causing a decline in labor supply to the economy, a central bank report showed Wednesday. According to the report by the Bank of Korea, a 10 percent increase in the value of assets such as homes owned by senior people leads to a 1.8 percentage point fall in their economic participation rate and a 6.1 percent decline in hours they worked. Such asset value increase also raise

EconomyFeb. 9, 2022

S. Korean economy faces heightened external economic risks: KDI

The South Korean economy is on a recovery track, but external economic uncertainty remains high amid soaring energy costs and monetary policy shifts by the US Federal Reserve, a state-run think tank said Wednesday. The manufacturing industry has extended solid growth and the latest spike in COVID-19 cases appears to have had limited impacts on the service sector, compared with previous waves of the pandemic, the Korea Development Institute (KDI) said in a monthly economic assessment report. &quo

EconomyFeb. 9, 2022

Homeplus fined W2.42b for unfair biz activity

South Korea's antitrust regulator said Wednesday it has decided to fine discount store chain Homeplus 2.42 billion won ($2 million) for unfairly passing on sales promotion costs to its subcontractors. Homeplus Express, a supermarket unit of Homeplus, made 45 suppliers shoulder the costs worth around 1.7 billion won in 2017-2020 without related prior contracts, according to the Fair Trade Commission. The regulator said it will closely look into alleged unfair business practice by other retailers.

IndustryFeb. 9, 2022

S. Korea asks OECD chief for more discussions on digital tax deal

South Korea on Wednesday asked the chief of the Organization for Economic Cooperation and Development (OECD) to have additional discussions on its global tax deal to prevent exporters from shouldering an excessive burden, Seoul's industry ministry said. South Korea's Industry Minister Moon Sung-wook made the request during a meeting with the organization's Secretary-General Mathias Cormann held in Seoul. In October, the OECD announced that 136 nations had agreed upon a sweeping reform of the int

EconomyFeb. 9, 2022

SK Telecom Q4 net profit down 14% to W314.8b

SK Telecom Co. on Wednesday reported its fourth-quarter net profit of 314.8 billion won ($263.4 million), down 14 percent from a year earlier. The company said in a regulatory filing that it posted 226.7 billion won in operating profit for the quarter, compared with 292.7 billion won a year ago. Sales rose 3.9 percent to 4.29 trillion won. The operating profit was 3.4 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency

IndustryFeb. 9, 2022

Kakao pledges to create 20,000 jobs over next 5 yrs: govt.

Kakao, the operator of South Korea's top mobile messenger KakaoTalk, has promised to create 20,000 new jobs over the next five years as part of the government's youth job and education support project, the Prime Minister's Office said Wednesday. Kakao will directly hire 10,000 people over the next five years, and foster some 6,000 professional IT technicians through its AI Campus. It will also run support programs for partners and startups to recruit 4,000 people. The plan was declared during a

IndustryFeb. 9, 2022

Hyundai, Kia to recall 485,000 vehicles in US

Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday that they will recall 485,000 vehicles in the United States due to possible fire involving an anti-lock braking control module. The subjected models are 357,830 units of Hyundai's Santa Fe and Tucson SUVs and 126,747 units of Kia's K900 sedans and Sportage SUVs. Hyundai and Kia reported their recall plans to the National Highway Traffic Safety Administration after 11 cases of fires involving the component were reported with no casualti

IndustryFeb. 9, 2022

Singapore OKs Korean Air-Asiana combination

Korean Air Lines Co. said Wednesday it has received "unconditional" regulatory approval from Singapore for its integration with Asiana Airlines Inc. in a move that could speed up its process to acquire the smaller domestic rival. In January last year, Korean Air submitted documents to antitrust regulators of 14 countries for the review of its business combination with Asiana.  As of Wednesday, the company received approvals from seven countries -- Singapore, Vietnam, Thailand,

IndustryFeb. 9, 2022

SK Group emerges as No. 2 conglomerate in 2021

SK Group became South Korea's No. 2 conglomerate in 2021 for the first time in 16 years, overtaking automaking behemoth Hyundai Motor Group, a corporate tracker said Wednesday. SK, whose flagship is chip giant SK hynix Inc., had assets worth 270.7 trillion won ($226 billion) as of end-September last year, up 13 percent from a year earlier, according to CEO Score. The amount was the second largest among the country's 71 conglomerates with assets of 5 trillion won or more, which was designated a

IndustryFeb. 9, 2022

Seoul stocks open higher on US gains

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.53 points, or 0.86 percent, to trade at 2,770 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 1.28 percent and the Dow Jones Industrial Average advanced 1.06 percent. In Seoul, market bellwether Samsung Electronics added 1.36 percent, and No. 2 chipmaker SK hynix advanced 2 percent. Internet porta

BusinessFeb. 9, 2022

Hana Financial taps vice chief as new chairman

South Korea’s Hana Financial Group has nominated Vice Chairman Ham Young-joo to be the next chairman of the banking group. On Tuesday, firm’s chairman nomination committee tapped Ham as the sole nominee for the position, citing his performance in generating profit and bolstering stability in business. Ham has also shown “extraordinary leadership” in managing the group and is expected to lead Hana into the future with digital transformation, the committee said in a statem

MarketFeb. 8, 2022

[EXCLUSIVE] Samsung Electronics CEO in Vietnam ahead of Galaxy Unpacked 2022

Samsung Electronics Vice Chairman and CEO Han Jong-hee is in Vietnam to make final preparations for the South Korean tech giant’s annual Galaxy Unpacked event scheduled this Thursday. According to an industry source Tuesday, the executive arrived in Hanoi on Monday to check the production of Galaxy 22 smartphones. This is Han’s first visit to Vietnam since Samsung Electronics merged its smartphone and consumer electronics divisions into the mobile experience (MX) division in Decem

IndustryFeb. 8, 2022

Chanel joins Louis Vuitton in leaving duty free shops in Korea

French luxury brand Chanel has decided to pull out of duty free shops in Busan and Jeju in late March, signaling another blow to local duty free retailers who have also lost Louis Vuitton and Rolex. Chanel has informed the retailers that they will close boutiques at the Lotte duty free store in Busan and the Shilla duty free store in Jeju, the only downtown duty free shops outside Seoul that had Chanel. Louis Vuitton stopped running its store at the Lotte duty free shop in Jeju from Jan. 1, a

ConsumerFeb. 8, 2022

Gasoline prices climb for 30 consecutive days

SEJONG -- Gasoline prices in South Korea climbed for the 30th consecutive day in tandem with international crude prices, adding to the burden on households and businesses. According to the Korea National Oil Corp., the price of gasoline rose to 1,688.19 won ($1.41) per liter on Tuesday. This marked a rebound stretching 30 consecutive days, starting from Jan. 10 after posting 1,621.3 won on Jan. 9. The current level marked the highest in more than two months -- since Nov. 22, when it reached 1,

EconomyFeb. 8, 2022

Eva Global Holdings to support Korean firms for Indian foray

Eva Global Holdings, a New York- and Seoul-based consultancy firm specializing in trade and investment, said Tuesday it has signed a memorandum of understanding with the Federation of Indian Industry to support Korean companies looking to enter the Indian market. The Federation of Indian Industry, or FII, is a business lobby that represents some 5,000 Indian companies. The latest agreement aims to bolster trade and investment relations between South Korea and India. Under the deal, the signi

IndustryFeb. 8, 2022

Seoul stocks end nearly flat on US-China tensions

South Korean stocks closed nearly flat Tuesday, paring most earlier gains, in the face of elevating trade tensions between the world's two largest economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) edged up 1.41 points, or 0.05 percent, to close at 2,746.47 points. Trading volume was moderate at about 555 million shares worth some 11.6 trillion won ($9.7 billion), with losers outnumbering gainers 544 to 313. Foreigners sold a net 97 b

MarketFeb. 8, 2022