Seoul stocks open higher on US gains

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.66 points, or 0.19 percent, to 3,034.7 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 0.71 percent to 15,129 points on hopes of strong corporate earnings, and the Dow Jones Industrial Average gained 0.56 percent to 35,457 points. South Korea's new virus cases stayed below 2,000 for the 12th consecutive day Wedn

MarketOct. 20, 2021

[Herald Interview] Philips in for long-term partnership with Korean partners: CEO

In a world rapidly digitalizing amid the COVID-19 pandemic, Philips seeks to strengthen its partnership with innovative Korean health care providers, said Frans van Houten, the chief executive officer of the Dutch health technology firm. Through a virtual interview with The Korea Herald on Monday, Van Houten highlighted the importance of having long-term partnerships with health care providers around the world, including those in markets like Korea with strong technological prowess and quali

TechnologyOct. 20, 2021

Brokerages sharply cut Q3 earnings outlook for major listed firms

South Korean brokerage houses have sharply lowered their third-quarter earnings outlook for major listed firms amid rising inflation and other negatives, a market tracker said Wednesday. The combined net profit forecast for 168 major listed firms came to 29.7 trillion won ($25.2 billion) for the July-September period as of Tuesday, up 4.3 percent from a year earlier, according to financial information provider FnGuide. Yet, it represents a 34 percent plunge from their estimate of 44.9 trillion

EconomyOct. 20, 2021

[Herald Interview] ‘For durable recovery, S. Korea’s monetary policy can remain accommodative’

The Bank of Korea’s August decision to raise its key rate has sent a market signal that the pandemic-triggered liquidity party in South Korea could be nearing an end. The International Monetary Fund, a global organization striving for financial stability, however, remained cautious about the central bank’s hawkish turn to fight rising inflationary pressure and soaring household debt, advising it to slow down the pace of rate normalization. “Korea’s monetary policy stanc

EconomyOct. 19, 2021

Seoul halves recommended agency fees to relieve housing price burden

Legally suggested brokerage fees were lowered around 50 percent starting Tuesday, over implementation of the related law revised to reduce burden on soaring housing prices. For those selling or buying a house worth more than 1 billion won, real estate agents can receive commissions up to 5 million won, 4 million won down from up to 9 million won, according to new guidelines. For “jeonse” and monthly rent contracts worth also over 1 billion won, agents can demand brokerage fees up to

MarketOct. 19, 2021

Seoul stocks rebound on easing virus woes, stabilizing currency market

South Korean stocks rebounded Tuesday on easing concerns about the new coronavirus and the volatility in the currency market. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.36 points, or 0.74 percent, to close at 3,029.04 points. Trading volume was moderate at about 833 million shares worth some 10 trillion won ($8.5 billion), with gainers outnumbering losers 449 to 381. Foreigners bought a net 146 billion won, while retail investors

MarketOct. 19, 2021

Falling Samsung shares: what it means to S. Korean investors

A 39-year-old investor in Seoul, surnamed Choi, had a strong belief that the share value of Samsung Electronics would soon reach 100,000 won ($84.80). Despite its continuous fall, recently to below 70,000 won, Choi has no plan to sell shares of the nation’s largest conglomerate and the world’s largest chipmaker. Instead, he sees the falling price as an investment opportunity. “I believe in Samsung Electronics. Although it appeared to go into free fall from some 90,000 won-leve

MarketOct. 19, 2021

Samsung SDI partners up with Stellantis for joint battery factory in US

Samsung SDI has signed an agreement with Stellantis to form a joint venture to build an electric vehicle battery factory in the United States, industry sources said Tuesday. Samsung SDI’s move draws a parallel with LG Energy Solution, which announced a day earlier that it would a create a joint venture with the same global auto group and construct a 40 gigawatt-hour EV battery plant in the US. While details remain unclear, such as the monetary value of the partnership deal, Stellantis

IndustryOct. 19, 2021

IB Korea launches agave wine-based cocktail

　Beer importer The IB Korea said it has begun local sales of an agave wine-based cocktail named Uptown Margarita, a brand of Texas-based distillery and winery Southern Champion. 　After the 1.5-liter Uptown Margarita showed strong sales, The IB Korea imported the 750-milliliter Uptown Margarita and 750-ml Uptown Pina Colada as well, and plans to begin sales of mini cocktails named BuzzBalls next month. 　The Uptown Wine Cocktails are currently sold at E-mart, GS25, Lotte Big Market and Mega Mar

IndustryOct. 19, 2021

LIG Nex1 showcases satellite navigation, cargo drones

  　LIG Nex1 is showcasing a range of cutting-edge technologies under development, including large cargo drones powered by hydrogen fuel cells at the Seoul International Aerospace and Defense Exhibition, being held from Tuesday through Saturday.   　The defense company is also presenting the Korean Positioning System, a local version of the Global Positioning System, at the biennial defense exhibit at Seoul Air Base.   　The KPS, a 3.72 trillion-won ($3.15 billion) project that wil

IndustryOct. 19, 2021

Samsung SDS rolls out smart shipping platform for exporters

Samsung SDS, an IT solution provider affiliated with Samsung Group, has rolled out a one-stop freight shipping solution for local exporters. Dubbed Cello Square 4.0, the platform is designed to provide a one-stop solution for freight shipping to small and medium-sized companies that experience difficulty keeping up with complex export and import procedures, as well as to track the cargo’s delivery status. Utilizing the latest digital technologies such as artificial intelligence, the in

IndustryOct. 19, 2021

Low-cost carriers prepare for spike in international travel

South Korean low-cost carriers are preparing for a spike in international travel amid growing signs of travel confidence. Air Seoul, one of two budget airlines owned by Asiana Airlines, announced Tuesday it would resume flights between Incheon and Guam after a suspension of some 660 days. Flying twice a week starting late December, the airline said it marks the first air travel route to be resumed for tourists since the COVID-19 pandemic. The last flight to the US island territory by the airl

MobilityOct. 19, 2021

LG Chem develops plastic that can replace aluminum, eyes solar panel frame market

LG Chem said Tuesday it has developed a new type of plastic that is as durable as aluminum but 50 percent lighter, with plans to apply the raw material for frames of solar panels and auto components. According to South Korea’s leading chemical company, the new materia -- LUPOY EU5201 -- is designed to withstand long-term exposure to sunlight and exhibits strong resistance to heat and erosion. The material is also able to maintain its original color despite sunlight, as it is resistant to

IndustryOct. 19, 2021

Korea to build autonomous ship, test it in Ulsan

South Korea will construct an autnomous ship able to carry 300 people by 2022 and operate it in coastal waters off Ulsan to conduct feasibility tests on key technologies. According to the Ministry of Trade, Industry and Energy, the 45 billion-won ($38.1 million) project aims to gain a track record for the 2,800-ton ship and verify core technologies to be mounted on it, such as carbon emission reduction and engine optimization technologies. At the same time, the Industry Ministry will establis

IndustryOct. 19, 2021

[News Focus] Seoul housing prices climb 7% since May

SEJONG -- Housing prices in Seoul have continued to renew their all-time highs this year, in addition to a surge over the past few years since the mid-2010s. Many apartment complexes in the capital have recorded a 100-150 percent increase in price between 2016 and 2020. According to KB Kookmin Bank and Naver.com, the average trading price of homes in Seoul reached 39.33 million won ($33,100) per 3.3 square meters as of Oct. 15. This posted a 7.3 percent increase in just five months from&n

MarketOct. 19, 2021

VR, AR videos to be registered as intellectual property in S. Korea

Virtual reality and augmented reality videos alongside designs on streets, walls and human bodies will be eligible to be registered as intellectual property in South Korea from Thursday, the nation’s IP office said Tuesday. According to the Korean Intellectual Patent Office, the newly revised law would protect digitally produced designs with various purposes including communication, medical and security. Previously, such designs were able to be filed as IP when they formed part of items.

MarketOct. 19, 2021

Posco locally develops special steel pipes for hydrogen transportation

South Korean steelmaker Posco has succeeded in locally producing special steel pipes for hydrogen transportation and will supply them for the first time to the city of Ansan, Gyeonggi Province, the company said Tuesday. Until now, South Korea has relied on imported, small-caliber seamless steel pipes with a width about 15 centimeters for hydrogen transportation. Bigger pipes, as wide as 20 centimeters, are needed to carry the big volume of hydrogen transfer needed in the hydrogen test bed ci

IndustryOct. 19, 2021

Hyundai Glovis partners with Air Products to establish global hydrogen supply chain

Hyundai Glovis, the logistics arm of Hyundai Motor Group, is joining hands with Air Products & Chemicals, a US-based industrial gas manufacturer, to speed up the development of a liquefied hydrogen supply chain, the company said Tuesday. Hyundai Glovis CEO Kim Jung-hoon signed the supply chain agreement during a videoconference with Air Products & Chemicals Asia President Wilbur Mok as well as Korea unit CEO Kim Kyo-young. “We expect a great synergy from the partnership, a

IndustryOct. 19, 2021

NSC expresses 'deep regret' over N. Korea ballistic missile launch

The National Security Council expressed "deep regret" Tuesday over North Korea's launch of a short-range ballistic missile and urged Pyongyang to return to dialogue. The council met shortly after the North fired the missile toward the East Sea, according to Cheong Wa Dae. "The council members expressed deep regret that North Korea's launch occurred while active consultations are under way with the United States, China, Japan, Russia and other major countries to advance the Korea

TechnologyOct. 19, 2021

No. of employees in food service segment rebounds amid job recovery

The number of employees in the food service segment rebounded in April from a year earlier as the job market recovered amid the economic recovery, data showed Tuesday. The number of people employed at restaurants and eateries reached 1.6 million in April, 65,000 more than the previous year, according to Statistics Korea. The tally rebounded from October 2020 when the number of such workers fell 179,000, marking a record on-year fall. Still, the total number of workers in the food service segm

IndustryOct. 19, 2021