7 chicken-processing firms fined W25.1b for price fixing

South Korea's antitrust regulator said Wednesday it has decided to impose a combined fine of 25.1 billion won ($21.2 million) on seven poultry-processing companies for colluding to fix prices of chickens. Harim Co. and six other companies colluded to fix prices and supplies of chickens to be used for "samgyetang," or Korean ginseng chicken soup, between July 2011 and July 2017, according to the Korea Fair Trade Commission (KTFC). Their price fixing led to a hike of chicken prices dur

IndustryOct. 6, 2021

S. Korea calls for multilateral discussion on Europe's new carbon policy

South Korea's trade ministry on Wednesday called for the members of the World Trade Organization (WTO) to hold discussions to prevent global environmental regulations, including Europe's new carbon policy, from hindering global free trade. The European Union announced earlier that it will adopt the Carbon Border Adjustment Mechanism (CBAM), which is expected to be fully implemented in 2026 following a transition period of three years. "We need to hold multilateral discussions to avoid env

EconomyOct. 6, 2021

Exports of agricultural goods up 12.3% through Sept.

South Korea's exports of agricultural products rose 12.3 percent on-year in the first nine months of 2021 on the back of the strong popularity of "hallyu," the Korean wave of pop culture, around the globe. Outbound shipments of foodstuffs came to $6.1 billion in the January-September period, compared with $5.5 billion posted a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs.   Experts said the Korean Wave generated by K-p

EconomyOct. 6, 2021

Hanwha Techwin partners with Azena, KT for AI video solutions

Hanwha Techwin Co., a leading surveillance tech firm in South Korea, said Wednesday it will join forces with Azena, an Internet of Things company, and the country's telecommunications giant KT Corp. for artificial intelligence (AI)-powered video solutions. Under the partnership, Hanwha Techwin said its CCTV users will be able to easily add AI-powered video analytics tools to their products. Since CCTVs are built for different purpose for various locations, it is impossible to deliver all vid

IndustryOct. 6, 2021

Imported car sales down 6.6% in Sept on part shortages

Sales of imported vehicles in South Korea fell 6.6 percent in September from a year earlier due to fewer working days and supply glitch that stemmed from parts shortages, an industry association said Wednesday. The number of newly registered foreign vehicles fell to 20,406 units last month from 21,839 a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. "The monthly sales results are attributable to fewer working days due to the Chuseok h

EconomyOct. 6, 2021

Hyundai takes over half of FCEV market in Jan.-Aug. period

South Korean automaker Hyundai Motor Co. took over half of the fuel cell electric vehicle (FCEV) market in the first eight months of the year, led by strong demand for its SUV model, industry data showed Wednesday. Hyundai Motor, the maker of the NEXO SUV, sold about 5,900 units in the January-August period, up 34.5 percent from a year earlier, according to the data from SNE Research. Hyundai accounted for 52.2 percent of the global FCEV sales over the cited period, far surpassing its Japanese

IndustryOct. 6, 2021

LG Electronics' ADAS front camera to be used in Mercedes-Benz C-Class

LG Electronics Inc. said Wednesday its Advanced Driver Assistance Systems (ADAS) front camera co-developed with Daimler AG will be used in Mercedes-Benz C-Class vehicles. An ADAS front camera, usually tucked between the windshield and the rearview mirror, is considered the "eye" of a smart vehicle as it collects various traffic information. LG said its camera, powered by algorithms developed by its vehicle components solutions (VS) business unit, can provide various features, inclu

IndustryOct. 6, 2021

LS Cable set to win W200b submarine cable supply deal

LS Cable & System, South Korea's top wire and cable maker, said Wednesday it expects to win a 200 billion-won ($168 million) cable supply deal from Taiwan. LS Cable said it has been picked as the preferred bidder for the deal, and if the deal is signed, it will supply cables to a wind farm in Taiwan run by CSBC-DEME Wind Engineering by 2025. The wind farm, located in waters 50 kilometers off the west coast of Taiwan, will be able to generate up to 1 gigawatt of electricity, according to LS

IndustryOct. 6, 2021

Quarter of S. Korean mobile users subscribed to 5G: data

Around a quarter of South Korea's mobile subscriptions were on 5G networks in August, data showed Wednesday, as new smartphone launches boosted user growth in the latest generation networks. As of end-August, there were 17.8 million 5G network users, accounting for 24.8 percent of the country's total 71.9 million mobile network subscriptions, according to the data from the Ministry of Science and ICT. South Korea has a population of 51 million, and some people have multiple mobile phones. The

TechnologyOct. 6, 2021

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Wednesday as investor sentiment was uplifted by overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.73 points, or 0.4 percent, to 2,973.90 points in the first 15 minutes of trading. The key stock index got off to an upbeat start, tracking overnight gains on Wall Street that came after sharp losses the previous session. Overnight, the Dow Jones Industrial Average added 0.92 percent, while the tech-heavy Nasdaq compos

MarketOct. 6, 2021

Seoul expresses concerns over Washington's info-sharing request on chipmakers

South Korea's trade ministry on Wednesday expressed concerns over Washington's latest request to local chipmakers to share information on their supply chains amid growing concerns over the leak of major trade secrets. Trade Minister Yeo Han-koo met his US counterpart, Katherine Tai, in Paris on the sidelines of the council meeting of the Organization for Economic Co-operation and Development (OECD), sharing opinions on various bilateral trade issues, according to the Ministry of Trade, Industry

EconomyOct. 6, 2021

Domestic sales of Samsung's new foldable smartphones top 1m units

Domestic sales of Samsung Electronics Co.'s new foldable smartphones -- the Galaxy Z Fold3 and the Galaxy Z Flip3 -- have surpassed 1 million units, the company said Wednesday, as the tech giant strives to popularize the foldable category. The third generation of the Galaxy Z series topped the 1 million sales milestone Monday, which is just 39 days after its launch, according to Samsung.  It was the third fastest sales pace to exceed the 1 million sales mark in South Korea after the Gal

IndustryOct. 6, 2021

Inflation growth hits over 2% for 6th straight month in Sept.

South Korea's consumer prices grew more than 2 percent for the sixth consecutive month in September, due largely to high oil prices, data showed Wednesday, indicating a build-up of inflationary pressure amid an economic recovery. The consumer prices rose 2.5 percent in September from a year earlier, slowing from a 2.6 percent on-year gain in August, according to the data compiled by Statistics Korea. Compared with a month earlier, consumer inflation rose 0.5 percent last month. Core inflation

EconomyOct. 6, 2021

Financial firms' overseas units shine in H1 despite pandemic

South Korean financial companies' overseas units saw their earnings jump more than 27 percent in the first half of the year despite the coronavirus pandemic, a corporate tracker said Wednesday. According to CEO Score, 222 overseas subsidiaries of major banks and other financial institutions posted a combined net income of 411.6 billion won ($347 million) in the January-June period. It was up 27.1 percent from a year earlier and 6.1 percent from the first half of 2019, about six months before t

IndustryOct. 6, 2021

S. Korea's FX reserves hit record high in September

South Korea's foreign reserves rose to an all-time high in September due to a rise in profits from investment of foreign currency assets, central bank data showed Wednesday. The nation's foreign reserves came to $463.97 billion as of end-September, up $40 million from the previous month, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bull

EconomyOct. 6, 2021

In-car payment for food, gas grows popular

Ordering food and receiving it inside your car without reaching for a wallet is the latest fad in the auto industry. Hyundai Motor and Kia Motors last year introduced “Car Pay” which allows drivers to pay for gas and parking by tapping on a touchpad in their vehicles. It became a popular form of contactless payment as the pandemic drew on. Renault Samsung Motors unveiled an in-car payment system that can do more in its new XM3 SUV which hit showrooms in June. Passengers can order

MobilityOct. 5, 2021

GS Caltex teams up with Ikea to launch pickup service at gas stations

South Korean total energy company GS Caltex said Tuesday it has teamed up with home furnishing retail company Ikea Korea to launch a pickup service at one of its gas stations in Seoul’s Gangnam district, with plans to expand it across the country later this year. The move will cut the delivery fees to 19,000 won. Ikea delivery fees are relatively high because of the size and weight of the furniture products it sells. The new move comes as the number of online shoppers who use

ConsumerOct. 5, 2021

Samyang behind spicy Buldak ramen opens China office

South Korean instant noodle maker Samyang Foods is opening a branch in China, on the back of the worldwide popularity of its extremely spicy Buldak Ramen. The company said Tuesday the new office will launch in Shanghai in December, following the foundation of Samyang America in August. The China branch will focus on marketing and distribution of its products on the mainland, it said. China and the United States are key markets for the company, according to Samyang Foods, accounting for 45 p

ConsumerOct. 5, 2021

Online shopping increases 16.8% in Aug. amid pandemic

Online shopping in South Korea jumped 16.8 percent on-year in August to 15.8 trillion won ($13.3 billion), the highest transaction amount ever recorded for the month since records began in 2001, data showed Tuesday. According to data from Statistics Korea, food delivery orders set a new record high of 2.4 trillion won, rising from the previous month when the figure stood at around 2.3 trillion won. Statistics Korea said the COVID-19 pandemic and this year’s Tokyo Olympics contributed to

ConsumerOct. 5, 2021

More Shin Ramyun sold overseas than in Korea

International sales of Nongshim’s spicy Shin Ramyun surpassed local sales for the first time in the third quarter of this year, the South Korean foodmaker said Monday. Sales generated outside of South Korea accounted for 53.6 percent of the product‘s 690 billion won ($600 million) total sales in the first three quarters of the year. This is the first time that more Shin Ramyun was sold overseas since the product’s launch 35 years ago. Should the trend continue, Nongshim exp

ConsumerOct. 5, 2021