[News Focus] Apple’s free update of lossless format to reshape digital music in Korea

Last month,Apple rolled out two big updates -- a lossless audio format and Dolby Atmos support -- for its flagship digital music service. As Apple Music subscribers get the two upgrades at no extra charge, attention is now placed on Korean digital music providers that offer similar content in separate pay plans. With the updates, Apple switched over 20 million tracks to a lossless format named ALAC, or Apple lossless audio compression. Apple said it plans to make its entire catalogue of over 7

TechnologyJuly 5, 2021

Korea pushes measures to clinch $30b of foreign construction deals

With signs of recovery in the global construction market, the government said Monday it would make an all-out effort to achieve its goal of securing $30 billion worth of overseas construction deals this year. “Large-scale infrastructure investment demand from developed and developing countries is expected to grow as the global construction market is expected to recover this year,” Finance Minister Hong Nam-ki said. Korean construction firms won overseas orders worth $14.7 billion

EconomyJuly 5, 2021

SKT offers a glimpse of what mmWave 5G network would be like

South Korea’s top wireless carrier SK Telecom said Monday that the company has started a test run of its 5G network running on the 28-gigahertz bandwidth at Coex, in Samseong-dong, Seoul. For the test run of super-fast wireless connection, the company has set up an exhibition at a 36,000-square-meter area at Coex, offering a glimpse into SKT’s future technology businesses, such as the metaverse. During the event, which runs through Sunday, anyone who visits can use the “mi

TechnologyJuly 5, 2021

Samsung likely to unveil three foldable phones on Aug. 11

Samsung Electronics will unveil a lineup of new mobile devices, including foldable phones, next month, according to industry sources on Monday. Industry watchers say that Samsung will be holding a Galaxy Unpacked event at 11 p.m. on Aug. 11, Korea time, which will be livestreamed from Seoul. Samsung, however, hasn’t yet sent out an official invitation to its partners and media worldwide. Regarding the schedule, Samsung said it is not yet fixed. The upcoming show will be the first th

TechnologyJuly 5, 2021

[News Focus] Welstory: Food for Samsung workers or the Lees?

A hefty fine given to four Samsung companies, including Samsung Electronics, by the Fair Trade Commission late last month has dealt another blow to South Korea’s top conglomerate in terms of compliance. On Friday Kim Ki-nam, chief of Samsung’s semiconductor business, currently the most powerful person at the company while de facto owner Lee Jae-yong is in jail, urged executives and employees to continue making “ceaseless efforts to maintain compliance rules” in a letter

IndustryJuly 5, 2021

Seoul stocks rebound on earnings hope; Kosdaq sets record for 3rd day

South Korean stocks rebounded Monday after a two-day slump, largely on speculations of solid corporate earnings in the second quarter. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 11.43 points, or 0.35 percent, to close at 3,293.21 points. Trading volume was moderate at about 839 million shares worth around 14.3 trillion won ($12.6 billion), with losers outnumbering gainers 460 to 372. Foreigners bought a net 1 billion won, while ret

MarketJuly 5, 2021

Local builder Jungheung picked as preferred bidder for Daewoo E&C deal

KDB Investment, a controlling shareholder of Daewoo Engineering & Construction have picked Jungheung Group, a local construction company, as a preferred bidder for acquiring the country‘s sixth-largest builder, the proposed seller said Monday. The announcement sets the stage for Jungheung to further negotiate with KDB Investment, which holds 210.9 million common shares, or a 50.75 percent stake, in Daewoo E&C. The Jungheung-led consortium outbid the investor group of builder DS

MarketJuly 5, 2021

BAT’s tobacco heating product reduces harmful exposure: study

BAT Korea unveiled a new study on Monday that showed its tobacco heating product Glo was able to “significantly” reduce harmful exposure to toxic substances. The recent study published in the Journal of Internal and Emergency Medicine offers the “first real-world evidence” that switching from cigarettes to exclusive use of Glo, the company’s flagship product, has a similar impact on indicators of potential harm as quitting smoking, BAT said. The findings, which we

ConsumerJuly 5, 2021

Korean maker of COVID-19 test kits seeks W647b via IPO

SD Biosensor, a manufacturer of COVID-19 test kits in South Korea, said Monday that it was ready to make its market debut on the nation’s benchmark Kospi this month with a lowered initial public offering price range, amid scrutiny from the financial regulator over an original valuation deemed excessive. The in-vitro diagnostic firm’s IPO price has been set within the range of 45,000 won to 52,000 won ($39.90-$46), having been lowered by 32 percent to 39 percent from the previous ta

MarketJuly 5, 2021

Design patent applications for pet and plant products soar amid pandemic

The number of design patent applications for pet and houseplant related products soared last year amid the coronavirus pandemic, new data from the Korean Intellectual Property Office revealed on Monday. While the figure has risen by an annual average of 21 percent over the last six years, pet product design patent applications saw a 34 percent year-on-year jump last year, from 712 to 953. The figure for houseplant related products also rose 30 percent over the same period, from 288 to 374. As

IndustryJuly 5, 2021

Korean banks boost cybersecurity to back digitalization

South Korean banks are adopting unprecedented measures to boost cybersecurity in a bid to better compete with local fintech firms. Woori Bank said Monday it became the first lender here to adopt the security orchestration, automation and response technology, or SOAR. SOAR is an advanced set of technologies that enables organizations to automatically collect and file security data. The latest technology would help upgrade its cybersecurity platform from the previous monitoring-focused system

MarketJuly 5, 2021

Shinhan Card to launch ‘BTS card’

Shinhan Card said Monday it plans to launch private label credit card featuring South Korean boyband BTS and other celebrities later this year, exclusively for K-pop fans. In partnership with Weverse Company, a fan community platform created by Hybe, the entertainment agency behind BTS, Shinhan will launch PLCCs that offer benefits and rewards to cardholders who buy albums or concert goods via Weverse Shop. A PLCC is a credit card branded jointly by two business entities that are intended to

MarketJuly 5, 2021

[Newsmaker] Cyworld comes alive again

Cyworld, the dominant social networking site here before the era of Facebook throughout the 2000s, was set to reopen Monday evening, with many in their 30s and 40s ripe with anticipation to revisit their past. Cyworld Z, the company that bought Cyworld in January this year, said it has recovered some 17 billion photos and over 100 million videos stored in the old servers. With nearly 32 million members at one point, Cyworld was the uncontested champion of social media here, as the country&rsqu

TechnologyJuly 5, 2021

Hyundai to sell Staria minivan in Thailand this week

Hyundai Motor Co. said Monday it will begin the sale of the Staria minivan in Thailand this week as it strives to increase its presence in Southeast Asian markets. Hyundai also plans to begin introducing the Staria minivan in Vietnam, Malaysia and Indonesia in the third quarter, a company spokesman said. Last year, Hyundai sold about 4,000 vehicles in Thailand and most of the vehicles were the Starex minivan. The Starex minivan is no longer in production. The maker of the Sonata sedan and t

MobilityJuly 5, 2021

S. Korea to bolster safety of workers at seaports

South Korea's oceans ministry said Monday it will revamp safety measures at local seaports in line with efforts to improve the working environment and prevent accidents. The move came as the number of accidents at local ports has been rising recently in sync with economic growth and rising trade volumes, according to the Ministry of Oceans and Fisheries. Over the past decade, around 2,800 workers were involved in accidents at local seaports, with the number of fatalities reaching 53 over the p

IndustryJuly 5, 2021

Samsung Heavy wins W654.5b order for 3 LNG carriers

Samsung Heavy Industries Co. said Monday it has signed a 654.5 billion-won ($579 million) deal to build three LNG carriers. Under the deal with an unnamed Oceanian company, the 180,000-cubic meter LNG carriers will be delivered by February 2024, Samsung Heavy Industries said. With the latest order, Samsung Heavy Industries has bagged orders for a total of 51 ships valued at $6.5 billion so far this year, achieving 71 percent of its annual order target of $9.1 billion, the company said. The

IndustryJuly 5, 2021

Kia likely to log better-than-expected Q2 earnings: brokerages

Kia Corp. is expected to post better-than-expected earnings for the second quarter on brisk sales at home and abroad, local brokerages said Monday. Kiwoom Securities Co. forecast the operating income of South Korea's No. 2 automaker to stand at 1.58 trillion won ($1.4 billion) for the April-June period, upgrading the carmaker's target stock price to 140,000 won from 120,000 won. "Kia is likely to register marked growth in sales in the domestic and North American markets, where its average

IndustryJuly 5, 2021

Auto parts maker Mando gets 'A' ESG rating from MSCI

South Korean auto parts maker Mando Corp. said Monday it has received an "A" environmental, social and governance (ESG) rating form global index provider Morgan Stanley Capital International (MSCI) for its environmentally friendly growth value. Mando said the company is the first among South Korean auto and auto parts manufacturers to have been awarded such an ESG rating by MSCI. MSCI grants an A ESG rating to companies with a mixed or unexceptional track record of managing the most

EconomyJuly 5, 2021

Imported auto sales fall 4.2% in June amid pandemic

Sales of imported vehicles in South Korea fell 4.2 percent in June from a year earlier amid the extended COVID-19 pandemic, an industry association said Monday. The number of newly registered foreign vehicles fell to 26,191 units last month from 27,350 a year ago as the prolonged pandemic weighs on consumer demand, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were Volkswagen's T-Roc 2.0 TDI SUV, Mercedes-Benz

EconomyJuly 5, 2021

S. Korea set to unveil support plan for battery sector this week

South Korea's industry ministry said Monday it plans to soon unveil a detailed blueprint to nurture the rechargeable battery sector, with the goal of the country taking the lead in the segment. "We plan to spare no efforts to develop technologies for rechargeable batteries and foster businesses in the field of materials, parts and equipment," Industry Minister Moon Sung-wook said during his visit to a production line of Samsung SDI Co. in the southeastern city of Ulsan. Over the firs

IndustryJuly 5, 2021