Daewoo Shipbuilding opens digital center for shipbuilding process

Daewoo Shipbuilding & Marine Engineering Co. said Thursday that it has opened a center to control the shipbuilding process at its shipyards. The center at its Okpo shipyard on Geoje Island, 398 kilometers south of Seoul, is made up of two parts -- the smart production management center and smart sea trial center -- Daewoo Shipbuilding said. The smart production management center will check the locations of blocks being built at the shipyard and will help workers make quick decisions by sha

IndustryApril 8, 2021

LG to support smartphone OS updates for up to 3 yrs even after closure

LG Electronics Inc. said Thursday it will offer extended software upgrades for its smartphones as the company is set to depart from the mobile business. LG's mobile operating system (OS) update guarantee will be extended by one year. LG's premium smartphone users can now get OS updates for three years, while people using LG's budget handsets can receive upgrades for up to two years. Users of LG Velvet and LG Wing smartphones that were launched last year, for instance, can get support for OS

TechnologyApril 8, 2021

S. Korea to further nurture insects industry

South Korea's agricultural ministry said Thursday it plans to expand the size of the insects market to 140 billion won ($124 million) by 2025 and foster the segment as a new growth engine for the country's food industry. The targeted market value marks 55 percent growth from 2019, according to the Ministry of Agriculture, Food and Rural Affairs. "We plan to further speed up the growth of the industry and develop new environment-friendly protein sources using insects, which can contribute

EconomyApril 8, 2021

Samsung Heavy wins certificates for wind turbine installation vessel

Samsung Heavy Industries Co. said Thursday that it has obtained approvals for its conceptual design for a wind turbine installation vessel (WTIV) from three global ship quality assurance and risk management companies. The three companies are ABS from the United States, DNV GL from Norway and Lloyd's Register from Britain, Samsung Heavy Industries said. A conceptual design refers to the basic concept and characteristics of the vessel before confirming its specifications and required technologi

IndustryApril 8, 2021

Samsung launches upgraded Galaxy A series in US

Samsung Electronics Co. introduced its new Galaxy A series smartphone portfolio in the United States on Thursday, hoping it can take over market share of its South Korean rival LG Electronics Inc. that recently announced its departure from the mobile business. Starting with the Galaxy A42 5G on Thursday, Samsung will release the Galaxy A52 5G, A32 5G and A12 on Friday in the US. The Galaxy A02s will be available from April 29. "These are the perfect smartphones for anyone who wants the

TechnologyApril 8, 2021

KT Sat to expand satellite telecommunications services in Indonesia

KT Sat Co., a satellite service arm of South Korean telecom giant KT Corp., said Thursday it has won an order to establish a high-speed satellite telecommunications network in Indonesia's Papua province. The company said it will take part in the Indonesian government-led project to offer telecommunications services for 3.4 million Indonesians and up to 1,300 schools and public facilities in the province by partnering with local satellite internet service provider DTP. A KT Sat official said th

IndustryApril 8, 2021

Fitch raises outlook on Hyundai, Kia to stable

Fitch Ratings has raised the rating outlooks on Hyundai Motor Co. and Kia Corp. to stable from negative due to improved product mix and profitability, the ratings firm said Thursday. The revision reflects the companies' "resilient" 2020 performance and their improved profitability, as shown in recent quarters, helped by a better product mix and rebound in global auto demand after a yearlong COVID-19 pandemic, Fitch said in a statement. The ratings firm said the carmakers' "large

EconomyApril 8, 2021

Seoul stocks open lower on profit-taking

South Korean stocks opened lower Thursday as investors attempted to cash in recent gains amid a lack of events. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.63 points, or 0.31 percent, to 3,127.78 points in the first 18 minutes of trading. The KOSPI got off to a lackluster start as the Federal Reserve reiterated its stance that it would continue the existing support despite positive economic signals. In Seoul, top cap Samsung Electronics lost 0.82 percent, and No. 2 chipma

MarketApril 8, 2021

Kia launches K8 sedan, 1st model under new brand logo

Kia Corp., South Korea's second-biggest carmaker, on Thursday launched the K8 sedan, the first model under its new brand logo, in the domestic market. The K8 comes with a 2.5-liter gasoline, 3.5-liter gasoline or 3.5-liter liquefied petroleum injection engine. The model with a 1.6-liter gasoline turbo hybrid engine will be released next month, the company said in a statement. Kia has received 24,000 preorders for the new sedan in the past 12 working days, already achieving 30 percent of its s

MobilityApril 8, 2021

Anti-speculation measures to ramp up: finance minister

SEJONG -- The government will make efforts to revise a set of laws this year to help root out real estate speculation, Finance Minister Hong Nam-ki said Thursday, amid growing public criticism over allegations of property speculation by officials at the state-run housing corporation. Hong said the government will have close consultations with the National Assembly to submit 19 revision bills this month that eventually ban public officials from doing illegal property speculation. Of the 19 bil

EconomyApril 8, 2021

SsangYong halts plant operations on chip parts shortage

Financially troubled carmaker SsangYong Motor Co. said Thursday it will suspend the operation of its local plant for a week due to lack of semiconductor chips. SsangYong will halt its plant in Pyeongtaek, 70 kilometers south of Seoul, from April 8-16, with a plan to resume operations on April 19, the company said in a regulatory filing. The SUV-focused carmaker resumed operations on March 2 after halting the Pyeongtaek plant for 16 days in February as its subcontractors refused to supply parts

MobilityApril 8, 2021

Buoyed by patent suit victory against LG, SK says will fight till the end to save name

SK Innovation, apparently buoyed by its recent battery patent victory at the US trade court against LG Energy Solution, reiterated Wednesday that it will “respond sternly” to any attempt by its rival to “hamper its business with legal issues.” Last week, the US International Trade Commission made a preliminary ruling that cleared SKI of alleged infringement of LGES’ patents related to lithium ion battery separators. The ruling provided a much-needed boost to SKI

TechnologyApril 7, 2021

SK Innovation says will buy more EV battery materials in hopes of veto

SK Innovation said Wednesday it is in talks to purchase more cathodes, one of the four key components of lithium-ion batteries, as an apparent demonstration of confidence in future orders. The prospective supply deal with South Korean cathode materials manufacturer L&F came just days before the April 11 deadline for President Joe Biden’s veto of a US trade court’s decision to sanction SKI from doing business in the US for 10 years. By law, the US president can override the US

TechnologyApril 7, 2021

Apartment prices in Seoul show no signs of coming down

The prices of apartments in Seoul measuring 60 square meters or less continued an upward trend last month, according to data on Wednesday. A report on monthly housing price trends released by commercial bank KB Kookmin Bank showed that the average selling price of a small apartment in Seoul stood at 768 million won ($687,793), up 22.7 percent on-year. For newlyweds and small families, 60 square meters is a popular size. Nowon-gu, Dobong-gu, Gangbuk-gu and Geumcheon-gu were among the distric

MarketApril 7, 2021

K bank sees hike in savings on cryptocurrency frenzy

K bank, one of South Korea’s largest online banks, saw a significant hike in savings in recent months in line with its operations linked to cryptocurrency trading. Deposits at the nation’s first online bank exceeded 10 trillion won ($8.96 billion) earlier this month, compared with just 1.85 trillion won in June last year, officials said. The bank held 8.72 trillion won in deposits as of the end of March. The figure was almost double that of Jeju Bank, whose deposits came to 5.4

MarketApril 7, 2021

Hyundai Motor halts plant amid chip shortage

Weighed down by a prolonged global semiconductor shortage, South Korea’s leading carmaker Hyundai Motor is temporarily halting some of its key production lines this month. The suspension raised the alarm not only for the auto company but also for its subcontractors and local staffers.　 Hyundai Motor said Wednesday that it has suspended its No. 1 plant in Ulsan for a week until April 14, due to the lack of electric control units. The corresponding plant is where the automaker manufacture

IndustryApril 7, 2021

Hanwha to study building solar panels above crops

South Korea will launch a pilot study into dual-use solar farms where panels are installed above crops so as to maximize the use of limited land space while striving towards a renewable future. Hanwha Q Cells will join a consortium led by Yeungnam University to research and develop necessary systems and standardize the solar farm model. MDS, a local solar company, is also participating in the project. “Solar panels and crops can coexist because crops have limits in the amount of sunlig

IndustryApril 7, 2021

KOFIA chief, Vietnamese ambassador discuss cooperation

The chief of the Korea Financial Investment Association and the Vietnamese ambassador to South Korea on Wednesday discussed ways to expand investment and bolster financial cooperation between the two nations. Six local brokerages and 10 asset management companies currently have subsidiaries or offices in Vietnam. KOFIA Chairman Na Jae-chul said the organization hopes to strengthen cooperation by signing a memorandum of understanding with the State Securities Commission of Vietnam. “We&rs

MarketApril 7, 2021

Fiscal chief warns of protectionism in guise of climate change policies

South Korea’s Finance Minister Hong Nam-ki on Tuesday told global fiscal policymakers that they should refrain from using climate change policies as a tool of trade protectionism. “Climate change policies, such as the carbon border adjustment mechanism, should be prevented from being abused as trade protectionism,” Hong said during a virtual meeting of the Coalition of Finance Ministers for Climate Action. The European Commission is expected to announce a proposal for a c

EconomyApril 7, 2021

Seoul stocks up for 5th session on recovery hope

South Korean stocks rose for the fifth straight session Wednesday as foreign investors continued to scoop up local stocks amid growing hopes for global economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.33 points, or 0.33 percent, to close at 3,137.41 points. Trading volume was moderate at about 1.96 billion shares worth some 14.3 trillion won ($12.77 billion), with gainers outnumbering losers 544 to 292. Foreigners pi

MarketApril 7, 2021