Korea’s presence in tech R&D shrinks as China rises

South Korea’s share in global research and development spending in technology has waned as China’s is rapidly rising, a comparative report by the Federation of Korean Industries showed on Tuesday. The number of Korean companies that made it to the list of leading 2,500 corporate investors in R&D plunged from 80 in 2014 to 56 in 2019, the report revealed. The Korean firms’ share in the total value of R&D investments also shrunk from 3.9 percent to 3.6 percent during

IndustryMarch 2, 2021

SK hynix shares hit new high on chip shortage

The share price of South Korean semiconductors manufacturer SK hynix hit an all-time high during intraday trading Tuesday in hopes of a first-quarter earnings surprise due to global chip shortage. At around 9:10 a.m. Tuesday, SK hynix‘s stock price touched 150,500 won ($134), up 5.3 percent from the Friday session’s closing price, bringing its total market capitalization to nearly 110 trillion won. The closing price Tuesday was 144,500 won, up 2.1 percent from Friday and 57 percent

MarketMarch 2, 2021

Number of duty free store shoppers plunges to a record low in January

The number of shoppers at duty free stores stood at 343,983 in January, the lowest since the coronavirus crisis began to affect the South Korean economy last March, according to the Korea Duty Free Shops Association. Some 280,000 South Korean nationals and 59,600 foreign nationals spent a 1.38 trillion won, the latest data from the association showed. The figure is down nearly 80,000 compared to December last year. Sales, however, are up 16.7 percent compared to the previous month. Compared t

ConsumerMarch 2, 2021

SsangYong's Feb. sales more than halve on extended slump

SsangYong Motor Co. said Tuesday its sales plunged 61 percent last month from a year earlier on lower demand for its vehicles amid the COVID-19 pandemic. SsangYong Motor sold 2,789 vehicles in February, down from 7,141 units a year ago due to a sharp decline in domestic sales and exports, the company said in a statement. Domestic sales fell 48 percent to 2,673 units last month from 5,100 the previous year, and exports plummeted 94 percent to 116 from 2,041, it said. SsangYong Motor's lineup c

IndustryMarch 2, 2021

AlixPartners hires ex-Samsung executive for ICT capability

Consulting firm AlixPartners said Tuesday it has hired Kim Joo-wan, former senior executive at Samsung Electronics, as a new director in the Seoul office to enhance its counsulting capability in the field of information, communication and technology. AlixPartners said Kim has had experience in consulting, cutting-edge technology, and IT business operation over the course of his 25-year career. Prior to joining AlixPartners, Kim was a corporate vice president at Samsung Electronics, leading g

MarketMarch 2, 2021

Loan maturity extended for 6 months

South Korea’s financial regulator said Tuesday it has extended the grace period for loan repayments until September as part of policy effort to support individuals and businesses reeling from the resurgence of the COVID-19 pandemic.  “In response to small-and medium-sized enterprises and merchants’ economic difficulties wrought by the prolonged social distancing rules amid the virus resurgence, the Financial Services Commission and financial circles have decided to exte

MarketMarch 2, 2021

BOK to participate in G20’s cross-border payment roadmap

South Korea’s central bank said Tuesday that is has decided to participate in the Group of 20’s roadmap on enhancing cross-border payments, focused on lowering the cost of the transactions. According to the Bank of Korea, the G20 plans to carry out a set of 19 measures, including increased adoption of payment versus payment system, stronger cooperation among central banks for cross-border liquidity supply, connecting payment settlement systems among economies and development of a s

EconomyMarch 2, 2021

S. Korea seeks to expand exports of fisheries by 30% through 2025

South Korea said Tuesday it plans to expand its exports of fishery products by 30 percent through 2025 in line with its new vision to foster the industry as a new growth engine. Under the five-year blueprint, outbound shipments of fishery products are expected to each $3 billion in 2025, compared with $2.3 billion tallied last year, according to the Ministry of Oceans and Fisheries. The combined size of the local fishery industry is also expected to reach 13.8 trillion won ($12.3 billion) by t

EconomyMarch 2, 2021

LG Energy Solution ranks 2nd in global EV battery market in Jan.

South Korean battery maker LG Energy Solution Ltd. was the No. 2 supplier of electric vehicle (EV) batteries in the world in January after China's CATL, a market research firm said Tuesday. LG Energy Solution, which spun off from LG Chem Ltd. in December last year, shipped 2.5 gigawatt-hour (GWh) equivalents of EV batteries in January, up 50.6 percent from a year earlier, according to SNE Research. But its global market share shrank to 18.5 percent from 23.9 percent in the same month last ye

IndustryMarch 2, 2021

SsangYong resumes plant operations after weekslong suspension over parts shortage

Financially troubled carmaker SsangYong Motor Co. said Tuesday it has resumed the operation of its local plant after a weekslong suspension due to a glitch in its parts supply. SsangYong Motor halted its plant in Pyeongtaek, 70 kilometers south of Seoul, for two days in December and 16 days last month as its subcontractors refused to supply parts due to outstanding payments. The SUV-focused carmaker filed for court receivership on Dec. 21 after it failed to obtain approval for the rollover of

IndustryMarch 2, 2021

LG's steam closet hits 1m in cumulative production

LG Electronics Inc., a major home appliance maker in South Korea, said Tuesday that the cumulative production of its steam closet has surpassed 1 million units. Domestic models of LG Tromm Styler, a clothing care appliance that made its debut in 2011, surpassed 1 million units in cumulative production as of end-February, the company said. All of LG's steam closet models are manufactured in the company's plant in Changwon, some 400 kilometers south of Seoul. LG currently sells the Styler in m

IndustryMarch 2, 2021

Mercedes-Benz Korea adds Maybach SUV to lineup

Mercedes-Benz Korea on Tuesday added its most luxurious SUV model to the lineup to gain a bigger share in the South Korean market. The German carmaker has launched the Mercedes-Maybach GLS 600 4MATIC SUV equipped with a twin-turbo, 4.0-liter V8 M177 engine at 257 million won ($230,000), the company said in a statement. "The new Mercedes-Maybach GLS is a fascinating model that will draw the attention of customers who want a high-end SUV. We will continue to provide the best products this

MobilityMarch 2, 2021

LG Innotek develops industry's first automotive Wi-Fi 6E module

LG Innotek Co., a major electronics parts maker in South Korea, said Tuesday it has developed an automotive Wi-Fi module with advanced wireless communication technology as the company eyes to expand its presence in the future mobility market. LG Innotek claimed its latest automotive Wi-Fi module is the industry's first to be based on the next-generation Wi-Fi 6E (6th Generation Extended) technology using 6 GHz bandwidth. The company said it expects to commercialize the Wi-Fi 6E module in 2022

IndustryMarch 2, 2021

Seoul stocks open steeply higher on eased bond yield concerns

South Korean stocks opened steeply higher Tuesday, tracking an overnight Wall Street rally that stemmed from eased concerns about the impacts of a bond yield hike. The benchmark Korea Composite Stock Price Index (KOSPI) rose 81.62 points, or 2.71 percent, to 3,094.57 points in the first 15 minutes of trading. Stocks got off to a bullish start after a three-day holiday weekend on strong institutional and foreign buying. Foreigners, who net sold a record 2.8 trillion won ($2.5 billion) the p

MarketMarch 2, 2021

Online food delivery market grows 79% in 2020 amid pandemic

South Korea's online food delivery service market spiked nearly 80 percent in 2020 from a year earlier amid the coronavirus pandemic, government data showed Tuesday. The value of online food service transactions came to 17.4 trillion won ($15.5 billion) last year, up 78.6 percent from the previous year, according to the data from Statistics Korea. It was nearly 6.4 times the 2.7 trillion won recorded in 2017, when the statistical agency started tracking related data. Of the total transactions

IndustryMarch 2, 2021

Industrial output snaps 7-month rise in Jan. amid pandemic

South Korea's industrial output declined for the first time in eight months in January, data showed Tuesday, in the latest sign that the country's economic recovery momentum still remains weak amid the pandemic. The industrial output declined 0.6 percent in January from the previous month, compared with a 0.4 percent on-month gain in December last year, according to the data compiled by Statistics Korea. But from a year earlier, it gained 1.4 percent. It marked the first on-month decline since

EconomyMarch 2, 2021

Naver, Softbank launch Japanese joint venture to take on internet giants

South Korea‘s leading internet portal Naver Corp. and Japanese telecom giant Softbank Corp. have completed a merger of their subsidiaries to tap deeper into the Japanese market with a wide range of services, their joint venture said Monday. 　 Japanese chat app operator LINE, affiliated with Naver, and Softbank’s internet business Yahoo Japan launched a new entity called Z Holdings. 　 The merger creates a $30 billion tech giant with more than 100 million users on a monthly basis acros

TechnologyMarch 1, 2021

[Herald Interview] Carbon-neutral Philips sets higher goals for 2025

For anyone who has tried, it is evident that reducing one’s carbon footprint requires an extraordinary attention to the waste produced, coupled with a conscious effort to cut down on convenient habits that are harmful to the Earth. When the individual effort is enough of a challenge to take on, how does one achieve this seemingly insurmountable task as a company, let alone a global one with international branches? Global health care company Philips has had its eyes on an environmental,

IndustryMarch 1, 2021

Average daily export volume hits new high in February

South Korea saw the volume of exports continue growing for a fourth consecutive month in February, showing signs of recovery from the coronavirus crisis, on the back of strong chip and automobile demand. According to the Ministry of Trade, Industry, and Energy on Monday, outbound shipments came to $44.81 billion last month, up 9.5 percent from the previous year. The average daily export volume increased 26.4 percent to reach $2.3 billion -- the largest for the month. The on-year export growth

MarketMarch 1, 2021

Market looks ahead to ‘post-coronavirus’ proxy season in March

This year’s March proxy season is to herald unprecedented scenes, including virtual meetings, e-voting systems and the rising presence of environmentally friendly corporate policy frames -- reflecting the COVID-19 pandemic situation. While top-tier conglomerates swiftly moved to adjust the date and format of their upcoming shareholders meetings, smaller businesses were observed struggling with epidemic-caused new market norms. Of the 2,350 listed companies on South Korea’s bench

IndustryMarch 1, 2021