Samsung Electronics ranks 2nd in 2020 US patent grants

Samsung Electronics Co. clinched the No. 2 spot in US patent grants among global corporate giants in 2020, industry data showed Friday. Samsung Electronics, the world's top smartphone and memory chip maker, received 8,539 US patent grants last year, down 1 percent from the previous year, according to the data from the US Intellectual Property Organization. Yet, the flagship of Samsung Group, the top family-controlled conglomerate in South Korea, retained the No. 2 title for 14 years on end. S

IndustryFeb. 5, 2021

S. Korea's exports of sauces hit all-time high in 2020

South Korea's exports of sauces reached an all-time high in 2020 as more people enjoyed cooking at home around the globe amid the new coronavirus pandemic, data showed Friday. Outbound shipments of sauces rose 25.8 percent on-year in 2020 to reach $301.7 million, according to the data compiled by the Korea International Trade Association (KITA). KITA said the growth also came as global consumers became more aware of Korean-style foods following the popularity of Korean cultural content oversea

EconomyFeb. 5, 2021

Korean Air net losses narrow in 2020 despite pandemic

Korean Air Lines Co., South Korea's biggest carrier, said Thursday its net losses narrowed in 2020 from a year earlier, as it offset the pandemic-caused slump in passenger travel with increased cargo deliveries and enjoyed decent gains from an asset sale. Net losses narrowed to 291.45 billion won ($260 million) last year from 622.76 billion won the previous year, the company said in a regulatory filing. "The proceeds from the sale of its in-flight catering and duty-free business and forei

MobilityFeb. 4, 2021

SK Bioscience’s COVID-19 vaccine to be used with GSK adjuvant

SK Bioscience is collaborating with GlaxoSmithKline in COVID-19 vaccine development, the company said Thursday. According to SK Bioscience, its COVID-19 vaccine candidate GBP510 has shown improved T cell activity, or immune response, when used in combination with GSK’s adjuvant AS03. The two companies are running a clinical phase 1/2 trial of GBP510 and AS03, since the local drug authority’s approval of the clinical test design on Jan. 26. Adjuvants are immune boosters that are ad

IndustryFeb. 4, 2021

HHIH swings to red on slump in affiliate, COVID-19

Hyundai Heavy Industries Holdings Co. (HHIH) said on Thursday that it swung to the red last year from a year earlier due to losses from equity ties with its oil refining unit and the new coronavirus pandemic. Its net loss came to 789.7 billion won ($705.8 million) in 2020, compared with a net profit of 115.3 billion won a year ago, the company said in a regulatory filing. Sales fell 29 percent on-year to 18.91 trillion won last year, while it suffered an operating loss of 597.1 billion won, sw

IndustryFeb. 4, 2021

Naver to shut down portal's trending search chart this month

South Korean search giant Naver Corp. said Thursday it will shut down its online portal's real-time search chart service this month amid a yearslong controversy over whether it could be prone to advertising or be used to rig public opinion. The portal giant, which draws 30 million users everyday, said in a blog post that it will shut down the service on Feb. 25 as user searches have become more diversified and specific. The search chart first appeared in 2005 and has served as a major part of

TechnologyFeb. 4, 2021

South Korea to add 830,000 housing units by 2025

South Korea plans to supply 830,000 housing units in Seoul and other big cities by 2025 through housing redevelopment projects led by state-run agencies, marking the largest-scale supply measure yet envisioned by the Moon Jae-in administration. The Ministry of Land, Infrastructure and Transport on Thursday announced its real estate plan, which aims to provide affordable housing in big cities to meet the demand from young people and to tackle soaring home prices. “If this measure is imp

EconomyFeb. 4, 2021

Automakers cut production due to chip shortage

Automobile companies worldwide have been forced to curtail production as they run out of automotive chips, according to industry sources on Thursday. US-headquartered General Motors announced Wednesday, US time, that the carmaker will suspend manufacturing at three plants in North America, and operate its Bupyeong 2 assembly line in Korea at half capacity starting from Monday. Although the company didn’t reveal the exact volume of the reduction, market watchers estimate it would reach

IndustryFeb. 4, 2021

[Green Paradox] Three things holding back Korea’s solar takeoff

As part of President Moon Jae-in’s Green New Deal initiative, South Korea is rolling out solar farms more than ever before. Last year, the country installed 53,454 new solar farms worth 4.1 gigawatts, a record annual increase, according to the Korea Energy Agency. The record is set to be broken, as another 4.4 GW are planned this year. Despite the country’s bold ambitions, experts say Korea lacks grid infrastructure, clear rules and proper incentives to support the staggering q

IndustryFeb. 4, 2021

SK Materials, Hyosung Chemical’s NF3 gas ‘selling like hotcakes’

SK Materials and Hyosung Chemical’s NF3 gas is enjoying an unprecedented boost in sales as demand for semiconductors and displays have spiked amid the pandemic. NF3, short for nitrogen trifluoride, is a special type of gas used during the manufacturing process of semiconductor, display and solar panels. The gas removes residue left on inner walls of the manufacturing chamber. “Thanks to the recovery of global chip and display industries, NF3 is currently selling like hotcakes,&rd

IndustryFeb. 4, 2021

S. Korean research team develops technology able to track down disease onset

A South Korean research team funded by Samsung Electronics has developed a system that can be used to calculate the time that has elapsed since the onset of disease. The research, titled “Recording of elapsed time and temporal information about biological events using Cas9,” has been published in Cell, an international journal publishing research papers regarding life sciences. It is the first time for research funded by Samsung Future Technology Development Project to be publish

TechnologyFeb. 4, 2021

While auto sector thrives, gap widens between companies

South Korea’s automotive industry was one of the few sectors to weather the COVID-19 pandemic with few ill effects, managing to expand in 2020 with prospects for further strides amid market changes in 2021. Not only did the pandemic encourage consumers to rely on personal cars for transportation, but the fast growth of electric vehicles and autonomous driving technology gave momentum to the industry at a time it was desperately needed. But on a closer view, the rich-get-richer dilemma

IndustryFeb. 4, 2021

Seoul stocks snap 3-day winning streak on profit-taking

South Korean stocks snapped their three-day winning streak Thursday, as foreign and institutional investors sought profits following a recent hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 42.13 points, or 1.35 percent, to close at 3,087.55 points. Trading volume was high at about 1.3 billion shares worth around 20.4 trillion won ($18.2 billion), with losers outnumbering gainers 539 to 305. Foreigners sold a net 640 billion won, e

MarketFeb. 4, 2021

FSS slaps heavy sanctions on Woori chief, Shinhan CEO over Lime fiasco

South Korea’s market watchdog has informed top executives at Woori Financial Group and Shinhan Bank they may be punished over a financial fraud scandal involving Lime Asset Management, Financial Supervisory Service officials and industry sources said Thursday.  Sohn Tae-seung, the incumbent Woori Financial Group Chairman and former chief executive of Woori Bank, was informed that he may be suspended from his duties, which is the second-heaviest reproach in the regulator’s five

MarketFeb. 4, 2021

[News Focus] 4.33 million people de facto jobless in Korea

SEJONG --The number of unemployed or underemployed people in South Korea climbed to the second-highest on record in December at 14.6 percent, according to Statistics Korea. Defined as the “extended-based” jobless rate, it refers to the percentage of the unemployed or underemployed of the economically active population under the Supplementary Index III for Employment. The Index III regards “underemployed” people -- who work less than 36 hours a week and want to work mo

EconomyFeb. 4, 2021

Extension of shorting ban receives mixed reviews

South Korea’s top financial regulator’s recent decision to extend a temporary ban on stock short selling has garnered mixed reviews from market analysts and retail investors. Financial Services Commission Chairman Eun Sung-soo said on Wednesday that the temporary short selling ban will be lifted from May 3 on 200 stocks listed on the main bourse Kospi and 150 stocks on the tech heavy Koadaq. The government has banned the shorting scheme since March 16 last year over growing concer

MarketFeb. 4, 2021

IK HealMade’s FFP2 masks ready for global market

Korean mask company IK HealMade on Thursday said that it is more than ready for the full-fledged global exports of its FFP2-certified and US FDA-approved masks. The company’s remark is targeted for Europe, as in January the southeastern German state of Bavaria made it compulsory for people to wear FFP2 masks in shops and on public transport. The FFP2 certification signifies the mask has passed some 20 tests and demonstrated successful filtration of more than 94 percent of aerosol conten

IndustryFeb. 4, 2021

Jamon becomes most popular emerging food on delivery app Yogiyo

Jamon, a dry-cured ham produced in Spain, was named the fastest emerging item on food delivery app Yogiyo last year, thanks largely to the popularity of wine amid the pandemic. The Spanish ham saw a 515 percent year-on-year jump in order volume, enjoying the biggest growth apart from already-beloved items such as fried chicken, pizza and Chinese food, Delivery Hero Korea, the company behind the app, said Thursday. “It appears record-breaking wine sales that caused an increase in home dri

ConsumerFeb. 4, 2021

Mirae Asset launches equity fund to bet on clean tech

South Korea‘s investment house Mirae Asset Global Investments said on Thursday it has launched a new equity fund to invest in domestic companies with clean technology prowess. With the launch, Mirae Asset aims to ride on the green wave among financiers that is triggering a seismic shift across the industries. Its portfolio will mainly comprise of Korean firms dedicated to solar, wind and hydroelectric power resources, waste management, electric vehicles, hydrogen cars, as well as smart

MarketFeb. 4, 2021

Hyosung’s Cho Hyun-sang promoted to vice chairman

South Korean industrial conglomerate Hyosung Group, strong in its textile and chemical businesses, has named Cho Hyun-sang its new vice-chairman, the company said on Thursday. The move comes nearly four years after Cho was appointed president in 2016. In an announcement of his new role, the company explained the appointment is to strengthen responsible management and proactively respond to the “changing business environment as a result of the prolonged coronavirus pandemic and the fourth

IndustryFeb. 4, 2021