Appellate court to rule in Samsung heir Lee's bribery case

An appellate court will give a verdict on Monday for Samsung heir Lee Jae-yong in a retrial of a bribery case involving former President Park Geun-hye. Lee, vice chairman of Samsung Electronics Co., faces charges that he bribed Park and her longtime friend, Choi Soon-sil, to win government support for a smooth father-to-son transfer of managerial power at Samsung. Park was later impeached and ousted from presidency for corruption and abuse of power. Prosecutors are seeking a nine-year prison t

IndustryJan. 17, 2021

Head of commerce chamber asks court for leniency in Samsung heir's bribery case

The head of South Korea's leading business lobby group on Friday sent a letter to a Seoul court asking for leniency in the upcoming sentencing of the Samsung Group heir in a bribery case, the group said. Park Yong-maan, who heads the Korea Chamber of Commerce and Industry (KCCI), sent the letter to the Seoul High Court and asked judges to render lenient sentencing on Samsung Electronics Vice Chairman Lee Jae-yong. The plea marked the first time that Park has written a character reference l

IndustryJan. 15, 2021

Jeep pins hope on bigger, luxury lineup to surpass 10,000 sales mark in Korea

After being hit by the COVID-19 pandemic last year, Jeep -- a brand under Fiat Chrysler Automobiles -- aims to restore its sales in Korea by rolling out new powerful models, including a brand new Grand Cherokee with diversified powertrains, Jeep’s global president said on Friday. In a video interview with reporters, Jeep President Christian Meunier laid out a positive outlook for the automaker in the Korean market, highlighting two new models of its iconic Grand Cherokee and the Wrangle

MobilityJan. 15, 2021

Hyundai Motor Group to build first offshore fuel cell system plant in China

The first offshore fuel cell system plant for South Korea’s biggest carmaker Hyundai Motor Group will be established in Guangzhou, China, the automaker said Friday. The automotive group said it signed an investment contract with China’s Guangdong provincial government to establish an offshore fuel cell system production facility in Guangzhou there. The investment is part of its efforts to advance its leadership in the global hydrogen industry, and to support the industry rapidly

MobilityJan. 15, 2021

KKR's Asia fund underscores hope for real asset recovery

The announcement of two fund closures by US investment firm KKR this week highlighted its anticipation for real asset recovery in the Asia-Pacific region, including South Korea. KKR on Wednesday closed the $1.7 billion fund KKR Asia Real Estate Partners, which is focused on real estate investments in the Asia-Pacific region to meet demand for modernized properties and developments. A few days earlier, its KKR Asia Pacific Infrastructure Investors on Sunday closed a $3.9 billion vehicle for inf

MarketJan. 15, 2021

LG, SK’s battery biz butt heads over US patent nullification suit

LG Energy Solution and SK Innovation are yet again butting heads, this time over freshly launched inter partes review they both filed against each other at the US Patent and Trademark Office.  An inter partes review is a trial proceeding conducted at the Patent Trial and Appeal Board of the US Patent and Trademark Office. The IPR looks at the patentability of a matter brought to attention. The patent dispute is one of the many legal fights the two Korean rivals are embroiled in. The

IndustryJan. 15, 2021

Kogas to build hydrogen fusion charging station by 2022

The Korea Gas Corporation said Friday that it will partner with the cities of Changwon and Tongyeong in South Gyeongsang Province to build a hydrogen fusion charging station by 2022. The plan to build a hydrogen fusion charging station came after Kogas and the two southern cities were recently tapped as the operator of a pilot project for establishing a hydrogen transportation complex by the Ministry of Land, Infrastructure and Transport. The construction project of a hydrogen transportation

IndustryJan. 15, 2021

Kakao Map faces user data leak dispute

South Korea’s popular GPS location service Kakao Map is dealing with controversy surrounding allegations of leaking user data, amid heightened concerns about private information following a string of recent incidents. Users of Kakao Map, which has some 5 million users, raised the issue earlier this week through a media outlet, claiming their personal information seems to have leaked from the location service. It turned out to be partially true, but it was also pointed out that the users

TechnologyJan. 15, 2021

Samsung’s SmartTag technology threatens to outpace Apple innovation

Bid adieu to panicky moments of lost keys or pets. Samsung Electronics‘s SmartTag technology, enabling users to locate what’s precious and dear to them, began generating buzz around the tech sphere Friday, a day after the Galaxy Unpacked 2021 event. The SmartTag is a corporeal electronic tag that can be attached to a leash or a key chain. Powered by Samsung Electronics’ SmartThings Find technology, Galaxy users can conveniently track tagged objects. Samsung suggests putting t

IndustryJan. 15, 2021

Kia rebrands itself as mobility solution developer

Kia announced Friday a new brand strategy and future ambitions to transform the company to go beyond vehicle manufacturing to create mobility solutions for customers. In a digital showcase event on the company’s official YouTube channel, South Korea’s second-largest automaker announced a new corporate name removing “Motors” from its previous name of Kia Motors Corp. This signals the brand breaking away from its traditional manufacturing-driven business model to expan

MobilityJan. 15, 2021

BOK chief says stock markets rise at 'very fast clip'

Bank of Korea Gov. Lee Ju-yeol on Friday expressed concerns about the stock market’s recent rally, warning retail investors that their debt-backed equity buying spree could lead to big losses. The country’s benchmark Kospi has been on a bullish run since November, setting record highs last week when the market closed above the 3,000 mark on Jan. 7 for the first time in its 38-year history. Individual investors have continued to snap up shares amid record-low interest rates and abun

EconomyJan. 15, 2021

Seoul stocks tumble on profit-taking

South Korean stocks dipped more than 2 percent Friday as investors booked profits from a recent rally. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 64.03 points, or 2.03 percent, to close at 3,085.9 points. Trading volume was high at about 1.3 billion shares worth around 22.8 trillion won ($20.7 billion), with losers outnumbering gainers 626 to 240. The KOSPI opened higher, buoyed by a massive stimulus proposal by US President-elec

MarketJan. 15, 2021

Market Kurly wins packaging award for cooling cardboard box

Grocery delivery firm Market Kurly has won an award for its insulation packaging from the World Packaging Organization, the company said on Friday. The WorldStar Global Packaging Award was given to 194 recipients this year, including Market Kurly, which won the prize in the transit category for its eco-friendly insulated corrugated box. The recyclable, corrugated packaging mimics the insulation effect of a cooler with a pad attached to the insides of the box, allowing a layer of air to form b

ConsumerJan. 15, 2021

AI chatbot creator to discard data, algorithms used in controversial persona

The South Korean developer of a controversial female chatbot said Friday it will discard all data and learning algorithms used in training the artificial intelligence (AI) platform amid mounting criticism over its data collection process and hate speech. Scatter Lab, a Seoul-based startup, said it has decided to pull the plug on its 20-year-old female chatbot persona called Lee Luda and dispose of its database and deep learning algorithms to address concerns among its users. The company on Mon

TechnologyJan. 15, 2021

T'way Air to continue 'international flights to nowhere' later this month

Low-cost carrier T’way Air said Friday it will fly two more international flights to nowhere later this month, flying over Fukuoka, Japan. Passengers for the flights scheduled to take off from Incheon Airport on Jan. 30 and 31 will enjoy special deals for shopping at Lotte Duty Free stores as well as coupons and souvenir goods such as a calendar and blanket, the company said. “You will be able to enjoy the feelings of traveling as well as shopping with this new flight and have a un

MobilityJan. 15, 2021

Hyundai to build 1st overseas hydrogen fuel-cell systems plant in China

Hyundai Motor Co. said Friday it will build its first overseas hydrogen fuel-cell systems plant in China to make a presence in global hydrogen markets. Hyundai will produce 6,500 fuel-cell systems for hydrogen-powered vehicles annually at the plant in China's southern city of Guangzhou, starting in the second half of 2022. It will consider increasing the production depending on future market demand, the company said in a statement. The plant's construction begins next month. The South Korean

IndustryJan. 15, 2021

LG Uplus to terminate 2G services by June

LG Uplus Corp., a major South Korean telecom operator, said Friday it will phase out its 2G services by the end of June, a move that would mark the complete termination of the country's aging network. The carrier said it has applied to end its 2G operations with the government and will decide on a specific time frame for the service's termination. The move comes after SK Telecom Co., South Korea's largest wireless provider, ended its 2G services in July last year, while rival KT Corp. shut dow

TechnologyJan. 15, 2021

Kia to launch 7 new platform-based EV models by 2027

Kia Corp., South Korea's second-biggest carmaker by sales, said Friday it will launch seven all-electric models by 2027 to gain a share of the growing electric vehicle market. Kia said it will release its pure electric crossover model based on a new EV platform called the electric-global modular platform (E-GMP) in the first quarter, the company said in a statement. The new vehicle with the project name of "CV" will be the first global model to bear Kia's new logo. It also comes with

MobilityJan. 15, 2021

RCI Financial Services rolls out auto finance app

RCI Financial Services Korea, an affiliate of Renault Samsung Motors, launched a mobile app which enables customers to apply for loans remotely after signing a contract to buy a car, the firm said Friday. The new Renault Finance app is developed to apply and complete loan application without visiting dealer shops through a simple verification process online. Evaluation on loan applicants will run 24 hours a day, seven days a week for a broader range of customers including foreigners residing h

MarketJan. 15, 2021

BNP Paribas to exit from asset management joint venture with Shinhan

France-based BNP Paribas Asset Management Holding is set to divest its entire stake in its South Korean joint venture with Shinhan Financial Group, the Korean banking group said Friday. Shinhan BNP Paribas, a 65:35 joint venture of Korea‘s second-largest banking group by total assets and the French counterpart, will become a fully owned subsidiary of Shinhan, as the former has decided to buy out the 35 percent stake from its partner. The two companies inked an agreement on Dec. 30, 202

MarketJan. 15, 2021