Manufacturers' sentiment up for 2nd straight month in December

South Korean manufacturers' business sentiment rose for the second consecutive month in December, thanks to hopes for economic recovery, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 76 for December, up from 72 for November, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the next month. A reading below 100 means pessimists outnumber optimists. On Oct. 12, South Ko

EconomyNov. 25, 2020

3 killed in Posco plant explosion

Three people were killed in an explosion that occurred at a plant operated by South Korea‘s top steelmaker, Posco, on Tuesday, fire officials said. 　 The incident took place at around 4 p.m. with a roaring sound at its plant in Gwangyang, 420 kilometers southwest of Seoul, involving a blaze that was put out in about 20 minutes, according to the officials. 　 Authorities said the explosion appears to have started near a furnace while workers were handling high-pressure gas, adding that they

IndustryNov. 24, 2020

LS Group appoints third-generation heirs as CEOs

LS Group has kicked off a new era of management by promoting third-generation successors as CEOs. In the annual reshuffle conducted during a board meeting Tuesday, LS Group promoted Yesco Holdings Vice President Koo Bon-hyuk to president and CEO. LS Mtron Vice President and Chief Operating Officer Koo Bon-kyu was promoted to CEO. “LS Group retained CEOs of major affiliates including LS Cable & System, LS Electric and LS-Nikko Copper for the stability of the organization but appoi

IndustryNov. 24, 2020

GE to supply HA gas turbine for Korea’s Naepo District Heating Plant

GE said Tuesday it has clinched a deal to supply advanced gas equipment to the Naepo District Heating Plant, a regional heating supply system for the Naepo new town in South Chungcheong Province. GE said that per this deal, it will be equipping the plant with 7HA.02 gas turbine technology, which will provide approximately 500 megawatts to the national grid -- the equivalent output needed to power some 125,000 South Korean homes. It will also provide steam for district heating for more than 100

IndustryNov. 24, 2020

Which COVID-19 vaccines will Korea aim for?

With countries scurrying to secure sufficient COVID-19 vaccines being developed by leading global pharmaceutical firms, attention is paid to the pros and cons of each, in terms of their efficacy, affordability and distribution conditions. While Pfizer and Moderna boast average efficacy rates of nearly 95 percent, their mRNA vaccines are expensive and require temperatures of between minus 20 degrees Celsius and minus 70 degrees Celsius for storage and delivery. They have put $15 to $25 price tag

IndustryNov. 24, 2020

Experts share insight on US investment at AmCham seminar

Representatives from the Korean and US governments and industries joined to provide their insights on key factors that Korean companies should consider when investing in the US, at the Doing Business in Korea Seminar 2020, its second iteration, held in Seoul on Tuesday. The seminar was jointly hosted by the American Chamber of Commerce in Korea and the Korea International Trade Association. It also covered the impact of the US presidential election on investment opportunities abroad. In his

IndustryNov. 24, 2020

[From the Scene] Drones the highlight of DX Korea defense expo

GOYANG, Gyeonggi Province -- From Iraqi commander to Filipino admiral, the 4,000-square-meter hall was packed with high-ranking military officials wandering around some 200 booths where state-of-the-art weapons and systems were displayed by global defense companies from about 20 countries around the world. At DX Korea 2020 -- a military expo held at Kintex in Goyang, Gyeonggi Province, just northwest of Seoul, on Nov. 18 -- Korean Army officials were greeted by public relations officials, ready

IndustryNov. 24, 2020

LS Cable & System to supply high voltage cables to Orsted

LS Cable & System said Tuesday that it has inked a five-year contract with Danish energy firm Orsted to supply high voltage export cables for offshore wind farms. Though the exact size of the deal is unknown, it is estimated at hundreds of millions of dollars, according to industry sources. LS Cable & System has participated in multiple offshore wind projects with Orsted. Previously, it supplied cables to the world’s largest offshore wind farm, Hornsea One and Two, in England.

IndustryNov. 24, 2020

Orsted pledges opportunities for Korean offshore wind industry

Danish energy firm Orsted on Tuesday held a forum to explain how its 1.6-gigawatt offshore wind farm project to be built in the waters off Incheon can contribute to South Korea’s infant offshore wind power industry and the country’s ambitious green targets. At the Orsted 2020 Offshore Wind Industry Promotion Forum held at Conrad Seoul, in Yeouido, western Seoul, Orsted Asia-Pacific President Matthias Bausenwein said that the Incheon offshore wind project will offer massive opport

IndustryNov. 24, 2020

Posco’s environmental activities recognized by Boston College’s journal

Posco, South Korea’s leading steelmaker, has been recognized for its environmental activities in a recent journal published by the Boston College Center for Corporate Citizenship, the company said Tuesday. “Posco’s efforts to clean and recover our planet’s oceans, as well as cooperate with steel industry on blue carbon, places it at the forefront in the battle against climate change,” the journal said. The journal illustrated Posco’s Clean Ocean Volunteer

IndustryNov. 24, 2020

Samsung Electronics marks all-time high TV market share

Samsung Electronics posted an all-time high share in the global TV market in terms of revenue during the third quarter, according to a report. Market research organization Omdia said in its report that Samsung‘s market share in the third quarter reached 33.1 percent in terms of revenue, a record-high quarterly figure for the company. Samsung Electronics’ revenue from TV sales in the third quarter reached $9.3 billion, up by 22 percent on-year. Samsung sold a total of 14.85 mil

TechnologyNov. 24, 2020

KDB chief says integration of Korean Air, Asiana Airlines may generate W300b in profit

Korean Air Lines Co.’s planned acquisition of rival Asiana Airlines Inc. and subsequent restructuring will lead to an annual profit of 300 billion won ($269.6 million), the head of the main creditor of Asiana said Monday. Lee Dong-gull, chairman of the state-run Korea Development Bank (KDB), offered the estimate in an interview with a local broadcaster, adding that the two carriers can brace for the post-pandemic era in two to three years if they push to restructure in a way that streamli

EconomyNov. 24, 2020

S. Korea’s consumer sentiment gains for 2nd month in November

South Korea’s consumer sentiment rose for the second consecutive month in November, as the economic outlook improved amid relaxed social distancing measures, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 97.9 for November, up 6.3 points from 91.6 recorded for October, according to the Bank of Korea (BOK). The reading marks the second straight month of gains following a 12.2-point on-month rise in October. A reading below 100 means pessimist

EconomyNov. 24, 2020

SK to invest W2.1tr in local infra project by 2025

A consortium of two SK Group affiliates will invest 2.1 trillion won ($1.9 billion) in data centers and a startup cluster in South Korea's southwest industrial complex by 2025, the transport ministry said Tuesday. The consortium of SK E&S Co. and SK broadband Co. will invest 2 trillion won to build eight data centers in the Saemangeum industrial complex by 2025, the Ministry of Land, Infrastructure and Transport said in a statement. It said the companies aim to double the number of data ce

IndustryNov. 24, 2020

Seoul stocks close at all-time high on extended foreign buying

South Korean stocks extended their winning streak to a fifth day, finishing at an all-time high Tuesday on hopes of an economic recovery and new coronavirus vaccine development. The Korean won fell against the US dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.17 points, or 0.58 percent, to close at 2,617.76. Trading volume was high at about 1.3 billion shares worth some 16.6 trillion won ($14.9 billion), with gainers outnumbering losers 528 to 299. Foreigne

MarketNov. 24, 2020

Daewoo Shipbuilding develops AI-based welding quality tester

Daewoo Shipbuilding & Marine Engineering Co. said Tuesday it has developed an artificial intelligence (AI) welding quality monitoring robot for the first time in the shipbuilding industry. The robot inspects the welded parts of ships and offshore plants with a 3-D modeling program and carries out automated welding quality tests using AI technologies, according to Daewoo Shipbuilding. Shipbuilders usually inspect the quality of the welded parts of ships and offshore plants by taking pictu

IndustryNov. 24, 2020

Kospi’s record-high rally continues on COVID-19 vaccine, recovery hopes

South Korea’s main bourse extended record-setting rallies for the second consecutive session Tuesday, setting a fresh high on hopes of an economic recovery and new coronavirus vaccine developments. The Kospi closed at 2,617.76, up 15.17 points, or 0.58 percent, from the previous session’s close, which itself was an all-time closing number. It even surpassed the intraday record of 2,607.10 marked on Jan. 29, 2018 in morning trading. The index started off at 2,616.28 and gained thro

MarketNov. 24, 2020

Korea Shipbuilding wins nod for SOFC power system from DNV-GL

Korea Shipbuilding & Offshore Engineering Co. said Tuesday it has obtained an approval for the design of a fuel cell-based power system for ships from DNV GL, a Norwegian-German ship quality assurance company. The power system based on the solid oxide fuel cells (SOFCs), energy conversion devices that generate electricity will substitute some part of 3 megawatt power-generating engines to be mounted on A-max oil tankers, Korea Shipbuilding said. The A-Max tankers refer to 85,000 to 125,0

IndustryNov. 24, 2020

LG Electronics sponsors cholera inoculations in Ethiopia

LG Electronics said Tuesday that it will back a project by the International Vaccine Institute to provide free cholera vaccinations for some 40,000 people in Ethiopia for three years starting in 2021. LG Electronics and IVI will also establish a disease monitoring system in the region. “Although COVID-19 has taken attention away from cholera, it still remains a disease that takes away many lives across the globe,” said Jerome Kim, director general of IVI. “Together with LG

IndustryNov. 24, 2020

NH Financial chief set to resign to lead federation of Korean banks

NH Financial Group Chairman Kim Kwang-soo is likely to offer resignation soon as he was named the sole candidate to represent the nation’s largest bankers’ club, according to reports quoting insiders said Tuesday. On Monday, board members of the Korea Federation of Bank unanimously nominated Kim, among six other candidates. The federation is set to hold a general meeting on Friday to put Kim’s nomination to vote. If elected, Kim will officially start his term on Dec. 1, rep

MarketNov. 24, 2020