[Herald Interview] S. Korea vows to open an era of ‘digital IP’: IP office chief

In line with the digitalization of industries accelerated by the COVID-19 pandemic, the chief of the nation’s intellectual property office vowed Tuesday to “open an era of digital IP” via systemic upgrades. “In order to resolve key issues tied to protection of core values of the digital era, we will update laws that can bolster IP protection in the process of data manufacturing, transfer and utilization and address issues surrounding creative rights of inventions by art

EconomyNov. 24, 2020

Porsche Korea opens first Porsche Dream Circle student education project

Porsche Korea said Tuesday it opened the first Porsche Dream Circle, a student education program promoting the value of sustainability in the environment, at an elementary school in Gyeonggi Province. According to the automaker, the new project is part of its corporate social responsibility campaign, Porsche Do Dream, which marks its fourth year in 2020. Porsche Dream Circle, which has opened at the Pangyo Elementary School in Seongnam, is to provide a learning space for students on the imp

MobilityNov. 24, 2020

Hyundai Heavy, Eugene submit final bids for Doosan Infracore

Hyundai Heavy Industries Holdings Co. (HHIH) and ready-mixed concrete maker Eugene Group on Tuesday submitted their final bids for a 36 percent stake in Doosan Infracore Co., the largest local construction equipment maker here. In a regulatory filing, the shipbuilder said that it has joined the final bid, with Eugene Group reportedly joining the final bid. But GS Engineering & Construction Corp. and three local private equity funds -- Glenwood PE, MBK Partners and Eastbridge Partners drop

IndustryNov. 24, 2020

Samsung takes one-third of global TV market in Q3: report

Samsung Electronics Co. remained the world's leading TV vendor in the third quarter of the year, a report showed Tuesday, as it accounted for one-third of the market amid the pandemic. The South Korea tech giant had a all-time high of 33.1 percent market share in the global TV market in the July-September period in terms of revenue, according to data from industry researcher Omdia. Samsung sold $9.3 billion worth of TVs in the third quarter, up 22 percent from a year earlier, the data showed

IndustryNov. 24, 2020

Household credit growth quickens in Q3 on home-backed lending

South Korea's household credit grew at a faster clip in the third quarter compared to three months earlier, driven by a rise in banks' home-backed loans, central bank data showed Tuesday. Household credit reached a record high of 1,682.1 trillion won ($1.51 trillion) as of September, up 44.9 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial instit

EconomyNov. 24, 2020

Insurers' 9-month profit rises 6.1% on fewer accidents amid pandemic

The combined net profit of insurance firms in South Korea gained 6.1 percent on-year in the first nine months of this year, partly supported by fewer car accidents as people stayed home amid the coronavirus pandemic, data showed Tuesday. Life and non-life insurers saw their combined net profit increase by 319.5 billion won ($286.8 million) to 5.5 trillion won for the January-September period, according to data from the Financial Supervisory Service (FSS). In a statement, the FSS said profits

EconomyNov. 24, 2020

Naver to spend W180b to support small business owners

Naver Corp., the operator of South Korea's dominant Internet portal, said Tuesday it will invest 180 billion won ($161 million) over the next two years in supporting small business owners and creators. "Naver aims to produce a new kind of business synergy by connecting business and creative works through the latest technology," Naver CEO Han Seong-sook said in an online press conference. Under the new project, Naver will first develop a new data-based platform that directly connects

IndustryNov. 24, 2020

Posco chief seeks to serve second term

Posco CEO Choi Jeong-woo announced his intention to serve consecutive terms at a board meeting early this month, the company confirmed on Tuesday.  According to Posco, the board of directors resolved to run a “CEO nomination committee” and began reviewing the qualifications for the reappointment of Choi. Under the company’s articles of association, a CEO must disclose his intention to serve another term three months before the end of his term. Cho’s three-year ter

IndustryNov. 24, 2020

Seoul Metro to provide consulting services to Sydney Metro

Seoul Metro, the operator of the city's vast subway system, has signed a deal with an Australian engineering firm to provide consulting services to Sydney Metro, the Korean company said Tuesday. Under the deal signed in mid-November, Seoul Metro and Ricardo will jointly assist Sydney Metro in the design, construction, operation and maintenance of two subway line extensions. The West line and the Western Sydney Airport link are scheduled for completion and opening in 2030. The three-year consu

MobilityNov. 24, 2020

S. Korea to release rice reserve amid output decline

South Korea said Tuesday it will release its reserved grains into the market to cope with the reduced rice output after the long rainy season this year coupled with major typhoons. The country will release up to 370,000 tons of reserved rice, according to the Ministry of Agriculture, Food and Rural Affairs. The detailed amount will change depending on the market situation. The rice will be released after the harvest season in different phases to minimize potential fluctuations in the market.

EconomyNov. 24, 2020

Over 7 in 10 S. Korean exporters eye more shipments in 2021: poll

More than seven in 10 South Korean exporting companies expect their overseas shipments to increase in 2021 from this year, a poll showed Tuesday. The survey of 801 exporters, taken by the Korea International Trade Association (KITA), showed 71.3 percent of the respondents anticipating an increase in their exports next year. The poll did not give reasons for their expectations for a hike in overseas shipments in the coming year. Exports of petroleum products are projected to climb 6 percent on

EconomyNov. 24, 2020

[Monitor] Eco-friendly cars make up 3% of all vehicles

A total of 766,464 eco-friendly vehicles were registered as of October this year in South Korea, according to data released by the Transport Ministry on Sunday. They make up 3.16 percent of all vehicles registered here. This is the first time green vehicles have accounted for over 3 percent of the total. Eco-friendly vehicles refer to hybrid electric vehicles, electric vehicles and fuel cell vehicles. The percentage was 1.99 percent in 2018 and 2.54 percent in 2019. The number of hybrids reac

IndustryNov. 24, 2020

Korean shipbuilders' order backlogs dip 22% through Q3

Combined order backlogs of South Korea's top five shipbuilders, led by Hyundai Heavy Industries Co., fell 22 percent in the first nine months of the year from the end of last year due to decreased new orders amid the coronavirus pandemic, industry sources said Tuesday. But their good financial health will prevent them from raking in orders at lower prices, according to Han Young-soo, an analyst at Samsung Securities Co. The shipbuilders have 38 trillion won ($34.2 billion) worth of order backl

EconomyNov. 24, 2020

LS Cable wins submarine cable supply deal in Denmark

LS Cable & System, the world's third-largest wire and cable maker by sales, said Tuesday it has received a submarine cable supply deal in Denmark. Under the deal, LS Cable will supply extra-high voltage submarine cable systems for offshore wind farms operated by Denmark's Orsted, the world's largest offshore wind farm operator, for five years, the company said in a statement. The company did not provide the contract value.  "The offshore wind market is growing fast, particular

IndustryNov. 24, 2020

Imported commercial car sales jump 21% in October

Sales of imported commercial vehicles in South Korea jumped 21 percent last month from a year earlier on robust sales of Scania and Mercedes-Benz trucks, an industry association said Tuesday. The number of newly registered imported commercial vehicles rose to 474 units in October from 392 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Imported commercial vehicles currently account for a large share of the domestic commercial vehicle market

EconomyNov. 24, 2020

Seoul stocks open higher on recovery hopes

South Korean stocks opened higher Tuesday after hitting an all-time high the previous session on hopes of an economic recovery and new coronavirus vaccine development. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.01 points, or 0.27 percent, to 2,609.6 in the first 15 minutes of trading. Investor sentiment ran high in the global financial markets, as progress in COVID-19 vaccine development fueled optimism that the economy and trade would normalize down the road. Overnight,

MarketNov. 24, 2020

Drug ministry approves clinical trials of coronavirus vaccine, treatment

South Korea's drug safety agency has approved clinical trials of vaccine and treatment candidates currently under development by two local drug manufacturers, industry officials said Tuesday. The Ministry of Food and Drug Safety on Monday gave the green light to conduct a phase one clinical trial of a vaccine candidate, dubbed "NBP 2001," by SK Bioscience. SK Bioscience said it will administer the investigative therapy to healthy adults to evaluate its safety and efficacy at two dif

IndustryNov. 24, 2020

No recovery in sight for pandemic-hit S. Korean oil refiners

A recent surge in coronavirus infections at home and abroad is likely to come as a big draw on South Korean oil refiners already battered by the fallout from the pandemic, industry sources said Tuesday. Whipsawed by weak oil prices and sluggish refining margins, industry leader SK Innovation Co. and three other players posted a combined net loss of more than 5 trillion won ($4.5 billion) in the first half of the year. The situation didn't improve much in the third quarter despite rising demand

EconomyNov. 24, 2020

Air Busan to resume flights to China's Ningbo

Air Busan Co. said Tuesday it will resume flights to the Chinese city of Ningbo next month to meet travel demand from businessmen. The budget carrier unit of Asiana Airlines Inc. will begin offering one flight per week on Dec. 6 on the Incheon-Ningbo route after suspending the route for 10 months due to the coronavirus impact on the airline industry, the company said in a statement. Instead, the carrier plans to suspend the Incheon-Shenzhen route beginning Nov. 27, it said,  In July, t

MobilityNov. 24, 2020

Google postpones Play Store commission in Korea

Google on Monday delayed its policy to charge a 30 percent commission on payments made via the Google Play Store as South Korean app developers geared up for a legal battle against the US tech giant. According to an online notice posted by Google in the afternoon, it pushed back its plan to enforce the obligatory in-app purchasing policy for newly registered apps to Oct. 1 from Jan. 20. Google has recently come under fire from Korean lawmakers after it decided in September to push forward wi

IndustryNov. 23, 2020