GM Korea puts off investment in Bupyeong plant due to wage strike

GM Korea said Friday it would put off a plan to invest in its Bupyeong plant, which was scheduled for the production of next-generation global products, as workers’ strike continued.  GM Korea offered to invest about 215 billion won ($190 million) in its first plant in Bupyeong, which produces Chevrolet Trailblazer, during the 19th round of negotiations held last month. The automaker said it has already suffered a serious cash liquidity crisis due to production losses of more than 6

MobilityNov. 6, 2020

Seoul stocks open higher on another Wall Street rally

South Korean shares opened higher Friday, as investor sentiment was boosted by an overnight rally on Wall Street caused by eased uncertainties over the US presidential election. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.34 points, or 0.59 percent, to 2,428.13 in the first 15 minutes of trading. Stocks continued to fare strong after a four-session winning streak, as investors pinned hopes that stocks will advance after the US election. Overnight, the tech-heavy Nasdaq com

MarketNov. 6, 2020

KT's Q3 net up 8% as pandemic weighs on non-mobile biz

KT Corp., a major South Korean telecom operator, said Friday its net income rose 7.9 percent in the third quarter from a year earlier due to cost reduction. Net income reached 230.1 billion won ($204 million) in the July-September period on a consolidated basis, compared with a profit of 213.3 billion won the same quarter a year earlier, according to a regulatory filing. KT said it saved some costs involving its hardware infrastructure for wireless services in the third quarter, which boosted

IndustryNov. 6, 2020

Major foreign IBs revise up S. Korea's growth outlook on recovery hopes

Major foreign investment banks (IBs) have upgraded their forecasts for South Korea's economic growth for 2020 on growing expectations for an economic recovery, a report showed Friday. As of end-October, nine major global IBs, including Barclays and Goldman Sachs, projected Asia's fourth-largest economy to shrink 1.2 percent this year, compared with their median outlook of a 1.4 percent contraction offered a month earlier, according to the report by the Korea Center for International Finance. T

EconomyNov. 6, 2020

GM Korea workers wage strike despite pandemic

While the automobile industry continues to face difficulties amid the pandemic, GM Korea’s labor union has decided to stage another three-day partial strike in protest against the management over wage and collective agreement negotiations, the automaker confirmed Thursday. The GM Korea branch of the hard-line umbrella labor union the Korean Metal Workers’ Union held a central committee meeting on the day to draw up guidelines for the struggle, including partial strikes. Accordin

MobilityNov. 5, 2020

Budget carrier Jeju Air expected to receive W190b in state support

Jeju Air, South Korea's top low-cost carrier, is expected to receive some 190 billion won ($169 million) in state financial support, as the company seeks to overcome a pandemic-caused cash crunch, sources said Thursday. The main creditor, the Export-Import Bank of Korea, has conducted due diligence on Jeju Air and estimated it needs a capital injection of about 198 billion won, according to the sources. In May, South Korea launched a 40 trillion-won fund to provide financial aid to the count

MobilityNov. 5, 2020

Korean Air Q3 losses deepen on virus impact

Korean Air Lines, South Korea's biggest carrier, said Thursday its net losses widened in the third quarter from a year earlier amid the pandemic. Net losses widened to 385.93 billion won ($343 million) in the three months that ended in September from 211.85 billion won in the same period of last year, the company said in a statement. Korean Air has suspended most of its flights on international routes since March as travel demand dried up amid virus fears. Flights to Tokyo, Frankfurt, Paris

MobilityNov. 5, 2020

Kakao Bank records highest net profit in Q3

Ahead of its initial public offering, South Korea’s leading internet-only bank Kakao Bank said it logged its highest net profit in the third quarter this year, mainly due to a turnaround in noninterest business. Net profit came to 40.6 billion won ($35.96 million) in the July-September period, up by 600 percent from a year earlier, when it marked 5.6 billion won. The third quarter‘s figure grew by 1.5 times from the second quarter’s result of 26.8 billion won. The company a

MarketNov. 5, 2020

Final ruling on SK Innovation’s patent lawsuit against LG Chem set for Nov. 30, 2021

The date of the final ruling for the battery patent lawsuit SK Innovation filed against LG Chem with the US International Trade Commission has been set for Nov. 30 of next year, according to industry sources on Thursday. In September last year, SK Innovation sued LG Chem for allegedly violating its 994 patent. LG Chem argues that SK Innovation’s 994 patent registered in 2015 was actually based on LG Chem’s A7 battery cell developed in 2013, and that the A7 battery cell was used i

IndustryNov. 5, 2020

Kahlua to roll out coffee cocktails at independent cafes in Seoul

Liqueur brand Kahlua will roll out new coffee cocktails at nine cafes across Seoul on Monday as part of its new “Coffee Goes Cocktails” campaign. Cafes 1984 in Mapo and BNHR in Yongsan are among the establishments where a special Kahlua-based cocktail representing each of their baristas will be sold, Pernod Ricard Korea said Thursday. “With Kahlua expanding its presence as the leading coffee liquor brand, we launched the event to take the lead in spreading coffee cocktail cul

ConsumerNov. 5, 2020

BAT Korea touts data showing Glo’s possible reduced health risks

British American Tobacco Korea said on Thursday that results from scientific studies show its flagship heating product Glo may “significantly reduce” the risk of smoking-related disease. Data gathered by scientists from BAT’s research and development center for a period of three months saw exposure to harmful smoke toxicants reduced when smokers switched from smoking regular cigarettes to using Glo completely, the company said. These and other findings were presented during a

IndustryNov. 5, 2020

eBay Korea's Big Smile Day goes big, offers customers chance to rent cinema

eBay Korea is adding a series of promotional events and special deals as part of its annual shopping event Big Smile Day -- including a cinema rental. From Thursday to Sunday, the promotional event dubbed “Smile Club Lounge” is going online to offline for members of Smile Club -- a premium membership service launched in 2017 that provides exclusive deals, discounts and specialized customer services that have helped the e-commerce giant secure a large number of loyal customers. Smi

ConsumerNov. 5, 2020

[News Focus] How will Korean industries fare with new US president?

As the world pensively watches the cutthroat US presidential election unfold to uncertain weeks ahead, Democrat candidate Joe Biden appeared to have the upper hand, as of Thursday here. South Korean industries have been bracing for either scenario, with prospects varying among major exporting industries of information technology, energy, batteries, steel, pharmaceuticals and others. With the trade protectionism trend expected to remain part of the mainstream, the tone of the trade war between

IndustryNov. 5, 2020

Local stocks up with US election still undecided

The US stock market rally with the presidential election still up in the air gave a boost to the South Korean stock market Thursday, particularly for tech shares. Extending gains that began earlier in the week, South Korea’s main bourse Kospi rose 2.4 percent, or 56.47 points, to close at 2,413.79 while the tech-heavy Kosdaq added 2.16 percent, or 17.83 points, to reach 844.8. Electric battery makers and biotechnology firms saw their stocks jump on the day. Battery producer SK Innovati

MarketNov. 5, 2020

Vice finance minister says US election has limited impact on local markets

South Korea's vice finance minister said Thursday uncertainties surrounding the US presidential election will have limited impact on the local financial and foreign exchange markets, vowing for swift countermeasures if market volatility increases.  “The US presidential election risks have already been reflected in the local financial markets. Since the US government is likely to maintain its quantitative easing policies, there is a limited possibility of volatility in the local finan

EconomyNov. 5, 2020

[Herald Interview] ‘S. Korea to serve as model for innovation in post-pandemic int’l development’

While the prolonged COVID-19 pandemic has struck the global economy hard, it is developing countries with limited access to innovative solutions that are reeling the most. To provide a safety net for struggling economies and move toward common prosperity, it is crucial that innovation leaders such as South Korea share their experience and expertise, according to a senior international development expert. “Leveraging its expertise, experience, and knowledge will be the key for Korea to g

EconomyNov. 5, 2020

KRX to delist original developer of disputed drug Invossa

South Korea’s sole bourse operator Korea Exchange has concluded that it will delist Kolon TissueGene, the original developer of an invalidated joint inflammation treatment named Invossa, it announced via public filing Thursday. The KRX’s Kosdaq Market Committee held a meeting Wednesday and decided to delist the scandal-ridden drugmaker, saying it had not shown sufficient efforts to improve management. Along with failing to achieve the proposed goals that were submitted last year, t

MarketNov. 5, 2020

Shinhan BNP Paribas draws W52b commitment to finance wind turbines

South Korea’s asset management company Shinhan BNP Paribas Asset Management said Thursday it has snapped up a combined 52 billion-won ($46 million) commitment to a new private fund to finance a wind turbine project in South Jeolla Province. The new fund, dubbed SH BNPP Green New Deal Fund No. 1, will target 17.325-megawatt wind turbines in Wando County, South Jeolla Province. Shinhan BNP Paribas said it managed to reduce the price volatility by entering into a 20-year supply contract wit

MarketNov. 5, 2020

Kakao posts record earnings in Q3

Kakao, the operator of South Korea’s largest mobile messenger platform, announced Thursday that the company had posted record-high sales and operating profit in the third quarter this year. The company’s sales in the three-month period reached 1.1 trillion won ($973.38 million), up 41 percent on-year, according to the company’s regulatory filing Thursday. Its operating profit during the same period rose 103 percent on-year to 120.2 billion won, the company added. Kakao&rsqu

TechnologyNov. 5, 2020

Call me Sammy: Samsung adds new wake-up word to AI speaker

“Sammy” is a new wake-up word for Samsung Electronics’ Galaxy Home Mini speaker, according to the tech giant on Thursday. Samsung has recently added the new word to wake up its voice-activated artificial intelligence speaker, the Galaxy Home Mini, through a software update. Users can both use “Hi, Bixby” and “Sammy-ya” to activate the speaker. There have been some complaints on inaccuracy and inconvenience from calling the AI assistant Bixby, due t

TechnologyNov. 5, 2020