NH NongHyup to operate mobile banking business via Naver Cloud Platform

NH NongHyup Bank said Friday that it has partnered with Naver Cloud Platform to use a public cloud system to operate its mobile-based financial services, becoming the first company in the local banking industry to do so.   Under the partnership, the lender will employ a financial public cloud system offered by NCP -- the cloud affiliate of South Korea’s leading internet portal operator, Naver -- when running its own mobile banking application All One Bank, which offers savings and d

MarketOct. 30, 2020

GM Korea’s workers to go on partial strike

Unionized workers at GM Korea decided to go on a partial strike after they failed to reach an agreement with the company in wage negotiations, according to the union Friday. The union will proceed with a four-hour walkout on Friday and next Monday, it said. GM Korea and its unionized workers held 21 rounds of negotiations beginning in July. The last one ended after 10 minutes, according to the related parties. The partial strike is expected to weigh on GM Korea as it will deepen productio

IndustryOct. 30, 2020

LG Electronics Q3 net nearly doubles on strong TV, home appliance sales

LG Electronics Inc. said Friday its net profit nearly doubled in the third quarter from a year earlier on the back of strong global demand for its TVs and home appliances amid the coronavirus pandemic. The South Korean tech giant said its net income reached 649.2 billion won ($573.6 million) in the July-September period, up 87.8 percent from 345.7 billion won the previous year. Its third-quarter operating income stood at 959 billion won, up 22.7 percent on-year, while sales reached 16.9 trilli

IndustryOct. 30, 2020

Seoul stocks sink over 2.5% on massive foreign sell-offs

South Korean shares plunged more than 2.5 percent Friday, as major tech giants suffered a slump from massive foreign sell-offs. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 59.52 points, or 2.56 percent, to close at 2,267.15. Trading volume was high at about 775 million shares worth some 11.5 trillion won ($10.1 billion), with losers outnumbering gainers 753 to 123. Stocks widened losses following a weak start, led by a retreat in

MarketOct. 30, 2020

Golfzon introduces new version of indoor golf simulator

Golfzon, South Korea’s leading screen golf operator, said Friday that it has launched a new version of its indoor golf simulator. The latest version comes with new features that are designed to improve the player experience, according to the company. For instance, it allows players to make changes to putting green soils, which can influence how a golf ball lands and how it rolls on the ground. The users can also adjust the speed of a golf ball rolling on a putting green, according to t

TechnologyOct. 30, 2020

LG Chem stays No. 1 in EV battery market this year

LG Chem Ltd. was the world's biggest supplier of electric vehicle (EV) batteries in the first nine months of this year thanks to robust demand from global automakers, a market research firm said Friday.  South Korea's largest chemical company accounted for a 24.6 percent share of the global EV market in the January-September period, with 19.9 gigawatt-hours (GWh) of battery production capacity, according to SNE Research. China's CATL came next with a 23.7 percent share, and Japan's Pana

IndustryOct. 30, 2020

Korea Shipbuilding swings to loss in Q3 on stronger won

Korea Shipbuilding & Offshore Engineering Co. said Friday that it swung to a net loss in the third quarter from a year ago due to the stronger local currency. Net losses came to 77 billion won ($68.3 million) in the July-September period, compared with a profit of 20.4 billion won a year earlier, Korea Shipbuilding said in an emailed statement. Sales fell 5 percent to 3.46 trillion won in the three-month period and operating profit rose 34 percent to 40.7 billion won. "The appreci

IndustryOct. 30, 2020

Cigarette sales rise 5.6% in Jan.-Sept. period

SEJONG -- Sales of cigarettes in South Korea rose 5.6 percent on-year in the first nine months of this year, data showed Friday, thanks to robust sales of traditional cigarettes. South Korean smokers purchased 2.75 billion 20-cigarette packs in the January-September period, compared with 2.6 billion packs in the same period last year, according to the data compiled by the Ministry of Economy and Finance. Still, the nine-month reading represented a 15.1 percent drop from the same period in 2014

EconomyOct. 30, 2020

LG International’s operating profit up 19.5% in Q3

LG International said its operating profit in the third quarter of this year was estimated at 34.9 billion won ($30 million), up 19.5 percent from the same period last year. Sales rose 14.3 percent year-on-year to 3.1 trillion won. Net profit rose 358.9 percent to 41.3 billion won. LG International explained that the rebound was the result of an increase in trading volume -- for example, for palm oil and information technology parts -- and a strong performance in the logistics sector. &ld

IndustryOct. 30, 2020

President Moon pledges W20tr investment in future mobility, tours Hyundai’s Ulsan plant

President Moon Jae-in visited Hyundai Motor’s Ulsan plant on Friday for a tour of its future automobile production sites and reaffirmed the government’s strong willingness to foster eco-friendly future cars, officials said. 　 Moon was accompanied by Hyundai Motor Group Chairman Chung Euisun, Deputy Prime Minister Hong Nam-ki and the ministers of industry, environment and transportation. At the production sites, Moon reaffirmed the government’s plans to invest more than 20

MobilityOct. 30, 2020

Bond market sentiment worsens slightly for Nov.: poll

South Korean bond market sentiment worsened slightly for November amid rising interest rates and concerns over a second wave of coronavirus infections, a poll showed Friday. The Korea Financial Investment Association said its bond market survey index (BMSI) inched down to 100.1 for the coming month from 104.1 in October. Yet the November figure is above par. A BMSI reading above 100 means more experts expect bond market conditions to take a turn for the better. The association's monthly survey

EconomyOct. 30, 2020

Samsung trains 1,500 Congolese cobalt miners in eco-friendly practices

Samsung Electronics and Samsung SDI said Friday that they have begun training more than 1,500 miners from 12 mining cooperatives in Kolwezi, Democratic Republic of Congo, this month to supply cobalt in a more environmentally friendly manner. The project, “Cobalt for Development,” also aims to promote safe working conditions and the well-being of local communities. Through the project -- a cross-industry initiative of Samsung Electronics, Samsung SDI, BMW, BASF and Volkswagen -- th

IndustryOct. 30, 2020

Hyundai sells over 10,000 Nexo hydrogen cars in S. Korea

Hyundai Motor Co. said Friday it has sold over 10,000 Nexo hydrogen fuel cell electric vehicles in the domestic market since its launch in early 2018. Hyundai began to sell the Nexo hydrogen model in the local market in March 2018 as it aimed to take the leadership position in hydrogen mobility technology. In 2020, Hyundai is targeting selling 10,100 Nexos in Korea, mainly to public organizations and companies, more than doubling from the 4,194 units it sold last year. Separately, the coun

IndustryOct. 30, 2020

S. Korea to build more EV charging stations, offer incentives for purchases

South Korea on Friday unveiled its master plan to further the electric vehicles (EV) and hydrogen fuel cell automobile sector by expanding the number of charging stations while making such cars more affordable for the people. Under the blueprint, the country will increase the number of accumulated sales of electric cars and hydrogen fuel cell automobiles to 1.13 million and 200,000, respectively, by 2025, according to the Ministry of Trade, Industry and Energy. As of September this year, the a

EconomyOct. 30, 2020

LG Chem’s battery biz split-off gets green light from 82.3% of shareholders

LG Chem’s plan to split off its battery business received final approval at a shareholders meeting at the LG Twin Towers in Yeouido, western Seoul, Friday. The split-off required support from at least two-thirds of all shareholders in attendance, who had to possess at least one-third of all shares issued. “About 77.5 of shareholders participated in the meeting and 82.3 of them voted yes. Also, the split-off earned support from 63.7 percent of total shares,” an LG Chem offi

IndustryOct. 30, 2020

Hyundai Oilbank aims to reduce carbon emissions by 30% over 30 years

Hyundai Oilbank, South Korea’s major refiner, said Friday that the company would lower its carbon emissions by 30 percent over the next 30 years. Under the plan, the South Korean refiner would cut its carbon emissions by 1.79 million tons, from 6.78 million tons last year to 4.99 million tons in 2050. Hyundai Oilbank said the company would also seek zero net growth in greenhouse gas emissions, even while expanding its business. Hyundai Oilbank is currently conducting joint research wit

IndustryOct. 30, 2020

LG Electronics partners with foodmaker to expand AI-powered services

LG Electronics Inc. on Friday signed a partnership with a local food firm to expand the use of its artificial intelligence-powered services in kitchen appliances amid the pandemic-driven stay-at-home trend. The South Korean tech powerhouse joined hands with Dongwon F&B Co. so that more LG DIOS light wave oven owners can use the product's AI feature in cooking foods, especially easy-to-cook meals. When users scan a barcode of Dongwon F&B's home meal replacement (HMR) products via the L

IndustryOct. 30, 2020

SK Innovation swings to Q3 loss on weak demand

SK Innovation Co., South Korea's largest refiner and major battery maker, said Friday it shifted to a net loss in the third quarter from a year earlier due to low demand for petrochemical products amid the COVID-19 pandemic. For the three months that ended in September, SK Innovation swung to a net loss of 16.13 billion won ($14 million) from a net profit of 174.26 billion won in the same period of last year, the company said in a statement. "The coronavirus pandemic continued to weigh

IndustryOct. 30, 2020

[Monitor] Marriages hit record low amid pandemic

With more deaths than births, the natural decline of the population in August reached 2,800, the highest year-round, the government data showed on Thursday. According to the August population trend released by Statistics Korea, the number of marriages in August fell 18 percent from a year ago, reaching a record low due to the re-proliferation of coronavirus. (khnews@heraldcorp.com)

IndustryOct. 30, 2020

Samsung launches mobile device locator app

Samsung Electronics Co. on Friday launched a mobile application that allows users to easily locate their misplaced smart devices. SmartThings Find is now available on Samsung's Galaxy devices globally after the service was tested by 6 million users in South Korea, the United States and Britain for about two months, the company said. The South Korean tech giant will provide a new software update for the service on Galaxy smartphones and tablets running Android 8 or later, Galaxy Watch smartwat

TechnologyOct. 30, 2020