S. Korea shares experience in combating COVID-19 with ASEAN members

SEJONG -- South Korea held a videoconference with member states of the Association of Southeast Asian Nations (ASEAN) on Tuesday during which they shared their experience in fighting the coronavirus pandemic, the finance ministry said. The conference was organized by a Southeast Asian office of the Organization for Economic Cooperation and Development (OECD), the Ministry of Economy and Finance said in a statement. During the conference, South Korea briefed ASEAN members about measures to se

EconomyOct. 6, 2020

KAI’s trainer jet exports to US fumbled by coronavirus

The US Air Force has postponed its plan to rent four to eight T-50A advanced trainer jets manufactured by Korea Aerospace Industries due to the ongoing coronavirus outbreak in the US, according to industry sources on Tuesday. The Air Force is currently reviewing a plan to rent T-50A jets until its new T-7A Red Hawks arrive from Boeing. The Air Force aims to rent the jets from Hillwood Aviation after the US-based contractor purchases the aircraft from KAI. Though the Air Force was set to offi

IndustryOct. 6, 2020

SK Telecom, Microsoft team up to create 'Netflix of video games'

To make a foray into the fast-growing South Korean console market, currently dominated by Japanese products -- Sony’s PlayStation and Nintendo’s Switch -- Microsoft has partnered with local telecommunications operator SK Telecom to promote its Xbox consoles. Last month, Microsoft and SKT together launched Xbox Game Pass Ultimate in Korea, a video game subscription service modeled after Netflix. By using SKT’s 5G networks, the subscription service supports cloud gaming, allow

IndustryOct. 6, 2020

Seoul stocks extend winning streak to 5th day on hopes of US stimulus

South Korean shares closed higher to extend their winning streak to a fifth session Tuesday, as investor sentiment was buoyed on hopes for new economic stimulus in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.90 points, or 0.34 percent, to close at 2,365.90. Trading volume was moderate at 847 million shares worth 10.8 trillion won ($9.3 billion), with gainers outnumbering losers 426 to 400. Foreigners scooped up a

MarketOct. 6, 2020

[News Focus] Should stock gains get same tax exemptions as homes?

SEJONG -- South Koreans owning homes worth 900 million won ($775,000) or less have an exemption from capital gains taxes when they sell them, as long as they are not multiple home owners. They pay only property taxes as usual. But Koreans holding stocks of a listed company worth 300 million won or over will likely be obliged to pay taxes on gains from trading the stocks, starting from next year. Further, the tax rates will range between 20 percent and 25 percent of their gains, as t

EconomyOct. 6, 2020

Audi redefines brand, promotes sustainable digital premium mobility

Audi said Tuesday that it is starting a global brand campaign to transform its corporate identity, emphasizing sustainable and digital premium mobility. With the slogan “The future is an attitude,” the automaker said it seeks to show the automotive industry how to realize an electric, digitalized and emotional future. “By refining our brand strategy we give a contemporary definition to ‘Vorsprung (to lead)’ and make ourselves ready for the future -- for a new auto

MobilityOct. 6, 2020

Consumer inflation recovers to 1% in September

South Korea’s consumer prices increased 1 percent on-year in September, marking the sharpest rise in six months, data showed Tuesday. This was driven largely by the impact of the record-long rainy season, which caused prices of agricultural, livestock and fisheries goods to rise at the steepest rate in almost a decade. The Consumer Price Index for September stood at 106.20, up 1 percent from a year earlier and returning to the 1 percent level for the first time since March, according

EconomyOct. 6, 2020

Doosan to expand presence in unmanned forklift market

Doosan Corp., the holding company of South Korea's Doosan Group, said Tuesday that it will increase sales of unmanned forklifts in the country. Industrial Vehicle, a business division of Doosan, has been discussing ways to provide its automated guided forklifts to about 20 companies, Doosan said. Last year, Doosan launched its first-ever unmanned forklifts in the local market. "To meet growing demand for automated forklifts, we plan to expand our product lineup to pallet trucks known

EconomyOct. 6, 2020

Green Cross to export ‘twindemic’ test kits to Europe

Green Cross Medical Science Corporation, the diagnostics kits affiliate of GC, signed a $19 million deal to export diagnostic devices that will simultaneously and separately detect COVID-19 and influenza. GCMS will provide Polish company Handprod with $11 million worth of blood sugar measurement devices and glycated hemoglobin evaluation systems; and provide Swiss firm Medysis with $8 million worth of a combined diagnosis kits for COVID-19 and influenza, as well as an immunofluorescence antigen

IndustryOct. 6, 2020

W58.4tr flows into BTS agency’s stock preorders

Big Hit Entertainment, the agency behind K-pop sensation BTS, closed a two-day retail subscription Tuesday for its long-awaited initial public offering. Retail investors had submitted some 58.42 trillion won ($50.26 billion) in deposits for stock preorders. Despite anticipation by market watchers who thought the K-pop agency would set a record for subscription deposits, the accumulated amount was a little less than the figure seen during the public subscription of Kakao Games -- some 55.55 tri

MarketOct. 6, 2020

Hyundai Glovis enters Kazakhstan logistics market

Hyundai Glovis said Tuesday it set up a new branch in Kazakhstan and signed a seven-year transportation business deal with local beverage firm RG Brands, its first move to target the logistics market in Central Asia. RG Brands, established in 1994, ranks second in the local beverage market. Under the partnership, Hyundai Glovis is set to carry out transportation business in Nur-Sultan, capital of Kazakhstan, and major cities such as Almaty and Shymkent. Its main task is to deliver produc

MobilityOct. 6, 2020

SK hynix rolls out DDR5 chips as world’s first

South Korean memory chipmaker SK hynix announced Tuesday the company will launch the fifth generation of DRAM chips, DDR5, as the first in the world. Compared to its predecessor DDR4, the latest edition is 1.8 times faster and consumes 20 percent less power, making it optimal for big data, artificial intelligence and machine learning solutions. SK had embarked on development of the first 16-gigabit DDR5 in November 2018 and sought cooperation from customers like Intel to complete verificat

TechnologyOct. 6, 2020

Naver faces 26.7b-won fine, accused of manipulating algorithms

SEJONG -- South Korea's antitrust regulator on Tuesday accused Naver Corp., the nation's biggest search engine, of manipulating search algorithms in favor of the company's online shopping site and imposed a 26.7 billion-won ($22.9 million) fine. The fine, announced by the Korea Fair Trade Commission (KFTC), is the nation's first that the regulator has levied on a technology platform operator for making algorithmic changes that favor a certain business. The accusation is also expected to unde

EconomyOct. 6, 2020

LS Cable & System completes 5G parts factory in India

LS Cable & System said Tuesday it completed construction of its second telecommunications plant in India and has doubled production capacity of communications parts.　 LS Cable plans to foster LS Cable & System India, or LSCI, as a specialized production base for communications harness to respond to India’s rapidly growing domestic market and target overseas markets such as Europe and North America. A communications harness is a cable component that connects mobile communications

IndustryOct. 6, 2020

Seoul stocks set to extend winning streak on Trump's discharge from hospital, stimulus hopes

South Korean stocks traded higher late Tuesday morning heading toward a fifth consecutive day of gains as investor sentiment was spurred by an overnight rally on Wall Street after improvements to US President Donald Trump's condition and stimulus hopes in the world's largest economy. The benchmark Korea Composite Stock Price Index (KOSPI) added 13.17 points, or 0.56 percent, to 2,371.17 as of 11:20 a.m. Wall Street rallied overnight after uncertainties cleared over reports of Trump, who tested

MarketOct. 6, 2020

S. Korean shipyards take No.1 spot in new orders in Q3

South Korean shipbuilders took the top spot in new global shipbuilding orders in the third quarter of the year, beating their Chinese rivals, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, Korean shipbuilders' new orders came to 1.42 million compensated gross tons (CGTs), taking up 45 percent of the total orders amounting to 3.19 million CGTs in the July-September period. The South Korean shipbuilders were followed by Russi

EconomyOct. 6, 2020

SK hynix announces launch of DDR5 DRAM

SK hynix Inc. said Tuesday it has launched the world's first Double Data Rate 5 (DDR5) DRAM, as South Korea's No. 2 chipmaker strives to expand its presence with the next-generation memory product. SK hynix's 16 Gigabit (Gb) DDR5 DRAM, which was developed in 2018 using 1Ynm process technology, is now available on the market after completing various verification and compatibility tests. DDR5 is a next-generation DRAM standard that boasts fast speed and high density with reduced power consumpt

IndustryOct. 6, 2020

S. Korea's exports of agricultural goods up 6.5% through Sept.

South Korea's exports of agricultural products rose 6.5 percent on-year in the January-September period, data showed Tuesday, on the back of strong overseas demand for kimchi and other traditional fermented products. Outbound shipments of agricultural goods reached $5.51 billion over the first nine months of 2020, up $5.18 billion posted over the same period a year earlier, according to the data released by the Ministry of Agriculture, Food and Rural Affairs. By category, outbound shipments o

EconomyOct. 6, 2020

[Monitor] Hyundai, Kia sold fourth most EVs worldwide

The nation’s largest automakers, Hyundai Motor and Kia Motors, sold the fourth most electric vehicles among global car brands by July of this year. Citing data provided by SNE Research, the Korea Automotive Technology Institute said Monday the two automakers sold a combined 6,707 electric vehicles in the global market by July, ranking fourth in terms of sales. (khnews@heraldcorp.com)

MobilityOct. 6, 2020

Daewoo wins approval for ammonia-fired ship from LIoyd's Register

South Korea's Daewoo Shipbuilding & Marine Engineering Co. said Tuesday that it has gotten the nod for its ammonia-powered ship from Lloyd's Register, a British quality assurance and risk management company. Daewoo Shipbuilding plans to commercialize the ammonia-fueled 23,000 TEU container carrier by 2025, the company said in an emailed statement. TEU stands for twenty-foot equivalent unit, a measurement of a ship's cargo capacity. In a bid to develop the ammonia-propelled container car

EconomyOct. 6, 2020