Samsung to spend 39.6b won for 31 research projects

Samsung Electronics Co. said Tuesday it will spend more than 39.6 billion won ($34.1 million) for 31 research projects in the areas of basic science, materials engineering and information and communication technology solutions through its foundation. The South Korean tech giant confirmed the research projects chosen for funding in the second half of 2020, which include studies related to human taste receptors, cell therapy and quadruped walking robots. Since 2013, Samsung has been funding loc

IndustryOct. 6, 2020

Hyundai Glovis wins delivery deal in Kazakhstan

Hyundai Glovis, a logistics unit of Hyundai Motor Group, said Tuesday it has signed a seven-year delivery deal with a Kazakhstan beverage company as part of its expansion strategy. Hyundai Glovis will deliver RG Brands JSC's beverage products from the Kazakhstan firm's warehouses to wholesale and retail stores in the central Asian country, the company said in a statement.  The company did not reveal the value of the contract. RG Brands is the second-biggest beverage producer in Kazakh

EconomyOct. 6, 2020

[Graphic News] Decline in housing transactions means fewer new real estate agencies in August

　The number of new real estate agencies in South Korea fell more than 11 percent in August amid a nationwide tumble in housing transactions, data showed. 　A total of 1,302 new real estate agencies opened across the nation last month, down 11.3 percent from the previous month, according to the data from the Korea Association of Realtors. 　August marked the second consecutive month of on-month decline. 　The numbers were 1,468 for July and 1,488 for June. (Yonhap)

BusinessOct. 6, 2020

BTS' agency to close IPO retail subscription

Big Hit Entertainment, the management agency of K-pop superstar BTS, is set to close a two-day subscription Tuesday for its initial public offering (IPO) next week in what could be the biggest stock sale in South Korea. Since Monday, the company has allowed retail investors to subscribe to around 1.43 million shares, or 20 percent of its 7.13 million new stocks to be issued under the IPO scheduled for Oct. 15. The IPO price is 135,000 won ($116). Reflecting the global popularity of the K-pop b

MarketOct. 6, 2020

Samsung to host annual AI forum online next month

Samsung Electronics Co. said Tuesday it will hold an artificial intelligence (AI) forum online next month to share experts' insights on future technologies related to human-like algorithms amid the pandemic. The South Korean tech giant said the Samsung AI Forum 2020 will take place online via its YouTube channel on Nov. 2 and 3. Entering its fourth anniversary this year, the annual forum has been a platform for AI researchers to discuss their findings and ideas on the future of AI. Samsung

IndustryOct. 6, 2020

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street amid investor optimism on the improved condition of US President Donald Trump. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.88 points, or 0.67 percent, to 2,373.88 in the first 15 minutes of trading. The main index tracked overnight gains on Wall Street. The Dow Jones Industrial Average rose 1.7 percent, and the tech-heavy Nasdaq composite index gained 2.3 percent. US stocks jumped as Trump,

MarketOct. 6, 2020

Growth of bank credit loans slows in September

South Korean banks' credit loans to individuals grew at a slower pace in September than a month earlier amid financial authorities' tougher restrictions, industry data showed Tuesday. Outstanding unsecured loans to individuals by five major lenders -- KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup -- totaled 126.4 trillion won ($109 billion) as of end-September, up 2.1 trillion won from August. The on-month increase was down sharply from the 4.1 trillion won gain in August from the prior mon

EconomyOct. 6, 2020

S. Korea's Sept. inflation rises by most in 6 months

SEJONG -- South Korea's consumer prices rose 1 percent on-year in September due to a rise in prices of agricultural goods, marking the sharpest gain in six months amid the coronavirus pandemic, data showed Tuesday. The September tally accelerated from a 0.7 percent on-year gain in August, according to the data released by Statistics Korea. The nation's inflation also climbed 0.7 percent on-month in September, the data showed. Core inflation, which excludes agricultural and petroleum produc

EconomyOct. 6, 2020

Carmakers' Sept. sales rise 3.4% on local demand

South Korean carmakers' vehicle sales rose 3.4 percent last month from a year earlier as robust domestic demand offset weak overseas sales amid the new coronavirus outbreak, industry data showed Monday. The five carmakers in South Korea -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a combined 678,549 vehicles in September, up from 655,968 units a year ago, according to data from the companies. Strong sales of Hyundai and Kia

IndustryOct. 5, 2020

[Photo News] Shinsegae opens Starfield Ansung

Retail giant Shinsegae Group said Monday it opened Starfield Ansung in Ansung, Gyeonggi Province, making it the largest shopping mall in the southern part of the province. According to the mall operator, the total floor space amounts to 240,000 square meters and the parking lot is big enough for 5,000 vehicles.  About 300 shops have entered the mall so far, and it also places various entertainment facilities, such as a 63-meter observatory and art exhibition spaces.  To prevent

ConsumerOct. 5, 2020

Retail investors rush to submit deposits for Big Hit’s public subscription

Retail investors had submitted some 8.62 trillion won ($7.43 billion) in deposits during the first day of the two-day preorder session for stocks of Big Hit Entertainment, the agency behind K-pop sensation BTS, reflecting explosive interest from retail investors, according to investment banking sources on Monday. It was more than the figure seen on the first day of public subscription of SK Biopharmaceuticals, that marked around 5.9 trillion won, but far less than Kakao Games with 16.4 trillion

MarketOct. 5, 2020

S. Korea’s debt nears W5,000tr

South Korea’s debt -- national, household and corporate -- surged to nearly 5,000 trillion won ($4.3 trillion) last year, hitting a record high, data showed Monday, fueling concerns of the heavier weight it would gain this year due to the coronavirus risks. The nation’s per capita national, household and corporate debt came to 2,200 trillion won, 1,600 trillion won and 1,100 trillion won in 2019, respectively, data compiled by a lawmaker serving on the National Assembly’s stra

EconomyOct. 5, 2020

Samsung, LG perform better in Q3 despite pandemic

Anticipations are high for South Korea’s electronics industry to announce earnings surprises for the third quarter, despite initial worries about the impact of COVID-19, according to industry sources Monday. Due to higher sales of semiconductors, smartphones and home appliances over the last three months, Samsung Electronics and LG Electronics are forecast to report increased operating profits for the July-September period. According to the latest forecasts by financial market research

TechnologyOct. 5, 2020

Affordable lump-sum rentals a rarity in Seoul

The number of relatively affordable “jeonse” apartment rentals in Seoul has decreased in the past couple of years, as rent prices have escalated despite government measures to prevent this, data showed Monday. A jeonse rental involves a large lump-sum deposit but no monthly rental payments on a two-year lease. According to data released by the office of Rep. Kim Sang-hoon, jeonse rentals of 400 million won ($344,000) or under accounted for 46 percent of the long-term leasing marke

MarketOct. 5, 2020

Kia's Sept. sales up 10.3% on strong domestic sales

Kia Motors Corp. said Monday its sales rose 10.3 percent last month from a year earlier on robust domestic sales. Kia Motors sold 260,023 vehicles in September, up from 235,810 units a year ago, helped by strong sales of the Sportage SUV, the company said in a statement. Domestic sales jumped 21.9 percent on-year to 51,211 units last month from 42,005. Overseas sales climbed 7.7 percent to 208,812 from 193,805 during the same period, it said. Its sales fell 8.8 percent to 1,863,966 autos from

EconomyOct. 5, 2020

SsangYong's Sept. sales fall 4.4% on weak overseas sales

SsangYong Motor Co. said Monday its sales fell 4.4 percent last month from a year earlier due mainly to an extended slump in overseas sales. SsangYong Motor sold 9,834 vehicles in September, down from 10,285 units a year ago due to weak demand for its models amid the COVID-19 pandemic, the company said in a statement. Domestic sales rose 13.4 percent to 8,208 units from 7,235 during the same period, while exports plunged 46.7 percent to 1,626 from 3,050, the statement said. The carmaker said

EconomyOct. 5, 2020

GC Pharma completes GCBT and GCAM sales to Grifols

GC Pharma on Monday said that it completed the sales of its American subsidiaries to Spanish firm Grifols three months after they initiated talks. “The proceeds from the transaction will be used to streamline management and for new business investments,” said Huh Yong-jun, CEO of GC. At $460 million, the sales of Green Cross BioTherapeutics in Montreal, Canada, and GCAM in the US, amount to the biggest cross border transaction of business units for a Korean pharmaceuticals firm.

IndustryOct. 5, 2020

LG OLED ad screen brightens Gangnam’s Teheran-ro

LG Electronics said Monday that it has completed the installation of an organic light-emitting diode screen on Teheran-ro in Gangnam-gu, Seoul. It is the country’s biggest light-box-style screen for outdoor advertisements, according to the firm. The 13-by-50-meter OLED advertisement panel appears on the facade of the Grand Intercontinental Seoul Parnas. The surface area of the panel is 650 square meters -- enough room for more than 510 of the company’s 65-inch TVs. The area where L

IndustryOct. 5, 2020

GM Korea's Sept. sales rise 89.5% on increased exports

GM Korea Co. said Monday its sales rose 89.5 percent last month from a year earlier, helped by robust exports despite the coronavirus pandemic. The South Korean unit of General Motors Co. sold 40,544 vehicles in September, up from 21,393 units the previous year, the company said in a statement. Domestic sales rose 17.9 percent to 6,097 units last month from 5,171 a year ago. The Chevrolet Spark led domestic sales, selling 2,689 units. Exports more than doubled to 34,447 from 16,222 during the

EconomyOct. 5, 2020

Renault Samsung's Sept. sales halve amid pandemic

Renault Samsung Motors Corp. said Monday its sales fell 51.4 percent last month from a year earlier amid the new coronavirus' impact on the automobile industry. The South Korean unit of Renault SA sold 7,386 vehicles in September, down from 15,208 units a year ago, as the COVID-19 pandemic continued to affect demand for autos, the company said in a statement. Domestic sales declined 24.1 percent to 5,934 units last month from 7,817 units a year ago, while exports plunged 80.4 percent to 1,452

EconomyOct. 5, 2020