LG Uplus partners with Google Cloud for 5G mobile edge computing tech

LG Uplus Corp., a major South Korean mobile carrier, said Sunday it is joining forces with Google to jointly develop 5G mobile edge computing (MEC) technology. Under the partnership, LG Uplus will work with Google Cloud, which will provide its artificial intelligence and machine learning technologies, to develop new services that utilize MEC on the telecom operator's 5G network. MEC is a key technology in delivering ultra-low latency data communication in 5G networks, and it is expected to b

TechnologySept. 20, 2020

Hyundai Motor plant worker tests positive for coronavirus

A worker at a Hyundai Motor plant in the southeastern city of Ulsan tested positive for the new coronavirus, local sources said Saturday. The man in his mid-30s was confirmed in the morning to have contracted COVID-19 and is now in good health, the municipality said. Sources said later he is a Hyundai Motor employee and works at the facility management department, not at assembly lines. Authorities are tracing his contacts and plan to test 25 people, including his co-workers, for the vir

MobilitySept. 19, 2020

Seoul to accept applications for low-rent office space in Yeouido

The Seoul Metropolitan Government said Friday that it is scheduled to accept new applicants for a program that offers office space for foreign financial firms at affordable prices in Yeouido, a financial hub in the city. The municipal government plans to run the Seoul International Financial Office on the 16th floor of the One IFC building. Eligible applicants include foreign or South Korean financial institutions, and finance-related international organizations or nonprofit corporations enter

MarketSept. 18, 2020

Hanwha Defense loses out on $2.5b anti-air systems export

Hanwha Defense’s seven-year-long efforts to export its anti-air systems to India went up in smoke after the country decided to make the systems on its own to give a boost to the domestic industry, according to local media reports. In a recent meeting chaired by Defense Minister Rajnath Singh, the Indian Defense Ministry scrapped two arms import contracts that were in the final stages, including a $2.5 billion program to procure anti-air systems from South Korea. The tender for the prog

IndustrySept. 18, 2020

LG Chem stocks rebound as split-off jitters ease

The stock price of petrochemical-to-battery company LG Chem rebounded Friday after a sharp loss immediately after its announcement during trading hours Thursday that it would split off its battery operation. LG Chem shares climbed 3.3 percent in the Friday trading session. LG Chem is the fifth-largest stock on the main bourse, Kospi, with 47.1 trillion won ($40.6 billion) market cap. The slight recovery came after the Seoul-based company unveiled plans to carve out its battery unit under a ne

MarketSept. 18, 2020

Samsung globally launches Galaxy Z Fold 2

Samsung Electronics announced Friday that the company has officially launched the Galaxy Z Fold 2 in overseas markets. The company’s new foldable smartphone will be available in around 40 nations, including the US, Singapore, Thailand, England and France. The official launch date in the South Korean market has been delayed to Sept. 23 due to a large number of preorders, which currently stands at 80,000, the company said. Samsung Electronics said it plans to launch the new booklike fol

TechnologySept. 18, 2020

Hanwha Q Cells makes first solar modules in Korea to acquire grade 1 carbon certification

Hanwha Q Cells said Friday that it has become the first company to receive the highest grade under the government’s carbon certification program for solar modules. According to the South Korean solar cell and module manufacturer, seven of its solar modules earned grade 1 certification from the Industry Ministry. They will be available starting next month, a company official said.  Launched July 22, the ministry’s program divides solar modules into three categories based on

IndustrySept. 18, 2020

BMW Motorrad’s new R 18 launched in Korea

BMW Motorrad, the German motorcycle brand, said Friday that it has officially launched its latest model, the new R 18, in South Korea. The new motorcycle, featuring a classic design and the latest technology, was unveiled at BMW’s Hockenheim Motorrad exhibition hall in Bundang, Seongnam, Gyeonggi Province. BMW said the new R 18 borrows both technologically and visually from famous models such as the BMW R 5 -- a popular model launched in 1936 -- shifting the focus back onto the ess

MobilitySept. 18, 2020

Seoul stocks snap two-day losing streak on massive foreign buying

South Korean stocks snapped a two-session losing streak on Friday, helped by strong foreign buying that offset individuals' profit-taking rush. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.23 points, or 0.26 percent, to close at 2,412.40. Trading volume was moderate at about 744 million shares worth some 13.7 trillion won ($11.8 billion), with losers outnumbering gainers 433 to 416. After a 1.22 percent drop in the previous session

MarketSept. 18, 2020

Military Mutual Aid Association shows outstanding return-on-asset performance

The Military Mutual Aid Association, which provides pension services for military personnel, has been the most profitable mutual aid association in South Korea for the past three years, business data tracker CEO Score Daily said Friday. Currently, the nation has seven large mutual aid associations, including the Public Officials Benefit Association, the Korea Local Finance Association, the Police Mutual Aid Association and the Korean Teachers’ Credit Union. The MMAA’s return on

MarketSept. 18, 2020

S. Korea to expand emergency loans for virus-hit small biz

The South Korean government has rolled up its sleeves once again to help virus-battered small businesses. Next Wednesday it plans to expand its ongoing emergency loan program for merchants and entrepreneurs, and a Finance Ministry representative said it will also try to minimize the impact of the lockdown measures on the economy. 　 “The government has raised the credit limit on the second round of its emergency lending program, from the previous 10 million won ($8,620) to 20 million won

EconomySept. 18, 2020

Tech competition heats up over remote work in S. Korea during pandemic

  South Korean tech firms are joining the race for the growing remote work market, industry officials said Friday, as businesses brace for a drawn-out fight against the COVID-19 pandemic. The country's workplaces have been reshaped this year as many companies opt to keep their workers out of offices to avoid infection risks. A July survey by the Korea Economic Research Institute found that 75 percent of the country's largest companies have introduced flexible working systems, reflecting

TechnologySept. 18, 2020

Kia to halt 2 domestic plants until weekend on COVID-19 cases

Kia Motors Corp., South Korea's No. 2 carmaker, said Friday it will suspend two plants near Seoul until this weekend following the confirmation of COVID-19 cases there days earlier. A total of 13 coronavirus cases have been traced to the plants in Gwangmyeong, just south of Seoul, including four family members of the workers. The plants with a combined workforce of 6,000 remained shuttered Friday for the third consecutive day after the automaker halted their operations late Wednesday in the w

MobilitySept. 18, 2020

Shinhan BNP Paribas vows climate action through asset management

South Korean asset manager Shinhan BNP Paribas Asset Management said Friday that it would beef up efforts to take climate change into account in its asset management business, as part of its green finance and impact investing. Under its climate action declaration released Friday, the joint venture of Shinhan Financial Group and BNP Paribas Asset Management will consider the impact its investment decisions and financial products could have on climate change. It is the first such declaration in

MarketSept. 18, 2020

LG Uplus to release self-driving 5G robot next year

LG Uplus Corp., a major South Korean mobile carrier, said Friday it plans to roll out its 5G-powered autonomous robot next year.The robot -- which is being developed in partnership with autonomous mobility firm Unmanned Solution -- has recently demonstrated its abilities at local refiner Hyundai Oilbank Co.'s facility in Seosan, 150 kilometers south of Seoul, LG Uplus said. The robot was able to roam around the compound on its own with a margin of error of 10 centimeters and carry out safety p

TechnologySept. 18, 2020

Coronavirus pandemic accelerates digital transformation: finance minister

SEJONG -- The coronavirus pandemic is accelerating digital transformation and the world needs to prepare for this structural change in a post-pandemic era, South Korea's finance minister has said. Finance Minister Hong Nam-ki made the remarks at an online meeting of the Group of 20 Finance and Health Ministers on Thursday, the ministry said in a statement. Hong said the pandemic has accelerated digital transformation and contactless solutions in businesses and society, while increasing the

EconomySept. 18, 2020

[Monitor] Korean firms remain active in M&As

A look into merger and acquisition deals reported by the top 500 South Korean firms over the past five years showed that the companies remained active in the market despite the COVID-19 pandemic this year. According to corporate tracker CEOScore, the businesses spent a combined 11.45 trillion won ($9.7 billion) in 52 M&A cases in the first eights months of this year. Some of the biggest deals included KB Financial Group taking over Prudential Life Insurance for about 2.3 trillion won. Kor

IndustrySept. 18, 2020

Yoo returns home from US trip amid WTO's election process

South Korea's trade minister returned home Friday after a four-day trip to the United States meant to secure Washington's support for her campaign to become the next leader of the World Trade Organization (WTO). Trade Minister Yoo Myung-hee met with US government and business officials and discussed a wide array of bilateral issues, according to the Ministry of Trade, Industry and Energy. During her stay, Yoo especially focused on winning Washington's support for her bid to become the next he

IndustrySept. 18, 2020

Seoul stocks open higher on battery, bio rebound

South Korean stocks opened higher Friday, led by a rebound in battery and bio heavyweights.  The benchmark Korea Composite Stock Price Index rose 6.03 points, or 0.25 percent, to 2,412.2 in the first 15 minutes of trading.  The KOSPI rebounded after the index lost 1.22 percent in the previous session.  Battery and biopharmaceutical large caps fared strong, while auto-related shares dipped.Leading chemical company LG Chem jumped 2.33 percent, a day after it announced its decisi

MarketSept. 18, 2020

Samsung heir Lee met Japanese ambassador: sources

Samsung Electronics Vice Chairman Lee Jae-yong met with Japanese Ambassador to Seoul Koji Tomita last week to discuss various topics, including an easing of entry restrictions for businesspeople, diplomatic sources said Thursday. South Korea and Japan have imposed entry curbs over coronavirus concerns, further dampening bilateral exchanges already strained by disputes over wartime forced labor. "Ambassador Tomita is said to have met Vice Chairman Lee Jae-yong as part of his diplomatic ac

IndustrySept. 17, 2020