Samsung OLED recognized for seamless 5G performance

Samsung Display’s organic light-emitting diode display panels were acknowledged for their seamless performance during high-speed transmission, attesting their competency in the 5G network era, the company announced Thursday. Samsung Display’s 90Hz and 120Hz frame-rate smartphone OLED panels were respectively certified “Seamless” and “Seamless Pro” by Switzerland’s Societe Generale de Surveillance, for having industry-leading image blur length and motio

IndustryJune 4, 2020

[News Analysis] Can Hyundai turn dead batteries into ESS?

An unexpected collaboration was announced last Sunday, when Hyundai Motor chose Hanwha Q Cells to reuse dead electric vehicle batteries to make energy storage systems. The two firms signed a memorandum of understanding to co-develop solar power ESS using dead batteries. The deal, to the extent of which was publicized, was seen to be rudimentary, without any size or volume of the collaboration. As there are already major global battery-making players in South Korea, Hyundai’s choice see

IndustryJune 4, 2020

Lemonex develops new drug delivery system for siRNA therapeutics

Lemonex, a biotechnology company developing next generation RNA and immuno-oncology therapeutics, announced Thursday that it has developed a drug delivery system (DDS) highly effective for small interfering RNA (siRNA) therapeutics based on its proprietary platform technology, DegradaBALL. DegradaBALL is an innovative modular DDS based on porous solid nanoparticle, having many favorable properties for RNA delivery such as convenient drug loading, effective intracellular uptake, biocompatibili

TechnologyJune 4, 2020

Gmarket holds video call fan session for Korean singer Kim Woo-seok

Gmarket Global Shop, an e-commerce platform operated by eBay, held an autograph session for Korean singer Kim Woo-seok via video call, receiving positive comments from global fans as events are being canceled due to COVID-19 outbreak, the firm said Thursday. The event was hosted to celebrate the release of Kim’s first solo album “1st Desire (Greed)” on Sunday. As many concerts and physical events are being canceled due to the novel coronavirus outbreak across the world, the

ConsumerJune 4, 2020

S. Korea to allow forex delivery, commercialize drone taxis

South Korea will allow consumers to receive foreign currencies via non-face-to-face delivery services, to induce competition among service providers and promote innovation, the nation’s fiscal chief said Thursday. The government will also seek to commercialize urban air mobility services, such as drone taxis, to alleviate the ground traffic congestion and create a new growth engine for the economy. “Innovation in the foreign exchange sector has recently expanded beyond mere proc

EconomyJune 4, 2020

Seoul stocks hit over 100-day high amid recovery hopes

South Korean shares extended their winning streak to a fifth consecutive session Thursday, reaching the highest in over 100 days on economic recovery hopes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.18 points, or 0.19 percent, to close at 2,151.18, the highest since Feb. 21. Trading volume was high at about 1.4 billion shares worth 15.8 trillion won ($13 billion), with losers outnumbering gainers 441 to 391. The index got off to

MarketJune 4, 2020

Purple Galaxy S20 edition devoted to BTS to hit market on July 9

Samsung Electronics plans to release a limited volume of purple Galaxy S20 smartphones devoted to South Korea’s top boyband BTS on July 9, according to news reports on Thursday. The purple color symbolizes BTS and its fan club Army. The anniversary of the day the fan club was officially named in 2013 falls on July 9. A video clip that hinted at the launch of the BTS edition Galaxy S20 was posted on Twitter and Instagram last week. The video delivered the message, “Find your

TechnologyJune 4, 2020

LG International Corp., Hancom partner up for global market

LG International Corp. and local software maker Hancom Group have partnered for joint overseas expansion, the companies said Thursday. On the same day, LG International Corp. CEO Yoon Chun-sung and Hancom Group Chairman Kim Sang-chul signed a partnership agreement to jointly advance into the global market and to discuss ways to cooperate, LG International Corp. said. Under the agreement, LG International Corp. will carry out marketing to export various products and solutions of Hancom Grou

IndustryJune 4, 2020

EU resumes HHI-DSME merger review, likely by September

The European Commission has resumed the screening of Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering after temporarily suspending the review amid the coronavirus pandemic, according to the commission on Thursday. The EC said the “provisional deadline” of the screening would be Sept. 3 -- a delay from the initial plan of July -- on its website. Two months earlier, the site had shown the deadline of the screening as “suspended”

IndustryJune 4, 2020

Air carriers extend unpaid leave for foreign pilots

South Korean air carriers including Korean Air and Asiana Airlines have extended unpaid leave for foreign pilots amid slowing recovery of the aviation industry after COVID-19, companies said Thursday.  Korean Air said it had extended the unpaid leave period for all 376 of its foreign pilots to the end of July, a month longer than previously planned. They have been away from work since April.  “As the situation shows no sign of abating, we had to extend the unpaid leave period.

MobilityJune 4, 2020

Hyundai Motor unveils global hydrogen campaign featuring BTS

Hyundai Motor Group said Thursday that it has unveiled a digital content for its global hydrogen campaign in collaboration with K-pop group BTS.  The footage was specially designed to give millennials a better understanding of hydrogen as a future energy source, the company said.  The 1 minute, 28 second video titled Positive Energy features BTS and the company’s hydrogen-powered sports utility vehicle Nexo to deliver the message, “A small drop of water for a better futu

MobilityJune 4, 2020

FSC replaces 3 senior deputy governors at FSS

      South Korea’s financial regulator said Thursday it had replaced three senior deputy governors at the Financial Supervisory Service, appointing the incumbent head of the Korea Financial Intelligence Unit as the FSS’s first senior deputy governor. Kim Geun-ik was officially named as the financial watchdog’s first senior deputy governor by the Financial Services Commission during its temporary meeting on Thursday morning, officials said. The KoFIU

EconomyJune 4, 2020

NTS launches tax evasion probe into Starbucks Korea

The National Tax Service has launched a special probe into allegations of tax evasion by Starbucks Korea, according to local media outlets Thursday. The Seoul office of the NTS has conducted an irregular tax investigation into allegations the US coffee chain rigged prices of raw materials and products while importing them from its overseas branches, according to terrestrial broadcaster SBS. In May, the tax agency secured audit books and computerized data from Starbucks Korea’s head offi

EconomyJune 4, 2020

Global X launches actively-managed emerging markets bond ETF

New York-based provider of exchange-traded funds Global X ETFs has launched an emerging markets bond ETF in its first actively managed strategy, its parent Mirae Asset Global Investments said Thursday. The product, dubbed Global X Emerging Markets Bond ETF, is listed on the New York Stock Exchange. It will target US dollar-denominated securities including fixed-rate and floating-rate debt instruments issued by sovereign, quasi-sovereign, and corporate entities from emerging market countries. T

MarketJune 4, 2020

Samsung offers W38.8b for cutting-edge materials, biotech projects

Samsung Electronics will support 28 science and technology projects by providing 38.85 billion won ($31.88 million) this year, the tech giant said Thursday. The company has selected 14 projects in basic science, eight in materials science and six in the information communications technology sector to offer its funds. Samsung has provided a total of 758.9 billion won for 589 research and development projects in the three sectors since 2013 as part of corporate social responsibility. This ye

TechnologyJune 4, 2020

[Monitor] Corporate loans rise to record high in Q1 amid pandemic

Loans taken out by self-employed people and businesses in the January-March period increased by the largest amount ever in the wake of the pandemic, data showed Wednesday. According to the quarterly statistics released by the Bank of Korea, the balance of loans by industry was 776 trillion won ($637 billion) at the end of March. It was up 34 trillion won from December last year, the largest increase since 2008 when the statistics began to be compiled. It was also up a record-high 13 percen

IndustryJune 4, 2020

Seoul aims to commercialize urban air mobility in 2025

South Korea aims to commercialize urban air mobility (UAM) services in the domestic market in 2025 as it strives to tackle worsening traffic congestion in major cities, the transport ministry said Thursday. The government plans to begin offering UAM services initially with one to two routes, or terminals, in the Seoul metropolitan area in 2025 and then to increase the number of terminals to 10 by 2030, the Ministry of Land, Infrastructure and Transport said in a statement. "The ministry

MobilityJune 4, 2020

S. Korea to allow consumers to get foreign currencies via delivery service

SEJONG -- South Korea will allow consumers to get foreign currencies via a no-contact delivery service if they change the Korean won into foreign currencies through a digital platform, Finance Minister Hong Nam-ki said Thursday. The move is part of the government's efforts to ease regulations as it seeks to revive economic growth and promote contactless industrial sectors amid the coronavirus pandemic. To spur competition in foreign exchange transactions, the government will also allow broke

EconomyJune 4, 2020

Seoul stocks open higher on economic recovery hopes

South Korean stocks opened higher Thursday on hopes of an economic recovery, led by chipmakers. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.02 points, or 1.49 percent, to 2,179.02 in the first 15 minutes of trading. The gain is largely attributed to rising hope for an economic rebound. The country's largest-ever extra budget proposal to fight the fallout of the new coronavirus also fueled the optimism. Large caps mostly traded higher with chipmakers, financials and shipb

MarketJune 4, 2020

Over 30,000 public institution employees work from home in Q1

More than 30,000 employees at South Korea's state-run institutions worked from home in the first quarter of the year due to the novel coronavirus outbreak, government data showed Thursday. A total of 31,148 workers at 363 state firms and other public institutions telecommuted in the January-March period, according to state portal All Public Information in One (ALIO). The figure is nearly 22 times the full-year tally of 1,408 for last year. As of end-March, those institutions had a combined wo

IndustryJune 4, 2020