LG releases new budget smartphone in S. Korea

LG Electronics Inc. on Thursday introduced a new budget smartphone as the South Korean tech firm seeks to overcome a long slump in its mobile business. LG said the Q61 will go on sale in South Korea on May 29 with a price tag of 369,600 won ($300). The handset made its debut in the South American market earlier this month. The Q61 will be released in the North American market next month as well, according to LG Electronics. The Q61 comes with a quad rear camera setup. It houses a 48-megap

TechnologyMay 21, 2020

Samsung to break ground for 2nd EUV line in Pyeongtaek

Samsung Electronics is preparing to construct another cutting-edge foundry manufacturing line in South Korea, taking one step closer to achieving its goal of becoming the No. 1 system-on-chip business by 2030. The tech giant on Thursday announced it will break ground for the second extreme ultraviolet foundry line in Pyeongtaek, Gyeonggi Province, this month, with a schedule to start operating the new line in the second half of next year. Samsung is expected to pour around 10 trillion won (

TechnologyMay 21, 2020

Air Busan to resume flights on int'l routes in July

Air Busan Co., a low-cost affiliate of Asiana Airlines Inc., said Thursday it will resume flights on international routes from July as the new coronavirus outbreak has passed its peak. Air Busan plans to resume services on routes from the southern port city of Busan to Hong Kong and Macao on July 1 and gradually reopen routes to China, Japan and Southeast Asia, the company said in a statement. The budget carrier has suspended all of its international flights since March 8 as countries streng

MobilityMay 21, 2020

[Monitor] Involuntary unemployment radically surges

The number of unemployed during the first four months this year surpassed the 2 million mark for the first time.The number of those who are unemployed involuntarily also soared to 1,044,720, data from Statistics Korea showed. It is also the highest since 2000. The agency has been keeping track of economically active population in the categories of those employed, are economically inactive and those who lost their jobs. Among the jobless, involuntarily unemployed refers to those who lost job

IndustryMay 21, 2020

Korea's exports of virus test kits tipped to grow further

South Korea's exports of coronavirus test kits are expected to gather momentum down the road thanks to high overseas demand, industry sources said Thursday. With the coronavirus outbreak raging across the globe, many affected countries are scrambling to import South Korean COVID-19 test kits, in a boon to local manufacturers. According to the Ministry of Food and Drug Safety, 72 test kits manufactured by 46 companies have been approved for exports. The figure includes six products that have w

IndustryMay 21, 2020

Seoul stocks open higher on hopes of economic recovery

South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street apparently backed by hopes of an economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 13.15 points, or 0.66 percent, to 2,002.79 in the first 15 minutes of trading. The Dow Jones Industrial Average surged 369.04 points, or 1.52 percent, to close at 24,575.90 on Wednesday (US time). Hopes of a quick economic recovery sparked the stock market rally with virus-related restrictions

MarketMay 21, 2020

Samsung Display temporarily suspends construction at Asan complex

Samsung Display, one of the largest screen manufacturers in the world, said Wednesday that it has temporarily suspended construction at an industrial complex in South Korea amid market uncertainty caused by the novel coronavirus. The company said it halted work on the second plant area at the Tangjeong 2 complex in Asan, 90 kilometers south of Seoul. "The COVID-19 pandemic has made it necessary for changes in the construction schedule as the business environment is changing rapidly,"

TechnologyMay 20, 2020

Cafe24 joins Facebook’s new e-commerce initiative

Cafe24, a South Korean e-commerce solutions company, said Wednesday it has joined Facebook’s new initiative, “Shops,” as a partner. Facebook announced the launch of Shops on Tuesday to allow small businesses to set up a single online store for customers to access on both its platform and Instagram. Cafe24, which provides solutions to create online stores and related services, such as marketing, and logistics, will be working with Facebook in the social media’s new ini

ConsumerMay 20, 2020

NPS to cut back in Korean stock exposure

South Korea’s public pension fund National Pension Service on Wednesday has affirmed its plan to shrink its exposure to domestic stocks in a move to ward off uncertainties due to fallout from the coronavirus outbreak, Welfare Minister Park Neung-hoo told reporters Wednesday. “(NPS) is certainly lowering the allocation of Korean stocks from the mid- to long-term perspective,” said Park, who also heads NPS Investment Management Committee. He added NPS Investment Management Comm

MarketMay 20, 2020

State-run science institutes bent on cracking COVID-19

State-run science institutes in South Korea are employing mathematical, chemical and biological research to track and crack the COVID-19 pandemic. Some of the findings from their pursuits were presented at a gathering of experts hosted by the Government-wide R&D Fund for Infectious Diseases Research and Center for Convergent Research of Emerging Virus Infection on Wednesday in Seoul. “We have found a new platform for vaccine development for recombinant subunit vaccine,” s

IndustryMay 20, 2020

[Herald Interview] ‘Startups, SMEs hold key to Korea’s future’

Since Minister Park Young-sun took the helm of South Korea’s SMEs and Startups Ministry in April 2019, a lot has happened. For one, the COVID-19 pandemic continues to pummel all industries worldwide, and most devastatingly, smaller businesses. At this juncture, Park may be the most suitable representative voice supporting startups and small and medium-sized enterprises, with her expansive journalistic and political career driven by her support for the principle of balanced economic grow

IndustryMay 20, 2020

Daewon Media inks Marvel license contract with Walt Disney Co.

South Korean animation firm Daewon Media said Tuesday it has signed a license contract with Walt Disney Co. Korea to make toys and figures of Marvel characters. The license contract will give it the rights to develop and retail toys and figures in Korea. “With one source multiuse strategy, Daewon Media plans to retail Marvel card and board games, launch a publishing business with Marvel contents and develop Daewon Media’s own Marvel products,” a company official said. D

IndustryMay 20, 2020

LG chairman calls for ‘fundamental measures’ for recent gas leak, fire incident

LG Chairman Koo Kwang-mo on Wednesday took an urgent helicopter ride to LG Chem’s catalyst lab in Seosan, South Chungcheong Province, after a fire at the facility killed one worker and injured two others the previous day. Due to the accident, a 39-year-old researcher was killed and two workers, aged 47 and 27, suffered second-degree burns to the face and neck and were sent to a nearby hospital, according to fire authorities. At the site, Koo called for the management including LG Chem

IndustryMay 20, 2020

SK Telecom’s AI-based senior care service saves 23 lives since launch

SK Telecom said Wednesday its artificial intelligence-based senior care service has helped the 119 emergency system to rescue around 23 seniors living alone since its launch last year. The company held an online press conference to promote its service dedicated to strengthen social security net for the elderly. SKT’s senior care service uses its AI speaker Nugu which allows the elderly and those with mobility difficulties to access information with voice commands and contact others wh

TechnologyMay 20, 2020

W3.5tr post-pandemic recovery plan aims to create at least 550,000 jobs

South Korea’s government vowed Wednesday to swiftly create at least 550,000 new jobs in the public sector as soon as it secures an additional budget of 3.5 trillion won ($2.8 billion). The move came in line with the country’s efforts to brace for economic recovery after the ongoing COVID-19 pandemic. “It is now time to gear up for economic recovery, while maintaining thorough everyday quarantine rules,” said Deputy Prime Minister and Finance Minister Hong Nam-ki in a me

EconomyMay 20, 2020

LG reduces domestic TV lines, expands overseas production

LG Electronics has decided to expand its overseas production of televisions, while reducing domestic production, by relocating two manufacturing lines from South Korea to Indonesia, the company confirmed on Wednesday. Under its strategy to tackle the stagnated demand for TVs worldwide, the Korean tech giant will move out two of its six production lines that are currently located in Gumi, North Gyeongsang Province, to Cibitung in Indonesia within the year. Built in 1995, the Cibitung TV plan

TechnologyMay 20, 2020

Hana Financial to set up digital insurance unit in June

Hana Financial Group, South Korea’s third-largest banking group will launch a digital insurance unit next month through its newly acquired subsidiary, The-K NON-Life Insurance, according to industry sources Wednesday. Branded as Hana General Insurance, the group’s new affiliate, previously a general insurance firm focusing on auto insurance, will serve as a digital insurance company starting June 1 under the leadership of Kwon Tae-gyun, former vice president of Hana Capital. 

MarketMay 20, 2020

Shares extend gains on additional stimulus plan

South Korean benchmark indexes continued to be upbeat Wednesday, following the government’s additional economic measures to counter the ongoing coronavirus crisis. The nation’s main bourse Kospi rose to a high of 1,992.20 points in intraday trading, up 0.59 percent from a day earlier, while the secondary Kosdaq crossed the 700-point mark for the first time in a year. The Kospi index closed at 1,989.64, up 0.46 percent while Kosdaq ended at 708.76, up 1.78 percent. The gains wer

MarketMay 20, 2020

Corporate tax revenue to fall in 2020 for first time in 6 years: think tank

  South Korea's corporate tax revenue is expected to decline this year for the first time in six years due to the coronavirus impact on major industries, a local think tank said Wednesday. The country's corporate tax revenue rose in the past five years to 72 trillion won ($59 billion) in 2019 from 45 trillion won in 2015, according to the Korea Economic Research Institute (KERI). This year, however, corporate tax revenue could reach an estimated 56.5 trillion won, 12 percent lower than

EconomyMay 20, 2020

FX deposits hit 4-month high in April amid volatility

Foreign currency deposits at banks in South Korea reached a four-month high in April, central bank data showed Wednesday, amid market fluctuations caused by the new coronavirus outbreak. Foreign currency deposits here came to $78.18 billion as of end-April, up $2.89 billion from a month earlier, according to the data from the Bank of Korea (BOK). The reading marks the highest since $79.94 billion tallied at end-December. The monthly increase, however, marks a sharp slowdown from a $6.78 billi

EconomyMay 20, 2020