SK hynix pledges support to contractors amid COVID-19

SK hynix pledged Friday it will support contractors by ensuring early payments to help minimize the negative impact of the novel coronavirus spread. The company unveiled its plan to utilize 130 billion won ($105 million) from its co-growth fund for those in financial difficulty in front of Fair Trade Commission Chairperson Joh Sung-wook who visited its corporate campus in Icheon, Gyeonggi Province. SK hynix also highlighted that it is paying around 600 billion won to its contractors four t

TechnologyApril 24, 2020

Hyundai Mobis’ earnings slump in Q1

Hyundai Mobis said Friday that it has logged an operating profit of 360.9 billion won ($291 million) in the first quarter, down 26.9 percent on-year.  Hyundai Motor Group’s auto parts making unit cited market contraction over impact of COVID-19 as a reason. According to the company, its first-quarter sales came at 8.4 trillion won, down 3.6 percent on-year, while its total net profit recorded 348.8 billion won, which fell by 28.2 percent on-year.  Hyundai Mobis said its main

MobilityApril 24, 2020

Samsung’s smart TVs integrate Apple Music app

Samsung Electronics said Friday its smart TVs will have an Apple Music app embedded in all models. The upgrade is immediately effective worldwide -- excluding South Korea. Consumers in over 100 countries will now be able to enjoy Apple Music on Samsung TVs, without having to download the app. Korea, however, was not included due to Apple’s policy. The local unit of the US-based tech giant did not comment. Samsung is officially the first TV brand to integrate Apple Music on its Smart

IndustryApril 24, 2020

Kia Motors’ Q1 net profit halves despite increased sales

Kia Motors said Friday that its net profit in the first quarter this year has halved, while further losses are expected in the second quarter over the economic impact of COVID-19 pandemic.  The automaker’s disclosure showed that its sales from January to March came at 14.5 trillion won ($11 billion), up by 17.1 percent on-year. Its operating profit fell 25.2 percent to 444.5 billion won, while net profit plummeted by 59 percent to 266 billion won.  The huge profit drop can be

MobilityApril 24, 2020

Renault Samsung XM3 tops 10,000 units sales milestone

Renault Samsung Motors said Friday that its sport utility vehicle XM3 has recorded accumulated sales of 10,000 units in 49 days, the shortest period since the new model was launched on March 9.  A total of 5,581 units were picked up in the month, while from April 1-13, a total of 4,419 units were sold. The company said prior to XM3, its midsized sedan SM6 broke the record of selling over 10,000 units in the shortest period of time after launch in 61 days.  During the preorder perio

MobilityApril 24, 2020

LG to hold online phone launch event in May

LG Electronics said Friday it will hold an online launch event for its upcoming flagship Velvet smartphone on May 7. The South Korean tech giant released a video invitation on YouTube, which included the date, time and an online link. The 15-second clip highlighted the water drop design of the flagship model.  It shows water droplets in white, gray, green and red, to represent the product colors slated for the Velvet phone.  Putting much weight on the design factor, the phone l

TechnologyApril 24, 2020

[Monitor] Korea’s coronavirus test kit exports surge

South Korea’s exports of coronavirus test kits jumped nearly 18-fold in the first 20 days of April compared to the same period in March, data by the Korea Customs Service showed. Exports of test kits reached $131.9 million during the period, compared to $7.25 million on-year. (khnews@heraldcorp.com)

IndustryApril 24, 2020

S. Korea logs trade surplus of $16.4b with FTA partners in Q1

SEJONG -- South Korea posted a trade surplus of $16.4 billion with its free trade agreement (FTA) partners in the first quarter of the year, while posting a deficit with non-FTA partners, data showed Friday. Exports to FTA partners came to $96.3 billion and imports totaled $79.9 billion in the January-March period, with the trade volume inching down 0.1 percent on-year, according to the data compiled by the Korea Customs Service. South Korea registered the largest trade surplus of $10.5 billi

EconomyApril 24, 2020

Mobile stock transactions surge in April

Stock trades carried out through mobile transaction platforms accounted for nearly half of total transactions in April, data showed Thursday. According to the Korea Exchange, the stock trading volume via mobile trading systems accounted for 47.6 percent in the Kospi market from April 1-17, followed by home trading systems on computers at 36.53 percent. Smartphones overtook personal computers as the preferred stock trading platform last year. Not only due to the convenience, but also local br

MarketApril 24, 2020

Seoul stocks open lower on dashed hopes for virus treatment

Seoul stocks opened lower Friday, despite rebounding oil prices, as investor sentiment was spooked by the news that a leading experimental coronavirus drug has shown a disappointing test result. The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.90 points, or 0.78 percent, to 1,899.83 in the first 15 minutes of trading. The main index got to a weak start on reports that Gilead Sciences Inc.'s antiviral drug remdesivir didn't show a satisfactory result in its first clinical trial,

MarketApril 24, 2020

S. Korea to issue state bonds for coronavirus relief payouts

The government announced Thursday it will sell additional state bonds to finance blanket payouts for all South Koreans in a proposed coronavirus relief package. The finance ministry also said those who choose not to apply for the handout -- set up to help those in dire straits due to the COVID-19 pandemic -- or who donate their share will receive tax deductions. The ministry said political parties and the government have reached a consensus on this particular measure, designed to encourage

EconomyApril 24, 2020

Kia to suspend 4 domestic plants on virus impact

Kia Motors Corp., South Korea's second-biggest carmaker by sales, said Thursday it will temporarily suspend four of its nine domestic plants due to the coronavirus impact. Kia plans to halt operations at its two Sohari plants in Gwangmyeong, just south of Seoul, from April 27 to May 8 and again from May 22-25 to keep inventories at manageable levels, a company spokesman said by phone. In addition, two plants in Gwangju, 330 kilometers south of the capital, will also be shut down: No. 2 plant

MobilityApril 24, 2020

Nexon pledges to fix EA Sports FIFA Online 4

South Korean game company Nexon said Thursday it will fix the faulty system of its online PC soccer game “EA Sports FIFA Online 4” in a move to sooth users that have warned of boycott. Nexon will readjust the system designed to benefit newly released game characters, which consequently brought down the price of existing game characters, drawing a barrage of criticisms from users who had faced depreciation. Currently, FIFA Online 4 operates under a “payroll system.” T

IndustryApril 23, 2020

[Market Close-up] Socially responsible investments draw limelight in pandemic-hit global market

The unprecedented coronavirus pandemic has presented an opportunity for ESG investments -- those in companies that comply with environmental, social and governance standards -- according to market experts Thursday.  According to the experts, ESG investing will continue to grow in the capital market that is now reeling from uncertainty and volatility, citing rising demand for sustainability in corporate management and investment. Despite the renewed global attention to ESG investing, Sout

MarketApril 23, 2020

Quick COVID-19 vaccine development unrealistic: Institut Pasteur Korea CEO

It is great to have a positive attitude in scientific endeavors, but to trumpet unrealistic projections rings alarm bells. And the latest attempt to develop vaccines for COVID-19 may be the case, according to Ryu Wang-shick, CEO of Institut Pasteur Korea, on Thursday. “Most vaccine developments fail. We are hearing positive news regarding the COVID-19 vaccine development efforts -- but that’s hope, not reality,” Ryu said. IPK had invited French Ambassador to Korea Philippe L

IndustryApril 23, 2020

Samsung Biologics sees boost in contracts with partners getting green light

Samsung Biologics’ partner Immunomedics having its drug approved by the US Food and Drug Adminsitration has led to an increase in contract volume, according to the Korean contract developer on Thursday. Immunomedics, a biotech firm based in New Jersey, had its sacituzumab govitecan drug approved as an antibody-drug conjugate for metastatic triple-negative breast cancer. The company has thus increased the amount of drugs to be contract-manufactured by Samsung Biologics from the previous

IndustryApril 23, 2020

Telecommuting brings computers back to Korea’s top 10 export list

Computers are back on the list of South Korea’s top 10 export items as remote work becomes the new normal amid the coronavirus pandemic. According to the Korea International Trade Association on Thursday, Korea’s exports of personal computers and laptops in the first quarter recorded $3.1 billion, accounting for 2.4 percent of the $130.8 billion total, making computers the country’s No. 9 export item. They had dropped out of the top 10 in 2019. Computer exports increased o

IndustryApril 23, 2020

Poongsan’s bullet sales spike as gun demand shoots up in US

South Korean bullet maker Poongsan is getting a boost in sales on the back of soaring gun demand in the US amid the novel coronavirus pandemic. According to the Korea International Trade Association, Korea’s bullet exports to the US witnessed a record high of $4.51 million in March, a 1,062 percent surge on-year. In the first quarter, bullet exports to the US spiked 653 percent on-year to $8.6 million, which accounts for 73.4 percent of $11.7 million in total bullet exports to the US in

IndustryApril 23, 2020

[Photo News] Audi Volkswagen Korea goes green for the planet

Representatives of Audi Volkswagen Korea delivered trees and sanitizing wipes to a group home on Thursday as part of the company’s “Green gift boxes to overcome COVID-19” campaign.  Audi Volkswagen Korea said it had delivered 6,300 trees and 14,000 sanitizing wipes to about 3,400 children and 1,600 managers at 476 group homes across the nation in partnership with the Korea Social Investment Foundation and Tree Planet. (khnews@heraldcorp.com)

IndustryApril 23, 2020

Pay with your face: LG CNS unveils facial recognition payment system

LG CNS announced Thursday that the company has introduced a facial recognition payment system using cloud server and blockchain technology. The Korean company’s new payment system uses a kiosk equipped with artificial intelligence specialized in recognizing facial biometrics to identify customers. The payment system then proceeds with payments by accessing customers’ account data encrypted in the cloud server. The company said the AI-based payment system is much more convenient th

TechnologyApril 23, 2020