[Herald Interview] Patent attorney takes on Chinese IP brokers, discusses misperception on China

December 2019 was one of the most memorable months in Ryu Sung-won’s career. The patent attorney with 16 years of experience had concluded a 15-month legal journey, winning back 53 brands whose trademarks were stolen in China. In 2018, on behalf of the 53 Korean companies, Ryu, managing partner of Jeeshim IP Law Office, had filed lawsuits against five “professional” intellectual property squatters that had preemptively registered Korean brands in China as if they were th

IndustryApril 20, 2020

Hyundai to export hydrogen fuel cell tech

The Ministry of Trade, Industry and Energy announced Monday that it has approved Hyundai Motor’s export of hydrogen fuel cell technologies. The top automaker in South Korea will export its hydrogen fuel cell solution to two companies based in the United States and the Europe. It hopes to be the first Korean firm to export hydrogen fuel cell technologies abroad. The Trade Ministry said that the decision has been made to support the Korean automaker to increase its foothold in the global

IndustryApril 20, 2020

[News Focus] Telecom firms plan to commercialize millimeter-wave 5G network

Korea’s major telecom firms are gearing up to commercialize an ultrafast millimeter-wave 5G network this year, starting with the business-to-business sector, according to industry sources Monday. The next-generation 5G network uses mmWave technology to transmit large data packets at faster speeds. In theory, on the 28-gigahertz band the network speed could reach 20 gigabits per second. Samsung Electronics announced that it has tested a high-frequency 5G network station, confirming that

TechnologyApril 20, 2020

GS E&C wins W550b contract to build railroads in Singapore

GS Engineering and Construction said Monday that it had won a 550 billion won ($451 million) contract to build railway lines in Singapore in cooperation with the Korea Railroad Research Institute. The company obtained the order from Singapore’s Land Transport Authority for its Integrated Train Testing Center project, a railway testing facility. It is a design-build contract, under which GS E&C will lead the whole project, the company said. GS E&C said it would build three track

IndustryApril 20, 2020

[News Analysis] EV transition inevitable despite coronavirus uncertainties

The COVID-19 outbreak has only accelerated the transition to electric vehicles, as major automakers stay on course for the change, benefiting Korean battery makers along the way. Despite resistance from internal combustion engine industries in Europe and the US citing market struggles from the pandemic, key auto brands are using the situation as an opportunity to take out their ill-prepared competition. The move consequently has brightened the outlook for Korean electric vehicle battery giant

IndustryApril 20, 2020

SKC to produce mask blanks for semiconductors this year

South Korean chemical and tech materials firm SKC said Monday it would mass produce mask blanks this year, tackling the key material’s heavy reliance on Japanese suppliers. SKC, an affiliate of memory chip giant SK hynix, is testing a prototype of a high-end mask blank -- a core material for semiconductor production that relies 90 percent on Japanese supplies -- with domestic firms and will begin the mass production of the material in the second of this year, according to the company.

IndustryApril 20, 2020

SK Innovation clinches EV battery deal from BAIC

South Korean battery maker SK Innovation will supply electric vehicle batteries to the Beijing Automotive Industry Holding Co., or BAIC, after winning out against state-sponsored Chinese competitors. According to industry sources Monday, the Chinese automaker’s premium electric SUV model Arcfox Mark 5 will be equipped with NCM811 batteries produced at SK Innovation’s battery cell plant in Changzhou, Jiangsu province. “Technology is the only area where SK Innovation can dif

IndustryApril 20, 2020

Kia Motors launches upgraded K3 to target customers in 20s, 30s

Kia Motors said Monday that it has launched upgraded versions of its signature midsized sedans the K3 and K3 GT, targeting young drivers in their 20s and 30s. The automaker said the latest models offer features that customers in their 20s and 30s prefer, as well as competitive prices.  The 2021 K3 is available in three trims: standard, prestige and signature. A button-type smart key to start the car and artificial leather seats have been applied to all trims, the company said.  For

MobilityApril 20, 2020

HiteJinro’s Ilpoom Jinro wins Gold award in Monde Selection 2020

HiteJinro, a South Korean liquor maker, said Monday two of its premium soju products won Gold awards in the Monde Selection 2020 for the second consecutive year. According to the company, its Ilpoom Jinro 1924, a 100-percent distilled soju, and limited edition Ilpoom Jinro 19 years were chosen for the top Gold award. Monde Selection is an annual non-competitive award open to food, drinks, and cosmetics products since 1961. It is run by International Institute for Quality Selections based in

ConsumerApril 20, 2020

S-Oil delivers W100m for musicians with developmental disabilities

Petroleum and refinery firm S-Oil said Monday that it has delivered 100 million won ($82,000) to the Heart to Heart Orchestra, an orchestra founded in 2006 to nurture musicians with developmental disabilities.  The company said the donation would be used to provide musical education for teenagers with developmental disabilities from low-income families, as well as to raise awareness about disability rights among elementary, middle and high school students. The funds will also support the

IndustryApril 20, 2020

Nongshim rolls out Chapaguri cup noodle from ‘Parasite’

Nongshim said Monday it is launching a ready-made instant Chapaguri cup noodle, which has garnered global popularity after being prominently featured in the Oscar-winning film “Parasite.” Chapaguri -- translated as “ram-don” in English subtitles in the movie -- is a mixture of Nongshim’s Chapaghetti black bean instant noodles and soup-based Neoguri ramen. The new Chapaguri product will be in the form of instant cup noodles, and it will be released in Korea firs

ConsumerApril 20, 2020

Foreign currency deposits increase the most in 16 months in March

Foreign currency deposits at banks in South Korea posted the biggest gain in 16 months in March on corporate preference for dollars amid the coronavirus crisis, data showed Monday. Outstanding foreign currency deposits at banks here reached $75.29 billion as of end-March, up $6.78 billion from a month before, according to the data from the Bank of Korea. It marks the largest on-month increase since the $6.94 billion rise recorded in November 2018. The figure covers deposits held by South Ko

EconomyApril 20, 2020

S. Korea's economy seen contracting 1.81% in Q1: poll

South Korea’s economy is expected to report a 1.81 percent on-quarter contraction in the first quarter of the year, a poll showed Monday, as the coronavirus pandemic crippled industrial output, consumer spending and job markets in Asia’s fourth-largest economy. It would be the sharpest quarterly contraction since the fourth quarter of 2008, when the nation’s economy contracted 3.3 percent on-quarter, according to the survey conducted by Yonhap Infomax, the financial news arm

EconomyApril 20, 2020

Seoul stocks end lower ahead of Q1 earnings season

South Korean stocks ended lower on Monday as investors await first-quarter earnings results from this week amid signs of an easing in the global coronavirus spread. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.17 points, or 0.84 percent, to close at 1,898.36. Trading volume was moderate at 1.1 billion shares worth 11.7 trillion won ($9.6 billion), with gainers outnumbering losers 515 to 337. The main index declined on Monday after

MarketApril 20, 2020

Talks underway to create bad bank to salvage Lime losses

South Korea’s financial institutions and authorities are in talks to create a bad bank to help companies recoup the losses from disgraced hedge fund Lime Asset Management, according to industry sources Monday. The Financial Supervisory Service held a closed-door meeting with 19 private financial institutions including commercial lenders Woori Bank and Shinhan Bank and securities firms Shinhan Investment and Daishin Securities to discuss details of the private bad bank, or an asset manage

MarketApril 20, 2020

Mobile international money transfer services eased by Hana, Kakao

Commercial lender Hana Bank and internet-only Kakao Bank said Monday they have updated their respective mobile services to help locals make international financial transactions amid the novel coronavirus outbreak. Hana Bank has expanded the services of its foreigners-only mobile banking app to locals to help limit face-to-face interactions that is usually required when handling international wire services here. The Hana EZ app provides artificial intelligence and big data-based service

MarketApril 20, 2020

Young owner family executives, many of them women, emerging in Korean business world

Compared with years past, more of the executives from owner families at South Korea’s conglomerates are women or members of the younger generation, data from a local corporate tracker showed Monday. Six group chairpersons were born since 1970 and nearly a quarter of the conglomerates’ 150 young executives are women, the Korea CXO Institute said, citing its survey of the 200 largest groups. Among the younger business leaders in charge at the nation’s top 10 conglomerates are

IndustryApril 20, 2020

Korean Air mulls W1tr stock offerings to tide over virus impact: sources

Korean Air Lines Co., South Korea's biggest carrier, is considering stock offerings worth up to 1 trillion won ($820 million) as part of self-help measures amid the growing coronavirus impact on the airline sector, financial sources said Monday. Korean Air is in talks with major securities companies to raise up to 1 trillion won by selling new shares, an investment bank official familiar with the matter told Yonhap News Agency. "Stock offerings are one of various options the company is c

MobilityApril 20, 2020

[Monitor] Global memory chip market

Robust growth expected for memory The global market for memory chips is forecast to grow continuously at least until 2022, according to data by IHS Markit. The market researcher’s recent report showed that the memory market would grow from $115.5 billion in 2019 to $125.9 billion this year, despite high uncertainty in the global economy triggered by the COVID-19 outbreak. The growth is expected to continue for the next two years, reaching $162.4 billion in market value by 2022. As of

TechnologyApril 20, 2020

Govt. urged to take aggressive steps to stem virus-caused unemployment

The government should take aggressive measures to prevent a possible jump in unemployment due to the outbreak of the novel coronavirus, a private think tank said Monday. The Korea Economic Research Institute (KERI) said it has proposed a list of 10 labor policy tasks to the labor ministry in an effort to keep the COVID-19 outbreak from sparking massive joblessness in the country. The policy recommendations includes the payment of unemployment benefits to furloughed workers for three months an

EconomyApril 20, 2020