Hyundai Mobis develops radar-using passenger detecting technology

Hyundai Mobis said Sunday it has developed a radar-using rear occupant alert system that will be adopted by new models of global carmakers. According to the auto parts making unit of Hyundai Motor Group, ROA is a system that was developed based on radar that uses sensors for autonomous driving. It is built on a software algorithm that detects even the most minute movements of a passenger in the rear seat. The radar of ROA can analyze a variety of bio-signals by penetrating a person’s bl

MobilityMarch 22, 2020

LG Uplus to supply 5G VR content to Hong Kong's top telco

LG Uplus Corp., South Korea's No. 3 mobile carrier, said Sunday it will supply 5G virtual reality (VR) content to Hong Kong's largest telecommunication firm. LG Uplus' VR content will be also available on Hong Kong Telecommunications (HKT) Ltd.'s 5G service starting next month, the company said. This is the second time that LG Uplus has exported its 5G content to a foreign company. Last year, LG Uplus signed a deal with China Telecom Corp. to supply its 5G content and solutions. HKT, an af

TechnologyMarch 22, 2020

Hyundai Mobis develops sensing system to prevent hot car deaths

Hyundai Mobis Co., South Korea's biggest auto parts maker, said Sunday it has developed a radar-based in-cabin sensing system meant to prevent hot car deaths. The radar-based rear occupant alert (ROA) system alerts a driver to check the vehicle's back seat in case the presence of a child is detected. Hyundai Mobis said it had "preemptively" developed the ROA system as carmakers should adopt such an in-cabin safety alert in their vehicles in Europe from 2022. "The radar-based R

EconomyMarch 22, 2020

Additional financial measures to come next week to revive virus-battered economy

The South Korean government will unveil an additional package of financial measures in detail next week to placate staggering financial markets roiled by the spread of the novel coronavirus. According to financial authorities, the upcoming announcement will include follow-up measures related to the massive 50 trillion-won ($39.8 billion) financial support program that was already introduced Thursday. The aid package, which aimed at supporting small and medium-sized firms and people with low

EconomyMarch 21, 2020

Eastar Jet to shut down all flights over novel coronavirus

South Korean low-cost carrier Eastar Jet Co. will shut down all of its flights, company officials said Saturday, amid a travel slump triggered by the novel coronavirus pandemic.    Eastar Jet will halt operation of its domestic flights from Tuesday to April 25, according to the officials. The budget carrier already suspended all of its international flights earlier this month.    Eastar Jet will be the first South Korean airline to close all of its air services due to the

MobilityMarch 21, 2020

Samsung reports another virus-infected worker at Gumi plant, production unaffected

Samsung Electronics on Saturday reported a novel coronavirus-infected worker at its smartphone plant in South Korea, but its production lines will operate as normal.    The world's largest smartphone vendor said one employee at its plant in Gumi, North Gyeongsang Province, tested positive for the new coronavirus. However, the company said there will be no shutdown of the plant.    "The virus-infected worker had been under self-isolation since Feb. 28," a Samsung

TechnologyMarch 21, 2020

‘Financial authorities need flexibility to help virus-hit economy’

A top financial regulatory body urged authorities Friday not to panic and keep funds flowing during the coronavirus pandemic. The Financial Stability Board, which coordinates the work of national authorities around the world, said in a recent statement that the global financial system is in a better position to cope with the severe market shock from COVID-19, than it was for the global financial crisis in 2008. However, it called on authorities to take action to support market functions by ens

EconomyMarch 21, 2020

ADB postpones meeting in S. Korea amid coronavirus fears

The Asian Development Bank’s upcoming annual meeting, originally slated to be held here in May, will be postponed to September in light of the coronavirus spread, according to ADB and the South Korean government. “As COVID-19 continues to spread around the globe, (ADB and Korea) have agreed to postpone the 53rd ADB Annual Meeting of the Board of Governors from the originally planned May 2-5 to Sept. 18-21,” the Ministry of Economy and Finance said in a release. “We p

EconomyMarch 20, 2020

Shinhan Investment CEO steps down over Lime scandal, derivatives misselling

Shinhan Investment CEO Kim Byung-cheol resigned on Friday, taking responsibility for the brokerage’s role as a key sales channel for now-frozen Lime Asset funds and derivatives that caused huge losses for investors. “In order for the company to win back customer trust and get back on track to normalize business, it would be right for me to take responsibility and step down,” Kim said during the company’s board meeting, according to Shinhan. “I have been delayin

MarketMarch 20, 2020

Officials, experts divided over impact of S. Korea-US currency swap deal

While the financial authorities on Friday welcomed the $60 billion bilateral currency swap deal signed between South Korea and the US the previous day, some experts voiced concern that it may be too soon to rejoice because it is not yet clear what impact it will have on the market. The deal is the first of its kind since the 2008 global financial crisis and will remain in effect for six months, unless both parties decide to extend. “The $60 billion Korea-US bilateral currency swap wil

MarketMarch 20, 2020

Seoul stocks rebound 7% on currency swap deal with US

South Korean stocks rebounded sharply on Friday as investors were buoyed by the currency swap deal between Seoul and Washington, snapping a freefall of seven consecutive sessions. The Korean won was also sharply up against the US dollar. The benchmark Korea Composite Stock Price Index soared 108.51 points, or 7.44 percent, to close at 1,566.17. Trading volume was high at 807 million shares worth 10.4 trillion won ($8.41 billion), with gainers far outpacing losers 824 to 68. The combined marke

MarketMarch 20, 2020

Huawei donates 200,000 masks to Korea to help combat COVID-19

Huawei Korea said Friday that it has donated 200,000 face masks to help prevent the spread of COVID-19. Half have been delivered to the Korea Association of Welfare Institutions for Persons with Disabilities, and the rest went to the Daegu Metropolitan Office of Education, according to the company. The masks will be distributed to local students when schools start the new semester after the current delay. On March 6, Huawei Korea donated a total of 200 million won ($160,550) to support the

IndustryMarch 20, 2020

Coupang provides free health counseling for delivery workers

Coupang has introduced new plans to boost the safety of its delivery personnel as of Friday. Coupang said it will provide remote health counseling service to all of its Coupang deliverymen and have their health checked by visits from health professionals on a regular basis. The company added that it will provide emergency care service for its deliverymen if they are confirmed with the coronavirus or under self-quarantine. Also, safety mangers will be deployed at all c

IndustryMarch 20, 2020

LG CNS bags W120b deal in S. Korea

LG CNS said Friday it has been selected as preferred bidder for a new social security solution provider for the Ministry of Health and Welfare’s 122 billion won ($97.2 million) project. LG CNS’ consortium and Deloitte Consulting bid for the deal. Previously Samsung SDS was expected to join the competition, but it withdrew after reviewing feasibility. The new social security solution of LG CNS will substitute the ministry’s existing computer system built in 2009, which was u

TechnologyMarch 20, 2020

[From the Scene] LG Chem shareholders meeting ends abruptly amid coronavirus fears

LG Chem’s shareholders meeting this year posed a real challenge to the company as attendees braved to gather amid the coronavirus outbreak at an auditorium in Twin Tower headquarters in Yeouido, western Seoul, Friday. The involved three steps: wearing masks first cleaned their hands with hand sanitizer, had their temperatures checked with a hand-held noncontact infrared thermometer and had to pass the final stage of a thermal imaging camera. Due to reinforced safety efforts amidst the

IndustryMarch 20, 2020

Samsung bags new battery material deal

STM, a subsidiary of South Korean battery manufacturer Samsung SDI, has bagged a deal to sell electric vehicle battery materials to Cosmo Advanced Materials & Technology. According to industry sources, STM sold its precursor production line to Cosmo AM&T. The negotiation over the deal had been in process since last year. The size of the deal is unknown. A lithium-ion battery is composed of four main parts: cathode, anode, electrolyte and separator. Precursors are an intermediate pr

IndustryMarch 20, 2020

KT’s new CEO meets with stock market experts amid stock price plunge

KT’s new CEO Koo Hyun-mo held closed-door meetings with stock market experts this week on the company’s future strategy following a plunge in share prices, industry sources said Friday. The meetings on Tuesday and Thursday came after the South Korean telecommunications giant’s stock fell below the 20,000 won ($16) bar amid the ongoing coronavirus crisis. KT’s stock sold for around 27,000 won at the end of 2019. But it failed to bounce back, even after the company chose

IndustryMarch 20, 2020

Samsung shuts down TV plants in Slovakia

Samsung Electronics announced Friday it has decided to suspend operations of its Slovakia plant for a week due to the fast spread of coronavirus. The South Korean tech giant said it made the decision to protect employees from the spread of COVID-19. Currently, there are about 30 suppliers of the firm in Slovakia. Slovakia has declared a state of national emergency, limiting both logistics and personnel movement, due to the increasing number of COVID-19 confirmed cases. The government has s

TechnologyMarch 20, 2020

Asiana Airlines to suspend all European routes from April

Asiana Airlines will halt all its European routes in April as the new coronavirus spreads fast and the continent closes its borders and restricts movement, the firm confirmed Friday. The decision comes after the European Union decided on Tuesday to block the entry of foreign travelers to Europe for 30 days to prevent the spread of COVID-19. According to the airline, service on the Incheon-Frankfurt route, the only European route it is still operating, will be halted from April 1 to April 16.

IndustryMarch 20, 2020

Hyundai Rotem wins 345b won train order in S. Korea

Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Friday it has received an order worth 345 billion won ($274 million) in its home country. Hyundai Rotem will supply 120 subway train cars for a new local subway line named the Great Train Express-A (GTX-A) by 2024, the company said in a statement. The GTX-A line will stretch 83.1 kilometers from Unjeong Station in Paju to Dongtan Station in Hwaseong in Gyeonggi Province, it said.  The subway trains will be bu

MobilityMarch 20, 2020