Unpacked: Samsung brings 5G, AI, foldable to 2020 Galaxy lineup

SAN FRANCISCO -- Samsung Electronics has reset the tone for the upcoming decade in the mobile world with catchphrases “5G, AI and foldable” by unveiling an enhanced Galaxy S smartphone lineup and a new foldable form factor in San Francisco on Tuesday. At the Samsung Galaxy Unpacked 2020 event held at the Palace Fine Arts in the city, the South Korean tech titan introduced the global audience comprising 3,000 industry officials and tech aficionados to its vision for the upcoming dec

TechnologyFeb. 12, 2020

Look into new techs, features in Galaxy S20, Galaxy Z Flip

SAN FRANCISCO -- By unveiling the Galaxy S20 series and Galaxy Z Flip foldable smartphone, Samsung has introduced some fresh technologies and features that could possibly be benchmarked by competitors. The flagship Galaxy S20 series boasts the enhanced camera system among others. The Galaxy S20 introduces an entirely new camera system -- powered by AI and with the biggest image sensor yet -- to bring out the best in every image and every moment.  With larger image sensors available

TechnologyFeb. 12, 2020

Galaxy Buds+ lasts 11 hours on single charge

Samsung Electronics on Tuesday announced the launch of its upgraded wireless earphones Galaxy Buds+ armed with woofer sound and clearer mic function, with battery that can last for 11 hours on a single charge. Galaxy Buds+ is also the first set of wireless earphones from Samsung that is compatible with iOS, posing a competition to Apple’s latest AirPods Pro. Galaxy Buds+ is equipped with dynamic two-way speaker and three microphones for deeper sound and clearer voice calls, the firm expl

IndustryFeb. 12, 2020

Online credit card use up 44.5% over coronavirus fears

  Online credit card spending by South Korean consumers rose 44.5 percent in the fourth week of January, amid fears of the novel coronavirus outbreak, industry data showed Tuesday. According to data compiled by eight credit card issuers -- Shinhan, Samsung, KB Kookmin, Hyundai, BC, Lotte, Woori and Hana -- the combined online spending reached some 2.5 trillion won ($2.1 billion) following the Lunar New Year holiday. The total online spending in the same week last year amounted to 1.73

EconomyFeb. 11, 2020

Genexine CEO gives stocks worth W8.2b to family

Biotech company Genexine’s CEO Sung Young-chul on Tuesday gifted his stocks worth 8.2 billion won ($6.9 million) to his two daughters, sons-in-law and wife. Genexine, which is listed on the secondary bourse Kosdaq, filed a disclosure on Friday about the transfer of stocks, but it was belatedly reported that his daughters were the beneficiaries. Sung has in the past gifted his stocks to academic associations, hospital and universities on several occasions, but this is the first time he h

IndustryFeb. 11, 2020

Samsung SDI announces joint venture with local battery material maker

South Korea’s second-largest battery maker Samsung SDI said Tuesday it will launch a joint venture with local battery material maker EcoPro BM, as part of its efforts to develop next-generation batteries and better respond to the growing demand from global electric vehicle makers. EcoPro BM will invest 72 billion won ($60.8 million) for a 60 percent share in the joint venture, while Samsung SDI will invest 48 billion won for a 40 percent share in the new company. They plan to complete

IndustryFeb. 11, 2020

Woori Financial names new CEO to flagship bank

Woori Financial Group on Tuesday announced the appointment of the new head of its flagship commercial banking unit, in a move that is projected to further escalate its tension with the financial authorities here. The financial giant’s chairman and executive recommendation committee tapped Kwon Kwang-seok, head of the Korea Federation of Community Credit Cooperative’s credit business, to replace current Woori Bank CEO Sohn Tae-seung. Sohn, who has been reappointed as the financia

MarketFeb. 11, 2020

GC Pharma, SK Plasma going global to offset blood shortage

GC Pharma and SK Plasma, the two South Korean companies that produce plasma-derived medical products, or PDMPs, are actively seeking overseas expansion to offset the limited blood supply in Korea. For companies that use human blood, or more specifically plasma, procuring sufficient amounts is the toughest obstacle to business. Blood can quite literally be turned into medicine once it is separated into its component parts. The red fluid running through our blood vessels is actually 55 percent

IndustryFeb. 11, 2020

Ikea Korea opens 4th store in Busan

Ikea Korea said Tuesday it will open its fourth store in South Korea in Busan on Thursday, marking the first store outside Seoul and the surrounding region. According to the company, Ikea DongBusan, located at Gijang-gun, will feature showrooms, the Ikea Restaurant and Bistro, and Smaland, a play area for kids, across 42,316 square meters, with one basement floor and four floors above ground. Under the vision of creating a “better everyday life,” Ikea DongBusan aims to reach peopl

ConsumerFeb. 11, 2020

[Newsmaker] Nongshim ups promotion of ‘ram-don’ from ‘Parasite’

In light of Korean filmmaker Bong joon-ho’s historical victory at the Oscars with his film “Parasite,” the Korean manufacturer of instant noodles featured in the film is riding high on the bandwagon. Jjapaguri -- translated as “ram-don” in the English subtitles -- is a mixture of Chapaghetti black bean instant noodles and soup-based Neoguri ramen. Having aroused the curiosity of cinemagoers around the world, the recipe quickly spread via social media, with Bong&rs

ConsumerFeb. 11, 2020

Korea to employ Silicon Valley-inspired SAFE venture investment method

South Korea is poised to employ a Silicon Valley-style venture capital instrument starting from July, to let startups raise funds with fewer strings attached. The Ministry of SMEs and Startups promulgated on Tuesday a separate set of laws that center on venture investment schemes here, which have been recognized under two different laws: the Act on Special Measures for the Promotion of Venture Business and the Support for Small and Medium Enterprise Establishment Act. The new rule gives legal

MarketFeb. 11, 2020

FSC to have final say on FSS-Woori dispute

With the feud between the Financial Supervisory Service and Woori Financial Group over the latter’s leadership escalating, all eyes are on the final decision of regulator Financial Services Commission. The FSC’s advisory panel Securities and Futures Commission, in its biweekly meeting on Wednesday, will review the sanctions slapped on banking group chiefs over the misselling of derivative-linked fund products, officials said Tuesday. Late last month, the financial waatchdog decide

MarketFeb. 11, 2020

S. Korea to raise W31.5b fund to foster agricultural startups

SEJONG -- South Korea said Tuesday it plans to raise funds worth 31.5 billion won ($26.5 million) this year to foster startups in the agriculture and fisheries segment as part of its broader efforts to enhance the vitality of rural areas. The fund -- which will be raised jointly by the state and the private sector -- will center on supporting people seeking new business opportunities in farms and fishing towns, according to the Ministry of Agriculture, Food and Rural Affairs. The ministry sai

IndustryFeb. 11, 2020

S. Korea expanding efforts to normalize supply chain amid coronavirus spread

South Korea said Tuesday it is making efforts to minimize the economic fallout of the new coronavirus as local manufacturers' production lines have been partially disrupted due to shortages of Chinese parts. "South Korea will continue to look closely at the global supply chain and help local industries better cope with external risks," Industry Minister Sung Yun-mo said in a meeting with local businesses. Production lines at China-based suppliers have been partially or fully shut do

EconomyFeb. 11, 2020

[Monitor] Overcrowded restaurant business still attracting new players

The already crowded restaurant business has continued to expand over the past several years, with restaurateurs accounting for 10 percent of all self-employed businesspeople, data from the Seoul Metropolitan Government showed. This means around 12,000 to 16,000 restaurants open each year. Of them, the greatest number, or 57,797 sell Korean dishes. Next most popular are fried chicken restaurants (5,413), Korean-Chinese restaurants (4,770) and Japanese restaurants (4,087). The number of restau

IndustryFeb. 11, 2020

Jeju Air logs operating loss in 2019

  Jeju Air, the country’s largest low-cost carrier by sales, said it recorded 1.38 trillion won ($1.1 billion) in sales last year, along with 32.9 billion won in operating loss and 34.1 billion won of net loss.  The air carrier said its 2019 sales improved by 9.9 percent, but the operating profit and yearly net profit both turned into the red. In the fourth quarter last year, its sales came to 309.4 billion won, also recording an operating loss at 45.1 billion won and net loss

MobilityFeb. 11, 2020

NPS posts highest return on investment since 2010

South Korea’s state pension fund National Pension Service said on Tuesday that it posted the highest return on investment in 10 years in 2019 largely due to the bullish stock markets here and abroad. The state-run pension fund marked an estimated rate of return of 11 percent last year, raking up a whopping 70 trillion won ($59 billion), according the NPS. The yield is the largest since 2010 when the fund operator marked 10.37 percent. In 2018, the NPS posted a negative yield of 0.

MarketFeb. 11, 2020

[Photo News] Coex launches 'mask united' campaign

Lee Dong-won (third from right, front row), CEO of the Convention and Exhibition Center, launches a “mask united” campaign with staff and executives amid the coronavirus outbreak, to contribute to the recovery of the Korean economy and ensure the safety of visitors at Coex in Gangnam-gu, Seoul, on Tuesday. (Yonhap) (khnews@heraldcorp.com)

IndustryFeb. 11, 2020

Hyundai Motor, US Energy Department join hands for hydrogen fuel cell tech

Hyundai Motor Group said Tuesday it has joined hands with the US Department of Energy to expand the use of hydrogen fuel cell technology globally and innovate further.  The company said it has signed a memorandum of understanding with the department in Washington, DC. Hyundai Motor Group’s Executive Vice Chairman Chung Euisun met with US Secretary of Energy Mark W. Menezes to exchange their vision and direction for the future hydrogen society, the company added.  “We ex

MobilityFeb. 11, 2020

Household debt growth sharply decelerates in Jan.

The household debt extended by banks in South Korea slowed sharply in January from a month earlier due to a seasonal factor, central bank data showed Tuesday. Fresh bank loans extended by banks to local households came to 3.7 trillion won ($3.1 billion) in the month, compared with a 7.2 trillion won increase the previous month, according to the data from the Bank of Korea. The amount marks a sharp rise from a 1.1 trillion won increase in the same month last year, however. "The rate of i

EconomyFeb. 11, 2020