Samsung's new foldable phone may be priced under 2m won: sources

Samsung Electronics Co.'s new foldable smartphone to be unveiled next month may be priced under 2 million won ($1,710), industry sources said Thursday, as the South Korean tech giant eyes attracting more consumers over its global rivals.Samsung's clamshell-type foldable phone, supposedly known as the Galaxy Z Flip, is set to be introduced at the company's "Unpacked" event in San Francisco on Feb. 11, along with a new version of its flagship smartphone that is likely to be named the Gal

TechnologyJan. 23, 2020

S. Korea fines Google over YouTube Premium service

South Korea's telecommunications regulator said Wednesday it has imposed a fine of 867 million won ($740,000) on Google Limited Liability Corp. for violating local telecom laws in the operation of its YouTube Premium service.In a two-year investigation through December 2018, the Korea Communications Commission (KCC) found Google didn't properly notify the YouTube Premium service users of the fact that the streaming service converts to a charged service after a one-month free trial service. "

EconomyJan. 23, 2020

[Photo News] Final farewell for late Lotte founder

Relatives and associates gathered to bid a final farewell to Shin Kyuk-ho, the late founder and honorary chairman of Lotte Group, commemorating his legacy in a ceremony in Seoul on Wednesday.Shin was a self-made entrepreneur, who built his way up to establish Lotte Group, one of the five biggest conglomerates in South Korea – the others being Samsung, Hyundai, LG and SK. He passed away Sunday at the age of 97. More than 1,400 people participated in the ceremony held at Seoul’s Lotte

IndustryJan. 22, 2020

Shinsegae chief owns most expensive house in Korea

A luxury mansion owned by the chairwoman of retail giant Shinsegae Group remained the most expensive house in South Korea this year, data showed Wednesday. According to the Land Ministry, the declared value of Shinsegae chief Lee Myeong-hee’s 2,861-square-meter house in Hannam-dong, Seoul, was 27.7 billion won ($23.82 million) this year, taking the top spot on the list of 220,000 detached houses selectively chosen for the survey across the country.The declared value of Lee’s house ro

MarketJan. 22, 2020

S. Korea’s 2019 economic growth skids to lowest in decade

South Korea’s economy in 2019 marked the slowest growth pace in a decade, mostly weighed down by the US-China trade tensions, the central bank said Wednesday.The nation’s gross domestic product expanded 2.01 percent on-year, according to advance data from the Bank of Korea.While the government’s 2-percent target has been attained, it fell short of the potential growth rate of 2.5-2.6 percent. This also was the slowest on-year growth since 2009, when the economy grew 0.8 percen

EconomyJan. 22, 2020

Samsung Biologics records 65% jump in operating profit

Samsung Biologics said Wednesday its operating profit in 2019 rose 65 percent on-year, on the back of increased revenue. The company recorded 701.6 billion won ($602 million) revenue with operating profit of 92 billion won operating profit, up 31 percent and 65 percent on-year, respectively.The growth was credited to the enhanced operation rate of its three plants.Its net profit recorded 203 billion won, a 21 billion won, or -9.5 percent, fall on-year. Samsung Biologics explained this reflects t

IndustryJan. 22, 2020

Fiscal chief says materials, parts, equipment industries ‘stabilized’

Finance Minister Hong Nam-ki said Wednesday that three sectors for electronic materials, parts and equipment, which have been affected by trade restrictions of Japan since last year, are back on a stable track as a result of governmental support.“We have come with specified measures on the voluntary investment worth 2 trillion won ($1.72 billion) by the private sector here and additional investment plans by global companies,” said Finance Minister Hong at a meeting in Incheon.“

MarketJan. 22, 2020

'Samsung plans to add video to smartphone messaging'

Samsung Electronics’ upcoming smartphones -- possibly including the clamshell device unofficially dubbed “Galaxy Z Flip” and the flagship Galaxy S20 series -- are expected to feature a new video chat service supported by Google’s Android system, according to sources on Wednesday. There are ongoing trilateral talks among device manufacturer Samsung, mobile carrier SK Telecom and Google on starting a video messaging service on Samsung’s Android-powered phones, a high-

TechnologyJan. 22, 2020

KRX aims to revitalize stock market, add to foreign investors’ convenience

The Korea Exchange said Wednesday it will make efforts to revitalize the sluggish stock market with more convenience for domestic and foreign investors.“To attract more long-term investors to the market and contribute to the nation’s economy, we will also offer new and diverse global investment products to raise the dynamics of the stock market,” said Lim Jae-joon, president of the Kospi Market Committee, at a press conference.Lim also pledged to invigorate its KIND regulatory

MarketJan. 22, 2020

Eased rules to heighten pension fund engagement

A revision of local financial laws is opening the doors for a higher level of shareholder engagement, empowering the role of pension funds in South Korea, including the world’s third-largest National Pension Service. In forthcoming shareholder meetings slated for March, the NPS is likely to hold sway over those listed on what is equivalent to a “focus list” by the California Public Employees’ Retirement System, out of more than 300 portfolio companies trading on the domes

MarketJan. 22, 2020

[Monitor] ICT exports falls 20% on-year in 2019

South Korea’s exports of information and communication technology products fell nearly 20 percent on-year in 2019, according to data by the Ministry of Trade, Industry and Energy. It is due mainly to a prolonged trade row between the United States and China, a drop in chip prices and a base effect as the country posted record-high exports in 2018.The nation’s outbound ICT shipments totaled $176.9 billion last year, down from $220.4 billion in 2018. It still recorded a trade surplus o

IndustryJan. 22, 2020

Samsung, Posco record W1tr operating profit for 2 decades

 Samsung Electronics and Posco are the only South Korean companies to record an operating profit of 1 trillion won ($858 million) for more than 20 years, latest data showed Wednesday. A new study by the Sustainable Growth Institute surveyed changes in operating profit of Korean companies between 1998 and 2018. The number of companies with an operating profit exceeding 1 trillion won stood at 18 in 2018, up from four in 1998, the survey found. The growth, however, has halted since 2010 when

IndustryJan. 22, 2020

Cardiac arrest most common during Seollal, Chuseok holidays: Study

South Koreans experienced cardiac arrests out of hospital more frequently on national holidays than any other day of the year, according to a study. The May 2019 study published in the Korean Circulation Journal showed the two biggest holidays of Seollal and Chuseok -- Lunar New Year and Korean thanksgiving -- were associated with higher rates of incidence of out-of-hospital cardiac arrests and in-hospital mortality.The study surveyed 95,066 events of out-of-hospital cardiac arrest for patients

TechnologyJan. 22, 2020

Hyundai Motor sales surpass W100tr for first time in 2019

Hyundai Motor Group said Wednesday that its sales last year hit a record high of 105 trillion won ($90 billion), surpassing the 100 trillion won mark for the first time, and its operating profit grew more than 52 percent.The conglomerate is the third to join the so-called “100 trillion won club,” after Samsung Electronics in 2008 and SK in 2018. Hyundai Motor’s sales exceeded 90 trillion won in 2015. According to Hyundai Motor’s 2019 financial statements, its an

MobilityJan. 22, 2020

Shinhan chief gets suspended sentence over influence-peddling charges

Shinhan Financial Group Chairman Cho Yong-byoung on Wednesday received a suspended sentence for influence-peddling in connection with a recruiting scandal at the flagship banking unit, yet his leadership remains unscathed. The Seoul Eastern District Court handed the 63-year-old executive a six-month prison term, suspended for two years. Expressing disappointment, Cho said he would appeal the case to a higher court.The court found Cho guilty of some of the accusations against him, including influ

MarketJan. 22, 2020

Daewoong to export gastric acid blocker to Mexico

Daewoong Pharmaceutical said Wednesday it has signed a deal worth $50 million to supply Mexico’s Moksha8 with gastric acid blocker fexuprazan. Given the local authorities’ approval, Moksha8 aims to launch fexuprazan in the second half of 2022. The expansion of Daewoong’s fexuprazan to overseas markets is in direct competition with CJ HealthCare’s tegoprazan-based K-CAB. Both fexuprazan and tegoprazan are potassium-competitive acid blockers, an advanced treatment compared

IndustryJan. 22, 2020

Netmarble to launch A3: Still Alive in March

A3: Still Alive’s launch in Korea in March will be developer Netmarble’s latest attempt at challenging the game market, CEO Kwon Young-sig said at a press event Wednesday.Since becoming the majority stakeholder of home appliance subscription firm Woongjin Coway in December, Netmarble has been receiving investor feedback that it must show better performance on its core business area of games. “A3: Still Alive is Netmarble’s fresh try at the game market. It is a completely

IndustryJan. 22, 2020

S. Korea's exports of ginseng set new record in 2019

South Korea's exports of ginseng reached a new fresh high in 2019 on the back of increased shipments to China and Vietnam, data showed Wednesday.Outbound shipments of ginseng products advanced 12.4 percent on-year to reach US$211 million in 2019, according to the data compiled by the Korea Agro-Fisheries & Food Trade Corporation.It was the first time that they had risen above the $200 million threshold.Exports of processed ginseng products, including drinks, led the growth by advancing 22 pe

IndustryJan. 22, 2020

Korean meat brand taps Pakistan market

Korean food service enterprise Didim said Wednesday its Korean barbecue brand Mapo Galmaegi signed a franchise contract with a Pakistani company to start business there. Didim said it signed the contract with M Anwar Bro, a Pakistani importer that exclusively supplies Korean and Japanese automobile parts to the market there on Tuesday.  M Anwar Bro also owns construction- and computer-related subsidiaries. Recently, the Pakistani company sought to expand its businesses into food, and contac

ConsumerJan. 22, 2020

Blue Bottle Coffee to open 5th store in Gwanghwamun

California-based coffee chain Blue Bottle Coffee will open its fifth store in South Korea near Gwanghwamun Square in central Seoul, according to industry on Wednesday. After making a hit in opening its first store in Seongsu, Seoul in May 2019, the coffee chain has since increased its outlets in three other spots in Seoul -- Samcheong, Apgujeong and Yeoksam.  Blue Bottle Coffee reportedly will open its fifth shop in on the first floor of Cheonggye Hankook Building, located in Jongno, next t

ConsumerJan. 22, 2020