Imported commercial car sales dip 11% in 2019

Sales of imported commercial vehicles in South Korea fell 11 percent in 2019 from a year earlier as demand remained weak amid a slowing economy, an industry association said Wednesday.The number of newly registered imported commercial vehicles fell to 3,896 units last year from 4,394 a year ago, the Korea Automobile Importers and Distributors Association said in a statement.The annual sales data does not include figures for dump trucks, as KAIDA only began to add those numbers to its commercial

MobilityJan. 22, 2020

S. Korea prepared to curb economic fallout from China coronavirus

South Korea's finance ministry said Wednesday it will make efforts to minimize possible economic fallout from the spread of the China coronavirus amid worries that it could hurt local consumption.Vice Finance Minister Kim Yong-beom made the remarks at a meeting with senior financial officials earlier in the day, the ministry said in a statement. South Korea's financial markets are seeing volatility rise amid jitters over the virus, which emerged in the central Chinese city of Wuhan late last mon

EconomyJan. 22, 2020

Funeral service of late Lotte founder held

A funeral ceremony for Shin Kyuk-ho, the late founder and honorary chairman of South Korea's Lotte Group, was held Wednesday as his family and associates commemorated his legacy and accomplishments as chief of the retail giant.Shin, who had built the country's fifth-largest conglomerate spanning from food to hotel business, died of a chronic illness due to age-related symptoms on Sunday. He was 99.The ceremony was held with the participation of more than 1,400 family members and company official

IndustryJan. 22, 2020

Cigarette sales down 0.7% in 2019 on higher prices

Sales of cigarettes in South Korea fell 0.7 percent in 2019 from a year earlier due to the government-led anti-smoking campaign and higher prices, data showed Wednesday. Smokers purchased 3.45 billion 20-cigarette packs last year, compared with the previous year's 3.47 billion packs, according to data compiled by the Ministry of Economy and Finance.The figure represents a 20.9 percent drop from 2014, a year before South Korea increased the price of cigarettes by 80 percent, from 2,500 won ($2.14

IndustryJan. 22, 2020

Korea's 2019 growth slowest in decade, Q4 expansion faster than expected

The South Korean economy expanded at the slowest pace in a decade in 2019, largely weighed down by an extended slump in outbound shipments amid a lengthy trade row between the United States and China, the central bank said Wednesday.South Korea's gross domestic product expanded 2 percent in 2019 from a year earlier, according to advance data from the Bank of Korea.The figure marks the slowest on-year growth since 2009, when Asia's fourth-largest economy expanded 0.7 percent in the aftermath of t

EconomyJan. 22, 2020

Korea's exports to rebound next month: finance minister

South Korea's finance minister voiced hope on Tuesday that the nation's exports are likely to post a monthly gain next month.Finance Minister Hong Nam-ki made the remarks as exports fell 0.2 percent in the first 20 days of January, marking the lowest rate of decline in a year, as outbound shipments of semiconductors rebounded.January exports are unlikely to rebound due to fewer working days later this month, Hong said, as the Lunar New Year holiday begins on Friday.Last year, the Lunar New Year

EconomyJan. 21, 2020

McDonald’s Korea CEO resigns for personal reasons

McDonald’s Korea CEO Cho Ju-yeon resigned from her post last week due to “personal reasons.” Cho sent an email to all employees on Tuesday to announce her resignation, without elaborating on the reason, industry officials said. However, a McDonald’s Korea official said Cho was leaving due to personal reasons unrelated to the company. While McDonald’s Korea does not have a designated tenure for the CEO position, Cho’s resignation was a planned move, the officia

ConsumerJan. 21, 2020

Samsung’s financial units brace for changes with new CEOs

South Korea’s largest conglomerate on Tuesday appointed new chief executives -- all in their 50s -- in an apparent move to tackle challenges in the fast digitalization of the capital market and diversify its business portfolio for sustainable growth.Samsung Group’s insurance unit, Samsung Life, has appointed Jeon Young-muk as its new CEO. He has served as CEO of Samsung Asset Management since 2018. Samsung Life vice presidents -- Kim Dae-hwan and Shim Jong-keug -- have been tapped to

MarketJan. 21, 2020

Hyundai’s Chung Euisun presents 3 directions for hydrogen society in Paris

Global communities need to seek ways to advance a hydrogen society based on three aspects -- cost reduction through technological innovation, expansion of public receptivity and establishment of a safety management system -- according to Hyundai Motor chief Chung Euisun, who attended a CEO event of a global alliance for hydrogen technologies in Paris on Monday. “There is a no shortcut to the future hydrogen society. It is most important for the hydrogen industry to establish a specifi

MobilityJan. 21, 2020

Posco Chemical signs W1.8tr deal to supply anode for LG Chem’s EV battery

Posco Chemical signed with LG Chem to supply the latter with anode for electric vehicle batteries through end-2022, the companies said Tuesday. The deal is worth 1.8 trillion won ($1.54 billion).An anode is a core material that determines the capacity and output of a battery.  The anode Posco Chemical will provide LG Chem is high-nickel NCM, short for nickel, cobalt and managnese. The greater percentage nickel accounts for in an anode, the better output the battery has, making it better sui

IndustryJan. 21, 2020

‘Most CEOs attending WEF pessimistic on 2020 economic growth’

A majority of corporate honchos attending the annual World Economic Forum in Davos, Switzerland, have given the thumbs down to global economic growth this year, a survey by global accounting and consulting firm PricewaterhouseCoopers showed Tuesday.Over 50 percent of the corporate leaders have lowered their forecast for this year’s global economic growth pace, amid lingering uncertainties such as excessive regulations and the prolonged US-China trade war.The survey conducted between Septem

EconomyJan. 21, 2020

Celltrion to open China’s biggest biologics facility in Wuhan

Celltrion announced Tuesday that it would build its first plant in Wuhan, China, saying it would be the country’s biggest biologics plant. Celltrion Group said it had the full support of the Hubei provincial government in setting up the plant, which would be able to manufacture 120,000 liters of biologic drugs. China’s largest current facility can produce 5,000 liters. The city in central China has a geographical advantage in shipping its products to all four corners of the country.

TechnologyJan. 21, 2020

Cyclical risk persists in Korean equity market: AllianceBernstein

Lingering uncertainties due to cyclical risk across emerging markets in Asia are leaving long-term prospects for South Korea’s equity market unclear, despite its recent buoyance in the technology sector, an analyst at global asset management firm AllianceBernstein said Tuesday. “The technology-led revival in earnings will benefit Kospi earnings-per-share growth in 2020, but there is cyclicality to those earnings, so the outlook for 2021 remains unclear,” David Wong, senior inve

MarketJan. 21, 2020

GS E&C acquires 2 European prefabrication companies

GS Engineering and Construction said Tuesday it has taken over two European manufacturers of prefabricated houses, and is set to finish the acquisition process of an American company, aiming to expand its business in the global market. According to GS E&C, the company signed the takeover contract with Danwood, a Polish company specializing in wood prefab houses, in Bialystok, Poland, Tuesday. At the signing ceremony, GS E&C President of New Business Huh Yoon-hong, Enterprise Investor Pre

IndustryJan. 21, 2020

Aekyung Group purchases site for R&D center in Songdo

South Korean household and personal care product maker Aekyung Group said Tuesday it has purchased a site at Songdo, Incheon, for its envisioned research and development center.The company has signed a contract with Incheon Free Economic Zone to buy the 28,722-square-meter site inside the high-tech industry cluster Sector B in Songdo International City, for 34.5 billion won ($29.5 million).The group’s major subsidiaries, Aekyung Petrochemical and Aekyung, have invested in the site at a 60:

IndustryJan. 21, 2020

S. Korea to launch financial data exchange platform in March

South Korea will test-run a financial data exchange platform in March, enabling users to sell and purchase such data conveniently, the nation’s top financial regulator said Tuesday, in a move seen as an effort to accelerate digital transformation. According to the policymaking Financial Services Commission, the data will be uploaded to the platform by providers including financial and public institutions, insurance companies and mobile operators. It will then be purchased by buyers such as

EconomyJan. 21, 2020

Samsung to pay largest incentives for subcontractors

Samsung Electronics said Tuesday it plans to give its chipmaking subcontractors a bonanza during the Lunar New Year holidays -- the biggest bonus since 2010 -- for their performance last year. The South Korean tech giant’s semiconductor division pays a total of 41.74 billion won ($35.8 million) to around 20,000 employees of primary and secondary contractors, marking the greatest sum in incentives for the second-half period since 2010. For the first half of last year, Samsung provided

TechnologyJan. 21, 2020

LG Hausys expands foothold in North American market

LG Hausys is increasing its presence in North America by operating its third engineered stone production line at a plant there. The South Korean construction and interior materials company is also introducing its new product lineup at the Kitchen & Bath Industry Show 2020 in Las Vegas, which runs through Thursday. At the show, the company has introduced 20 artificial marble products, it said in a statement released Tuesday. “The company this year will try to attend exhibits and events,

IndustryJan. 21, 2020

SK Broadband-T-broad merger gets green light

South Korea’s ICT Ministry on Tuesday gave its thumbs up to the merger of SK Broadband and T-broad, the second-largest cable TV operator here. The ministry has also listed conditions aimed at minimizing side effects from new service providers that could drive out relatively small-sized media businesses across the country. The government has been cautious over the merger as it is the first case between nationwide IPTV operator and a local cable system operator.The conditions include sp

IndustryJan. 21, 2020

SK Telecom, Microsoft to expand cloud gaming service in Korea

SK Telecom said Tuesday it has reached a deal with Microsoft to expand the service of 5G-based cloud gaming platform Project xCloud here. The two firms hope to increase the number of games available on the platform. An alpha test is planned before the official launch -- the beta test was only opened to a select few.In September, SKT became an exclusive operating partner of Microsoft’s cloud gaming service in Korea. Since the company started the test run in October, the mobile carrier

TechnologyJan. 21, 2020