LG launches its pay TV ambition with Hellovision

The board of South Korea’s No. 3 wireless carrier LG Uplus on Tuesday approved its acquisition of CJ Hello, one of the nation’s biggest cable operators, which will be rebranded as LG Hellovision.The company’s shareholders and board of directors agreed to appoint Song Gu-Young, previous senior managing director at LG Uplus as CEO of the company. CJ ENM, the biggest shareholder of CJ Hello with a 53.92 percent stake, has handed its stake of 50 percent plus one share to LG Uplus f

IndustryDec. 24, 2019

[Photo News] Holiday trips in time for Christmas

Travelers are seen at Incheon International Airport on Christmas Eve on Tuesday. Incheon Airport said it expects a total of 191,247 inbound and outbound travelers to use the airport on Christmas Eve and 207,669 on Christmas Day. (khnews@heraldcorp.com)

IndustryDec. 24, 2019

Hyundai Investments partners with La Francaise to create European office-focused fund

Seoul-based Hyundai Investments said Tuesday it has joined hands with French investment house La Francaise to create a blind pool fund that focuses on small and midsized office buildings in Western Europe. The new fund seeks 8 percent internal rate of return through a 10-year investment, according to Hyundai Investments. The Korean vehicle did not disclose the fund’s volume and its limited partners committed to the fund. The fund will target core-plus commercial buildings in key citie

MarketDec. 24, 2019

[News Focus] Korea falls short of G-20 average in Q3 growth

SEJONG -- South Korea’s policymakers are struggling to invigorate the sluggish economy, having suffered minus 0.37 percent on-quarter growth in the first quarter this year.The nation posted 1.04 percent on-quarter economic growth in the second quarter, on the back of the base effect from the deep slump in the previous quarter.But its third-quarter growth stayed at 0.41 percent due to continuous lackluster export performance and slower-than-expected improvement in private consumption.The fi

EconomyDec. 24, 2019

IMM PE to invest W134.7b to become HanaTour’s top shareholder

Seoul-based private equity house IMM Private Equity will become the largest shareholder of HanaTour Service, in a capital increase by South Korea’s No. 1 travel agency, HanaTour said on Monday. IMM PE will buy HanaTour’s newly issued 2.3 million common shares, or 16.7 percent of the outstanding shares, for 134.7 billion won ($115.8 million) -- with a 16.3 percent premium to its market price -- according to HanaTour’s disclosure. The funding will be raised from IMM PE&rsquo

MarketDec. 24, 2019

Naver-backed VC names head of Startup Alliance as new co-chief

South Korea’s internet giant Naver-backed venture capital TBT said Tuesday it has named Startup Alliance Managing Director Lim Jung-wook as the new co-chief of the investment vehicle. Lim will take office in March, when his term at Startup Alliance expires.He is serving his seventh year as the head of the nonprofit organization, dedicated to startup ecosystem advocacy and community building. Formerly a career journalist, Lim served as the head of web portal operator Lycos and global b

MarketDec. 24, 2019

LG Chem mulls spinoff of EV battery biz: report

LG Chem is mulling a slew of measures to bolster its electric vehicle battery business, including a plan to spin off the battery unit next year, according to a news report Tuesday. The report said an internal task force at LG Chem is currently operating with a schedule to spin off the battery business division as a subsidiary of the LG affiliate by July. In response, LG Chem said, “The company is considering various measures in order to enhance competitiveness and value of the battery busi

TechnologyDec. 24, 2019

Samsung Display becomes largest shareholder of Dowoo Insys

Samsung Display, the sole supplier of foldable displays for Samsung Electronics, has acquired majority stake in ultrathin glass substrate firm Dowoo Insys as part of its plan to secure adequate supplies, according to industry sources Tuesday. The subsidiary of Samsung Group purchased 600,000 shares of Dowoo Insys for 13.5 billion won ($11.6 million) last week through a collaborative fund with Samsung Venture Investment Corp., making it the largest shareholder with a total of 27.7 percent stake.

TechnologyDec. 24, 2019

[Newsmaker] Wi-Fi use latest hot spot of tension at Hyundai Motor

The latest bone of contention between the labor union and management at Hyundai Motor was unforeseen in a country that boasts one of the highest internet penetration rates -- Wi-Fi use.On Tuesday, the automaker changed its decision to allow employees to use Wi-Fi at its manufacturing plant in Ulsan, and placed restrictions on use only during meal times and break hours. The decision was taken after criticism that employees spent a lot of their time surfing the internet or watching YouTube vi

MobilityDec. 24, 2019

Online sales at Lotte Duty Free to surpass W3tr

Lotte Duty Free’s online sales are expected to surpass 3 trillion won ($2.5 billion) by the year-end, exceeding its target of 2.9 trillion won, according to the company. In the first half of this year, Lotte Duty Free recorded 1.42 trillion won in sales at its online mall, a 49 percent jump year-on-year.Last year, Lotte Duty Free raked 2.14 trillion won in online sales, up 46.3 percent from the previous year, the largest sales of an online duty-free outlet in the world.The company&rsq

IndustryDec. 24, 2019

More than half of middle-aged people in S. Korea indebted: data

More than half of middle-aged people were indebted last year, data showed Tuesday, in the latest sign of growing household debt in South Korea. The data compiled by Statistics Korea showed that 56.1 percent of people aged between 40 and 64 borrowed money from banks or other financial institutions in 2018, up 0.8 percentage point from 2017.Their median debt amount stood at 50.96 million won ($43,836) in 2018, according to the data.  For those who own homes, the median debt amount jumped to 8

EconomyDec. 24, 2019

Service sector's sales up 5.6% in 2018

South Korea's service sector logged a 5.6-percent rise in sales last year from a year earlier, thanks to robust sales at convenience stores and coffee shops, data showed Tuesday. The combined sales of local service firms totaled 2,155 trillion won ($1.85 trillion) last year, compared with 2,042 trillion won in 2017, according to the data compiled by Statistics Korea.The data showed that 12.18 million people worked in the service sector in 2018, up 4 percent from a year ago.  According to th

EconomyDec. 24, 2019

Business leaders of Korea, Japan, China call for free trade, economic integration

Entrepreneurs in South Korea, Japan and China called for free trade and economic cooperation at a business meeting held in Chengdu, China, according to a local business association Tuesday. The business summit, jointly organized by the Korea Chamber of Commerce and Industry and its Japanese and Chinese counterparts, was held on the sidelines of the summit between leaders of the three nations. The event was attended by President Moon Jae-in, Japanese Prime Minister Shinzo Abe, Chinese Premier Li

IndustryDec. 24, 2019

Economic conditions expected to improve early next year: vice finance minister

Economic conditions at home and abroad are expected to improve early next year, supported by a trade truce between the United States and China and an easing of Brexit worries, South Korea's vice finance minister said Tuesday. Vice Finance Minister Kim Yong-beom made the remarks at a regular meeting with senior financial officials on macroeconomic factors earlier in the day. "Recently, financial markets at home and abroad showed an improvement, thanks to a 'phase one' trade deal between the

EconomyDec. 24, 2019

Hanjin KAL sinks as family-risk scares investors

Hanjin KAL, the holding company of South Korea's largest carrier Korean Air Lines Co., closed sharply lower Tuesday, paring earlier gains on a simmering family feud that investors apparently saw more as a risk than an opportunity.Hanjin KAL plunged 7.14 percent to close at 42,900 won ($36.86), one day after it spiked 20 percent.The shares had gained more than 5 percent earlier in the day amid speculations that the family feud may erupt. Investors, however, apparently saw the possible feud as mor

IndustryDec. 24, 2019

S. Korea to cut tariff rates on 77 products in 2020

South Korea's Cabinet on Tuesday approved a plan to lower tariff rates on 77 products next year to bolster the country's industrial competitiveness and stabilize prices of domestic goods. The products covered by a tariff quota include crude oil, liquefied natural gas and cobalt sulfate, a key ingredient in making batteries for electric vehicles, according to the Ministry of Economy and Finance. Under the tariff quota, which is set to take effect between Jan. 1 and Dec. 31 next year, tariff rates

EconomyDec. 24, 2019

Brokerages' net profit down 28.5% in Q3

South Korean and foreign securities firms saw their combined net profit fall 28.5 percent in the third quarter from a quarter earlier due in part to declines in commission fees, data showed Tuesday.The combined net profit of 56 local and foreign brokerages in South Korea stood at 988.9 billion won ($850.5 million) in the July-September period, down from 1.38 trillion won in the April-June period, according to the preliminary data from the Financial Supervisory Service.Brokerage commission fees f

EconomyDec. 24, 2019

LG to unveil dual-screen 5G smartphone at MWC

LG Electronics Inc. will showcase its new flagship smartphone with a dual screen and 5G connectivity at the upcoming Mobile World Congress in February, industry sources said Tuesday.The Korean electronics giant is scheduled to unveil the new 5G phone, V60 ThinQ, at MWC Barcelona 2020, under the ultra-fast wireless network, according to the sources."LG Electronics is planning to showcase V60 ThinQ as next year's first smartphone to expand its presence in the 5G market," said an industry

IndustryDec. 24, 2019

Moon, Li agree to facilitate follow-up FTA talks on service, investment sectors

CHENGDU -- The leaders of South Korea and China agreed Monday to expedite talks on supplementing a bilateral free trade agreement, Cheong Wa Dae said.In a meeting with Chinese Premier Li Keqiang in Chengdu, Sichuan Province, President Moon Jae-in proposed the further strengthening of a systemic foundation for enhancing the level of economic cooperation via ongoing negotiations on the service and investment fields to expand the scope of the FTA that took effect in late 2015, according to Cheong W

IndustryDec. 23, 2019

Naver's Japanese affiliate Line, Yahoo Japan ink formal merger deal

South Korea's No. 1 internet portal Naver Corp. said Monday that its Japanese messaging app provider Line Corp. signed a formal contract to merge with internet portal Yahoo Japan Corp.Under the deal, SoftBank Group Corp. -- a holding firm of Z Holdings Corp. that operates Yahoo Japan -- and Naver will buy stocks held by retail investors in Line, Naver said in a regulatory filing.Naver currently holds a 73 percent stake in Line, and SoftBank owns 45 percent of Yahoo's parent company, Z Holdings.F

IndustryDec. 23, 2019