Zoo without animals: SKT promotes animal protection with VR, AR

Addressing the need to protect endangered animals, SK Telecom on Monday released its latest campaign to promote the concept of a zoo without animals using its advanced media technologies. Adopting “mixed reality” -- a combination of virtual reality and augmented reality -- the video campaign depicts a father of a family bringing a polar bear to life using 5G for his son. The images use realistic rendering to mimic the lifelike fluff of the animal and environmental rendering that refl

TechnologyDec. 23, 2019

CES 2020 promises to showcase exciting future mobile tech

The Consumer Electronics Show -- the world’s largest annual tech event -- is usually a platform to showcase next-generation TVs, refrigerators and washing machines, but the latest edition will see brand new smartphones in the limelight, according to industry sources Monday. CES 2020 that will kick off in Las Vegas on Jan. 7 and is slated to offer a glimpse of future smartphones, which will make their first appearances at the show. 　Led by Samsung Electronics and LG Electronics, around 400

TechnologyDec. 23, 2019

S-Oil awards marine police heroes

S-Oil has awarded a total of 70 million won ($60,261) to six maritime police officers at a ceremony in Songdo, Incheon, the company said Monday. At the awards ceremony, S-Oil gave a plaque and an award of 20 million won to Lt. Lee Sung-hee of Pohang Maritime Police Office, selected by the Korea Coast Guard and the Korea National Council on Social Welfare. Five other police officers received a plaque and 10 million won each. Lt. Lee Sung-hee, who was selected as the top hero of the maritime

IndustryDec. 23, 2019

FSC chief says shift of money flow from real estate to SMEs crucial

In order to carry forward financial innovation next year, it is crucial to induce market funds into innovative industries, instead of the oversupplied housing mortgage sector, according to the top financial regulator Monday.“The funds (in the domestic capital market) are excessively focused on household lending, which mostly comprise housing mortgage loans,” said Financial Services Commission Chairman Eun Sung-soo at a financial policy meeting held at the Korea Deposit Insurance Corp

EconomyDec. 23, 2019

1 in 10 Koreans invest in stocks, as investors are aging: data

One out of 10 South Koreans invest in stocks and nearly half of them are in their 50s or older, government data showed Monday. According to the Ministry of the Interior and Safety, Statistics Korea and the Korea Securities Depository, around 5.55 million people invested in 2,216 listed firms on the domestic stock market, as of end-December last year. The findings showed that one in five of the economically active population were investors and the number reached 10.7 percent of all resident regis

MarketDec. 23, 2019

GS Group donates W4b to local charity

GS Group said Monday it donated 4 billion won ($3.44 million) to the Community Chest of Korea to support the livelihood and education of people in need. Separately, the group’s affiliates have been supporting disadvantaged families through diverse volunteer work in line with Chairman Huh Chang-soo’s vision of corporate social responsibility. GS Caltex has been running year-end relay volunteering programs for 15 years, comprising 21 projects, including making kimchi, upcycling of

IndustryDec. 23, 2019

[Monitor] Exports in Dec. inch down

South Korea’s exports inched down 2 percent in the first 20 days of December from a year ago, data from the Korea Customs Service showed Monday.The drop was mainly due to decreased shipments of semiconductors and ships -- 16.7 percent and 51.2 percent, respectively.Exports of passenger cars and wireless equipment, on the other hand, increased by 2.7 percent and 3 percent, respectively.(khnews@heraldcorp.com)

EconomyDec. 23, 2019

KTB backs acquisition of logistics facility in Ireland

Seoul-based KTB Investment & Securities and KTB Asset Management have backed a 160 million euros ($177.2 million) acquisition of Tesco’s Distribution Center in Dublin, Ireland, by DTZ Investors, its adviser Cushman & Wakefield said Monday.It was the largest single-asset logistics transaction in Ireland by volume. The 73,000 square meter-wide warehouse is a logistics facility for dry goods distribution to some 150 Tesco stores across Ireland within three hours.  KTB partnered w

MarketDec. 23, 2019

Credit rating downgrades of Korean firms hit 3-year high

The average number of companies that suffered credit rating downgrades hit a three-year high this year, as they have been struggling to cope with the risks stemming from the US-China trade war and global economic slowdown, latest data showed Monday. According to separate evaluations by three major credit rating agencies here, the average number of firms that were downgraded so far this year increased to 55 firms, 15 more than last year. The corresponding figure stood at 37 in 2018 and 45 in

MarketDec. 23, 2019

Woori heeds FSS proposal on DLF compensation

The head of Woori Bank on Monday urged employees to do their best to compensate clients who faced losses from derivative options based on their recommendation, in an apparent move to heed the financial watchdog’s reccomendation.“I ask that you actively listen to what customers have to say and draw up additional measures that could minimize their damages,” Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung told his employees in a meeting. The meeting was attended b

MarketDec. 23, 2019

[Newsmaker] Hanjin Group siblings up ante in battle for throne

A family war is brewing in Hanjin Group, one of Korea’s vast conglomerates which also owns flag carrier Korean Air, with siblings battling to assume management control. Late Chairman Cho Yang-ho’s eldest daughter Cho Hyun-ah is stepping up her attack against her younger brother and present Chairman Cho Won-tae, hinting at continued dispute about succession.Former Korean Air Vice President Cho Hyun-ah said in a statement Monday via a law firm that “ Cho Won-tae’s busi

IndustryDec. 23, 2019

Orion taps Lee Seung-jun as new president

Korean confectionery company Orion said Monday it has tapped Vice President Lee Seung-jun as its new chief. Lee has served as head of Orion’s research and development center. He was promoted to president and will also head the company’s global R&D center, Orion said. After joining the company in 1989, he played key roles at product development and R&D teams in China as well as supervised megahit products including its signature corn chip Kkobup Chip, Market O Granola, Fr

IndustryDec. 23, 2019

LTE download speed in S. Korea up 5.2% in 2019: ministry

The average download speed via 4G LTE networks in South Korea got faster this year, the country's ICT ministry said Monday, with SK Telecom Co. offering the fastest data transmission speed. The average 4G LTE download speed in South Korea reached 158.53 megabits per second in 2019, up 5.2 percent from a year earlier, according to the Ministry of Science and ICT's telecommunication service report. The average LTE upload speed, however, was 42.85 Mbps, down 2.5 percent from a year ago.  SK Te

IndustryDec. 23, 2019

ATU Partners to acquire DragonX through esports-focused fund

Private equity house ATU Partners said Monday that it had signed a deal to buy a controlling stake in South Korean professional esports team DRX through its esports-focused fund worth 20.2 billion won ($17.4 million).The terms of the deal involving the League of Legends team, rebranded from Kingzone Dragon X, remain undisclosed. Alongside the deal, ATU Partners also reached an agreement to buy an undisclosed stake in esports agency Azyt. The fund is backed by limited partners including Kaka

MarketDec. 23, 2019

Tax agency to probe buyers of expensive homes over alleged tax evasion

South Korea's tax agency said Monday that it will launch an investigation into buyers of expensive homes over alleged tax evasion, a week after the government unveiled tougher regulations to rein rising home prices.  The National Tax Service said it will start the probe into 257 people who are suspected of evading taxes or illegitimately raising money to buy homes.  Debt accounted 69 percent of 512.4 billion won ($440 million) spent in 531 home transactions, which have been under scrut

EconomyDec. 23, 2019

[Herald Interview] ‘Korean firms should raise voice on digital tax’

South Korean companies should be more vocal in the global discussion on digital tax before it becomes too late, said a partner lawyer at a local law firm. As the world faces a new paradigm where more businesses are being conducted online, the necessity to define digital tax is growing worldwide and a debate is underway in the Organization for Economic Cooperation and Development. Pressed by the US, home to many digital firms, the OECD discussion is also considering whether manufacturing companie

IndustryDec. 23, 2019

Hyundai's upgraded Grandeur gets more than 50,000 preorders in S. Korea

Hyundai Motor Co., South Korea's top automaker, said Monday its face-lifted Grandeur sedan has received more than 50,000 preorders in just over a month since the vehicle's launch at home. Hyundai said it received orders for 52,640 new Grandeurs as of last week since the preorders started on Nov. 3.Hyundai said consumers in their 40s were the biggest buyers of the upgraded Grandeur, as they accounted for 31 percent of the total preorders. They were followed by consumers in their 50s, who made up

MobilityDec. 23, 2019

Naver's online comic arm begins services in French, Spanish

The webcomic arm of South Korea's top portal operator, Naver Corp., said Monday that it has kicked off service in French and Spanish as part of ongoing efforts to reach foreign audiences.  Line Webtoon, a global service provided by Naver Webtoon Corp., added two languages in Europe, in addition to English, Japanese, Thai, Indonesian and Chinese, the company said.  A total of 40 contents from both home and abroad were released in Europe, with more to be added, it said.   "

IndustryDec. 23, 2019

S. Korea to nurture smart farming industry, promote exports

South Korea said Monday it will launch a set of programs next year to nurture its smart farming industry with an aim to become one of the world's major exporters in the sector.Under the vision, South Korea's annual exports of smart farm solutions will hit $300 million in 2025, growing threefold from $100 million posted in 2018, according to the Ministry of Agriculture, Food and Rural Affairs.The concept of smart farming centers on the application of cutting-edge technologies, such as big data, t

IndustryDec. 23, 2019

Kumho to sign deal this week to sell Asiana Airlines

Kumho Asiana Group is set to sign a formal deal with a local consortium this week to sell its flagship airline unit, industry sources said Monday.Kumho Industrial Co., the largest shareholder of Asiana, will sign the deal with a consortium comprised of HDC Hyundai Development Co. and brokerage house, Mirae Asset Daewoo Co., on FridayLast month, the consortium submitted an overall acquisition price of 2.5 trillion won ($2.1 billion), and was picked as the preferred bidder for the country's No.-2

IndustryDec. 23, 2019