Huawei to place R&D first

Chinese tech giant Huawei Technologies pledged to put research and development as a top priority to weather uncertainties and maintain its business continuity, as its R&D expense reached the highest in a decade last year. “Both our R&D expense quantity and R&D expense ratio reached a 10–year high last year,” Karl Song, vice president of corporate communications at Huawei, told reporters in Seoul Tuesday. “The harder things get, the more we are investing in

TechnologyMarch 30, 2022

KRX delays lifting trading halt on Osstem Implant

The Korea Exchange said Tuesday that it had decided to postpone its decision on whether to allow Osstem Implant to resume trading, after hours of deliberation that failed to reach consensus on the fate of the company, which had reported insider theft amounting to 221 billion won ($181 million). The largest dental implant maker in the Asia-Pacific region, which used to trade on the tech-heavy Kosdaq board, reported the theft on Jan. 3 and the KRX suspended trading that day.  A month l

MarketMarch 29, 2022

Posco launches control tower for carbon neutrality goals

Posco said Tuesday it has launched a new committee to act as a control tower that supervises carbon neutrality efforts across affiliates and makes timely decisions under its goal of going carbon neutral by 2050. “Posco requires a prompt decision-making process to proactively respond to global needs for carbon neutrality efforts, as well as to accelerate our production system based on carbon neutrality goals by 2050,” said Posco Vice Chairman Kim Hag-dong, who leads the new committe

IndustryMarch 29, 2022

[Herald Interview] Samsung CEO’s apology over GOS throttling not enough: US lawyer

A public apology delivered by a Samsung Electronics CEO earlier this month and a software update are not enough to conciliate customers’ anger, a US attorney claimed, urging the tech giant to provide compensation. Customers are disappointed largely because Samsung sold devices that are not what they meant to be and not as premium as they were promoted in terms of phone and battery performance, said David Buchanan, a partner at Seeger Weiss in New Jersey who is suing Samsung on behalf of

TechnologyMarch 29, 2022

IMF suggests to Korea to keep tight mortgage policy

SEJONG -- The International Monetary Fund has recommended South Korea keep practicing policies for tight mortgage regulations, showing a substantial difference from policy directions suggested by the incoming Yoon Suk-yeol administration. In a report on its yearly consultations with Korean officials, the IMF recommended that the government draw up “measures to improve housing supply.” But the US-based organization suggested that Korea keep on practicing policies of conducting tight

EconomyMarch 29, 2022

Yoon reaches out to business leaders over labor unions

President-elect Yoon Suk-yeol is set to meet soon with the country’s largest group of trading companies, his transition team said Tuesday, in a move largely seen as stepping up efforts to rebuild ties with big businesses and win support for his economic plan for private sector-led growth. The meeting will follow Yoon’s gathering last week with chiefs of Korea’s six major business groups, such as the Federation of Korean Industries. It highlights Yoon’s push to reverse pr

IndustryMarch 29, 2022

With first kimchi factory in US, Daesang gears up for global expansion

South Korean food giant Daesang Group has completed construction of the first kimchi factory in the US, setting up an overseas base not only to penetrate the local market but also to expand exports to Europe and Oceania. Located in the City of Industry in LA, home to industrial facilities from overseas with business links to Asian countries, the factory can produce 2,000 metric tons of kimchi annually. The company has invested 20 billion won ($16.4 million) for building production lines and w

ConsumerMarch 29, 2022

BIZA Metaversity brings educational institutions together

BIZA Metaversity is AMAXG Group’s decentralized two-way artificial intelligence platform for education. A compound of “metaverse” and “university,” Metaversity expands the scope of educational institutions to the virtual world and brings different institutions together. It is a non-face-to-face web conferencing smart educational platform where anyone can be a lecturer. Educational institutions around the world including elementary, middle and high schools, uni

TechnologyMarch 29, 2022

Digital asset NFT trading platform BIZA UVIT pioneers new genre

AMAXG Group’s BIZA-UVIT is a digital asset trading platform for non-fungible tokens (NFT) in content, culture, art, e-sports, movable assets and real estate. AMAXG built strategic partnerships with a number of organizations including the Federation of Artistic and Cultural Organizations of Korea (FACO), the Global Medical Aesthetic Exchange Association (GMAEA) and the Korea Blockchain Enterprise Promotion Association, and is quickly entering the business of digitally tokenizing user&rsquo

TechnologyMarch 29, 2022

Anything is possible at BIZA-Metaworld, AMAXG says

BIZA-Metaworld is a blockchain-based metaverse platform where the virtual world is almost seamlessly interwoven with the physical world, bridging the gap between the two realms. The term metaverse brings together the Greek prefix “meta” meaning after or beyond, and “universe,” which refers to physical reality. This “universe beyond real life” invites users to do practically anything that is possible in the real world, from shopping to socializing, and even m

IndustryMarch 29, 2022

With BIZA-CarnegieMall, AMAXG wants to deploy fintech services

BIZA-CarnegieMall is the world’s first blockchain-based peer-to-peer (P2P) shopping mall, an application of blockchain technology to an e-commerce platform. According to AMAXG, any entrepreneur can run their own store on the platform, without additional charges on signing up to the shopping mall or registering products. Transactions will be conducted through the company’s own digital currency, BIZA, while BIZA wallets will be used as payment gateway -- the virtual equivalent of a

BusinessMarch 29, 2022

Samsung Bioepis buyout to bolster Samsung Biologics’ portfolio: CEO

INCHEON -- With the buyout of Samsung Bioepis’ stake, Samsung Biologics will become a global bio company based on the three pillars of contract development and manufacturing, biosimilars and new drugs, CEO John Rim said Tuesday. “Through issuing new stocks to raise about 3 trillion won ($2.46 billion) this year, we will take a full-fledged leap into becoming a global comprehensive bio company and lay the groundwork for sustainable growth,” said Rim during the company’s

IndustryMarch 29, 2022

SK Inc. pledges more shareholder benefits

SK Inc., the strategic investment arm of SK Group, on Tuesday pledged to enhance shareholder benefits while consolidating its investment portfolio centering on advanced materials, biopharmaceuticals and carbon neutrality. The holding firm of the nation’s third-largest conglomerate held a general meeting of shareholders at its Seoul headquarters earlier in the day, during which all agenda items, including financial statements for the fiscal year of 2021 and the reelection of SK Group Chai

IndustryMarch 29, 2022

Will KDB bail out SsangYong Motor under new administration?

After another failed attempt by SsangYong Motor to find a new owner, now all eyes are on whether the state-run Korea Development Bank will change its mind and bail out the ailing carmaker under the incoming Yoon Suk-yeol administration. SsangYong Motor, the Korean unit of Indian auto giant Mahindra & Mahindra, on Monday called off its merger and acquisition talks with Edison Motors, a local electric bus maker, after Edison missed a March 25 deadline to pay for the deal price worth 304.8 bi

EconomyMarch 29, 2022

Han Sung Motor launches 11th Dream Gream scholarship project

Han Sung Motor, the official Mercedes-Benz dealer, announced Tuesday the launch of its 11th Dream Gream scholarship program for artistically gifted students through the metaverse platform Zepeto. The Dream Gream scholarship program supports both financially and academically middle and high school students that want to pursue a career in arts, according to Han Sung Motor. The launching ceremony was held on a virtual space in Zepeto named “Dream Gream Meta-planet” that portrayed the

MobilityMarch 29, 2022

Kumho Tire wins AA grade in MSCI ESG ratings

Kumho Tire said Tuesday it has won an AA grade in Morgan Stanley Capital International’s recent environmental, social and governance evaluation, being ranked among the top 12 percent of the automotive parts industry. The tire manufacturer has improved its ratings every year, from a BBB grade in 2019 to an A in 2021 and an AA this year. 　 MSCI ESG Ratings identifies ESG risks financially material to all sectors and measures each company’s resilience to such risks relative to indust

IndustryMarch 29, 2022

Over 70% of firms plan to hire new workers this year: poll

More than seven in 10 South Korean firms are planning to hire new employees this year amid an economic recovery, a poll showed Tuesday. The survey of 508 companies with 100 or more workers showed 72 percent of the respondents replying they have plans to recruit new employees this year. Some 17 percent answered they have no hiring plans for this year, with about 11 percent remaining undecided. Commissioned by the Korea Enterprises Federation (KEF), South Korea's largest business lobby by membersh

EconomyMarch 29, 2022

Hyundai Motor chairman reelected as Kia executive director

Shareholders of Kia Corp. have reelected Hyundai Motor Group Chairman Euisun Chung as executive director for another three years, the company said Tuesday. Chung will begin his extended director position on April 1 to lead the South Korean automaker's transition into a provider of future mobility solutions, such as autonomous driving and electric vehicles, Kia said. His three-year directorship at Kia ends in March 2025. The chairman was reelected as executive director for another three years at

IndustryMarch 29, 2022

Upbeat earnings forecast for Samsung, SK hynix in Q1: survey

Samsung Electronics Co. and SK hynix Inc., the world's two largest memory chip makers, are forecast to report robust earnings in the first quarter, despite a hike in raw material prices and continued global supply woes, a financial data firm said Tuesday. Samsung is estimated to log 13.89 trillion won ($11.3 billion) in operating profits in the three months ending March 31, up 38.64 percent from a year ago, while SK hynix is expected to top 3.1 trillion won, up 137.08 percent, according to a sur

IndustryMarch 29, 2022

Retail sales up 4.7% in Feb. on online consumption growth amid pandemic

Retail sales in South Korea rose 4.7 percent in February from a year earlier on the back of growing online consumption amid the worst COVID-19 wave, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers reached 12.19 trillion won ($9.99 billion) last month, up from 11.6 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The increased retail sales are mainly attributable to the growth in online consu

MarketMarch 29, 2022