Samsung Electronics starts mass production of 14-nano EUV DDR5 DRAM

Samsung Electronics started its mass production of the industry’s smallest 14-nano DRAM based on extreme ultraviolet technology. The South Korean tech giant announced Tuesday that the 5-layer memory product was made with the world’s most advanced technology currently in use. Samsung shipped the first samples of EUV DRAM modules to customers in March last year. The manufacturing process has increased wafer productivity by approximately 20 percent and reduced power consumption by

IndustryOct. 12, 2021

Carbon Neutral Expo jointly held with Korea Energy Show 2021

The Ministry of Trade, Industry and Energy said Tuesday it will host the Carbon Neutral Expo, Korea’s largest energy exhibition, from Wednesday to Friday at Kintex in Ilsan, Gyeonggi Province. Carbon Neutral Expo, Korea’s largest energy exhibition, consists of around 1,200 exhibition booths with 300 companies participating. The expo will be co-hosted with the Korea Energy Show 2021, which marks its 40th anniversary this year. A total of 297 organizations and businesses will partic

IndustryOct. 12, 2021

More IT devices opt for Korean OLED displays

Organic light-emitting diode displays largely produced by South Korea’s leading panel makers LG Display and Samsung Display are being deployed in more devices, squeezing out cheaper liquid crystal displays at a remarkable rate. As the market for the thinner and more flexible display panels expands, Apple is planning to adopt OLED panels for its new iPad series scheduled for 2023 for the first time, industry sources said Monday. Apple has sourced OLED panels for iPhones from both LG and

TechnologyOct. 12, 2021

LGE sees record Q3 sales, but operating profit halved on GM EV recall

LG Electronics is expected to report its highest-ever quarterly sales in the third quarter of this year, but a sharply lower operating profit due to provision expenses for a US recall. The South Korean electronics firm on Tuesday announced its earnings guidance for the July-September period -- 18.7 trillion won ($15.5 billion) in estimated revenue and 540.7 billion won in estimated operating profits. LG Electronics’ revenue exceeded a previous record set in the second quarter of this y

TechnologyOct. 12, 2021

Seoul shares end lower on inflation woes, foreign selling

Seoul shares closed lower for a second straight session Tuesday on foreign selling amid concerns over inflation sparked by surging prices of oil and other energy resources. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 39.92 points, or 1.35 percent, to close at 2,916.38 points. Trading volume was moderate at about 648 million shares worth some 12.5 trillion won ($10.4 billion), with losers outnumbering gainers 572 to 310. Foreigners s

MarketOct. 12, 2021

Won fades to 14-month low against dollar amid inflation concerns

Signs of a weakening Korean won are growing, as investors flock to safe haven assets amid escalating inflation concerns. The won declined to a 14-month low at the closing, hovering around the level of 1,200 won per dollar on Tuesday. The local currency traded at 1,198.8 won per dollar, weakening 4.2 won per dollar, or 0.35 percent, from the previous session’s close. It set a new record after the closing of July 24 last year with 1,201.5 won per dollar. The Korean won once depreciated to

MarketOct. 12, 2021

Bitcoin price jumps 30% in Oct

Bitcoin jumped 30 percent this month to reach 70 million won ($58,378), the first time it breached that level in five months, as US financial regulators said they won’t follow China in banning cryptocurrency transactions. The largest cryptocurrency by market cap rose almost 30 percent during October to 70.99 million won as of Tuesday morning, data from crypto exchange Upbit showed. With the rally this month, bitcoin’s market capitalization reached 1 trillion won, surpassing that of

MarketOct. 12, 2021

Shareholders OK SK Telecom's non-telecom spinoff

SK Telecom Co. said Tuesday its shareholders approved the company's plan to launch a non-telecom spinoff in the latest move to make aggressive investments in new tech and semiconductor businesses. The corporate restructuring -- the first since the company's foundation in 1984 -- is designed to split South Korea's largest wireless carrier into two, spinning off a new investment company as SK Square. "The main purpose of the company's spinoff is to maximize shareholder value," Park Jun

IndustryOct. 12, 2021

Chung Ki-sun named CEO of Hyundai Heavy Industries Holdings

The first son of Chung Mong-joon, the largest shareholder of Hyundai Heavy Industries Holdings Co. (HHIH), has been appointed the new CEO of the holding company, Hyundai Heavy Industries Group said Tuesday. Chung Mong-joon holds a 26.6 percent stake in HHIH, the holding company of the world's largest shipbuilding group, and his eldest son, Chung Ki-sun owns, a 5.26 percent stake in the company. The junior Chung, 39, has been also named the chief executive of Korea Shipbuilding & Offshore

IndustryOct. 12, 2021

South Koreans withdraw money from retirement pensions to buy homes: data

More South Koreans are dipping into their retirement pension pots to buy homes in expectation of future gain amid soaring housing prices, causing concern over the availability of secure retirement income, a lawmaker said Tuesday. The number of people who pulled out their money from their retirement accounts early stood at 71,931 in 2020, up 79.4 percent from the 40,091 tallied in 2016, according to Financial Services Commission data submitted to Rep. Chun Jae-soo of the ruling Democratic Party

MarketOct. 12, 2021

S-Oil to bring Saudi Aramco’s blue hydrogen to South Korea

S-Oil said Tuesday it will import blue hydrogen produced by Saudi Aramco to South Korea and establish a hydrogen ecosystem with consortium partners. According to the South Korean refinery, it will convert the blue hydrogen into ammonia and transport it to Korea. Saudi Aramco is the parent company of S-Oil’s major shareholder Aramco Overseas Company. The imported ammonia will then be cracked into blue hydrogen or be supplied without conversion to its consortium partners, including Samsu

IndustryOct. 12, 2021

Hyundai Motor to launch self-driving tech test bed

Hyundai Motor is to open a self-driving technology test bed at its R&D Center to speed up development, the automaker said Tuesday. Hyundai Motor, South Korea’s biggest carmaker, said it has been setting up the infrastructure needed for researchers to try out different autonomous driving technologies at its Namyang R&D Center. Located in Hwaseong, Gyeonggi Province, the Namyang center is the main research institute for Hyundai Motor Group’s automotive affiliates, Hyundai an

MobilityOct. 12, 2021

BOK chief hints rate hike next month

South Korea’s monetary policy chief said Tuesday the central bank may carry out its second rate hike in the pandemic-era next month, after deciding to keep the rate steady at 0.75 percent until then. “When we made our rate hike decision in August, we mentioned that we would adjust the level of our monetary easing in tandem with the pace of the economic recovery,” Bank of Korea Gov. Lee Ju-yeol said in a briefing tied to Tuesday’s rate-setting meeting. “We have d

EconomyOct. 12, 2021

US location analytics startup snaps up seed funding from Korean VCs

New York-based property technology startup Market Stadium has raised 1 billion won ($834,400) in seed funding from venture capital houses in South Korea and abroad, the company said Tuesday. Taking part in the latest rounding were early-stage VC Kakao Ventures, financial backer Shinhan Capital and California-based Primer Sazze Partners. Angel investors including John Kim, co-founder of messaging-as-a-service startup Sendbird; and Scott Robinson, a clinical assistant professor at New York Unive

MarketOct. 12, 2021

Shinsegae Group’s anti-protest policy in breach of constitution: lawmaker

Retail giant Shinsegae Group is in breach of the constitution over its workplace policy that prohibits employees from partaking in political activities, lawmaker Song OK-joo’s office said on Tuesday. Supermarket chain Emart has a workplace policy banning staff from distributing handouts or putting up banners and posters as well as staging a protest without permission from the company, a review of the company’s internal rules found. Rep. Song’s office found that a similar work

ConsumerOct. 12, 2021

Eastspring's Korea head to serve 4th term

Eastspring Asset Management Korea said Tuesday that its incumbent Chief Executive Officer Park Chun-woong would serve a fourth term and remain in office until 2024. The decision was made in a shareholders meeting Friday, according to the company, which is fully owned by London-based insurance firm Prudential. Park took the helm at Eastspring’s South Korean unit in 2012. Its assets under management came to 11.5 trillion won ($9.6 billion) as of end-September, the 20th-highest amount fo

MarketOct. 12, 2021

Tax revenue rises for 8th straight month in Aug.

South Korea's tax revenue rose for the eighth straight month in August amid an economic recovery and a boom in asset markets, the finance ministry said Tuesday. The country collected 24.6 trillion won in taxes in August, up 600 billion won from a year earlier, according to the Ministry of Economy and Finance. The government said tax revenue has increased so far this year as corporate tax income has risen in line with the economic recovery, while a boom in the stock and property markets jacked

EconomyOct. 12, 2021

Seoul stocks open lower on US losses

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street, with tech shares weighing on the main index. The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.89 points, or 1.01 percent, to 2,926.41 in the first 15 minutes of trading. The Dow Jones Industrial Average retreated 0.7 percent to 34,496 as a global energy crunch increased concerns about inflation. The tech-heavy Nasdaq composite declined 0.6 percent to 14,486. The Korean stock market closed Monda

MarketOct. 12, 2021

KT&G to build forest to help tackle climate crisis

South Korea‘s top tobacco maker KT&G plans to build a forest as part of their efforts to help tackle the global climate crisis. The opening ceremony for the project took place last Wednesday with officials from KT&G, Eastern Province Forest Service and social enterprise Tree Planet. The new project is designed to contribute to carbon neutrality with trees planted to pull in carbon dioxide and fine dust, helping reducing greenhouse gas. Once the forest has been built, the plan wi

ConsumerOct. 12, 2021

Celltrion seeks European approval for anticancer biosimilar

South Korean biopharmaceutical firm Celltrion Inc. said Tuesday that it has sought European approval for the sale of its anticancer biosimilar candidate. The European Medicines Agency will review Celltrion's application to sell CT-P16, which references Switzerland-based Roche Holding's blockbuster pill Avastin. Avastin, which kills cancer cells by removing blood vessels, is approved to treat numerous cancers, including metastatic colorectal cancer. Avastin raked in sales of 7.7 trillion won (

IndustryOct. 12, 2021