Seoul stocks open flat

South Korean stocks opened flat Thursday amid easing concerns about a global economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.84 points, or 0.06 percent, to trade at 3,151.56 points in the first 15 minutes of trading. In Seoul, market bellwether Samsung Electronics declined 0.26 percent, with No. 2 chipmaker SK hynix losing 1.86 percent. Internet portal operator Naver added 1.5 percent, but giant pharmaceutical firm Samsung Biologics decreased 1.6 percent.

MarketSept. 16, 2021

Samsung signs partnership with Louvre for art subscription service on TV

Samsung Electronics Co. said Thursday it has signed a partnership with the Louvre, the renowned art museum in Paris, to expand its art subscription service on TV amid the pandemic-driven stay-at-home trend. Under the deal, those who own Samsung's Frame TV can now see some 40 famous art pieces at the Louvre, including Leonardo Da Vinci's "Mona Lisa," through its Art Store art subscription platform. The Art Store, currently available only on the Frame TV, offers more than 1,500 art p

IndustrySept. 16, 2021

State funds to rollover debts owed by pandemic-hit merchants, small firms

Finance Minister Hong Nam-ki said Thursday that state-backed funds will extend loan maturity and rollover interest payments again for smaller firms and merchants hit hard by the pandemic. State-run agencies and funds set up to assist small and medium-sized enterprises (SMEs) and micro business owners will extend the measures by another six months until March next year, Hong said. The move follows similar measures taken by local banks as part of efforts to support smaller companies and merchant

EconomySept. 16, 2021

5 companies to recall some 300 vehicles over faulty parts

Volvo Cars Korea, Toyota Motor Korea Co. and three other companies will voluntarily recall some 300 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The companies, which include Audi Volkswagen Korea and Ford Sales & Service Korea, are recalling a combined 302 units in eight kinds of models, the Ministry of Land, Infrastructure and Tr

IndustrySept. 16, 2021

Consumer financing firms' profit soars in H1 on stock rally

Consumer financing firms in South Korea saw their combined net profit jump 50 percent on-year in the first half, supported by strong gains from stock rallies and a modest gain in interest income, data showed Thursday. The combined net profit of 114 credit-specialized financial firms stood at 1.99 trillion won ($1.69 billion) in the first half, compared with a profit of 1.33 trillion won a year earlier, according to the data by the Financial Supervisory Service (FSS). Their interest income ro

EconomySept. 16, 2021

Disney+ expected to bring fresh spin to fast-evolving streaming market in South Korea

For die-hard South Korean fans of “The Simpsons,” Marvel and “Star Wars” franchises, the planned launch of Disney+ on Nov. 12 is a long-awaited day for celebration -- and binge-watching. Netflix and other streaming services currently available in Korea do not offer the much-coveted video library of the Walt Disney Co., so the introduction of another video service is a welcome development for viewers. The launch of Disney+ also signals a fresh round of competition in

TechnologySept. 15, 2021

Cyworld, Hancom form strategic partnership for metaverse project

Cyworld, the once-popular social networking service, signed a strategic partnership with Hancom, an office suite software developer in South Korea, according to both companies on Wednesday. The partnership comes as Cyworld gears up to jump into the market with its metaverse-powered service Cyworld Z. The metaverse refers to a virtual world in which individuals can interact as avatars through different kinds of virtual technology such as augmented reality and virtual reality. The partnershi

MarketSept. 15, 2021

Hyundai Motor to reuse EV batteries as ESS in Texas

Hyundai Motor Group said Wednesday it has joined hands with two local partners in Texas to test whether spent-up electric vehicle batteries could be reused as energy storage systems. ESS is a giant battery the size of a container that stores leftover electricity by renewables such as solar and wind power. By September next year, Hyundai Motor, CPS Energy and OCI Solar Power will establish an ESS facility that can store a half-megawatt power, which is enough to power some 100 homes for a day.

IndustrySept. 15, 2021

Hyundai-LG joint battery plant breaks ground in Indonesia

Hyundai Motor Group on Wednesday broke ground on a 10 gigawatt-hour battery cell production plant in Indonesia in cooperation with LG Energy Solution, joining the global race to secure battery cells for the future. The joint factory, set for completion in the first half of 2023, will be built on a 300,000-meter site in Karawang, near the Indonesian capital of Jakarta. The two South Korean firms have formed a $1.1 billion joint venture for the project, with each owning a 50 percent stake. The

IndustrySept. 15, 2021

S. Korea to invest W2.6t in hyperconnectivity

The South Korean government said it will invest 2.6 trillion won ($2.2 billion) by 2025 in hyperconnectivity and related technologies used in newly emerging services, such as metaverse, blockchain and cloud technology. The Ministry of Science and ICT on Wednesday held an online meeting to discuss its future investment plans to support the development of key technologies in the information and technology industry. During the meeting, Minister Lim Hye-sook said, “The metaverse sector and

TechnologySept. 15, 2021

SK Bioscience likely to secure vaccine supply deal from COVAX next year: report

SK Bioscience is expected to secure a large-size COVID-19 vaccine supply deal from the COVID-19 Vaccine Global Access Facility next year, a local brokerage firm said Wednesday. The possible deal will boost earnings of the South Korean pharmaceutical company, it added. GBP510, the firm’s COVID-19 vaccine candidate, is a recombinant-protein vaccine funded by the Bill and Melinda Gates Foundation and the Coalition for Epidemic Preparedness Innovations, which is leading the vaccine-sharing

TechnologySept. 15, 2021

Seoul stocks up for 4th day on foreign buying

South Korean stocks advanced for a fourth session Wednesday, supported by foreign buying, as some investors sought to digest the weak inflation data in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 4.57 points, or 0.15 percent, to close at 3,153.4 points. Trading volume was moderate at about 605 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 531 to 322. Foreigners bought a n

MarketSept. 15, 2021

[From the Scene] Korea’s silent battle against urban sewage

Everything that goes down the drain in Suwon, Gyeonggi Province, a city of 1.25 million people, ends up in the Suwon Environment Affairs Agency. Every day, as much as 520,000 cubic meters of wastewater is filtered and purified at two water treatment facilities there -- one under and one above the ground -- and is then discharged into the river that leads to South Korea’s west coast. Earlier this month, The Korea Herald visited the underground facility whose operation is commissioned to

IndustrySept. 15, 2021

Google fights back, says it brings W11.9tr economic benefits to Korea

Google, under fire in South Korea for allegedly abusing others with its market power, on Wednesday hit back at the criticism, arguing it contributed 11.9 trillion won ($10.25 billion) in economic benefits to Koreans last year. Holding an online press event it called “Google for Korea,” executives of the US giant cited data from global market analysis firms to tout the positive side of its presence in Korea. “Last year, YouTube’s creative ecosystem contributed around 1

TechnologySept. 15, 2021

Shinsegae to turn gas stations into commercial complexes

Shinsegae Group plans to turn gas stations into commercial complexes that combine retail and mobility, the retail-focused group said Wednesday. Its property development arm, Shinsegae Property, has signed a business partnership with Koramco Energy Plus REITs for the project. 　 The plan is to transform gas stations owned by the real estate investment trust into what it described as “new distribution bases in urban areas that incorporate commercial facilities with distribution.” The

ConsumerSept. 15, 2021

S. Korea’s tax chief seeks cooperation with Denmark, Hungary

South Korea‘s tax chief met his counterparts in Denmark and Hungary to strengthen cooperation with the European agencies, and discuss future of electronic tax administration system in the post-pandemic era, officials said Wednesday. National Tax Service Commissioner Kim Dae-ji held a bilateral meeting with Merete Agergaard, chief of Danish tax agency in Copenhagen and a separate meeting in Budapest with his Hungarian counterpart Vagujhelyi Ferenc during his trip earlier this month. Meet

EconomySept. 15, 2021

Apple to launch iPhone 13 in S. Korea on Oct. 8

Apple Inc. said Wednesday it will launch its new smartphone, the iPhone 13, in South Korea next month as the US tech giant aims to solidify its leadership in the premium segment. Apple on Tuesday (local time) unveiled four models of the iPhone 13 series -- the 5.4-inch iPhone 13 mini, the 6.1-inch iPhone 13, the 6.1-inch iPhone 13 Pro and the 6.7-inch iPhone 13 Pro Max. Apple said its new iPhone family, featuring upgraded camera system and enhanced battery life, will go on sale in South Korea on

IndustrySept. 15, 2021

LG to launch new notebook dedicated to Naver's online learning system

LG Electronics Inc. on Wednesday said it will launch a new online education-dedicated notebook next month in partnership with South Korea's internet portal giant Naver Corp. LG will release "Whalebook," a cloud-optimized laptop powered by Naver's Whale operating system (OS), suitable for its online education platform Whale Space. The product will be first sold in the B2B market in South Korea in October and will be available to consumers later with a price tag of 550,000 won ($470). LG

IndustrySept. 15, 2021

Corporate sales improve, profit margin grows in Q2 amid pandemic

South Korean companies saw their profitability grow in the second quarter, with their sales improving despite the fallout of the COVID-19 pandemic, central bank data showed Wednesday. The ratio of operating profit to sales of firms in the country reached 7.4 percent in the second quarter, up from 5.2 percent tallied a year ago, according to the data from the Bank of Korea (BOK). At the same time, the pretax net profit margin of South Korean companies rose on-year to 8.2 percent from 4.6 percent.

EconomySept. 15, 2021

Google says it offers W12tr in consumer benefits in S. Korea annually

Google said Wednesday it offers around 12 trillion won ($10.25 billion) in economic benefits for South Korean consumers annually through its services, highlighting its presence in the country amid growing scrutiny from local regulators and politicians over allegations of unfair business practices. During an online recorded event, the tech giant said it provides 5.1 trillion won per year in benefits for South Koreans through its Play store, 4.2 trillion won through its search service, and 2.5 tri

IndustrySept. 15, 2021