Samsung Engineering wins $650m plant deal from Saudi Arabia

Samsung Engineering Co., a plant construction unit of Samsung Group, said Wednesday it has clinched a $650 million deal to build a petrochemical plant in Saudi Arabia. Under the deal with Advanced Global Investment Co., a subsidiary of Saudi Arabia's Advanced Petrochemical Co., Samsung Engineering will build a propane dehydrogenation plant and utilities and offsites at Jubail Industrial City II on Saudi Arabia's eastern coast. The plant, which is set to be completed in 2024, will produce 840,0

IndustryApril 14, 2021

S. Korea's chip equipment spending soars 61% in 2020: report

South Korean chipmakers' spending on equipment soared 61 percent last year from a year earlier, the largest growth among major chip producing countries, industry data showed Wednesday. South Korea, home to major memory chip producers Samsung Electronics Co. and SK hynix Inc., spent For the first time, China topped the ranking after its chip manufacturing equipment spending grew 39 percent on-year to $18.72 billion. Taiwan, led by the world's No. 1 foundry maker, Taiwan Semiconductor Manufactur

IndustryApril 14, 2021

Samsung to introduce new Galaxy laptops this month

Samsung Electronics Co. is expected to introduce new Galaxy laptops later this month as the South Korean tech giant eyes to expand sales of notebooks amid the pandemic-induced stay-at-home trend. Samsung on Wednesday sent media invitations to its Galaxy Unpacked online event scheduled to take place on April 28, saying "Discover the most powerful Galaxy yet." Samsung, the world's largest smartphone producer, did not reveal which products will be unveiled at the event, but industry obs

TechnologyApril 14, 2021

Chicken franchise sales soar in 2020 amid pandemic

Sales of South Korea's major fried chicken franchises jumped in 2020 as people resorted more to food delivery amid the coronavirus outbreak, industry data showed Wednesday. Kyochon, the biggest franchise, saw its top line surging 17.8 percent on-year to 447.6 billion won ($398 million) last year, and sales of No. 2 BHC shot up 25.7 percent to 400.4 billion won. It marks the first time that sales of local chicken franchises have exceed the 400 billion-won mark. Kyochon's operating income climb

EconomyApril 14, 2021

Mobile game transactions hit record W1.66tr in Q1: data

Transactions on mobile games in South Korea reached a record high in the first quarter of this year, data showed Wednesday, amid the pandemic-driven online gaming trend. Mobile game transactions stood at 1.66 trillion won ($1.48 billion) in the January-March period this year, compared with 1.48 trillion won the previous year, according to local mobile app tracker IGAWorks, which reviewed data from 40 million mobile devices running on Apple's iOS and Google's Android. IGAWorks said the endless

EconomyApril 14, 2021

Liquor firms fare badly in 2020 on pandemic fallout

Liquor companies in South Korea performed poorly in 2020 as people consumed less alcohol due to the coronavirus outbreak, data showed Wednesday. Lotte Chilsung Beverage Co., a major maker of beer and soju, a Korean distilled liquor, saw its sales shrink 7.7 percent on-year to 2.16 trillion won ($1.92 billion) last year, according to the data from the Financial Supervisory Service. Lotte Chilsung, also the country's leading beverage manufacturer, reported an operating income of 97.2 billion won

EconomyApril 14, 2021

Amid pandemic, WeWork Korea tops in revenue growth

Driven by corporate demand for alternative offices amid the pandemic, WeWork Korea’s revenue last year jumped 20 percent, the highest of all branches of the US co-working space firm worldwide, its new chief said. Without providing exact numbers, Patricia Chun, WeWork Korea’s general manager, said the Korean office is the only WeWork branch in the world to see 20 percent revenue growth during the peak of the pandemic last year, while the New York and London locations hemorrhaged mo

MarketApril 14, 2021

[Graphic News] 1 in 4 Seoul citizens reports ‘revenge spending’ amid pandemic

　One in 4 Seoul citizens turned to “revenge spending” to make up for missed shopping during the coronavirus pandemic, a study has shown. 　According to a report by the Seoul Institute, a think tank for the Seoul Metropolitan Government, 24.3 percent of those surveyed in the first quarter said they had spent more than usual on certain goods due to pent-up demand during COVID-19 isolation. 　About a third, or 30.2 percent, said their revenge spending happened in the fourth quarter

BusinessApril 14, 2021

S. Korea basks in 1st job additions in 13 months amid recovery hope

South Korea reported the first job additions in 13 months in March in the latest sign that the job market is recovering after a yearlong slump caused by the pandemic, data showed Wednesday. The number of employed people reached 26.9 million last month, 314,000 more than a year earlier, according to the data compiled by Statistics Korea. It marked the first time that Asia's fourth-largest economy added jobs since February 2020, when the number of employed people grew by 492,000. The COVID-19 p

EconomyApril 14, 2021

Export prices up for 4th month in March

South Korea's export prices rose in March, marking the fourth straight monthly gain amid a modest recovery in exports, central bank data showed Wednesday. The country's export price index, in terms of the local currency, rose 3.3 percent in March from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the fourth consecutive month of an on-month rise. In February, the index rose 3.1 percent on-month. From a year earlier, the index rose 5.6 pe

EconomyApril 14, 2021

Seoul stocks open higher on eased inflation woes, job data

South Korean stocks opened higher Wednesday on eased inflation woes and better-than-expected job data. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 3.86 points, or 0.12 percent, to 3,172.94 in the first 15 minutes of trading. Investors' sentiment improved after the country reported the first job additions in 13 months in March in the latest sign that the employment market is recovering. Also, overnight advances in the US stock market boosted appetite for risky assets. In

MarketApril 14, 2021

Cautious approach needed for YouTube stock investing channels: study

The growing influence of YouTube stock investing channels could have a negative impact on investors’ decisions as well as the stock markets, a study showed on Tuesday. Nam Gil-nam, senior research fellow at Korea Capital Market Institute, said during a seminar titled “The implication of growing retail investors” that information from YouTube channels could distort investors’ decisions. Using an analysis of two YouTube investment channels, Nam suggested that stock pric

MarketApril 14, 2021

Blockchain professionals discuss digital asset trends

Blockchain professionals and experts flocked to Seoul on Tuesday to discuss the latest trends surrounding digital assets. Topics at the seminar, dubbed World Blockchain Summit Marvels Seoul 2021, revolved around wealth transfers with the arrival of digital assets, digital transformation in the world of finance, blockchain-driven business models and regulatory hurdles, as well as the world of decentralized finance. Digital asset wallet developer Bitberry’s Chief Executive Officer Yoo Ja

MarketApril 13, 2021

Samsung Card presents AI-powered customer analysis at Nvidia forum

Credit card issuer Samsung Card said Tuesday that it has delivered a presentation on how it is using artificial intelligence in marketing and customer analysis at an online tech conference held by chipmaker Nvidia. The online Nvidia GPU Technology Conference, which began in 2009, is an event where developers, researchers, and officials from private companies around the world share trends and information on AI, machine learning and supercomputing technologies. In its online presentation avai

MarketApril 13, 2021

Mirae Asset bets on global unicorns eyeing IPOs

South Korean brokerage firm Mirae Asset Securities is betting big on global startups going public on US stock markets. Chinese ride-hailing giant Didi Chuxing recently submitted its regulatory filing to the US Securities and Exchange Commission for its debut on the New York Stock Exchange. According to Bloomberg, the company’s estimated valuation stands at nearly $100 billion. When Mirae Asset invested about 300 billion won ($266.65 million) in the firm in 2018, it was valued at $56 billi

MarketApril 13, 2021

Woori joins Vietnam electronic network for cashless payments

Woori Bank said on Tuesday it has completed a project led by the Vietnamese central bank to jointly set up an electronic network for financial transactions aimed at promoting cashless payments in the Southeast Asian nation. Woori Bank Vietnam was the only foreign lender among nine commercial banks selected to build the Automated Clearing House, a computer-based electronic network for processing transactions designed by the State Bank of Vietnam. The network is a part of the Vietnamese governm

EconomyApril 13, 2021

Pressure on Samsung as Biden says he wants plants in US, not China

It’s official: US President Joe Biden wants semiconductor chips to be produced in his own country, not China, posing a dilemma for foreign chipmakers such as Samsung Electronics, which are torn between two strategically important markets. Samsung, the only South Korean participant in Monday’s White House meeting on chips, is the world’s No. 1 producer of memory chips used in computers, smartphones and a growing list of smart devices. It is the world’s No. 2 in the found

TechnologyApril 13, 2021

Black Yak launches free hiking shoes rental service for foreigners

Black Yak is launching a rental service providing free hiking shoes for foreigners as part of its “Together Mountain” campaign, in partnership with the Gangbuk-gu Office in Seoul, the Korean outdoor clothing brand said Tuesday. On Tuesday, Black Yak Chairman and Chief Executive Officer Kang Tae-sun and Gangbuk-gu Council Chairman Park Gyeom-su held the opening ceremony of the rental shop, located inside the Black Yak Ui-dong branch near Bukhansan Ui Station on the Ui-Sinseol Line.

ConsumerApril 13, 2021

[Behind the Wheel] Kia’s K8 sporty sedan to challenge Grandeur

In South Korea’s premium luxury sedan market, there is one landmark model that for years has maintained an unrivaled lead -- Hyundai Motor’s Grandeur, which saw 145,000 units sold last year. In a move to grow out of the rivalry frame with the all-time bestseller, Hyundai Motor’s sister brand Kia Corp. has adopted a new strategy, which is to discontinue its semi-large sedan K7 and introduce the K8 as a new, upgraded version to fill in the tier. The all-new K8 also marks the

IndustryApril 13, 2021

No Novavax shots until safety proven: government

South Korea has cleared potential roadblocks for the local production of Novavax’s COVID-19 vaccine, but it will have to wait until the drug’s safety is proven, government officials said Tuesday. “We’re not considering putting (Novavax shots) to use prior to the authorization process,” Baek Young-ha, who is in charge of the government’s vaccine procurement, told a press briefing Tuesday. The official also sought to clarify an earlier comment by Health Min

TechnologyApril 13, 2021