Samsung, LG TVs earn advanced Wi-Fi tech certification

South Korea's two largest TV makers -- Samsung Electronics Co. and LG Electronics Inc. -- said Tuesday their premium TVs have obtained a certification for advanced Wi-Fi technology that enables them to deliver faster and more stable connectivity. Samsung said two Neo QLED TV models -- QN900A and QN800A -- became the industry's first TVs to get Wi-Fi 6E (6th Generation Extended) certification from the Wi-Fi Alliance (WFA), the global organization with more than 850 members driving Wi-Fi adoption

IndustryMarch 30, 2021

Hyundai mulls suspension of local plant on chip shortage

South Korea's Hyundai Motor Co. said Monday it is considering suspending production at a domestic plant next month due to a global semiconductor chip shortage. Hyundai Motor mulls halting the operation of the No. 1 plant in Ulsan, 414 kilometers southeast of Seoul, which produces the Kona subcompact SUV and the IONIQ 5 all-electric model due to parts shortage, a company official said over the phone. The possible suspension comes amid a lack of semiconductor parts used in the Kona's front ve

IndustryMarch 29, 2021

IMM PE to exit from Taihan Electric Wire for W251.8b

IMM Private Equity has agreed to sell a 40 percent stake in Taihan Electric Wire to Hoban E&C for 251.8 billion won ($222.2 million) to exit from the industrial wire maker, a filing showed Monday. This will mark the first exit announced this year by South Korea’s third-largest private equity firm that has $5.4 billion-worth of assets under management. The deal involving Taihan’s 342.6 million common shares is scheduled to close on May 31. Hoban E&C will become Taihan&rsquo

MarketMarch 29, 2021

Magnachip to be sold to Chinese fund

Magnachip, spun off from South Korea’s SK hynix and listed on the US stock market, has been sold to a Chinese private equity fund, according to industry sources Monday. The chipmaker will be acquired by China’s Wise Road Capital for 1.6 trillion won ($1.4 billion) according to the company announcement. All of the shares will be sold to the Chinese fund at $29 per share with a 75 percent premium, which is estimated to be $1.4 billion. “The latest deal will not only bring

TechnologyMarch 29, 2021

[News Analysis] S. Korea’s longest serving finance minister burdened with recovery, real estate tasks

Finance Minister Hong Nam-ki is set to become the longest serving fiscal chief in South Korean history, but his leadership is facing public pressure for the revival of an economy battered by the COVID-19 pandemic and to appease discontent on job creation and real estate policies. By Thursday, Hong will pull ahead of Yoon Jeung-hyun -- who served for 842 days under the Lee Myung-bak administration -- as the nation’s most durable chief economic policymaker and deputy prime minister. He has

EconomyMarch 29, 2021

GS launches ESG committee for sustainable business management

South Korean conglomerate GS Group kicked off the first meeting of its ESG committee for sustainable business management, the company said Monday. The committee for environment, social and corporate governance, commonly referred to as ESG, will help accelerate their planned initiatives, the company said. Under the auspices of the company’s board of directors, the committee is led by former Minister of Economy and Finance Hyun Oh-seok, who has been reappointed as an outside director, th

IndustryMarch 29, 2021

SK Innovation battery recycling tech wins US nod

SK Innovation’s battery recycling technology has been verified by Argonne National Laboratory, a research institute under the US Department of Energy, the company said Monday. According to SKI, the technology extracts metals inside used-up lithium-ion batteries for electric vehicles. Lithium retrieved with this technology emits 74 percent and 41 percent less greenhouse emissions compared to that produced from mines and salt lakes, respectively, according to Argonne National Laboratory&r

IndustryMarch 29, 2021

Hyundai Oilbank accelerates solar, hydrogen transition through Blue Clean campaign

Hyundai Oilbank said Monday that it will expand its Blue Clean campaign to seek solar and hydrogen transition throughout its value chain -- from logistics centers to service stations. Blue is Hyundai Oilbank’s brand color. According to the South Korean refinery, it will install solar power generation facilities at leftover spaces inside logistics centers where petrochemical products are shipped in and out. “The logistics centers consume a huge amount of electricity. Hyundai Oilb

IndustryMarch 29, 2021

SK Holdings changes name to SK Inc., vows to speed up sustainable investments

SK Holdings, the holding firm of SK Group, South Korea’s third-largest conglomerate in assets, said Monday that it has changed its name to SK Inc. and vowed to accelerate its sustainable investments in strategic sectors. It also established an exclusive committee dedicated to ESG -- environmental, social and governance issues -- and added a first-ever female member to its board of directors, all in line with the growing calls for nonfinancial consideration in management. “Despit

IndustryMarch 29, 2021

Posco to receive third dividend from Roy Hill investment

South Korea’s top steelmaker Posco will receive 150 billion won ($133 million) in dividends from Roy Hill Holdings, the developer of Australia’s largest single iron ore mine, officials said Monday. With the dividends to be paid out next month, Posco will have secured 270 billion won in total from its preemptive investment in the Australian mine. As Australia’s largest single mine, Roy Hill comprises an iron ore reserve of 2.3 billion tons and accounts for 55 million tons i

IndustryMarch 29, 2021

CES attendants pick S. Korea as top-tier innovator, next to US

Those attending the Consumer Electronics Show this year received the impression that South Korea is one of the most innovative players in the world, standing next to the US and outrunning Germany and Japan. Autonomous driving was picked as the most promising business sector, while LG was seen as operating the most impressive booth, unveiling new products such as rollable phones. According to a survey conducted by the Federation of Korean Industries on 80 Korean companies that participated i

IndustryMarch 29, 2021

NH Investment offers simulated stock shopping

Brokerage firm NH Investment & Securities said Monday it is looking to build closer ties with young customers by opening a pop-up store at Seoul’s newest department store, the Hyundai Seoul. Named NH Super Stock Market, the pop-up store is part of the brokerage house’s brand awareness project aimed at presenting its corporate vision and targeting the so-called MZ generation. The term, a combination of millennials and Generation Z, refers to those born between 1980 and the early

MarketMarch 29, 2021

S. Korea gives final nod to SK hynix's W120tr project

South Korea said Monday it has granted the final approval to SK hynix Inc.'s 120 trillion-won ($106 billion) project to build a new semiconductor complex, a move that could ease supply shortages in the global market. South Korea's No. 2 chipmaker has completed all necessary administrative procedures to go ahead with the project to build the complex in Yongin, about 50 kilometers south of Seoul, according to the Ministry of Trade, Industry and Energy. The announcement came about two years after

IndustryMarch 29, 2021

Toss to launch public administration services

Viva Republica, operator of the fintech app Toss, said on Monday that it will be launching public administration services in collaboration with the government to provide information on COVID-19 vaccination and fines for violating traffic rules. Starting from Thursday, users can check their turns for getting the shots from the service named “the Public Secretary,” Toss said. It also plans to offer vaccine-related information such as where to get vaccinated and updates on the vaccine

MarketMarch 29, 2021

Kyobo Life Insurance establishes new leadership with 3 CEOs

South Korean insurer Kyobo Life Insurance said Monday that the company would be led by three CEOs by adding a new chief to lead digital transformation. Pyun Jung-beom, the newly appointed co-CEO, is a sales and strategy development expert who climbed the corporate ladder in Kyobo since 1988. The new chief will be in charge of leading projects to accelerate digitalization at the company and to enhance the company’s capability for marketing and sales, officials said. Co-CEO and Chairman

MarketMarch 29, 2021

[Feature] Not just window shopping: Young generation dives into art market

Appreciating art at galleries and exhibitions is a pure joy for Jeong Hye-young, a 35-year-old office worker in Seoul, not just because it takes her mind off her stress-filled work life but also because she sees how the works increase in value. “I don’t think art is only for the rich. After starting to buy paintings, I feel like I know more about the artists and truly enjoy the artworks,” said Jeong, who collects paintings by contemporary artists including Oh Chi-gyun, best

MarketMarch 29, 2021

Kakao’s Klaytn to offer nonfungible tokens on OpenSea

Klaytn, the blockchain project of Korea’s Internet giant, Kakao, said on Monday that it has partnered with OpenSea, the fast-emerging marketplace for nonfungible tokens. Klaytn, which is developed by Ground X, will begin to support Klaytn-based NFTs on OpenSea by the end of June. OpenSea is the largest NFT marketplace for user-owned digital goods, which include collectibles, gaming items, domain names, digital art, and other assets backed by a blockchain. Unlike fungible cryptocurrenci

MarketMarch 29, 2021

S. Korea’s e-payment up 32% to daily average of W700b

Electronic payments in South Korea increased 32.7 percent on-year in 2020, hitting a record high of 705.5 billion won ($624 million), in terms of daily average transactions, amid the COVID-19 pandemic, central bank data showed Monday. “The social distancing measures implemented due to the spread of the COVID-19 has led to a continued expansion of contactless online transactions,” the Bank of Korea said in a statement. The reading marked the highest amount since the BOK started col

MarketMarch 29, 2021

Incheon Airport: Korea’s main airport marks 20 years as global hub

Incheon Airport marked its 20th anniversary of operations on Monday. Since its opening two decades ago as the country’s main gateway airport, it has become one of the busiest in the world, connecting 255 flights between 63 countries. In 2019, the airport boasted the third-largest cargo traffic and the fifth-largest volume of international traffic, according to Incheon International Airport Corp., the airport’s operator, based on data from Airports Council International. President

MobilityMarch 29, 2021

Card firms 2020 net rises 23.1% amid pandemic

South Korea's credit card firms saw their combined earnings rise 23.1 in 2020, helped by higher income from loans amid the COVID-19 pandemic, the financial regulator said Monday. The combined net profit of eight card issuers, including Shinhan Card Co., Samsung Card Co. and KB Kookmin Card Co., came to 2.02 trillion won ($1.8 billion) last year, up 380.1 billion won from a year earlier, according to the Financial Supervisory Service (FSS). The sharp rise was attributed to a combination of earn

EconomyMarch 29, 2021