LG Electronics ramps up EV motor production amid mobility push

LG Electronics Inc. said Tuesday some of its electric vehicle (EV) motor production lines will be in operation even during the Lunar New Year's holiday as the tech giant eyes to expand its presence in the future mobility sector. LG recommends its local production sites allow workers to go on vacation on Wednesday for the Lunar New Year's Day, which falls on Friday, but its EV motor factory in Incheon, 40 kilometers west of Seoul, will run during the holiday period to meet growing demand. The S

IndustryFeb. 9, 2021

Kakao swings to black in 2020 on robust platform, e-commerce

Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Tuesday it shifted to the black in 2020 on the back of robust growth of its e-commerce services based on its messenger platform amid the pandemic. Net profit reached 167.1 billion won ($149.2 million) last year on a consolidated basis, swinging from a loss of 341.9 billion won a year earlier, the company said in a regulatory filing. Sales jumped by 35.4 percent on-year to reach an all-time high of 4.15 trillion won

IndustryFeb. 9, 2021

Green Whale Global supplies compostable plastic products to fashion, cosmetic industries

Green Whale Global, the first South Korean firm to produce 100 percent biodegradable plastics, has successfully supplied international and Korean clothing brands with biodegradable hardened plastics, the company said. The clothing brands such as Recto, Nounou, and Nohant are soon to offer environmentally friendly packaging and hangers using plastics manufactured by GWG, according to the company. GWG also said it had also signed an agreement to supply cosmetic brands with biodegradable harden

IndustryFeb. 9, 2021

Medical AI company Vuno to make IPO on Feb. 26

Vuno, one of South Korea’s leading medical artificial intelligence companies, will make an initial public offering Feb. 26, CEO Kim Hyun-joon said at a press event Monday. Advance subscriptions for Vuno’s stocks will take place Feb. 16 and 17 through underwriters Mirae Asset Daewoo and Samsung Securities. Vuno is newly issuing 1.8 million shares upon going public. At an estimated 15,000 won to 19,500 won per share, Vuno is attempting to raise as much as 35.1 billion won with the li

IndustryFeb. 8, 2021

Google to comply with ‘Netflix Law’

The South Korean government has asked US tech giant Google to take preemptive measures to ensure stable services, while demanding the company notify local users in Korean language should there be service errors. Google will also operate a customer service space through which users can ask questions. South Korea’s ICT Ministry announced Monday its follow up measures regarding the global outage of Google’s services in December, during which users were unable to connect to Google pr

TechnologyFeb. 8, 2021

Hyundai, Kia ‘not in talks’ over Apple Car project

South Korea’s largest carmaker Hyundai Motor and affiliate Kia confirmed Monday that they are “not in talks” with Apple over the manufacturing of the “Apple Car,” denying weeks of speculative reports. While the crucial dealbreaker yet remains uncertain, market observers suggested that this latest case may deliver some impact on the auto group’s credibility when it comes to confidential global deals. In their respective regulatory filings, the two automake

IndustryFeb. 8, 2021

Kakao founder pledges to donate more than half of assets

The founder of South Korea's top mobile messenger operator Kakao Corp. said Monday that he will donate more than half of his wealth -- currently estimated to be more than 10 trillion won ($8.9 billion). "I have pledged to donate more than half of my assets to solve social issues throughout my life," Kim Beom-su said in a message sent to all of Kakao's employees. His assets are estimated to be over 10 trillion won, including 12.5 million shares of Kakao, valued at over 5.7 trillion wo

IndustryFeb. 8, 2021

Hyundai, Kia shares tumble over denial of Apple car talks

Shares of South Korea’s Hyundai Motor Group affiliates saw their stocks slump Monday after an announcement that the carmaker is not in talks with US tech giant Apple for a self-driving vehicle project. Shares of Hyundai Motor crumbled 6.21 percent to 234,000 won ($208.94), with its smaller affiliate Kia plunging 14.98 percent to 86,300 won, at the closing bell. The firms at one point plummeted as much as 8.42 percent and 15.27 percent, respectively, in the early morning trade. Other key

MarketFeb. 8, 2021

Financial authorities defend dividend cap on banks

The nation’s top financial regulators said Monday that their recommendation for lenders to limit dividend payouts was in line with global standards, rebutting criticism that it constituted excessive government intervention. The Financial Services Commission and the Financial Supervisory Service have urged local banks to curb their dividends, saying the prolonged pandemic could hurt local banks’ financial soundness.　 “The recommendation for a dividend reduction is a tempora

EconomyFeb. 8, 2021

AfreecaTV enjoys record annual sales in 2020

South Korea‘s biggest live streaming platform AfreecaTV saw its revenue and operating profit hit new highs in 2020, the company said Monday. According to a regulatory filing, the company’s revenue and operating profit soared 17.1 percent and 37.3 percent on-year to 196.6 billion won ($175.7 million) and 50.4 billion won, respectively. Its net profit rose to 36.4 billion won, a 6.5 percent increase on-year. AfreecaTV also enjoyed record quarterly results in the fourth quarter. I

IndustryFeb. 8, 2021

Kakao Games’ 2020 sales best in company’s history

Kakao Games, the gaming unit of South Korea’s leading messenger app operator Kakao, registered 495.5 billion won ($442.9 million) in revenue last year, the best figure since the company started business. According to a regulatory filing Monday, the company’s revenue and operating profit in 2020 spiked 27 percent and 90 percent on-year to 495.5 billion won and 66.6 billion won, respectively. Its net profit skyrocketed 659 percent to 67.3 billion won. “Kakao Games enjoyed r

IndustryFeb. 8, 2021

Hyosung launches recycled plastic clothing brand G3H10

Hyosung TNC, the fiber production unit of Hyosung Group, said Monday that it has launched a clothing brand to showcase garments made of recycled plastic and organic cotton. The first product from the new brand, G3H10, is a hoodie that will come in three colors -- charcoal, ivory and olive. The hoodies will be a blend of Regen, Hyosung TNC’s eco-friendly fiber made of recycled plastic, and organic cotton grown without the use of synthetic pesticides. “As a business-to-business co

IndustryFeb. 8, 2021

[News Focus] World’s first ‘hydrogen law’ takes effect. What's in it?

To usher in the hydrogen economy, South Korea passed the world’s first hydrogen law. It centers on the development of an ecosystem for a hydrogen economy and expanded public access to the alternative fuel. The Economic Promotion and Safety Control of Hydrogen Act, which came into effect Friday, mainly deals with three key areas -- hydrogen vehicles, charging stations and fuel cells. First, the hydrogen law is intended to bring transparency to the nation’s hydrogen pricing system

IndustryFeb. 8, 2021

Korean investors shy away from European commercial properties

Once the fastest emerging source of foreign capital into European real estate asset investments, South Korea‘s investors were seen redirecting their attention to the Americas in 2020, data showed Monday. According to data from US-based property market tracker Real Capital Analytics, Korea’s capital going directly into assets in Europe, the Middle East and Africa, each valued at $10 million or greater, fell by 78 percent on-year to $3 billion in 2020. Koreans in 2019 were the

MarketFeb. 8, 2021

KOSPI dips below 3,100 on Hyundai, Kia losses

South Korea's benchmark stock index slumped below the 3,100-point mark Monday despite spreading optimism for an economic rebound, largely on losses by Hyundai Motor and its affiliate Kia Corp. as the two automakers said they are not in talks with Apple Inc. over an electric vehicle project. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.39 points, or 0.94 percent, to close at 3,091.24 points. Trading volume was high at about 1.3 billi

MarketFeb. 8, 2021

Finance minister calls for efforts to activate new housing supply plan

South Korea's finance minister instructed his officials Monday to spare no effort to thoroughly implement the government's latest massive housing supply plan in a bid to stabilize rising home prices. The government said last week it will ease construction regulations and support redevelopment projects in urban areas to increase the number of new homes by up to 836,000 nationwide in the next four years. "Now the key to stabilizing the housing market is to thoroughly implement the latest ho

EconomyFeb. 8, 2021

GameStop was January’s 2nd-most traded foreign stock

Despite the recent stock price saga of US video gaming retailer GameStop, the company was not the most-traded stock among South Korean investors in January, according to data on Monday. In data compiled by Korea Securities Depository, a post-trade service provider, the gaming retailer came second in terms of stock transactions last month, with the trading volume reaching $2.4 billion. Korean traders net bought some $1.1 billion worth of GameStop shares and net sold $1.3 billion over the month

MarketFeb. 8, 2021

LG smartphones sold for halved prices before announcement on fate of mobile unit

The last batch of smartphones by LG Electronics -- LG Velvet and LG Wing released last year -- are being sold with massive discounts and subsidies through mobile carriers before the company’s final decision on its planned sale of the smartphone business. According to the telecom industry Monday, the actual cost of buying an LG Wing, a dual-display smartphone released last September, has been reduced to around 400,000 won ($357) from 1.09 million won, amid sluggish sales.  Actual p

TechnologyFeb. 8, 2021

Craft beer association and brewers call on government to allow online beer sales

The Korea Craft Brewers Association and dozens of brewers have called on the government to allow online beer sales to help offset the blow from the coronavirus pandemic. In a statement on Monday, the group said sales of craft beer drastically dropped last year as main sales channels such as restaurants and pubs were forced to close due to social distancing rules. “Sales dropped by half at the minimum and up to 90 percent in worse cases, forcing staff to take a leave of absence or busines

ConsumerFeb. 8, 2021

WeMakePrice names new CEO and vows investment in technology

Online e-commerce company WeMakePrice named its former vice president as the new CEO in an announcement Monday. Ha Song, who had been the acting CEO since last August after former CEO Park Eun-sang took a leave of absence for health reasons, will now lead the company. “We plan to strengthen our industry-leading curation service and invest in technology advancement in order to become a competitive platform strictly from the users’ perspective. Ha joined the company in 2015 and has

ConsumerFeb. 8, 2021