[Eye on Business] 10th anniversary of Styler: Electronic closet invented by LG creates new market

“Do you have a Styler at home?” Just like global brands such as Jeep, Post-it and Hotchkiss, the name “Styler” has blossomed into a proper noun for a clothing care system in modern society. Invented by South Korea’s LG Electronics, the LG Tromm Styler has innovated a new category in the home appliance market over the past decade and become one of the essential home appliances, along with TVs, refrigerators and washing machines. The development story of Styler

TechnologyFeb. 3, 2021

[Newsmaker] Ruling camp bigwigs clash over COVID-19 relief funds

Tensions flared between South Korea’s fiscal chief and the ruling party leader on Wednesday, as they publicly disagreed over the timing of an additional release of COVID-19 relief funds and who should benefit. Prime Minister and Finance Minister Hong Nam-ki struck a defiant tone against the idea pitched by the ruling Democratic Party Chairman and a leading potential contender for 2022 presidential race Lee Nak-yon to begin discussions on a fourth round of emergency handouts to all househo

EconomyFeb. 3, 2021

S. Korea to extend ban on stock short selling until May 2

South Korea's financial regulator said Wednesday it will again extend a ban on stock short selling until May 2, amid growing calls from retail investors to prohibit the hedging practice. The extension of the ban, which had been set to be lifted on March 15, also came after politicians called for financial authorities to keep the ban. Financial Services Commission (FSC) Chairman Eun Sung-soo told reporters that the ban on large-cap 200 firms listed on the main KOSPI and 150 firms listed on the

EconomyFeb. 3, 2021

With easy-to-use app, Toss aims to captivate young, new stock investors

Toss Securities, the brokerage arm of South Korea’s leading fintech startup Viva Republica, on Wednesday unveiled a mobile trading system with a goal to attract 1 million active users within the year. During the unveiling of the service which is expected to be launched later this month, Toss Securities said it plans to offer a simple and intuitive mobile trading system to grab investors who are having trouble using existing trading systems and young investors in their 20s and 30s. Toss

MarketFeb. 3, 2021

Watchdog approves Apple’s correction scheme for ‘unfair market practices’

Apple’s yearslong antitrust dispute in South Korea seemed to settle as the nation’s watchdog accepted the US tech giant’s redeeming plan to spend some 100 billion won ($89.73 million) in supporting consumers and small-sized businesses. The Fair Trade Commission said Wednesday that it has approved the financial package suggested by the local unit of Apple Inc. to wrap up its alleged unfair market practices in the past. “This is the first time that a correction scheme

IndustryFeb. 3, 2021

Panel prices to stay high after explosion at S. Korean plant: report

An explosion accident at a glass substrate plant in South Korea is likely to exacerbate the tight supply of display panels and maintain their prices at a high level, market watchers said Wednesday, burdening TV makers' procurement efforts. The explosion occurred last Friday when workers were replacing old pipes connected to a furnace at AGC Fine Techno Korea Co.'s glass substrate manufacturing plant in Gumi, some 250 kilometers south of Seoul. The accident injured nine workers, according to the

IndustryFeb. 3, 2021

Amorepacific 2020 net profit down 90.2% to W21.9b

Amorepacific Corp. on Wednesday reported its 2020 net profit of 21.9 billion won ($19.6 million), down 90.2 percent from a year earlier. The company said in a regulatory filing that operating profit for the year fell 66.6 percent on-year to 143 billion won. Annual revenue decreased 20.6 percent to 4.43 trillion won. (Yonhap)

IndustryFeb. 3, 2021

Amorepacific remains in red in Q4

South Korea's top cosmetics maker Amorepacific Corp. said Wednesday its fourth-quarter net loss increased 1.7 percent year-on-year largely due to the impact from the coronavirus pandemic.    The company's net loss came to 58.9 billion won ($52.8 million) in the October-December period, compared to 57.9 billion won a year ago, the company said in a regulatory filing.    Operating loss stood at 9.2 billion won, marking a steep decline from 45.9 billion won the previous year.

IndustryFeb. 3, 2021

Seoul stocks up for 3rd day on continued foreign buying

South Korean stocks extended their winning streak to a third consecutive session Wednesday, as foreigners continued to buy local stocks on expectations of a speedy economic recovery in Asia and globally. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.87 points, or 1.06 percent, to close at 3,129.68 points. Trading volume was high at about 877 million shares worth some 21.6 trillion won ($19.4 billion), with gainers outnumbering losers

MarketFeb. 3, 2021

S. Korea’s major mobile carriers enjoy expanding 5G business in 2020

Even as the COVID-19 pandemic crippled markets worldwide last year, South Korea’s three major mobile carriers have seen improved results from their investments in media and platform services, along with expanded 5G network businesses. According to the latest report from market research firm FnGuide, the combined revenue of South Korea’s three major mobile carriers in 2020 are expected to reach 55.7 trillion won, up 2.4 percent on-year. The combined operating profit of the three mob

TechnologyFeb. 3, 2021

'Safety first' policy a challenge for Samsung SDI's battle in EV battery market?

From Apple to General Motors, global tech giants and automakers are in a tight race to develop or utilize electric vehicles to catch up with market champion Tesla. Against this backdrop, the size of the global EV battery market is set to reach 182 trillion won ($167.5 billion) in 2025 from last year’s 38.8 trillion won. For Samsung SDI, the battery manufacturing affiliate of Samsung Group, its EV battery business road map is anticipated to take flight in the upcoming years, save for a

IndustryFeb. 3, 2021

LG Chem to launch 2nd tech support center in China

LG Chem said Wednesday it will inject 30 billion won ($26.9 million) to add another customer technical support and development center in China. South Korea’s leading chemical firm signed an agreement with the city of Wuxi, China to build a local tech support center. LG Chem will invest about 30 billion won while Wuxi will provide the land and the infrastructure for the center, which will break ground in the first half of this year and begin operations in May next year. “The tech

IndustryFeb. 3, 2021

S-Oil’s Ulsan plant celebrates 6 million man-hours without accident

S-Oil said Wednesday that it has achieved 6 million man-hours without an accident, maintaining a safe operational environment for 471 days from Oct. 22, 2019. “Our Ulsan plant has safely conducted three major maintenance operations during that period despite difficulties caused by the COVID-19 outbreak. This is the third time S-Oil has accomplished 6 million man-hours without a disaster since the company started business,” the company said in a release. To ensure the safety of empl

IndustryFeb. 3, 2021

Law firm Yulchon partners with ERM to expand ESG advisory biz

South Korea‘s law firm Yulchon said Wednesday it has signed a strategic partnership with international consultancy firm Environmental Resources Management to strengthen its corporate legal advisory capability with respect to environmental, social and governance, or ESG, issues. The partnership is a leap forward from Yulchon’s move in December to establish an in-house unit devoted to legal advice as to how corporate clients should cope with ESG issues, such as regulatory risk manage

MarketFeb. 3, 2021

Korean Air set to launch ‘flights to nowhere’

Korean Air is taking steps to launch its own international sightseeing flights without landing, the airline said on Wednesday. “We are taking necessary steps to operate chartered flights and the sales dates are under discussion,” one official at the airline said. The airline’s first international “flight to nowhere” has been given the green-light by the Ministry of Land, Infrastructure and Transport to take off on Feb. 27, the official added. The travel route is y

MobilityFeb. 3, 2021

Posco vows to prioritize safety over productivity

South Korea’s top steel giant Posco is vowing to put safety as its top priority, urging employees to reject unsafe working conditions, following a spate of deaths from industrial accidents in recent years. During recent visits to the company’s steelworks in Pohang and Gwangyang, Chairman Choi Jeong-woo allocated most of his speeches to safety policies, the company said Wednesday. “When workers are tasked with work where safety is not ensured or they feel physically or emot

IndustryFeb. 3, 2021

Korea below OECD average as FDI recipient: think tank

South Korea recieved some of the lowest amount of foreign direct investment among 37 Organization for Economic Cooperation and Development members last year, a local think tank data showed Wednesday. Asia’s fourth-largest economy’s FDI-to-gross ratio last year came to 0.32 percent, translating into No. 25 among 37 global economies in terms of FDI recipient, a report by Korea Economic Research Institute said. The net FDI-to-GDP ratio -– which is FDI minus outward direct inves

EconomyFeb. 3, 2021

FSC advises internet-only banks expand mid-interest loans

South Korea’s top financial regulator has advised the nation’s internet-only lenders to expand the supply of loan products for borrowers with low to moderate credit scores, officials said Wednesday. “While the percentage of those with credit scores below 4 on a scale of 1 to 10 accounted for nearly 40 percent of all borrowers at first-tier banks, the country’s existing internet-only lenders Kakao Bank and K bank posted some 36 percent and 20 percent, respectively,”

MarketFeb. 3, 2021

S. Korea to import more eggs this month to stabilize prices

South Korea said Wednesday it plans to import more eggs this month in a bid to stabilize prices of eggs that have shot up amid the outbreak of bird flu here. The country will import some 24 million eggs after the Lunar New Year holiday, set for Feb. 11-14, ends, as it seeks to ease a potential shortage of the egg supply, according to the Ministry of Economy and Finance. The ministry earlier said the country will import 20 million eggs and distribute them before the holiday. Affected by the ou

EconomyFeb. 3, 2021

JPMorgan bets on Korean travel agency despite mounting losses

JPMorgan Asset Management has increased its stake in the ailing Korean travel agency Modetour Network to 7.47 percent, banking on a rebound in the post-COVID era despite piling losses, a filing showed Wednesday. Three of JPMorgan Asset Management subsidiaries obtained an additional 1.07 percent stake, or some 200,000 ordinary shares, in Modetour from December 2019 to January this year, according to the filing. This solidified JPMorgan’s position as the firm’s second-largest share

MarketFeb. 3, 2021