Korean kids eat too much sugar: Food Ministry

Young people in South Korea eat too much sugar from processed food, the Ministry of Food and Drug Safety said Wednesday, citing the World Health Organization’s recommendations. Using data from a health and nutrition survey conducted by the Korea Disease Control and Prevention Agency, the Food Ministry looked into the daily sugar consumption patterns of some 7,000 Koreans in 2018. The daily sugar intake from processed food accounted for 10.1 percent of total calories for children aged 3

TechnologyJan. 27, 2021

'Commit, operationalize, engage' to tackle climate change: LG Chem chief

LG Chem Vice Chairman and CEO Shin Hak-cheol shared the company’s strategies on tackling climate change at the World Economic Forum on Wednesday. During the “Mobilizing Action on Climate Change” session, which was held online, Shin suggested three keywords to business and industry leaders to address climate change -- commit, operationalize and engage.   “In 2019, LG Chem emitted 10.5 million metric tons of carbon dioxide. If we keep growing at the current ra

IndustryJan. 27, 2021

Venture investment hits record high in 2020

South Korea’s venture investment set records in 2020 both in the number of deals and their value, despite the fallout from the coronavirus pandemic, the Ministry of SMEs and Startups announced Wednesday. The country’s investment in startups reached 4.30 trillion won ($3.89 billion) in 2020, adding 26.8 billion won, or 0.6 percent, from the previous year. The number of investment deals also hit a record high of 4,231 while the number of invested companies logged an all-time high

MarketJan. 27, 2021

LG Electronics collaborating with Qualcomm to develop 5G automotive platforms: exec

LG Electronics Inc. is collaborating with Qualcomm Technologies Inc. for the development of 5G automotive platforms, its senior executive has said, as the South Korean tech giant tries to expand its presence in the automotive business for future growth. Qualcomm, the No. 1 semiconductor supplier in telematics and wireless car connectivity, announced Tuesday (US time) that it aims to deploy "reliable, connected, intelligent and location-aware next generation vehicles" with partners inc

IndustryJan. 27, 2021

[Eye on Business] The story behind Korea’s ‘screen golf’

Once considered an exclusive hobby for rich elites, golf has now become much more affordable and accessible, thanks to “screen golf,” or golf simulator rooms. Virtual reality allowed golf aficionados to be rid of the inconvenience of having to travel far out to countryside golf courses, letting them tee off after work in their neighborhood “screen golf lounges” for the cost of about $20 for an 18-hole game. Pioneering this indoor golf culture was Golfzon, which introd

IndustryJan. 27, 2021

Nonghyup Hongsam reveals Lunar New Year ginseng gift sets

In time for the upcoming Lunar New Year holiday, Nonghyup Hongsam is holding a buy-one-get-one-free event for its flagship ginseng products, officials said Wednesday. The promotion, which runs until Feb. 17, is for gift sets comprising ginseng extract products and wild ginseng. The company also offers 15 percent discounts on standalone items, including Hansamin Red Ginseng Extract Prime, Red Ginseng Extract stick, and Pure Liquid of Red Ginseng Gold. Hansamin is the company’s ginseng b

ConsumerJan. 27, 2021

Selective support to pandemic-hit sectors is desirable: IMF

The International Monetary Fund (IMF) said Wednesday that it would be desirable for South Korea to selectively provide assistance to sectors and people hit hard by the pandemic as economic recovery is uneven. During a conference call with Finance Minister Hong Nam-Ki, Andreas Bauer, Korea mission chief at the IMF, said South Korea needs to maintain policy support to tackle economic slumps caused by the new coronavirus outbreak. An IMF team held its annual meetings with South Korea's finance mi

EconomyJan. 27, 2021

KB Securities wraps up sale of UK logistics facility

South Korean brokerage firm KB Securities said Wednesday that it had completed the sale of a UK logistics facility, in which it jointly invested with LB Asset Management in 2017. The two Korean companies bought the facility through funds designed to invest in UK property assets in 2017. The exact investment amount for the acquisition was not unveiled at the time. KB Securities and LB Asset Investment sealed the sale deal of the facility in January. The facility is leased to UK supermarket ch

MarketJan. 27, 2021

GS Caltex boils down 53 years of history in 6-minute video

GS Caltex said Wednesday it has recently unveiled a 6-minute-long video on YouTube that shows the essence of company’s 53 years of history. Titled “Energy Plus Journey,” the clip chronicles the company’s beginning as the nation’s first private oil company in 1967 and the journey it took to become today’s energy giant. The video, created with an aim of sharing GS Caltex’s vision with a global audience, supports 10 languages including Korean, English,

IndustryJan. 27, 2021

Nexon founder Kim donates W10b to child hospital

Nexon founder Kim Jung-ju has pledged to donate 10 billion won ($9 million) for the construction of children’s hospitals, making good on his promise to give back to society. The 52-year-old chief of NXC, the holding company of South Korean gaming giant Nexon, has delivered half of the money -- 2.5 billon each -- to Daejeon Chungnam Public Children’s Rehabilitation Hospital and Nexon Children’s Palliative Care Center at Seoul National University Hospital, according to local me

IndustryJan. 27, 2021

Wireless earphone boom gives boost to LG, Samsung’s micro battery biz

As AirPods and Galaxy Buds become ever more popular, the demand for micro batteries has spiked, benefiting South Korean battery manufactures LG Energy Solution and Samsung SDI. According to Counterpoint Research data, the size of the global wireless earphone market is estimated to have reached 220 million units last year from 120 million units from a year prior. Accordingly, the global micro battery market is estimated to have enjoyed a 90 percent growth, a major boon for LG Energy Solution&

IndustryJan. 27, 2021

Samsung Electro-Mechanics shifts to profits in Q4

Samsung Electro-Mechanics Co., a major electronics components maker in South Korea, on Wednesday said its fourth-quarter net profit in 2020 swung to the black from a year earlier on the back of increased sales of its products amid the growth of 5G and automotive sectors. The Samsung Group affiliate reported a net profit of 204.9 billion won ($185.4 million) for the October-December period, swinging from a loss of 21.1 billion won a year earlier. The company said in a regulatory filing that it

IndustryJan. 27, 2021

Seoul stocks fall on foreign selling ahead of US Fed meeting

South Korean stocks slumped after a choppy session Wednesday, largely due to heavy foreign selling related to concerns over fiscal policy tightening in major financial markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.75 points, or 0.57 percent, to close at 3,122.56 points. Trading volume was moderate at about 905 million shares worth some 19.4 trillion won ($17.6 billion), with losers outnumbering gainers 574 to 293. Foreigner

MarketJan. 27, 2021

Telecom firms unload assets to cope with market changes

Major telecommunications firms in South Korea are speeding up asset sales as part of their strategies to seek new growth opportunities in the non-telecommunications market. SK Telecom, the industry’s largest in terms of mobile subscription, announced Tuesday its sale of professional baseball team SK Wyverns to Shinsegae Group’s supermarket chain E-Mart. The deal, estimated at 135 billion won, includes a 100 percent stake in the baseball team as well as the team’s property h

TechnologyJan. 27, 2021

[Earnings roundup] LG Chem breaks earnings records on battery boom

　LG Chem, LG Display, Kia and a score of other companies on Wednesday released business results from the final quarter of 2020, summing up a year hit hard by the infectious disease and restrained consumer sentiment. 　Despite the unfavorable market conditions, some managed to report surprisingly strong earnings in the face of adversity. 　 LG Chem breaks record 　 　Strong battery sales pushed revenues of LG Chem to a record high in 2020. 　The country’s leading chemical company reported

IndustryJan. 27, 2021

Samsung pays out over W77.7b in incentives to chip partners in 2020

Samsung Electronics Co. said Wednesday it paid out more than 77.7 billion won ($70 million) in incentives to its semiconductor partner companies last year as the South Korean tech giant tries to build up a healthy ecosystem for the local chip industry. The world's largest memory chipmaker said it gave incentives worth 41.19 billion won to some 23,000 workers at its 289 chip business partners in the second half of 2020. Including its first half incentives worth 36.53 billion won, the company's

IndustryJan. 27, 2021

Mercedes-Benz Korea plans to launch 9 new models including 2 EVs

Mercedes-Benz Korea will launch nine new models this year, including two electric vehicles, aiming to re-create the sales success of last year, the automaker said Wednesday. This year, the German brand will augment its flagship luxury sedan lineup by launching new C-Class and S-Class models. Also coming to local consumers this year are the revamped CLS, the four-door coupe and a new engine variant for the G-Class, the G 400 d. The automaker is also planning to roll out two pure electric v

MobilityJan. 27, 2021

New Korean equity fund bets on ESG momentum

South Korean investment firm Truston Asset Management said Wednesday that it is establishing a fund to invest in companies that have room for improvement in their environmental, social and governance standards, and to make changes through shareholder activism if necessary. The company, which managed assets worth 9.3 trillion won ($8.4 billion) as of end-2020, aims to raise some 500 billion won from public distribution channels in the nation, where unorthodox family business succession plans to

MarketJan. 27, 2021

NPS chalks up gains from stock investments in 2020

South Korea’s state-run pension fund raked in over 58 trillion won ($52.6 billion) from stock investments last year amid a bullish run on the local stock market, data showed Wednesday. The total amount of shares that the National Pension Service holds in listed companies, of which it owns 5 percent or more, was worth nearly 181.3 trillion won as of Friday. The figure has soared over 57.68 billion won or 46.7 percent from the start of last year, according to corporate tracker CEO Score.

MarketJan. 27, 2021

Apartment price gap widens to record high amid overheated housing market

The price gap between high and low-priced apartments nationwide widened to the highest level in 12 years in December last year, showing deepening housing polarization in the country, according to data Wednesday.  Apartment prices of the top 20 percent group reached an average of 951.6 million won ($861,198) in December, soaring by more than 200 million won from a year earlier, the monthly housing price trend report released by KB Kookmin Bank showed. Meanwhile, prices of low-cost apartme

MarketJan. 27, 2021