Kia, Kakao Mobility sign MOU to expand electric taxis here

Kia and Kakao Mobility have established a partnership to expand the supply of eco-friendly electric vehicles here, officials said Wednesday. Officials of both companies met Tuesday at Kia’s headquarters in southern Seoul’s Apgujeong-dong and signed a memorandum of understanding to promote electric vehicle supplies. The strategic orientation of the MOU is to combine Kia’s automobile infrastructure and Kakao’s mobility platform, seeking to advance the convenience of both

IndustryJan. 13, 2021

[CES 2021] Auto parts players aim high for future mobility

  As the auto industry shifts to electric and self-driving cars, auto parts makers are no longer mere suppliers. They have become a key driving force behind market innovations. In this transition, South Korean companies are coming out of the shadows of compatriot brands Hyundai and Kia to become global players, taking aim at the worldwide automotive parts and components market which is expected to reach $2.4 trillion in 2024 from last year’s $1.9 trillion. This year’s all-d

IndustryJan. 13, 2021

LG Energy Solution batteries set to power Amazon cargo trucks

Some of Amazon’s planned 100,000-strong fleet of electric delivery vehicles will likely be powered by LG Energy Solution batteries, according to a recently-revealed deal between the US e-commerce giant and a Canadian EV maker. In its recent filing with the US Securities and Exchange Commission, Lion Electric said it has a framework agreement with Amazon Logistics in place since summer last year to reserve production facilities for 500 Lion 6 and 8 electric trucks per year from 2021 and 20

IndustryJan. 13, 2021

[CES 2021] More Robots and AI from South Korean tech giants at CES 2021

At the ongoing Consumer Electronics Show, South Korean companies have presented more robots and artificial intelligence-based products and solutions that promise to make our daily lives easier in the near future. LG Electronics brought its AI-based virtual human character Reah Keem to the fore, who unveiled the company’s latest line of LG CLoi UV-C robots. The robot, designed to use ultraviolet radiation to reduce harmful germs in public and personal areas, was presented for the first ti

TechnologyJan. 13, 2021

Ford Korea to introduce six new cars in 2021

Ford Sales and Service Korea will release six new vehicles to gain an edge in the South Korean market, the automaker said Wednesday. Revealing the company’s business plan for 2021 in an online media conference, Ford Korea’s Managing Director David Jeffrey said the company aims to achieve strong growth in 2021 by focusing on the sport utility vehicle segment. “We approach 2021 full of energy, with a strong plan to launch relevant and exciting new vehicles that will ensure t

MobilityJan. 13, 2021

Seoul stocks snap two-day losing streak on investors' bottom-fishing

South Korean stocks snapped a two-session losing streak Wednesday as investors scooped up top caps that recently suffered heavy losses. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.34 points, or 0.71 percent, to 3,148.29. Trading volume was high at about 1.56 billion shares worth around 24 trillion won ($21.9 billion), with gainers outnumbering losers 626 to 225. Retail investors purchased a net 171 billion won, while foreigners pi

MarketJan. 13, 2021

Telegram, Signal user numbers soar after WhatsApp’s controversial privacy update

Messaging apps Telegram and Signal saw a surge in the number of app downloads and active users amid a backlash over competitor WhatsApp’s new privacy policy. Telegram added 25 million new users in the last 72 hours to reach the 500 million active users milestone, according to the messaging app’s official Twitter account on Wednesday. Signal collected 7.5 million downloads from Apple’s App Store and Google Play period from Wednesday through Sunday, an equivalent to a 4,200 p

TechnologyJan. 13, 2021

CheongKwanJang’s red ginseng gains spotlight amid pandemic

As people looked for ways to enhance their immune system amid the coronavirus pandemic, red ginseng is enjoying a surge in popularity both in Korea and elsewhere, according to Korea‘s leading red ginseng brand CheongKwanJang. “Since the coronavirus outbreak, consumption of red ginseng in Korea has risen for its immune-boosting and other health benefits,” one official at Korea Ginseng Corp. said on Wednesday. “Korean Red Ginseng Concentrated Extract, made of 100 percent

ConsumerJan. 13, 2021

SoluM, LG Chem’s battery split-off eye IPOs

Amid continuous stock markets rallies and investors’ growing interest in initial public offerings, SoluM, a spin-off from Samsung Electro-Mechanics, and LG Energy Solution, a battery split-off from LG Chem, are eyeing market debuts. Electronic components maker SoluM is looking to raise as much as 99.2 billion won ($90.60 million) from its IPO early next month, becoming the first firm to be listed on the nation’s benchmark Kospi this year, its chief executive officer said Wednesday

MarketJan. 13, 2021

S. Koreans spend more time on mobile devices in 2020: report

South Koreans spent an average of 4.4 hours on mobile devices a day last year, up 19 percent from the previous year amid the pandemic, a report showed Wednesday. The country's increased use of mobile apps was in line with last year's global daily average of 4.2 hours, up 20 percent over the same period, according to the report from mobile data tracker App Annie. App Annie said the time South Koreans spent on financial apps last year especially increased, with the country's top five financial a

TechnologyJan. 13, 2021

S. Korea to sell W8tr of Treasury bills through Feb.

South Korea plans to sell a total of 8 trillion won ($7.3 billion) worth of Treasury bills in the first two months of the year to fund its expansionary fiscal policy, the finance ministry said Wednesday. The ministry plans to issue 2 trillion won in bills with a maturity of 63 days this month, and the remaining 6 trillion won will be floated next month, according to the Ministry of Economy and Finance. Treasury bills are usually floated to raise money to cover short-term financial shortfalls a

EconomyJan. 13, 2021

S. Korean retailer confidence worsens for Q1

A majority of South Korean retailers expect their business conditions to worsen slightly in the first quarter of 2021 than three months earlier amid the coronavirus pandemic, a poll showed Wednesday. The Korean Chamber of Commerce and Industry said its retail business survey index (RBSI) stood at 84 for the January-March period of the year, down from 85 three months earlier. The figure is based on a poll of some 1,000 retail businesses across the nation. A reading below 100 means that pessimis

ConsumerJan. 13, 2021

NPS vows to beef up overseas investment through reshuffle

South Korea‘s public pension scheme, the National Pension Service, pledged Wednesday to add resilience to its capital deployment to overseas assets through a structural reorganization. Through the reshuffle, the NPS Investment Management will split its global public market division in two -- with one part dedicated to investing in foreign stocks and another in foreign fixed-income products. The move will allow the NPSIM to increase the in-house investment of foreign listed stocks and its

MarketJan. 13, 2021

S. Korea to inject W30tr into green energy exports

Seeking to boost a green-led economic recovery in the post-pandemic era, South Korea’s government vowed Wednesday to spend 30 trillion won ($27.39 billion) to support local exports of renewable energy and other clean technologies. “South Korea should take a lead in the global market for green and digital businesses by embracing the ongoing paradigm shift to a green and digital economy triggered by the COVID-19 pandemic,” Deputy Prime Minister and Finance Minister Hong Nam-ki s

EconomyJan. 13, 2021

Value of newly listed bonds soars 24% in 2020

The value of listed bonds in South Korea jumped nearly 24 percent on-year to a new record high in 2020 due to a spike in government debt sale to tackle the coronavirus impact, data showed Wednesday. State, corporate and other bonds worth 769 trillion won ($702 billion) were newly listed on the local bourse last year, up 23.7 percent from the previous year and the largest ever, according to the data from the Korea Exchange. The jump came as the government sharply increased debt sales to finance

EconomyJan. 13, 2021

Demographic shifts urge Korean insurers to adapt: Moody’s

The looming demographic shifts in South Korea are forcing domestic insurers to turn to new growth drivers, as the companies are likely to face flagging sales of their mainstream products and underwriting risks of their new products that lead to inadequate pricing, a report showed Wednesday. The report by Moody’s Investors Service cited Korea‘s fast aging population as a key attribute, adding that the working-age population is being met with a heavy financial burden to support the c

EconomyJan. 13, 2021

S. Korea's money supply growth quickens in November

South Korea's money supply continued to grow quickly in November last year, as loans to households and firms increased amid the coronavirus pandemic, central bank data showed Wednesday. The country's M2 stood at 3,178.4 trillion won ($2.9 trillion) as of end-November, up 0.9 percent, or 27.9 trillion won, from October, according to preliminary data by the Bank of Korea (BOK). From a year earlier, M2 surged 9.7 percent, the BOK said. A key economic indicator closely monitored by authorities, M

MarketJan. 13, 2021

Banks expected to tighten grip on loans in Q1 amid pandemic: poll

Banks in South Korea are expected to tighten their lending to households and the small business sector in the first quarter of this year, as credit risks will remain high amid the pandemic, a central bank poll showed Wednesday. The Bank of Korea's index measuring the banks' attitude toward fresh loans came to minus 8 for the first quarter. The lower the reading, the more likely banks will tighten their restrictions on lending. A reading below zero means that the number of lenders that will res

MarketJan. 13, 2021

Samsung to unveil another batch of shareholder-friendly measures this month

Samsung Electronics Co. is expected to unveil another batch of shareholder-friendly measures, including big dividend payments, later this month, industry sources said Wednesday, in a move to smooth out the group leadership succession. Samsung, the world's largest memory chip and smartphone maker, is expected to announce its new shareholder return initiative for the 2021-2023 period on Jan. 28, along with its fourth-quarter earnings report. Local analysts widely expect that Samsung's new measur

IndustryJan. 13, 2021

S. Korea's agricultural exports up 7.7% to record high in 2020 amid pandemic

South Korea's exports of agricultural and livestock products advanced 7.7 percent on-year in 2020 on the back of growing demand for healthier foodstuffs amid the new coronavirus pandemic, data showed Wednesday. Outbound shipments of such goods reached a record high of $7.5 billion last year, compared with $7 billion posted in 2019, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Exports of ginseng jumped 9.3 percent to reach $229.8 million over the period

EconomyJan. 13, 2021