Foreign investment pledges shrink 11% in 2020

Foreigners’ investment pledges to South Korea dropped 11.1 percent last year due to the effects of the coronavirus outbreak, government data showed Tuesday. According to the Ministry of Industry, Trade and Energy, foreigners pledged investments worth $20.75 billion in 2020, down from $23.33 billion a year ago. Of the investment pledges, the amount executed came in at $11.09 billion, a 17 percent dive on-year from $13.36 billion. “Foreign direct investment decreased significan

IndustryJan. 12, 2021

Game companies break out of shells to seek future growth

South Korean game companies are making bold strides into the financial sector through partnerships with a group that needs innovation more than anyone else: legacy banks. Game companies, though quick to adopt latest technologies such as artificial intelligence, lack a testing ground to train and advance their innovations beyond the virtual spaces inside games. Legacy banks, on the other hand, has tons of quality data and a massive client base, but fall short of digital tools to digest and

IndustryJan. 12, 2021

LG-GM EV battery JV to hire 1,100 employees by 2022

Ultium Cells, the electric vehicle battery joint venture between LG Energy Solution and General Motors, will hire 400 employees by the end of this year and 700 more by the end of next year, LG and GM said Tuesday. Founded in December 2019, the fledgling Ultium Cells currently has staff for human resources, training and workplace safety management. It is building a $2.3 billion facility in Lordstown, Ohio, with an annual production capacity of more than 30 gigawatt-hours. “Ultium Cells

IndustryJan. 12, 2021

[News Focus] Foul-mouthed chatbot Luda brings belated lesson in AI ethics

A social media-based artificial intelligence chatbot has been suspended in South Korea after stirring a series of controversies with discriminatory and vulgar language, leaving lessons for all parties involved in the related sectors dealing with AI. The chatbot Lee Luda, developed by local startup firm Scatter Lab, was introduced last December to run on Facebook Messenger. Designed to mimic a 20-year-old woman, it has attracted more than 400,000 users via Facebook so far. It, however, became

TechnologyJan. 12, 2021

Coupang’s rumored IPO in March lifts stocks of partner firms

The recent news of e-commerce unicorn Coupang going public as early as March has boosted stocks of partner companies in South Korea on Tuesday. Dongbang, a logistics firm that handles Coupang’s delivery services, saw its stock jump by a daily upper limit of 29.96 percent to reach 3,915 won ($3.56) in intraday trading on Tuesday. It also soared by the same percentage point a day earlier to close at 3,015 won. Media content platform company KTH’s stock also jumped by the daily limit

MarketJan. 12, 2021

Seoul stocks down for 2nd day on profit-taking

South Korean stocks closed lower for the second straight session Tuesday as institutional and foreign investors cashed in gains amid concerns of an overheated market. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 22.5 points, or 0.71 percent, to close at 3,125.95 points, falling for the second consecutive session. Trading volume was high at about 1.37 billion shares worth around 31.1 trillion won ($28.3 billion), with losers outnumb

MarketJan. 12, 2021

S. Korea likely to outpace Italy in GNI per capita: BOK

South Korea is likely to overtake Italy in gross national income per capita as its economic growth rate fared well compared to the European economy, according to the Bank of Korea Tuesday.  The nation’s GNI per capita last year is estimated to have decreased from $32,115 in 2019 to reach around $31,000 as its nominal gross domestic product growth rate hit zero amid the prolonged COVID-19 pandemic, officials said.  However, South Korea’s GNI per capita is to outpace the Eu

EconomyJan. 12, 2021

S. Korea to hold annual meeting with IMF on economy

South Korea will begin its annual meeting with the International Monetary Fund (IMF) this week on the country's overall economic situation and its response to the new coronavirus outbreak, the finance ministry said Tuesday. The ministry will hold video conferences with an IMF team, led by Andreas Bauer, Korea mission chief at the international organization, from Wednesday to Jan. 28, according to the Ministry of Economy and Finance. Every year, IMF delegations visit South Korea to discuss the

EconomyJan. 12, 2021

Samsung introduces first-ever water purifier

Samsung Electronics Co. on Tuesday introduced its first-ever water purifier as the tech giant enters the fast-growing home water purifier market amid the pandemic-induced stay-at-home trend. Samsung unveiled the BESPOKE water purifier that is highlighted by space-efficient design and easy care features at its media event for the Consumer Electronics Show (CES) 2021. The new water purifier will be launched in South Korea in the first quarter of year, the company added. Samsung's BESPOKE wat

TechnologyJan. 12, 2021

S. Korea to invest W125b in AI chips this year

South Korea's ICT ministry said Tuesday it will invest 125.3 billion won ($114.1 million) this year to support the development of neural processors, up 75 percent from last year. Neural processing units refer to high-performance and low-powered logic chips that specialize in artificial intelligence (AI) services, according to the Ministry of Science and ICT. The government placed big bets last year on next-generation chip technology, including neural processors, with a plan to spend 1 trillion

EconomyJan. 12, 2021

FDI pledges to S. Korea dip 11% in 2020 amid pandemic

Foreign direct investment (FDI) pledges to South Korea dipped 11 percent in 2020 from a year earlier, data showed Tuesday, as the unprecedented virus pandemic has dealt a harsh blow to business activities around the globe. Asia's No. 4 economy received $20.7 billion worth of FDI commitments last year, compared with $23.3 billion logged in 2019, according to the Ministry of Trade, Industry and Energy. The amount of investment that actually arrived here also dropped 17 percent over the cited per

EconomyJan. 12, 2021

S. Korea to invest W205b to promote eco-friendly ships

South Korea said Tuesday it will allocate 205 billion won ($186.3 million) to adopt eco-friendly technologies for the local maritime industry in line with the country's green energy drive. Under the project, the country will seek to build a total of 39 eco-friendly ships this year, including 23 for the public sector, according to the Ministry of Oceans and Fisheries. The latest move came in line with the government's vision to operate around 530 eco-friendly ships by 2030. To promote the use

EconomyJan. 12, 2021

Hanwha Techwin wins security system supply deal in Egypt

Hanwha Techwin Co., a surveillance tech firm in South Korea, said Tuesday it has signed a deal with the Egyptian government to supply security solutions for its state-run projects. Under the deal with the Ministry of Military Production in Egypt, the company will set up security systems in some 10 cities, which includes surveillance camera installments in major facilities. The value of the deal was not disclosed. Hanwha Techwin said some of its products will be manufactured by Egyptian electro

IndustryJan. 12, 2021

S. Korea's tax revenue down W2.1tr in November

South Korea's tax revenue declined 2.1 trillion won ($1.9 billion) in November 2020 due largely to a fall in value-added and transportation tax earnings, the finance ministry said Tuesday. The country collected 14 trillion won in taxes in November, compared with 16.2 trillion won the previous year, according to the Ministry of Economy and Finance. The fall in tax revenue was mainly attributable to a decline in value-added and transportation tax earnings, as the government has extended the dead

EconomyJan. 12, 2021

Google's cloud gaming service to be available on LG's smart TVs

LG Electronics Inc. on Tuesday said Google's cloud gaming service will be available on its smart TVs as the South Korean tech powerhouse eyes to expand its TV sales with better service offerings. LG said it will be the first TV manufacturer to support Google's Stadia via its smart TV platform webOS. The company expects the new service to be launched on its smart TVs in the second half of 2021. "Supporting Stadia on LG TVs is our commitment to customers that gaming is an increasingly impor

IndustryJan. 12, 2021

Hyundai's Avante compact named North American Car of the Year

South Korea's Hyundai Motor Co. said Tuesday its Avante compact has been named this year's North American Car of the Year in the passenger car segment. The Avante, the Genesis G80 sedan and the Nissan Sentra sedan advanced to the finalists for the 2021 North American Car of the Year, Utility of the Year and Truck of the Year (NACTOY). NACTOY chose the Avante over the two models due to its innovative design and advanced features, such as a digital key and high fuel efficiency, Hyundai said in a

IndustryJan. 12, 2021

LG 'well positioned' to become auto solutions leader with Magna JV deal: CEO

LG Electronics Inc. is "well positioned" to become one of the industry's leaders in the area of electric and connected vehicles with its agreement to set up a joint venture with Canadian auto parts maker Magna International Inc., the company's chief executive said. Brian Kwon, the CEO of LG Electronics, appeared at Magna's press conference for the all-digital Consumer Electronics Show (CES) 2021 on Monday (US time) and revealed his hopes for the new joint venture with Magna, which is

IndustryJan. 12, 2021

Sales of eco-friendly cars jump 54% in 2020

South Korea's environment-friendly vehicle sales jumped 54 percent to exceed 200,000 units in 2020 from a year earlier on subsidies and an improvement of charging infrastructure, industry data showed Tuesday. Carmakers sold a total of 213,264 eco-friendly models last year, up from 138,957 units the previous year, according to data from companies and the Korea Automobile Importers and Distributors Association (KAIDA). It was the first time for automakers to report annual sales of more than 200,

EconomyJan. 12, 2021

S. Korea's service payments dip for 11th month in Nov. amid pandemic

South Korea's payments for foreign service imports fell for the 11th consecutive month in November last year amid pandemic-induced travel restrictions, central bank data showed Tuesday. Asia's fourth-largest economy paid $8.59 billion for imports of foreign services in November, down 18.4 percent from a year earlier, according to the data by the Bank of Korea (BOK). South Korea's service payments have been declining on-year since January last year, when the country reported its first confirmed

EconomyJan. 12, 2021

LS Electric aims for 10 percent annual growth

LS Electric, a South Korean producer of power solutions, aims to grow 10 percent annually and generate 70 percent of its earnings from overseas, the company said Monday. Unveiling a corporate vision for the next decade, the company’s Chairman Koo Ja-kyun urged executives and employees to act proactively to go beyond its traditional businesses of electricity and automation and transform into a global digital leader. “The company must continue to evolve to find new business oppor

IndustryJan. 11, 2021