[CES 2021] Samsung, LG put home at center of innovation under pandemic

The first-ever all-digital Consumer Electronics Show kicked off Monday against the backdrop of the unrelenting COVID-19 pandemic, virtually gathering tech giants around the world to showcase new technologies and innovations. It is the first time that the world’s biggest tech trade show is being held online, since its inception in 1967. South Korea’s Samsung Electronics and LG Electronics, the biggest participants in CES 2021, kicked off the four-day event by holding online press co

TechnologyJan. 11, 2021

Samsung’s chip business to grow further in 2021

Samsung Electronics is expected to rack up strong earnings in 2021 on the back of the “semiconductor supercycle,” according to local analysts Monday. Demand for 5G communication chips, mobile applications processors and image sensors will be strong for the next two to three years, aiding the South Korean chipmaker, they said. Foundry Samsung Electronics is expected to continue its strong performance in the foundry sector, backed by increasing demand from the makers of high-pe

TechnologyJan. 11, 2021

Housing transactions surpasses W360tr in value

Total sales transactions in South Korea’s housing market last year crossed the 300 trillion-won mark for the first time over abundant liquidity and low interest rates, according to a report released by property platform operator Zigbang on Monday. The report, based on the data of real transaction prices of houses last year, showed the sales volume reached an all-time high of 360.8 trillion won ($328.6 billion) in value, up from 246.2 trillion won in 2019. The previous record was 262.8 t

MarketJan. 11, 2021

Volvo aims to break sales record this year

After hitting an all-time high in sales last year, Volvo Cars Korea is aiming for another record-breaking year, with a plan to sell 15,000 vehicles. To achieve that goal, it plans to invest 50 billion won to augment service networks and hire more staff. According to the automaker, it sold a total of 12,798 units in Korea last year which was its best performance since establishing a presence here in 1998. The figure was an increase of 21 percent from the year before. This year, the automak

MobilityJan. 11, 2021

A US stock soared 1,100% on Elon Musk’s tweet

A single comment from Tesla CEO Elon Musk on Twitter led a small company’s stock price, which had nothing to do with the comment itself, to multiply 12-fold in just two days. The phenomenon is being predictably attributed to investors’ great trust in Musk, as well as enormous liquidity released on the recent stock market. Musk posted a message on Twitter on Thursday saying, “Use Signal.” The message was later revealed as meaning to encourage the use of encrypted messeng

TechnologyJan. 11, 2021

Drug Ministry warns against using steroids for muscle growth

Steroids should not be used to build stronger muscles or improve sports performance, the Ministry of Food and Drug Safety said in a press release on Sunday. The ministry said steroids, including anabolic steroids, should be used strictly for treating osteoporosis or poor growth under a doctor’s care. But there have been reports of illegal uses of steroids to maximize the effects of exercise in a short time. The ministry warned that if steroids are misused or abused, men can suffer side

TechnologyJan. 11, 2021

S. Korea hands out 3rd disaster relief funds to small businesses

South Korea will start doling out the third round of disaster relief funds to small businesses hit hard by the COVID-19 pandemic, officials said Monday. Some 2.76 million people are set to receive up to 3 million won ($2,731), depending on the size and nature of the business. The Ministry of SMEs and Startups has sent out text messages to 2.76 business owners, starting 8 a.m., offering guidelines on the subsidy application and timeline. The beneficiary pool comprises some 116,000 businesses

IndustryJan. 11, 2021

Kia rolls out new version of flaship SUV Mohave

Kia Corp., South Korea’s second-biggest carmaker and affiliate of Hyundai Motor Group, said Monday that it has rolled out the 2021 version of its flagship premium sport utility vehicle Mohave. The renewed vehicle marks the first product launch since the company changed its logo and brand slogan -- from Kia Motors to Kia Corp. in a move to step beyond conventional automaker to comprehensive mobility platform operator. “The 2021 Mohave is noted for a number of newly added user conve

IndustryJan. 11, 2021

Finance minister calls for acceleration of measures to expand housing supply

South Korea's finance minister instructed his officials Monday to accelerate efforts to draw up measures to increase housing supply, saying that stabilizing housing prices is the most pressing issue. Finance Minister Hong Nam-ki called for mobilizing all policy efforts to tame soaring home prices, after President Moon Jae-in apologized for the issue earlier in the day amid mounting public criticism over housing policy. "As the property market issue is the most pressing one in terms of peo

EconomyJan. 11, 2021

Seoul stocks slip on institutional profit-taking

South Korean stocks slipped Monday after choppy trading, roiled by foreign and institutional investors who sought to take profits before their stock options expire later this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.73 points, or 0.12 percent, to close at 3,148.45 points, breaking its two-day winning streak. Trading volume was exceptionally high at about 1.7 billion shares worth some 44.1 trillion won ($40.2 billion), with

MarketJan. 11, 2021

Hanwha launches new collaborative robots to target $1b market

Hanwha has introduced a new line of collaborative robots, making a foray into the fast-growing global collaborative robot market, it said Monday. “The HCR-3A, HCR-5A and HCR-12A models can handle an object weighing 3 kilograms, 5 kilograms and 12 kilograms, respectively, with enhanced designs and compatibility compared to previous models,” the company said in a press release, introducing its three new Hanwha Collaborative Robots with five new functions. 　 Robot AI 3D Vision improv

IndustryJan. 11, 2021

S. Korea reaches air traffic deal with China and Japan

South Korea, China and Japan have agreed to accept a United Nations aviation agency's proposal for an agreement critical for the safety of flights near Korea's southern resort island of Jeju, the transport ministry said Monday. South Korean and Japanese air traffic controllers have been directing north-south flights and east-west flights, respectively, in the "Akara corridor," which is part of South Korean airspace. Japan has shepherded flights between Shanghai and Japan on behalf of

MobilityJan. 11, 2021

Retail investors’ net buying of Kospi stocks hits record high

Retail investors turned to strong net buyers, loading up on over 4.47 trillion won ($4.08 billion) worth of shares on South Korea’s benchmark Kospi market Monday, double the previous record. The previous record was set on Nov. 30 last year, when they net purchased some 2.22 trillion won. Amid growing expectations of Samsung Electronics and Hyundai Motor’s partnerships with US tech giants, small domestic investors went on a speculative binge, gobbling up shares in the market heavy

MarketJan. 11, 2021

Seoul will actively pursue CPTPP: finance minister

The South Korean government will actively consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, and improve systems to engage in the new global trading order evolving in the region, its fiscal chief said Monday. Stressing that megasized free trade pacts such as the Asia-Pacific agreement will become foundations for changes in the global economic order, Finance Minister Hong Nam-ki said the government will begin unofficial talks with member countri

EconomyJan. 11, 2021

Korean food 2nd-most-popular delivery option on Vroong app

Korean food overtook fried chicken as the second-most-popular delivery food last year, according to on-demand delivery platform Vroong on Monday. While burgers remained the most popular food ordered via Vroong in 2020 and fried chicken was pushed to third place, desserts swapped places with “bunsik” -- a category that includes popular street food items such as gimbap, tteokbokki and fish cakes. Mesh Korea, the company behind the food delivery app, attributed the greater popularit

ConsumerJan. 11, 2021

KB Financial chief vows to accelerate digital transformation

KB Financial Group Chairman Yoon Jong-kyoo on Monday urged the group’s employees to strive to gain a digital foothold in the banking industry to become the nation’s No. 1 financial platform company.  “While maintaining traditional core values as a financial institution, KB Financial Group should become a complete digital organization as well as financial platform company in the long run,” said Yoon at a strategic management meeting held online. During the online

MarketJan. 11, 2021

LG Display vows to make OLEDs mainstream

LG Display will push to ship 7 million to 8 million units of its organic light-emitting diode TV panels this year, aiming to catapult OLEDs into the mainstream global TV market. The Korean display firm on Monday showcased an upgraded OLED technology with a broader panel size spectrum for the Consumer Electronics Show 2021. The company’s high-end OLED panels feature newly developed diodes that emit 20 percent brighter light than previous OLED models. The new technology will first be appl

IndustryJan. 11, 2021

S. Korean bond sales soar 23% in 2020

Bond issuance in South Korea shot up more than 23 percent in 2020 due to a surge in government debt sales to tackle the fallout of the coronavirus outbreak, data showed Monday. The value of bonds issued in Asia's fourth-largest economy came to 844.7 trillion won ($774 billion) in 2020, up 23.2 percent from the previous year, according to the data from the Korea Financial Investment Association. The spike was attributed to sharply increased sales of state and special-purpose bonds designed to h

EconomyJan. 11, 2021

Korea Shipbuilding wins W288b in orders

Korea Shipbuilding & Offshore Engineering Co. said Monday that it has won a combined 288 billion won ($263 million) in orders from three companies in Liberia, Oceania and Asia. Under the deal with a Liberian company, a 174,000-cubic meter liquefied natural gas (LNG) carrier to be built by Hyundai Samho Heavy Industries Co. will be delivered by the second half of 2023, Korea Shipbuilding said. The deal has an option to build two 174,000-cubic meter LNG carriers and one liquefied petroleum g

IndustryJan. 11, 2021

Doosan Infracore's excavator sales up 22% on-year in 2020 in China

South Korea's top construction equipment maker Doosan Infracore Co. said Monday that its excavator sales in China rose 22 percent last year from a year earlier on the back of infrastructure investment expansion by the Chinese government. Doosan Infracore sold 18,686 excavators in the country last year, compared with 15,270 units in 2019, which is its highest annual sales since 2011, when it sold about 16,700 units, the company said. Doosan Infracore sold 21,800 excavators in 2010 in China, whi

IndustryJan. 11, 2021