S. Korea’s shipbuilding maintains world top post in 2020

Despite the extensive fallout of the COVID-19 pandemic, South Korea’s shipbuilding industry maintained its top spot in the world in order volume last year, outrunning China with a last-minute clinching, data showed Tuesday. According to UK-based global shipping information provider Clarksons Research, the total amount for shipbuilding contracts across the world came to 17.92 million compensated gross tonnage as of Dec. 28. Of the sum, China and South Korea respectively accounted for 7.9

IndustryJan. 5, 2021

NCSoft to launch entertainment JV with CJ ENM

South Korean game maker NCSoft and entertainment giant CJ ENM said Tuesday they will establish a new entertainment joint venture this year. According to the memorandum of understanding signed Tuesday, the joint venture will combine NCSoft’s advanced information technology and CJ ENM’s expertise in the entertainment business to create new content. Though the exact type of the new content the joint venture will create has not yet been unveiled, this is not the first time the compan

IndustryJan. 5, 2021

Glimpse of tech world in 2021: Techs that help humans fight virus

As we live in a world continuing its fight against the COVID-19 pandemic, attention to new technologies that might support humans in the war against the virus is growing more than ever. In the beginning of each new year, thousands of tech companies, experts and officials across industries gather at the Consumer Electronics Show in Las Vegas to scope out what the future-shaping technologies will be. Unfortunately, 2021 will miss the original vibe of the huge show filled with new tech insigh

TechnologyJan. 5, 2021

BOK chief warns of bigger COVID-19 risks in 2021

South Korea’s monetary policy chief on Tuesday called for the nation to brace for potential risks stemming from the financial authorities’ decision last year to funnel massive liquidity into the market and extend loan forbearance periods, due to the COVID-19 pandemic. “We must focus on risk management and accelerating innovation, and debt issues and the excess flow of capital into the asset markets – which are the side effects of the coronavirus crisis – need to b

EconomyJan. 5, 2021

Minister urges financial firms to funnel funds into new growth engines

Finance Minister Hong Nam-ki on Tuesday called for banks and other financial firms to channel more funds into sectors like green cars and biotechnology to help the virus-hit economy come back strong. The country’s top economic policymaker underlined the importance of the financial industry’s role in helping the nation‘s economy rebound this year and moving toward becoming a pacesetting economy. “There is abundant liquidity in the market. But inflows into future growth

EconomyJan. 5, 2021

Brokerages raise target prices of Samsung Electronics on chip market recovery

As tech giant Samsung Electronics’ stock has set fresh record highs for three consecutive sessions and crossed the psychological threshold of 80,000 won ($73.66), South Korean brokerage firms have raised their target prices for the firm on signs of a recovery in demand in the global memory chip market, reports showed Tuesday. Some analysts predicted the world’s top memory chip maker’s stock price to rise as high as 111,000 won, up from their prior average target price of 86,0

MarketJan. 5, 2021

South Korean consumers spend record amount of money on alcohol, tobacco

South Koreans’ spending on drinks and cigarettes reached a record high during the third quarter of last year, the Bank of Korea said Tuesday. Households spent 4.3 trillion won ($3.96 billion) on liquor and cigarettes between July and September – a 6.2 percent increase from the same period a year prior, data from the country’s central bank revealed. The figure marks the highest quarterly figure since records began at the central bank in 1970. The year-on-year jump is also th

ConsumerJan. 5, 2021

Home prices rise at fastest rate in 9 years in 2020

Home prices in South Korea rose at the fastest pace in nine years in 2020 despite a set of government measures to rein them in, data showed Tuesday. Housing prices in Asia's fourth-largest economy gained 5.36 percent last year from a year earlier amid low interest rates and ample market liquidity, according to the data from the Korea Real Estate Board. It represents the steepest on-year increase since the 6.14 percent hike recorded in 2011. Home prices in the South Korean capital of Seoul exp

EconomyJan. 5, 2021

Samsung Heavy bags LNG carrier order for W199b

South Korean shipbuilder Samsung Heavy Industries Co. said Tuesday that it has signed a 199 billion-won ($183 million) deal to build a liquefied natural gas (LNG) carrier for a local shipper. The vessel will be delivered to Pan Ocean Co. by April 2023, Samsung Heavy said in an emailed statement. With the latest order, Samsung Heavy has won orders to build 20 LNG carriers since November. The shipbuilder has yet to announce its order target for 2021. (Yonhap)

IndustryJan. 5, 2021

Samsung tipped to top smartphone production in 2021: report

Samsung Electronics Co. is expected to remain the world's top smartphone producer this year, a report showed Tuesday, though its market share is likely to go down as other brands will ramp up production with the recovery of mobile demand. Global smartphone production was projected to increase 9 percent on-year to 1.36 billion units in 2021, according to market researcher TrendForce, which predicted that device replacement demand and growth in emerging markets will lead to gradual recovery of th

IndustryJan. 5, 2021

Rapidly aging population raises alarm over tax revenues: study

If the aging population continues to rise, the ratio of value-added taxes to the nation’s gross domestic product will sharply drop, raising calls for the government’s tax rises to meet the costs of supporting the economy, a recent study showed Tuesday. A value-added tax is a type of indirect tax levied on consumption spending on goods and services by the government, with the purpose of raising funds to operate public programs, including construction of social infrastructures or soci

EconomyJan. 5, 2021

LG Display's OLED panel wins eye protection certification

LG Display Co., the world's leading large size OLED panel maker, said Tuesday its organic light-emitting diode (OLED) TV panel has received an eye protection certification for low blue light emission. Its OLED display became the industry's first TV panel to win an accreditation from Eyesafe, a US-based eye protection certification agency, according to LG Display. Eyesafe developed standards for eye protection in cooperation with TUV Rheinland AG, a German technical test service and certificati

IndustryJan. 5, 2021

Victorinox Rescue Tool to deal with black ice encounters

With icy cold weather hitting regions across the country, concerns are rising about increased car accidents on black ice. To be prepared for emergencies, Victorinox presented its Rescue Tool, a continuation of its flagship Swiss Army Knife series that boasts 15 tools useful in such situations. According to the knife manufacturer and luxury watchmaker on Tuesday, among the tools are a one-handed serrated locking blade for precise cutting, a seatbelt cutter in case the user becomes entangled and

ConsumerJan. 5, 2021

Online shopping hits record high in Nov. amid pandemic

Online shopping in South Korea hit a record high in November as more people bought products via e-commerce platforms amid the new coronavirus pandemic, data showed Tuesday. The value of online transactions stood at 15.1 trillion won ($13.8 billion) in November, up 17.2 percent from the previous year, according to the data from Statistics Korea. The use of online shopping increased amid the protracted pandemic as people refrained from visiting offline stores on concerns about infection risks.

ConsumerJan. 5, 2021

Korea Shipbuilding wins W900b container-ship order

Major shipbuilder Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Tuesday it has obtained a 900 billion-won ($823 million) order from an Asian shipper to build six container ships. The vessels will start being delivered in the first half of 2023, Korea Shipbuilding said in an emailed statement. Of the six 15,000 twenty-foot equivalent unit (TEU) container carriers, four will be built by Hyundai Heavy Industries Co., a unit of Korea Shipbuilding, and the other two will be construc

IndustryJan. 5, 2021

Celim Biotech brand ‘Atomu’ received 14th Korea Excellent Patent Award

Celim Biotech’s brand Atomu won a patent award in the Household and Cosmetics category at the 14th Korea Excellent Patent Award held December 2020. The Korea Excellent Patent Award was hosted by Hankook Ilbo and sponsored by the Korea Institute of Patent Information and Korea Intellectual Property Strategy Agency, to promote domestic patent technology and foster products and companies, eventually securing competitiveness in the market. Around 400 companies have applied for the competit

TechnologyJan. 5, 2021

Samsung, LG to show off customized home appliances at CES

South Korea's two electronics giants, Samsung Electronics Co. and LG Electronics Inc., will highlight products with enhanced customized features at the world's largest tech expo next week, industry insiders said Tuesday, signaling they will have a fierce competition in the home appliance market this year. Samsung announced Tuesday it will showcase its upgraded BESPOKE refrigerator and artificial intelligence-supported washers and dryers at the Consumer Electronics Show (CES) 2021, which is set

IndustryJan. 5, 2021

S. Korea's farm goods exports hit record high in 2020

South Korea's exports of agriculture products reached an all-time high of $7.57 billion last year on the back of strong demand for kimchi and processed foods, data showed Tuesday. The record amount represents a 7.7 percent rise from the previous year, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. By category, outbound shipments of fresh products rose 3.4 percent on-year to $1.43 billion. Those of processed goods also increased 8.8 percent to hit $6.14 billi

EconomyJan. 5, 2021

Finance minister, BOK chief warn of 'one-sided' cash flow

South Korea's top economic policymaker and the chief of the central bank said Tuesday that more prudent risk management is necessary as much of the idle money is flowing into assets, such as property and stocks. "The financial market showed stability in the wake of the COVID-19 pandemic, but there are growing concerns over the growing gap between the real economy and the financial sector," Finance Minister Hong Nam-ki said in a message for the new year to financial firms. "More

EconomyJan. 5, 2021

Hyundai to build hydrogen fuel cell plant in China: sources

Hyundai Motor, South Korea's biggest carmaker, will build its first overseas hydrogen fuel cell systems plant in China as it seeks to enter the local hydrogen market, industry sources said Tuesday. Hyundai Motor aims to build the hydrogen fuel cell systems plant in Guangzhou within this year as it has recently obtained government approval for the investment plan, a person familiar with the matter said over the phone. "Hyundai Motor is in talks with a Chinese company to form a joint compan

IndustryJan. 5, 2021