Samsung’s mobile chief hints at early launch of Galaxy 21, addition of S Pen

Roh Tae-moon, president of Samsung Electronics’ mobile business, suggested Wednesday through a blog post that the tech giant will unveil its flagship Galaxy S21 series in January, one month earlier than usual. Amid mounting rumors that Samsung would roll out the Galaxy S21 lineup next month, Roh raised the expectations of an early launch by saying, “I look forward to sharing more in January!” in his post titled “Samsung defines one-size fits-all mobile experiences with

TechnologyDec. 16, 2020

S. Korean companies bet big on hydrogen for zero-emission goal

Major South Korean companies in carbon intensive industries are jacking up investment in hydrogen across sectors to cut their greenhouse emissions and capture new business opportunities in the emerging energy sector. Hydrogen can offer solutions in fields ranging from transport to energy storage as an alternative to fossil fuels and is an important pillar of President Moon Jae-in's Green New Deal initiative aimed at going carbon neutral by 2050 and developing renewable energy industries. To e

EconomyDec. 16, 2020

7 in 10 Koreans plan to travel abroad after COVID-19 vaccine development: poll

Seven out of 10 South Koreans plan to travel abroad after coronavirus vaccines are developed, a survey showed Wednesday. According to Incheon International Airport Corp.'s recent survey, 70.2 percent of South Koreans and 82 percent of foreign nationals said they have overseas travel plans after the development of COVID-19 vaccines is completed. The survey was conducted on 1,000 Koreans and 600 foreign nationals from China, Japan, Vietnam and other countries from Oct. 30 to Nov. 20. Of them,

EconomyDec. 16, 2020

Seoul stocks open higher on US stock gains

South Korean stocks opened higher Wednesday after overnight Wall Street gains, as investors pinned their hopes on a US stimulus deal. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.31 points, or 0.52 percent, to 2,771.13 in the first 15 minutes of trading. The KOSPI rebounded after a two-session retreat, despite the country's surging COVID-19 cases. Stocks increased on rosy expectations of a Santa rally, in addition to anticipations that the world's largest economy would ha

MarketDec. 16, 2020

Korea Shipbuilding bags W407b order from Asia

Korea Shipbuilding & Offshore Engineering Co. said Wednesday that it has won a 407 billion won ($372 million) order from an Asian company. Under the deal, Hyundai Heavy Industries Co. is set to deliver two liquefied natural gas (LNG) carriers to the unidentified Asian company by October 2024, according to the unit of Korea Shipbuilding. On Tuesday, Korea Shipbuilding won three orders worth 601 billion won to build two LNG carriers and a very large crude carrier (VLCC). A LNG carrier wor

IndustryDec. 16, 2020

Samsung to expand foldables, hints at stylus support on other devices

Samsung Electronics Co. said Wednesday it plans to expand its foldable smartphone lineup next year and hinted that stylus support may be available to more Galaxy devices as the South Korean tech giant revealed its mobile business goals for 2021. Roh Tae-moon, who heads Samsung's mobile communications business, said the world's largest smartphone maker's diverse product portfolio will deliver "breakthrough capabilities." "True to our heritage of staying ahead of the curve with

IndustryDec. 16, 2020

S. Korea's export prices down for 4th straight month in November

South Korea's export prices fell for the fourth consecutive month in November as the local currency continued to strengthen against the US dollar, central bank data showed Wednesday. The country's export price index, in terms of the local currency, declined 0.8 percent in November from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the fourth consecutive month of on-month decline after the index rose for a third month in a row in July.

EconomyDec. 16, 2020

Bourse operator again delays decision on scandal-ridden Kolon TissueGene

  South Korea's bourse operator on Tuesday delayed its decision on whether to delist the scandal-ridden drugmaker Kolon TissueGene, saying it needs more time to review the issue. The Korea Exchange said it will reopen a meeting on the fate of Kolon TissueGene, an affiliate of Kolon Life Science, later. It stopped short of announcing a specific date. A week earlier, the KRX postponed its decision on the matter. Kolon TissueGene was listed on the secondary Kosdaq market in 2017. The tradi

IndustryDec. 15, 2020

MSCI advanced index listing key to attracting foreign capital: expert

An extra 60 trillion won ($54.91 billion) worth of foreign funds could flow into the South Korean stock market if the nation joins the Morgan Stanley Capital Investment Advanced Market Index, a market expert suggested Tuesday. Korea, the world’s 10th-largest exporter, ranked No. 9 in terms of stock market capitalization, making it a candidate for the MSCI list of developed markets, said Lee Hyo-seob, a senior research fellow at the Korea Capital Market Institute, at a forum co-hosted by

MarketDec. 15, 2020

With year-end parties canceled, alcohol industry targets home drinkers

Alcohol companies are eyeing home drinkers rather than bar goers during the first pandemic year-end season as a third wave of the COVID-19 outbreak threatens hospitality businesses across South Korea. In a more normal setting, restaurants and bars would be packed with group dinner reservations as the year draws to a close. But not this year, with venues being forced to close after 9 p.m. in Seoul and surrounding areas under strict social distancing rules. “As the hospitality sector has

ConsumerDec. 15, 2020

World Expo 2030 Busan Korea to showcase Korea's advance

By bidding to host the 2030 World Expo in Busan, South Korea is striving for an opportunity that will enhance its national competitiveness and the city’s global brand status. As the nation’s second-largest city, Busan will be the first city in Korea to hold a World Expo if the bid succeeds. It is Korea’s first attempt to host a World Expo after 137 years of taking part in such events, starting with the Chicago Expo in 1893. A World Expo is one of the world’s three &ldquo

IndustryDec. 15, 2020

Hyundai Motor Group reshuffles execs in innovative push

South Korea’s second-largest conglomerate Hyundai Motor Group on Tuesday named the new chief for its flagship automaker unit, while promoting key leaders in future mobility sectors to affiliates’ top posts. The latest personnel reshuffle, marking the first of the kind since Chung Euisun was promoted to the group chairman position, was seen as the Korean auto group’s augmented signal to trail its blaze in future growth domains amid prolonged economic challenges and accelerati

IndustryDec. 15, 2020

Korea to quadruple renewable power by 2034, downsize nuclear, coal

Renewable energy will take up nearly 42 percent of South Korea’s power generation capacity by 2034, according to a blueprint for the national energy mix unveiled Tuesday. The final draft of the Ninth Basic Plan for Electricity Supply and Demand for the years 2020-2034, drawn up and released by the Ministry of Trade, Industry and Energy, reaffirms President Moon Jae-in’s commitment to move away from nuclear power and toward renewables. While the country’s electricity generat

IndustryDec. 15, 2020

Doosan bags W100b energy storage contract in Australia

Doosan GridTech, a US subsidiary of Doosan Heavy Industries & Construction, won a contract worth 100 billion won ($91.3 million) to install energy storage systems (ESS) in Australia, the biggest ESS contract Doosan has ever signed. According to Doosan Heavy on Tuesday, the subsidiary was awarded the contract from private power utility Vena Energy to supply a 150-megawatt-hour ESS in Queensland, Australia by next year. It will be the state’s largest such facility. Equipped with it

IndustryDec. 15, 2020

Doosan Solus changes name to Solus Advanced Materials, exits Doosan Group

South Korean battery foil maker Doosan Solus said Tuesday it has officially changed its name to Solus Advanced Materials after breaking away from Doosan Group on Monday. In a board meeting, directors of the former Doosan company also endorsed the appointment of SkyLake Equity Partners Chairman Chin Dae-jae as its CEO. Along with incumbent CEO Lee Yoon-seok, the company will be run by two independent CEOs. SkyLake, a private equity fund, is Solus Advanced Materials‘ largest shareholder

IndustryDec. 15, 2020

[News Focus] Korea’s tax revenue increases fastest in OECD

SEJONG -- South Korea topped the list among members of the Organization for Economic Cooperation and Development in the growth of tax revenue -- the state’s income from taxation -- between 2017 and 2019. According to the France-based organization, Korea’s tax revenue was equivalent to 27.38 percent of its gross domestic product in 2019. This represents a 2.02 percentage point climb from 2017, when the Moon Jae-in administration took office and tax revenue was 25.36 percent of GDP.

EconomyDec. 15, 2020

ICT Ministry asks Google to explain server outage

The Ministry of Science and ICT of South Korea said Tuesday that it has asked Google for a report explaining the server outage that interrupted Google services a day earlier. Multiple Google services, including YouTube, Gmail, Google Assistant and Google Docs, were down for around an hour late Monday. “The ministry has requested Google to report back to the authorities, to identify detailed causes for the recent issue with its services,” the ICT Ministry said. “The ministr

TechnologyDec. 15, 2020

S. Korea to increase investment in nanotechnology, new materials

The Ministry of Science and ICT will invest 287.9 billion won ($263 million) in the research and development of new materials and nanotechnology next year, according to the ministry’s announcement, Tuesday. The ICT Ministry’s 2021 budget for nanotechnology and materials R&D has increased 25 percent from the previous year and accounts for 70 percent of the 417.3 billion won allocated to support the materials, parts and equipment sectors here.　 Around 41.5 billion won will be in

TechnologyDec. 15, 2020

Seoul stocks down for 2nd day on profit-taking

South Korean stocks slumped for the second consecutive session Tuesday, as investors sought to cash in part of recent gains amid spiking virus cases. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.38 points, or 0.19 percent, to close at 2,756.82, with construction and bio sectors having led the KOSPI's retreat. Trading volume was moderate at about 1.1 billion shares worth some 15.3 trillion won ($14.5 billion), with gainers outnumberin

MarketDec. 15, 2020

S. Korea’s money supply grows at fast rate in Oct.

South Korea’s money supply saw further growth in October, as businesses and households continued its rush to secure funds amid the COVID-19 pandemic, central bank data showed Tuesday. The country’s M2 – a yardstick for the nation’s cash, checking deposits and other near money deposits – gained 9.7 percent on-year and 1.1 percent on-month to 3,150.5 trillion won ($2.8 trillion) as of end-October. The 1.1 percent or 34.7 trillion won on-month gain is the second-lar

EconomyDec. 15, 2020