[Graphic News] Exports of fishery goods up over 20% through October

　South Korea’s exports of fishery products grew 20.5 percent on-year in the first 10 months of this year, data showed. 　Outbound shipments of fishery products reached $2.24 billion during the January-October period, compared to $1.86 billion tallied a year earlier, according to the data from the Ministry of Oceans and Fisheries. 　Exports to China rose 48.1 percent to $540 million, and those to the United States and the European Union surged 24.2 percent and 39.4 percent, respectively.

Nov. 18, 2021

Hyundai, Kia unveil electric concept SUVs at LA auto show

Hyundai Motor Co. and affiliate Kia Corp. said Thursday they have unveiled their electric concept SUVs at the Los Angeles Auto Show as they strengthen their all-electric portfolios in line with rival carmakers' electrification push. Hyundai and Kia debuted the large-sized "Seven" and flagship "EV9" concept models built on Hyundai Motor Group's dedicated EV platform, called E-GMP, at the US motor show during a two-day media preview on Nov. 17 and 18. The carmakers are planni

Nov. 18, 2021

Samsung cements top spot in DRAM market in Q3

Samsung Electronics Co. boosted its market presence in the global memory market in the third quarter, further consolidating its dominant position in the segment, a report showed Thursday. Samsung, the world's biggest memory chip maker, took up 44 percent of the DRAM market for the three months ending in September, slightly up from 43.6 percent the previous quarter, according to analytics provider TrendForce. DRAM, or dynamic random-access memory, is a volatile semiconductor memory that retains

Nov. 18, 2021

4 companies to recall over 2,500 vehicles over faulty parts

Tesla Korea, BMW Korea and two other companies will voluntarily recall more than 2,500 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The two other companies are MAN Truck & Bus Korea and Moto Rossa, which imports Ducati Motor Holding S.p.A's two wheelers, the Ministry of Land, Infrastructure and Transport said in a statement. The

Nov. 18, 2021

Property technology sees boom in pandemic era, but caution is needed: experts

Property technology startups, companies that provide digital services in the real estate industry, are enjoying the spotlight due to the digital transformation sparked by the COVID-19 pandemic, but challenges lie ahead, experts said Wednesday. “Before COVID-19, the real estate industry was one of the most hesitant to implement innovative digital technology. That was largely because clients needed to visit and see the interior work for themselves before making any investment decisions,&rd

Nov. 17, 2021

DataStreams wins tech award

DataStreams said Wednesday its CEO won a bronze tower order of industrial service merit from the government for the company’s technological prowess in big data solutions. Founded 20 years ago, DataStreams is a leader of the local big data solution market and is taking steps to get listed in Kosdaq. In addition to the order of merit won by CEO Lee Young-sang, the company’s big data platform named TeraONE won a tech award from the minister of trade, industry and energy. By Kim So-hy

Nov. 17, 2021

LG Innotek wins presidential commendation

LG Innotek said Wednesday one of its senior officials won a presidential commendation at the 2021 Korea Tech Show for developing innovative technology and products. Lee Kwang-tae, head of LG Innotek’s package substrate production division, received the award for contributing toward enhancing the competitiveness of Korea’s semiconductor substrate industry. Lee joined LG Electronics in 1999 and has worked on substrate development and production technology. Since 2008, he has led the

Nov. 17, 2021

Naver taps 40-year-old female exec as new CEO

Naver, the No.1 portal operator and internet firm in South Korea, announced Wednesday it has nominated Choi Soo-yeon as new chief executive officer. Choi, born in 1981, would mark the youngest leader of the company so far. The appointment of Choi is interpreted as the tech firm’s intention to overhaul its corporate culture and accelerate business growth in the global market. A Seoul National University graduate with an engineering degree, Choi joined Naver as an entry-level employee

Nov. 17, 2021

Seoul to pour more money to nurture local materials, parts industries

South Korea will spend 20 billion won ($16.9 million) next year to nurture local industries for materials, parts and equipment for chips, future cars, bio products and nanotechnologies, officials said Wednesday. Finance Minister Hong Nam-ki, unveiling a road map to identify and strengthen the weakest link in the country’s industrial value chain, said if all goes as planned, the country will see a drastic decline in imports of essential parts and equipment in backbone industries. &ldqu

Nov. 17, 2021

Yuhan to begin phase 1 clinical study for NASH treatment candidate

South Korean pharmaceutical firm Yuhan said Wednesday that the company’s nonalcoholic steatohepatitis treatment candidate YH25724 will go through a phase 1 clinical trial in Europe. The test will involve some 80 healthy overweight adults to test safety, tolerability and pharmacodynamics of the NASH drug candidate. Yuhan expects that the study to be completed by June next year. With the commencement of the trial, the Korean firm will receive a milestone payment of $10 million from Bo

Nov. 17, 2021

Chey to attend FTC meeting over SK Siltron case

SK Group Chairman Chey Tae-won will attend a Fair Trade Commission session next month involving SK Siltron, the antitrust body said Wednesday. The antitrust watchdog has been looking into SK Group’s 2017 buyout of LG Siltron for the past four years, following suspicions that the SK Group chairman’s personal purchase of a stake in the firm violated the law. In January 2017, the conglomerate acquired a 51 percent stake in LG’s silicon wafers manufacturing unit, now named SK Sil

Nov. 17, 2021

Hyundai’s auto designer Peter Schreyer features in new book

Peter Schreyer, the renowned car designer now leading Hyundai Motor Group’s design management, is featured in a new book “Roots and Wings,” a Korean edition of which is to hit local shelves soon. Originally published in English last month, the book explores Schreyer’s life and legacy as one of the most influential automotive designers, the Korean business group behind Hyundai Motor and Kia said Wednesday, announcing the Nov. 25 release of the Korean edition. Schreyer,

Nov. 17, 2021

D&C Mineun, Wanfeng Group team up for development project in Laos

  Real estate investment firm D&C Mineun has signed a business partnership with Shanghai-based Wanfeng Property to take part in the company’s development project in the Thatluang Lake Special Economic Zone in Laos, supported by the Laotian government, officials said Wednesday.  Chairmen of the two companies held the signing ceremony with Sinlavong Khoutphaythoune, president of the Lao Front for National Construction, who also serves as a politburo member of the Central Com

Nov. 17, 2021

Samsung’s pick for 2nd foundry fab in US seems imminent

With Lee Jae-yong, the de facto leader of Samsung Electronics, currently in the US, industry observers expect the company to decide on the final location for its second foundry plant in the US, according to news reports Wednesday. Some US media based in Texas reported Tuesday that the South Korean chipmaker appeared to have narrowed down its list of candidate sites for the new foundry fab believed to be worth $17 billion. It was found that Samsung has withdrawn its application filed in Ja

Nov. 17, 2021

Korea-US alliance worth up to 3,000 trillion won for South Korea: KERI

The Korea-US alliance has been estimated to possibly be worth over 3,000 trillion won ($2.53 trillion) for South Korea, according to a new study by the Korea Economic Research Institute. 　 The Seoul-based think tank estimated in a report that the bilateral alliance has generated an economic value of between 923.82 trillion and 3,041 trillion won during the 21 years since 2000. “For the stability and continued prosperity of South Korea, maintaining a strong alliance with the US is critic

Nov. 17, 2021

[Behind the Wheel] Audi e-tron GT all set to turn up heat in e-sports car competition

As the wave of electrification reaches sports cars, the race is heating up among global brands to push the performance boundaries of the relatively new powertrain. In Korea, the competition is to intensify with Audi set to challenge the Porsche Taycan with its e-tron GT and RS e-tron GT. Before the official launch of the two cars, The Korea Herald had the chance to take them for a short test drive on a course involving substantial speed and a slalom test at Seoul Grand Park in Gwacheon, Gyeo

Nov. 17, 2021

Seoul stocks dip over 1% amid inflation worries

South Korean stocks retreated more than 1 percent Wednesday, as strong US economic data raised concerns about an earlier than expected rate hike by the US Federal Reserve amid rising inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 34.79 points, or 1.16 percent, to close at 2,962.42 points. Trading volume was moderate at about 533 million shares worth some 10.5 trillion won ($8.9 billion), with losers outnumbering gainers 730 to

Nov. 17, 2021

Listed firms' on-year net profit nearly triples in first 9 months

The combined net profit of listed South Korean companies rose 165.8 percent in the first nine months of this year from a year earlier, the bourse operator said Wednesday. The combined net profit of 586 out of 670 firms listed on the main Kospi bourse came to 128 trillion won ($108 billion) in the January-September period, up from 48.19 trillion won during the same period of last year, according to the data compiled by the Korea Exchange (KRX). The bourse operator excluded 84 out of 670 compani

Nov. 17, 2021

Analysts divided over 2022 Kospi outlook

Analysts in and out of the country remained divided on their outlooks for South Korea’s benchmark Kospi next year this week, noting volatilities stemming from inflationary pressures, a memory down cycle and Korea’s presidential election in March. Morgan Stanley analysts on Wednesday slashed their growth target for South Korea’s benchmark Kospi by 250 points to 3,000 for end-2020, citing an ongoing unfavorable environment for the equity market and pointing to the upcoming pres

Nov. 17, 2021

Scam warning issued over @top-sale-korea.com mail accounts

The Korean Consumer Agency on Wednesday issued a scam warning over websites and emails with a “top-sale-korea.com” URL. The institution has received a total of 66 consumer complaints regarding the address as of Oct. 20, it said. In 65 percent of the cases, the sites arbitrary canceled orders without giving a refund. The rest concerned vendors going out of contact after delivery of defective or faulty products. Customers were lured into the websites via social media advertise

Nov. 17, 2021