LG International’s operating profit jumps 18.5% on-year in 2020

LG International, the trading arm of LG Group, saw its operating profit climb 18.5 percent on-year in 2020, on the back of the improved profitability in logistics, the company said Friday in a regulatory filing. Data showed that the company’s yearly sales came to 11.28 trillion won ($10.06 billion), up 7.1 percent from a year earlier, and its operating profit reached 159.8 billion won, up 18.5 percent during the same period. The operating profit marked a visible expansion during the

Jan. 29, 2021

Kospi dips by 3% to below 3,000 on foreign dumping

The South Korean benchmark stock index plunged below the 3,000-point threshold Friday on massive foreign dumping, largely generated by valuation concerns over local stocks and a liquidity squeeze in China. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 92.84 points, or 3.03 percent, to close at 2,976.21 points, registering the largest daily loss since Aug. 20 last year. Trading volume was high at about 972 million shares worth some 23.8

Jan. 29, 2021

Startup incubator D.camp generates ripple effect worth W6.7tr, 32,000 jobs

D.Camp, a non-profit foundation established by 19 banks to foster startups, said on Thursday it has created a trickle-down effect worth 6.7 trillion won ($6.01 billion) in the past three years. The foundation spent a total of 188.7 billion won to support the startup ecosystem for three years from 2018, with a total investment of 2.43 trillion won from the private sector, said Park Nam-gyoo, a business administration professor at Seoul National University at an online press conference. Park,

Jan. 29, 2021

S. Korea's 5G users near 12 million in 2020: data

The number of 5G subscribers in South Korea approached nearly 12 million last year since the launch of the latest mobile network in April 2019, data showed Friday. South Korea's 5G users stood at 11.85 million as of end-December last year, up over 900,000 from the previous month, according to the data from the Ministry of Science and ICT. The figure accounted for 16.8 percent of the total 70.5 million mobile network subscriptions in the country. The number of 5G users picked up in the second

Jan. 29, 2021

Eximbank funds $160m for hospital, R&D center in Uzbekistan

The Export-Import Bank of Korea said Friday it had agreed to extend a $160 million loan as part of the Economic Development Cooperation Fund to Uzbekistan to build a hospital and a research and development center there. The deal was a result of a bilateral online summit held between South Korean President Moon Jae-in and Uzbek President Shavkat Mirziyoyev held Thursday, Eximbank said. Of the total loan, $120 million would be funneled to the construction of a general hospital in Tashkent, whi

Jan. 29, 2021

S. Korea to develop AI translator in support for OTT industry

South Korea's ICT ministry said Friday it will develop an artificial intelligence-powered translator for local video streaming services as part of its broader support plan for the fast-growing over-the-top (OTT) media industry. The Ministry of Science and ICT said it is pursuing the development of the AI-based translation technology as the country's OTT market experiences rapid growth and local OTT services begin eyeing overseas expansion with their Korean-language content. South Korea's OTT u

Jan. 29, 2021

Banks' lending rates inch up in December

South Korean banks' lending rates edged up in December last year amid rising market rates, central bank data showed Friday. The average interest rate charged on new bank loans came to 2.74 percent in December, up 0.03 percentage point from the previous month, according to preliminary data from the Bank of Korea (BOK). The BOK cut the key interest rate to a record low of 0.5 percent in May last year after delivering an emergency rate cut of half a percentage point in March to cushion the impact

Jan. 29, 2021

S. Korea to extend R&D support for bio convergence tech, medical devices

South Korea's science ministry said Friday it will extend research and development (R&D) support for the bio-health sector, bolstering efforts to develop regenerative medicine and homegrown medical devices. Under the Ministry of Science and ICT's bio-health strategy, the country will also expand R&D investment to converge cutting-edge technology, such as artificial intelligence, with new medicine development to boost efficiency. The ministry will also expand support for the development

Jan. 29, 2021

Auto exports dip 12% in 2020 amid pandemic

South Korea's exports of autos declined 12.1 percent on-year last year due to the fallout of the pandemic, data showed Friday. The country's outbound shipments of cars came to $34.7 billion last year, compared with $39 billion the previous year, according to the data compiled by the Korea Customs Service. In 2020, the country's imports of autos rose 8.8 percent on-year to $12 billion, the data showed. The drop in auto exports was mainly attributable to a fall in demand over the COVID-19 pande

Jan. 29, 2021

Galaxy S21 launched globally, set to sell in 130 countries by next month

Samsung Electronics Co. said Friday its new flagship smartphone line has been officially launched globally as the South Korean tech giant hopes its latest handsets can drive the company's mobile business amid fierce challenges from its rivals. Sales of the Galaxy S21 series have started in 60 countries, including South Korea, the United States, Britain and India, according to Samsung. The new mobile devices will be available in 130 countries by the end of February. The Galaxy S21 series, which

Jan. 29, 2021

SK hynix’s 2020 operating profit jumps 84% on-year

SK hynix, the world’s second-biggest memory provider, reported Friday an 84 percent on-year growth in its annual operating profit in 2020. The chipmaker posted 31.9 trillion won ($28.6 billion) in revenue and 5.01 trillion won in operating profit in 2020, up 18 percent and 85 percent from a year earlier, respectively. Its net income of 2020 stood at 4.76 trillion won, while the operating margin was 16 percent, and net margin was 15 percent. “Due to the global pandemic and the in

Jan. 29, 2021

Samsung Card 2020 net soars 16% despite pandemic

Major South Korean credit card issuer Samsung Card Co. said Friday its net profit jumped nearly 16 percent in 2020 from a year earlier despite the coronavirus outbreak. Net profit came to 398.8 billion won ($357 million) last year, up 15.9 percent from a year earlier, the company said in a regulatory filing. Sales climbed 2.2 percent on-year to 3.37 trillion won, with its operating profit surging 18.8 percent to 534.3 billion won. Last year's solid performance by Samsung Card, the No. 2 indus

Jan. 29, 2021

ABS issuance surges 53% in 2020

The issuance of asset-backed securities (ABS) in South Korea jumped 53 percent in 2020 due to increased sales of government-led mortgage funds, data showed Friday. The value of ABS issues stood at 79.1 trillion won ($71 billion) last year, up 27.4 trillion won from a year ago, according to the data from the Financial Supervisory Service (FSS). ABS are structured with mortgages, auto loans, credit-card receivables and student loans as underlying assets. The jump came as the Korea Housing Finan

Jan. 29, 2021

LG Energy Solution accelerates IPO push as it picks lead managers

LG Energy Solution Ltd. has picked the lead managers for its listing on the Seoul bourse after a spin-off from its parent LG Chem Ltd., according to industry sources, which is expected to be one of this year's mega IPO deals. The battery unit wholly owned by LG Chem Ltd. has named KB Securities and Morgan Stanley as the lead managers for its IPO and also selected five brokerages, including Shinhan Investment Corp. Daishin Securities Co., as bookrunners for the IPO, according to them. "The

Jan. 29, 2021

Seoul stocks open higher on bottom-fishing

South Korean shares rebounded Friday due to bottom-fishing, led by tech and chemical advances. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.88 points, or 0.45 percent, to 3,082.93 in the first 15 minutes of trading. The key stock index rebounded after losing 4.4 percent in total in the past three sessions, as investors speculate a stock price hike in the volatile markets. Market bellwether Samsung Electronics added 0.96 percent, with No. 2 chipmaker SK hynix gaining 2.85 pe

Jan. 29, 2021

SK Innovation to invest W1.3tr in 3rd EV battery plant in Hungary

SK Innovation Co., a South Korean refinery-to-battery company, said Friday it will invest 1.3 trillion won ($1.2 billion) in its Hungary subsidiary to expand its electric vehicle battery production in Europe. SK Innovation said its investment in SK Battery Hungary Kft. is aimed at building "a new battery factory in Europe." The investment is expected to build a third battery factory in Hungary, as the company has been stepping up production capacity to meet growing demand for EV batt

Jan. 29, 2021

SK hynix expects strong memory demand on server, mobile growth

SK hynix Inc., South Korea's No. 2 chipmaker, said Friday it expected strong demand for memory chips this year on the back of growth in the server and mobile sectors after reporting robust fourth-quarter earnings amid the pandemic. Its net income reached 1.76 trillion won ($1.6 billion) during the October-December period, turning from a loss of 125.6 billion won a year earlier, the company said in a regulatory filing. The world's second-largest DRAM producer said its fourth-quarter operating p

Jan. 29, 2021

Industrial output, consumption grow in Dec. amid pandemic

South Korea's industrial output, consumption and investment increased on-month in December, data showed Friday, in the latest sign that the country's economy is on a recovery track amid the pandemic. But stung by the fallout of the COVID-19 pandemic, the nation's industrial production declined last year for the first time since the statistics agency began compiling data in 2000. The industrial output grew 0.5 percent in December from the previous year, compared with a 0.8 percent on-month gain

Jan. 29, 2021

Posco's 2020 operating profit dips 38% as pandemic hits steel demand

Posco, South Korea's top steelmaker, said Thursday its operating profit slipped 37.9 percent last year as the coronavirus pandemic ravaged global demand for steel.  Posco reported an operating profit of 2.4 trillion won ($2.15 billion) and a net profit of 1.7 trillion won for 2020. Net profit fell 9.8 percent on year in 2020. Sales dropped 10.2 percent on year to 57.7 trillion won last year, Posco said. Despite the pandemic, Posco's profitability showed signs of recovering in the sec

Jan. 28, 2021

Kimchi refrigerator maker develops ultra-low temperature freezer for vaccines

While logistics and biopharma companies across the world strive to secure “cold chain” channels to safely store and transport COVID-19 vaccines, a South Korean home appliance brand specializing in kimchi fridges is set to roll out an ultra-low temperature freezer for such use. Winia Dimchae, known for its kimchi fridge brand Dimchae, has successfully developed an ultra-low temperature freezer, jointly with its wire telecommunications apparatus affiliate Dayou Plus, officials said.

Jan. 28, 2021