S. Korea’s economy anticipates synergy with ‘Bidenomics’

As the United States is set to inaugurate Joe Biden as president this week, South Korea’s economy is expected to gain momentum from the upcoming US administration’s pump-priming programs and trade multilateralism, phasing out the uncertainties under Donald Trump. But the enhanced environment-related regulations may pose challenges to Korean companies and the persisting US-China trade conflict will continue to weigh upon Korea’s trade-reliant economy, according to market obse

Jan. 17, 2021

S. Korea to end 2G network services by June

LG U+ said Sunday that the company would terminate its 2G network services by the end of June this year, which would mark the end of the aging network in the country. LG U+, currently the only company that operates 2G services, has reported its plan to the Ministry of Science and ICT, the company said, adding that a detailed schedule is yet to be finalized. LG U+ is the last mobile carrier here to terminate the aging network. SK Telecom ended its 2G services last July, and KT shut down 2G se

Jan. 17, 2021

Samsung offers free 3-day trial of Galaxy S21

Samsung Electronics announced Sunday that the company would allow customers to rent its new flagship smartphone Galaxy S21 models for up to three days. The promotional event for the company’s new smartphone models will run through March 14, the company added. Those who want to test out the smartphones can make a reservation on the company’s official website or visit Samsung Digital Plaza branches across the country. Those who purchase after renting will be provided with Samsung E

Jan. 17, 2021

Myeong-dong: Korea’s largest shopping street faces extended crisis

Bustling, noisy and lively -- it is how Myeong-dong used to be described as Seoul’s premier shopping district. Packed with tourists, food stands and long lines of shops, it is one of the most expensive shopping streets in the world, according to global property firm Cushman & Wakefield’s annual Main Streets Across the World report. But a quick walk around the shopping district nowadays makes it clear that things have drastically changed -- and for the worse. With many shoppe

Jan. 17, 2021

Industrial shift to heat up Korea’s M&A market: experts

Brisk merger and acquisition activity is expected this year in an ongoing industrial shift that is being accelerated by the pandemic, according to outlooks from investment banks Sunday. While the aviation industry has taken the hardest blow from the pandemic, Korean Air is speeding up the process of taking over Asiana Airlines. On Thursday it submitted stock acquisition documents to antitrust authorities in nine regions where the carrier flies for a merger review. The countries include South Ko

Jan. 17, 2021

Woori Financial chief pledges to innovate like Amazon, Google

Woori Financial Group Chairman Sohn Tae-seung has urged the group‘s subsidiaries to gear up for business innovation this year by benchmarking global tech giants Amazon and Google, officials said Sunday.  “Just as the innovative tech behemoths Amazon and Google did, let’s seek innovation with a mindset like it’s always day one, to get back to the basics and start work with a renewed mind and to surprise the market by achieving a groundbreaking performance,” s

Jan. 17, 2021

[Herald Interview] Oral health care in the hands of consumers

“Health is not about something that is in hospital. In fact, it is something that could be addressed earlier. One‘s health has much to do with lifestyle choices,” said Deeptha Khanna, head of personal health at multinational health care solution provider Royal Philips, in an interview with The Korea Herald. Presenting at this year’s CES 2021, Philips' personal health products and solutions put an emphasis on prevention, connectedness and a safe home -- especially in bath

Jan. 17, 2021

Biz outlook for refiners, chipmakers bright this year: poll

A majority of South Korean manufacturing companies expect their business conditions to stay in positive terrain this year, led by a recovery in the refining, chipmaking and bio sectors amid the virus pandemic, a poll showed Sunday. According to the survey of 1,009 manufacturers conducted by the Korea Institute for Industrial Economics and Trade (KIET), the manufacturing sector's business survey index (BSI) stood at 103 for the year. A BSI reading below 100 means pessimists outnumber optimists.

Jan. 17, 2021

Retail investors emerge as big players in stock markets

South Korean retail investors have emerged as deep pockets in the stock market, pouring in more than 100 trillion won ($90.6 billion) since early last year, data showed Sunday. Individual investors net bought a combined 102.2 trillion won in local and overseas stocks from Jan. 2, 2019, to Friday, according to data from the Korea Securities Depository (KSD). During the cited period, individuals bought a net 77.8 trillion won worth of local stocks. They bought 59 trillion won worth of stocks tra

Jan. 17, 2021

Hyundai Motor Group's eco-friendly car sales jump 36% in 2020

Hyundai Motor Group's environment-friendly vehicle sales in the global market jumped 36 percent to over 500,000 units in 2020 from a year earlier, industry data showed Sunday. Hyundai Motor Co., South Korea's top automaker, and its affiliate Kia Motors Corp. sold a total of 501,487 units of eco-friendly models, including electric vehicles (EVs), hybrid models and fuel-cell EVs, worldwide last year, according to their sales data. By type, gasoline hybrid models accounted for 52 percent of the t

Jan. 17, 2021

S. Korean carmakers sold over 600,000 SUVs in 2020

Sport utility vehicles (SUVs) sold by South Korean automakers sharply rose to exceed 600,000 units for the first time in 2020 on the back of the rising popularity of car camping and new lineups, industry data showed Sunday. Five companies -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a combined 615,982 units last year, a 15.3 percent surge from a year earlier, the Korea Automobile Manufacturers Association (KAMA) said. SUV sa

Jan. 17, 2021

Appellate court to rule in Samsung heir Lee's bribery case

An appellate court will give a verdict on Monday for Samsung heir Lee Jae-yong in a retrial of a bribery case involving former President Park Geun-hye. Lee, vice chairman of Samsung Electronics Co., faces charges that he bribed Park and her longtime friend, Choi Soon-sil, to win government support for a smooth father-to-son transfer of managerial power at Samsung. Park was later impeached and ousted from presidency for corruption and abuse of power. Prosecutors are seeking a nine-year prison t

Jan. 17, 2021

Head of commerce chamber asks court for leniency in Samsung heir's bribery case

The head of South Korea's leading business lobby group on Friday sent a letter to a Seoul court asking for leniency in the upcoming sentencing of the Samsung Group heir in a bribery case, the group said. Park Yong-maan, who heads the Korea Chamber of Commerce and Industry (KCCI), sent the letter to the Seoul High Court and asked judges to render lenient sentencing on Samsung Electronics Vice Chairman Lee Jae-yong. The plea marked the first time that Park has written a character reference l

Jan. 15, 2021

Jeep pins hope on bigger, luxury lineup to surpass 10,000 sales mark in Korea

After being hit by the COVID-19 pandemic last year, Jeep -- a brand under Fiat Chrysler Automobiles -- aims to restore its sales in Korea by rolling out new powerful models, including a brand new Grand Cherokee with diversified powertrains, Jeep’s global president said on Friday. In a video interview with reporters, Jeep President Christian Meunier laid out a positive outlook for the automaker in the Korean market, highlighting two new models of its iconic Grand Cherokee and the Wrangle

Jan. 15, 2021

Hyundai Motor Group to build first offshore fuel cell system plant in China

The first offshore fuel cell system plant for South Korea’s biggest carmaker Hyundai Motor Group will be established in Guangzhou, China, the automaker said Friday. The automotive group said it signed an investment contract with China’s Guangdong provincial government to establish an offshore fuel cell system production facility in Guangzhou there. The investment is part of its efforts to advance its leadership in the global hydrogen industry, and to support the industry rapidly

Jan. 15, 2021

KKR's Asia fund underscores hope for real asset recovery

The announcement of two fund closures by US investment firm KKR this week highlighted its anticipation for real asset recovery in the Asia-Pacific region, including South Korea. KKR on Wednesday closed the $1.7 billion fund KKR Asia Real Estate Partners, which is focused on real estate investments in the Asia-Pacific region to meet demand for modernized properties and developments. A few days earlier, its KKR Asia Pacific Infrastructure Investors on Sunday closed a $3.9 billion vehicle for inf

Jan. 15, 2021

LG, SK’s battery biz butt heads over US patent nullification suit

LG Energy Solution and SK Innovation are yet again butting heads, this time over freshly launched inter partes review they both filed against each other at the US Patent and Trademark Office.  An inter partes review is a trial proceeding conducted at the Patent Trial and Appeal Board of the US Patent and Trademark Office. The IPR looks at the patentability of a matter brought to attention. The patent dispute is one of the many legal fights the two Korean rivals are embroiled in. The

Jan. 15, 2021

Kogas to build hydrogen fusion charging station by 2022

The Korea Gas Corporation said Friday that it will partner with the cities of Changwon and Tongyeong in South Gyeongsang Province to build a hydrogen fusion charging station by 2022. The plan to build a hydrogen fusion charging station came after Kogas and the two southern cities were recently tapped as the operator of a pilot project for establishing a hydrogen transportation complex by the Ministry of Land, Infrastructure and Transport. The construction project of a hydrogen transportation

Jan. 15, 2021

Kakao Map faces user data leak dispute

South Korea’s popular GPS location service Kakao Map is dealing with controversy surrounding allegations of leaking user data, amid heightened concerns about private information following a string of recent incidents. Users of Kakao Map, which has some 5 million users, raised the issue earlier this week through a media outlet, claiming their personal information seems to have leaked from the location service. It turned out to be partially true, but it was also pointed out that the users

Jan. 15, 2021

Samsung’s SmartTag technology threatens to outpace Apple innovation

Bid adieu to panicky moments of lost keys or pets. Samsung Electronics‘s SmartTag technology, enabling users to locate what’s precious and dear to them, began generating buzz around the tech sphere Friday, a day after the Galaxy Unpacked 2021 event. The SmartTag is a corporeal electronic tag that can be attached to a leash or a key chain. Powered by Samsung Electronics’ SmartThings Find technology, Galaxy users can conveniently track tagged objects. Samsung suggests putting t

Jan. 15, 2021