Hyundai restarts local plant on resumed parts supply

Hyundai Motor Co. said Monday it has restarted production at a local plant on the resumed supply of electronic components. Hyundai Motor halted the Asan plant from Sept. 15-17 due to a lack of chip parts, resulting in production losses of 3,000 vehicles, the company said in a regulatory filing. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. Previously, the Asan plant suspended operations on Sept. 9 and 10 due to the parts problems and from July 13 to Aug.

Sept. 27, 2021

Seoul stocks little changed as investors take wait-and-see mode amid spreading virus

South Korean stocks opened nearly flat Monday as investors took a wait-and-see mode amid the country's spiking new coronavirus cases and concerns over China Evergrande Group's debt crisis. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.23 points, or 0.01 percent, to 3,125.01 points in the first 15 minutes of trading. Stocks got off to a muted start amid spikes in South Korea's daily COVID-19 cases. On Monday, South Korea reported 2,383 new COVID-19 cases. Daily cases have

Sept. 27, 2021

S. Korea to increase support of startups' overseas expansion

South Korea said Monday it plans to increase support for overseas expansion by startups and smaller firms as part of efforts to strengthen its ties with Southeastern Asian countries and nations in Eurasia. The government plans to further promote economic cooperation with the 10-member states of the Association of Southeast Asian Nations (ASEAN) and Europe based on the outcome of summit diplomacy with such nations, according to the Ministry of Economy and Finance. The country will pursue cooper

Sept. 27, 2021

S. Korea's 5G base stations account for 11% of total in Q2: data

The number of 5G network base stations in South Korea accounted for just 11 percent of the total in the second quarter, data showed Monday, amid continued user complaints against the latest generation networks. As of the April-June period, there were 162,099 5G base stations in the country, compared with a total of 1.47 million mobile network base stations, according to data from the Korea Communications Agency. The number of 5G base stations was far outnumbered by around 1 million 4G base sta

Sept. 27, 2021

Number of foreign home rental biz operators nears 2,400

Nearly 2,400 foreigners are engaging in the home rental business in South Korea, with Chinese nationals accounting for more than one-third of the total, government data showed Monday. The number of foreign home rental business operators in Asia's fourth-largest economy stood at 2,394 as of the end of June last year, according to the data from the land ministry. There were 885 Chinese housing rental business owners here, taking up 37 percent of the total. Americans came next with 702, followed

Sept. 27, 2021

Listed firms' dividends soar 23.5% in H1

Dividend payouts by South Korean listed companies jumped nearly 24 percent in the first half of the year amid their strong earnings, a corporate tracker said Monday. The combined amount of dividends paid out by 140 firms, including top-cap Samsung Electronics Co., came to 9.3 trillion won ($7.9 billion) in the January-June period, up 23.5 percent from a year earlier, according to Leaders Index. The firms cover those that have announced dividends out of the country's 2,323 listed corporations.

Sept. 27, 2021

29 crypto exchanges meet registration deadline, but face challenges

Twenty-nine of Korea’s 66 cryptocurrency exchanges met a legal deadline to put themselves under regulatory supervision, but they still face challenges, market insiders said Sunday, such as risks from legal breaches and an inability to convert coins into Korean won. The Financial Services Commission said Saturday that 29 exchanges submitted applications to register their businesses by Friday and will process them within three months, legitimizing their status as market players but also s

Sept. 26, 2021

Surging energy bills spark concerns of inflation

South Korea’s recent decision to raise electricity prices for the first time in nearly a decade and an expected price surge in home gas is likely to increase inflationary pressure, industry watchers said Sunday. Electricity and home gas prices, which are key components of “public utility charges” -- fees related to supply of electricity, gas, power, water and transport – usually help lower inflationary pressure, with their relatively flat price gains. But the COVID-19 pa

Sept. 26, 2021

SC Bank Korea offers gold, gift certificates for dollar funds, savings accounts

Standard Chartered Korea on Sunday said it has recently launched a promotional event that offers prizes, including a 24-karat gold plated $2 bill, for customers who subscribe to dollar-denominated products for the first time. Customers will receive chances to enter the sweepstake if they subscribe to any dollar-related products including funds, money market funds, savings accounts and insurance. One first prize winner will receive a gold plate weighing 15 grams, while 10 second prize winner

Sept. 26, 2021

Parked money in search of new investments hits new high: data

The amount of parked money that can be withdrawn any time has surged to an all-time high, data showed Sunday. According to the Bank of Korea, the amount of demand deposit increased by 3.3 trillion won ($2.8 billion) to some 388.7 trillion won as of July. It is the largest amount since the central bank started to collect related data. Market experts suggested that extra cash ready for new investments has few places to go because of the government’s intensifying regulatory moves on the pr

Sept. 26, 2021

LCS Group chief sees potential in Korea’s east coast

　Luis Chavit Singson, chairman of the Philippines’ LCS Group of Companies, sees a lot of business potential on South Korea’s eastern coast, having recently committed $100 million investment in a residential, commercial and resort development project there, the group said on Sunday. 　LSG Group recently announced its investment by 2025 in the Mangsang District 1 development project in the East Coast Free Economic Zone (EFEZ), its first such project in Korea.  　The tycoon, who

Sept. 26, 2021

[Herald Interview] SK Functional Polymer seeks to stay ahead of curve in green technology

　SK Functional Polymer is a Paris-based subsidiary of petrochemical company SK Geo Centric that produces thermoplastic materials used in packaging and automotive industries. 　Pascal Sauvaire, chief operating officer of SK Functional Polymer, says the most important thing for the company is “to stay ahead of the curve in terms of green technology, trends and solutions.” 　“Recycling and the green economy have been the main trends in the packaging industry for some time,”

Sept. 26, 2021

S. Korea's seaport cargo up 8.7% amid global economic recovery

The amount of cargo handled at South Korean seaports was up 8.7 percent on-year in August amid the global economic recovery, government data showed Sunday. The cargo processed at the country's ports stood at 128.6 million tons last month, up from 118.3 million tons a year earlier, according to the data by the Ministry of Oceans and Fisheries. Handling of export-import cargo rose 9 percent to 117.4 million tons on the back of strong exports of petrochemicals and cars. Coastal cargo handled in Sou

Sept. 26, 2021

[Herald Interview] LIG Nex1 to develop Korea’s own satellite navigation system

This is the last installment in a series of interviews with executives of Korean companies with space ambitions. -- Ed. Every single one of South Korea’s 51 million inhabitants relies in some way on the Global Positioning System, the navigation system provided by a constellation of 31 satellites owned by the US. Since 1983, the US has offered its GPS service for free. Now, satellite navigation has seeped into every field of industry, from car navigation to logistics, and many aspects

Sept. 26, 2021

[Advertorial] LG Chem makes materials procurement as simple as grocery shopping

From product browsing to technical support, LG Chem’s integrated digital sales platform “LG Chem On” allows customers to find the right materials they need with just a few clicks. Launched June 1, the platform makes the complicated process of business-to-business procurement as easy as ordering groceries online. Before, clients of LG Chem, such as manufacturers of home appliances or automobile parts, had to first register by email to access product information, then meet w

Sept. 26, 2021

Samsung seeks to ‘copy and paste’ brain for chip design

Samsung Electronics and Harvard on Sunday introduced a new approach to mimicking the mechanism of a human brain on a memory chip. In a paper published in Nature Electronics, Samsung engineers and Harvard researchers explained how to create memory devices that can better mimic the unique computing traits of a human brain -- low power, facile learning, adaptation to environment and autonomy and cognition. The paper suggests copying the brain’s neuronal connection map using nano-electrod

Sept. 26, 2021

Major carriers to see robust earnings in Q3 on increased cargo rates

South Korea's full service carriers, including Korean Air Lines Co., are predicted to post strong earnings in the third quarter of the year on the back of a rise in air cargo rates, analysts said Sunday. In a consensus estimate of 10 analysts by Yonhap Infomax, the financial news arm of Yonhap News Agency, Korean Air is forecast to record 176.8 billion won ($150 million) in operating profit in the July-September period, a turnaround from an operating loss of 31.4 billion won in the same period a

Sept. 26, 2021

Court rules Samsung Securities must cover half of investors' damages in 2018 dividend error

A Seoul district court has ruled Samsung Securities Co. must compensate investors for half of their damages incurred due to a 2018 dividend error by an accidental stock issuance, judicial sources said Sunday. The Seoul Central District Court recently ruled partially in favor of three investors who filed damages suits against the brokerage firm for the "fat-finger" error caused by an official at the firm on April 6, 2018. If the ruling is confirmed, Samsung Securities must give between

Sept. 26, 2021

LG Uplus to offer Disney+ to IPTV users

LG Uplus Corp., a major South Korean mobile carrier, said Sunday it will offer Disney+ through its internet protocol television (IPTV) platform as the flagship streaming service from US media giant Walt Disney Co. is set to launch in the country in November. The carrier said it has signed a deal with Walt Disney Company Korea so that Disney+ will be accessible from its U+tv platform, strengthening competitiveness against rivals KT Corp. and SK Telecom Co. LG Uplus already bundles Netflix with it

Sept. 26, 2021

[Weekender] Metaverse: the new gold rush

A growing number of South Korean companies are turning to the metaverse to offer new services, promote their products and train their staff, ushering in what has been described as the “future of the internet.” BGF Retail, the firm behind convenience store chain CU, opened the second store on Zepeto recently -- a 3D avatar metaverse platform run by South Korea’s largest web portal operator Naver. Following the opening of the “world’s first” virtual store in A

Sept. 25, 2021