Samsung ranks 2nd in European wearables market in Q1: report

Samsung Electronics Co. was the second-largest vendor of wearable devices in Europe in the first quarter of the year, although its market share declined as archrival Apple Inc. expanded its presence. Samsung posted a 16.1 percent market share in the January-March period in the European market, down from a 16.8 percent share a year earlier, according to the latest report from market researcher International Data Corp. (IDC). The South Korean tech giant shipped 3.5 million wearable products in

June 17, 2021

Memory chip market to grow 32% in 2021, Korean chipmakers set to bask in boom

The global memory chip market is forecast to increase 32 percent this year, a report showed Thursday, boding well for South Korean chipmakers that dominate the sector. Sales growth for the DRAM market is expected to reach 41 percent in 2021, the second largest among 33 integrated circuit (IC) products, while that of NAND flash is projected to be 22 percent, according to the latest McClean report released by market researcher IC Insights. "It is expected that the price per bit of DRAM wi

June 17, 2021

S. Korea to place policy priority on increasing home supply: minister

South Korea's top economic policymaker said Thursday the government will focus on increasing the housing supply in a bid to curb market expectations for continued rises in home prices. Finance Minister Hong Nam-ki said the supply of homes is expected to increase after 2022 as the construction of new properties has increased since May. Amid sluggish housing transactions, the growth of home prices has picked up in recent months in Seoul on expectations for eased rules on the reconstruction of ol

June 17, 2021

Top steelmaker Posco estimated to log record earnings for Q2

South Korea's leading steelmaker Posco is likely to post a record operating income for the second quarter of the year on a recovery in global demand, according to market forecasts Thursday. Eight local brokerages' median estimate for Posco's operating profit stands at 1.93 trillion won ($1.73 billion) for the April-June, up more than 10 times from a year earlier, according to an analysis of their forecasts by Yonhap Infomax, the financial news arm of Yonhap News Agency. The figure marks the la

June 17, 2021

Large companies prefer year-round hiring of experienced workers

South Korean conglomerates appear to be gradually changing their recruitment methods in favor of experienced workers and year-round recruitment of new employees. A public organization said Wednesday that major domestic companies are planning to fill about 40 percent of their new job openings with experienced workers, as opposed to fresh university graduates, in the second quarter of this year. According to the Korea Employment Information Service (KEIS), 137 out of the nation's top 500 compani

June 16, 2021

Kospi hits new high in 5 months ahead of FOMC decision

South Korea’s benchmark Kospi hit a fresh high during intraday trading Wednesday, with foreign and institutional investors returning to the market ahead of a US Fed meeting that could signal a market moving stance. It extended a winning streak for a whopping fifth session in a row. The Kospi closed at 3,278.68, replacing an all-time high closing for a third consecutive session. The index once touched as high as 3,281.96 in the morning trade, breaking its previous record high of 3,266.23 s

June 16, 2021

Small firms to face 52-hour workweek in July without grace period

Small businesses with five to 49 employees will be required to enforce a 52-hour workweek next month as planned by the government, the labor ministry said Wednesday, rejecting industry demands for a grace period. The Ministry of Employment and Labor said it commissioned a survey of 1,300 small businesses in April and 93 percent of them responded that they were ready to implement the system starting July 1 as scheduled. Around 82 percent said they had already begun. In the manufacturing sector

June 16, 2021

The ‘impossible’ race for leftover vaccines

In South Korea, real-time information on leftover COVID-19 vaccines is available to everyone on the country’s No. 1 portal Naver and No. 1 messenger app KakaoTalk. Thanks to the easy access and people’s zeal to get vaccinated early, the no-show vaccine slots have become nearly impossible to grab, many Koreans complain. “I was able to find a local hospital in Suwon with six does of AstraZeneca this morning on the reservation system on KakaoTalk. I hesitated for about one s

June 16, 2021

LG Display readies new offensive with innovative OLED solutions

Poised for a turnaround after years of restructuring efforts, LG Display is rolling out new innovative OLED products, including transparent panels. The world’s largest provider of organic light-emitting diode display panels said Wednesday it will be taking part in the Korea Railways & Logistics Fair 2021 that kicked off a three-day run on Wednesday in Busan to showcase its transparent OLED technology. Transparent OLED panels are what the company believes could be a new cash cow in

June 16, 2021

Seoul stocks set fresh high for 3rd day ahead of FOMC results

South Korean stocks set a fresh high for three consecutive sessions on Wednesday as investors scooped up blue-chip shares ahead of the release of the Federal Reserve's meeting results. The benchmark Korea Composite Stock Price Index (Kospi) gained 20.5 points, or 0.62 percent, to finish at 3,278.68. Trading volume was moderate at 2.2 billion shares worth 15.9 trillion won ($14.23 billion), with gainers outpacing losers 519 to 324. The index also extended its winning streak to a whopping five s

June 16, 2021

LG Energy Solution to host 1st battery forum with Nobel laureate

LG Energy Solution will host an international battery forum on June 22 to discuss next-generation batteries with renowned scholars including Nobel laureate Michael Stanley Whittingham. The “LG Energy Solution Innovation Forum 2021,” which will be held from 9 a.m. to 4:30 p.m., is the first such event to be held by LGES after its split-off from LG Chem in December, the company said Wednesday. The forum will be held online due to the ongoing COVID-19 pandemic and is open to the g

June 16, 2021

Samsung Display labor union set to go on 1st-ever strike next week

The labor union of major display maker Samsung Display Co. said Wednesday its union leadership plans to go on strike next week, as the union and the management failed to narrow differences in wage talks, marking the first-ever walkout for the company and any Samsung Group affiliate. The labor union said its six officials will first stage a walkout on Monday and will encourage more members to join the move. It will be the first strike for any Samsung affiliate since Samsung Electronics Vice Cha

June 16, 2021

Shinsegae-Naver consortium likely winner of eBay Korea takeover bid: report

A consortium of South Korean retail giant Shinsegae Group and internet behemoth Naver is expected to win a bid to take over eBay Korea, local media reported Wednesday. If materialized, the deal would set off a major shake-up in the country’s e-commerce retail segment. No official announcement had been made as of Wednesday afternoon. In a regulatory filing Wednesday afternoon, E-mart, Shinsegae Group’s retail affiliate, said it was participating in the tender and in discussions

June 16, 2021

Eastar Jet acquisition race hangs on SJ budget plan

The acquisition of South Korea’s low-cost carrier Eastar Jet continues to face uncertainties, with two major bidders vying neck-and-neck as of Wednesday after rivals dropped out earlier in the week. The two bidders are local construction firm SJ Co. and a consortium led by underwear manufacturer Ssang Bang Wool and equipment maker Kanglim, according to sources. SJ’s bidding price is estimated to stand at 80 billion won ($71.6 million), falling short of the estimated 100 billion

June 16, 2021

Hyundai Motor chief underlines self-driving, robotics vision during US trip

Hyundai Motor Group Chairman Chung Euisun visited an autonomous vehicle venture and a robotics firm during his trip to the US, as part of the group’s vision to grow through future mobility solutions, the automaker said Wednesday. Chung, who left for the US on Sunday, headed for Motional, a $4 billion, Boston-based joint venture kicked off in March last year by Hyundai Motor and US mobility startup Aptiv. After meeting with Motional’s executive members to discuss the technology dev

June 16, 2021

Citibank Korea suggests voluntary retirement

Citibank Korea suggested its workers take voluntary retirement as an option in a recent e-mail sent to its employees, sources said Wednesday, as the firm has been gearing up to sell-off its consumer banking business. “Our executives understand your concerns due to the announcement concerning Citigroup’s pursuit of consumer banking business exit strategy here,” Citibank Korea CEO Yoo Myung-soon said in the email written in Korean. “We will make our best efforts to hold

June 16, 2021

MKIF acquires 2 gas utilities for W798b

Macquarie Korea Infrastructure Fund, which is listed on the Korea Exchange, has agreed to acquire the full 100 percent stake of two gas utilities for a combined 798 billion won ($714 million), a disclosure showed Wednesday. The gas utilities, Haeyang Energy and Seorabeol City Gas, distribute natural gas to ratepayers in South Jeolla Province and North Gyeongsang Province, respectively. MKIF said it pinned hopes on an upshot in industrial usage of natural gas in line with the carbon

June 16, 2021

EU seeking to extend safeguard on S. Korean steel for 3 years

The European Union is seeking to extend its safeguard measures against South Korea steel products for another three-year period, industry sources said Wednesday. The European Commission has recently notified the World Trade Organization (WTO) that it plans to maintain its current level of tariffs on imported steel products, according to sources from the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency. The EU has been charging a 25 percent duty on imported

June 16, 2021

Korea Investment to fully compensate losses from troubled funds

Korea Investment & Securities on Wednesday pledged to fully compensate the losses from problematic funds sold via the brokerage firm. “The decision came to protect financial consumers and restore our customers’ trust,” Jung Il-mun, chief executive officer of KIS told reporters during an online press briefing. “Both retail investors and institutional investors will be compensated for their losses.” The company sold 10 troubled funds, including Lime Fund, Disco

June 16, 2021

S. Korea's exports to stay brisk in H2: central bank

South Korea's exports are expected to remain resilient in the second half of the year on a series of positive external factors, the central bank said Wednesday. The upbeat forecast by the Bank of Korea (BOK) comes amid a recent surge in South Korea's overseas shipments on the back of a global economic recovery. "With the impact of IT sector's supply-side negative factors easing, major economies are likely to continue their rebound on an increase in global chip demand, the effect of US sti

June 16, 2021