Nongshim rakes in W2tr in ramen sales

South Korean food and beverage company Nongshim’s instant ramen sales reached 2 trillion won ($1.8 billion) for the first time last year on the back of the coronavirus pandemic and the “jjapaguri” dish from the Oscar-winning film “Parasite.” Sales of the company’s instant noodles rose to 2.09 trillion in 2020, a 16.3 percent year-on-year increase from one year ago and accounted for 79 percent of its total revenue, the firm’s annual report revealed on We

March 24, 2021

BOK chief pens rosier forecasts for economy, downplays inflation

South Korea’s central bank chief said Wednesday that the nation’s economy could be expected to see a faster recovery from COVID-19 woes than anticipated in the bank’s previous forecast of 3 percent, while downplaying inflation risks that could stem from the rebound. In a nod toward the vaccination campaigns of major economies, which are picking up speed, Bank of Korea Gov. Lee Ju-yeol projected that Korea would see a faster-than-expected recovery of its exports and facility in

March 24, 2021

Han Sung Motor’s art scholarship evolves

Han Sung Motor’s unique art scholarship program, which supports 40 young students a year to foster their artistic dreams, has reached a 10-year milestone this year. Looking ahead to the next decade, the official dealership for Mercedes-Benz here has launched the Dream Gream 2.0, an upgrade to the program that chief executive Ulf Ausprung designed and introduced back in 2012. The Dream Gream 2.0 adds a variety of new activities to the existing program in order to benefit not just the c

March 24, 2021

Samsung to launch new premium vacuum cleaner in April

Samsung Electronics Co. said Wednesday its new premium vacuum cleaner will go on sale in South Korea next month as the tech giant targets to boost home appliance goods amid the pandemic-induced stay-at-home trend. The BESPOKE Jet, featuring an automatic dust emptying system in a battery charging station, will be sold at between 890,000 won ($780) and 1.39 million won here starting in April, according to Samsung. The new cordless stick vacuum cleaner comes in four colors -- midnight blue, woo

March 24, 2021

Tax agency launches probes into offshore tax evasion

South Korea’s tax agency said Wednesday that it has launched probes into 54 offshore tax evaders who enjoyed social benefits from the country without paying taxes here. The National Tax Service discovered 14 individuals with dual nationality who enjoyed health and welfare benefits but concealed their properties and earnings overseas to elude taxation, the agency said. Six foreign-affiliated firms were also caught for changing the form of their businesses to limited liability companies to

March 24, 2021

Insurers' profit up 13.9% in 2020 amid pandemic

The combined net profit of insurance firms in South Korea rose 13.9 percent on-year in 2020, due partly to fewer car accidents as people stayed home amid the coronavirus pandemic, data showed Wednesday. Life and non-life insurers saw their combined net profit increase by 742 billion won ($654 million) to 6.08 trillion won last year, according to data from the Financial Supervisory Service (FSS). The FSS said profits of non-life insurers went up because of fewer claims as losses in car insuranc

March 24, 2021

4 auto parts makers fined W82b over price collusion

South Korea's antitrust regulator said Wednesday it has decided to fine four auto parts producers a combined 82.4 billion won ($72.7 million) for colluding to fix bidding prices of vehicle parts. Hwaseung R&A and three other companies colluded to fix their quotations between 2007 and 2018 for 99 rounds of auto parts purchasing bidding by the country's top automaker Hyundai Motor Co. and its affiliate Kia Corp., according to the Korea Fair Trade Commission (KFTC). The commission ordered the

March 24, 2021

Population mobility falls at sharpest clip in 6 years in Feb.

The number of South Koreans who moved to different residences in the country declined at the sharpest pace in six years in February amid a housing supply shortage, data showed Wednesday. The number of people who changed their residences fell 9.6 percent on-year to 706,000 in February, according to the data compiled by Statistics Korea. It marked the biggest on-year decline for any February since a 12.5 percent fall in 2015. It also marked the second straight month of decline after population

March 24, 2021

HHIH join forces with KIC to push for global M&A

Global shipbuilding giant Hyundai Heavy Industries Holdings Co. (HHIH) said Wednesday that it has signed an initial deal with Korea Investment Corp. (KIC), South Korea's sovereign wealth fund, toward merger and acquisitions with global companies as part of efforts to expand its presence in new businesses. Under the deal, HHIH and KIC will jointly invest 1 trillion won ($900 million) to push for the mergers and acquisitions of global companies in the areas of AI, robots, remote autonomous ships

March 24, 2021

KT&G seeks to generate half of sales from abroad by 2025

KT&G Corp., South Korea's dominant tobacco company, said Wednesday it is aiming to earn half of its revenue from overseas by 2025 as it seeks to open more overseas subsidiaries and explore new markets. Currently, KT&G earns 40 percent of its tobacco sales from exports. The company operates sales subsidiaries in five countries -- Russia, Indonesia, Turkey, Taiwan and the United States. For the whole of 2020, its sales rose 6.8 percent to a record 5.3 trillion won ($4.68 billion) from 4

March 24, 2021

KT provides AI tech for opinion polls

KT Corp., a major South Korean mobile carrier, said Wednesday it has signed a memorandum of understanding with pollster Gallup Korea to introduce the telecom company's artificial intelligence (AI) technology in opinion polls. Under the agreement, KT will apply its voice bot and AI call center technology in opinion polls conducted by Gallup Korea, according to a statement from the telecom operator. KT's AI call center solution incorporates speech recognition as well as personalized text-to-spee

March 24, 2021

LG shareholders OK EV parts spinoff for JV with Magna

Shareholders of LG Electronics Inc. on Wednesday approved the company's plan to split off some of its electric vehicle (EV) components business to set up a joint venture (JV) with Canadian auto parts maker Magna International Inc. The shareholders passed LG's proposal to carve out the EV powertrain business from its vehicle component solutions (VS) division to establish a new company with Magna. LG will hold a 51 percent stake in the newly created firm, tentatively named LG Magna e-Powertrai

March 24, 2021

Samsung to launch drone delivery service for Galaxy buyers in Ireland

Samsung Electronics Co. on Wednesday said it will offer a drone delivery service to its Galaxy device buyers in Ireland under a partnership with Irish drone startup Manna. The service will be first available to customers in Oranmore, some 200 kilometers west of Dublin, but the two sides said they plan to expand the drone service nationwide in the future. "The new service, which is a first for Samsung globally, will facilitate an end-to-end contactless experience for Samsung customers from

March 24, 2021

LG Electronics to supply commercial ESS in Hawaii

LG Electronics Inc. said Wednesday it will supply a commercial energy storage system (ESS) in Hawaii as the South Korean tech giant eyes to expand overseas sales of efficient power management solutions. A consortium of South Korean and United States entities, including LG, the University of Hawaii and the Korea Institute of Energy Technology Evaluation and Planning, recently inked a deal with the state government of Hawaii to develop and build an advanced microgrid using renewable energy, accor

March 24, 2021

[Graphic News] Number of health & beauty shops dips for 1st time in 2020 amid pandemic

　The number of big-name retailers’ beauty stores in South Korea declined for the first time in 2020, as more customers turned to online shopping amid the coronavirus pandemic, data showed. 　The country’s three major health and beauty chains - Olive Young, Lalavla and LOHB’s - had a combined 1,484 outlets across the nation as of end-December last year, down 31 from a year earlier, according to data posted on the electronic disclosure system of the Financial Supervisory Serv

March 24, 2021

Preorders for new K8 highest among all Kia sedans

Kia Corp.'s new large sedan, the K8, received a strong response from the domestic market, with first-day preorders setting a record high among its sedan models, the nation's No. 2 carmaker said Wednesday. Kia started receiving orders for the K8, a direct follow-up to the K7, known as the Cadenza in the United States, on Monday ahead of the model's domestic launch slated for early April. Preorders for the K8 reached 18,015 units on the first day, outpacing the K5's preorders of 7,003 units in N

March 24, 2021

Low-cost carriers burdened by high debt on pandemic impact

South Korean low-cost carriers (LCCs) are struggling with high indebtedness stemming from huge deficits due to the coronavirus pandemic, data showed Wednesday. The debt-to-equity ratio of three major LCCs -- Jeju Air Co., Jin Air Co. and T'way Air Co. -- ranged from 430 percent to 517 percent as of the end of 2020, according to their business reports. A key barometer of financial soundness, the ratio is calculated by dividing a company's total liabilities by its stockholders' equity. Jeju Air

March 24, 2021

Samsung keeps 2nd spot in smartphone image sensor market in 2020: report

Samsung Electronics Co. maintained the status as the world's second-largest vendor of mobile image sensors last year, a report showed Wednesday, as the South Korean tech giant strives to catch up to the industry leader Sony Corp. In terms of revenue, Samsung, which produces image sensors under the ISOCELL brand, had a share of 29 percent in the complementary metal oxide semiconductor (CMOS) image sensor market in 2020, according to market researcher Strategy Analytics. Samsung, also the world'

March 24, 2021

Seoul stocks open lower on inflation doubts

South Korean stocks fell below the 3,000-point mark Wednesday despite the overnight decline in the US Treasury yields, as doubts about a quick recovery from the pandemic continued to loom heavily on investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 30.63 points, or 1.02 percent, to 2,974.11 points in the first 15 minutes of trading. The KOSPI got off to a weak start amid foreign and institutional selling, largely affected by the 1.12 percent overnight loss on th

March 24, 2021

Instant noodle makers see 2020 sales jump amid pandemic

Sales of South Korea's top instant noodle makers posted strong sales in 2020 thanks to brisk demand amid the coronavirus pandemic, data showed Wednesday. Nongshim Co. said its sales of instant noodles, or "ramyeon" in Korean, came to 2.09 trillion won ($1.85 billion) last year, up 16.3 percent from the previous year, according to the data from the Financial Supervisory Service. It marks the first time for Nongshim's ramyeon sales to top the 2 trillion-won mark and the amount accounte

March 24, 2021