More South Korean unicorns eye overseas IPOs

Startups in South Korea appear to have set their eyes on stock markets overseas, in pursuit of bigger investments as well as greater recognition of their potential on the global stage. Social casino game developer and publisher DoubleDown Interactive is the latest local unicorn seeking to be listed on the US’ tech-heavy Nasdaq bourse. It submitted an F-1 filing to the US Securities and Exchange Commission last year, but tentatively postponed its initial public offering plans in July. But

March 23, 2021

Samsung clinches 5G supply deal with Japan’s No.1 NTT Docomo

Samsung Electronics has been chosen as a 5G network solution provider for Japan’s No.1 mobile operator NTT Docomo, the Korean tech giant said Tuesday. Samsung will support Docomo with its 5G technology, including O-RAN-compliant solutions, to bring enriched 5G services to Japanese users and enable digital transformation for businesses, it said. Docomo is Japan’s leading mobile carrier that has nearly 82 million users across the country. It launched 5G services in March last yea

March 23, 2021

Gmarket app completely renewed for more intuitive usage

Gmarket’s mobile app has undergone a complete reform to be more intuitive and easier to use, eBay Korea, the company behind the online marketplace, said Tuesday. According to the e-commerce platform operator which also runs G9 and Auction in South Korea, the app has been renewed to match Gmarket’s new brand identity. The changes are not just in the way it looks, but in the way the app operates to offer a more convenient shopping experience for customers, it stressed. Having la

March 23, 2021

Xiaomi seeks to expand presence in S. Korea with new midrange smartphones

Xiaomi Corp. on Tuesday said it will launch new midrange smartphones in South Korea as the Chinese tech giant tries to beef up its presence amid rumors that the country's homegrown brand LG Electronics Inc. may exit from the mobile business. Xiaomi said the Redmi Note 10 will be released in South Korea on March 30 at 218,000 won ($190), while the Redmi Note 10 Pro will hit shelves on April 9 at 319,000 won. The Redmi Note 10 Pro comes with a quad rear camera setup that includes a 108-megapixe

March 23, 2021

Shinhan Financial becomes 2nd Korean member of VBA

Shinhan Financial Group said Tuesday it became the first Asian financial holding firm to join the nonprofit Value Balancing Alliance in Frankfurt, Germany, a cross-industry organization developing a valuation standard for monetizing impacts of ESG management.  ESG refers to the policies of factoring in environmental, social and governance-related issues in business operations. Founded in June 2019, the VBA is comprised of 18 multinational corporations, including South Korea’s thir

March 23, 2021

S. Korea 3rd-largest chip materials market in 2020: report

South Korea, home to chipmaking giants such as Samsung Electronics Co. and SK hynix Inc., was the world's third-largest market for semiconductor materials in 2020, a report showed Tuesday, moving down one spot from a year earlier after posting an under-par industry average growth. The country's chip materials market grew 3.9 percent on-year to $9.23 billion in 2020, according to the report from SEMI, a global industry association representing companies in the electronics design and manufacturi

March 23, 2021

Number of stock accounts tops 40m

The number of stock trading accounts in South Korea has risen sharply over the past year to surpass the 40 million mark amid a buying craze by retail investors, industry data showed Tuesday. Active stock accounts in Asia's fourth-largest economy numbered 40.07 million as of Friday, up from 35.48 million at the end of last year. It marks the first time that the country's number of active stock accounts has exceeded the 40-million level. The number has increased by approximately 10 million sinc

March 23, 2021

S. Korea's trade deficit in intellectual property rights widens in 2020

South Korea's deficit in the trade of intellectual property rights widened in 2020 from a year earlier as patent payments by firms increased, central bank data showed Tuesday. The nation's deficit in the intellectual property account came to $1.87 billion last year, compared with a shortfall of $530 million in 2019, according to preliminary data from the Bank of Korea (BOK). Its exports of products and services subject to intellectual property right payments reached $15.53 billion in 2020, sl

March 23, 2021

LG Display seeks to turn to black this year: CEO

LG Display Co. is struggling to make profits this year with its focus on expanding its OLED business, its chief said Tuesday. The panel maker posted an operating loss of 29.1 billion won ($25 million) in 2020, sharply narrowing from a loss of 714.5 billion won a year earlier, while sales increased 3.2 percent on-year to 24.23 trillion won, apparently benefiting from increased demand for displays amid the pandemic-induced trends of remote working and distance learning. "This year, we will

March 23, 2021

Daewoo Shipbuilding resumes Okpo shipyard operation after virus-caused closure

Daewoo Shipbuilding & Marine Engineering Co. said Tuesday that it has resumed the operation of its shipyard one day after its closure due to new coronavirus infections. The shipbuilder suspended work at its shipyard in Okpo, Geoje Island, 398 kilometers south of Seoul, on Monday to conduct virus tests for its employees. Two confirmed cases were reported after virus tests for 2,400 employees. (Yonhap)

March 23, 2021

Premium TV sales to grow in 2021 despite market decline: report

Global TV sales are expected to decline slightly this year, but shipments of premium TVs will grow, a report showed Tuesday, boding well for South Korean makers that lead the high-end sector. Global TV shipments are projected to reach 223.09 million units in 2021, according to market researcher Omdia, which is down 1 percent from last year's 225.35 million units. The latest figure is also down from Omdia's previous estimate of 224.22 million units late last year. Omdia predicted that robust

March 23, 2021

LG Electronics to step up 6G tech development

LG Electronics Inc. said Tuesday it has joined forces with two other partners to develop next-generation 6G network technology. LG signed a partnership with Keysight Technologies Inc., a US-based electronics test and measurement firm, and the Korea Advanced Institute of Science & Technology (KAIST), South Korea's leading research university. Under the agreement, the three sides will cooperate in developing technologies related to terahertz, a key frequency band for 6G communications. The

March 23, 2021

Samsung Display likely to receive compensation from Apple over order shortfall

Samsung Display Co., a major display panel maker in South Korea, is likely to receive compensation from Apple Inc. over a shortfall in OLED panel orders, industry insiders said Tuesday. Samsung Display's worldwide small OLED shipments in January dropped 9 percent month-to-month to 45 million units, according to market researcher Omdia, which added that the decline is apparently prompted by sluggish sales of Apple's iPhone 12 mini.  Foreign media have reported that Apple has adjusted tar

March 23, 2021

[Graphic News] S. Korean air exports soar amid pandemic

　South Korea’s airfreight exports jumped to account for 36 percent of the country’s overall exports last year, industry data showed, on higher demand for chips and bio-health products. 　Of the country’s combined exports of $512.5 billion in 2020, air transport accounted for $183 billion, according to the data compiled by the Korea International Trade Association. 　While maritime transport still accounted for the majority of $325.8 billion, the portion of air cargo rose 5

March 23, 2021

Seoul stocks open higher as US Treasury yields fall

South Korean stocks opened higher Tuesday, tracking overnight Wall Street advances amid a fall in US Treasury yields. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.74 points, or 0.49 percent, to 3,050.2 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite added 1.23 percent, as the yield on the US 10-year Treasury fell, easing investor concerns over earlier-than-expected post-pandemic inflation. In Seoul, top cap Samsung Electronics gained 0.

March 23, 2021

Samsung Display expects more low-power OLED panel supply to global smartphone makers

Samsung Display Co., the world's largest smartphone panel supplier, said Tuesday it expects to ship more low-power OLED displays to global smartphone manufacturers amid rising demand from Chinese players. Samsung Display said Oppo, which has risen to become China's largest smartphone manufacturer, uses its OLED panel with adaptive frequency technology for the company's flagship smartphone lineup, the Find X3. The use of such a panel cuts the total power consumption of Oppo's premium smartpho

March 23, 2021

S. Korea to build 2 hydrogen repository facilities

South Korea said Tuesday it plans to build two facilities that collect by-product hydrogen and transport the resource in an effort to further boost the country's green energy drive. The country will spend 6.3 billion won ($5.59 million) on the project, according to the Ministry of Trade, Industry and Energy. While sites for the construction have not yet been selected, the ministry plans to find suitable locations by May.   A shipping center reserves by-product hydrogen produced fr

March 23, 2021

S. Korea to take 'timely' actions to stabilize bond market if necessary: official

South Korea will take actions to stabilize the bond market in a timely manner if market volatility increases amid concerns over rising US bond yields, a senior government official said Tuesday. First Vice Finance Minister Kim Yong-beom said financial authorities will flexibly adjust the sale volumes of Treasury bonds. "If volatility increases, the government will focus on stabilizing the bond market by taking timely actions through close cooperating with related agencies," Kim said a

March 23, 2021

Samsung to provide 5G network solutions to Japan's NTT Docomo

Samsung Electronics Co. said Tuesday it has signed a deal with Japan's largest mobile operator NTT Docomo Inc. to provide 5G network solutions as the South Korean tech giant tries to further expands its presence in the 5G infrastructure market. Samsung said it will support Docomo with its advanced 5G technology, including open radio access network (O-RAN) compliant solutions, to help the Japanese telecom firm deliver better 5G services to its customers. Docomo provides wireless network servi

March 23, 2021

S. Korea's biz confidence gains for 9th month in Feb.: OECD

South Korea's business confidence climbed for the ninth consecutive month in February amid growing hopes of an economic recovery, a poll by the Organization for Economic Cooperation and Development (OECD) showed Tuesday. The OECD business confidence index (CSI) came to 99.5 for Asia's fourth-largest economy last month, up 0.3 point from the prior month, according to the survey by the group of 37 mostly rich and advanced nations. The OECD index for South Korea has been on the rise since June wh

March 23, 2021