S. Korea ranks 11th with 69 globally top-selling products in 2019

South Korea had 69 globally top-selling products in 2019, putting the country in 11th place overall, data showed Sunday. China had the most items with 1,759, followed by Germany with 654 and the United States with 520, according to the Korea International Trade Association (KITA). By segment, South Korean made chemical products accounted for 27 of the country's export items with top global market shares, followed by steel and other metal products with 18. KITA said solid-state drives (SSDs)

March 7, 2021

[Weekender] Cycling, a pandemic-perfect sport

From going out late at night to traveling abroad, the coronavirus pandemic has prevented us from doing many things we love -- except for cycling. On the weekend, serious cyclists with racing bicycles and more casual riders on Seoul Bikes mingle on the cycling lanes alongside the Han River in Seoul which cuts through the city and stretches nearly 500 kilometers. Kim Tae-gyun, a 37-year-old marketing director and a former PE teacher in Seoul, said cycling has become his go-to exercise as of lat

March 6, 2021

[Photo News] New 2021 Ferrari Portofino M unveiled in Korea

The Portofino M is showcased for the first time in Korea at the Banpo Ferrari showroom in southern Seoul.  The brand new Italian car shows off an enhanced V8 engine with 620 electrical horsepower, upgrading from the previous edition with 600 electrical horsepower.  The sleek model boasts its luxury with a smooth, yet stylish design. (Photos : Yonhap) By Yoon Chae-won (choenayoon@heraldcorp.com)

March 6, 2021

USITC confirms SK stole 22 trade secrets for EV batteries from LG

The United States International Trade Commission has confirmed publicly that SK Innovation misappropriated 22 trade secrets of its domestic archrival LG Energy Solution while developing electric vehicle batteries. According to a public document unveiled by the USITC on Thursday (US time), SK’s trade secret theft and destruction of related evidence were planned and organized at a high level, which the commission described as “extraordinary.” The document backs the US trade

March 5, 2021

Stocks narrow losses as strong retail trading offset bond yield woes

South Korea‘s stock market narrowed down losses in the early morning session on Friday as retail trading has nearly offset lingering bond yield concerns in the United States. The Korea Exchange’s main board Kospi shed 0.6 percent to close at 3,026.26 points, as Kospi was down 2 percent in early morning trade. The development board Kosdaq inched down 0.3 percent in closing, reducing from 2 percent in the morning. Retail investors here continued to be active in trading. On Friday, l

March 5, 2021

Vice minister warns of inflation risks amid rising oil prices, farm products

South Korea’s vice finance minister on Friday warned of possible drivers of inflation, including rising oil prices and farm products, vowing efforts to closely monitor a potential surge in consumer prices.  “The consumer price index has continued an upward trend from 0.6 percent in January to 1.1 percent last month, largely due to gains in global oil prices and farm products,” said Vice Finance Minister Kim Yong-beom during an economic meeting.  “There seems

March 5, 2021

Samsung ranks 3rd in 2020 smartwatch market: report

Samsung Electronics Co. was the world's third-largest smartwatch vendor last year, a report showed Friday, as its rivals Apple Inc. and Huawei Technologies Co. expanded their sales. Samsung's smartwatch shipments suffered a 1 percent on-year drop to 9.1 million units in 2020, according to market researcher Counterpoint Research. Apple further extended its dominance after its smartwatch shipments jumped 19 percent on-year to 33.9 million units last year, thanks to the performance of its Apple W

March 5, 2021

Samsung unveils new smartphone suitable for tough work environments

Samsung Electronics Co. on Friday introduced a new smartphone with high durability designed to meet the needs of those working outdoors or in factories. "The Galaxy XCover 5, designed to withstand "tough work environments, is a device that addresses the challenges employers in the field often face, from ensuring protection of sensitive material to durable use in any environment," said Mark Notton, senior director of mobile product portfolio at Samsung Electronics Europe. "W

March 5, 2021

LG Electronics basks in robust home appliance rental biz

The rental business of LG Electronics Inc., a major home appliance maker in South Korea, experienced sharp growth last year, a report showed Friday, as the company eyes to further boost its competitiveness in the sector riding on the rise of the pandemic-induced stay-at-home economy. Sales of LG's rental business stood at 591.1 billion won ($524 million) in 2020, up 34 percent from a year earlier, its audit report showed. Compared with 2018, revenues from its rental business have more than dou

March 5, 2021

Online shopping grows over 20% in Jan. amid pandemic

Online shopping in South Korea grew more than 20 percent in January from a year earlier as the protracted pandemic promoted more people to buy products via e-commerce platforms, data showed Friday. The value of online transactions stood at 15.1 trillion won ($13.3 billion) in January, up 22.4 percent from a year earlier, according to the data from Statistics Korea. The value of online shopping in January slightly declined from a record high of 15.9 trillion won in December last year but still

March 5, 2021

Merck renames materials biz as electronics

Merck, the German science and technology group, said Friday it is changing the name of its performance materials business to electronics. The renaming is part of a strategic realignment it has made since 2018 under its “Bright Future” transformation program. “The renaming of our business sector to Electronics is a logical step for us,” said Kai Beckmann, member of the executive board of Merck and Electronics CEO. “After all, the new name underscores our strat

March 5, 2021

LG Group spin-offs may get LX brand: sources

The companies that are scheduled to be split from LG Group may be named under the brand LX, people familiar with the matter said Friday, as they prepare for the departure from South Korea's fourth-largest conglomerate with the group chief's uncle. LG Group filed a trademark application for the brand LX and its logo to the country's intellectual property office this week, they said, with some 90 images that may represent the corporate identity of LG's new holding company soon to be established.

March 5, 2021

Samsung donates $1m to community partners in Texas for winter storm relief efforts

Samsung Electronics Co. said Friday it donated $1 million to community partners in Texas to support their winter storm relief efforts. The South Korean tech giant said its donation will be used to provide food, water, health services and shelters in the US state where severe weather caused big damages, including a power outage. "People are in need, and Samsung wants to help," said Choi Kyung-sik, CEO of Samsung Electronics North America. "We remain committed to the communities w

March 5, 2021

S. Korea to invest W115b on aviation tech to overcome virus fallout

South Korea said Friday it plans to invest 115.3 billion won ($102 million) this year to study deeper into state-of-the-art aviation technologies as it vowed to spare no efforts to help local companies to overcome the new coronavirus pandemic. The announcement is in line with the country's 10-year development plan, which centers on supporting related businesses to make headway not only in the civil aviation segment, but also in the military and drone industries as well, according to the Ministr

March 5, 2021

S. Korea guarding against growing inflation risks: official

South Korea's vice finance minister on Friday warned of growing inflation risks in the face of rising oil prices and hopes for an economic recovery. But First Vice Finance Minister Kim Yong-beom said inflation is not likely to sharply rise in the short term as recent price hikes were led by a supply shortage of farm products amid the pandemic. "Inflation risks linger as global liquidity has increased in the process of responding to the pandemic and inflation expectations have risen amid h

March 5, 2021

Hyundai Motor, LG Energy agree on EV battery replacement cost sharing

 Hyundai Motor said Thursday that it has reached an agreement with LG Energy Solutions on their respective cost burden for replacing the problematic LG-manufactured car batteries used in three of Hyundai’s electric-powered vehicles. The LG battery maker is to assume 70 percent of the total costs, while the carmaker will shoulder the remaining 30 percent, according to officials. The two companies did not specify the detailed amount, but respective amounts have been reflected in the t

March 5, 2021

Seoul stocks open lower on inflation concerns

South Korean stocks opened lower Friday on overnight Wall Street losses, as investors were disappointed by the absence of comments from the US Federal Reserve to help stave off inflation concerns. The benchmark Korea Composite Stock Price Index fell 39.41 points, or 1.29 percent, to 3,004.08 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite dipped 2.11 percent as yields of the US benchmark 10-year Treasury surged above the 1.5-percent threshold. In Seoul, t

March 5, 2021

[News Focus] Who will acquire eBay Korea?

Alongside Coupang’s imminent debut on the US stock market, the local e-commerce market is in for another major event -- the sale of eBay’s Korean unit which operates one of the biggest online marketplaces here, Gmarket. According to industry sources on Thursday, major local retail giants and IT firms may be considering participating in the race to acquire eBay Korea. Morgan Stanley and Goldman Sachs, the two advisory firms for the auction, have sent information memorandums, or I

March 4, 2021

SK Group expected to launch REIT this month

South Korean conglomerate SK Group will set up a company to run a real estate investment trust, or REIT, this month, according to reports Thursday. A REIT owns or finances real estate property to generate income, and allows investors to partially own valuable real estate and receive dividends. SK Holdings, the holding company of SK Group, is expected to obtain approval to establish the REIT later this month. After setting up a new subsidiary as early as this month, it will likely launch a RE

March 4, 2021

Korea rises to 4th place in international patent filings

South Korea went up one spot to place fourth in terms of the number of international patent filings, according to the Korean Intellectual Property Office on Thursday. The country’s applications for international patent rights to the World Intellectual Property Office increased 5.2 percent from 19,073 in 2019 to 20,060 in 2020, the patent body said. Korea, who placed fifth from 2010 to 2019, follows China, the United States and Japan. The growth in patent filings was made largely in

March 4, 2021