Foldable phone market starts to take shape

Expectations are high on the foldable smartphone market’s growth as multiple new models are scheduled to be rolled out this year from some of tech‘s biggest names -- including Apple. According to industry sources on Monday, the world’s three biggest smartphone vendors – Samsung Electronics, Apple and Huawei – are preparing to debut new foldable gadgets that feature advancements from initial foldable devices. Huawei will unveil its third foldable smartphone, the

Feb. 15, 2021

Celltrion’s Humira biosimilar gains European sales approval

Celltrion’s Yuflyma, an adalimumab biosimilar for autoimmune diseases, has been given the green light by the European Commission on Feb. 11, allowing for it to be sold in the European market, Celltrion announced Monday. Yuflyma is the world’s first Humira biosimilar that is high-concentrate and citrate-free, just the way the original drug was updated and where the rest of the market is headed, Celltrion said. The removal of citrate reduces the pain experienced by patients immediate

Feb. 15, 2021

Xinjiang polysilicon boycott opens window for OCI

Following reports that polysilicon produced in the Chinese region of Xinjiang is linked with forced labor of detained Muslim minorities, solar companies in the US and Europe are seeking to exclude the region from their supply chains, opening a window of opportunity for South Korean firms to gain foothold in the market. A recent report by the consultancy Horizon Advisory suggests that Xinjiang’s production of polysilicon -- an essential raw material used in manufacturing most solar pane

Feb. 15, 2021

LG Chem raises W820b in ESG bonds

LG Chem has raised 820 billion won ($744.1 million) through sales of environment, social and governance bonds to make aggressive investments into new growth engines -- carbon neutrality, battery materials, new drugs and sustainable growth, the company said Monday. According to South Korea’s leading chemical company, it issued bonds totaling 1.2 trillion won -- 820 billion won in ESG bonds and 380 billion won in general corporate bonds -- breaking records previously held by Hyundai Stee

Feb. 15, 2021

LG Chem to issue corporate bonds worth W1.2tr

LG Chem Ltd., South Korea's largest chemical firm, said Monday it will issue corporate bonds worth 1.2 trillion won ($1.1 billion) to fund its new growth drivers, including renewable energy and battery businesses. LG Chem said it will issue 820 billion worth ESG (environmental, social and governance) bond and corporate bond worth 380 billion won, the largest amount to be raised by a local company. The parent of LG Energy Solution Ltd., which supplies electric vehicle batteries to Tesla and a n

Feb. 15, 2021

Brand X Corp. posts major sales jump amid leggings boom

Brand X Corp., a company behind fitness wear brand Xexymix, reported a whopping 113 percent on-year increase in sales last year, thanks to the popularity of leggings during the coronavirus pandemic. The social commerce startup posted a revenue of 139.8 billion won ($126.8 million) in 2020, while racking up 8.4 billion won in operating profit and 7.2 billion won in net profit, the company said in a tentative earnings report released on Monday. The firm’s full-year sales marked a two-fold i

Feb. 15, 2021

KB Asset bets on hydrogen supply chain in new equity fund

South Korea‘s fund manager KB Asset Management said Monday it has launched an equity fund to target companies at home and abroad dedicated to hydrogen supply chain. The instrument will become the first fund product publicly sold to investors in Korea’s fund management industry to bet on the growth of the global hydrogen mobility ecosystem. The equity fund will invest in companies devoted to production, storage, transportation and distribution of hydrogen, as well as hydrogen-power

Feb. 15, 2021

Hankook Tire to double US production on local demand

Hankook Tire & Technology Co., the world's seventh-largest tiremaker by sales, said Monday it plans to expand its US plant to meet demand from local carmakers. Hankook Tire plans to initially inject 100 billion won ($91 million) this year to double the production at its plant in Tennessee by the first half of 2024, a company spokesman said over the phone. The Tennessee plant will have an annual output capacity of 11 million tires, up from the current 5.5 million units, if the expansion is

Feb. 15, 2021

Coupang’s NYSE listing plan boosts related stocks

South Korean listed companies that have business ties with Coupang have seen their shares spike, backed by expectations of benefits from the local e-commerce giant’s mega US initial public offering. Dongbang, a logistics firm that handles Coupang’s delivery services, saw its shares jump by a daily permissible limit of 29.99 percent to reach 9,970 won ($9.03) at the closing bell on Monday. After the shares gained for the fourth straight session on the nation’s benchmark Kospi

Feb. 15, 2021

S. Korea’s property tax-to-GDP 3rd highest among OECD nations: data

South Korea’s property tax rate compared with its gross domestic product was the third highest among 37 Organization for Economic Cooperation and Development members in 2018, data showed Monday. The data compiled by Rep. Yoo Gyeong-joon of the main opposition People Power Party came amid growing concerns that the Moon Jae-in administration’s set of real estate measures -- focused on tightening loan regulations and levying heavier taxes on multiple homeowners -- failed to cool down t

Feb. 15, 2021

MMAA names former NSC deputy director as new CEO

The Military Mutual Aid Association has named Kim You-geun, former deputy director of South Korea‘s National Security Council, as its new chief executive officer of the institutional investor, officials said Monday. Kim, retired Korean Army Lt. Gen., became the 15th president of the institution dedicated to providing financial welfare to the Korean military community. He replaced the predecessor Kim Do-ho after receiving final approval from Defense Minister Suh Wook. Kim called for tra

Feb. 15, 2021

S. Korea's auto exports jump 30% in January

South Korea's auto exports jumped 29.5 percent on year in January, as global demand showed signs of modest recovery from the coronavirus pandemic, data showed Monday. The nation's auto production and domestic sales rose 24.9 percent and 18.4 percent on year in January, respectively, according to the data from the Ministry of Trade, Industry and Energy. It was the first time since September last year that auto exports, output and domestic sales all gained. By region, exports to North America j

Feb. 15, 2021

Samsung Heavy wins W781b order from Asia

Samsung Heavy Industries said Monday that it has signed a 781 billion won ($707 million) deal to build five liquefied natural gas (LNG)-fired container carriers. Under the deal with an Asian company, the 15,000-foot equivalent unit (TEU) container carriers will be delivered by July 2023, Samsung Heavy Industries said in an emailed statement. The shipbuilder did not reveal the name of the buyer. "This year is expected to see a rise in new orders for eco-friendly container carriers thanks

Feb. 15, 2021

[Graphic News] South Korea leads world in innovation

　South Korea returned to first place in the latest Bloomberg Innovation Index, while the US dropped out of a top 10 that features a cluster of European countries. 　Korea regained the crown from Germany, which dropped to fourth place. The Asian nation has now topped the index for seven of the nine years that it’s been published. Singapore and Switzerland each moved up one spot to rank second and third. 　The Bloomberg index analyzes dozens of criteria using seven equally weighted metri

Feb. 15, 2021

IoT subscriptions top 10m in S. Korea last year: data

South Korea's internet-of-things (IoT) device subscriptions hit over 10 million last year on the back of growing use of connected cars and remote control services. As of the end of last year, the number of mobile connections to such devices stood at 10.05 million, up around 2 million from the previous year, according to data from the Ministry of Science and ICT. IoT devices range from connected vehicles to home appliances that exchange data with other devices over the internet, and they can pr

Feb. 15, 2021

Samsung Engineering wins $120m deal from Thailand

Samsung Engineering Co. said Monday it has clinched a $120 million order to build facilities meant to boost propylene production in Thailand. Under a deal with PTT Global Chemical Public Co., Samsung Engineering will be responsible for the engineering, procurement and construction for an olefins 2 modification for propane feedstock project (OMP). The project calls for the construction of new facilities to change the main composition of existing feedstock from ethane to propane to increase prop

Feb. 15, 2021

Hyundai reveals interior of 1st own EV platform-based IONIQ 5

Hyundai Motor Co. on Monday unveiled the interior design of the IONIQ 5, the first all-electric model with its own electric vehicle platform, ahead of its global unveiling next week. The IONIQ 5 midsize crossover vehicle comfortably accommodates both passengers and cargo as the electric-global modular platform allows for an elongated wheelbase and flat floor unlike other midsize crossovers with internal combustion engines and conventional steer-by-wire systems, Hyundai said in a statement. &qu

Feb. 15, 2021

Seoul stocks open higher on tech gains

South Korean stocks opened higher Monday on strong advances by tech stocks. The benchmark Korea Composite Stock Price Index rose 35.91 points, or 1.16 percent, to 3,136.49 points in the first 15 minutes of trading. The KOSPI came to a strong start on foreign and institutional buying. Improved exports and eased social distancing measures against the new coronavirus also boosted hopes for a quick economic rebound. Top cap Samsung Electronics gained 2.45 percent, and No. 2 chipmaker SK hynix ad

Feb. 15, 2021

S. Korea's exports jump 69% in first 10 days of Feb.

South Korea's exports jumped 69.1 percent on-year in the first 10 days of February on strong shipments of chips and autos amid the pandemic, customs data showed Monday. The country's outbound shipments stood at $18 billion in the Feb. 1-10 period, compared with $10.6 billion a year earlier, according to the data from the Korea Customs Service. Imports soared 71.9 percent on-year to $20.4 billion, resulting in a trade deficit of $2.46 billion, the data showed. By sector, outbound shipments of

Feb. 15, 2021

Restaurant's business confidence hits nadir in Q4

South Korean restaurants' business sentiment sank to an all-time low in the fourth quarter of 2020 amid a surge in COVID-19 infections in the country, a state food distribution firm said Monday. The business survey index for the country's restaurant industry came to 59.33 for the October-December period, according to the Korea Agro-Fisheries & Food Trade Corp. It was the lowest quarterly tally since the state-run company began compiling the index in 2011. The fourth-quarter number was low

Feb. 15, 2021