AI takes center stage in telcos' tech drive

South Korean mobile carriers are expanding services integrated with artificial intelligence (AI) technology as they shift focus from telecommunications to find new growth drivers. Last week telecom giant KT Corp. joined hands with Hyundai Home Shopping Network Corp. to establish an AI call center at the retail company's headquarters in Seoul. The service incorporates voice recognition and text analysis technology so that AI can help customers with simple questions and can carry out tedious tas

Feb. 7, 2021

LG sets up S. Korea's largest ESS with local partners

LG Electronics Inc. said Sunday it has set up South Korea's largest energy storage system (ESS) with local partners as the tech giant eyes to expand its presence in the ESS market. LG Electronics said the ESS was built on Anjwa Island, South Jeolla Province, some 320 kilometers south of Seoul, in cooperation with KCH Group, Korea Western Power Co. and Top Solar Group. Together, they have completed a 340-megawatt-hour (MWh) ESS for Anjwa Smart Farm & Solar City, the country's largest ESS fo

Feb. 7, 2021

Prices of poultry products on rise amid bird flu outbreaks, total now at 87

South Korea's consumer prices of poultry goods continued to gather ground as the country destroyed more birds in a preventive measure against the highly pathogenic bird flu, data showed Sunday, with the caseload reaching 87. The average price of eggs shot up 43.8 percent over the past week from the previous year, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Those of chicken and duck meat also increased 16.6 percent and 26.2 percent, respectively. South

Feb. 7, 2021

Listed firms' cash dividends up 60% in 2020

South Korea's major listed firms' cash dividends shot up 60 percent in 2020 from a year earlier, led mostly by top market cap Samsung Electronics, data showed Sunday. The combined amount of dividends handed out by 124 listed firms surveyed in 2020 reached 30.2 trillion won ($26.8 billion), rising sharply from 19 trillion won disbursed a year earlier, according to the data compiled by market research firm FnGuide. Net profit of the companies, meanwhile, shot up 19.6 percent on-year in 2020 to r

Feb. 7, 2021

S. Korea's exports of cosmetics up 16% in 2020

South Korea's exports of cosmetics shot up 16 percent in 2020 from a year earlier, data showed Sunday, on the back of the growing demand from the United States and Asian countries. Outbound shipments of cosmetics reached $7.57 billion last year, according to the data compiled by the Korea Customs Service and the Korea Cosmetic Association. The country's exports of cosmetics had been maintaining two-digit annual growth since 2012, until they temporarily slowed in 2019 by rising 4.2 percent. Ex

Feb. 7, 2021

Home appliance makers release products highlighting pet care features

South Korean home appliance makers are releasing products that highlight pet care features, industry insiders said Saturday, as they target the growing number of consumers who live with companion animals. LG Electronics Inc. earlier this week introduced a washer and a dryer that come with steam functions that remove allergens. Citing results from the Japanese institution Environmental Allergens INFO & CARE, LG said using pet care cycles on their new clothing care appliances will kill dog

Feb. 6, 2021

Seoul stocks likely to move in tight range next week

South Korean stocks are likely to move in a tight range next week on eased market volatility as individuals and foreigners -- the driving forces behind the key stock index's stellar gains last month -- are expected to pull the key stock index in the opposite directions, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,126.63 points Friday, up 4.85 percent from a week ago. The KOSPI has undergone a major adjustment since last week due to rapid valuatio

Feb. 6, 2021

SK Chemicals 2020 net income up 5,043.7% to W258.3b

SK Chemicals on Friday reported its 2020 net profit of 258.3 billion won ($229.9 million), up 5,043.7 percent from a year earlier. The company said in a regulatory filing that operating income for the year rose 18.5 percent on-year to 95.2 billion won. Annual revenue decreased 15.7 percent to 1.2 trillion won. (Yonhap)

Feb. 5, 2021

Kakao introduces remote work solution, digital wallet at OECD event

Kakao introduced its newly developed mobile-based remote work solution and digital wallet during the second roundtable meeting of the Organization for Economic Cooperation and Development’s Digital for SMEs global initiative, the company said Friday. Kakao was the only official partner company from Asia to join the two-day event held online to promote discussions on how to enable small and medium-sized enterprises to make the most of the ongoing digital shift. At the meeting, Kakao intr

Feb. 5, 2021

FSC chief vows monitoring system to detect illegal short selling

Financial Services Commission Chairman Eun Sung-soo on Friday pledged all-out efforts to establish a monitoring system to detect illegal short selling before the financial regulator allows the practice to resume in May.  Short selling is a trading tactic whereby investors immediately sell borrowed stocks on a bet that share prices will fall, allowing them to later repurchase the stocks and return them to the lender. Some investors sell stocks without borrowing, known as “naked&rdqu

Feb. 5, 2021

Korean trade minister withdraws bid for WTO chief

South Korean Trade Minister Yoo Myung-hee announced Friday that she was dropping out of the race for the chief position at the World Trade Organization. “I decided to resign as a candidate through close coordination with the US government, our solid ally, in order to facilitate reaching a consensus among the WTO member countries,” Yoo said during a press briefing in Seoul on Friday. “I hope the WTO eases the leadership vacancy problem as soon as possible and restores multil

Feb. 5, 2021

S. Korea approves Celltrion's COVID-19 treatment for conditional use

South Korea‘s Drug Safety Ministry announced Friday it has approved Celltrion’s COVID-19 treatment candidate for conditional use. Conditional approval of Celltrion’s CT-P59, an anti-COVID-19 monoclonal antibody treatment candidate, has become the country’s first homegrown COVID-19 treatment. Celltrion’s CT-P59 will be administered only to COVID-19 patients at higher risk, including those over the age of 60 or with vascular diseases, chronic respiratory diseases,

Feb. 5, 2021

Samsung Bioepis biosimilars sales in Europe grow 7.8%

Sales of biosimilars developed by Samsung Bioepis in European countries reached 866 billion won ($795 million) last year, the South Korean drugmaker said Friday, citing an earnings report from US partner Biogen. Samsung Bioepis is a joint venture between Biogen and Samsung Group’s biopharmaceutical unit Biologics. Its biosimilar sales are shared by the two companies. According to Biogen’s earnings report, sales of Samsung Bioepis’ three major autoimmune biosimilars -- Bene

Feb. 5, 2021

NCSoft 2020 net income up 63.3% on popularity of major mobile titles

NCSoft Corp., a major South Korean online and mobile game developer, said Friday its net profit soared 63.3 percent in 2020 from a year earlier thanks to the continued popularity of its major mobile titles. Net profit stood at 586.6 billion won ($522 million) last year, compared with 359.3 billion won a year earlier, NCSoft said in a regulatory filing. Operating profit came to 824.8 billion won for the year, compared with 479 billion won the previous year. Annual sales rose 42 percent on-year

Feb. 5, 2021

Lotte Chemical Q4 net more than doubles on robust demand

Lotte Chemical Corp., a major South Korean petrochemical company, said Friday its fourth-quarter net profit more doubled from a year earlier on strong demand for its petrochemical products. The petrochemical unit of Lotte Group posted a net profit of 97.2 billion won ($86.5 million) in the October-December period, up 104.1 percent from a year earlier, the company said in a regulatory filing. Its operating profit jumped 49.4 percent on-year to 212.5 billion won, while sales fell 12.5 percent to

Feb. 5, 2021

Hankook Tire net falls 12% in 2020 on FX losses

Hankook Tire & Technology Co., the world's seventh-biggest tiremaker by sales, said Friday its net profit fell 12 percent in 2020 from a year earlier on foreign exchange losses. For the whole of 2020, net profit fell to 379.2 billion won ($337 million) from 429.6 billion won a year earlier, the company said in a statement. "The won's weakness against the dollar drove up the company's dollar-denominated debts and weighed on the annual bottom line," a company spokesman said over th

Feb. 5, 2021

Hyosung, Linde kick off joint ventures for world’s largest hydrogen facility in Ulsan

Hyosung Heavy Industries, the machinery maker arm of South Korea’s textiles and chemicals conglomerate Hyosung Group, will build the world’s single-largest liquid hydrogen facility in Ulsan. The project, carried out together with global chemical company Linde, comes in line with the country’s policy road map to achieve net zero emissions by 2050. “Hyosung Heavy and Linde Group have signed an investment agreement on creating joint ventures in order to push ahead with th

Feb. 5, 2021

Doosan Heavy sells stake in Doosan Infracore for W850b

South Korea's power plant builder Doosan Heavy Industries & Construction Co. said Friday that its board of directors has decided to sell the company's 35 percent stake in Doosan Infracore Co. for 850 billion won ($757 million) to global shipbuilding holding company Hyundai Heavy Industries Holdings Co. (HHIH). Cash-strapped Doosan Heavy disposed of 76 million shares of its construction equipment unit Doosan Infracore to improve business efficiency and management structure, the company said

Feb. 5, 2021

Seoul stocks rebound amid global stock rally

South Korean stocks rebounded Friday in line with rallies in global stock markets, as signs of recovery from the pandemic boosted foreign buying of local stocks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.08 points, or 1.07 percent, to close at 3,120.63 points. Trading volume was moderate at about 1.2 billion shares worth some 19.4 trillion won ($17.3 billion), with gainers outnumbering losers 504 to 339. Foreigners bought a net

Feb. 5, 2021

Korean tech employees complain about insufficient bonuses from profit-sharing programs

Tech industry employees in South Korea are outraged at the opaque payment systems that some companies use when administering profit-sharing programs. Employees at leading tech companies such as Samsung Electronics and LG Energy Solution were observed Friday to have posted complaints on online communities and social media about their bonuses and how they were calculated. The conflict came in the wake of an announcement by SK hynix that it would provide profit-sharing bonuses equivalent to 20

Feb. 5, 2021