Nexon founder Kim donates W10b to child hospital

Nexon founder Kim Jung-ju has pledged to donate 10 billion won ($9 million) for the construction of children’s hospitals, making good on his promise to give back to society. The 52-year-old chief of NXC, the holding company of South Korean gaming giant Nexon, has delivered half of the money -- 2.5 billon each -- to Daejeon Chungnam Public Children’s Rehabilitation Hospital and Nexon Children’s Palliative Care Center at Seoul National University Hospital, according to local me

Jan. 27, 2021

Wireless earphone boom gives boost to LG, Samsung’s micro battery biz

As AirPods and Galaxy Buds become ever more popular, the demand for micro batteries has spiked, benefiting South Korean battery manufactures LG Energy Solution and Samsung SDI. According to Counterpoint Research data, the size of the global wireless earphone market is estimated to have reached 220 million units last year from 120 million units from a year prior. Accordingly, the global micro battery market is estimated to have enjoyed a 90 percent growth, a major boon for LG Energy Solution&

Jan. 27, 2021

Samsung Electro-Mechanics shifts to profits in Q4

Samsung Electro-Mechanics Co., a major electronics components maker in South Korea, on Wednesday said its fourth-quarter net profit in 2020 swung to the black from a year earlier on the back of increased sales of its products amid the growth of 5G and automotive sectors. The Samsung Group affiliate reported a net profit of 204.9 billion won ($185.4 million) for the October-December period, swinging from a loss of 21.1 billion won a year earlier. The company said in a regulatory filing that it

Jan. 27, 2021

Seoul stocks fall on foreign selling ahead of US Fed meeting

South Korean stocks slumped after a choppy session Wednesday, largely due to heavy foreign selling related to concerns over fiscal policy tightening in major financial markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.75 points, or 0.57 percent, to close at 3,122.56 points. Trading volume was moderate at about 905 million shares worth some 19.4 trillion won ($17.6 billion), with losers outnumbering gainers 574 to 293. Foreigner

Jan. 27, 2021

Telecom firms unload assets to cope with market changes

Major telecommunications firms in South Korea are speeding up asset sales as part of their strategies to seek new growth opportunities in the non-telecommunications market. SK Telecom, the industry’s largest in terms of mobile subscription, announced Tuesday its sale of professional baseball team SK Wyverns to Shinsegae Group’s supermarket chain E-Mart. The deal, estimated at 135 billion won, includes a 100 percent stake in the baseball team as well as the team’s property h

Jan. 27, 2021

[Earnings roundup] LG Chem breaks earnings records on battery boom

　LG Chem, LG Display, Kia and a score of other companies on Wednesday released business results from the final quarter of 2020, summing up a year hit hard by the infectious disease and restrained consumer sentiment. 　Despite the unfavorable market conditions, some managed to report surprisingly strong earnings in the face of adversity. 　 LG Chem breaks record 　 　Strong battery sales pushed revenues of LG Chem to a record high in 2020. 　The country’s leading chemical company reported

Jan. 27, 2021

Samsung pays out over W77.7b in incentives to chip partners in 2020

Samsung Electronics Co. said Wednesday it paid out more than 77.7 billion won ($70 million) in incentives to its semiconductor partner companies last year as the South Korean tech giant tries to build up a healthy ecosystem for the local chip industry. The world's largest memory chipmaker said it gave incentives worth 41.19 billion won to some 23,000 workers at its 289 chip business partners in the second half of 2020. Including its first half incentives worth 36.53 billion won, the company's

Jan. 27, 2021

Mercedes-Benz Korea plans to launch 9 new models including 2 EVs

Mercedes-Benz Korea will launch nine new models this year, including two electric vehicles, aiming to re-create the sales success of last year, the automaker said Wednesday. This year, the German brand will augment its flagship luxury sedan lineup by launching new C-Class and S-Class models. Also coming to local consumers this year are the revamped CLS, the four-door coupe and a new engine variant for the G-Class, the G 400 d. The automaker is also planning to roll out two pure electric v

Jan. 27, 2021

New Korean equity fund bets on ESG momentum

South Korean investment firm Truston Asset Management said Wednesday that it is establishing a fund to invest in companies that have room for improvement in their environmental, social and governance standards, and to make changes through shareholder activism if necessary. The company, which managed assets worth 9.3 trillion won ($8.4 billion) as of end-2020, aims to raise some 500 billion won from public distribution channels in the nation, where unorthodox family business succession plans to

Jan. 27, 2021

NPS chalks up gains from stock investments in 2020

South Korea’s state-run pension fund raked in over 58 trillion won ($52.6 billion) from stock investments last year amid a bullish run on the local stock market, data showed Wednesday. The total amount of shares that the National Pension Service holds in listed companies, of which it owns 5 percent or more, was worth nearly 181.3 trillion won as of Friday. The figure has soared over 57.68 billion won or 46.7 percent from the start of last year, according to corporate tracker CEO Score.

Jan. 27, 2021

Apartment price gap widens to record high amid overheated housing market

The price gap between high and low-priced apartments nationwide widened to the highest level in 12 years in December last year, showing deepening housing polarization in the country, according to data Wednesday.  Apartment prices of the top 20 percent group reached an average of 951.6 million won ($861,198) in December, soaring by more than 200 million won from a year earlier, the monthly housing price trend report released by KB Kookmin Bank showed. Meanwhile, prices of low-cost apartme

Jan. 27, 2021

Pets and COVID-19: What owners should know

A kitten became the first pet to be confirmed infected with the novel coronavirus in South Korea on Sunday. The authorities tested three cats -- a mother and her two kittens -- at a prayer house in Jinju, South Gyeongsang Province, after both of their owners were diagnosed with the disease and had to be taken elsewhere for care. The kitten is now at a pet hotel and being cared for by an animal protection agency, alongside its mother and littermate, an Agriculture Ministry official told

Jan. 27, 2021

Six best wines to buy for Lunar New Year

Distiller HiteJinro has released a wide range of wine gift sets ahead of the Lunar New Year holiday season. The new range includes bottles from internationally renowned wineries such as Cambria, Sterling and Tarapaca as well as Marques de Riscal and Taittinger. From best-value bottles to limited editions, the gift sets range in price from 50,000 won ($42.25) to 1 million won. Hailing from multiple countries with different tastes, they make for great gifts to loved ones during Seollal, the comp

Jan. 27, 2021

LG Electronics wins prestigious TV tech award

LG Electronics Inc. said Wednesday it has won a prestigious TV technology and engineering award in the United States for its high-end OLED TV as the South Korean tech giant tries to expand its presence in the global TV market. LG said it has been named one of the recipients at the 72nd Annual Technology & Engineering Emmy Awards organized by the US National Academy of Television Arts & Sciences (NATAS). The Technology & Engineering Emmy Awards honor those who contributed to technic

Jan. 27, 2021

KT tests standalone 5G on commercial network

KT Corp., a major South Korean telecom operator, said Wednesday it has started testing standalone 5G on its commercial network in its latest push for 5G technology. Currently, South Korean mobile carriers operate the non-standalone version of the latest generation network, requiring support from the previous 4G LTE network. The standalone version has benefits as it solely uses the 5G network, leading to decreased latency and improved battery life for devices, according to KT. While local mobi

Jan. 27, 2021

Seoul stocks tread water ahead of US Fed meeting

South Korean stocks opened nearly flat Wednesday as investors waited for the results of the US Federal Reserve's policy meeting. The benchmark Korea Composite Stock Price Index fell 1.4 points, or 0.04 percent, to 3,138.91 in the first 15 minutes of trading. Market bellwether Samsung Electronics lost 0.35 percent, while No. 2 chipmaker SK hynix shed 1.16 percent. Leading chemical firm LG Chem moved down 2.2 percent, but rechargeable battery maker Samsung SDI climbed 0.25 percent. Pharmaceuti

Jan. 27, 2021

Samsung's health tracking app to be available in 31 more countries

Samsung Electronics Co. said Wednesday its fitness app with advanced health tracking features will soon be available in 31 new countries as the South Korean tech giant tries to expand its health service amid the pandemic. The world's largest smartphone maker said the Samsung Health Monitor app received a Conformity to European (CE) marking in December 2020 and will be allowed to use in 28 European countries. A CE marking is given when a product meets European Union safety, health and environme

Jan. 27, 2021

State pension fund earns big from equity investments in 2020

South Korea's national pension fund earned nearly 58 trillion won ($52.6 billion) from stock investments in 2020 thanks to the bullish stock market, data showed Wednesday. As of Friday, the National Pension Service (NPS) held 181.3 trillion won worth of shares in 275 companies, of which it owns 5 percent or more, according to the data from corporate tracker CEO Score The amount was up about 47 percent, or 57.7 trillion won, from the start of last year. The bulk of last year's gains came from

Jan. 27, 2021

LG Display swings to net profit in Q4 on increased OLED panel sales

LG Display Co., a major display panel maker in South Korea, on Wednesday said it shifted to a net profit in the fourth quarter of 2020, on the back of increased demand of its panels for IT products and sales of OLED displays amid the pandemic-induced stay-at-home trend. LG Display reported a net profit of 621 billion won ($561.2 million) for the October-December period, swinging from a loss of 1.81 trillion won a year earlier. Operating income for the fourth quarter was 685.5 billion won, comp

Jan. 27, 2021

Foreign IBs raise S. Korea's 2021 growth outlook

Several foreign investment banks (IBs) have revised up their forecasts for South Korea's 2021 economic growth following the economy's relatively good performance last year, a report showed Wednesday. Out of six foreign IBs and one research institute that published reports on Asia's fourth-largest economy Tuesday, three upgraded their growth outlooks by 0.1 to 0.3 percentage point, according to the report by the Korea Center for International Finance. These institutions predict the South Korean

Jan. 27, 2021