LG Electronics operating profit hits all-time high of W3tr in 2020

LG Electronics logged a record-high operating profit in 2020, surpassing 3 trillion won ($2.75 billion) for the first time in its history, the company said in its regulatory filing Friday. Its operating profit for the whole of last year has been estimated at 3.19 trillion won, breaking the previous record of 2.7 trillion won in 2018. Compared with a year earlier, the 2020 figure was an increase of 31 percent, the regulatory filing showed. The South Korean electronics maker’s gross an

Jan. 8, 2021

KOSPI soars past 3,100 on Samsung, Hyundai Motor

South Korea's key stock index logged the largest daily gain in nearly seven months Friday, breaching the 3,100-point mark on stellar advances in market heavyweights such as Samsung Electronics and Hyundai Motor. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 120.5 points, or 3.97 percent, to close at 3,152.18 points, registering the largest daily jump since June 16, 2020. Trading volume was exceptionally high at about 1.3 billion shares

Jan. 8, 2021

S. Korea to add 1.04 million new jobs in public sector

The South Korean government plans to create 1.04 million new jobs in the public sector in an effort to tackle the pandemic employment shock, according to the nation’s first vice minister of finance Friday.  “To offer job opportunities to low-income households and young job seekers hit hard by the COVID-19 crisis, (the government) aims to create 1.04 million state-backed jobs by the end of this year, which is up nearly 10 percent from the previous year’s job-creating pr

Jan. 8, 2021

LG Electronics to feature virtual human at CES 2021

LG Electronics Inc. said Friday it will feature a virtual human as a speaker at the world's largest tech expo next week as the South Korean tech powerhouse aims to show off its artificial intelligence (AI) capabilities. LG said an artificial human, named Reah Keem, will deliver a three-minute presentation at its press event for the all-digital Consumer Electronics Show (CES) 2021 on Monday. LG designed the virtual human as a 23-year-old female musician. It already has an Instagram page with mo

Jan. 8, 2021

Bull market continues in US, S. Korea with Biden win affirmed

After US Congress confirmed Joe Biden as the presidential election winner, leading US stock benchmarks surged to record highs on Thursday (local time). South Korea’s main bourse also hit an all-time high in intraday trading on Friday. The Dow Jones Industrial Average, the index for 30 top-performing US firms, rose 0.69 percent to 31,041.13 while the tech-heavy Nasdaq Composite jumped 2.56 percent to 13,067.48. The S&P 500, which tracks the stocks of 500 large-cap US firms, increased

Jan. 8, 2021

Pandemic presents best winter season ever for petrochemical industry

Major South Korean petrochemical companies such as Hyosung Chemical and Lotte Chemical are enjoying an unexpected sales boost, as the pandemic has driven up demand for polypropylene, a raw material for mask filters and syringes. “Winter season is typically an off-season for the petrochemical industry. However, thanks to the pandemic, favorable market conditions continue for the petrochemical industry, even better than its usual peak season,” said SK Securities analyst Sohn Ji-woo.

Jan. 8, 2021

Samsung Electronics’ Q4 operating profit reaches W9tr

Samsung Electronics continued its strong performance in the fourth quarter last year, the company said in its regulatory filing Friday. Samsung Electronics estimated its Q4 operating profit at 9 trillion won ($8.2 billion), up 26.7 percent on-year. The company’s operating profit for the whole of last year is estimated at 35.9 trillion won accordingly, an increase of 29.4 percent from 27.7 trillion won in 2019. Compared with a quarter earlier, when the firm delivered an earnings surpris

Jan. 8, 2021

Samsung Electronics accelerates auto parts biz with Harman’s new digital cockpits

Samsung Electronics’ wholly owned auto parts subsidiary Harman on Thursday unveiled new digital cockpit concepts that can turn a car into a gaming station, a concert hall or a studio office. At Harman ExPLORE 2021, held Thursday, the company introduced three new digital cockpits that offer customized in-vehicle experiences to drivers -- Gaming Intense Max, Drive-Live Concert and Creator Studio. “We believe cars should be for living, not just driving. We’re transforming the

Jan. 8, 2021

LG unveils upgraded smart TV platform with new voice controls

LG Electronics Inc. on Friday unveiled its upgraded smart TV platform that will be used for its 2021 TV models as the South Korean tech company eyes to improve its software capabilities. LG, the world's second-largest TV maker, said the webOS 6.0 will run on its 2021 TV sets including OLED, QNED Mini LED and NanoCell TVs, and will feature enhanced voice controls and user-friendly interface. The latest smart TV system will have a new design of a home screen that will allow users to easily acces

Jan. 8, 2021

Samsung unveils new Chrome OS-powered laptop to target online learning market

Samsung Electronics Co. on Friday unveiled a new laptop that runs on Google's Chrome operating system (OS) as the South Korean giant eyes to respond to the increasing popularity of distance learning amid the pandemic. Samsung's Galaxy Chromebook 2 is the industry's first Chrome OS-powered laptop with QLED display. The 2-in-1 notebook comes with a 13.3-inch QLED full HD display with a touch screen. The latest laptop also features "Smart AMP" sound, which runs up to 178 percent louder

Jan. 8, 2021

Foreigners turn net sellers of S. Korean stocks in December last year

Foreign investors turned net sellers of South Korean equities in December last year, as they took profits from a recent stock rally, the central bank said Friday. Foreigners sold a net $2.36 billion worth of local stocks last month, compared with a net purchase of $5.07 billion in November last year, according to the Bank of Korea (BOK). Offshore investors also became net sellers of Korean bonds worth $170 million last month, the BOK said. Meanwhile, volatility in South Korea's currency fell

Jan. 8, 2021

Doosan Bobcat buys stake in US radar maker Ainstein

South Korea's small-sized construction equipment maker Doosan Bobcat Co. said Friday that it has bought a stake in US radar maker Ainstein. Doosan Bobcat did not reveal the vale of the deal, or how much stake it bought in the US company, citing a confidentiality agreement with the US firm. The stake purchase is a preemptive move to dominate the unmanned small-sized construction equipment market, which has been growing at a rapid pace, Doosan Bobcat said. Ainstein, based in Kansas, offers a fu

Jan. 8, 2021

S. Korea to jack up support for electric, hydrogen cars

South Korea plans to increase budgetary support for the purchase of electric and hydrogen cars by around 30 percent this year in a bid to nurture the next-generation vehicle sector, the finance minister said Friday. The country has set the non-memory chip, bio-health and next-generation vehicle sectors as the "BIG 3" industries that it seeks to nurture for job creation and innovation-driven growth. As part of such efforts, the country will spend 1.4 trillion won ($1.3 billion) to sup

Jan. 8, 2021

LG Electronics teams up with Naver for remote learning service

LG Electronics Inc. on Friday said it has signed a partnership with South Korea's top internet portal operator Naver Corp. to enter the remote learning service business amid the pandemic. Under the deal, the two sides will develop a notebook dedicated to Naver's online education platform Whale Space. Tentatively named "Whalebook," it will be a cloud-optimized laptop powered Whale operating system (OS). The two tech firms also agreed to seek further business opportunities that can uti

Jan. 8, 2021

Video streaming services focus on original content in S. Korea amid new competition

Video streaming services in South Korea are headed for heated competition this year as local media companies and global giants alike splurge on original content to take a solid position in the booming local market. Earlier this week, local media giant CJ ENM Co. said it is partnering with production company JTBC Studios to operate its over-the-top (OTT) service Tving. CJ ENM said the new joint venture will invest 400 billion won ($365.3 million) in production costs over the next three years in

Jan. 8, 2021

Hyundai Motor in talks with Apple to make Apple Car

Hyundai Motor Group confirmed Friday that it was in negotiations with Apple to manufacture an Apple Car. “The negotiations are in the early stages, but nothing has been decided, including whether Hyundai Motor will supply auto parts or manufacture the whole car,” a Hyundai Motor official said. Apple is said to be in talks with automakers, including Hyundai, to avoid the costs of developing battery technology and establishing production facilities. Hyundai Motor and sister comp

Jan. 8, 2021

Samsung to unveil new Exynos mobile microprocessor next week

Samsung Electronics Co. said Friday it will unveil a new mobile application processor (AP) next week that is expected to be used in the company's upcoming flagship smartphone. The South Korean tech giant confirmed its new Exynos chipset will be introduced at the Exynos On 2021 event on Tuesday, saying that the product "redefines the standard for premium mobile experiences." Industry observers believe Samsung's high-end Exynos 2100 processor will be introduced at the event. The latest

Jan. 8, 2021

[Graphic News] S. Korea's wine imports hit new high in 2020 amid coronavirus outbreak

　South Korea’s wine imports soared to a record high in 2020 as more people enjoyed drinking and partying at home due to the coronavirus outbreak, government data showed. 　South Korea imported $239 million worth of wine in the January-November period last year, much higher than the $204 million for all of 2019, according to the data by the Korea Customs Service. 　If the December numbers are included, last year's value of wine imports will far exceed the previous year’s tally. (Y

Jan. 8, 2021

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Friday, taking a cue from overnight Wall Street gains over global recovery hopes. The benchmark Korea Composite Stock Price Index rose 53.49 points, or 1.76 percent, to 3,085.17 in the first 20 minutes of trading. Stocks came to a strong start, led by chemical and auto gains. The gains were largely attributed to speculations that the upcoming US administration would increase stimulus and spending. Samsung Electronics added 1.93 percent, and No. 2 chipmaker SK

Jan. 8, 2021

Samsung expects solid Q4 performance on chip, display biz

Samsung Electronics Co. on Friday forecast solid fourth-quarter earnings as its cash cow chip business apparently stayed afloat in the face of the weakness of the US dollar and the resurgence of novel coronavirus infections to cover mediocre performance in its mobile business. In its earnings guidance, the South Korean tech giant estimated its operating profit at 9 trillion won ($8.2 billion) for the October-December period in 2020, up 25.7 percent from a year ago. The fourth-quarter operating

Jan. 8, 2021