French carmaker Renault S.A. is considering launching the Zoe electric vehicle in South Korea in 2019 on improving charging infrastructure and government subsidies, the company's chief executive said Wednesday."We are considering introducing the next-generation Zoe electric car in the South Korean market in 2019, but we need to closely watch the market situations (for the launch of the Zoe electric car)," Renault Samsung Motors Corp. CEO Park Dong-hoon told Yonhap News Agency. Renault Samsung's

Mobility May 31, 2017

SK Innovation Co., South Korea's top oil refiner, said Wednesday that it plans to spend 10 trillion won ($8.91 billion) in the battery and other non-refining sectors by 2020 to reshape its business portfolio and nurture new revenue sources.In a regulatory filing, SK Innovation said the investment will help it solidify its status as a leading energy and chemicals firm in the world. (Yonhap)Earlier this week, SK Innovation said it aims to secure a 30-percent share in the global battery market by 2

Industry May 31, 2017

Investment by South Korean institutional investors into foreign bonds and stocks hit a record high at the end of March this year, official data showed Wednesday. The data suggested that appetite by South Korean insurers, brokerages and asset management firms for riskier assets in foreign countries improved amid record-low interest rates at home.  The total holdings of foreign bonds and stocks by South Korean institutional investors stood at $192.9 billion at the end of March, the Bank of Ko

Market May 31, 2017

Choo Shin-soo of the Texas Rangers has homered in back-to-back games for the first time this season.Leading off and playing right field, Choo jumped on the first pitch he saw from the Tampa Bay Rays' starter Matt Andriese in the bottom of the first at Globe Life Park in Arlington in Arlington, Texas, on Tuesday (local time). In this Associated Press photo, Choo Shin-soo of the Texas Rangers rounds the bases after hitting a solo home run against the Tampa Bay Rays in their Major League Baseball r

Baseball May 31, 2017

South Korea's largest virtual reality event will kick off in the southern port city of Busan later this week to showcase the latest technologies and content as the country aims to become a global powerhouse in the sector, the government said Wednesday.Busan VR Festival 2017, the first of its kind, will take place at the Busan Exhibition & Convention Center from Thursday to Saturday, the Ministry of Science, ICT and Future Planning said. (BEXCO)"This event is aimed at creating various VR content

Technology May 31, 2017

Smartphones with wider displays including 5.5-inch models have emerged as the new mainstream in the global market, an industry tracker said Wednesday, amid rising demand for gaming and video streaming content via mobile devices. The trend is significant as late Apple CEO Steve Jobs preferred to have smaller handsets for single-hand use, which caused earlier iPhones to maintain a screen size of 3.5 inches. (Yonhap)According to industry tracker IDC, the global shipment of smartphones with 4-inch d

Technology May 31, 2017

South Korea's exports to the group of Southeast Asian countries more than doubled over the last decade as commerce and investment increased following the implementation of a free trade deal, government data showed Wednesday.Outbound shipments to the 10 member countries of the Association of Southeast Asian Nations reached US$74.52 billion in 2016, compared with $32.1 billion in 2006, according to the data by the Ministry of Trade, Industry and Energy. With the South Korea-ASEAN free trade deal t

Economy May 31, 2017

South Korean shares traded higher late Wednesday morning as foreign and institutional buyers scooped up big cap stocks amid a massive selling spree by individuals.The benchmark Korea Composite Stock Price Index added 9.42 points, or 0.4 percent, to 2,353.10 as of 11:20 a.m.The index opened lower on losses in market heavyweights, including market bellwether Samsung Electronics. However, the local index pared earlier losses as most market heavyweights turned higher.Top cap Samsung Electronics adva

Market May 31, 2017

Nearly half of the top 30 conglomerates in the country in 2000 either fell out of the rankings or have been dissolved, with only Samsung Group firmly entrenched in the No. 1 position, an analysis showed Wednesday.Corporate tracker CEO Score compared the top 30 business groups of 2000 and those in 2016 in terms of state-appraised assets. Over the 17-year period, 13 conglomerates lost ground in terms of status or disappeared altogether from the list, according to the analysis. (Yonhap)Twelve of th

Industry May 31, 2017

Creditors of cash-strapped Daewoo Shipbuilding & Marine Engineering Co. are set to inject fresh funds into the embattled shipyard next week, later than earlier scheduled, due to the delay in the debt rescheduling scheme, industry sources said Wednesday.According to the sources, the state-run Korea Development Bank-led creditors are expected to start injecting 500 billion won ($444 million) in cash into the shipbuilder in the coming days as the shipyard could face a cash shortage next month. (Yon

Industry May 31, 2017

China-based tech manufacturer ZTE Corp. is gradually expanding its presence in the South Korean market by joining forces with local companies, industry watchers said Wednesday. There are currently three ZTE-manufactured devices being sold in South Korea, including the LINE Friends smartphone released through KT Corp., the country's No. 2 mobile carrier. Inspired by characters made by LINE Corp., a Japan-based arm of South Korea's Naver Corp., the handset that targets children marks a rare tie-up

Technology May 31, 2017

South Korea's antitrust watchdog will probe unfair subcontracting practices in the local software industry next month as part of efforts to level the playing field, the nominee for its chief said Wednesday.Kim Sang-jo, who has been named the chairman of the Fair Trade Commission, made the remark in a written report to Rep. Park Yong-jin of the ruling Democratic Party of Korea for a parliamentary confirmation hearing. The date for Kim's hearing has yet to be fixed. (Yonhap)"The FTC will carry out

Industry May 31, 2017

South Korea's industrial output backtracked in April from a month earlier due to the decline in the production of chips and cars, government data showed Wednesday.Production in the mining, manufacturing, gas and electricity industries fell 2.2 percent on-month in April, retreating from a 1.2 percent on-month gain in the previous month, according to the data by Statistics Korea. (Yonhap)From a year earlier, the figure rose 1.7 percent on-year in April on the back of a sharp output increase in the

Industry May 31, 2017

Debt sales by South Korean companies jumped 64.5 percent on-month in April, data showed Wednesday, as firms sought to take advantage of record low interest rates. South Korean firms issued bonds worth 16.9 trillion won ($15 billion) last month, compared with 10.3 trillion won worth of bonds issued in February, according to the data by the Financial Supervisory Service.(Yonhap)Sales of debts by nonfinancial firms soared 77.2 percent on-month to 4.3 trillion won in March, the data showed. Financia

Industry May 31, 2017

A Los Angeles city planning commissioner aspiring to become the first Korean-American member of the House of Representatives in more than 18 years called Tuesday for President Donald Trump to adopt a new approach to the growing problem of North Korea."North Korea has conducted two underground nuclear tests and fired off dozens of ballistic missiles since 2016 in defiance of UN and international sanctions," said Robert Ahn, one of the two congressional candidates in the runoff election in Califor

North Korea May 31, 2017