Exports of farm goods hit all-time high in H1

SEJONG -- South Korea's exports of agricultural products shot up to set a new record in the first six months of 2021, data showed Tuesday, on the back of stronger global demand for healthier foodstuffs amid the new coronavirus pandemic. Outbound shipments of such goods in the January-June period came to $4.15 billion, up 15.4 percent from a year earlier, according to the data compiled by the Ministry of Agriculture, Food, and Rural Affairs. Exports of fresh products advanced 11.4 percent over

July 6, 2021

LG Electronics to expand cloud-based call centers

LG Electronics Inc. said Tuesday it will expand cloud-based call centers to offer better customer care services and protect its workers from the novel coronavirus outbreak. With its recently launch of cloud-based call centers in the United States, LG said they will be also available in 10 more countries, including Brazil, France, Vietnam and South Korea, by the end of this year. Cloud-based call centers allow employees to work wherever internet is connected, which will promote a work-from-home

July 6, 2021

[Graphic News] Nearly 80% of S. Korean consumers increase online shopping amid pandemic

　Nearly 8 out of 10 South Korean consumers have increased their online shopping during the coronavirus pandemic, a poll showed. 　The survey of 1,000 local consumers, taken by the Korea Chamber of Commerce and Industry, showed 78.4 percent of the respondents saying their online purchases have risen since the outbreak of COVID-19. 　About 71 percent of them said they have purchased more foodstuffs and beverages online, followed by dining out and other food services, kitchen and daily goods an

July 6, 2021

Hyundai's Genesis vehicle sales jump 33% in H1

Hyundai Motor Co. said Tuesday its independent brand Genesis' domestic vehicle sales jumped 33 percent in the first half compared to a year earlier amid tougher competition with imported brands and the COVID-19 pandemic. Hyundai sold 72,710 Genesis vehicles from January to June, up from 48,886 units a year earlier, the company's sales data showed. Genesis models accounted for 19 percent of Hyundai's domestic sales of 386,095 units in the first six months of this year. On the overseas front, t

July 6, 2021

Seoul stocks open higher on tech, auto gains

South Korean stocks opened higher Tuesday amid strong advances by large tech and auto caps. The benchmark Korea Composite Stock Price Index (Kospi) rose 11.06 points, or 0.34 percent, to trade at 3,304.22 in the first 15 minutes of trading. Stocks got off to a solid start on expectations of improved corporate earnings. Samsung Electronics and LG Electronics are scheduled to report their quarterly earnings guidance Wednesday. Market kingpin Samsung Electronics rose 0.5 percent, and LG Electro

July 6, 2021

LG looking to beef up relationship with Apple after mobile biz exit

LG Group, South Korea's fourth-largest conglomerate, is apparently looking to beef up its business relationship with Apple Inc., industry insiders said Tuesday, amid rumors that its electronics affiliate may sell the US tech titan's products at its retail shops. LG recently held a special promotion for iPhones, iPads and other Apple products on Lifecare, its online shopping mall for group employees, according to the sources. This was reportedly the first time that the group offered mobile devic

July 6, 2021

S. Korean retailer confidence improves for Q3

A majority of South Korean retailers expect their business conditions to improve further in the third quarter of 2021 than three months earlier as more people get vaccinated against the new coronavirus, a poll showed Tuesday. The Korean Chamber of Commerce and Industry said its retail business survey index (RBSI) stood at 106 for the July-September period, up from 103 three months earlier. It marks the second consecutive quarter that the country's RBSI has remained above par. In the second qua

July 6, 2021

Samsung Display, union reach wage agreement

The labor union of Samsung Display has reached a wage agreement with management and will end its two-week partial strike soon, union officials said Monday. Six union representatives went on strike on June 21, demanding a 6.8 percent hike in base pay, in the first-ever walkout at the world's largest mobile display maker. In the latest negotiation, the union withdrew its demand and accepted the company's proposal of a 4.5 percent raise, and the agreement was approved by 83 percent of its members

July 5, 2021

S. Korea, Israel to speed up joint R&D projects

South Korea and Israel said Monday they plan to speed up joint research and development projects to cope with the changing business environment amid the COVID-19 pandemic. The announcement came after the two countries announced earlier this year that they will increase contributions to the Korea-Israel Industrial R&D Foundation. The foundation kicked off in 2001 to promote bilateral technology exchanges. In May, South Korea and Israel vowed to each disburse $4 million annually for the foun

July 5, 2021

Tesla, Apple, AMC most bought foreign stocks among Koreans in H1

Tesla, Apple and AMC Entertainment were the most-bought foreign stocks among South Koreans in the first half of the year, data showed Monday. US electric vehicle maker Tesla drew buy orders of $9.6 billion from Korea-domiciled investors during the January-June period, topping the list of the most actively traded foreign stocks, according to data from the Korea Securities Depository. The same stocks worth $7.9 billion were sold by Korean traders over the cited period. Korean investors‘ p

July 5, 2021

Koreans still prefer real estate investment: data

South Koreans’ preference for nonfinancial assets such as real estate is still high compared to other major economies, but their investment in stocks has increased during the pandemic, data showed Monday. As of end-2019, the proportion of financial assets in the wealth of Koreans was 35.6 percent, significantly lower than those in the US (71.9 percent), Japan (62.1 percent), UK (54.8 percent) and Australia (43 percent), according to data compiled by Korea Financial Investment Association.

July 5, 2021

[Behind the Wheel] With K9, Kia makes driving luxury

Kia’s premium flagship sedan K9 has returned with a major technological change, showing off how driving assistance can really make a difference behind the wheel. Often called the “car for CEOs,” the most luxurious model from Kia showed a solid performance, selling 10,878 units in 2019. But its sales dwindled to 7,831 units in 2020 as competition for the title intensified with vehicles from Genesis, the premium automotive brand of Hyundai Motor Group, namely the G80 and G90.

July 5, 2021

Samsung partners with Hanwha Q Cells for zero energy homes

Samsung Electronics said Monday it had joined hands with South Korea’s leading solar cell and module maker Hanwha Q Cells to tap the home energy solution market. According to the companies, the partnership seeks to create “zero energy homes,” that are self-sufficient for energy. While Hanwha Q Cells’ solar power modules and energy storage system would allow homeowners to produce and store electricity, Samsung Electronics’ SmartThings Energy service, an open Inte

July 5, 2021

[News Focus] Apple’s free update of lossless format to reshape digital music in Korea

Last month,Apple rolled out two big updates -- a lossless audio format and Dolby Atmos support -- for its flagship digital music service. As Apple Music subscribers get the two upgrades at no extra charge, attention is now placed on Korean digital music providers that offer similar content in separate pay plans. With the updates, Apple switched over 20 million tracks to a lossless format named ALAC, or Apple lossless audio compression. Apple said it plans to make its entire catalogue of over 7

July 5, 2021

Korea pushes measures to clinch $30b of foreign construction deals

With signs of recovery in the global construction market, the government said Monday it would make an all-out effort to achieve its goal of securing $30 billion worth of overseas construction deals this year. “Large-scale infrastructure investment demand from developed and developing countries is expected to grow as the global construction market is expected to recover this year,” Finance Minister Hong Nam-ki said. Korean construction firms won overseas orders worth $14.7 billion

July 5, 2021

SKT offers a glimpse of what mmWave 5G network would be like

South Korea’s top wireless carrier SK Telecom said Monday that the company has started a test run of its 5G network running on the 28-gigahertz bandwidth at Coex, in Samseong-dong, Seoul. For the test run of super-fast wireless connection, the company has set up an exhibition at a 36,000-square-meter area at Coex, offering a glimpse into SKT’s future technology businesses, such as the metaverse. During the event, which runs through Sunday, anyone who visits can use the “mi

July 5, 2021

Samsung likely to unveil three foldable phones on Aug. 11

Samsung Electronics will unveil a lineup of new mobile devices, including foldable phones, next month, according to industry sources on Monday. Industry watchers say that Samsung will be holding a Galaxy Unpacked event at 11 p.m. on Aug. 11, Korea time, which will be livestreamed from Seoul. Samsung, however, hasn’t yet sent out an official invitation to its partners and media worldwide. Regarding the schedule, Samsung said it is not yet fixed. The upcoming show will be the first th

July 5, 2021

[News Focus] Welstory: Food for Samsung workers or the Lees?

A hefty fine given to four Samsung companies, including Samsung Electronics, by the Fair Trade Commission late last month has dealt another blow to South Korea’s top conglomerate in terms of compliance. On Friday Kim Ki-nam, chief of Samsung’s semiconductor business, currently the most powerful person at the company while de facto owner Lee Jae-yong is in jail, urged executives and employees to continue making “ceaseless efforts to maintain compliance rules” in a letter

July 5, 2021

Seoul stocks rebound on earnings hope; Kosdaq sets record for 3rd day

South Korean stocks rebounded Monday after a two-day slump, largely on speculations of solid corporate earnings in the second quarter. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 11.43 points, or 0.35 percent, to close at 3,293.21 points. Trading volume was moderate at about 839 million shares worth around 14.3 trillion won ($12.6 billion), with losers outnumbering gainers 460 to 372. Foreigners bought a net 1 billion won, while ret

July 5, 2021

Local builder Jungheung picked as preferred bidder for Daewoo E&C deal

KDB Investment, a controlling shareholder of Daewoo Engineering & Construction have picked Jungheung Group, a local construction company, as a preferred bidder for acquiring the country‘s sixth-largest builder, the proposed seller said Monday. The announcement sets the stage for Jungheung to further negotiate with KDB Investment, which holds 210.9 million common shares, or a 50.75 percent stake, in Daewoo E&C. The Jungheung-led consortium outbid the investor group of builder DS

July 5, 2021