Demand for processed meat rising in sync with single-member households

South Korea's market for processed meat products, such as sausages, has been growing steadily in recent years amid rising demand from single-member households, data showed Tuesday. The country's processed meat market was estimated at 5.6 trillion won ($5 billion) in 2018, up 2.4 percent from the previous year, according to the Ministry of Agriculture, Food, and Rural Affairs. The market has grown an average of 8.9 percent since 2015. The ministry attributed the growth to rising demand for read

Nov. 10, 2020

[Monitor] COVID-19 causing more layoffs at SMEs

About half of the employees at small and medium-sized companies who are taking time off from work are doing so due to business deterioration amid the COVID-19 pandemic, statistics showed Monday. According to the Korea Small Business Institute and Statistics Korea, among the 712,000 employees at small and medium-sized enterprises who were on temporary leave as of September, 50.1 percent, or 357,000, had taken leave due to a business slump or company shutdown. Small and medium-sized companies

Nov. 10, 2020

Doosan unit to develop fuel cells for ships with Navig8

South Korean fuel cell maker Doosan Fuel Cell Co. said Tuesday it has signed a preliminary deal with Singaporean shipper Navig8 to develop fuel cells for ships. Under the deal, Doosan Fuel Cell will provide solid oxide fuel cells (SOFCs), energy conversion devices generating electricity, for a 50,000-ton ship of Navig8, while the Singaporean shipping company will offer technologies to mount SOFCs on the ship. SOFCs for the 50,000-ton ship will be used to propel the vessel and generate electri

Nov. 10, 2020

Hyundai to produce new Tucson SUV in US plant next year

South Korea's Hyundai Motor Co. said Tuesday it will produce the all-new Tucson SUV in its US plant to meet local demand for SUV models. Hyundai Motor plans to produce the 2022 Tucson gasoline and gasoline hybrid models in the Alabama plant next year for the sale of the compact SUV in the US market starting early next year, the company said in a statement. The Tucson with a gasoline and a gasoline hybrid engine will also be manufactured in Hyundai's main Ulsan plant in South Korea. The 2022

Nov. 10, 2020

Netflix estimated to have record-high subscriptions in S. Korea in Oct.: data

US streaming giant Netflix Inc. is estimated to have brought in record-high paid subscriptions in South Korea last month, industry data showed Tuesday. An estimated 3.62 million viewers in South Korea presumably paid 51.4 billion won ($45.9 million) for subscriptions in October, almost twofold from 26.2 billion won in the same period a year earlier, according to the data from industry tracker WiseApp. The data showed that users in their 20s accounted for 36 percent of last month's paid users,

Nov. 10, 2020

Tax revenue tallied at W36.6tr in September

SEJONG -- South Korea collected 36.6 trillion won ($32.7 billion) in taxes in September, up 3.6 trillion won from a year earlier, the finance ministry said Tuesday. Income tax revenue amounted to 6.7 trillion won in September, up 4.2 trillion won from a year earlier, according to the Ministry of Economy and Finance. Dues collected from companies, on the other hand, reached 8.3 trillion won in the month, down 1.2 trillion won from a year earlier due to the lackluster earnings of local firms.

Nov. 10, 2020

LG Electronics wins supplier award from Renault for vehicle displays

LG Electronics Inc. said Tuesday it has received a supplier award from French automaker Renault SA as the South Korean tech powerhouse eyes to expand its presence in the vehicle component business. LG was honored with an Innovation award at this year's Renault Supplier Awards for its vehicle display products. This is the third time that LG has been recognized by Renault with a supplier award following its recognition in 2014 and 2017. Renault praised LG's 9.3-inch center information displa

Nov. 10, 2020

SK Telecom launches subscription-based Xbox service in S. Korea

SK Telecom Co., South Korea's largest wireless carrier, said Tuesday it released Microsoft Corp.'s Xbox All Access service for the local market, offering gamers the US tech giant's latest game console as well as its cloud gaming service. The new subscription service bundles Microsoft's new console -- the Xbox Series X or Series S -- and its game streaming service -- 5GX Cloud Game -- launched in September for the local market in partnership with SK Telecom. South Korea is the only Asian countr

Nov. 10, 2020

Seoul stocks open nearly flat despite Dow's COVID-19 vaccine rally

South Korean shares opened nearly flat Tuesday despite the overnight rally on Wall Street triggered by better-than-expected efficacy of a COVID-19 vaccine by Pfizer, as investors turned to profit-taking after a sixth straight rise. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.5 point, or 0.02 percent, to 2,447.7 in the first 15 minutes of trading. Stocks came to a muted start after hiking 1.27 percent on the Biden effect the previous session. US top infectious disease exper

Nov. 10, 2020

Hyundai Motor mulls acquiring US robotics firm from Softbank: reports

Hyundai Motor Co., South Korea's biggest carmaker by sales, is in talks with Softbank Group Corp. to acquire a US-based robotics company for $1 billion, news reports said Tuesday, as it increases investments in future mobility solutions. Hyundai Motor is mulling acquiring a controlling stake in Boston Dynamics, and the terms of the deal have yet to be finalized, according to reports. The maker of the Sonata sedan and the Palisade SUV declined to confirm the reports. "As a global busines

Nov. 10, 2020

Hyundai Motor to use Nvidia's infotainment system in all vehicles from 2022

Hyundai Motor Group, the world's fifth-biggest carmaker by sales, said Tuesday it will use US chipmaker Nvidia's in-vehicle Drive system across all of its vehicles from 2022. The South Korean carmaker will apply the Nvidia Drive "connected car" platform to all of its upcoming models from Hyundai Motor Co., its independent Genesis brand, and Kia Motors Corp. starting from 2022, the company said in a statement. Under the partnership, the group's next-generation vehicles will feature

Nov. 10, 2020

Celltrion’s 2020 Q3 performance best ever

  　Celltrion set a quarterly earnings record in the third quarter of 2020, the company’s regulatory filing showed Monday. 　The No. 1 South Korean biosimilars maker posted a revenue of 548.8 billion won ($492.6 million) and an operating profit of 245.3 billion won, up 89.9 percent and 137.8 percent, respectively. 　The pharma credited its buoyant performance to increasingly reliable distribution of its biosimilar products, which are expanding their presence in global markets. 　Cell

Nov. 9, 2020

Biden administration likely to benefit Korea's eco-friendly cars, energy, bio

As Joe Biden -- who has made energy and climate policy a high priority -- has won the US presidential election, Korean businesses related to eco-friendly cars, green energy and bio are expected to gain momentum in the US market. Earlier, the new president-elect pledged a $2 trillion plan to invest in eco-friendly infrastructure. He also promised to rejoin the Paris Agreement on Climate Change, which Trump withdrew from, and to push for carbon emissions to reach “net zero” by 2050.

Nov. 9, 2020

Korean shippers, shipbuilders soar on rising freight rates, hopes for more orders

Shares in South Korean shippers and shipbuilders rallied on Monday on expectations that strong freight rates may work to improve their earnings and trigger more ship demand, analysts said. The Shanghai Containerized Freight Index, a barometer of global freight rates, came to a new high of 1,664.56 last Friday, according to industry sources. The previous record was 1,583.18 posted in July 2010. "Today's sharp advances in shippers and shipbuilders don't mean they will continue to turn for

Nov. 9, 2020

US likely to restore multilateralism, free trade under Biden: KIEP report

Following the presidential election victory of Joe Biden, the United States is expected to “partly” revive its former free trade policies in the multilateral frame, while maintaining some protectionist actions against China, according to South Korea’s state-run think tank. The incoming Democrat administration is especially likely to bolster the US’ solidarity with South Korea and other allies on the trade front in order to regain its standing within the World Trade O

Nov. 9, 2020

Korea Aerospace Q3 net plunges 66% on delayed parts delivery

Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Monday its third-quarter net profit plunged 66 percent from a year earlier on delayed parts delivery to customers. Net profit for the three months ending in September fell to 12.4 billion won ($11 million) from 36.6 billion won a year earlier, the company said in a statement. "Delayed delivery of aircraft body and wing parts to customers, such as Airbus and Boeing, had an impact on the quarterly results

Nov. 9, 2020

Samsung tops US smartphone market in Q3: report

Samsung Electronics Co. sold the largest number of smartphones in the United States in the third quarter of the year, beating its rival Apple Inc. for the first time in three years, a report showed Monday. Samsung accounted for 33.7 percent in the US smartphone market in the July-September period, up 6.7 percentage points from a year earlier, according to market researcher Strategy Analytics. Apple was the runner-up with a 30.2 percent share, followed by South Korean smartphone maker LG Elect

Nov. 9, 2020

Seoul stocks surge to over 2-yr high on Biden effect; Korean won at nearly 2-yr high

South Korean shares extended their winning streak to a sixth day to hit an over 2-year high on Monday as investor appetite for risky assets increased following Joe Biden's victory in the US presidential election. The Korean won surged to a 22-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.7 points, or 1.27 percent, to close at 2,447.2 points, the highest since 2,468.83 points on June 12, 2018. Trading volume was high at about 1.3 billion shar

Nov. 9, 2020

What strong won on back of Biden victory means for S. Korea

South Korea’s currency surged to a 22-month high against the US greenback on Monday as Joe Biden’s election victory sent waves across the global financial market. After opening at 1,120 won against the US greenback, it was quoted at 1,113.9 won at Monday’s closing -- its highest level since Jan. 31, 2019.　 The won is projected to grow stronger and breach the 1,100 won mark this year and even the 1,050 won level next year, the chiefs of the five major commercial banks here told

Nov. 9, 2020

Coupang opens counseling center for female delivery staff

E-commerce giant Coupang has recently opened a counseling center for its female delivery staff members as part of efforts to create a healthy work environment, the company said. The center will conduct various activities designed to resolve obstacles at work and provide consultation which can be scheduled by phone or on its website. For those who find an in-person visit difficult, phone or text consultations are also available. As of November, Coupang had about 400 female delivery staffs and t

Nov. 9, 2020