Samsung, LG may see historic TV sales during 2021-2022, despite delay from epidemic

Lotte Group Chairman Shin Dong-bin ranked as the highest-paid corporate executive in South Korea last year, industry data showed Monday.  Shin topped the list by receiving 18.18 billion won ($14.78 million) in wages from seven group companies, including Lotte Shopping Co., according to the companies' public disclosures. Lotte is the nation's fifth largest business group. He was the highest salary earner in 2017 with 15.2 billion won, but his compensation nearly halved the following year

A n employee at Samsung Electronics Co.'s chip production line in Yongin, south of Seoul, was confirmed to have contracted the novel coronavirus on Monday, a local government said.    The worker in his 20s first showed symptoms of the COVID-19 virus last week and took a test on Sunday, according to the city government of Hwaseong, where he resides.    After the result came out Monday, he was taken to a hospital and the authorities are tracing his contacts.    Th

COVID-19 real-time PCR diagnostic kit manufacturer Solgent is working to meet rising global demands, the company said Monday. Solgent is genome precision medicine company Eone Diagnomics (EDGC)’s affiliate that is currently at its full capacity churning out 3,000 kits per week. With one kit, 100 people can test whether or not they are infected with the novel coronavirus. Over 20 nations are requesting Solgent to export its independently developed DiaPlexQ Novel Coronavirus Detection Kit

South Korea’s consumer sentiment fell to the lowest level in more than a decade in March, affected by the continued spread of the COVID-19, data from the Bank of Korea showed last week. The composite consumer sentiment index reached 78.4 this month, a drop by 18.5 points and the lowest since March 2009. Consumer sentiment toward the current economic conditions plunged 28 points to 38, according to a subindex, also the lowest since March 2009.  (khnews@heraldcorp.com)

Posco Chemical said Monday it will invest 217.7 billion won ($178 million) to produce key materials for electric vehicle batteries. According to the company, its board of directors has approved the investment to construct a production facility for synthetic graphite anode for EV batteries. “Demand for synthetic graphite anodes for EV batteries is expected to spike as the market size is expected to grow from 194 GWh in 2020 to 3,066 GWh in 2030. It’s essential to be equipped wit

Woowa Brothers, operator of the country’s leading food delivery app Baedal Minjok, said Monday it will file police complaints against businesses that posted fake food reviews on its app, after being paid. According to the company, the firms received about 5,000 won ($4) to 10,000 won for posting positive reviews registered on Baedal Minjok. For instance, they would be paid about 23,000 won to order one fried chicken that cost 18,000 won on the app, write a positive review, and gain 5,000

British American Tobacco announced Monday a new corporate strategy for 2020 to present less risky products for customers, while setting a new environment goal, according to BAT Korea. Under the new corporate aim dubbed, “Building a better tomorrow,” the company said it will target establishing 50 million non-combustible product consumers by 2030, to achieve carbon neutrality by 2030 and bring forward its existing 2030 environment targets to 2025. BAT Chief Executive Jack Bowles p

Smile delivery sees 111% on-year growth in Jan.-Feb.

Newly appointed CEO of South Korea’s leading telecom company KT Koo Hyun-mo on Monday relinquished his title as chairman, vowing independent and future-oriented management. Koo, who was formerly head of KT’s customer and media division, officially received the green light as the new CEO and president during a shareholders meeting in Seoul. The shareholders also approved the removal of the chairman position, as part of efforts to maximize roles of other decision-makers to improve i

South Korea’s Kumho Tire said Monday that its Solus 4S HA32 has won the Red Dot Design Award 2020. According to the tire maker, Solus HA32 is specially designed for road conditions in Europe, offering stable driving performance and brake in all four seasons.  By applying high-tech materials and V-shape pattern, Solus HA32’s brake function has improved by 15 percent compared to the previous model, the company said.  Its 3D inter-locking system also makes it easier for a

Business sentiment in Korea plunges

McDonald’s Korea said Monday it has donated 8,000 burgers and coffee cups to subway cleaning staff through Seoul Volunteer Center. The fast-food chain said it delivered 4,000 coupons each for Bic Mac burgers and Americano coffee cups to cleaning and disinfection staff of Seoul Metro Environment and Seoul Metropolitan Rapid Transit Corp., which manage Subway Line No. 1-4 and 5-8, respectively. “Cleaning and disinfection staff are the true unsung heroes as they risk their own safet

Hyundai Motor Group said Monday it has launched the third-generation G80 of its luxury brand Genesis.  The latest model has been fully revamped and is 125 kilograms lighter compared to the second-generation model that was launched in 2016, by using aluminum materials.  The all-new G80 is wider by 35 millimeters and lower by 15 millimeters, to show the best proportion as a rear-wheel driving luxury sedan, the automaker said.  Genesis sedans’ signature crest front grille,

Retail sales in South Korea rose 9.1 percent in February from a year earlier as more people purchased daily necessities through online platforms amid the spread of the new coronavirus here, data showed Monday. The combined sales of 26 major offline and online retailers reached 10.6 trillion won ($8.68 billion) last month, compared with 9.71 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The sharp increase came as online stores enjoyed