Faced with strong opposition from unionized workers, local automakers slow to launch online sale plans

In a further sign of growing popularity of online services, South Koreans in their 50s and 60s are increasingly using streaming services and food delivery apps during this pandemic, a new report has revealed. The findings come after Hana Institute of Finance, a research institution under Hana Bank, analyzed online credit card payment data between 2019 and 2020 to study generational differences in online consumption behavior. Though the use of video streaming services such as Netflix used to

SK Innovation will split off its battery and oil businesses as wholly owned subsidiaries to further propel their growth, the company announced Wednesday. The new entities, tentatively named SK Battery and SK E&P, will officially launch on Oct. 1, following the approval of general shareholders at a meeting slated for next month. The announcement came as the firm reported a return to the black in the second quarter, with a net profit of 415.9 billion won ($362.2 million) and an operating p

South Korea's ICT ministry said Wednesday it raised the country's cyber threat warning level by one notch higher from the lowest level to respond to growing cyberattacks and threats related to the country's COVID-19 relief funds. The government has a five-tier cybersecurity alert system, which is set at the second-lowest level as of 11:30 a.m. Wednesday, according to the Ministry of Science and ICT. Under the higher alert level, the Korea Internet & Security Agency will expand monitoring o

LG Chem said Wednesday it has exported the first shipment of its “bio-balanced” superabsorbent polymer to Jordanian diaper company Baby Life. The eco-friendly SAP, which can absorb water 200 times its weight, was manufactured at its plant in Yeosu, South Jeolla Province, using plant-based materials such as waste cooking oil, the chemical firm said. “LG Chem’s bio-balanced SAP is the world’s first SAP product that obtained the International Sustainability and Ca

South Korean carmakers called on the European Union to be considerate in adopting stricter regulations to curb carbon dioxide emissions due to a possible impact on the automobile industry and consumers' rights, a local industry association said Wednesday. Last month, the European Commission released its "Fit for 55" legislation package aimed at cutting net greenhouse gas emissions by 55 percent by 2030, higher than the previously set 40-percent target. The EU aims to ban the sale of

SK Innovation Co. said Wednesday it turned to the black in the second quarter from a year earlier on robust lube oil and battery sales, and decided to spin off its battery business to further propel its growth. The energy and chemical subsidiary of the nation's No. 3 conglomerate SK Group said it booked 415.9 billion won ($362.2 million) of net profit in the April-June period, shifting from a loss of 345.8 billion won a year earlier. SK Innovation also swung to an operating income of 506.5 bil

Samsung Electronics Co. dropped to second place in the European smartphone market in the second quarter, a report showed Wednesday, as China's Xiaomi Corp. rose to the top spot. Samsung made up a market share of 24 percent in the April-June period after shipping 12 million smartphones to Europe, down 7 percent from a year earlier, according to a report from market researcher Strategy Analytics. The South Korean tech giant was the only player among the top five smartphone suppliers in Europe to

Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their sales jumped 26 percent in the United States last month from a year earlier on strong demand for SUVs. Hyundai Motor and Kia sold a total of 138,599 vehicles in the US last month, up from 110,156 units a year ago, the companies' sales data showed . SUV and eco-friendly models drove July sales as consumers responded to Hyundai's diversified lineup to find a vehicle that meets their transportation needs, Senior Vice President Ran

Boryung Pharmaceutical on Tuesday disclosed clinical trial results that showed its hypertension drug Kanarb is effective in controlling the blood pressure of patients who have experienced a stroke. By keeping patients’ blood pressure under control, the drug helped reduce the risk of recurrent strokes and major vascular events, it added. The clinical study was conducted at 27 medical institutions in Korea during a 24-week period, involving 1,035 patients who previously experienced an i

IPTV operators in South Korea are attempting to nurture a new segment -- “tablet TV” -- to meet growing demand for another TV screen, as more people tend to stay home due to the prolonged COVID-19 pandemic. Streaming on-demand video via mobile phones and tablet computers is nothing new, as millions of Koreans already enjoy Netflix and other services. For IPTV operators that rely heavily on fixed-line networks, however, such a “cord-cutting” trend in which viewers dit

Over 10 workers at a Samsung Electronics Co. local research and development (R&D) center were infected with COVID-19, but there has been no shutdown of the facility, industry sources said Tuesday. Twelve employees at the R5 R&D-focused building in Suwon, just south of Seoul, tested positive for the coronavirus, and those who were in contact with them await their test results, a person familiar with the matter told Yonhap News Agency over the phone. There might be more confirmed coronav

Online fashion retailer Musinsa said Tuesday it would invest a further 14 billion won in fashion startups through its venture capital Musinsa Partners to bring the total investment to 60 billion won within this year. Established in 2018, Musinsa Partners is a joint venture capital firm that has invested some 46 billion won in medium- and small-sized enterprises and startups in the fashion industry. The latest announcement is part of the company’s drive to boost the fashion industry, incl

Why renowned battery researcher involved in solid-state tech is pessimistic about ‘dream’ cell becoming commercial reality

South Korean conglomerates have added 41 new companies under their wings in the second quarter of this year, in their forage for new business territories and business restructuring, the state antitrust watchdog said Tuesday. Kakao Group, along with Sinorkor Merchant Marine, has bought in the most number of new companies at 13, as it aggressively pursued mergers and acquisitions on its path to become the country’s fifth-largest business group in terms of market capitalization in June.