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Retail sales up 6% in Jan. on strong online sales
Retail sales in South Korea rose 6 percent in January from a year earlier as more consumers purchased daily necessities from online stores, with the demand for gift items ahead of the Lunar New Year's holiday also bolstering the sales, data showed Thursday. The combined sales of 26 major offline and online retailers reached 12.5 trillion won ($11.2 billion) last month, up from 11.7 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Online
GS launches environmental council to strengthen its ESG approach
South Korean conglomerate GS Group said Wednesday it had launched an environmental council consisting of its chief governance officers in an effort to strengthen the group’s ESG approach. The council will serve as the group’s top decision maker on matters such as pursuing new environmentally friendly business projects and anything ESG -- investments that prioritize environmental, social and governance issues. The decision to form the council comes as taking an ESG approach is being
Feb 24, 2021
Korea launches ‘carbon agency’ to spur flying car development
South Korea on Wednesday launched a new regulatory agency dedicated to accelerating the utilization of carbon materials in five core industries, including future mobility. The Korea Carbon Industry Promotion Agency, which will be overseen by the Ministry of Trade, Industry and Energy, aims to provide regulatory support for the carbon industry and spearhead economic feasibility tests of carbon materials to accelerate their commercialization in the market. The government appointed Bang Yun-hyuk
Samsung's foundry biz market share to increase in Q1: report
Samsung Electronics Co.'s market share in the global foundry industry is expected to increase in the first quarter of the year from the previous three months, a report showed Wednesday, though its growth was projected to be lower than the industry average amid high demand for chips. Samsung's foundry business was estimated to log a market share of 18 percent with revenue of $4.05 billion in the January-March period, up 11 percent from a year earlier, according to a report from industry tracker
Christopher Ko shares visions as Bio association representative
South Korean biosimilar maker Samsung Bioepis’ CEO Christopher Ko on Wednesday carried out his first public event as the new chairperson of the Korea Bio Association. Korea Bio is an association representing more than 300 biologics companies in Korea. Ko was made its seventh chief on Jan. 28. He succeeded Macrogen Chairman Seo Jung-sun, who retired from the post after serving five terms. Speaking to reporters online, Ko said that Korea Bio will actively seek to raise homegrown bio compa
Elekta’s next-gen MRI device offers new hope for cancer patients
Precision magnetic resonance imaging like ‘taking the blindfolds off of surgeons’
Ssangyong Cement to change name to Ssangyong C&E
Ssangyong Cement, a South Korean cement producer, will change its company name to SsangYong C&E, the company said Wednesday. The new name, in which SsangYong C&E takes the first letters of cement and environment, reflects the company’s desire to promote environment friendly values, the company said. The change will be finalized at a regular shareholders meeting slated for March 25. “For the past 60 years, we have led Korea’s cement industry and contributed to coun
Koo hopes to open new chapter for Korean trade body
Top businessman marks first ‘non-bureaucrat’ chief for trade organization in 15 years
Hyundai Motor hires US aerospace expert for UAM business drive
Hyundai Motor Group said Wednesday that it has hired a high-profile aerospace professional from the United States in line with its continued effort to promote urban air mobility, or UAM, as a future growth engine. The South Korean auto group has appointed Ben Diachun, former CEO of the California-based aerospace startup Opener, as the chief technology officer for the UAM division. “His years of experience in developing innovative aerospace vehicles will greatly contribute to our business
Hyundai to replace batteries in some 82,000 Kona, other EVs over fire risks
Hyundai Motor Co. said Wednesday it will replace batteries in some 82,000 Kona EV and two other electric vehicles sold globally due to potential fire risks, which could cost about 1 trillion won ($899.7 million). Hyundai will begin the replacement of the battery management system (BMS) in 75,680 Kona EVs, 5,716 IONIQ EV and 305 Elec City buses from March 29 in the domestic market and from April in overseas markets, the company said in a statement. The battery system subject to the replacement
Regulator fines SKT, its ITPV affiliate over unfair biz practice
South Korea's antitrust regulator said Wednesday it has decided to fine top mobile carrier SK Telecom Co. and its internet protocol TV subsidiary a combined 6.4 billion won ($5.7 million) for hampering market competition. SKT unfairly supported SK Broadband Co. between 2016-2019 when its subsidiary sold the IPTV service program through the top carrier's distribution channels, according to the Korea Fair Trade Commission (KFTC). SKT paid part of sales fees totaling about 19.9 billion won to ret
Korea Shipbuilding bags W570b order from Europe
Korea Shipbuilding & Offshore Engineering Co. said Wednesday that it has secured a 570 billion won ($514 million) order from a European company. Under the deal to build six 45,700-ton ConRo vessels, Hyundai Mipo Dockyard Co. will deliver the ships starting in the first half of 2023, Korea Shipbuilding said. The ConRo vessel refers to a hybrid of a car carrier and a container carrier. Hyundai Mipo Dockyard has been leading the global ConRo ship market, building 19 ConRo ships, or 40 percen
LG Electronics to allow rivals to use its smart TV platform
LG Electronics Inc. said Wednesday its smart TV platform will be used by other TV makers this year as the company eyes boosting its software capability. LG said some 20 TV manufacturers, including RCA, Konka and Ayonz, will release TVs installed with its webOS platform. To attract more TV brands using its smart TV platform, LG said it has also signed partnerships with streaming giants like Netflix, YouTube and Amazon, as well as remote controls solution provider Universal Electronics Inc. The
Samsung tops global TV market for 15th straight year in 2020: report
Samsung Electronics Co. remained the world's leading TV vendor for the 15th straight year in 2020 on the back of its QLED and large TVs, a report showed Wednesday. The South Korean tech giant had a market share of a record 31.9 percent in terms of sales revenue last year, up from 30.9 percent a year earlier, according to data from industry researcher Omdia, extending its lead in the global TV market for the 15th consecutive year. Samsung was followed by its South Korean rival LG Electronics In
Steelmakers moving to rev up output on rising demand
South Korean steelmakers are rushing to ramp up capacity utilization in an effort to meet rising demand at home and abroad, industry sources said Wednesday. The move comes amid stabilizing international steel prices due to a drop in China's steel exports, and expectations for an increase in domestic demand for steel used in construction. According to the sources, leading steelmaker Posco has decided to postpone repair work on a cold-rolled steel plant in Gwangyang on the south coast, originall