October 24, 2019

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Samsung Fire, Kakao to establish digital insurance firm

Samsung Fire and Marine Insurance and internet giant Kakao have decided to set up a digital nonlife insurance company, they said on Oct. 23. “We are pushing for a digital insurance consortium that combines Kakao and Kakao Pay’s IT technology and platform influence with Samsung Fire’s insurance business to meet demands for nonlife insurance that are expanding along with changes in lifestyle,” an official at Kakao Pay said, adding that the companies are planning to apply fo

Korean startups consider funding as biggest problem

South Korean startup organization Startup Alliance announced on Oct. 22 that the domestic startup industry considers funding as the most important area that needs some improvement during its annual trend report event.The survey questions were asked among 149 startup CEOs, 500 workers of big companies, 200 college job seekers and 250 information technology industry workers. According to the survey, which was conducted jointly by Startup Alliance and Open Survey, which is an institute that ha

Samsung increases OLED supply for Apple’s latest iPhones

Samsung Display will likely supply up to 50 million units of OLED display panels for Apple in the second half this year, thanks to the positive market response for the latest iPhone lineup, according to news reports on Oct. 22.Citing industry sources, local news outlet Money Today reported on the number of panels the South Korean display maker provided for the US tech giant in recent months. In the third quarter, ending September, the display firm supplied 22.2 million units of 5.85-inch an

Samsung rules global display driver chip market in H1

South Korean tech giant Samsung Electronics has maintained its lead in the display driver integrated circuit market in the first half this year, according to news reports on Oct. 21.A DDIC is a semiconductor used to operate displays for smartphones, tablet PCs and TVs. Samsung has kept the crown in the segment since 2002. Citing a recent report by global research firm IHS Markit, local news outlet Yonhap News Agency said Samsung earned $560 million from its DDIC business in the second quart

MBK to buy 25% in CJ CGV overseas business

CJ CGV, South Korea’s leading multiplex, is expected to sell 25 percent of its Southeast Asian business as it seeks to solve a cash crunch, industry sources said on Oct 21. CJ CGV, listed on the primary Kospi board, said on Oct. 21 in its answer to investors’ request to clarify media reports that the company is currently attracting investments, but nothing has been decided yet. But industry sources said that MBK, South Korea’s private equity firm, is poised to sign an agreement

Huawei set to continue foldable hype with Mate X launch

Chinese tech firm Huawei will reportedly start receiving preorders for its first foldable smartphone Mate X from Oct. 23 in China, posing a challenge against its South Korean rival Samsung Electronics’ Galaxy Fold, which was launched last month. The device will be officially released on Nov. 11, according to news reports. Only 300,000 units of the Mate X are expected to be available in China, compared to 700,000 units of Samsung’s Galaxy Fold foldable smartphone, targeting global con

Eastar Jet denies sale rumor

South Korea’s low-cost carrier Eastar Jet on Oct. 18 denied a recent news report the company is up for sale. A local news outlet reported that Eastar Holding decided to sell its 39.6 percent stake in Eastar Jet for around 96 billion won (81.37 million).It also added that the holding firm has already started discussing the sales with a few local conglomerates and private equity firms.“The news is not true, and we are officially not proceeding with any process to sell our company,&rdqu

Himedi rides on ‘medical Hallyu’

Korean cultural wave, often called Hallyu, continues to gain popularity worldwide, and is now spreading into the medical sector, according to Himedi, a startup that offers medical concierge services for patients from the Middle East in South Korea.In a report released Oct. 17, the medical concierge startup analyzed data of its Middle Eastern customers who visited Seoul from January to September. The combined number of days its customers stayed here stood at 470,000 while the number of vehicles m

Proptech startup Kasa snaps up W7b in series A funding

South Korean property technology startup Kasa said Oct. 18 it has raised a combined 7 billion won ($5.9 million) in its latest series A funding round to hire staff and strengthen its solution partly powered by blockchain.The funding round came from institutional investors including Woomi Construction, KEB Hana Bank, Shinhan Financial Investment, AF Investment and Kclavis Investment, according to Kasa. This came after a 3.3 billion-won funding round from early-stage venture investors includi

CarrieSoft to raise W8.2b in 2nd IPO attempt

South Korean kids contents and intellectual properties company CarrieSoft seeks to raise 8.2 billion won ($6.9 million) in its second initial public offering attempt before listing on Kosdaq, the startup said on Oct. 17.The news comes as a result of oversubscription by institutional investors in a tranche that wrapped up Oct. 15. Seoul-based CarrieSoft’s shares were 924.8 times subscribed by institutional investors.Related:CarrieSoft drops IPO plan amid market volatility[INTERVIEW] CarrieS

Ministry orders Medytox to scrap Meditoxin inventory for exports

The Ministry of Food and Drug Safety on Oct. 16 ordered Medytox to withdraw and dispose of the entire batch of its botulinum toxin Meditoxin produced for exports.The problematic products were produced on Oct 6, 10 and 19 of 2016 and its expiry date is Oct 5, 11 and 18 this year, respectively. The Korean company did not announce the specific amount that it will withdraw and dispose of.“We apologize for our customers’ concerns,” announced Medytox on its website on Oct. 17. &ldquo

Daewoong launches botulinum toxin in Canada

Daewoong Pharmaceutical announced Oct. 16 it has launched its botulinum toxin under the name Nuceiva in Canada.It is the first South Korean company to enter the Canadian market with a botulinum toxin brand.“Like the US market, Canada also has only three types of botulinum toxins which have been in the market for over a decade,” Daewoong executive Park Sung-soo said in a statement. “With our new product’s superb quality and our partner companies’ network, we are expe

Samsung increases OLED supply for Apple’s latest iPhones

Philip Morris Korea launches iQOS 3 DUO

Apple to launch iPhone 11 lineup in S. Korea on Oct. 25

Samsung Fire, Kakao to establish digital insurance firm

Private taxi drivers, Mirae Ohsung join hands to form mobility platform

MBK to buy 25% in CJ CGV overseas business

Samsung rules global display driver chip market in H1

Samsung ramps up foldable smartphone panel output

Samsung SDI vows to improve safety of battery storage products

Samsung Galaxy Fold available again in Korea, soon in Japan, China

Facebook ups ante in video platform market

FTC chief vows to apply law fairly to foreign firms

PM hopes trip will help improve Seoul-Tokyo ties

HK-based Value Partners looks to pool money from S. Korean retail investors

BOK slashes base rate to record low 1.25%

Hyundai Mobis to invest $50m in US auto sensor firm

S-Oil’s net profit plunges 78% in Q3

Audi launches new A6 in S. Korea to revive sales

Hyundai unveils teaser image of hydrogen truck concept

STIC bets on India’s delivery market

Korea sees 1st listing of crowdfunding-backed startup

Tada retreats amid mounting criticism

[INTERVIEW] Twinny seeks to challenge global robotics heavyweights

Why governance reform is key to make chaebol accountable

Why birth order is a big deal at LG

New thinking needed on GM Korea

Fall of the ‘Angel of Death’?