Cyclical risk persists in Korean equity market: AllianceBernstein

Lingering uncertainties due to cyclical risk across emerging markets in Asia are leaving long-term prospects for South Korea’s equity market unclear, despite its recent buoyance in the technology sector, an analyst at global asset management firm AllianceBernstein said Tuesday. “The technology-led revival in earnings will benefit Kospi earnings-per-share growth in 2020, but there is cyclicality to those earnings, so the outlook for 2021 remains unclear,” David Wong, senior inve

MarketJan. 21, 2020

GS E&C acquires 2 European prefabrication companies

GS Engineering and Construction said Tuesday it has taken over two European manufacturers of prefabricated houses, and is set to finish the acquisition process of an American company, aiming to expand its business in the global market. According to GS E&C, the company signed the takeover contract with Danwood, a Polish company specializing in wood prefab houses, in Bialystok, Poland, Tuesday. At the signing ceremony, GS E&C President of New Business Huh Yoon-hong, Enterprise Investor Pre

IndustryJan. 21, 2020

Aekyung Group purchases site for R&D center in Songdo

South Korean household and personal care product maker Aekyung Group said Tuesday it has purchased a site at Songdo, Incheon, for its envisioned research and development center.The company has signed a contract with Incheon Free Economic Zone to buy the 28,722-square-meter site inside the high-tech industry cluster Sector B in Songdo International City, for 34.5 billion won ($29.5 million).The group’s major subsidiaries, Aekyung Petrochemical and Aekyung, have invested in the site at a 60:

IndustryJan. 21, 2020

[Herald Interview] Halsey says working with BTS one of best experiences in life

Halsey, the US artist who made herself known to Korean fans after featuring on K-pop sensation BTS’ hit song “Boy With Luv” last year, remembers the collaboration as one of the best experiences in her life.In an email interview conducted ahead of her Seoul concert in May, Halsey said, “I flew to Korea to film the music video for ‘Boy With Luv’ and got to spend some time there, and see how they work, how they make music video, and how dedicated they are to danc

PerformanceJan. 21, 2020

S. Korea to launch financial data exchange platform in March

South Korea will test-run a financial data exchange platform in March, enabling users to sell and purchase such data conveniently, the nation’s top financial regulator said Tuesday, in a move seen as an effort to accelerate digital transformation. According to the policymaking Financial Services Commission, the data will be uploaded to the platform by providers including financial and public institutions, insurance companies and mobile operators. It will then be purchased by buyers such as

EconomyJan. 21, 2020

Samsung to pay largest incentives for subcontractors

Samsung Electronics said Tuesday it plans to give its chipmaking subcontractors a bonanza during the Lunar New Year holidays -- the biggest bonus since 2010 -- for their performance last year. The South Korean tech giant’s semiconductor division pays a total of 41.74 billion won ($35.8 million) to around 20,000 employees of primary and secondary contractors, marking the greatest sum in incentives for the second-half period since 2010. For the first half of last year, Samsung provided

TechnologyJan. 21, 2020

Korean Cultural Centers introduce country's Lunar New Year traditions

Diverse cultural events will be held at Korean Cultural Centers located in countries that mark the Lunar New Year’s holiday, introducing Korea’s own Lunar New Year traditions and customs.Eighteen Korean Cultural Centers in 15 countries will organize Lunar New Year’s events, the Ministry of Culture, Sports and Tourism and Korean Culture and Information Service announced Tuesday. The centers are operated by the Korean government. “To celebrate the Lunar New Year, Korean Cul

CultureJan. 21, 2020

LG Hausys expands foothold in North American market

LG Hausys is increasing its presence in North America by operating its third engineered stone production line at a plant there. The South Korean construction and interior materials company is also introducing its new product lineup at the Kitchen & Bath Industry Show 2020 in Las Vegas, which runs through Thursday. At the show, the company has introduced 20 artificial marble products, it said in a statement released Tuesday. “The company this year will try to attend exhibits and events,

IndustryJan. 21, 2020

SK Broadband-T-broad merger gets green light

South Korea’s ICT Ministry on Tuesday gave its thumbs up to the merger of SK Broadband and T-broad, the second-largest cable TV operator here. The ministry has also listed conditions aimed at minimizing side effects from new service providers that could drive out relatively small-sized media businesses across the country. The government has been cautious over the merger as it is the first case between nationwide IPTV operator and a local cable system operator.The conditions include sp

IndustryJan. 21, 2020

SK Telecom, Microsoft to expand cloud gaming service in Korea

SK Telecom said Tuesday it has reached a deal with Microsoft to expand the service of 5G-based cloud gaming platform Project xCloud here. The two firms hope to increase the number of games available on the platform. An alpha test is planned before the official launch -- the beta test was only opened to a select few.In September, SKT became an exclusive operating partner of Microsoft’s cloud gaming service in Korea. Since the company started the test run in October, the mobile carrier

TechnologyJan. 21, 2020

Get out of house this Lunar New Year’s holiday and enjoy traditional events

Although it is tempting to stay in bed late during the long Lunar New Year’s holiday, there will be diverse traditional cultural events and opportunities that people should not miss. The Cultural Heritage Administration announced on Monday that four Joseon-era palaces in Seoul -- Gyeongbokgung, Changdeokgung, Deoksugung and Changgyeonggung -- will keep their doors open throughout the four-day holiday this year.The four palaces will offer cultural experience programs for visitors. On Saturd

CultureJan. 21, 2020

BTS tweaks K-pop marketing playbook with 'Map of the Soul: 7'

Following the smartly organized, decadelong K-pop marketing formula, boy band BTS has unexceptionally heralded its new album releases with advance teaser videos and music samples during its past seven-year career.But instead of getting advance SNS hints and teasers about the band's newest song, fans of BTS were completely left in the dark until the very moment of the official release of "Black Swan" last Friday. "Black Swan" is the first BTS single pre-released from its upcom

PerformanceJan. 21, 2020

Anti-piracy unit’s mission expanded to include Hormuz Strait near Iran

The Ministry of National Defense said Tuesday that its anti-piracy Cheonghae Unit will expand its operational range to cover the Strait of Hormuz, a narrow body of water between the Persian and Oman Gulf that sees millions of barrels of oil passing through it daily. “Given the heightened tensions in the Middle East, we’ve decided to field the anti-piracy unit to cover those additional areas to protect our people and free passage of our ships,” the ministry said. The unit, whi

DefenseJan. 21, 2020

Govt. identifies NK defectors in urgent need of help

The Unification Ministry and local governments are taking steps to provide emergency support to destitute defectors from North Korea.Surveys conducted last year showed that 553 -- or 1.7 percent -- of the 31,000 defectors from the North residing in South Korea were suspected to be in “crisis” and in urgent need of help, the ministry said Tuesday.The inquiries were made in a bid to locate those in the blind spot of the welfare system, after a woman from North Korea and her 6-year-old

Social AffairsJan. 21, 2020

[News Focus] International marriages increasing after lull in 2010s

SEJONG -- International marriages to South Koreans recorded a continuous decline in the 2010s, despite the growing number of foreign nationals residing here.In 2010, 34,235 Koreans -- 26,274 men and 7,961 women -- married foreigners. But the latest official figure, for 2018, was down 33.6 percent from eight years earlier, according to the Ministry of Justice, to 22,698 -- 16,608 men and 6,090 women.For Korean men who wedded foreign women in 2018, Vietnamese brides were the most numerous at 6,338

Social AffairsJan. 21, 2020

Hana Financial diversifies portfolio, acquires non-life insurer

Hana Financial Group will take over The-K Non-Life Insurance, the insurer affiliated with the Korea Teachers Credit Union, in a move to expand its nonbanking business portfolio.The banking group, in a directors’ meeting held Monday, decided to acquire a 70 percent stake in the insurer for an estimated 70 billion won ($60 million), officials said Tuesday. Hana Financial was the only bidder.Considering the relatively low selling price and the lack of competitors, Hana’s takeover of the

MarketJan. 21, 2020

Foreign deposits rise on weak dollar in Dec.

Foreign currency deposits held by banks in South Korea rose sharply from a month earlier in December, central bank data showed Tuesday, apparently on the weakening of the US greenback that prompted both individuals and firms to boost their dollar holdings.The outstanding foreign currency deposits here came to $79.44 billion as of end-December, up $4.57 billion from a month before, according to the data from the Bank of Korea.The increase marks a turnaround from a $3.67 billion drop in November.F

MarketJan. 21, 2020

Banks likely to ease lending to firms, but tighten household loans: poll

Banks in South Korea will likely expand their lending to local companies, especially small and medium-sized enterprises in the first quarter but tighten their rules on loans to local households, a central bank poll showed Tuesday.In a quarterly survey conducted by the Bank of Korea, the index measuring the banks' overall attitude toward fresh loans came to 4 for the January-March period, compared with negative 5 for the previous quarter.The rise comes amid expectations for better conditions for

EconomyJan. 21, 2020

S. Korea on high alert amid possible human-to-human spread of new coronavirus

South Korea's quarantine authorities said Thursday they are ratcheting up efforts to contain a new type of Chinese coronavirus amid reports that it could possibly spread among humans, after the country reported the first confirmed case of the SARS-like disease early this week.  Multiple media reports showed that two Chinese confirmed to be infected with the new strain of the pneumonia-like illness currently spreading in China and across other parts of Asia have never been to the centra

Social AffairsJan. 21, 2020

Samsung, LG to introduce new kitchen appliances at US trade show

South Korea's two tech giants -- Samsung Electronics Co. and LG Electronics Inc. -- said Tuesday they will unveil their new home appliance products at a US trade show for the kitchen and bath market, highlighting their built-in design and artificial intelligence solutions. Samsung and LG are among the 600 exhibitors at the Kitchen & Bath Industry Show 2020, set to kick off its three-day run in Las Vegas, Nevada, on Tuesday (local time). The two companies already showcased their latest home a

IndustryJan. 21, 2020