Citibank, JP Morgan and two others fined W1.3b for fixing prices of forex derivatives

South Korea’s antitrust watchdog said Wednesday that it had fined four foreign banks a total of 1.3 billion won ($1.1 million) for fixing the prices of foreign exchange derivatives and manipulating the bidding process when dealing with local firms. According to the Fair Trade Commission, Citibank’s Korean subsidiary and local units of JP Morgan Chase, HSBC and Credit Agricole have colluded in price bids to win three forex derivatives contracts from four public and private companies

MarketMarch 11, 2020

Banking groups to hold shareholders meetings despite coronavirus scare

Even though the novel coronavirus outbreak is increasing “social distancing,” local banking groups are set to hold shareholders meetings as scheduled, but are also considering complementary measures to prevent infection. KB, Hana, Woori and Shinhan have all asked participating shareholders to bring face masks and warned that they will prohibit attendees from entering the venues if thermal scanners detect high temperature. KB’s shareholders meeting is scheduled to take place

MarketMarch 11, 2020

Show must go on, even if it’s online

While coronavirus cases continue to climb around the world, the performing arts scene in Korea is turning to a different stage: online platforms. According to the Korea Performing Arts Box Office Information System, managed by the Korea Arts Management Service affiliated with the Culture Ministry, performing arts theaters’ ticket sales in February recorded 20.9 billion won ($18.6 million), nearly down to half of the previous month’s 40.3 billion won. Since mid-February -- when Ko

PerformanceMarch 11, 2020

Online sales for high-end retailers jump amid virus outbreak

As retail businesses are seeing a boost in their sales online amid the COVID-19 outbreak, high-end department stores and outlets have also hopped on the bandwagon, according to the industry on Wednesday. WeMakePrice, a South Korean e-commerce platform operator, said the combined sales of department stores and outlets it hosts spiked in the period from Feb. 1 to 28 by 316 percent from a year earlier. While department stores and premium outlets are widely seen to be more dependent on physical

ConsumerMarch 11, 2020

System errors blamed for investment losses

A series of system errors on online transaction platforms run by local brokerages and an internet bank were reported this week, disrupting services. SK Securities suffered a technical glitch at its home trading system and mobile trading system for nearly three hours from about 10 a.m. to 1 p.m., a source told The Korea Herald, saying it caused investment losses. “I wasn’t able to connect to the MTS, so I tried trading through the HTS. I was able to trade my securities in real time,

MarketMarch 11, 2020

‘Shincheonji’s donation made without prior notice’

The Community Chest of Korea, a local charity, refused donations of the Shincheonji Church of Jesus in light of the mounting controversies surrounding the religious sect, the charity said. In an answer to an inquiry from a lawmaker of the ruling Democratic Party of Korea, the charity said that Shincheonji wired a total of 12 billion won ($10.1 million) Thursday to the group’s two donation accounts, without any consultation with the group beforehand. Upon transfer, Shincheonji released

Social AffairsMarch 11, 2020

Military asked to delay joint drills amid virus fears

The US military asked the South Korean military to postpone their joint drills in the US because of the novel coronavirus that has killed 32 people and sickened nearly 1,000 there. Korea has reported 60 deaths with about 8,000 infections. Korea’s Army had planned to send 50 officers including intelligence analysts to the Fort Irwin National Training Center in California later this month to observe US military training. The Army, which plans to push ahead with similar drills in May and Oct

DefenseMarch 11, 2020

[Herald Interview] ‘Let’s use Kaesong plants for mask production’

As South Korea grapples with a shortage of face masks during the prolonged novel coronavirus outbreak, a rather unconventional idea is being floated: using the shuttered Kaesong industrial park to produce masks for both Koreas. 　 The joint inter-Korean complex in North Korea’s border city of Kaesong, North Hwanghae Province, has the capacity to manufacture protective masks and reusable cotton masks to meet the needs of South Korea’s population of 51 million, according to Kim Jin-hy

North KoreaMarch 11, 2020

Govt. to toughen air quality rules for public transport

The government will strengthen its air quality monitoring efforts for trains and buses from next month to minimize ultrafine dust particles inside public transportation vehicles, the Ministry of Environment said Wednesday. Beginning April 1, operators of subways, trains and inter-city buses will be advised to keep the amount of ultrafine particles smaller than 2.5 micrometers in diameter, known as PM 2.5, inside their vehicles below 50 micrograms per cubic meter, the ministry said. Currently,

PoliticsMarch 11, 2020

No. of stock-trading accounts surpasses 30m

Despite the novel coronavirus outbreak continuing to roil financial markets, the number of active security accounts in South Korea has exceeded 30 million for the first time, according to data from the Korea Financial Investment Association and Statistics Korea on Wednesday. As of Friday, the number of active equity accounts marked some 30 million -- up 26,245 from a day earlier and 661,612 ‬from the beginning of this year, the self-regulatory financial organization and nation’s statisti

MarketMarch 11, 2020

LG Electronics launches its 2020 TV lineup

LG Electronics Inc. on Wednesday announced the global launch of its 2020 TV lineup, led by 14 new OLED models with upgraded artificial intelligence (AI) features, to expand its presence in the premium TV market. LG said its CX series 4K OLED AI ThinQ TVs will be available this month in South Korea and the United States, followed by markets in other regions. The 55-and 65-inch CX models will go on sale in South Korea on Wednesday, while the 77-inch version will be launched next month, it a

TechnologyMarch 11, 2020

Heung-A Shipping to undergo KDB-led debt restructuring

South Korea’s No. 5 shipping firm Heung-A Shipping is planning a corporate workout program as its maritime cargo operations have faltered, with snowballing debt, a regulatory filing showed Wednesday. The company’s board has approved a debt restructuring scheme by the policy lender Korea Development Bank, one of its key creditors, to “improve its finances and normalize business operations.” Under the KDB-led financial rescue package, creditors will take control of the t

MarketMarch 11, 2020

Doosan Heavy mulling paid leave to idle employees amid deepening crisis

Doosan Heavy Industries & Construction Co., South Korea's largest power equipment maker, said Wednesday it is considering asking idle workers to take paid leave as part of efforts to cut costs amid dwindling orders. Doosan Heavy said idle workers can receive 70 percent of their basic monthly wage for up to three months. The planned paid leave is subject to endorsement of Doosan Heavy's labor union. Doosan Heavy said it had 6,700 employees at the end of December, though it did not give det

IndustryMarch 11, 2020

USFK commander calls for high vigilance against coronavirus

US Forces Korea (USFK) Commander Gen. Robert Abrams called Wednesday for his troops to stay vigilant against the new coronavirus despite the downward trend in new infections in South Korea while ensuring at the same time that they are ready to "fight tonight." "We are not out of the woods yet," Abrams said on a radio program of American Forces Network (AFN) Korea. "We have been working on this 24/7 with what we call enhanced watch teams at every level." As of Wedn

DefenseMarch 11, 2020

Paik Nam-june retrospective to open in Amsterdam

Video art pioneer Paik Nam-june’s retrospective exhibition will open Friday at the Stedelijk Museum Amsterdam in the Netherlands, the second stop of the exhibition’s international tour. Titled “The Future is Now,” the show will feature more than 200 works by the artist, including those in the museum’s collection. The exhibition will run through Aug. 23. The major retrospective exhibition of Paik is on a two-year international tour, starting at the Tate Modern i

Arts & DesignMarch 11, 2020

[Newsmaker] Coronavirus triggers ‘untact’ recruitment trend

Korean companies are turning to remote hiring processes to resume recruitment disrupted by the ongoing coronavirus outbreak. According to industry sources, major companies are shifting recruitment procedures online, replacing face-to-face interviews with video interviews to keep applicants safe and to curb the spread of the COVID-19 outbreak. The increasingly important trend of minimizing contact has been encompassed in the “untact” movement -- to “undo contact” where

IndustryMarch 11, 2020

Samsung plans to release 5G smartphones in over 40 countries this year

Samsung Electronics Co. plans to release its 5G smartphones in more than 40 countries this year, a company official Wednesday, as the South Korean tech giant seeks to further expand its global presence amid the rise of the next-generation mobile service. Samsung's 5G smartphones were sold in 22 countries last year, but the number of countries that the world's largest smartphone maker will sell its 5G mobile devices may double this year as many mobile carriers around the globe prepare to start

TechnologyMarch 11, 2020

Asiana takeover on track despite virus woes

HDC Hyundai Development Co., a midsized construction company, said Wednesday its takeover of Asiana Airlines Inc. is going as planned despite the spreading coronavirus outbreak. In December, the HDC-Mirae Asset Daewoo consortium signed a deal to acquire a 30.77 percent Asiana stake from Kumho Industrial Co., a construction unit of Kumho Asiana Group, as well as new shares to be issued and the airline's six affiliates, for 2.5 trillion won ($2.2 billion). "There have been growing concern

MobilityMarch 11, 2020

Many Korean firms plan to cut hiring in H1: report

A quarter of South Korea’s large companies are expected to cut recruitment in the first half of this year due to worsening economic and business conditions, according to a local economic research firm Wednesday. The Korea Economic Research Institute surveyed recruitment plans of the nation’s 500 largest companies with 300 employees or more between Feb. 5-19. The survey results showed that 27.8 percent of the 126 companies surveyed said they would reduce hiring or not hire at all i

IndustryMarch 11, 2020

Virus credit negative for Korean transportation firms: Moody's

Moody's Investors Service said Wednesday the spread of the coronavirus in South Korea is credit negative for its rated transportation companies amid declining traffic volumes. The extent of the virus' adverse impact on the transportation industry will depend on the duration of disruptions and evolving public sentiment, Moody's said in a statement. "Given the spread of the coronavirus, people in Korea will be less likely to commute and go out for social and business gatherings, thereby

MobilityMarch 11, 2020