Myeong-dong rent costs drop amid fast shift to e-commerce

Myeong-dong, one of the largest retail districts in Korea, was the only area among the world’s top 10 global shopping streets that saw an average rent drop on-year in 2019, according to global real estate consulting firm Cushman & Wakefield. According to a recent report published by the consulting firm, the annual average rent in the Myeong-dong district came in at $862 per square foot, down 1.5 percent on-year. In order to rent a store area of 30 pyeong, or 99 square meters, for insta

MarketJan. 20, 2020

[Feature] Love without borders, or nuclear threats?

A chaebol heiress accidentally crashes in North Korea while paragliding. She is rescued by a North Korean military officer who ends up protecting her and risking his life to send her back home to Seoul. Despite the differences in accent, lifestyle, culture, upbringing and ideology, they fall in love. This is the premise of “Crash Landing on You,” the latest hit drama from tvN. With a top-notch cast led by actress Son Ye-jin and actor Hyun Bin, the rom-com, which premiered Dec. 1

North KoreaJan. 20, 2020

S. Korea vows to bolster economic cooperation with Russia, Mongolia

South Korea plans to bolster economic ties with Russia, Mongolia and other Central Asian nations and use the momentum to buttress recovery of the export-driven economy, the top fiscal policy chief said Monday.“We will strengthen economic cooperation with our neighboring nations in line with the New Northern Policy,” said Deputy Prime Minister and Finance Minister Hong Nam-ki in a meeting with economy-related ministers. A cooperative scheme with Russia in nine key sectors including ra

EconomyJan. 20, 2020

[Newsmaker] Opposition leader sends beef jerky to Buddhist monks

South Korea’s opposition leader accidentally sent beef jerky to the Jogye Order of Buddhism as a Lunar New Year’s gift, bewildering the country’s largest Buddhist group, which practices vegetarianism.Gift sets containing beef were delivered to several of the group’s senior officials earlier last week under the name of Liberty Korea Party Chairman Hwang Kyo-ahn. The main opposition party learned about the mistake Friday and retrieved the gift sets the same day. It sai

Social AffairsJan. 20, 2020

Prosecutors demand death penalty for Jeju murderer

JEJU -- Prosecutors on Monday demanded the death penalty for a 37-year-old woman accused of brutally killing her former husband and stepson last year.In the final hearing at the Jeju District Court, prosecutors demanded the death penalty for Koh Yu-jeong, who allegedly murdered her former husband and 5-year-old stepson in two separate incidents."The defendant Koh Yu-jeong murdered a father in front of a son and a son in front of her father. ... Both cases derive from her contempt towards hu

Social AffairsJan. 20, 2020

SKT plans to offer 5G stand-alone service in H1

SK Telecom Co., South Korea's top mobile carrier, said Monday it plans to launch a 5G stand-alone service in the first half of the year after a test on its commercial 5G network was successful. Its stand-alone 5G data call using the company's multi-vendor commercial 5G network in Busan last week ended successfully, according to SKT. The result means the company can provide a 5G standalone service through a software upgrade without replacing its base stations.For its standalone 5G network, SKT sa

IndustryJan. 20, 2020

Insurance industry looks forward to more active investments, M&A deals

Amid growing concerns over worsening profits, insurance companies in South Korea said Monday they plan to roll out new services, incorporating new technologies such as big data and artificial intelligence. They also pledged more investments for the emerging technologies and startups.“Korean insurance firms will utilize new technologies, including AI, in different areas from risk assessment, to have a competitive edge in the face of the looming ‘fourth industrial revolution,’&rd

MarketJan. 20, 2020

34 Kospi 200 firms lack whistleblowing policy: report

More than 30 Kospi 200 firms still have no whistleblowing policy for transparent management of their accounting control system, according to the latest report released by Samjong KPMG on Monday. The accountancy firm’s report shows that 34 of the top 200 Kospi firms, have no whistleblowing policy within their account rule books, while three others did not publicly disclose their policies through the regulatory filing. The Kospi 200 is the index tracking a basket of 200 blue chip firms liste

MarketJan. 20, 2020

DRAM prices up for 11 consecutive days, boding well for chipmakers

Spot market prices for DRAM chips are surely on a rising course as they went up for 11 straight days, industry data showed Monday, boding well for South Korean chipmakers. The spot price of 8-gigabit DDR4 DRAM, a benchmark price for the category, reached $3.34 as of last Friday, according to data from market tracker DRAMeXchange, marking the 11th consecutive day of a rise. This is the first time since October 2017 that the spot price of DRAM went up for 11 consecutive days.  The latest DRAM

MarketJan. 20, 2020

Late Lotte founder’s asset inheritance unlikely to affect group

The demise of Lotte Group founder and Honorary Chairman Shin Kyuk-ho on Sunday has put the spotlight on the distribution of his assets amongst his kin, reportedly worth over 1 trillion won ($864 million).However, market watchers are of the opinion that it will not affect the current leadership structure of Lotte Group, led by his second son and Chairman Shin Dong-bin. The inheritance is expected to be finalized through family counseling under the guidance of a legal representative. The late Shin

IndustryJan. 20, 2020

S. Korea changes subsidy scheme for eco-friendly autos

South Korea's finance and environment ministries said Monday that they have changed a state subsidy scheme for eco-friendly vehicles to allow buyers of efficient cars to get larger subsidies from this year.  Currently, the state subsidy is calculated on an electric car's battery capability.  Under the revised subsidy program, buyers of an electric vehicle with a longer driving range per charge will get more in subsidies, the finance ministry said in a statement.  Effective from th

MobilityJan. 20, 2020

Korea Eximbank to extend W69tr in loans to firms in 2020

The Export-Import Bank of Korea said Monday that it will extend 69 trillion won ($59.5 billion) in loans to South Korean companies this year to help boost the economy.The figures represent a 16 percent hike from 2019, according to the South Korean state-run policy lender.Under the plan, the Export-Import Bank of Korea set aside 20 trillion won for companies that make industrial materials, parts and equipment in 2020, compared with 19 trillion won in 2019.The move is the latest in a series of Sou

EconomyJan. 20, 2020

S. Korea reports 1st confirmed case of China coronavirus

South Korea on Monday reported the first confirmed case of China coronavirus amid concerns that a pneumonia-like illness is set to spread across China and Asia.According to the Korea Centers for Disease Control and Prevention, a Chinese woman suffered fever, respiratory problems and other symptoms after arriving at Incheon International Airport and tested positive for the virus.She traveled to the Chinese city of Wuhan in Hubei Province last week. The patient has been given treatment at a local

Social AffairsJan. 20, 2020

ULikeKorea signs MOU with Denmark’s TDC to enter European market

ULike Korea, a smart livestock health care management company, announced Monday that it has signed a memorandum of understanding with Denmark’s largest telecommunication company, TDC, to launch the world’s first NB-IoT (Narrow Band IoT) bio-capsule in Denmark.ULikeKorea has recently developed the world’s first NB-IoT bio-capsule and will start a pilot project in the first half of this year at a dairy farm. NB-IoT technology enables the transmission of data using minimal power a

TechnologyJan. 20, 2020

CJ ENM's W25.3b K-pop investment fund to launch

CJ ENM, the operator of K-pop-oriented cable channel Mnet, said Monday it will launch a 25.3 billion-won ($21.8 million) investment fund dedicated to the K-pop industry.The establishment of the fund, KC Vivace Investment Association, is in line with the entertainment giant's pledge three weeks earlier to set up a 30 billion-won investment fund to apologize for vote manipulation in a fan-voted Mnet K-pop audition show. Chief producers of the popular audition show, "Produce 101," are sta

IndustryJan. 20, 2020

'Parasite' invades Oscars race with stunning SAG award win

LOS ANGELES (AFP) -- "Parasite" shocked the Screen Actors Guild Awards on Sunday by landing the night's top prize, a historic win which thrusts the South Korean black comedy into Oscars contention.The critical smash hit film overcame the language barrier to win outstanding performance by a cast in a motion picture, the SAG equivalent of a best film Academy Award."I'm a little embarrassed feeling like we're the parasites of Hollywood now," joked actor Lee Sun-Kyun.Director Bon

FilmJan. 20, 2020

Samsung taps new smartphone biz head, seeks stability

Samsung Electronics on Monday decided to retain its current chief executive officers for stability, while creating a new leadership position for the smartphone business to be held by a relatively young executive in his 50s.As part of its 2020 personnel reshuffle and organizational restructuring, Samsung announced appointments of four new presidents and adjustments in the positions of five current leaders. The announcement comes about a month and a half later than usual due to the lingering legal

TechnologyJan. 20, 2020

S. Korea to jack up spending on energy R&D in 2020

South Korea said Monday it will spend more on research and development  in the energy segment this year as the country targets clean and sustainable economic growth.South Korea will spend 916.3 billion won ($789 million), a 19-percent rise from last year, on such projects, according to the Ministry of Trade, Industry and Energy. Most of the money will be allocated to projects related to South Korea's green energy drive.Last year, Seoul unveiled its initiative to create a hydrogen economy, s

IndustryJan. 20, 2020

Korea's exports to Canada surge since launch of FTA

South Korea's exports to Canada have shot up 14 percent since the implementation of their free trade deal, data showed Monday, despite increased protectionism and the slowing economy around the globe.Outbound shipments to Canada stood at $5.6 billion in 2019, compared to $4.9 billion posted in 2014, according to the data from the Ministry of Trade, Industry and Energy. The two countries implemented the bilateral FTA in January 2015 after decadelong negotiations.The combined trade between South K

EconomyJan. 20, 2020

[Newsmaker] Ulsan mayor questioned in election-meddling probe

SEOUL/ULSAN -- Ulsan Mayor Song Cheol-ho was questioned Monday over an ongoing probe into allegations that some presidential officials conspired to help him win the mayoral seat in a 2018 election.Song, 71, was being questioned at the Seoul Central District Prosecutors Office this morning for the first time regarding the election-meddling allegations, according to political and legal sources with knowledge of the matter.The mayor, who successfully ran as a ruling Democratic Party candidate for t

Social AffairsJan. 20, 2020