Seoul stocks open higher on Wall Street gains

South Korean stocks opened slightly higher Friday, taking a cue from overnight Wall Street tech gains despite an increase in the new coronavirus cases. The benchmark Korea Composite Stock Price Index rose 2.9 points, or 0.11 percent, to 2,550.32 in the first 15 minutes of trading. Stocks started off with a mild gain after the index hit a nearly three-year high the previous session. Overnight, the tech-heavy Nasdaq composite gained 0.87 percent, with the Dow Jones Industrial Average edging u

MarketNov. 20, 2020

Producer prices fall for 1st time in 5 months on farm goods

South Korea's producer prices declined for the first time in five months in October, mainly due to falling costs of agricultural, livestock and fishery goods, central bank data showed Friday. The producer price index, a barometer of future consumer inflation, fell 0.5 percent in October from the previous month, slowing from a 0.1 percent on-month gain in September, according to the Bank of Korea (BOK). It marked the first monthly decline since June. The index rose on a monthly basis for the l

EconomyNov. 20, 2020

KDB says PEF-led injunction could halt KAL-Asiana merger

Top officials of the state-run lender Korea Development Bank said Thursday that the proposed merger of South Korea’s two flag carriers, Korean Air Lines and Asiana Airlines -- largely orchestrated by the creditor of the two -- may be scrapped if the court grants an injunction grinding the blockbuster deal to a halt. If the injunction is granted, the state lender has no choice but to go back to square one and pursue a plan that could cost it 5.4 trillion won ($4.8 billion) by 2027 to keep

MarketNov. 19, 2020

Hyundai Steel to hold online conference on H-Solution next month

Hyundai Steel said Thursday it will hold online conferences to introduce its automobile brand H-Solution and the technologies on future mobility next month. The South Korean steelmaker said it will hold four online conference sessions from Dec. 2-10 to present the automotive steel brand H-Solution and its technologies and products relevant to future mobility. On the first day of the conference, the steelmaker will discuss prospects for the materials used in producing electric and hydrogen f

MobilityNov. 19, 2020

KakaoTalk users to be able to make multiple profiles

Kakao said Thursday that the company will add a new visibility setting to its messenger application KakaoTalk to protect the privacy of users. The new visibility setting is to allow users to control what others see about you across KakaoTalk services. KakaoTalk users in the future will be able to set up several messenger profiles and select who on KakaoTalk can see which profile. KakaoTalk’s public beta testing of the new feature will begin during the first quarter next year. Previous

TechnologyNov. 19, 2020

LG Innotek partners with KIPO on info protection

LG Innotek, the high-tech parts making unit of LG Group, said Thursday that the company had signed an agreement with the Korean Intellectual Property Office and partner firms to increase cooperation to safeguard confidential business information. Under the latest agreement, LG Innotek will provide its partners with education and policy consultations to improve the protection of confidential information. The company added that it would help its partners to build systems to protect business secre

TechnologyNov. 19, 2020

S. Korea turns to maximizing supply volume to address 'jeonse' shortage

South Korea’s government will supply 114,000 public rental units over the next two years in a move to alleviate the shortage of homes offered on “jeonse” leases, especially in Greater Seoul, officials said Thursday. The latest plan focuses on purchasing existing homes to convert them into public jeonse homes for the underprivileged struggling to find affordable dwellings amid skyrocketing prices. Also, policymakers will offer unoccupied public rental homes to all home seekers,

EconomyNov. 19, 2020

FSC looks to increase retail investors’ chance for IPO allotment

South Korea’s financial regulator, the Financial Services Commission, is looking to invite a wider range of retail investors to get access to shares offered when a company goes public on the Korean stock market. The key to the new measure is encouraging Korean underwriters of the initial public offering -- eligible for securities brokerage firms -- to allocate at least 10 percent of stocks potentially to any retail participant, regardless of how many bids retail investors place when subsc

MarketNov. 19, 2020

Toss to launch brokerage unit next year, targeting 20s, 30s

South Korea’s leading fintech startup Viva Republica is set to launch a mobile brokerage unit in the first half of next year as it received operational approval from the financial regulator. Named Toss Securities, the envisioned brokerage is the first local securities firm to be set up in 12 years. IBK Securities and KTB Investment & Securities were so far the last two that jumped into the market in 2008. Toss Securities aims to offer brokerage services for the local stocks first th

MarketNov. 19, 2020

Seoul stocks continue climb on battery gains despite virus concerns

South Korean stocks continued to build up gains Thursday after hitting a nearly three-year high the previous session, as battery makers remained in positive terrain amid concerns of surging COVID-19 cases. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.78 points, or 0.07 percent, to close at 2,547.42, the highest since Feb. 1, 2018.  Trading volume was moderate at about 961 million shares worth some 12.3 trillion won ($11

MarketNov. 19, 2020

Starbucks Coffee Korea to test-run coffee delivery service

Starbucks Coffee Korea said Thursday it would start a test-run for coffee deliveries next week, and open a new delivery-only outlet. According to the coffee chain, it will open Yeoksam E-mart branch in Gangnam, Seoul on Nov. 27, where the coffeemaker will take only delivery orders made from the company’s mobile app. The 100-square-meter store will act as the space for employees to make drinks and prepare food, and for storing merchandize, Starbucks said. It will also have space for de

ConsumerNov. 19, 2020

GM warns it may leave Korea as conflict with union continues

As General Motors Korea continues to struggle with labor strife and dwindling performance, GM’s international chief hinted at the possibility of withdrawing from the country. In an interview with Reuters on Wednesday, Steve Kiefe, the president of GM’s international operations, said GM has other options to produce cars in Asia, including China, where it builds nearly 5 million vehicles a year. GM workers have been staging two four-hour strikes daily since Oct. 30. The major stic

MobilityNov. 19, 2020

Korea to allow international flights without landing

With the COVID-19 pandemic weighing on the airline industry, Finance Minister Hong Nam-ki said Thursday that the government would help local airliners launch international flights without landing. “To support the ailing airline industry and fuel the mood for spending, we have decided to pursue adoption of a new type of traveling -- international flights without landing,” Hong, who doubles as deputy prime minister said in a meeting of economic-related ministers. The special flight

EconomyNov. 19, 2020

Volkswagen Tiguan sells 10,000 units in Korea this year

Volkswagen Korea said its mid-sized sport utility vehicle Tiguan surpassed 10,000 units in cumulative annual sales, a first for an imported SUV, the automaker said Thursday. According to Volkswagen Korea, the accumulated number of registered Tiguan units sold locally this year is 10,043. Tiguan has sold a total of more than 55,000 units since its debut in Korea in July 2008. This is the first time that annual sales have exceeded 10,000 units since the launch. The automaker said the key to T

MobilityNov. 19, 2020

S. Korean lawmakers call on Google to reduce app store fees like Apple

A group of South Korean lawmakers on Thursday called on Google to follow Apple Inc.'s move to lower its commission for app market purchases amid concerns of local app developers over high fees. Apple announced a day earlier it will reduce the standard commission on its App Store from 30 percent to 15 percent for app developers with yearly proceeds of less than $1 million from next year. "Apple's policy to halve its commission is well-timed," said seven lawmakers of the main oppositio

TechnologyNov. 19, 2020

Samsung’s top brass gather for 33rd anniversary of founder’s death

Samsung Electronics Vice Chairman Lee Jae-yong and the company’s top brass gathered in Yongin, Gyeonggi Province, Thursday to mark the 33rd anniversary of founder Lee Byung-chull’s death. The memorial ceremony was held about three weeks after former Chairman Lee Kun-hee’s death. Samsung scion Lee held a luncheon with 50 C-suite-level officials of the tech giant after the ceremony. The heir thanked the executives for their support for the former chairman’s funeral.

IndustryNov. 19, 2020

Korea Gas Corporation adopts drone, AI for better workflow

The Korea Gas Corporation said Thursday that it had adopted information and communications technology to improve its workflow and ensure a safer gas supply. Kogas is using a “smart mobile system” that enables tighter communication between the head office and its operation sites. The new system increases workflow efficiency by repackaging the on-site operation as data, which is then relayed and monitored in real time. Furthermore, to provide a reliable public service and a continuo

IndustryNov. 19, 2020

PureO2 touts hygiene booster amid COVID-19 pandemic

With people paying closer attention to their personal hygiene amid the global pandemic, various products claiming to eradicate unwanted germs have hit market shelves. Some of these products contain liquid chlorine dioxide, an oxygen-based sterilizer that removes germs, virus, fungus and odor. The World Health Organization has approved the use of chlorine dioxide as a disinfectant. Worldwide, over 1.8 million kilograms of chlorine dioxide is used on a daily basis as an antimicrobial agent for

IndustryNov. 19, 2020

FSC to ease regulations on 5 innovative financial services

South Korea’s top financial regulator said Thursday it has decided to relax regulations on five promising services proposed by local companies in continued efforts to spur innovation in the finance sector.  The move is part of the government‘s “regulatory sandbox” policy, which took effect in April last year. Under the regulatory program, the financial authorities suspend legal and regulatory requirements imposed on local financial companies, including both traditio

EconomyNov. 19, 2020

Businesses fear another shutdown as coronavirus resurges

As daily confirmed coronavirus cases in South Korea exceeded 300 for the second consecutive day, large companies feared another bout of shutdowns similar to that during the first wave of the pandemic early this year. Over the past few days, Samsung, LG, SK and Hyundai Motor closed some of their office buildings after their employees were infected. On Wednesday, Samsung Electronics said one employee working at its mobile research center in Suwon was confirmed to have coronavirus. The firm clo

IndustryNov. 19, 2020