Duty-free sales inch up in Sept. on brisk foreign spending

Duty-free sales in South Korea edged up in September on increased purchases by Chinese vendors, industry data showed Thursday. Combined sales at duty-free shops in Asia's fourth-largest economy came to 1.48 trillion won ($1.31 billion) last month, up about 40 billion won from the previous month, according to the Korea Duty Free Shops Association. It marked the fifth straight month of gains since April when sales fell below the 1 trillion-won threshold for the first time in four years. Despite

IndustryOct. 29, 2020

Naver's Q3 net triples on record sales amid pandemic

South Korea's top internet portal operator Naver Corp. said Thursday its net profit nearly tripled in the third quarter from a year earlier on the back of booming online goods transactions on its platform amid the pandemic. Net profit reached 235.3 billion won ($207.5 million) in the July-September period, up 176 percent from 85.3 billion won a year earlier, the company said in a regulatory filing. Operating income reached 291.7 billion won in the third quarter, up 1.8 percent from the previou

IndustryOct. 29, 2020

Samsung expects profit decline after strong Q3 results

Samsung Electronics Co. on Thursday expected its profitability to worsen in the fourth quarter after delivering a forecast-beating performance in the third quarter on its better-than-expected chip business and demand for its mobile and home appliance products amid the pandemic. The world's largest memory chip and smartphone vendor said its net profit amounted to 9.36 trillion won ($8.3 billion) in the third quarter, up 48.9 percent from a year earlier. Operating profit jumped 58.8 percent on-y

IndustryOct. 29, 2020

Hyundai Capital reshaping COVID-hit volleyball scene

The monthslong coronavirus pandemic has affected much of South Korean society, and the sports sector is one of many that has felt the brunt of the crisis. Athletes in nearly all sports play in empty stadiums, while others have had their seasons canceled.  Aiming to reignite fans’ passion for volleyball amid the pandemic, the Hyundai Capital Skywalkers, owned by auto financing firm Hyundai Capital, recently organized an online event to show fans around the team’s locker room a

MarketOct. 29, 2020

FCA Korea releases limited All-New Wrangler Willys edition

Fiat Chrysler Automobiles Korea said Wednesday that it is releasing the All-New Wrangler Willys edition, presenting just 100 units here. According to the company, the All-New Wrangler Willys edition was inspired by the Willys Overland CJ-3A -- the “father” of modern recreational vehicles, which was introduced around the end of 1948. The four-door off-roader has a hood that displays a decal exclusive to the Willys and a black seven-slot grille that hints at the original Willys, t

MobilityOct. 29, 2020

Amorepacific Q3 net down 93% on tepid sales amid pandemic

Amorepacific Corp. said Wednesday its third-quarter net profit declined 93.1 percent from a year earlier as sales of its cosmetics at offline channels were hit by the new coronavirus outbreak. Net income came to 7 billion won ($6.2 million) in the July-September period, compared with 102.3 billion won a year earlier, South Korea's largest cosmetics maker said in a regulatory filing. From three months earlier, net profit rose 4.6 percent. Operating profit declined 48 percent on-year to 56 bill

IndustryOct. 28, 2020

KT announces vision to become telecom-IT firm

KT, South Korea‘s leading telecommunications firm, announced its corporate vision Wednesday to strengthen its non-telecommunications businesses. The company also introduced a new corporate brand KT Enterprise as part of its efforts to increase investment in services powered by artificial intelligence, big data and cloud technology. KT CEO Ku Hyeon-mo stressed that the company will increase its investment in up-and-coming platform sectors to secure future growth during a press conference

TechnologyOct. 28, 2020

ULikeKorea’s calf biocapsule certified as animal medical device in Korea, Japan

ULikeKorea’s LiveCare calf biocapsule was acknowledged in Korea and Japan as an animal medical device, the company said Wednesday. ULikeKorea’s LiveCare is a monitoring tracker that, once swallowed, lodges inside the cow’s first stomach and stays there for its life span of some five years. The capsule contains an information and communication technology device that picks up on the cow’s body temperature, range of activity, mating season and 40 types of animal diseases. T

IndustryOct. 28, 2020

Merck to bulk up OLED capacity with investment in Gyeonggi, Pyeongtaek

　Merck will invest 20 million euros ($23.6 million) in and around Pyeongtaek, Gyeonggi Province, to increase its organic light-emitting diode manufacturing capabilities, the company said Wednesday. 　The 20 million euros will be used to establish a modular production system for an additional OLED sublimation purification facility, and expand its OLED manufacturing facility in the neighboring county of Poseung-eup. 　OLED sublimation purification is a key step that ensures top-level OLED quality

IndustryOct. 28, 2020

GC LabCell posts record-breaking Q3 performance

GC LabCell tentatively filed a record-breaking third-quarter business performance, on the back of increased swab sample analysis and biologics distribution. From July to September, GC LabCell made a 2.9 billion won ($2.5 million). Its revenue increased 64 percent on-year to 23.9 billion won -- the highest figure GC LabCell has ever made in a quarter. Accumulated revenue from the first quarter through third quarter reached 59.1 billion won, surpassing 2019’s yearly accumulated revenue of

IndustryOct. 28, 2020

Hong vows deregulation for nonspeculative home buyers

Responding to continuing public complaints that the latest and forthcoming real estate policies impose excessive burdens upon nonspeculative end users, the South Korean government is set to lowering the tax rate for budget residences, the nation’s fiscal chief said Wednesday. He also rolled out a “phased” housing system that would allow prospective homebuyers with limited credit to eventually own a residential home by accumulating stake in the given property throughout the

MarketOct. 28, 2020

NPS says no to LG Chem’s battery split-off, but can it stop it?

South Korea’s National Pension Service said Tuesday it will vote against LG Chem’s plan to carve out its battery business into a wholly-owned subsidiary LG Energy Solution, though the state pension fund’s opposition is unlikely to hinder the move. The split-off, which awaits a final approval at a shareholders’ meeting set for Friday, requires support from more than two-thirds of shareholders in attendance and one-third of outstanding shares. The NPS is the second-large

IndustryOct. 28, 2020

Korea Post tests autonomous mail delivery vehicles

Korea Post said Wednesday it has tested a self-driving mail delivery vehicle, joining the country's race to introduce unmanned delivery services. The agency said it tested the vehicle, developed by PostCube Co., a local automatic postal service developer, at the Korea University Sejong Campus in the central city of Sejong, 120 kilometers south of Seoul, delivering a package to a student on campus. The unmanned vehicle, which serves as a standalone post office, has a digital kiosk inside that a

TechnologyOct. 28, 2020

Seoul stocks snap 2-day losing streak on tech gains

South Korean shares ended their two-day losing streak Wednesday, helped by a tech rally, amid intensifying woes over the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.42 points, or 0.62 percent, to close at 2,345.26. Trading volume was moderate at about 695 million shares worth some 8.8 trillion won ($7.8 billion), with gainers outnumbering losers 615 to 237. Foreigners bought a net 15 billion won, with retail investors pu

MarketOct. 28, 2020

Woori Bank launches Korea desk in Bangladesh

Woori Bank said Wednesday it has launched a Korea desk at its branch in Dhaka, Bangladesh, to help South Korean companies extend their business into the South Asian country. Through the service desk, the lender will provide useful market information, including local financial regulations, along with special offers like hotel reservations and airport pickup for customers on business trips to Bangladesh. Also, the officials will conduct financial counseling programs targeting those who are plan

MarketOct. 28, 2020

No. of South Korean rich surges twofold in decade

The number of rich people in South Korea has more than doubled in the past 10 years, a report showed Wednesday. According to the Korea Wealth Report 2020 released by KB Financial Group Research Institute, the number of people with financial assets worth more than 1 billion won ($884,000) reached 350,000 last year, up 9.6 percent on-year. The report defines a rich as a person holding financial assets worth more than 1 billion won. The number of Korean rich has been growing for nine years, wit

EconomyOct. 28, 2020

New Citibank Korea CEO stresses risk management

Yoo Myung-soon, the new CEO of Citibank Korea -- the local branch of New York-based Citigroup -- urged the bank’s leaders as well as employees to ramp up efforts to counter potential managing risks for consumer protection in her inaugural speech Wednesday, officials said.  “New risk factors evolve as our operating environment changes. Risk management and internal controls are a key responsibility for all of us,” Yoo said.  Also, she vowed to enhance the lender&rsq

MarketOct. 28, 2020

Local fintech startup unveils Korea’s first commercial system to rule out naked short selling

A local startup on Wednesday unveiled the nation‘s first commercial securities lending system targeting institutional investors at home and abroad to help them prevent errors that can lead to naked short selling activities against the law, often unintended. TruWeb, new securities lending platform developed by financial technology startup Tru Technologies, allows an institutional investor -- investment banks or brokerage firms -- to take advantage of automated process when making arrangeme

MarketOct. 28, 2020

Funeral held for Samsung Chairman Lee

A send-off ceremony for the late Samsung Group Chairman Lee Kun-hee was held Wednesday, attended by bereaved family, friends and some Korean business tycoons as they bid a final farewell to the chairman who turned Samsung into Korea’s first world-class business empire. Lee died Sunday at age 78, more than six years after being hospitalized for a heart attack. The ceremony for Lee was held privately at a funeral hall at Samsung Medical Center in southern Seoul around 7:30 a.m. for about

IndustryOct. 28, 2020

Posco chief proposes joint response to changes in post-COVID-19 era

Posco CEO Choi Jeong-woo has suggested the global steel industry jointly respond to structural changes accelerated by coronavirus and find sustainable growth measures at a recent steel conference, the firm said Wednesday. On Tuesday, Choi gave a keynote speech on the theme of Post-COVID-19 megatrends at the Steel Success Strategies conference hosted online by World Steel Dynamics. WSD is a US-based steel research firm that conducts and announces competitiveness evaluations for major global s

IndustryOct. 28, 2020