Samsung dominates 5G smartphone market in Western Europe in H1: report

Samsung Electronics Co. dominated the 5G smartphone market in Western Europe in the first half of the year, a report showed Friday, but its market share is likely to decline in the second half as Apple Inc.'s first 5G-supporting handset, the iPhone 12, will go on sale. Samsung captured an 88 percent market share of all 5G smartphones shipped in Western Europe in the first six months of the year, according to market researcher Strategy Analytics. "Samsung today is the clear 5G leader acr

IndustryOct. 16, 2020

Seoul stocks open lower on COVID-19 jitters

South Korean shares opened lower Friday as a resurgence of the new coronavirus could dampen hopes of a global economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.3 point, or 0.01 percent, to 2,360.91 in the first 15 minutes of trading. Stocks traded bearish after the KOSPI lost for a third consecutive day the previous session. The Dow Jones Industrial Average went down 0.07 percent, to close at 28,494.2 on Thursday (New York time), with the Nasdaq Composite and

MarketOct. 16, 2020

SK Telecom partners with Uber in mobility biz spinoff

SK Telecom Co., South Korea's largest mobile carrier, said Friday it will spin off its mobility platform business into a separate entity as it partners with US ride-hailing company Uber Technologies Inc. in a move to strengthen its focus in the connected mobility sector. The business -- tentatively called T map Mobility Co. -- will be wholly owned by SK Telecom and become a separate company on Dec. 29, the mobile carrier said in a regulatory filing. In a joint statement with Uber, SK Telecom s

TechnologyOct. 16, 2020

Job losses extend into Sept. amid pandemic, unemployment rate rises to 3.6%

SEJONG-- South Korea lost about 392,000 jobs in September, marking a decline in the number of the employed for the seventh consecutive month, as the coronavirus pandemic hammered job markets, data showed Friday. The country's jobless rate rose by 0.5 percentage point on-year to 3.6 percent in September, with the number of employed people falling to 27.01 million, according to the data compiled by Statistics Korea. It marked the longest fall since the eight months of decline posted in 2009 ami

EconomyOct. 16, 2020

BTS' label becomes Korea's largest entertainment company in strong market debut

Shares of Big Hit Entertainment, the management agency of K-pop sensation BTS, nearly doubled as the company made a strong market debut on South Korea’s main bourse, Kospi, Thursday, becoming the biggest entertainment company by market capitalization here. With the opening price set at 270,000 won ($235.80) per share, twice the offering price, Big Hit shares spiked by the daily permissible limit of 30 percent to 351,000 won soon after the bell rang. But the stock closed at 258,000 won,

MarketOct. 15, 2020

With sound three quarters, Volkswagen Korea unveils new Jetta

Volkswagen Korea unveiled the new seventh-generation Jetta at a press show on Thursday as it posted sales of over 10,000 units during the first three quarters of 2020. The new model comes at a price of around 27 million won ($23,600), while its prestige model is priced at just over 29 million won. The Jetta, since its birth in 1979, has sold 17.5 million units around the world. Of them, 17,000 have been sold in South Korea. As for its Korea operation overall, Volkswagen Korea said its sales w

MobilityOct. 15, 2020

Ediya Coffee’s delivery revenue jumps nearly sevenfold amid pandemic

South Korean coffeehouse chain Ediya Coffee said Thursday that revenue from its coffee delivery service increased around 660 percent over the last year, compared with a year before. According to data from the company, the number of delivery orders made between last October and September this year stood at 1.1 million, up 612 percent. from the same time last year. Ediya Coffee saw a sharper increase in order volume between April and June this year, during which the company saw a near 1,000 perc

ConsumerOct. 15, 2020

Amazon Global Selling Korea to ramp up support for sellers

Amazon Global Selling Korea said on Thursday it is ramping up support to help sellers and businesses branch out into the international market. Speaking at a livestreamed press event, Lee Sung-han, head of the South Korean unit of the e-commerce giant’s export program, praised South Korea’s handling of the pandemic as he unveiled plans to assist businesses in the country. “Despite the pandemic this year, we thank many sellers in South Korea who worked with Amazon to provide hi

ConsumerOct. 15, 2020

Hyundai chairman’s first stop: Hydrogen economy

Starting his first day as Hyundai Motor Group’s chairman on Thursday, Chung Euisun attended the government’s hydrogen economy committee meeting, riding there in his company’s first hydrogen fuel cell vehicle, the Nexo. Prior to the meeting, Chung had agreed to establish a joint entity with the government to expand the number of hydrogen charging stations across the country, clearly showing his commitment to creating a hydrogen ecosystem. During the meeting, Hyundai Motor s

MobilityOct. 15, 2020

[Behind the Wheel] Will Chevrolet Colorado attract Korean adventure enthusiasts?

Pickup trucks, which often top the list of bestselling cars in the US, were not always so popular in the South Korean market. However, with the recent increase in the number of people enjoying outdoor activities such as camping, fishing and surfing, pickup trucks are being reevaluated by adventure seekers. The local pickup truck market, which used to be dominated by local brand SsangYong Motor, is now expanding with the entry of imported brands such as the Chevrolet Colorado and the Jeep Gl

MobilityOct. 15, 2020

S-Oil donates scholarship worth W50m to underprivileged students

S-Oil, one of the four major oil refineries in South Korea, donated 50 million won ($43,600) to the Mapo Scholarship Foundation at a ceremony held at the Mapo-gu office in western Seoul on Thursday, according to the company. Since 2017, S-Oil has provided scholarships to underprivileged students living in Mapo-gu through the Mapo Scholarship Foundation as part of its corporate social responsibility program dubbed “Sunshine Sharing Campaign.” “During this difficult time of

IndustryOct. 15, 2020

GS Caltex launches lubricants for hybrid vehicles Kixx Hybrid

GS Caltex said Thursday it has become the first refinery in South Korea to launch lubricants dedicated for hybrid vehicles called “Kixx Hybrid.” According to GS Caltex, it mixed special additives with high-quality lube-base oil to manufacture Kixx Hybrid to offer improved fuel efficiency and better protection for engine parts. Also, the new product qualifies for the American Petroleum Institute’s new “SP” engine oil standards. “The recent sales of eco-frie

IndustryOct. 15, 2020

Nexon donates game profits to retrieve Korea’s national treasure

Nexon said Thursday it has donated profits from its game The Kingdom of the Winds: Yeon to the National Trust for Cultural Heritage to help the organization preserve and retrieve Korea’s national treasures that had been lost overseas. From July 29 to Aug. 7, through e-commerce platform Auction, Nexon sold 150 units of a limited edition item priced at 30,000 won ($26) and 42,316 units of unlimited edition item priced at 100 won to users of the game. On top of 4.5 million won from the sale

IndustryOct. 15, 2020

KFS helps Korea see greatest forest growth in world

The Korea Forest Service said Thursday that South Korea has witnessed the world‘s greatest growth rate in the volume of trees over the past 25 years, according to a report announced at a session held on Monday by the United Nations Food and Agriculture Organization’s Committee on Forestry. UN FAO COFO’s biennial session is one of the world’s biggest forestry events that brings together heads of forest services and other senior government officials to share the results of

IndustryOct. 15, 2020

Seoul shares dip for 3rd session on virus woes, US stimulus deadlock

South Korean stocks dipped for a third consecutive session Thursday as spreading new coronavirus infections and the deadlocked US fiscal stimulus weighed heavily on the local financial markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.27 points, or 0.81 percent, to close at 2,361.21. Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won ($11.2 billion), with gainers outnumbering losers 583 to 279.

MarketOct. 15, 2020

Economic powder keg remains despite Korea's virus containment: S&P

Despite the containment of the coronavirus pandemic nationwide, South Korea, Asia’s fourth-largest economy, is still sitting on an economic powder keg, high-ranking officials of credit rating agency S&P Global Ratings said Thursday. While Korea and other Asia-Pacific economies are seeing a relatively swift recovery from the COVID-19 pandemic thanks to timely policies and boosted trade, they appear to be far off from pre-COVID levels, Shaun Roache, chief Asia-Pacific economist at S&am

EconomyOct. 15, 2020

[News Focus] Seoul housing prices climb 18% in a year

SEJONG -- The cost of housing in Seoul, including apartments, climbed 18.8 percent over the past year, while high-ranking officials continued to argue that the real estate market would stabilize on the back of “anti-speculation” measures from the government. According to KB Kookmin Bank, the average price of housing in the capital came to 32.73 million won ($28,500) per 3.3 square meters as of Oct. 9, up 5.18 million won from 27.55 million won on Sept. 27, 2019. This indicates tha

EconomyOct. 15, 2020

Shinhan Card issues social bonds worth $400m

South Korea’s leading credit card company Shinhan Card said Thursday that it has issued social bonds worth $400 million via a public offering. The issuance of the bonds, aimed at funding small-and medium-sized businesses and helping the financially marginalized, is the first of its kind in the local credit card segment since the global financial crisis in 2008, according to Shinhan. Some 100 institutional investors -- nearly 82 percent from the Asian region and the rest from Europe

MarketOct. 15, 2020

Shinhan Financial Group launches comprehensive auto financing platform

Shinhan Financial Group said Thursday that it has launched a comprehensive online auto financing platform that allows users to gain access to the firm’s loan and lease services. Shinhan’s customers can now check their credit limits and compare auto finance products or monthly installment plans tied to loans, leases and rentals via the platform dubbed “My Car.” The platform is available on its website and in app form. “My Car” was created by merging two sep

MarketOct. 15, 2020

Mirae Asset’s trust deposits for pension funds exceed W8tr

Trust deposits for pension funds operated by Mirae Asset Global Investments surpassed the 8 trillion won ($7 billion) mark, the company said Thursday. The company pooled 3.8 trillion won for private pension funds and 4.2 trillion won for retirement funds. Both figures are the highest in their respective segments, it added. Trust deposits for the pension market grew by 1 trillion won this year to 32 trillion won, according to financial market tracker FnGuide. Mirae Asset put its focus on rol

MarketOct. 15, 2020