PlayStation 5 preorders sell out again in S. Korea

Preorders for the second batch of Sony Corp.'s next-generation gaming console, the PlayStation 5 (PS5), sold out in just an hour in South Korea, industry insiders said Wednesday. As of 2 p.m., all major retailers here said they have closed preorder reservations for the PS5. Eleven local online shopping malls and offline stores started to accept preorders for the gaming console from noon. Preorders for the first batch of the PS5 also sold out quickly here on Sept. 18. The PS5 is the successo

IndustryOct. 7, 2020

Citibank Korea set to name first female CEO

Yoo Myung-soon, interim chief executive officer of Citibank Korea, was recommended as the sole candidate for the bank‘s top post, paving the way for her to become the first female CEO of the local branch of the US lender. The appointment recommendation committee under the South Korean subsidiary of the New York-based bank is set to confirm the appointment of Yoo during a general meeting of stockholders and board of directors slated to be held on Oct. 27. Yoo, the bank‘s senior ex

MarketOct. 7, 2020

Finance chief renews calls for creating rules for fiscal soundness

SEJONG -- Finance Minister Hong Nam-ki on Wednesday renewed calls to establish rules to ensure fiscal soundness as he voiced concerns about South Korea's debt and fiscal deficit. Hong made his case for the rules during a parliamentary annual inspection of the ministry, citing a looming hike in South Korea's debt-to-gross domestic product (GDP) ratio. The ratio is expected to reach 43.9 percent this year as South Korea drew four rounds of extra budgets meant to ease the fallout of the coronavir

EconomyOct. 7, 2020

BOK to virtually test distribution of digital currency next year

South Korea’s central bank said Wednesday that it plans to start testing the distribution of its digital currency next year. The Bank of Korea announced in April that it had launched a 22-month pilot program that would run through December 2021. According to the BOK, the distribution and circulation test is the final part of the three-step pilot program. Phase 2, which focuses on analyzing related processes and seeking outside consulting, started recently. Phase 1, designing

EconomyOct. 7, 2020

KFCC holds exchange program online with Thai Savings and Credit Cooperatives

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, held an annual exchange program with its counterpart in Thailand to introduce the group’s ongoing projects and management tips, officials said Wednesday.  Arranged as one-day videoconference in line with the government’s strict quarantine measures against the COVID-19 resurgence, the training event provided a series of online lectures on KFCC‘s fund managemen

MarketOct. 7, 2020

Former Daewoo Electronics renamed as Winia Electronics

Winia Daewoo announced on Wednesday that the company has renamed itself Winia Electronics as part of its strategy to reinforce its business at home and abroad. Winia Daewoo is the home appliance unit of Daeyu Winia Group, which was launched in 2018 as the result of Daeyu’s acquisition of Dongbu Daewoo Electronics. The company provides mid-range home appliances, including refrigerators, air conditioners and electronic rice cookers. The rebranding comes after the overseas trademark li

TechnologyOct. 7, 2020

Posco International supports small-but-strong parts suppliers

Posco International said Wednesday it has supported local parts manufacturers struggling from the pandemic. The nation’s largest trading company said it recently provided 1 billion won ($861,000) in export growth funds to Hanmea Adm, a steel parts manufacturer that produces aluminum products to reduce car weight, in cooperation with the Export-Import Bank of Korea. The funding is the result of the firm’s business partnership with Eximbank and Seoul Guarantee Insurance in May to bu

IndustryOct. 7, 2020

Households' excess funds sharply up in Q2 amid virus outbreak

Excess funds held by South Korean households and nonprofit agencies sharply rose in the second quarter from a year earlier due mainly to the government's emergency handouts and an extended slump in private consumption amid the pandemic, the central bank said Wednesday. Net financial funds -- the value of financial assets minus financial liabilities -- held by local households and nonprofit organizations serving households amounted to 64 trillion won ($55 billion) in the April-June period, sharp

EconomyOct. 7, 2020

Samsung to launch Galaxy Fit2 band in S. Korea this week

Samsung Electronics Co. said Wednesday its new wristband will be launched in South Korea this week as the tech firm tries to boost sales of wearable devices. The Galaxy Fit2 will hit local shelves Thursday with a price tag of 49,500 won ($42), according to the company. The Fit2 wristband, which was unveiled last month, can automatically track up to five different types of activities and provides fitness information, such as calories burned, heart rate and distance. It also monitors and analyze

IndustryOct. 7, 2020

S. Korea adopts tougher safety measures at ASF-hit farms

South Korea said Wednesday it has set up new guidelines for pig farms hit by African swine fever (ASF) as they are gradually preparing for reopening after the disease swept the inter-Korean border area last year. "As the virus can spread by automobiles, people or other mediums, it is necessary to enforce sanitary measures to prevent the farms from contacting the virus," the Ministry of Agriculture, Food and Rural Affairs said in a statement. The new measures center on providing detai

EconomyOct. 7, 2020

Fitch keeps S. Korea's credit rating at 'AA-,' outlook stable

Global credit appraiser Fitch Ratings said Wednesday it has maintained South Korea's credit rating at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level of the agency's sovereign ratings, since 2012. "Korea's rating balances robust external finances, steady macroeconomic performance and sufficient fiscal headroom going into the coronavirus pandemic against geopolitical risks related to North Korea and medium-term structural challe

EconomyOct. 7, 2020

[Monitor] LG Chem maintains No.1 in global EV battery market

LG Chem topped the global electric vehicle battery market by deploying 15.9 gigawatt-hours of EV batteries in the Jan-Aug period, commanding 24.6 percent of the market, followed by China’s CATL and Japan’s Panasonic, which controlled 24 percent and 19.2 percent, respectively. Samsung SDI ranked fourth, selling 4.1 gigawatt-hours of EV batteries to account for 6.3 percent of the market. Meanwhile, SK Innovation took the sixth place, posting sales of 2.7 gigawatt-hours and taking up

IndustryOct. 7, 2020

Imported car sales rise 15% in Sept. amid pandemic

Sales of imported vehicles in South Korea rose 15 percent in September from a year earlier due to strong demand for German cars, an industry association said Wednesday. The number of newly registered foreign vehicles rose to 21,839 units last month from 20,204 a year earlier, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models were Mercedes-Benz's E300 4MATIC sedan and A 220 sedan, and the Audi A6 45 TFSI sedan, the statement

EconomyOct. 7, 2020

T'way Air to start flights to Japan next month

T'way Air, a South Korean low-cost carrier, said Wednesday it will begin flights to Japan next month mainly to meet business travel demand. T'way Air will resume services on the routes from Incheon to Osaka and Tokyo on Nov. 5 and Nov. 6, respectively, with a plan to eventually provide flights on routes to Nagoya and Fukuoka, the company said in a statement. The budget carrier said it will initially offer one flight a week on the routes to Osaka and Tokyo as the new coronavirus outbreak cont

EconomyOct. 7, 2020

[Graphic News] Cancer still leading cause of death in S. Korea

　Cancer has been the No. 1 cause of death in South Korea since 1983. 　The statistics agency said 574.8 deaths were reported per 100,000 people here last year. It also said 158.2 per 100,000 had died of cancer. 　Heart disease is the second-largest cause of death here, with 60.4 deaths per 100,000 people, followed by pneumonia with 45.1 deaths per 100,000 people. 　The leading causes of death included cerebrovascular disease, suicide, diabetes and Alzheimer‘s disease. (Yonhap)

TechnologyOct. 7, 2020

BOK to test-run circulation of digital currency next year

The Bank of Korea (BOK) said Wednesday it plans to test-run issuing and circulating a central bank-issued digital currency (CBDC) next year, as the bank will launch a pilot program to study the potential introduction of a new cryptocurrency.   In March this year, the BOK began reviewing legal and technological issues to check its capabilities for the possible issuance of such a currency under its three-step scheme.   The bank plans to establish and activate a pilot program

EconomyOct. 7, 2020

Seoul shares open lower on Wall Street losses

South Korean shares opened lower Wednesday, tracking overnight losses on Wall Street after US. President Donald Trump said he would postpone talks for a new stimulus plan until after the upcoming US elections. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.84 points, or 0.5 percent, to 2,354.06 in the first 15 minutes of trading. The main index tracked overnight losses on Wall Street. The Dow Jones industrial average fell 1.3 percent, and the tech-heavy Nasdaq composite index

MarketOct. 7, 2020

[Power Korea] Can stem cells eradicate dementia?

How far has humanity come in preventing -- or rewinding -- neurodegeneration? Designed Cells, a Korean stem cell therapy company, has the ambitious dream of achieving something no one has ever yet succeeded in doing: curing dementia. Dementia, which can be but is not always a symptom of Alzheimer’s disease, is a cognitive dysfunction commonly found in aged seniors. However, it is not a normal part of aging -- the destructive effects of dementia go beyond the ordinary forgetfulness that mi

TechnologyOct. 6, 2020

Minister fends off criticism over government's fiscal soundness plans

A day after South Korea’s measures to ensure fiscal soundness for 2025 drew immediate flak from experts and the public alike for its time frame and "loopholes," the nation’s fiscal chief came to the defense of the rules Tuesday. The Ministry of Economy and Finance announced Monday that it aims to maintain the national debt-to-gross domestic product ratio below 60 percent, and its consolidated fiscal balance at minus 3 percent in 2025. The rules are to be exempted in a time

EconomyOct. 6, 2020

Top fried chicken franchise Kyochon to go public next month

Kyochon F&B, South Korea’s largest fried chicken franchise, will go public next month, aiming to secure up to 71.3 billion won ($61.4 million) of funding. According to the company’s securities report submitted to the Financial Services Commission on Monday, the fried chicken franchise will issue 5.8 million shares that are forecast to be priced at between 10,600 won and 12,300 won. Based on these share prices, the market capitalization of the company after the IPO is anticipated

MarketOct. 6, 2020