S. Korea's energy consumption dips 3.6% in H1

South Korea's energy consumption fell nearly 4 percent in the first half of the year due to an economic slowdown sparked by the coronavirus outbreak, a report said Wednesday. The country's overall energy consumption came to 112.6 million tons of oil equivalent (TOEs), down 3.6 percent from the same period last year, according to the report from the Korea Energy Economics Institute. The first-half drop follows a 0.6 percent on-year decline for all of 2019, which was the first annual drop in 10

EconomySept. 16, 2020

S. Korea recoups nearly 70% of bailout funds

South Korea has recouped 69.5 percent of the public funds it spent to bail out troubled financial and other firms since the 1997-1998 Asian financial crisis, the financial regulator said Wednesday. South Korea had retrieved 117.2 trillion won ($99.3 billion) out of the 168.7 trillion won in state funds spent to save firms from bankruptcy as of the end of June, according to the Financial Services Commission (FSC). The recovery rate marks a slight rise from the 69.2 percent recorded at the end

EconomySept. 16, 2020

Seoul stocks open tad lower on profit-taking

South Korean stocks opened a tad lower Wednesday as investors attempted to cash in recent gains. The benchmark Korea Composite Stock Price Index fell 3.55 points, or 0.15 percent, to 2,440.03 in the first 15 minutes of trading. The index came to a muted start after a 0.65 percent gain in the previous session hitting an over two-year high. In Seoul, most large caps traded lower. Market bellwether Samsung Electronics lost 0.49 percent, with No. 2 chipmaker SK hynix shedding 1.59 percent. In

MarketSept. 16, 2020

Hyundai’s hydrogen fuel cells head to Europe

Hyundai Motor said Wednesday that it had exported hydrogen fuel cell systems to Swiss firm GRZ Technologies and an unnamed European energy solution start-up, in line with its efforts to expand its hydrogen business to the non-automotive sector. The 95-kilowatt fuel cell system that is currently used for the Nexo hydrogen electric vehicle will be used by the two companies to produce mobile generators that supply emergency power. The name of the second firm was not disclosed due to business co

MobilitySept. 16, 2020

Asymptomatic COVID-19: What we know so far

Understanding transmission by asymptomatic patients has been cited as a key factor in controlling the spread of COVID-19 in communities. Korean public health authorities have repeatedly warned of the potential of asymptomatic patients to be behind a “silent spread” of the disease. “Epidemiological investigations reveal approximately 40 percent of all confirmed cases so far are asymptomatic,” said Korea Disease Control and Prevention Agency’s deputy chief

TechnologySept. 15, 2020

[News Focus] Firms look overseas for COVID-19 drug trials

　Seven South Korean pharmaceutical firms are conducting global clinical trials of their proposed COVID-19 treatments variably in the US, India, Russia, Mexico, the Philippines and South Africa -- with more destinations on the agenda. The reasons behind choosing to go overseas reflect where the need for COVID-19 treatment is most pressing, the companies told The Korea Herald. At their clinical trial destinations it is easier to find candidates to test the drugs on, due to the sheer number of c

IndustrySept. 15, 2020

Hyundai Motor launches all-new Tucson

Hyunday Motor announced the launch of the overhauled version of its bestselling sport utility vehicle Tucson in a world premiere online event Tuesday. It is the fourth generation of the vehicle, released five years after the third generation. The all-new Tucson embraces a new exterior styling of Hyundai’s “sensuous sportiness” design identity, the automaker said. The Tucson‘s identity is emphasized through the “parametric dynamics” with kinetic jewel sur

MobilitySept. 15, 2020

Starbucks Coffee Korea prepares 2,030 tumblers to celebrate Youth Day

To celebrate the country’s first Youth Day, Starbucks Coffee Korea said it organized an online event to give out 2,030 tumblers to customers from Tuesday to Friday. The Youth Law implemented from August designates every third Saturday in September as Youth Day. The presidential decree has set Youth Day as a public anniversary to encourage and support the youth and also raise awareness on issues related to young people. This year the day falls on Saturday. Jointly with the Prime Minist

ConsumerSept. 15, 2020

[Green Paradox] Green New Deal to boost Kepco’s role in renewable energy market

Even the best of intentions can fall flat without full attention to vital details. The Korea Herald looks into flaws and shortcomings of Korea’s green policies. – Ed.   The ruling Democratic Party of Korea has recently prepared a bill to allow Korea Power Corp. to directly generate electricity with renewable energy sources as part of ways to foster President Moon Jae-in’s Green New Deal initiative. The move is expected to boost the role of Kepco in the country&lsqu

IndustrySept. 15, 2020

LG Chem adds Amazon to battery customer list

LG Chem will supply batteries to Amazon’s warehouse robots, according to industry sources Tuesday. The Korean battery maker will supply the same cylindrical batteries that power Tesla electric vehicles to Amazon’s automated robots in operation within the retail giant’s warehouses starting from 2023, they said. Though LG Chem said it can’t confirm details related to its clients, the deal is expected to be worth tens of millions of dollars. As of last year, Amazon ha

IndustrySept. 15, 2020

Gyeonggi chief’s loan relief suggestion prompts criticism from banking sector

Gyeonggi Province Gov. Lee Jae-myung’s idea for a government loan relief program -- in which the state would forgive and pay off interest on loans for those in the low income bracket -- was met with criticism from the banking sector. Lee recently said via Facebook that a “welfare state must take responsibility for the financial risks of ordinary citizens,” and “a welfare loan system where everyone can receive low-interest, long-term loans with the government financially

EconomySept. 15, 2020

Seoul stocks up for 4th day to over 2-year high on tech gains, vaccine hopes

South Korean shares extended their winning streak to a fourth session on Tuesday to close at a more than two-year high, helped by advances in tech heavyweights and progress in coronavirus vaccine development. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.67 points, or 0.65 percent, to close at 2,443.58. Tuesday's closing marks the highest since June 12, 2018, when the index closed at 2,468.83 points. Trading volume was moderate at

MarketSept. 15, 2020

[News Focus] Korea outstrips Japan in average pay in 2019

SEJONG -- The average annual wage for South Korean workers was found to have reached $42,285 last year, according to calculation by the Organization for Economic Cooperation and Development. The level placed Korea at No. 19 among 35 members of the OECD. Two member countries, Colombia and Turkey, were not in included in the 2019 comparison. Though the figure fell short of the OECD average, $48,587, Korea ranked above Israel (21st), Italy (22nd), Spain (23rd) and Japan (24th), all of which saw

EconomySept. 15, 2020

Korea's exports of ICT products grow for 3rd month

South Korea‘s exports of information and communication technology products continued to increase for the third consecutive month in August, according to a government report released Tuesday. The Ministry of Science and ICT report shows the nation‘s exports of ICT products last month reaching $15.24 billion, up by 0.3 percent on-year. The upward trend has been largely contributed to robust exports of memory chips and computers amid the coronavirus pandemic. Outbound shipments of s

TechnologySept. 15, 2020

ADB maintains growth outlook for S. Korea, cuts projection for Asia

The Asian Development Bank said Tuesday that South Korea’s economy would likely contract 1 percent on-year in 2020 due to the COVID-19 pandemic, but grow 3.3 percent next year on the back of the global economic recovery and local fiscal spending. In its revised set of growth projections for the Asian region, ADB maintained its earlier forecast for Asia’s fourth-largest economy, while cutting the region’s overall growth outlook for this year to a contraction of 0.7 percent f

EconomySept. 15, 2020

T'way Air launches flights to Wuhan

Low cost carrier T’way Air will start flying to Wuhan, China once a week from Wednesday, becoming the first airline in the country to travel the route in eight months. The move comes after the Ministry of Transport gave the airline the go-ahead Tuesday night to offer flights between Incheon and Wuhan, one official at T’way Air said, after having obtained approval from China’s civil aviation authorities recently. The Incheon to Wuhan flights are known to be popular among busin

MobilitySept. 15, 2020

PAG exits from only Korean portfolio company at discount

Hong Kong-based private equity investor PAG Asia Capital exited from Korean toy maker Young Toys by selling its entire stake for some 150 billion won ($127 million) to an investor consortium led by local book publisher MiraeN. The transaction was closed earlier last week, according to deal adviser BDA Partners, after the proposed buyer and seller inked a sales and purchase agreement for 100 percent stake in Young Toys in August. MiraeN declined to comment on deal terms. “We’re pro

MarketSept. 15, 2020

Exim Bank issues $1.5b in global bonds

The state-run Export-Import Bank of Korea (Exim Bank) said Tuesday that it has issued $1.5 billion worth of bonds to foreign investors. Exim Bank has sold three-year bonds worth 500 million euros, $400 million in five-year dollar bonds and $500 million in dollar bonds that will mature in 10 years. The euro-denominated social bonds carry a yield of minus 0.118 percent, the lowest interest rate offered by South Korean institutions, the state lender said. A negative bond yield means that an inv

EconomySept. 15, 2020

S. Korea's brokerages put limits on credit offering amid surging loan balance

Amid the snowballing volume of personal credit loans taken out for stock investments, Korea’s securities firms are increasingly suspending their credit financing services, local industry sources said Tuesday. Samsung Securities, the brokerage arm of the Samsung conglomerate, announced a day earlier that it would temporarily stop the purchase of credit loans as the firm had reached its limit on credit offerings. This marked the second time since July 22 that Samsung put the brakes on its

MarketSept. 15, 2020

Complaints against financial firms surge 15% amid pandemic

The number of consumer complaints brought against local financial companies jumped 15 percent on-year in the first-half of 2020, mainly related to the mis-selling of private equity funds and a surge in requests for loans to counter the coronavirus impact, data showed Tuesday.  According to data from the Financial Supervisory Service, the financial watchdog received a total of 45,922 consumer complaints against securities firms, commercial banks, insurance companies and credit card operat

MarketSept. 15, 2020