[Monitor] SK reaps more profit than Samsung in pandemic

SK Group reaped the largest net profit in the first half of this year amid the COVID-19 pandemic, beating Samsung Group on equity gains from its affiliates, data from Yonhap Infomax showed Sunday. The consolidated net profit of SK rose 32 percent to 6.19 trillion won ($5.2 billion) during the first six months compared to a year ago, driven by strong performances of its key affiliates such as SK hynix, SK Telecom and SK Innovation. Samsung came second with its net profit declining 30 percent

IndustryAug. 18, 2020

Seoul stocks open lower amid fears of COVID-19 resurgence

South Korean shares opened lower Tuesday, following a sharp increase in new coronavirus infections in Seoul and surrounding areas over the holiday weekend. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.31 points, or 0.18 percent, to 2,403.18 in the first 15 minutes of trading. Fears of a resurgence of COVID-19 spooked investors. South Korea reported 197 new cases Monday, a temporarily designated holiday, and 279 on Sunday. The daily new cases surpassed the 200 mark for th

MarketAug. 18, 2020

[News Focus] Korea behind Japan, Russia in Q2 employment

SEJONG -- South Korea lagged behind Japan, Russia and some Western countries this year in terms of employment among working-age people. According to the Organization for Economic Cooperation and Development, Korea posted a 65.4 percent employment rate for those aged 15-64 during the April-June period of 2020. In contrast, Japan -- also an OECD member -- saw the employment rate for its working-age population reach 77 percent over the corresponding period, though the country was also hit hard b

EconomyAug. 17, 2020

Proposed insurance rules may force Samsung Life to unload Samsung Electronics shares

The push by some lawmakers to revise the Insurance Business Act is weighing down on the nation’s largest life insurance firm, Samsung Life Insurance, as the insurer would have to offload a large part of its Samsung Electronics stake, now worth nearly 30 trillion won ($25.3 billion). The move recently caused Samsung Life stock prices to fluctuate heavily, partly on speculative buying in anticipation that Samsung Life’s valuation will grow higher in the long run as a result of the sel

MarketAug. 17, 2020

Pangyo offices under limelight in deregulation hopes: report

Pangyo, a South Korean version of Silicon Valley, is garnering attention as an emerging destination for office investment as key regulations affecting the area are set to expire, a report showed Monday. The stabilizing occupancy in Pangyo 1st Techno Valley and Pangyo Alpha Dome City and the 10-year restrictions being gradually lifted from Pangyo 1st Techno Valley starting this year will generate new investment opportunities despite COVID-19, according to a report by real estate services firm Co

MarketAug. 17, 2020

Court revokes Korean watchdog’s request to suspend Hanwha Systems

A Seoul court revoked the antitrust watchdog’s requests to suspend the business of Hanwha Systems and limit its rights to participate in public biddings, according to industry sources on Monday. In a lawsuit Hanwha Systems filed against the Fair Trade Commission, the Seoul High Court decided to revoke the FTC’s business restrictions on Hanwha Systems, saying the FTC cannot punish the firm for the misconduct previously committed by a company it had acquired. Hanwha Systems bought

IndustryAug. 17, 2020

Three-digit infections force IT giants return to telecommuting

Leading technology firms in Korea are returning to remote working systems, as the country saw triple-digit increases of new virus cases for a fourth straight day Monday. SK Telecom, Korea’s No. 1 mobile carrier by market share, said Monday that it notified all staff and executives to work from home until Aug. 23 and provided specific guidelines on how to prevent infections. “Reschedule every face-to-face activity including meetings and gatherings. During telecommuting, refrain fr

IndustryAug. 17, 2020

[Gadget Review] Reasons for hesitancy over Galaxy Note 20

The Galaxy Note 20 series unveiled about two weeks ago is definitely the easiest option for those approaching the end of their two-year mobile contracts with existing phones. But despite initial market expectations, the hype appears to have died down quickly for the latest models, partly due to reduced subsidies for new phone purchases. More significantly, potential consumers have pointed to “less-than-expected” innovations for the pricey device, which is to cost at least $999.

TechnologyAug. 17, 2020

KB Group joins gaming firm NCSoft to set up AI-powered investment firm

Financial behemoth KB Financial Group and gaming firm NCSoft are planning to set up a joint investment firm specialized in offering investment consulting services based on artificial intelligence technology, news reports said Monday. The two companies have recently started discussing the establishment of the joint venture, and the planned joint company will likely be operated under KB subsidiary KB Securities. The partnership is seen as an unusual move as few gaming companies here participa

MarketAug. 17, 2020

Ruling party prepares to extend temporary ban on shorting

To reduce volatility in the stock market exacerbated by the novel coronavirus pandemic, lawmakers from the ruling Democratic Party are pushing to extend the six-month ban on short selling, news reports said Monday. Short selling, or shorting, is a strategy of borrowing, selling and repurchasing a stock to return it to the lender. In effect, short sellers are betting on a drop in stock prices. The practice, often conducted by institutional investors and offshore investors, has received flak f

MarketAug. 17, 2020

Demand for personal credit loans surges amid stricter mortgage rules

Korean banks’ personal credit loans extended to individuals have continued to soar in August, as the government tightened mortgage loan regulations to stabilize the overheated housing market, data showed Monday. Outstanding balance of personal credit loans at five major lenders here -- KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Bank -- came to nearly 121 trillion won ($102 billion won) as of Thursday, up 1.28 trillion won from the previous month. Following the largest-

MarketAug. 17, 2020

Kakao founder becomes second-richest S. Korean stockholder, bumping Samsung heir

Kakao founder Kim Beom-su snagged the No. 2 spot on the list of South Korea’s wealthiest businesspeople, with his stock assets rising by some 5 trillion won ($4.2 billion), industry data showed Monday. This puts him ahead of Samsung Electronics Vice Chairman Lee Jae-yong, and second only to Samsung Group Chairman Lee Kun-hee. Kim, who currently holds a 14.51 percent stake in Kakao, saw the value of his stock assets surpass 9 trillion won as of Friday, up 136.16 percent from 3.84 trillio

MarketAug. 17, 2020

Jeju Air secures W135b in recapitalization

One of the nation’s leading low-cost carriers, Jeju Air said Monday that new stocks worth 135 billion won ($114 million) have been allocated to the company’s existing shareholders and employees. The stocks were offered at 12,400 won, a 20 percent discount from the company’s stock price as of the end of last week. The company’s shares fell by 0.32 percent to close at 15,500 won. In Jeju Air’s recapitalization scheme, the Jeju municipal government subscribed for ar

IndustryAug. 17, 2020

Use of AI speakers surge among seniors living alone

SK Telecom, a leading mobile carrier in South Korea, said Monday that usage of company‘s home care service by senior citizens using through its artificial intelligence speaker Nugu is continuing to increase this year. According to the telecommunications firm’s latest report, the number of seniors using the home care service has increased to 4,700 as of July from 3,200 in April last year. The monthly average uses of the AI-based home care service have also jumped by 127 percent,

TechnologyAug. 17, 2020

Hyundai Motor, BBQ in trademark lawsuit over Genesis brand

Hyundai Motor and local chicken franchise Genesis BBQ are engaged in a lawsuit over the trademark rights of “Genesis.” Hyundai Motor, which launched the Genesis brand in 2015, has been in a legal battle with BBQ for dozens of trademark rights since 2016. The automaker has been asking for the cancellation of the trademark rights held by BBQ in some areas. The automaker was allowed to use the Genesis brand only related to automobiles because BBQ had registered trademark rights for

IndustryAug. 17, 2020

Genesis surpasses Benz, BMW as most sold premium brand

Hyundai Motor’s premium brand Genesis surpassed Mercedes-Benz in sales for the first time in four years in the local market, industry data showed Monday. According to the auto industry, Genesis sold 60,005 vehicles in the January-July period this year, while Mercedes-Benz and BMW sold 41,583 and 29,246, respectively. Sales of Genesis jumped 65 percent compared to the same period last year. Mercedes-Benz, on the other hand, increased 3 percent and BMW rose by 35 percent. In 2016, the

MobilityAug. 17, 2020

[67th Anniversary Special] Blurring lines in Korea’s industries: manufacturing merges with AI

It was an inevitable future only to be hammered on by the COVID-19 pandemic. South Korea’s key manufacturing giants that have pulled up the country’s economy since the rubbles of the Korean War (1950-53) are fast transforming their DNA by merging with world-class technologies offered by their information technology peers. These companies once with heavy production processes and conventional services are stepping beyond their boundaries, revolutionizing to incorporate artificial i

TechnologyAug. 16, 2020

[67th Anniversary Special] Reshaping Korean economy in post-virus era

South Korea’s early response to the current pandemic crisis effectively contained its spread, minimizing economic damages in the first half, offering a rosy outlook. On Tuesday, the Organization for Economic Cooperation and Development lifted the country’s growth forecast this year to minus 0.8 percent from the previous minus 1.2 percent, propelling the country to No. 1 in terms of slowdown among member states. Highlighting the resilience of the Asia’s fourth-largest econom

EconomyAug. 16, 2020

SK Group beats Samsung Group in H1 net profit

SK Group, a South Korean telecom-to-chemicals conglomerate, ranked first in first-half net profit, beating Samsung Group on equity gains from its affiliates, a local market data provider said Sunday. In the six months that ended in June, SK Group's consolidated net profit jumped 32 percent to 6.19 trillion won ($5.2 billion) from 4.69 trillion won in the same period of last year, according to Info Bigs, a conglomerate-focused data service provider operated by Yonhap Infomax Inc. SK's stellar

IndustryAug. 16, 2020

[67th Anniversary Special] Amid contactless boom, Korea steps into cashless society

Cashless stores, digital payment and contactless banking all existed before the pandemic swept South Korea’s retail markets. What’s different now is that walletless services have gained dominance as a payment method, accelerating the nation’s shift to a cashless society. Concerned about the new coronavirus, people are increasingly using mobile services to order food and other necessities online instead of dining out or buying their clothes at brick-and-mortar stores. During t

MarketAug. 15, 2020