Financial app users outpace e-commerce, game apps: data

The number of people using financial mobile apps, including for banking and stock trading, has surpassed users of apps for online shopping and games, industry data showed Wednesday. According to the data by mobile big data platform IGAWorks, a total of 31.16 million people with Android devices used financial applications in June, compared with 23.63 million people using e-commerce apps and 19.84 million mobile game users. "The number of financial app users greatly increased following the

EconomyJuly 22, 2020

Samsung to host online event to unveil new gadgets, tech innovations in Sept.

Samsung Electronics Co. will stage its own event to introduce the company's new products in the upcoming months after it decided to skip the largest consumer electronics show in Europe. Samsung said it will host an online event, titled "Life Unstoppable," on Sept. 2, to unveil its latest innovations in mobile phones, wearables, TV, audio and home appliance products. "The brand will take guests through an interactive virtual world, unveiling new products and demonstrating how th

TechnologyJuly 22, 2020

[Monitor] Incheon Airport hit hard due to pandemic

Incheon International Airport was hit hard due to the prolonged outbreak of COVID-19, data showed Tuesday. The number of passengers at the airport from Jan. 1 to July 16 is about 10.89 million, according to the Incheon International Airport Corp. -- a sharp decline from 38.67 million in the same period last year. By Shin Ji-hye (shinjh@heraldcorp.com)

IndustryJuly 22, 2020

State pension fund snaps up drug, tech stocks amid virus

South Korea's state pension operator has raised exposure to pharmaceutical and tech stocks this year amid the coronavirus outbreak while unloading retailers and other virus-hit issues, a corporate tracker said Wednesday. The National Pension Service (NPS), the biggest institutional investor in South Korea, newly bought stakes of 5 percent or more in 24 companies traded on the country's major and secondary bourses as of Friday, according to CEO Score. DoubleU Games Co. was the pension provider

MarketJuly 22, 2020

Korea's chipmaking equipment spending likely to be 3rd largest this year: report

South Korea's spending on chipmaking equipment is likely to be the third largest of any country this year, industry data showed Wednesday, amid solid global chip demand sparked by the pandemic-driven stay-at-home economy. South Korea, home to major memory chip producers Samsung Electronics Co. and SK hynix Inc., is estimated to invest $12.3 billion in chipmaking equipment this year, according to a report from SEMI, a global industry association representing companies in the electronics design

IndustryJuly 22, 2020

Seoul shares open nearly flat on profit-taking

South Korean stocks opened nearly flat Wednesday as investors cashed in profits following a sharp gain in the previous session over economic recovery hopes. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) gained 0.14 point or 0.01 percent to 2,228.97 in the first 15 minutes of trading. Seoul shares closed up 1.4 percent Tuesday as investor sentiment was boosted by a European Union economic stimulus deal and hopes for coronavirus vaccines. Overnight, Wall Street

MarketJuly 22, 2020

Foreigners turn to net buyers of Samsung Electronics this month

Foreign investors have turned to net buyers of top-cap Samsung Electronics Co. this month following months of massive selling, data showed Wednesday. Offshore investors' net purchase of Samsung shares stood at 1.07 trillion won ($900 million) in the first 21 days of July, making the tech giant their most-bought issue, according to the data from the Korea Exchange. The figure represents a sharp turnaround from their previous selling binge. In the first five months of the year, foreigners sold

MarketJuly 22, 2020

Amazon Korea pays W150b in corporate tax: sources

The South Korean unit of Amazon Web Services paid 150 billion won ($125.42 million) in a back corporate tax to a local tax office, sources said Tuesday. The National Tax Service slapped the corporate tax on the company last year after carrying out a tax probe. Amazon made the payment in November without taking any legal steps against the decision, according to industry sources. Google Korea has filed a complaint with the Tax Tribunal over the 600 billion won the NTS levied in a back corporat

IndustryJuly 21, 2020

SK Bioscience to contract manufacture AstraZeneca’s COVID-19 vaccine in Korea

SK Bioscience, the vaccines business unit of SK Group, signed a trilateral memorandum of understanding with Korea’s Health Ministry and global biopharma AstraZeneca, to contract manufacture the latter’s COVID-19 vaccine candidate. AstraZeneca Global CEO Pascal Soriot said that the company considers it vital to establish a global distribution channel that can quickly deliver vaccines across the world, for widespread and fair access. “SK’s cutting-edge expertise and abil

IndustryJuly 21, 2020

Korean Air closes European, Southeast Asian HQ amid pandemic

South Korea’s flag carrier Korean Air said Tuesday it has closed its regional headquarters in Europe and Southeast Asia in an effort to “streamline” business operations as the coronavirus pandemic continues. A company official said the move was made to respond to the “changing business environment more quickly and effectively.” The work that had been undertaken by the regional headquarters will be handled by other regional branches. “We will create a globa

MobilityJuly 21, 2020

Samsung Biologics sets own earnings record in 2020 H1

Samsung Biologics reached a milestone in the first half of the year by clocking the biggest revenue and operating profit in the January-June period since it was founded in 2011. The contract development and manufacturing organization posted its second quarter earnings report Tuesday showing a revenue of 307.7 billion won ($256.8 million) and operating profit of 81.1 billion won. Combined with the first-quarter earnings, Samsung Biologics posted revenue of 514.9 billion won and operating prof

IndustryJuly 21, 2020

Scholars hold authorities responsible for hedge fund fiasco

Scholars in Seoul on Thursday lashed out at financial authorities, saying their policy drive to nurture local hedge funds five years ago was a hasty decision. Pointing to the dispersed monitoring power of the nation’s two financial regulators, the upper organization of the two, the Financial Services Commission, should be disbanded, they said. “To prevent more fraud cases involving homegrown hedge fund asset managers, a drastic change in local financial supervision system has to

MarketJuly 21, 2020

[Herald Interview] Absolut blends art, tech to reduce air pollution

Art has always been “in the DNA” of Absolut, one of the best-known spirits brands in the world. To promote contemporary art and support artists around the world, the vodka brand has taken part in numerous collaborative projects, including its famous work with Andy Warhol and Keith Haring. This time, Pernod Ricard Korea, which represents the vodka in South Korea, has taken a step further with its iconic brand by connecting technology and art in an effort to tackle air pollution, wh

ConsumerJuly 21, 2020

New hobbies emerge for those in their 20s and 30s: Hiking, camping, golf

Hiking, camping and golf, activities often associated with older people in South Korea, are gaining popularity among people in their 20s and 30s in the wake of the COVID-19 pandemic, a report said Tuesday. According to Gmarket, an e-commerce platform operated by eBay Korea, sales of items related to the three outdoor activities jumped by 24 percent in the first half of this year, compared with a year earlier. The e-commerce platform attributed the rise in popularity of the three activities am

ConsumerJuly 21, 2020

[Contribution] What comes after COVID-19 and what to do about it?

The author is president of Novartis Korea. His comments are his own. -- Ed. We were duly warned of a pandemic. This warning did not come in some obscure academic journals. Blockbuster movies such as “Contagion,” TED Talks viewed by millions and bestselling books and magazines had laid out ample forewarnings before us. How this will play out -- including shortages of incubators and NF-95 masks -- was described with astounding accuracy. Still, we ended up being underprepared. Why? H

IndustryJuly 21, 2020

Number of taxpayers for property ownership increases with price hike

The number of people subject to pay tax for residential property ownership increased by more than 110,000 last year, while the corresponding tax revenue neared 1 trillion won ($834 million) due to a price hike, government data showed Tuesday. As the given progressive tax rate is imposed on those who own high-priced residences, such expanded tax yields were seen to reflect the fast increasing housing price hike here. The number of individuals and companies subject to the comprehensive real

MarketJuly 21, 2020

KAI inks $754m deal to supply wing parts to Boeing’s Dreamliner

Korea Aerospace Industries said Tuesday it signed an exclusive supply contract worth $754 million to supply wing parts to Boeing 787 aircraft from 2022 to 2038. South Korea’s sole aircraft manufacturer extended its exclusive supply contract with Japanese transportation conglomerate Subaru to supply wing parts called “center wing box” for the B787 aircraft. The contract will remain valid until Boeing stops making the aircraft, according to the company. A wing box is a stru

IndustryJuly 21, 2020

S. Korea to ease market bottleneck for retail stock investors

The Korean government on Tuesday reiterated vows to remove bottleneck problems faced by individual stock investors, according to the regulatory Financial Services Commission. “The active participation of individual stock investors shored up the (domestic) stock market in the wake of the COVID-19 outbreak,” said FSC Vice Chairman Sohn Byung-doo, in a financial risk management policy meeting held at the Korea Federation of Banks headquarters in central Seoul. “(The governme

MarketJuly 21, 2020

Korean consumers rush to get reward items at Starbucks, crashing website

  South Korean consumers are demonstrating their unusually strong appetite for something other than coffee at Starbucks: promotional gifts. Starbucks Korea is stirring up the coffee franchise market here with its promotional e-frequency reward event, which allows those who have purchased a total of 17 drinks including seasonal beverages to pick one item out of five options. The reward items include two types of “summer ready bag” and three types of “summer chair&rdquo

IndustryJuly 21, 2020

COVID-19 test kit company Seegene soars to Kosdaq No. 2

Seegene, a Korean diagnostics company acclaimed for having preemptively developed COVID-19 test kits before the pandemic even reached Korea, has since risen to the second rank on the Kosdaq bourse. The ongoing coronavirus threat has shifted the market positions of companies across industries, with businesses relevant to COVID-19 especially gaining an edge. On Tuesday, Seegene ranked second only to Celltrion Healthcare on the Kosdaq with a market capitalization of 4.84 trillion won ($4.04 bil

IndustryJuly 21, 2020