Employment rate for 40-somethings hits 21-year low amid pandemic

SEJONG -- The employment rate for people in their 40s in South Korea hit a 21-year low in June as the coronavirus pandemic hammered job markets, data showed Monday. According to the data from the nation's statistics agency, the employment rate for 40-somethings stood at 76.9 percent last month, marking the lowest rate since June 1999. An official at Statistics Korea attributed the decline to lackluster performances in the wholesale and retail sectors, which were hit hard by the coronavirus

EconomyJuly 20, 2020

S. Korea's household debt highest in world in comparison with GDP

South Korean households' debt is one of the world's highest when compared to the country's economic size while its debt grew at one of the highest rates in the first three months of the year, a report showed Monday. As of end-March, South Korea's household debt came to 97.9 percent of its gross domestic product (GDP), the highest among 39 countries reviewed by the US-based Institute of International Finance (IIF). South Korea was followed by Britain with 84.4 percent, Hong Kong at 82.5 percen

EconomyJuly 20, 2020

Three-fourths of Korean big firms use flextime amid coronavirus

Three-fourths of large companies in South Korea are resorting to flextime in the wake of the coronavirus pandemic, a poll showed Monday. According to the survey of 120 big businesses concerned, 75 percent of the respondents said they have newly adopted or expanded flextime due to the COVID-19 outbreak. Nearly 30 percent of them newly introduced flexible working, with the remainder supplementing or expanding existing flextime systems, showed the survey taken by the Korea Economic Research Inst

IndustryJuly 20, 2020

[Market Close-up] Snowballing fiasco shows Korea's failure to create healthy hedge fund environment

This is the first in a two-part series exploring South Korea’s troubled hedge funds market. -- Ed. Yoo Hye-kyung, 76, discharged herself from a hospital a day early to participate in a rally on Wednesday in Seoul to demand full compensation for her 500 million won ($450,000) investment in Optimus Asset Management. Claiming that she hadn’t even heard of the hedge fund manager when she signed a contract with NH Investment & Securities, a leading brokerage here, Yoo was furious th

MarketJuly 19, 2020

[The Heirs (4)] Hurdles remain for second son in inheriting Hankook Technology Group

Despite public apathy and tougher shareholder censure, South Korea’s chaebol groups are preparing a generational shift in leadership. The Korea Herald looks at different conglomerates and succession scenarios. -- Ed.   Hankook Technology Group, formerly known as Hankook Tire, was founded in 1941 and was South Korea’s largest and the world’s sixth-largest tire manufacturer by revenue as of 2019. The group operates major units including Hankook Tire & Technology, Hank

MobilityJuly 19, 2020

[Photo News] SK's flexible material ready to roll out

An SK IE Technology official checks on rolls of flexible cover window, a material used for flexible displays, waiting for shipment at the company’s factory in Jeungpyeong, North Chungcheong Province, on Sunday.  SKIET began commercial production of the material on the same day.  (khnews@heraldcorp.com)

IndustryJuly 19, 2020

Korean watchdog to examine Tesla’s ad for autopilot

The South Korean Fair Trade Commission has launched an internal review of Tesla’s advertisement that describes the car’s autopilot function as self-driving technology, according to industry sources Sunday. The watchdog is examining whether Tesla violated fair labeling and advertising laws, and has made inquiries into the Trade Ministry and related authorities regarding self-driving technology. The FTC’s decision came amid growing controversies over Tesla’s misleadin

IndustryJuly 19, 2020

Kogas, Hyundai Motor to create JV for hydrogen charging stations

Korea Gas Corp. said Sunday it would set up a joint venture with Hyundai Motor Group to build and run integrated hydrogen charging stations after signing a memorandum to expand sustainable hydrogen infrastructure and boost competitiveness in the hydrogen business. According to the state-run natural gas company, the integrated hydrogen charging stations can accommodate eco-friendly vehicles that run on hydrogen, liquefied natural gas and electricity. Also, they can produce, charge and sell hy

IndustryJuly 19, 2020

Korea’s homegrown AI medical solution goes to Saudi Arabia

The South Korean government Sunday expressed hopes to safely bring its newly developed artificial intelligence medical software “Dr. Answer” to local and overseas markets, after it agreed to export the solution to hospitals in Saudi Arabia earlier in the week. Dr. Answer is an AI-enabled software designed to offer doctors accurate medical diagnosis by identifying abnormalities in body fluids and tissues. The software is currently able to diagnose eight diseases, including cancers,

TechnologyJuly 19, 2020

Doosan Heavy eyes sales of W1tr from offshore wind power business by 2025

Doosan Heavy Industries & Construction said on Sunday that it plans to see its offshore wind power business generate around 1 trillion won ($831 million) in annual revenue by 2025. In a statement, CEO Park Gee-won said his company would contribute to creating South Korea’s ecosystem for offshore wind power as a leading company in the field and pledged to be actively get on board with the government’s Green New Deal. “The domestic market is expected to grow rapidly thanks

IndustryJuly 19, 2020

Hyundai Motor becomes best-selling car maker in Vietnam in first half of 2020

Hyunda Motor became the best-selling car maker in Vietnam during the first half of this year, surpassing Toyota by a slight margin. The South Korean automaker sold 25,358 units during the first six months of 2020, according to data from Hyundai and the Vietnam Automobile Manufacturers’ Association, with its Japanese rival trailing by 181 units. Hyundai cars accounted for 21.3 percent of the market share, up 2.6 percentage points from the same time last year. It marks the first time the

MobilityJuly 19, 2020

FSC, financial giants to mull loan maturity extension to cushion pandemic impact

Financial Services Commission Eun Sung-soo will attend a closed-door meeting of the heads of South Korea’s five biggest banking groups Friday to discuss whether to further ease loan repayment schedules for coronavirus-battered companies, industry sources said Sunday. It is unusual for the FSC chief to attend the meeting convened by the five chiefs, according to insiders. Through the meeting, the authorities are slated to seek a consensus on the details of a further extension of loan re

MarketJuly 19, 2020

Mobile version of retro PC-based games set for launch in H2

A slew of highly-anticipated mobile games based on classic PC titles have been or are set to be launched during the second half of this year, as game publishers aim to attract more mobile game users. In the lineup is "The Kingdom of the Winds: Yeon," by major game publisher Nexon Co., that began the service on mobile platforms on Wednesday, 20 years after the original PC game became available. "The Kingdom of the Winds," a massively multiplayer online role-playing game (MM

IndustryJuly 19, 2020

IBs maintain steady growth outlook for S. Korea

Major global investment banks (IBs) maintained their revised-up growth outlook for South Korea's economy, a report showed Sunday, despite a gloomier outlook recently portrayed by the country's central bank. In June, nine global investment banks forecast the South Korean economy to contract 0.4 percent from a year earlier in 2020, unchanged from their estimate tallied in May, according to the report from the Korea Center for International Finance (KCIF).  In May, the nine investment ban

EconomyJuly 19, 2020

Beer imports down for first time in decade

South Korean imports of beer fell for the first time last year in a decade, largely on a nationwide boycott of Japanese products amid a yearlong trade dispute, data showed Sunday. Imports of beer stood at 360,000 tons in 2019, down 7.2 percent from 387,000 tons a year earlier, according to the data compiled by the Korea Customs Service. It marked the first on-year decrease since 2009, a sharp turnaround from a 17.1 percent hike in 2018 and a 50.2 percent jump in 2017. Local vendors largely a

ConsumerJuly 19, 2020

Seoul stocks tipped to face correction this week

South Korean stocks are expected to come under selling pressure and hover below the 2,200-point level this week on mixed economic signals and a surge in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,201.19 points on Friday, up 2.4 percent from a week ago. The index on Wednesday surpassed the psychologically important 2,200-point threshold for the first time since Feb. 19 on hopes of COVID-19 vaccine development and additional economic stimulus

MarketJuly 19, 2020

Hyundai tipped to sell more than 100,000 new Grandeur sedans 8 months after launch

Hyundai Motor Co.'s new Grandeur sedan is likely to see its sales top 100,000 units this month, eight months after its launch in the domestic market, industry sources said Sunday. Hyundai Motor launched the face-lifted Grandeur in November last year and aimed to sell 110,000 units in the domestic market this year. According to the sources, Hyundai has sold 90,000 new Grandeur sedans through June this year since its launch. The new Grandeur has been the bestselling model in the domestic marke

MobilityJuly 19, 2020

'Hallyu' boosts demand for Korean ice cream in Vietnam: report

South Korea's exports of ice cream to Vietnam jumped 30 percent in 2019 from a year earlier on the back of the growing popularity of Korean culture in Southeast Asia, data showed Sunday. Outbound shipments of ice cream to Vietnam reached $7 million in 2019, rising sharply from $5.3 million a year earlier, according to the report released by the Korea Trade-Investment Promotion Agency (KOTRA). In contrast, Thailand, the top player in the segment, saw its ice cream exports to Vietnam only edge

ConsumerJuly 19, 2020

[Eye Plus] Naksansa, a jewel on the east coast

In Yangyang, Gangwon Province, nestled on a mountain called Obongsan and looking out to the East Sea with an unobstructed view, lies a Buddhist haven and jewel -- Naksansa.  The temple was founded in 671 during the Silla Kingdom by Ven. Uisang. Naksan is an abbreviation of “Botanakgasan” in Korean and refers to Mount Potalaka, where Avalokitesvara Bodhisattva is believed to have lived.  It is not only a picturesque destination, but also a valuable historical site that

IndustryJuly 18, 2020

SK Biopharmaceuticals may be included in KOSPI 200 in Sept.

SK Biopharmaceuticals Co. Ltd., a unit of South Korean conglomerate SK Group, is likely to be added to the list of 200 major stocks listed on the main bourse in September, as its market capitalization has run high for a certain period after its market debut, industry sources said Saturday. SK Biopharmaceuticals has flown high since its market debut on July 2, emerging as the 18th most-valued stock on the main bourse with a market cap of 15 trillion won on Friday. For an early inclusion in t

IndustryJuly 18, 2020