IBK to launch new online ‘untact’ mortgage product

The state-run Industrial Bank of Korea said Wednesday it plans to launch a new mobile untact -- non face-to-face contact -- mortgage product for customers. The product, designed to support self-employed or small business owners, will be extended through IBK’s mobile banking app I-One Bank. Users will be required to submit only basic personal information, instead of actual paper documents. The time tied to the process of receiving the mortgage will be shortened, as borrowers will b

MarketJuly 15, 2020

[News Analysis] Reason why Korea assigns more budget to COVID-19 vaccine than treatment

South Korean government officials on Tuesday held an explanatory session with pharmaceutical company researchers to go over the details of how the extra budget assigned for COVID-19 vaccine and treatment development will be utilized. What drew special attention was how the development of vaccines had more budget set aside for support than treatments, albeit by a small margin. The Ministry of Health is giving 45 billion won ($37.5 million) to support all phases of clinical trials for COVID-19

IndustryJuly 15, 2020

Mastern to invite W110b for French office acquisition through REIT IPO

Seoul-based property investment house Mastern Investment Management said Wednesday it plans to invite 110 billion won ($91.6 million) in South Korean retail money through its new real estate investment trust to take over part of equities in an office building in the suburb of Paris. Mastern plans to list the REIT’s 22 million shares, each priced at 5,000 won, on Korea’s main bourse Kospi in August. The listing schedule will be determined after an initial public offering that is set

MarketJuly 15, 2020

S. Korea ranks 30th in global real estate transparency: JLL

The South Korean real estate market ranked 30th in terms of transparency, a survey showed Wednesday. According to Jones Lang LaSalle Korea, the country climbed one notch in its Global Real Estate Transparency Index, a benchmark of real estate market transparency that covers 99 countries. The index studies 210 indicators, including the level of sustainable management, resilience to economic crisis and technological advances of respective countries.  Officials of the global real estate se

MarketJuly 15, 2020

Korea should partner with Germany for hydrogen economy: report

South Korean companies should partner with German firms to develop hydrogen technologies and actively take part in related projects to make the best use of the European country’s new hydrogen road map, according to a report Wednesday. The state-run Korea Trade-Investment Promotion Agency (KOTRA) released a report titled “Current status of the German hydrogen industry and Korean firms’ entry strategy,” highlighting that local firms should advance into Germany’s hy

IndustryJuly 15, 2020

S. Korea to expand coverage of employment insurance to self-employed people

SEJONG -- South Korea plans to expand the coverage of its employment insurance program to self-employed people, as part of efforts to boost social safety nets in the wake of the coronavirus pandemic, a senior official said Wednesday. Vice Finance Minister Kim Yong-beom, in an interview with Yonhap News TV, said the labor ministry has started initial work to expand the insurance's coverage to self-employed people. Kim made the remarks a day after the government announced details of expanding

EconomyJuly 15, 2020

Renault Samsung Motors unveils face-lifted SM6

Renault Samsung Motors unveiled a revamped version of its midsized sedan SM6 on Wednesday, four years after it was launched.  The new SM6 has been upgraded by adopting a renewed powertrain to improve the driving performance, along with a new rear suspension and driving assistant function to offer driving comfort.  For the exterior, the automaker added new color options including silver, gray and red. The newly added dynamic turn-signal light has made the exterior more aesthetic

MobilityJuly 15, 2020

ELS issuance in S. Korea tanks in H1 amid pandemic

Sales of equity-linked securities in South Korea tumbled in the first half of the year as the coronavirus pandemic weighed on major stock markets, data showed Wednesday. The value of ELS issues came to 31.6 trillion won ($26.3 billion) in the January-June period, down 39.6 percent from six months earlier, according to the data from the Korea Securities Depository. The figure was also down 33.8 percent from the 47.7 billion won floated during the same period a year earlier. ELS refers to hyb

MarketJuly 15, 2020

S. Korea's money supply gains at record pace in May

South Korea's money supply grew by a record amount in May on increased loans to households and firms amid the coronavirus pandemic, central bank data showed Wednesday. The country's M2 stood at 3,053.9 trillion won ($2.55 trillion) as of the end of May, according to preliminary data by the Bank of Korea (BOK). The amount represents an increase of 1.2 percent, or 35.4 trillion won, from April, which is the biggest on-month gain since data tracking began in December 2001. From a year earlier,

MarketJuly 15, 2020

FDI pledges to S. Korea drop 22% in H1 amid pandemic

SEJONG -- Foreign direct investment (FDI) pledged to South Korea dipped 22.4 percent on-year in the first half of the year as the global virus pandemic limited trades across borders amid a global economic slump, data showed Wednesday. South Korea received $7.66 billion worth of FDI commitments from January to June, falling from $9.87 billion a year earlier, according to the data from the Ministry of Trade, Industry and Energy. The country posted a record high FDI in the same period of 2018 at

EconomyJuly 15, 2020

[Monitor] Record-high unemployment allowances paid out in June

Over 1.11 trillion won was spent as allowances for job seekers in June this year, marking a record high monthly payout and jumping 62.9 percent on-year, the Employment and Labor Ministry said. The amount of unemployment allowance had surpassed the 1 trillion threshold for the first time in May, as the number of jobless surged upon the COVID-19 pandemic. (khnews@heraldcorp.com)

IndustryJuly 15, 2020

Seoul stocks open higher on positive vaccine data

South Korean stocks opened higher Wednesday, buoyed by progress toward a new coronavirus vaccine. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 32.14 points, or 1.47 percent, to 2,215.75 in the first 15 minutes of trading. Investor sentiment improved following new reports that the COVID-19 vaccine developed by Moderna Inc. showed progress. The US biopharmaceutical firm's vaccine produced antibodies in all patients during an initial safety trial, according to the reports. T

MarketJuly 15, 2020

S. Korea's export prices increase for 2nd month in June

South Korea's export prices rose for the second consecutive month in June on rising international oil costs, central bank data showed Wednesday. The country's export price index, in terms of the local currency, rose 0.3 percent in June from the previous month, according to the preliminary data from the Bank of Korea (BOK). It represents the second straight on-month gain. In May, won-based export prices increased 0.6 percent from the prior month. From a year earlier, however, the index fell 6

EconomyJuly 15, 2020

Job losses extend into June, unemployment rate up at 4.3%

SEJONG -- South Korea lost about 352,000 jobs in June, marking the fourth consecutive monthly decline in the number of employed people as the coronavirus pandemic hammers job markets, data showed Wednesday. The country's jobless rate rose by 0.3 percentage point on-year to 4.3 percent in June, and the number of employed people fell to 27.05 million, according to the data compiled by Statistics Korea. It was the first time since October 2009 that the nation lost jobs for the fourth straight mo

EconomyJuly 15, 2020

LG Chem takes SK Innovation complaint to prosecution

LG Chem said Tuesday that it has filed a criminal complaint with the prosecution against SK Innovation, accusing it of stealing trade secrets concerning electric vehicle batteries. The SK Group affiliate is already being probed by the South Korean police and the US International Trade Commission. According to LG Chem, it filed the complaint with the Seoul Central District Prosecutors’ Office last week because the Seoul police investigation -- upon its complaint in May last year -- is

IndustryJuly 14, 2020

Hyundai’s Chung, Naver’s Han support ‘New Deal’

Joining South Korean President Moon Jae-in’s quest to pioneer new technologies and industries in the post-COVID-19 era, Hyundai Motor Group Vice Chairman Chung Euisun and Naver CEO Han Seong-sook on Tuesday presented their company visions via a teleconference broadcast at Cheong Wa Dae. Chung and Han, who lead the country’s biggest automaker and internet portal operator, respectively, expressed support for the government’s five-year “New Deal” policy drive, which

IndustryJuly 14, 2020

Korea’s W160tr ‘New Deal’ project aims to create 1.9m jobs by 2025

President Moon Jae-in on Tuesday unveiled the road map of a “Korean New Deal” stimulus package that seeks to invest over 160 trillion won ($132.67 billion) and create 1.9 million jobs over the next five years. Asia’s fourth-largest economy came up with the extensive midterm fiscal package to recover from the persisting COVID-19 fallout, as well as prolonged slow growth across the globe. “The Korean New Deal is our new centennial blueprint, as well as a paradigm shift to

EconomyJuly 14, 2020

National hydrogen drive creates perfect window for Korean conglomerates

President Moon Jae-in’s push for hydrogen economy has created a perfect window for Korean conglomerates to create synergies with their affiliates and find a new growth engine in the burgeoning industry. On Tuesday, President Moon, who aims to roll out 6.2 million hydrogen vehicles and 1,200 charging stations by 2040, held a videoconference with Hyundai Motor Group Executive Vice Chairman Chung Euisun to discuss specific plans to take the lead in the global hydrogen vehicle market and t

IndustryJuly 14, 2020

Hanwha Defense receives record score on productivity test

Hanwha Defense on Tuesday received a record score on a government productivity test, becoming the first company in South Korea to attain level 8 out of 10. According to the Korean defense company, it scored 722.6 points on the Productivity Management System test conducted by the Industry Ministry and the Korea Productivity Center, getting level 8 in six of the seven categories: leadership; innovation; customers; workforce; process; and measurement, analysis and knowledge management. Level

IndustryJuly 14, 2020

Land minister refutes criticism of housing supply shortage

South Korea’s Land Minister Kim Hyun-mee on Tuesday refuted growing criticism over the government’s focus on raising taxes rather than dealing with housing supply shortage. In its latest effort to curb the heated real estate market, the Moon Jae-in administration rolled out its 22nd set of policy actions dubbed the “July 10 measures” last week, which centers on increasing taxes for multiple-home owners. But it was immediately hit with waves of criticisms from both

EconomyJuly 14, 2020