Nuclear commission recommends minor safety improvements for reactors

South Korea's nuclear safety agency on Friday recommended minor safety improvements for eight older reactors in service following stress tests carried out by its operator. The recommendation came after Korea Hydro & Nuclear Power Co., which runs the country's atomic power plants, conducted extensive safety inspections on such units as the Kori 2 and Wolsong 2 reactors from October 2016 through December 2018, the Nuclear Safety and Security Commission said. "Stress tests that reflec

IndustryJuly 10, 2020

Google to strengthen monitoring of fake news and illegal content on YouTube

Google's video-sharing platform YouTube will cooperate with South Korea to closely monitor and prevent the spread of fake news and illegal content, South Korea's telecommunications regulator said Friday, citing a Google executive. Google's Senior Vice President Neal Mohan made the comments during a videoconference with Han Sang-hyuk, chairman of the Korea Communications Commission, according to the regulator's statement. The remarks came after Han requested such cooperation, considering fake

TechnologyJuly 10, 2020

Doosan’s plan to meet bailout requirements gathers momentum

Debt-saddled Doosan’s efforts to secure cash in response to the policy lenders’ bailout appears to be coming to fruition, as the construction-to-equipment giant is finding new investors to help the conglomerate improve its balance sheet. In line with ongoing moves, Doosan is looking to embark on talks with Daewoo Development Engineering & Construction, the Korean subsidiary of Chinese real estate developer JL Global, to sell Doosan Engineering & Construction. The final de

MarketJuly 10, 2020

S. Korea to impose heavier taxes on multiple home owners

The government on Friday unveiled a set of new real estate regulations centered on raising taxes on owners of multiple homes, as part of a move to rein in soaring housing prices.  According to the latest version, marking the 22nd of its kind since the Moon Jae-in administration took office in May 2017, those who either own three houses or more and homeowners with two houses located in some speculative areas, including Seoul and surrounding cities, will face a comprehensive real estate t

EconomyJuly 10, 2020

Seoul stocks slump on virus concerns

South Korean shares closed lower Friday, as investors turned risk-averse amid rising new coronavirus infections around the world. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 17.65 points, or 0.81 percent, to close at 2,150.25. Trading volume was high at about 876 million shares worth some 11.9 trillion won ($9.9 billion), with losers outnumbering gainers 675 to 190. The index's fall came after daily COVID-19 cases in the United State

MarketJuly 10, 2020

Credit loan balance rises in June amid tougher mortgage rules

The amount of credit loans taken out by individuals sharply increased in June due to the government’s tough regulations on mortgage loans and the recent stock market rallies. According to data released by the Financial Services Commission and the Financial Supervisory Service on Friday, the entire outstanding balance of credit loans at commercial banks and savings banks totaled 3.5 trillion won ($2.9 billion) last month. The amount of loans extended at commercial banks last month, stan

MarketJuly 10, 2020

ICT Minister to meet with leaders of telecom firms next week, discusses future plan

ICT Minister Choi Ki-young will meet with the leaders of the nation‘s three major telecommunications firms to discuss details of the current administration‘s New Deal programs and increase cooperation, according to industry sources on Friday. The minister will hold a closed meeting with SK Telecom CEO Park Jung-ho, KT CEO Koo Hyun-mo and LG Uplus Vice Chairman Ha Hyun-hwoi on Wednesday next week, the sources said. ICT Minister Choi is expected to share details of the government&

TechnologyJuly 10, 2020

Samsung Electronics named most beloved brand in Asia for 9th year

Korean tech titan Samsung Electronics has been named Asia’s most popular brand for the ninth consecutive year, according to an international market report Friday. Samsung Electronics was listed top among 1,000 brands, according to the latest report by Campaign Asia-Pacific and Nielsen, which surveyed around 8,400 customers in 14 nations in Asia. Samsung Electronics was followed by Apple, Panasonic, LG Electronics and Nestle, the report said. Japanese tech firm Sony came in sixth place,

IndustryJuly 10, 2020

[Monitor] Japan’s exports to S. Korea lowest in 11 years

Japan’s exports to South Korea have plunged in the wake of its export restrictions, data showed Thursday. According to the Korea International Trade Association and the Japan Customs Association, Japan’s exports to Korea stood at 329.3 billion yen ($3 billion) in May, down 18 percent on-year. The figure is the lowest in 11 years and three months since February 2009 when it reached 32 billion yen. By Shin Ji-hye (shinjh@heraldcorp.com)

IndustryJuly 10, 2020

Seoul stocks open lower on virus fear

South Korean shares opened lower Friday amid concerns over a resurgence of the new coronavirus infections around the world. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.78 points, or 0.41 percent, to 2,159.12 in the first 15 minutes of trading. Investor sentiment weakened globally as concerns of the spreading COVID-19 toll outweighed the economic rebound hopes. The daily COVID-19 cases in the United States topped 60,000 for the first time Thursday (US time), with record d

MarketJuly 10, 2020

Google Korea pays W600b in penalty tax: sources

The South Korean unit of US tech giant Google Inc. has paid the local tax office 600 billion won ($501 million) in back corporate taxes, sources said Friday. Google Korea made the payment in January after the National Tax Service (NTS) slapped the penalty tax on the company for not paying proper taxes for profits generated in the country. Despite the payment, Google Korea has filed a complaint with the Tax Tribunal, which has yet to make a ruling on the case. The Tax Tribunal is recommended t

IndustryJuly 10, 2020

[Behind the Wheel] New Santa Fe: Hyundai’s family-friendly SUV gets smarter

Hyundai Motor’s new, face-lifted version of the Santa Fe is here with a much different look and smarter system, set to regain its reputation as the first SUV to sell 100,000 vehicles in South Korea. The automaker released the refreshed version of its signature family sport utility vehicle on June 30, two years after it launched the fourth-generation model in 2018. For the year, the car sold over 100,000 units, making it the first SUV in the 100,000 club. As changes are often subtle

MobilityJuly 9, 2020

NPS unloads NCSoft shares to buy Naver stocks

South Korea’s public pension fund National Pension Service unloaded its 0.6 percent stake in domestic game company NCSoft to acquire a 0.28 percent stake of nation’s top portal operator Naver, government data showed Thursday. According to regulatory filings, NPS sold off 54,438 shares of NCSoft on Tuesday and bought 452,938 shares of Naver on the same day. As a result, NPS’s stake in NCSoft fell to 11.82 percent from 11.22 percent while its stake in Naver rose to 12.84 pe

IndustryJuly 9, 2020

Hanwha Energy bags 50MW solar power deal in Spain

Hanwha Energy said Thursday it has won a solar power plant deal with 50 megawatt capacity in Spain. According to the Hanwha Group affiliate, it has signed a contract with Spanish firm GRS for the construction of the solar power plant in Seville, Spain. The plant will be completed by the end of this year at the earliest. The Las Naranjillas plant, equipped with 121,800 solar modules, is expected to generate electricity enough for 13,997 households and reduce 51,977 metric tons of carbon dio

IndustryJuly 9, 2020

Seoul stocks close higher on advance of 'untact' businesses

South Korean stocks closed higher Thursday on strong gains by 'untact' businesses prompted by fears over a prolonged pandemic, analysts said. The Korean won stayed flat. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.02 points, or 0.42 percent, to close at 2,167.90. Trading volume was moderate at about 609 million shares worth some 12.8 trillion won ($10.7 billion), with losers outnumbering gainers 421 to 417. Foreigners sold a net 33 billion won, while retail investors purcha

MarketJuly 9, 2020

S. Korea rolls out midterm plan to nurture materials, parts industries

South Korea will inject over 5 trillion won ($4.1 billion) in the materials, parts and equipment industries to ensure stable supplies for the nation’s key exports, officials said Thursday. Industry Minister Sung Yun-mo held a briefing at SK hynix’s headquarters in Icheon, in the presence of President Moon Jae-in. He introduced details of the government’s midterm plans designed to foster local manufacturers and researchers in the industries -- which depend highly on imports.

IndustryJuly 9, 2020

[News Focus] Seoul’s dream of becoming financial hub fades away

The goal of turning Seoul, South Korea’s capital city for more than 600 years, into Asia’s premier financial hub has long been a dream. Recent reports on the exit of financiers from Hong Kong might point to a chance for Seoul to achieve its ambition of more than 15 years. But it is rarely mentioned in lists of potential Asian financial hubs. What is worse, authorities seem to have no concrete plan to join the already fierce competition among major cities in the region all wanting

EconomyJuly 9, 2020

S. Korea calls for stronger global financial safety net

South Korea urged the Group of 20 countries to establish a stronger global financial safety net to overcome both ongoing and upcoming risks stemming from the latest coronavirus pandemic, the Ministry of Economy and Finance said Thursday. “(Establishment) of a global financial network is a strong measure that could help stop the spread of the crisis by supporting developing countries dealing with liquidity issues,” Deputy Prime Minister and Finance Minister Hong Nam-ki said at an o

EconomyJuly 9, 2020

South Korea’s heating tobacco product market to grow in 2020: research

While South Korea’s tobacco market is expected to decline overall, the sales of heated tobacco products will edge up this year, a market research firm said Thursday. According to Euromonitor International, the Korean tobacco market reached 17.19 trillion won ($16 billion) in 2019. Of the total, 1.89 trillion won was spent on heat-not-burn cigarettes, which put the country as the second-largest market in the world after Japan. The industry tracker forecast Korea’s heating tobacco

IndustryJuly 9, 2020

PM vows stern measures against illegal private finance

The South Korean government vowed to speed up measures to stem the rampant practices of illegal private lending Thursday. Prime Minister Chung Sye-kyun visited a counseling center within the market watchdog Financial Supervisory Service that addresses consumer damages caused by illicit private lending, which normally target low-income families with high interest rates and related frauds.  He was accompanied by FSS Gov. Yoon Suk-heun, Financial Services Commission Vice Chairman Sohn Byun

MarketJuly 9, 2020