[Monitor] Growing telemedicine market

In the wake of the COVID-19 pandemic, demand for telemedicine services is on the rise, urging governments to relax related regulations. The market value for the global telemedicine market has been continuously growing from $18.1 billion in 2015 to $30.5 billion as of 2019. The market is forecast to expand to $35.5 billion this year and to $41.2 billion next year, according to data by market researcher Statista. South Korea has been a country that strictly regulates telemedicine, but the gov

IndustryMay 18, 2020

Food makers enjoy two-digit profit hike amid social distancing

South Korean giant food manufacturers boasted two-digit profit growth in the first three months of this year on brisk demand for instant home meal products amid coronavirus-led social distancing, data showed Monday. In the January-March period, earnings of food conglomerate CJ Cheiljedang Corp. were 28 percent higher than brokerages' consensus. The company's operating profit jumped 54.1 percent on-year to 275.9 billion won ($223.9 million), according to its regulatory filing. Sales increased

EconomyMay 18, 2020

Samsung's chip production up 57% in Q1: report

Samsung Electronics Co.'s chip production in the first quarter of the year increased 57.4 percent from a year earlier despite the spread of the novel coronavirus, the company's quarterly business report showed Monday. Samsung, the world's largest memory chip maker, produced 277.4 billion units of semiconductors in the January-March period, up from 176.2 billion units a year earlier, according to the report. Its chip factory operation rate was 100 percent. Industry insiders said Samsung's i

TechnologyMay 18, 2020

Illicit stock trading soars in 2019 amid uncertainties

Incidents of suspected illicit stock trading soared last year, reflecting the rampant amount of false and exaggerated information in the market amid uncertainties, the Korea Exchange said Sunday. The bourse operator’s market supervisory committee reported that 120 suspected cases of unfair transactions were observed here last year, up from 118 in 2018 and 117 in 2017. Of the total, illicit trading accounted for 28 cases, or 23.3 percent, up 47.4 percent -- 19 more cases -- from a year e

MarketMay 18, 2020

S. Korean shares open lower on tech, auto losses

South Korean stocks opened slightly lower Monday with major techs and autos suffering heavy losses. The benchmark Korea Composite Stock Price Index (KOSPI) shed 3.86 points, or 0.20 percent, to 1,923.42 in the first 15 minutes of trading. Large caps traded mixed. Market kingpin Samsung Electronics lost 0.21 percent, while No. 2 chipmaker SK hynix plunged 3.17 percent. Leading carmaker Hyundai Motor slipped 0.87 percent, with its smaller affiliate Kia Motors losing 0.34 percent. Pharmaceuti

MarketMay 18, 2020

[Herald Interview] ‘Never too early to start preparing for next epidemic’

A seasoned health official who was a key player in South Korea’s response to Middle East respiratory syndrome in 2015 said the novel coronavirus crisis could prove to be an opportunity for the health sector to boost its epidemic preparedness, as did earlier disease outbreaks that struck the country. Kwon Deok-cheol, a former vice health minister and the president of the ministry-affiliated Korea Health Industry Development Institute, told The Korea Herald at his office in Seoul on Wednes

TechnologyMay 17, 2020

Authorities slash subsidies for foreign banks over ‘passive’ approach toward low-rate lending program

South Korea’s financial authorities have slashed government subsidies for foreign banks that they view as “passive” toward the need to support small businesses hit by COVID-19, officials said Sunday. The amounts withheld from foreign banks will be reallocated to five major local lenders to maximize the availability of state-funded low-rate loans for cash-strapped business owner-operators. Starting Monday, seven major banks here are accepting loan applications from owner-oper

EconomyMay 17, 2020

OECD leading index for S. Korean economy edges up in April

A leading economic index for South Korea inched up in April, with Asia's fourth-largest economy being the only country among OECD member states to see such a trend, data showed Sunday. The composite leading indicator (CLI) of economic activity for South Korea stood at 99.9 last month, up 0.1 percentage point from the previous month, marking the rise for eighth consecutive month, according to the data from the Organization for Economic Cooperation and Development (OECD). A reading below 100 me

EconomyMay 17, 2020

COVID-19 changes home appliances consumption trend

The outbreak of the novel coronavirus has led to a change in the home appliance consumption trends, with increased popularity of electronics helping household chores and less demand for grooming and beauty-related products, according to the retail industry Sunday. According to Homeplus, a South Korean discount chain, the sales of dishwashers and dish dryers jumped by 36 times in March and April compared to a year earlier. On the list of best-selling products by sales, those machines soared

ConsumerMay 17, 2020

FSC pledges to tackle overheated ETFs amid pandemic

South Korea’s financial regulator has vowed to gain control over the country’s overheated exchange-traded funds, even at the cost of a temporary market contraction. The Financial Services Commission has recently unveiled a road map to normalize exchange-traded funds and exchange-traded notes, bolstering the mandatory education of brokerages and the minimum deposits of investors. “Short-term adjustments are inevitable in order to normalize the currently excessive speculative d

MarketMay 17, 2020

LG introduces portable air conditioner

LG Electronics has introduced a portable air conditioner with greater flexibility in use and better connectivity with smart devices, the company said Sunday. The movable air conditioner is designed to target households that frequently move in and out and those who have difficulty installing outdoor condensers. The AC is equipped with a dual inverter compressor with two cylinders, increasing cooling and energy saving capabilities. The portable model uses up to 29 percent less electricity

TechnologyMay 17, 2020

Virus-hit firms look to raise capital to ensure liquidity

As the number of moviegoers, air passengers and shoppers shrank sharply largely due to the coronavirus outbreak and social distancing, related companies have recently turned to fundraising efforts to meet the deadline for debt repayment or refinancing. Also, those raising share capital are offering equities at a discounted price to subscribers in order to ensure success. A leading example is multiplex cinema operator CJ CGV, which aims to raise 250.2 billion won ($202.9 million) in July from in

MarketMay 17, 2020

BOK likely to cut interest rate amid virus pandemic

Amid the prolonged economic fallout from the COVID-19 pandemic, the Bank of Korea may slash its policy rate at the next monetary policy board meeting, according to local brokerages Sunday. The yield of three-year treasury bonds on Friday closed at 0.87 percent, down 0.13 percentage point from end-April, while that of 10-year bonds fell to 1.38 percent, down 0.14 percentage point during the same period. Bond prices, which move inversely to yields, have been on a sharp decline since market expe

MarketMay 17, 2020

[Photo News] Future mobility solutions at a glance

Miniature models of Hyundai Motor Group’s future mobility solutions, such as urban air mobility, purpose-built vehicles and hubs are displayed at the automaker’s headquarters in Yangjae-dong, Seoul.  Models are one-eighth scale and installed over 107 square meters of the building.  In January, Hyundai Motor Group’s Executive Vice Chairman Chung Euisun unveiled its future mobility vision at the Consumer Electronics Show to shift itself from an automobile manufacture

MobilityMay 17, 2020

[News Focus] De facto jobless up 800,000 in South Korea since Feb. 1

SEJONG -- The official number of unemployed in South Korea, compiled by the government, stood at 1.172 million in April, inching up only 19,000 from 1.153 million in January, despite the outbreak of the novel coronavirus that has slammed the country’s economy. But the situation is far more critical when it comes to the extended definition of unemployment, taking “underemployed” people as the de facto unemployed. According to the Supplementary Index III for Employment from S

EconomyMay 17, 2020

S. Korea seeks to ease factory regulations for more reshoring

South Korea is reviewing an option to ease regulations on the establishment of factories in the country's metropolitan area as part of efforts to woo more firms with overseas plants return home, the finance ministry said Sunday. Currently, strict regulations are in place on the construction of new plants and their expansion in the metropolitan area, which the business community has cited as a hurdle. The ministry said it is reviewing measures to finance the cost of reshoring, provide tax ince

EconomyMay 17, 2020

Incheon International Airport Corp. to offer W50b in aid to local aviation sector

The country’s main gateway operator, Incheon International Airport Corp., said Sunday that it would offer 50 billion won ($40 million) worth of aid to cash-strapped local airliners suffering the economic impact of COVID-19. IIAC said it had met Friday with officials from seven air carriers -- Korean Air, Asiana Airlines, Air Busan, Air Seoul, Jeju Air, Jin Air and T’way -- to introduce its new incentive programs and cooperative measures for airliners. For air carriers, IIAC said i

MobilityMay 17, 2020

Nexon's market cap tops W20tr on soaring demand amid virus pandemic

Nexon Co. became the first South Korean game developer to log a market capitalization of more than 20 trillion won ($16 billion), data showed Sunday, on the back of soaring demand for home entertainment contents during the virus pandemic. The gaming giant saw its market value reach 1.9 trillion yen (21 trillion won) on the Tokyo Stock Exchange as of Friday, with its shares closing at 2,152 yen, up 3.86 percent from a session earlier, industry data showed. Shares in Nexon jumped a whopping 14

MarketMay 17, 2020

Finance ministry set to slash economic outlook amid coronavirus pandemic

South Korea's finance ministry is working to sharply cut this year's economic growth outlook due to growing fallout from the coronavirus pandemic, sources familiar with the matter said Sunday. Late last year, the ministry predicted a 2.4 percent on-year expansion for Asia's fourth-largest economy this year, but given the toll of the coronavirus outbreak on the economy, it may drastically cut this year's growth estimate. South Korea's economy shrank 1.4 percent on-quarter in the first quarte

EconomyMay 17, 2020

KT gets Bill & Melinda Gates Foundation's W12b funding for epidemic research

Korean telecommunications firm KT will research for epidemic preparedness solutions, backed with 12 billion won ($9.7 million) in funding from the Bill & Melinda Gates Foundation. KT said Sunday that the philanthropic foundation had wished for an epidemics monitoring study carried out in Korea -- a country of widespread smartphone penetration equipped with 5G infrastructure. The research, called “A Next Generation Surveillance Study for Epidemic Preparedness,” will seek to dev

IndustryMay 17, 2020