S. Korea's May 1-10 exports dip 46.3% as pandemic cripples global demand

South Korea's exports sank 46.3 percent on-year in the first 10 days of May amid the shock from the coronavirus pandemic, customs data showed Monday. The nation's outbound shipments stood at $6.9 billion in the May 1-10 period, compared with $12.5 billion for the same period last year, according to the data from the Korea Customs Service. The daily average exports during the 10-day period slipped 30.2 percent on-year. The data came amid growing concerns that the coronavirus pandemic is denti

EconomyMay 11, 2020

Seoul stocks open higher on US jobs data

South Korean stocks opened higher Monday on less pessimistic jobs data from the United States, which shot up to the highest rate since the Great Depression but still managed to be below market expectations. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.13 points, or 0.67 percent, to 1,958.95 in the first 15 minutes of trading. The unemployment rate in the US shot up to a whopping 14.7 percent in April, from 4.4 percent posted a month earlier. The dismal data, however, still

MarketMay 11, 2020

Foreigners jack up Korean bond exposure this year

Foreign investors have ramped up their investment in South Korean bonds this year amid the country's relatively favorable economic conditions, data showed Monday. Offshore investors held 140.9 trillion won ($115 billion) worth of listed government and corporate bonds as of end-April, up 17 trillion won from the end of last year, according to the data from the Financial Supervisory Service. It marks the first time that foreigners' holdings of South Korean bonds have surpassed the 140 trillion-

EconomyMay 11, 2020

GS Caltex takes lead in contact-free gas station services

A new app from Korean oil refiner GS Caltex will allow charging and payment services at its gas stations without coming into contact with staff, to ensure safety amid the ongoing coronavirus outbreak. According to GS Caltex with some 330 gas stations here, its non-face-to-face refueling and payment app OWiN saw a 1,000 percent surge in monthly use in March compared to December last year. The number of app users spiked more than 500 percent in the same period. “With OWiN app, customer

IndustryMay 10, 2020

If tank is full, where does the oil go?

With a dramatic drop in international oil prices and sluggish demand amid the novel coronavirus pandemic, oil refinery businesses in South Korea logged their worst-ever performances in the first quarter. Aside from plummeting product prices devastating earnings, some of the companies have also been facing difficulties in managing their recently unwanted stockpiles. Korea’s leading oil refinery and gas station operator SK Energy, in particular, is running out of storage space for crude

IndustryMay 10, 2020

LG Chem vice chairman may visit India to deal with gas leak aftermath

South Korean chemical and battery firm LG Chem said Sunday that the company is considering ways to help the victims of the recent gas leak in India, including a visit by its vice chairman to oversee the efforts. After a gas leak at the LG Polymers plant in southern India on Thursday, which left 12 dead and around 1,000 local residents hospitalized, LG Chem has formed a special task force, promising support for victims and bereaved families. “For a thorough investigation and victim sup

IndustryMay 10, 2020

Hyundai Oilbank to capture carbon for use in paper and construction materials

Korean oil refiner Hyundai Oilbank said Sunday it would commercialize a technology that can turn carbon emissions and residual products emitted from refineries into paper and construction materials. Hyundai Oilbank said Sunday it has signed a memorandum of understanding with Taekyung BK, a domestic manufacturer and distributor of lime with the technology to make calcium carbonate out of carbon emissions from refineries. Calcium carbonate is a raw material for making cement, paper, plastic

IndustryMay 10, 2020

Per capita national debt nears W15m

South Korea’s national debt per capita stood at 14.83 million won ($12,145) as of Saturday, data from the National Assembly showed Sunday, feeding concerns that the growing figure may take a toll on the nation’s economy amid sluggish growth projections. National debt held by Asia’s fourth-largest economy stood at 769.18 trillion won in the same period, according to the data provided in the form of a debt clock on the website of the parliament’s budget office. It has

EconomyMay 10, 2020

No plan yet for fifth runway at Incheon Airport: ministry

Following news report that Incheon International Airport Corp. plans to initiate building a fifth runway and third terminal, the Transport Ministry said Sunday the plan was yet to be decided. It was reported that the airport would need an additional runway to meet the increasing number of passengers anticipated in the future, though the airport is currently suffering from the fallout from the coronavirus pandemic. The Ministry of Land, Infrastructure and Transport, however, said that the plan

IndustryMay 10, 2020

Korea needs to boost support for edutech industry: report

The Korea International Trade Association on Sunday released a report on the growing international education technology market, encouraging the government to help local firms enter overseas markets. The education technology market is an area that offers new educational products and systems -- such as virtual classroom solutions -- by utilizing cutting-edge internet of things technologies to enhance the classroom experience. The international smart education market is expected to grow from $

TechnologyMay 10, 2020

[M&As Weekly] Infection slowdown pushes deal closures, new bids

The mergers and acquisitions scene in South Korea remains relatively vigorous, as small and medium-sized enterprises are looking for more chances to cash out assets amid the continued COVID-19 threat to markets and industries. With a slowing number of confirmed cases, deals that have been postponed for weeks due to the virus are back on the table. Below is a roundup of major M&A deals here and their progress in the previous week. Centroid to take over Woongjin book unit Woongjin unveiled

MarketMay 10, 2020

SK Innovation's two affiliates donate 4,000 COVID-19 test kits to Myanmar

SK Energy Co. and SK Trading International Co. have donated 4,000 Korean-made coronavirus test kits to Myanmar, the two firms' parent company said Sunday. The test kits worth about $50,000 arrived in Myanmar's commercial capital of Yangon on Saturday, said SK Innovation Co., South Korea's biggest refiner by sales. Suh Sok-won, CEO of SK Trading International, said the company has donated the test kits on humanitarian grounds as the Southeast Asian country is having difficulties diagnosing peo

IndustryMay 10, 2020

Subsidy registrations via credit cards start Monday

Credit card issurers will start receiving registrations of relief subsidies on Monday under governmental guidelines that could expand payment transaction volume by 10 trillion won ($8.2 billion). The news comes along with the central government’s move to distribute 14.3 trillion won among Korean citizens to help them fight the fallout from the coronavirus. Of the total, around 10 trillion won is expected to be spent via credit cards, according to market observers. Taking subsidies via cr

EconomyMay 10, 2020

HMM Algeciras departs for Europe with record-largest shipment

HMM said Sunday its containership HMM Algeciras departed for Europe from Yantian, China, on Friday with a full load of containers. The world’s largest container vessel entered Busan’s new port in April 28 and departed two days later with 7,156 TEUs, or twenty-foot equivalent units. It later entered Yantian Thursday last week after passing through Ningbo and Shanghai in China, and headed to Europe on Friday with 19,621 TEUs, the largest shipment ever worldwide. Geneva-based ship

MobilityMay 10, 2020

Disciplinary actions against state-run firm employees increase 21%

The number of disciplinary actions taken by public corporations in South Korea against their employees increased by more than 20 percent over the past two years, according to a local corporate tracker on Sunday. According to a survey conducted by CEOScore, the total number of employees who faced disciplinary action at 36 public companies in 2019 was 705, a 21.6 percent increase from 580 cases reported in 2017. But the penalties imposed were less serious, with only 50 people facing dismissa

IndustryMay 10, 2020

Hanjin KAL faces liquidity hurdle to join MSCI Korea Index

Prior to the Morgan Stanley Capital International Korea Index’s May adjustment, South Korea’s securities firms are eyeing whether Hanjin KAL will be able to join the club despite its low liquidity. Led by a share price rally, the market capitalization of Hanjin Group’s holding company jumped to nearly 5.14 trillion won ($4.21 billion) on Friday, far exceeding the MSCI’s minimum standard for the Korea index, estimated at between 1.7 trillion won and 1.8 trillion won. B

MarketMay 10, 2020

Hyundai Electric wins W35b deals from Saudi Arabia

Hyundai Electric and Energy Systems Co. said Sunday it has clinched two orders worth 35 billion won ($28.6 million) to supply power transformers and gas insulated switchgears to Saudi Electricity Co. and Saudi Arabia's state oil company Saudi Aramco. Hyundai Electric, a unit of shipbuilding giant Hyundai Heavy Industries Co., said the state-run utility order came to 23 billion won, while the rest came from Saudi Aramco. The latest contracts raised Hyundai Electric's deals in the oil-rich king

IndustryMay 10, 2020

LG Polymers India expresses condolences over deadly gas leak

LG Polymers India, an affiliate of South Korean chemical giant LG Chem Ltd., on Saturday expressed condolences over a gas leak that killed 12 people as it vowed to provide an effective care package for the victims. LG Polymers India said it has created a special task force to help victims and families to resolve any issues and provide assistance to the bereaved families. "LG Polymers India would like to express our deepest condolences to everyone who has been affected and hurt by this in

IndustryMay 10, 2020

Complaints by elderly rise over e-commerce services

The Korea Consumer Agency said Friday that the number of e-commerce-related claims filed by consumers aged 60 or older has grown rapidly in recent years. From 2017 to 2018, the number of the entire claims filed by those in the age group, via the agency’s consumer consulting center rose by 3.5 percent annually. Of the claims, 51.2 percent were linked to products or services bought on online commerce platforms, while 24.5 percent and 4.5 percent were respectively related to purchases via

MarketMay 9, 2020

SKC Q1 net profit nearly triples on one-off gains

SKC Co., a South Korean maker of chemicals and film products, said Friday that its net profit nearly tripled in the first quarter from a year earlier due to a stake sale. For the January-March period, SKC posted a net profit of 86.1 billion won ($70.5 million), a sharp increase from a profit of 23 billion a year earlier. SKC said the sale of its stake in SKC Kolon PI Inc., a maker of polyimide film used in displays, semiconductors and electric vehicles, boosted the company's bottom line. In

IndustryMay 8, 2020