Hyundai, Kia to resume US factory operations this week

Hyundai Motor Co. and its affiliate Kia Motors Corp. said Monday their US plants will resume operations this week after taking thorough quarantine measures to guard against the new coronavirus. Hyundai and Kia plan to restart production at their plants in Alabama and Georgia, respectively, on Monday (US time) and flexibly operate the plants "depending on the COVID-19 developments and local market conditions," a company spokesman said over the phone. Hyundai has suspended the Alabama

MobilityMay 4, 2020

[Monitor] Korea’s exports plunge 24% in April

South Korea saw its exports sink 24.3 percent in April from a year earlier due to the COVID-19 pandemic and falling oil prices. The country also saw the first monthly trade deficit since 2012, data from the Trade Ministry and the Korea Customs Service showed. Exports reached $36.9 billion, compared to $48.7 billion a year ago. Imports also declined 15.9 percent on-year to $37.8 billion. Imports surpassed exports by $950 million in the month, breaking the 98 consecutive months of trade surplus.

IndustryMay 4, 2020

[Graphic News] Duty-free shops suffer sharp drop in sales

　South Korean duty-free stores saw their sales drop sharply in March due to the spread of the new coronavirus, industry data showed. 　Combined sales of local duty-free shops shrank 1.3 percent on-month to 1.8 trillion won ($1.5 billion) last month, according to the data from the Korea Duty Free Shops Association. The number is down 46.2 percent from January, the data showed. 　The number of visitors at duty-free outlets came to 587,879 last month, also down from 1.75 million in February, wi

BusinessMay 4, 2020

[Contribution] Evaluations and research during crisis?

Lenin once said, “There are decades where nothing happens and there are weeks when decades happen.” One of the unsung and first casualties of humanitarian crisis situations is the neglect of applied research: Research that can otherwise tell us what works, for whom, how much, why and under what circumstances. Indeed, a recent article in the journal Science discusses scientists who are having to abandon projects they have otherwise invested lifetimes in because of COVID. This is no

MarketMay 4, 2020

Seoul stocks open sharply lower on Wall Street losses

Seoul stocks opened sharply lower Monday, tracking losses on Wall Street amid the new coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) fell 46.72 points, or 2.4 percent, to 1,900.84 in the first 15 minutes of trading. US stocks plunged Friday (local time) after US President Donald Trump indicated he may consider imposing tariffs on China over its handling of the novel coronavirus outbreak, renewing bilateral tension between the world's two largest economies. T

MarketMay 4, 2020

S. Korea's inflation slows to 6-month low over coronavirus

SEJONG -- South Korea's inflation slowed to its lowest level in six months in April as consumers refrained from spending over the coronavirus pandemic, data showed Monday. Consumer prices rose 0.1 percent on-year in April, which was below market expectations. A recent survey by Yonhap Infomax, the financial news arm of Yonhap News Agency, expected consumer prices to have gained 0.34 percent in April. The April tally compares with a 1 percent on-year gain in March, according to the data releas

EconomyMay 4, 2020

[Herald Interview] ‘Making vaccines accessible is biggest COVID-19 challenge’

The International Vaccine Institute said participation in international efforts is critical to improving the chances of not only developing a vaccine for COVID-19, the respiratory disease caused by the novel coronavirus, but achieving its equitable distribution. “There are billions of people in this world who could potentially need a COVID-19 vaccine. If we were to vaccinate all of them, we may need as many as over 10 billion doses,” the institute’s director general, Dr. Jero

TechnologyMay 3, 2020

[Herald Interview] NK risk still matters to markets, but not more than COVID-19

The return of North Korean leader Kim Jong-un to the public eye on Saturday instantly dispelled rumors of regime change, as well as the snowballing concerns about turmoil in the markets here. Observers specializing in North Korean issues suggested that even if the unlikely scenario of a leadership change were to take place, market volatility would likely be short-term and less extensive than the fallout from the COVID-19 pandemic. “Since North Korea is under a dictatorship, it is inevit

MarketMay 3, 2020

Daily trading in ETN market surges in April

Profit-seeking retail investors flocked to South Korea’s exchange-traded notes market to invest in the benchmark West Texas Intermediate, triggering a record trading volume of risky derivative proucts, data showed Sunday. According to the local bourse operator Korea Exchange, the average daily trading amounts in ETN market in April reached 412.3 billion won ($336.6 million), which was nearly 20 times higher from December last year and also the largest figure since the section was launche

MarketMay 3, 2020

[Contribution] The importance of understanding yourself

The Korea Herald is running a regular contribution series written by senior investment strategists at Standard Chartered Group Wealth Management. -- Ed. What we have experienced in the past two months is unprecedented. The COVID-19 global pandemic and the resulting physical lockdowns will deliver a massive blow to the global economy. France’s statistical office estimates the current lockdown will cost the French economy 35 percent of daily GDP as long as it continues. That means a one

MarketMay 3, 2020

[Obituary] Korea Petroleum Association Chairman Kim Hyo-seok passes away

Korea Petroleum Association Chairman Kim Hyo-seok died at the age of 70 on Saturday from chronic illness. He was born July 15, 1949 in Jangseong, South Jeolla Province. The location of the funeral is Seoul St. Mary’s Funeral Hall. The burial will take place at 10:30 a.m. Monday at Yongin Rodem Park in Gyeonggi Province. The three-term lawmaker was appointed as the chairman of KPA in November 2017. After earning bachelor’s degree in business administration in Seoul National Uni

IndustryMay 3, 2020

SK Telecom, Deutsche Telekom strengthen ties amid COVID-19

South Korea’s SK Telecom and Germany’s Deutsche Telekom agreed to launch a joint venture later this year to develop non face-to-face platform technologies, for which the demand has been soaring amid the COVID-19 pandemic. SKT said Sunday that the two firms have agreed to expand their cooperation on 5G technology and know-how in adapting to changes brought by the new coronavirus. Around 20 executive members of the two companies gathered for a video conference on Wednesday and discu

TechnologyMay 3, 2020

Five F’s to lead market trend in post-coronavirus era: report

The Korea International Trade Association on Sunday released a report defining the new consumption trend amid the coronavirus pandemic, encouraging local companies to prepare accordingly. Defining the new trend as “five Fs,” KITA said the market trend would revolve around fun, fitness, family, economic freedom and faith. The report pointed to the physical and psychological weariness caused by the pandemic. “Amid the virus outbreak, fake news reports increased rapidly, whi

IndustryMay 3, 2020

Samsung remains on top in struggling smartphone market

Samsung Electronics has stayed on top in the global smartphone industry during the first quarter this year, according to a recent report. According to the latest report from Strategy Analytics, Samsung Electronics‘ market share during the first three months reached 21 percent, with shipments of 58.3 million smartphone units. The South Korean company’s shipments in the first quarter fell 19 percent on-year when compared with 71.8 million units in the first quarter of 2019. That wa

IndustryMay 3, 2020

Korean conglomerates’ net income halves: FTC

The Fair Trade Commission Sunday added five more business groups to its list of corporations with total assets of 5 trillion won ($4.1 billion) or more to its watch list, but said the firms’ net profits had almost halved since last year. According to FTC Sunday, the business groups suffered a 48.1 percent on-year plunge in net income in 2019, from 92.5 trillion won to 48 trillion won, citing sluggish sales in semiconductors and petroleum products The groups’ total revenue dipped

IndustryMay 3, 2020

[Chew on IT] Samsung keeps multivendor strategy for Exynos despite users’ aversion

If a Samsung Galaxy user gets a smartphone powered by Samsung’s Exynos chipset, is the person getting the short end of the stick? Depending on where they buy their Samsung phones, two users might end up owning Galaxy devices with identical exteriors, but different brains -- that is, different mobile application processors. The chances are 50-50: Users get either Samsung’s Exynos or Qualcomm’s Snapdragon chipset. In the case of the Galaxy 20 series, Samsung equipped phon

TechnologyMay 3, 2020

Listed firms’ earnings likely to fall more than 10% in Q2

Despite better-than-expected performance in the first quarter, South Korea’s major listed firms are likely to see their earnings dip due to the prolonged export slump caused by the coronavirus pandemic, a local financial market tracker said Sunday. The combined operating profit of 138 listed companies is estimated at 19.97 trillion won ($16.3 billion) for the April-June period this year, down 2.34 trillion won, or 10.5 percent, from a year earlier, according to data compiled by FN Guide

MarketMay 3, 2020

C&W Korea to provide social distancing-friendly office model

Commercial real estate service firm Cushman & Wakefield said Sunday it was looking to introduce a social distancing office design concept to help its clients reopen their workplace and embrace the new norm in the wake of the COVID-19 pandemic. The concept -- dubbed “Six Feet Office” -- was unveiled as the stay-at-home restrictions has been showing signs of imminent alleviation. Ranging from creating visual boundaries using colored carpets and plexiglass shields to office signa

MarketMay 3, 2020

Export outlook in May bleak as pandemic woes continue

The outlook for South Korea’s exports, which plunged in April due to the novel coronavirus, remains grim as the pandemic persists in key trading partners the US and Europe. Korea’s exports fell 24.3 percent in April to $36.9 billion year-on-year due to weak global demand triggered by the novel coronavirus. The country’s trade balance posted a deficit of $950 million, the highest deficit in 99 months. All major export items, including chips, shipbuilding, petrochemicals and

IndustryMay 3, 2020

New disinfectant to kill coronavirus for 90 days

Scientists at the Hong Kong University of Science and Technology have developed "MAP-1," a new disinfectant spray that can kill viruses -- including the novel coronavirus -- and bacteria for up to 90 days. Unlike alcohol or bleach-based solutions, MAP-1 remains effective in disrupting existing bacteria and preventing new bacteria from spreading even after it has dried. A special blend of heat-sensitive antimicrobial polymers releases disinfectants upon human contact. The coating c

TechnologyMay 3, 2020