[Chew on I.T.] Before buying earbuds, check out what’s inside

In tune with the extended use of smartphones and smartwatches, headphones have been going cordless, providing users with freedom and flexibility in daily activities. But some conservative consumers have shunned wireless earphones, as they tend to be wary of the battery lifespan and reluctant to learn how to connect the Bluetooth. But once you go cordless, it is hard to go back. Thanks to advancements in chip and battery technologies, these small earpieces are the epitome of cutting-edge aud

TechnologyApril 20, 2020

[Graphic News] S. Korea ranks 2nd in Q1 shipbuilding orders

　South Korea received the second-largest amount of new shipbuilding orders in the first quarter of the year after China, with global shipbuilding orders plunging 71 percent amid the spreading coronavirus outbreak, industry data showed. 　South Korea won new shipbuilding orders totaling 360,000 compensated gross tons in the January-March period, accounting for 16 percent of overall orders around the globe totaling 2.33 million CGTs, according to the data from Clarkson Research Services. 　Ch

IndustryApril 20, 2020

[Newsmaker] Not just lungs: Coronavirus can damage other organs

South Korea reported over the weekend the first case of a heart disease linked to novel coronavirus infection, suggesting the virus most commonly known to cause respiratory distress may have a wider spectrum of complications. In Daegu, Korea’s worst affected city with 64 percent of the total virus tally, a 21-year-old woman without preexisting medical conditions suffered an acute myocarditis from COVID-19. The young patient initially exhibited typical symptoms of the virus including a c

TechnologyApril 20, 2020

Seoul stocks open higher on easing virus woes

Seoul stocks opened higher Monday as signs of the easing spread of the new coronavirus helped ease investor concerns. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.34 points, or 0.07 percent, to 1,915.87 in the first 15 minutes of trading. On Friday, the KOSPI ended up 3.1 percent to 1,914.53 amid hopes that the global coronavirus outbreak was peaking and will be slowing down. This week, investors will take a cue from companies' earnings results for the January-March perio

MarketApril 20, 2020

[Market Close-up] Virus-hit air carriers brace for liquidity crisis

South Korea’s major airlines are likely to suffer a sharp revenue decline due to the coronavirus outbreak, putting further pressure on their liquidity, according to market watchers Sunday. Flag carriers Korean Air and Asiana Airlines are facing a financial slump as services have been curtailed for now, but they are also facing the possibility of a debt crisis if the pandemic lingers. The market has been focusing on one of the frequent leveraging measures for Korean airlines, as they imm

MarketApril 20, 2020

Stock-related floating money hits all-time high

Money floating around the South Korean stock market has reached a new record high amid a recent market recovery following a coronavirus-caused rout, data showed Monday. The amount of stock-related funds hit 141.79 trillion won ($116.5 billion) as of Tuesday, up nearly 24 percent from Jan. 20 when South Korea reported its first COVID-19 case, according to the data from the Korea Financial Investment Association. The figure inched down to 141.73 trillion won two days later. Stock-related funds

MarketApril 20, 2020

Asiana Airlines to extend unpaid leave as virus woes linger

Asiana Airlines Inc., the country's second-biggest carrier, on Sunday announced self-rescue plans, such as extending unpaid leave for employees, to minimize the fallout from the coronavirus pandemic. Under the measure, all employees will be advised to take at least 15 days of unpaid leave each month until business circumstances normalize, the company said in a press release. The company also plans to ask flight attendants and domestic airport employees to apply for two-month paid leaves. To

MobilityApril 19, 2020

Electronic firms stick to 2020 plans

The South Korean electronics sector is continuing to push through its original plans of business investment and expansion for 2020 despite the uncertainty cast by the COVID-19 pandemic. According to industry sources Sunday, the Korean electronics companies spanning batteries, displays and semiconductors are showing no signs of drawing back from their overseas plant construction timelines. On the semiconductors frontier, Samsung Electronics is aided by the Foreign Affairs Ministry as it talks

IndustryApril 19, 2020

[Herald Interview] ‘Strengthened shareholder rights will attract foreign investors to stock market’

South Korea’s stock market has seen a surge in capital outflow by foreign investors due to the novel coronavirus fallout, but that can be reversed, according to a top expert. In order to bring foreigners back to this undervalued market, it is crucial that locally listed firms exert all efforts to fundamentally change their corporate governance to expand shareholders’ rights, according to Daniel Yoo, head of global investment at Yuanta Securities Korea, in a recent interview with Th

MarketApril 19, 2020

Job market dropouts surge amid COVID-19 slump

Amid the prolonged economic fallout of the COVID-19 pandemic, South Korea has seen a surge in its number of those dropping out of the job market altogether, government data showed Sunday. As these people are not subject to the government’s unemployment allowances and other benefits, there have been growing calls that the current job indexes and related subsidy system should be revised in light of the market reality. According to data from Statistics Korea, the number of those not inte

EconomyApril 19, 2020

Posco International donates 100 virus test kits to Myanmar

Posco International said Sunday it has sent 100 virus test kits that can run 10,000 tests to Myanmar, as part of its relief efforts for the COVID-19 pandemic. According to the company, it has successfully delivered the test kits developed by Korean firm BioSewoom to Myanmar’s Ministry of Health and Sports. The cost of 170 million won ($140,000) was shared by Posco International and its consortium partner companies -- Myanmar Oil and Gas Enterprise, Oil and Natural Gas Corp., Gas Autho

IndustryApril 19, 2020

Home appliance sales strong amid virus crisis

Although the COVID-19 crisis has dampened overall consumer sentiment, sales of home appliances remain strong, according to industry sources Sunday. With people spending more time at home to practice social distancing, home appliance sales are booming. The government’s subsidy program to support purchases of energy-efficient home appliances is also contributing to the sales growth. According to Lotte Himart, 10 home appliances categorized as energy-efficient saw combined sales go up b

IndustryApril 19, 2020

Government to roll out additional support plan for COVID-19-hit aviation industry

As continued losses in the second quarter are expected for the aviation industry over COVID-19 pandemic, the South Korean government is expected to roll out an upgraded support measure for cash-strapped air carriers this week, according to the government sources on Sunday.  According to the government, the fifth round of emergency economic council meetings presided over by President Moon Jae-in is set to take place this week.  President Moon has been reiterating the need to support

MobilityApril 19, 2020

SK Energy speeds up digital reform

SK Energy on Sunday announced plans to accelerate its digital reform to innovate the conventional oil refinery business. The subsidiary of SK Innovation, South Korea’s leading energy firm, said it has finalized three directions for the digital transformation of its business model. The company is seeking digital operational excellency, accompanied by a green and next-generation platform. SK Energy has decided to expand the smart plant system that combines artificial intelligence and

IndustryApril 19, 2020

No. of fund managers hits record high as market rebounds

The number of fund managers in South Korea reached a new high in April, as the market appears to be recovering, data showed Sunday. According to the Korea Financial Investment Association, the number of fund managers in 57 local asset management firms recorded 720, up 20 from the beginning of this year. The corresponding figure had marked the steepest rise from 2007 to 2012 when the nation saw a fund investment boom. The number of local fund managers climbed by more than 200 during the period

MarketApril 19, 2020

IPO market stagnates as coronavirus woes drag on

South Korea’s market volatility is likely to continue as initial public offering plans for April are slipping through the cracks amid the coronavirus outbreak, according to market watchers Sunday. Sencoretech, a Seoul-based engineering firm dedicated to manufacturing steel structures, has withdrawn its listing plan on Kosdaq, which could have raised at least 27.16 billion won ($22.32 million). “Due to the high volatility caused by COVID-19, we decided to cancel the remaining proce

MarketApril 19, 2020

[News Focus] Sagging economy seemingly put in backyard in election

SEJONG -- Wednesay’s election de facto provided both the first and last opportunity for a large portion of voters in a fury to officially tackle the Moon Jae-in administration’s economic policies and judge its midterm performance via the ballot. But the majority of effective ballots chose the ruling party in the 2020 general election. This means opponents of President Moon’s state affairs in the economic sector will have to wait two more years until March 9, 2022, which is th

EconomyApril 19, 2020

ITC to review trade secrets case between LG Chem and SK Innovation

The United States International Trade Commission said Sunday that it has accepted a request from SK Innovation to review a high-profile case between the company and LG Chem concerning the alleged theft of trade secrets. The ITC said it would “review the initial determination in its entirety.” Previously, the ITC found that SK Innovation stole trade secrets about lithium-ion batteries for electric vehicles, in the process of recruiting former LG Chem employees since 2017. Publishe

IndustryApril 18, 2020

Korea bans local sales of Medytox’s BTX drug Meditoxin

Sales of the botulinum toxin product Meditoxin, from South Korean drugmaker Medytox, have been banned due to apprehensions about an unapproved ingredient, authorities said Friday. The Ministry of Food and Drug Safety said it will indefinitely suspend the manufacturing, selling and use of Meditoxin, adding that it was canceling its approval for Meditoxin products containing doses of 2, 4 and 6 milliliters. The ministry made the decision after the prosecution revealed the results of an investi

IndustryApril 18, 2020

Korea to extend repayment deadline for poor nations

South Korea will allow certain coronavirus-hit countries to postpone repayment of their debts until the end of this year, Seoul officials said. Finance Minister Hong Nam-ki said Friday in a World Bank Development Committee videoconference that Korea would extend the repayment deadline for members of the Industrial Development Agency and for the world’s least developed countries, at the suggestion of the World Bank, to give them some financial breathing room. “South Korea support

EconomyApril 18, 2020