Seegene’s market cap surges amid virus pandemic

Market capitalization of the nation’s top 100 companies has fluctuated widely amid the novel coronavirus outbreak, while that of bio-related companies surged, according to a local corporate tracker Tuesday. Korea CXO Institute surveyed the market cap of more than 2,300 listed companies in the first quarter, noting that the combined market value of the top 100 companies fell 17 percent from 1,218 trillion won ($994 billion) on Jan. 2 to 1,011 trillion won on March 31. Despite the stock

IndustryApril 7, 2020

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 Tuesday. South Korea won new shipbuilding orders totaling 360,000 compensated gross tons (CGTs) 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 Servi

IndustryApril 7, 2020

[Newsmaker] From drive-thru markets to flower challenges, virus-hit businesses go creative

Small businesses and local governments in South Korea are testing out creative ideas as they seek to overcome a slump stemming from the new coronavirus that has infected more than 10,000 here. In the southern cities of Gimhae and Seosan, farmers have set up drive-thru markets to sell vegetables and fruit, taking a cue from the government's successful drive-thru virus screening centers. A package of 11 kinds of vegetables is being sold for 20,000 won (A social media challenge aimed at helping

ConsumerApril 7, 2020

BOK to deliver additional $4.4b to banks via US currency swap this week

The Bank of Korea (BOK) said Tuesday that it will offer $4.41 billion to local banks this week in its second round of dollar funding using its bilateral currency swap arrangement with the US Fed that is designed to help prevent a foreign exchange liquidity crunch. The central bank held an online auction to provide up to $8.5 billion in seven-day debt and 84-day loans. Bids undershot the BOK target of $7 billion in 84-day loans and $1.5 billion in seven-day loans. "A total of $4.41 billi

MarketApril 7, 2020

BOK kicks off pilot program for digital currency

South Korea’s central bank said Monday that it has launched a pilot program for a central bank-issued digital currency. “We do not see the immediate need to issue a digital currency in the near future, due to the considerable level of cash demands here and the relatively stable payment market operations,” the Bank of Korea said in a release. “But we should be able to make responsive moves, should environments change drastically at any time, so we shall undertake tech

EconomyApril 7, 2020

S. Korea's tax revenue dips due to economic slump

South Korea's state tax revenue dropped from a year earlier in the first two months of 2020, the finance ministry said Tuesday, amid a slump caused by a steady decline in exports and problems stemming from the new coronavirus outbreak. In the January-February period, state tax revenue came to 46.8 trillion won ($38.3 billion), down 2.4 trillion won from the same period last year, according to the report from the Ministry of Finance and Economy. The amount represents 16.1 percent of this year'

EconomyApril 7, 2020

[Behind the Wheel] New Sorento’s spaciousness threatens other family SUVs

Kia Motors’ mid-sized sports utility vehicle Sorento means a lot to the automaker, considering that its SUV lineup ranging from Niro to Mohave has begun to receive attention with popularity of Sorento. The first Sorento was launched in 2002, with the third generation of the car released in 2014. Six years later, an all-new Sorento was unveiled on March 17. The Korea Herald had the chance to test drive the fourth-generation Sorento on March 23 on a 25 kilometer route from Yeouido in Seou

MobilityApril 7, 2020

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street amid signs that the spread of the coronavirus could be slowing. The benchmark Korea Composite Stock Price Index (KOSPI) rose 42.10 points, or 2.35 percent, to 1,833.98 in the first 15 minutes of trading. The main index tracked overnight gains on Wall Street. The Dow Jones industrial average rose 7.73 percent, and the tech-heavy Nasdaq composite index climbed 7.33 percent. US stocks soared as the number of new

MarketApril 7, 2020

Korea's current account surplus widens to $6.41b in Feb.

South Korea's current account surplus sharply increased from a year earlier in February, as its goods account surplus widened while its service account deficit slightly narrowed, central bank data showed Tuesday. The country's current account surplus came to $6.41 billion in the month, up from a $3.85 billion surplus the same month last year, according to preliminary data from the Bank of Korea (BOK). Its goods account surplus widened to $6.58 billion from $5.42 billion over the cited period,

EconomyApril 7, 2020

Samsung, LG defend operating profit in Q1

South Korea’s leading tech firms Samsung Electronics and LG Electronics reported better-than-expected operating profit for the first quarter of 2020, despite the sluggish economy on the back of the ongoing global virus pandemic. Samsung on Tuesday estimated a revenue of 55 trillion won ($45 billion) and operating profit of 6.4 trillion won, slightly above the stock market projections, while LG Electronics posted 14.9 trillion won revenue and 1.09 trillion won operating profit. While LG&

IndustryApril 7, 2020

[Graphic News] Car sales fall 15% in March on coronavirus impact

　South Korea’s car sales fell 15 percent last month from a year earlier as the spreading coronavirus outbreak affected vehicle production and sales. 　The country’s five carmakers - Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and SsangYong Motor - sold a combined 597,826 vehicles in March, down from 702,929 units a year ago, according to data from the companies. 　The lower sales largely resulted from suspended operations of Hyundai and Kia’s major overseas

IndustryApril 6, 2020

Eximbank Korea to create health care funds worth W400b

The state-run Export-Import Bank of Korea said Monday that it intends to create two funds worth a total of 400 billion won ($325.2 million) to help South Korean health care companies go global. The money will go to Korean companies devoted to immunotherapy, gene therapy, health care systems, diagnostic kits and medical devices. It will be used to support them in exporting more products, clinching more overseas investment and expanding to foreign markets. Of the total, Eximbank Korea has comm

MarketApril 6, 2020

NHIS commits W1.4tr to alternative investment

The National Health Insurance Service unveiled on Monday plans to commit up to 1.4 trillion won ($1.14 billion) to its first alternative investment in history as an institutional investor. It plans to select two lead partners to manage the assets for four years, officials said. This comes as the South Korean state agency, with some 20 trillion won worth of assets under management, moves to shift away from a conservative portfolio and turn to alternative assets, ranging from real estate to

MarketApril 6, 2020

Homeplus exports toilet paper to Singapore

South Korean hypermarket chain Homeplus said Monday it was exporting toilet paper to Singapore, which has a shortage of daily necessities as its trade partners close borders amid the COVID-19 outbreak. According to the company, it is selling 2,000 packs of its private brand product Simplus toilet paper and facial tissues to Qoo10, a Singapore-based e-commerce firm. The products departed from Busan Port for delivery to Singapore on Monday. The two types of Simplus products are to be sold on

ConsumerApril 6, 2020

P&G rolls out new fabric softener Downy Spring Garden

P&G rolled out Downy Spring Garden on Monday, a new product of its fabric softener Downy Botanis Perfume collection. Downy Spring Garden boasts the delicate scent of spring, allowing customers to enjoy a spring garden from inside their homes, the company said. The product boasts a relatively gentle fragrance and is highly concentrated so users can put in a third of the normal amount for the same effect as its other fabric softeners, the company said. “Downy Botanis Perfume Colle

ConsumerApril 6, 2020

Cyberattacks in Korea spike on virus crisis

The number of cyberattacks in South Korea spiked in the first quarter this year, due to the number of people working remotely amid the novel coronavirus outbreak, according to SK Infosec on Monday. The nation‘s biggest data security solution provider detected 1.74 million cyberattacks in the first quarter, up 21 percent on-year -- the monthly average reached 0.58 million, up from 0.48 million last year. The company said that there has been a significant increase in hacking attempts a

TechnologyApril 6, 2020

Jeonse prices on rise as demand for house purchases falls

The average price for the jeonse -- a real estate term unique to South Korea that refers to a property lease -- in Seoul has surpassed 460 million won ($375,000) for the first time, continuing the recent upward trend, data showed Monday. According to the Korea Appraisal Board, a property assessment agency, the average jeonse prices in the capital have been rising since July to reach 460.7 million won as of March. Separate data from property services platform KB Kookmin Bank Liiv On also sho

MarketApril 6, 2020

Virus halts KAI’s fighter jet exports to Argentina

Korea Aerospace Industries said Monday its plan to sell light fighter jets to Argentina has been put on hold as the coronavirus outbreak is dealing a huge blow. South Korea’s sole aircraft manufacture said its plan to export around several FA-50 light fighter jets -- a combat variant of its advanced supersonic trainer jet T-50 -- to Argentina has been delayed indefinitely. “It must have been difficult for Argentina to spend its defense budget for fighter jets when it is experien

IndustryApril 6, 2020

Bargain-hunting Korean investors flock to overseas stock markets

Korean investors are flocking to overseas stock markets to scoop up undervalued shares, given the sluggish domestic market, according to latest data Monday. Securities information portal SEIBro, operated by Korea Securities Depository, noted local investors transacted some $13.76 billion worth of overseas stocks in March -- up 67.39 percent from the previous month -- marking the largest trading amount in history. Their transactions came to $7.24 billion, while the selling amount recorded $6.5

MarketApril 6, 2020

Seoul stocks spike almost 4% on hopes of virus treatment

South Korean stocks soared by almost 4 percent on Monday, extending their gains to a third straight session on hopes of potential treatment for the new coronavirus that has infected more than 1.2 million people around the world. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 66.44 points, or 3.85 percent, to 1,791.88. Institutional investors bought a net 1.03 trillion won ($838 million), while foreign investors sold a net 202 billion w

MarketApril 6, 2020