Moon vows W100tr rescue package to reinvigorate economy

President Moon Jae-in on Tuesday announced plans to double the size of an economic rescue package to 100 trillion won ($80 billion) to boost local businesses suffering due to the novel coronavirus outbreak. The announcement follows a second emergency economic council session this year. Officials handling the nation’s fiscal and monetary policies including Finance Minister Hong Nam-ki, Bank of Korea Gov. Lee Ju-yeol and Financial Services Commission Chairman Eun Sung-soo were present at

EconomyMarch 24, 2020

Internet traffic in Korea increases 13% in March as people self-quarantine

Internet traffic in March has increased 13 percent over January this year as people spend more hours online under the strain of the COVID-19 outbreak, according to an ICT Ministry report released Tuesday. The ICT Ministry met with telecommunications industry officials to discuss the increased internet usage and measures to prevent potential network failures. Previously Netflix had said it would cut its traffic by 25 percent on networks across Europe to prevent interruptions of service, consid

TechnologyMarch 24, 2020

Business loans soar in March amid looming coronavirus recession

As the COVID-19 pandemic is expected to cause an economic contraction worldwide, South Korean conglomerates, the main locomotives of the nation’s economy, are increasingly borrowing money from banks in a bid to improve liquidity, according to data Tuesday. The loan balance of Korean conglomerates at five banks -- KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank and NH Bank -- came in at 78.7 trillion won ($62.9 billion) as of Friday, up 1.78 trillion won from late February. T

MarketMarch 24, 2020

Samsung, LG to send engineers to Vietnam upon govt. permission

Affiliates of Samsung Electronics and LG Electronics will send a total of 430 engineers to Vietnam in order to support their plants’ operations there, as the Vietnamese government has decided to exempt Korean staff from its two-week quarantine policy, according to industry sources Tuesday. Samsung Display will dispatch 180 engineers via a chartered flight from Asiana Airlines to Bac Ninh in northern Vietnam on Saturday, a source said. The engineers will stay in a quarantine facility e

TechnologyMarch 24, 2020

Asiana Airlines to extend unpaid leave of absence

With the coronavirus spread clipping the wings of the South Korean aviation industry, Asiana Airlines has decided to take stringent measures to further tighten its belt. The air carrier has extended the unpaid leave of absence for all employees to 15 days at the least from April, compared to 10 days this month. This would leave it operating with half of the workforce for the time being. Executives will also have their wages slashed by 60 percent, an additional 10 percent cut. “We wil

IndustryMarch 24, 2020

Hanjin KAL appeals to shareholders to vote for current chairman

Hanjin KAL, the holding company of Hanjin Group that owns the country’s largest airline Korean Air, said Tuesday that it would ask shareholders to make the “wise decision” to vote for a current Chairman Cho Won-tae to retain his top seat.  The vote will take place during the shareholders meeting slated for Friday. Hanjin KAL said in a statement that as the global aviation industry has been hit hard by the COVID-19 pandemic, Korean Air faces an “unprecedented crisis

MobilityMarch 24, 2020

Hyundai Glovis launches cloud-based used car auction system

Hyundai Glovis said Tuesday that it has launched the first noncontact used car auction system by integrating information at different centers into one cloud server. The system, called “Autobell smart auction,” offers three times more sales items than other used car dealers, the supply chain management unit of Hyundai Motor Group said. It combines auction data in a cloud server gathered from its auction centers in Bundang, Sihwa in Gyeonggi Province and Yangsan in South Gyeongsang P

MobilityMarch 24, 2020

[Contribution] In confronting COVID-19, US and Korea are stronger together

A crisis always reveals a nation’s true character and strength. In the case of their response to the emergency caused by COVID-19, the people and government of the South Korea won praise from around the world for their collective resilience and collaboration. As the first country outside of China to face a major outbreak of COVID-19, Korea’s response was rapid, smart and effective. Through innovative drive-thru testing, rapid diagnosis and transparent information sharing, Korea h

IndustryMarch 24, 2020

KT teams up with government to develop AI-based healthcare system

Korean telecommunications firm KT has teamed up with ministries here to develop an artificial intelligence-based health care system that could track the novel coronavirus spread, the company said Tuesday. In the research project led by the ICT Ministry and Ministry of Interior and Safety, KT will offer cellular data, which can be used to generate maps that could allow authorities to understand how populations move, as well as how the virus spreads. The data will only be used in a closed datab

TechnologyMarch 24, 2020

LSIS changes name to LS Electric

LS Industrial Systems said Tuesday it will change its name to LS Electric and accelerate the expansion of its global business. The South Korean electric power and automation equipment provider has retained the name LSIS since 2005 after previously being known as LG Industrial Systems. The firm separated from LG Group in 2003. LS Electric said the change reflected the company’s strong commitment to strengthening its global business and customer-centered management. “(The name) I

IndustryMarch 24, 2020

Korean firms buy back shares amid coronavirus crisis

With South Korea’s stock market staring at a prolonged bearish phase amid the coronavirus spread, major conglomerates have begun to buy back their own shares to reassure fleeing investors. Over the past two months, Korean stocks have crumbled and major firms have lost their market value by a third. To assure investors, major listed firms have decided to either buy or cancel their treasury stocks. The nation’s largest steelmaker Posco said Tuesday Chairman Choi Jung-woo and 51 ex

IndustryMarch 24, 2020

Samsung shuts factory in Brazil amid rapid virus spread

Samsung Electronics is shutting down one of its factories in Brazil as the novel coronavirus is rapidly spreading across the Latin American country, according to the company on Tuesday. Samsung is closing the smartphone and home appliance manufacturing facilities in Manaus in the north of Brazil from Tuesday through Sunday in support of the Brazilian government’s efforts to contain the virus spread, the company said. Another factory in Campinas, in the state of Sao Paulo, is running a

TechnologyMarch 24, 2020

German business community donates over W1b for coronavirus relief

The Korean-German Chamber of Commerce and Industry said Tuesday that donations amounting to 1.06 billion won ($84,300) have been made by 14 German companies and eight individual members to support those affected by the COVID-19 outbreak here. According to KGCCI, the proceeds have been donated directly or via the Korea Red Cross, Hope Bridge Korea Disaster and Community Chest of Korea to provide hospitals, disaster response facilities as well as self-isolated people and vulnerable low-income f

IndustryMarch 24, 2020

Samsung introduces all-in-one power ICs for wireless earbuds

Samsung Electronics Co. on Tuesday introduced the industry's first all-in-one power management integrated circuits (PMIC) for wireless earbuds. The South Korean tech giant said its MUA01 and MUB01 PMICs will allow companies to manufacture true wireless stereo (TWS) devices with "greater flexibility." "Samsung was able to integrate up to 10 discrete components into one, including switching chargers and discharge circuits, enabling the PMICs to occupy less than half the space co

TechnologyMarch 24, 2020

[Economy in Pandemic 4] Impact of plunging oil prices on Korean markets

The plunging crude oil prices may increase pressure on South Korea’s financial market with rising volatility forcing investors to secure cash, not to mention its negative impact on the economy. The sharp drop in oil prices in recent weeks has rattled the stock market, already reeling from the deepening coronavirus pandemic. Oil refining and chemical industries are bearing the brunt, not only from plummeting demand but also lackluster investor sentiment.  According to data of the

EconomyMarch 24, 2020

Asiana flight attendant infected with new coronavirus

Asiana Airlines Inc., South Korea's second-biggest airline, said Tuesday it has asked 12 cabin crew members to self-isolate after their colleague on a Incheon-New York flight was diagnosed with the new coronavirus. The infected flight attendant flew with the 12 others on the flight OZ222, which left Incheon last Tuesday (Korean time) and returned on the flight OZ221 from New York on Thursday (US time), according to Asiana. The purser reportedly traveled in his private car to Samcheok, Gangwon

MobilityMarch 24, 2020

Korean Air to halt more flights to China amid virus woes

South Korean airlines are facing further challenges after the government imposed stricter entry restrictions to fight the spreading coronavirus outbreak. Korean Air Co., South Korea's biggest airline and national flag carrier, said Monday it will temporarily suspend all flights on the Incheon-Beijing route from Saturday to April 25, leaving only three routes available to China. The move comes as China steps up efforts to keep out imported COVID-19 cases. On Sunday, the Chinese aviation author

MobilityMarch 24, 2020

Pulmuone sells $30m of fresh noodles in US in 2019

Pulmuone said Tuesday that its annual sales of Asian noodles in the US reached $30 million in 2019, a sixfold increase in the last four years. The Korean fresh food company, which leads the US tofu market, entered the Asian noodle market in the US in 2015 with premium fresh noodle products, posting annual sales of $5 million in the first year. Led by the solid performance of Black Bean Sauce Noodles and Teriyaki Stir-fry Udon distributed in Costco stores, sales continued to rise, and in 2019

ConsumerMarch 24, 2020

Govt. stresses role of fiscal spending for growth in 2021

South Korea on Tuesday highlighted the importance of its budget spending in supporting the country's economic growth next year, signaling a budget hike amid the growing fallout from the spread of the new coronavirus. Under its 2021 budget guidelines, the government said it will continue to maintain the active role of fiscal spending in boosting growth, while seeking to enhance its fiscal soundness. The guidelines, reviewed and approved by the Cabinet on Tuesday, are designed to direct governme

EconomyMarch 24, 2020

Uncertainty growing over S. Korean exports despite recent upturn

Despite a recent recovery, uncertainty is growing over South Korea's exports down the road due to the economic impact of the coronavirus pandemic, sources said Tuesday. The country's outbound shipments grew 10 percent on-year in the first 20 days of March on brisk overseas demand for chips and automobiles, along with more working days, according to government data. The solid increase follows a 4.5 percent rise in February, the first rebound in 15 months. This month's improved export performan

EconomyMarch 24, 2020