Shinsegae Department Store introduces 3 types of shopping carts

Shinsegae Department Store said Monday it is introducing three types of shopping carts from Tuesday. According to the retail giant, the three carts each have different features. One is designed for safekeeping bags. Another has a baby seat. The last type caters to small purchases. The cart with a space to store purses is covered with water-proof fabric to prevent shoppers’ designer bags from getting scratched, Shinsegae said. Shinsegae explained that customers had often held onto th

ConsumerMarch 23, 2020

Coronavirus dents market cap of major firms, exports

Major South Korean firms have suffered a sharp drop in market capitalization, losing a combined 266 trillion won ($207 billion) over the past two months since the country’s first confirmed case of coronavirus infection, latest data showed Monday. Local corporate tracker Korea CXO Institute surveyed the share prices of 100 listed Korean companies -- the top five in 20 industries -- for the 60 days starting Jan. 20, until Friday. Their market cap fell by 29.7 percent during the period,

IndustryMarch 23, 2020

Samsung 3rd-largest player in mobile AP market: data

Samsung Electronics Co. edged out Apple Inc. to take third place in the global mobile application processor (AP) market last year, a report showed Monday. Samsung, which makes Exynos chipsets, had a 14.1 percent share of the global mobile AP market in 2019, up 2.2 percentage points from a year earlier, according to data from industry tracker Counterpoint Research. Apple settled for fourth place after its market share declined by 0.5 percentage point to 13.1 percent last year, data showed.

TechnologyMarch 23, 2020

Seoul, Moscow hold FTA talks for service sector

South Korea on Monday launched another round of trade talks with Russia to flesh out details on the two country's pending free trade agreement (FTA) in the service and investment segments. The two countries have decided to hold the four-day video conference on their free trade talks due to the global spread of the novel coronavirus, according to the Ministry of Trade, Industry and Energy. So far, the two countries held three rounds of trade negotiations, with the previous meeting being held in

EconomyMarch 23, 2020

Tri-Stone Korea inks MOU with North Jeolla Province, Iksan

Tri-Stone Korea said Monday it has inked a memorandum of understanding with North Jeolla Province and Iksan City, for establishing a manufacturing facility in the Foreign Investment Zone. The low-carbon ferrochrome manufacturer -- a joint venture with PSITC -- said it signed the agreement on March 16 to enter the industrial space of 2.8 million square meters, stretching across Samgymyeon and Nangsanmyeon in Iksan. “Given the excellent location, adjacent to the Gunsan Port and Saemange

IndustryMarch 23, 2020

Virus outbreak may lead to Korea's first negative growth since 1998: reports

South Korea's economy may post its first negative growth in more than two decades this year should the spread of the new coronavirus continue to undermine global economy and trade, reports suggested Monday. Capital Economics, a London-based economic research consultancy, said in a report last week that the South Korean economy could shrink 1 percent this year, the worst outlook for Asia's fourth-largest economy so far. South Korea also said its economic growth will likely slow due to the globa

EconomyMarch 23, 2020

S. Korea to unveil measures to stabilize markets this week

South Korea's financial authorities are expected to announce a set of measures this week to help stabilize financial markets roiled by the spread of the new coronavirus, industry sources said Monday. The measures include a bond market stabilization fund worth more than 10 trillion won ($7.94 billion), according to officials. Last week, Financial Services Commission chief Eun Sung-soo decided to create the bond market stabilization fund during a meeting with the heads of eight banks and other r

MarketMarch 23, 2020

Korea's exports up 10% in first 20 days of March amid virus woes

South Korea's exports moved up 10 percent in the first 20 days of March from a year earlier despite the new coronavirus pandemic, customs data showed Monday, led mostly by improved shipments of chips and automobiles, along with increased working days. The country's outbound shipments came to $30.7 billion in the March 1-20 period, rising from $27.9 billion in the same period a year earlier, according to the data from the Korea Customs Service. The daily average for the period, however, slipped

EconomyMarch 23, 2020

S. Korea logs 2nd-biggest foreign capital outflow in Asia over virus

South Korea has suffered the second-largest outflow of foreign stock investment funds among major Asian emerging nations over the past month amid a dollar shortage sparked by the coronavirus pandemic, data showed Monday. Offshore investors withdrew $10.24 billion from the South Korean stock market between Feb. 20 and Wednesday, according to the data compiled by the Korea Center for International Finance (KCIF). It was the second-largest outflow among major Asian emerging markets after Taiwan's

MarketMarch 23, 2020

Korean companies rev business engine amid ongoing coronavirus headwinds

Even as foreign companies across the globe are increasingly suspending operations of production facilities and offices, South Korean firms are once again gearing up for full business operations. 　Major Korean companies that had advised employees to work from home amid the spread of COVID-19 are now reopening offices as the situation in Europe and the US drastically worsens, hiking concerns of a global economic meltdown. 　Despite reports of global facilities shutting down, and the commercial p

IndustryMarch 22, 2020

Citibank Korea’s WM strategy pays off amid market fluctuations

Citibank Korea has seen the pool of high-net-worth clients grow on the back of its unique wealth management program, which focuses on strict product screening for the sake of investor security. The number of wealth management clients at the local subsidiary of the New York-based bank soared 124 percent on-year in January, according to officials. Also, its Aggressive Model Portfolio yielded a 19.8 percent return last year, while its Moderate Model Portfolio returned 17.2 percent, despite the

MarketMarch 22, 2020

S. Korea likely to provide 2nd extra budget in May amid coronavirus crisis

Speculation is growing here that South Korea will compile an additional supplementary budget after the April general elections to deal with the extended economic fallout from the COVID-19 pandemic. Last Tuesday, the National Assembly approved an extra budget bill worth 11.7 trillion won ($9.4 billion), the country’s largest ever, in response to the coronavirus crisis. While the total amount of the budget remained unchanged from the government’s initial suggestion, some planned

EconomyMarch 22, 2020

[Economy in Pandemic 3] Overseas property investments to take hit from coronavirus

Highly volatile exchange rates and dampened investment sentiment around the world are now posing challenges to South Korea’s asset management firms, which have been accelerating their expansion into global real estate markets in recent years, according to market watchers. Seeking out new opportunities beyond the nation, Korean investment companies have inked a number of multibillion-dollar deals to acquire flagship buildings in cities around the world. The most prominent deal, among othe

MarketMarch 22, 2020

S. Korean companies brace for liquidity crisis in April

South Korean companies are bracing for a possible liquidity crisis in the bond market next month, amid sagging investor sentiment and signs of capital flight due to the coronavirus pandemic, market data showed Sunday. The illiquidity -- triggered by continuously escalating novel coronavirus fears -- will pose a hurdle to companies when they attract new capital or carry out a refinancing scheme. A combined 6.5 trillion won ($5.2 billion) in corporate bonds is due to reach maturity in April, ac

MarketMarch 22, 2020

ITC dismisses SK Innovation-LG Chem trade secrets case

The United States International Trade Commission revealed Sunday that it has dismissed the high profile case between SK Innovation and LG Chem regarding the theft of trade secrets. In its initial determination, the agency harshly criticized SK Innovation of intentionally tampering with evidence. “This type of investigation is particularly sensitive to and prejudiced by acts of spoliation. … Compliance with orders directing discovery into what information is possessed by a resp

TechnologyMarch 22, 2020

Eastar grounds flights for 1 month over coronavirus

Hit by a severe drop in passengers and suspension of international routes over the coronavirus pandemic, South Korean budget carrier Eastar Jet announced Sunday it will halt all services starting next week. The low-cost-carrier has decided to halt all flights to Jeju Island from Gimpo, Cheongju and Gunsan airports from Tuesday.  They were the only routes that the air carrier has been operating since March 9, after its Japanese flights were shut down following entry restrictions on Korean

MobilityMarch 22, 2020

Foreign brokerages suffer big hit amid price-cutting race

Foreign brokerages operating in South Korea have reported a drastic fall in their earnings in 2019, with their commission income falling sharply as domestic rivals chewed on their market share. The five securities arms of foreign investment banks -- Credit Agricole, BNP Paribas, Deutsche, Hong Kong and Shanghai Banking Corp. and UBS -- disclosed that they saw over a 30 percent drop in their annual earnings, according to the Korea Financial Investment Association. The latest was France-based C

MarketMarch 22, 2020

Hankuk Paper signs W55b deal to acquire local paper maker Seha

An investor group led by South Korean pulp product manufacturer Hankuk Paper agreed to buy a majority stake in Korea’s third-largest domestic industrial paper maker, Seha, for 55 billion won ($44.2 million) from Korean nonperforming loan manager United Asset Management Co., a filing showed Sunday. This marks the private bad bank’s first exit from a distressed buyout strategy that traces back to 2014. The consortium -- comprising Hankuk Paper and Daesung Industrial -- will acquire

MarketMarch 22, 2020

Renewable energy loses ground in Korea due to faulty policies

A significant portion of South Korea’s renewable energy is generated by a controversial material that emits more greenhouse gas than coal, government data showed, raising concerns over the sustainability of the domestic green industry. According to the Korea Energy Agency, compressed organic matter or biomass generated 6,620,283 megawatt hours of electricity in 2018, up 80 times from 83,015 MWh in 2012. Biomass accounted for 12.5 percent of total electricity generated by renewable ener

IndustryMarch 22, 2020

Cleaning appliance sales increase as hygiene concerns rise

In the wake of the COVID-19 outbreak across South Korea, more people appear to be buying cleaning appliances as hygiene concerns rise, according to the retail industry Sunday. According to figures released by the country’s largest retail chain E-mart, dryers and garment care appliances saw sales go up by 26.6 percent and 38.5 percent, respectively, from Jan. 20 to Thursday, compared to the year earlier. Jan. 20 is the day the first COVID-19 patient was confirmed in Korea. Fabric care

ConsumerMarch 22, 2020