Korea to inject W50b to help virus-hit transport sector

The South Korean government is injecting some 50 billion won ($40.4 million) to help the virus-hit transport industry here, by exempting fees and delaying payment to cover the businesses’ losses caused by a sharp drop in passengers.  In a meeting for crisis management measures presided by the country’s deputy Prime Minister and Finance Minister Hong Nam-ki on Wednesday, the government confirmed a set of measures to support industries hit by the coronavirus outbreak, primarily

MobilityMarch 18, 2020

Apartment price gap in Seoul widens

  The price gap between apartments in areas south and north of the Han River has increasingly widened last month, data showed Wednesday.  In February, the average price per pyeong (3.31 square meters) for apartments in 11 areas of Gangnam-gu, southern Seoul surpassed 40 million won ($32,372) while apartments in 14 areas in Gangbuk-gu, northern Seoul, recorded 27 million won ($21,851), according to data released by real estate information provider 10000-lab.  The apartment pric

MarketMarch 18, 2020

Banking groups under profit pressure by rate cut

South Korea’s major banking groups are operating under emergency systems to deal with impact by the central bank’s record-low key rate on the financial and forex markets. The current 0.75 percent interest rate has been putting pressure on the commercial banks’ profit margins, analysts say, which in turn is likely to affect related stock prices amid the general shareholders meeting season this month. Commercial banks are the flagship business units of banking groups here. &l

MarketMarch 18, 2020

Doosan selected as nuclear framework supplier for UK military

The United Kingdom’s Ministry of Defense has selected Doosan Babcock, the British subsidiary of South Korea’s Doosan Heavy Industries & Construction, as one of its nuclear technical support providers. According to the Defense Infrastructure Organization last Wednesday, three suppliers have been selected to join Britain’s nuclear technical support provider framework. One is a consortium comprising Doosan Babcock and two other companies, KBR and Assystem. The other support

IndustryMarch 18, 2020

LG Display edges out Japan Display in automotive display market

LG Display nabbed the top seat in 2019’s automotive display market, edging out Japan Display, IHS Markit data showed Wednesday. LG Display recorded $1.6 billion revenue in the automotive display segment last year, accounting for 20.1 percent of market domination. The company manufactures center information displays for cars, dashboard, and rear seat entertainment display panels. Japan Display, which had previously been ahead in the game, marked $1.1 billion revenue in 2019 and took u

IndustryMarch 18, 2020

Hyundai Motor unveils all-new Avante in US

Hyundai Motor on Wednesday unveiled its seventh-generation sedan Avante in Los Angeles at its world premiere event.  The event was livestreamed in major markets including South Korea, North America, China and Australia, without any audience, over the coronavirus concerns.  Avante has been the automaker’s steady-selling sedan over the past 30 years -- sold as Elantra in North America.  Hyundai Motor said the upgraded model has focused on showing an innovative, futuristic

MobilityMarch 18, 2020

[From the scene] Attendance halves at Samsung’s shareholders meeting amid virus fears

SUWON -- Around 400 Samsung Electronics shareholders gathered at a convention center in Suwon, Gyeonggi Province, to attend the annual meeting with reinforced sanitation efforts amid the coronavirus fears. “I hesitated to participate today because of the coronavirus spread, but had to come to exercise my rights as a shareholder,” said one of the attendees. Amid persisting concerns about the novel coronavirus spread in Korea, the shareholders present at Suwon Convention Center w

TechnologyMarch 18, 2020

Hanwha’s K-9 howitzers get early delivery request from India

The delivery of Hanwha Defense’s K-9 self-propelled guns in India with technological support from the Korean company has been made several months ahead of schedule, according to industry sources. Hanwha Defense shipped the first batch of 10 guns to the Indian Army in November 2018 on schedule, upon which 41 guns of the K-9 Vajra -- a modified version of Hanwha Defense’s K-9 155-mm 52-caliber -- have been manufactured and supplied two to three months ahead of schedule, according to

IndustryMarch 18, 2020

Seoul stocks lose earlier gains late Wednesday morning

South Korean stocks returned to negative terrain late Wednesday morning, offsetting earlier gains from the opening bell as foreigners and institutions both became net sellers. The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 6.61 points, or 0.4 percent, to 1,665.83 as of 11:20 a.m. The market earlier rebounded as investors welcomed a set of additional stimulus packages being considered by the United States. Washington announced Tuesday (local time) it is considering a stimul

MarketMarch 18, 2020

Samsung expects chip demand to grow this year

Samsung Electronics Co., the world's largest memory chip maker, said Wednesday it expects this year's chip demand to grow despite concerns over the novel coronavirus pandemic. During an annual shareholder meeting, Kim Ki-nam, who leads Samsung's device solutions division, said that "external uncertainties" will continue this year but global chip demand will increase. "We expect global chip demand to grow on the back of the growth of artificial intelligence and automotive semicon

IndustryMarch 18, 2020

Hyundai Mobis shareholders OK heir apparent as executive director

South Korea's biggest auto parts maker and a key affiliate of Hyundai Motor Group, on Wednesday approved the reappoinment of the group's heir apparent to the company's board to push forward his future mobility initiative. In a general meeting, Hyundai Mobis shareholders voted to accept the company's board's reappointment of Hyundai Motor Group Executive Vice Chairman Chung Euisun as executive director.   They also approved the board's decision to extend the term of former Opel Chief

MobilityMarch 18, 2020

Virus-hit aviation sector to get more support

  South Korea said Wednesday it will delay reclaiming traffic rights and allocated slots from airlines, while cutting landing fees and other charges, amid the escalating coronavirus impact on the aviation sector. Airlines have suspended most of their flights on international routes this month as people opt not to travel and more than 150 countries and territories impose entry restrictions on passengers from South Korea out of concerns over the spread of COVID-19. The transportation minis

MobilityMarch 18, 2020

US shale firms' crisis may benefit Korean refiners: sources

  South Korean oil refiners will likely benefit from a crisis in the US shale industry sparked by plunging international crude prices, industry sources said Wednesday. A recent tumble in oil prices is projected to cut US shale oil firms' production sharply down the road, leading to a drop in supply from American producers and rising prices of petroleum products. According to the sources, Bloomberg New Energy Finance (BNEF) recently predicted US shale oil output to drop by 1 million barre

EconomyMarch 18, 2020

S. Korea raises cap on bank's currency forward positions

  South Korea said Wednesday it will raise the cap on bank's currency forward positions to inject more dollars into the currency market, the latest follow-up to the market stabilization measures. The cap for local banks will be revised up to 50 percent from the previous 40 percent, with that for foreign banks operating in the country to be set at 250 percent, up from the previous 200 percent, according to the Ministry of Economy and Finance. The measure will take effect Thursday, the min

MarketMarch 18, 2020

Virus threatens to hit state airport, rail, highway operators

The coronavirus outbreak threatens to batter South Korea's state airport, railway and highway operators due to tumbling demand for travel, data showed Wednesday. The spread of the respiratory disease, whose first confirmed case in South Korea was reported on Jan. 20, has halted almost all flights to and from South Korea, cut the number of train passengers in half and made a big dent in vehicle traffic on highways. According to the data that Rep. An Ho-young of the ruling Democratic Party rece

MobilityMarch 18, 2020

S. Korean, Estonian defense chiefs discuss arms industry cooperation, anti-virus measures

 The defense ministers of South Korea and Estonia held phone talks on Tuesday and discussed measures to contain the coronavirus pandemic, Seoul's defense ministry said. The talks between South Korea's Jeong Kyeong-doo and Estonia's Jüri Luik took place "to continue their close defense ties amid this COVID-19 situation," according to the ministry. Luik postponed his planned trip to Seoul in February, when South Korea began to report a dramatic increase in the number of confi

BusinessMarch 17, 2020

NongHyup Financial nominates VP as new CEO for bank unit

NongHyup Financial Group’s committee for nominating executive members announced Tuesday that it has recommended incumbent Vice President Son Byung-hwan as the sole candidate for the new CEO post of its bank subsidiary.  The announcement came after the bank’s former CEO Lee Dae-hoon offered to resign earlier this month.  Son, 58, joined the National Agricultural Cooperative Federation in 1990 and has led the bank’s digital transformation by implementing an open ap

MarketMarch 17, 2020

Johnson & Johnson donates W200m worth of masks and relief goods in Korea

Global health care company Johnson & Johnson has donated 200 million won ($161,000) of relief goods to medical professionals and low-income families in Korea to help alleviate the COVID-19 situation, the company said Tuesday. Johnson & Johnson’s four operations in Korea -- Medical, Janssen, Vision and Consumer -- collaborated with the Salvation Army here in distributing 20,000 KF94 masks and 4,000 emergency relief kits. “Our heart goes out for those who are fighting the s

IndustryMarch 17, 2020

Seoul markets sink as monetary easing fails to quell virus fears

South Korean stocks declined again Tuesday as surprise monetary policies around the globe failed to soothe market jitters over the economic fallout from the new coronavirus pandemic. The Korean won also continued to sink against the US dollar. The benchmark Kospi opened sharply low at 1,640.84 -- down 74.02 points, or 4.32 percent, from the previous session. The index even plummeted to 1,637.88 points in early morning, then inched up to close at 1,672.44. Foreign investors offloaded a net 1.

MarketMarch 17, 2020

Coronavirus could trigger ‘unprecedented’ economic crisis: vice minister

In an emergency response to the latest stock market plummeting in the United States, the South Korean government on Tuesday warned that the ongoing coronavirus pandemic could possibly expand into an “unprecedented” economic crisis. “We should take into account that the spread of COVID-19 may lead to an unprecedented complex crisis situation for both the real economy and the financial market,” said Kim Yong-beom, first vice minister of finance, in an urgent meeting wit

EconomyMarch 17, 2020