Exports of agricultural goods down 13% in Jan. amid coronavirus outbreak

South Korea's exports of agricultural goods tumbled a whopping 13 percent in January from a year earlier as the global outbreak of the new coronavirus dealt a harsh blow to the country's efforts to penetrate deeper into Asian countries. Outbound shipments of agricultural products reached $692 million in January, down from $786 million posted a year earlier, according to the data compiled by the state-run Korea Agro-Fisheries & Food Trade Corp. Exports of fresh goods tumbled 14.4 percent o

EconomyMarch 12, 2020

[Graphic News] Korea's electronic financial transactions grow in 2019

　The amount of daily financial transactions using credit cards and electronic means continued to grow last year while the use of checks and promissory notes continued to dwindle, central bank data showed. 　The value of daily financial transactions using non-cash payment methods, including remittance services, came to 81.4 trillion won ($68.7 billion) in 2019, up 1 percent from a year earlier, according to the data from the Bank of Korea. 　The daily use of cards, including debit cards, amoun

BusinessMarch 11, 2020

South Korea’s financial groups still lagging in board diversity

[EMPOWERING WOMEN FINANCIERS]  The Korea Herald is publishing a series of articles to shed light on efforts to transform South Korea’s financial market by having more women financiers both at working and leadership levels and the challenges they face. This is the first installment. -- Ed.  The industry-wide campaign to “break the glass ceiling” has been going on for years, with little progress so far, particularly in South Korea’s financial market which is

MarketMarch 11, 2020

Assetplus ex-CEO returns to top post

Assetplus Investment Management said Wednesday it has named Edward Yang as its new CEO following a shareholders meeting. This marks Yang’s return to the top post in four years -- he served in the top post from June 2012 to May 2016. After his term, he has since led Assetplus’s strategic business division. Yang said he would focus on the firm’s digital marketing scheme that would allow the asset manager to draw retail investments into its funds through mobile trading platfor

MarketMarch 11, 2020

Samsung committee advises heir to apologize to public

Samsung’s compliance monitoring committee, led by former Justice Kim Ji-hyung, has advised the conglomerate’s heir, Lee Jae-yong, and seven affiliates to apologize to the public for past wrongdoing in connection with the group’s leadership succession plans, it said Wednesday. According to a statement released by the committee, it sent a letter setting forth its recommendations to Vice Chairman Lee and the affiliates, including Samsung Electronics, Samsung C&T and Samsung

IndustryMarch 11, 2020

[Monitor] Cancellation penalties invite complaints 　

More and more consumers are complaining about having to pay penalties after canceling plans due to the new coronavirus outbreak, data from the Fair Trade Commission showed. The majority of the complaints concerned travel plans and weddings. Between Jan. 20, when the first confirmed COVID-19 case was reported here, and March 8, the commission’s “1372 consumer consultation center” handled 14,988 cases from consumers requiring consultations. This was 7.8 times the figure from t

IndustryMarch 11, 2020

S. Korea’s job figures improve in Feb. amid virus fears

South Korea saw its jobless rate decline and job creations extend the uptrend for several months straight in February, while some service industries have started reflecting the negative impact of the new coronavirus, government data showed Wednesday. However, with the infection rate taking a steep upturn, Asia’s fourth-largest economy is likely to face the full-scale fallout in its employment indexes starting this month. Korea added 492,000 new jobs in February from a month earlier,

EconomyMarch 11, 2020

Coronavirus disrupts air carriers’ lease plans

With South Korean air carriers slashing the number of routes they operate over the COVID-19 spread, their plan to lease new aircrafts to increase competitiveness has hit turbulence, according to industry sources Wednesday.  Asiana Airlines’ budget carrier Air Busan had signed up to lease two Airbus 321 Neo LR aircrafts and is scheduled to receive one this month. The model can fly up to 7,400 kilometers, covering midrange routes such as to Singapore, Jakarta and Bali.  Accordin

MobilityMarch 11, 2020

Korea initiates free counseling amid coronavirus

“This is my third week of telecommuting, and I’m feeling down for lack of human communication. Is this enough reason to receive psychological counseling?” is a question one can ask for free in South Korea amid the coronavirus situation.　 The Korea Psychological Association, together with the nation’s disease control body, said Wednesday that it would provide free counseling for anyone needing emotional care through the COVID-19 scare. Some 48 counseling sessions are pr

IndustryMarch 11, 2020

Citibank, JP Morgan and two others fined W1.3b for fixing prices of forex derivatives

South Korea’s antitrust watchdog said Wednesday that it had fined four foreign banks a total of 1.3 billion won ($1.1 million) for fixing the prices of foreign exchange derivatives and manipulating the bidding process when dealing with local firms. According to the Fair Trade Commission, Citibank’s Korean subsidiary and local units of JP Morgan Chase, HSBC and Credit Agricole have colluded in price bids to win three forex derivatives contracts from four public and private companies

MarketMarch 11, 2020

Banking groups to hold shareholders meetings despite coronavirus scare

Even though the novel coronavirus outbreak is increasing “social distancing,” local banking groups are set to hold shareholders meetings as scheduled, but are also considering complementary measures to prevent infection. KB, Hana, Woori and Shinhan have all asked participating shareholders to bring face masks and warned that they will prohibit attendees from entering the venues if thermal scanners detect high temperature. KB’s shareholders meeting is scheduled to take place

MarketMarch 11, 2020

Online sales for high-end retailers jump amid virus outbreak

As retail businesses are seeing a boost in their sales online amid the COVID-19 outbreak, high-end department stores and outlets have also hopped on the bandwagon, according to the industry on Wednesday. WeMakePrice, a South Korean e-commerce platform operator, said the combined sales of department stores and outlets it hosts spiked in the period from Feb. 1 to 28 by 316 percent from a year earlier. While department stores and premium outlets are widely seen to be more dependent on physical

ConsumerMarch 11, 2020

System errors blamed for investment losses

A series of system errors on online transaction platforms run by local brokerages and an internet bank were reported this week, disrupting services. SK Securities suffered a technical glitch at its home trading system and mobile trading system for nearly three hours from about 10 a.m. to 1 p.m., a source told The Korea Herald, saying it caused investment losses. “I wasn’t able to connect to the MTS, so I tried trading through the HTS. I was able to trade my securities in real time,

MarketMarch 11, 2020

No. of stock-trading accounts surpasses 30m

Despite the novel coronavirus outbreak continuing to roil financial markets, the number of active security accounts in South Korea has exceeded 30 million for the first time, according to data from the Korea Financial Investment Association and Statistics Korea on Wednesday. As of Friday, the number of active equity accounts marked some 30 million -- up 26,245 from a day earlier and 661,612 ‬from the beginning of this year, the self-regulatory financial organization and nation’s statisti

MarketMarch 11, 2020

LG Electronics launches its 2020 TV lineup

LG Electronics Inc. on Wednesday announced the global launch of its 2020 TV lineup, led by 14 new OLED models with upgraded artificial intelligence (AI) features, to expand its presence in the premium TV market. LG said its CX series 4K OLED AI ThinQ TVs will be available this month in South Korea and the United States, followed by markets in other regions. The 55-and 65-inch CX models will go on sale in South Korea on Wednesday, while the 77-inch version will be launched next month, it a

TechnologyMarch 11, 2020

Heung-A Shipping to undergo KDB-led debt restructuring

South Korea’s No. 5 shipping firm Heung-A Shipping is planning a corporate workout program as its maritime cargo operations have faltered, with snowballing debt, a regulatory filing showed Wednesday. The company’s board has approved a debt restructuring scheme by the policy lender Korea Development Bank, one of its key creditors, to “improve its finances and normalize business operations.” Under the KDB-led financial rescue package, creditors will take control of the t

MarketMarch 11, 2020

Doosan Heavy mulling paid leave to idle employees amid deepening crisis

Doosan Heavy Industries & Construction Co., South Korea's largest power equipment maker, said Wednesday it is considering asking idle workers to take paid leave as part of efforts to cut costs amid dwindling orders. Doosan Heavy said idle workers can receive 70 percent of their basic monthly wage for up to three months. The planned paid leave is subject to endorsement of Doosan Heavy's labor union. Doosan Heavy said it had 6,700 employees at the end of December, though it did not give det

IndustryMarch 11, 2020

[Newsmaker] Coronavirus triggers ‘untact’ recruitment trend

Korean companies are turning to remote hiring processes to resume recruitment disrupted by the ongoing coronavirus outbreak. According to industry sources, major companies are shifting recruitment procedures online, replacing face-to-face interviews with video interviews to keep applicants safe and to curb the spread of the COVID-19 outbreak. The increasingly important trend of minimizing contact has been encompassed in the “untact” movement -- to “undo contact” where

IndustryMarch 11, 2020

Samsung plans to release 5G smartphones in over 40 countries this year

Samsung Electronics Co. plans to release its 5G smartphones in more than 40 countries this year, a company official Wednesday, as the South Korean tech giant seeks to further expand its global presence amid the rise of the next-generation mobile service. Samsung's 5G smartphones were sold in 22 countries last year, but the number of countries that the world's largest smartphone maker will sell its 5G mobile devices may double this year as many mobile carriers around the globe prepare to start

TechnologyMarch 11, 2020

Asiana takeover on track despite virus woes

HDC Hyundai Development Co., a midsized construction company, said Wednesday its takeover of Asiana Airlines Inc. is going as planned despite the spreading coronavirus outbreak. In December, the HDC-Mirae Asset Daewoo consortium signed a deal to acquire a 30.77 percent Asiana stake from Kumho Industrial Co., a construction unit of Kumho Asiana Group, as well as new shares to be issued and the airline's six affiliates, for 2.5 trillion won ($2.2 billion). "There have been growing concern

MobilityMarch 11, 2020