Samsung aims to ship 2.5m Galaxy Z Flip devices this year: reports

Samsung Electronics aims to ship a total of 2.5 million units of its second foldable Galaxy Z Flip phones this year, according to news reports Monday. Some industry sources said the South Korean tech giant is preparing to roll out an initial batch of 500,000 units of the upcoming Galaxy Z Flip that is anticipated to be unveiled at its “Unpacked” event on Tuesday in San Francisco. Its first hands-on image was leaked by some tech aficionados ahead of the unveiling. In total, Samsun

TechnologyFeb. 10, 2020

S. Korea logs budget surplus for 5th straight year in 2019

SEJONG -- South Korea posted a budget surplus for the fifth year in a row in the 2019 fiscal year, despite a slight decline in tax revenue, the finance ministry said Monday. The gross revenue the government brought in last year came to 402 trillion won ($337.3 billion), while its expenditures totaled 397.3 trillion won, according to the Ministry of Economy and Finance after closing its books for fiscal year 2019. With 2.6 trillion won worth of the balance carried forward to this year, the su

EconomyFeb. 10, 2020

LG Uplus set to provide 5G roaming service in Japan

LG Uplus Corp., South Korea's No. 3 mobile carrier, said Monday it has moved one step closer to providing its 5G roaming service in Japan ahead of the 2020 Tokyo Olympics. LG Uplus said it has recently completed the testing of its 5G roaming service in Japan, becoming the first South Korean firm to do so, after partnering with Japanese telecommunication firm KDDI Corp. Japan is expected to commercialize its 5G service in late March, so that it can offer better telecommunication services ahe

IndustryFeb. 10, 2020

S. Korea, Mercosur bloc hold 5th round of FTA talks

South Korea on Monday held the fifth round of free trade talks with a group of South American countries, including Brazil, with a goal of striking the deal this year. The two parties kicked off the five-day talks in Montevideo, Uruguay, to exchange ideas on ways to achieve a mutually beneficial bilateral pact, according to the Ministry of Trade, Industry and Energy. The previous meeting was held in South Korea's southern port city of Busan in October last year. South Korea agreed with the f

EconomyFeb. 10, 2020

NPS raises number of big-stake firms

South Korea's state pension provider owns 5 percent or more of over 300 listed companies amid increased shareholder activism by the service, a financial information provider said Monday. The National Pension Service held stakes of 5 percent or greater in 313 companies traded on the country's major and secondary bourses as of the end of January, up 7.2 percent, or 21 firms, from the end of 2018, according to FnGuide. The state pension provider also owned 10 percent or more of 96 listed corpora

MarketFeb. 10, 2020

Foreigners buy Seoul stocks for 2nd straight month in Jan.

Foreign investors became net buyers of South Korean stocks for the second straight month in January and increased their investment in local bonds, data showed Monday. Foreigners bought a net 408 billion won ($342 million) worth of local stocks in January, according to the data from the Financial Supervisory Service. As of end-January, local stocks held by foreign investors came to 581.5 trillion won, accounting for 33.8 percent of the country's market capitalization. By country, investors fr

EconomyFeb. 10, 2020

[Graphic News] Some 85,000 terminal patients opt to die with dignity over 2 years

　More than 85,000 terminally ill South Koreans have chosen to forgo life-prolonging treatment since the legalization of the right to die with dignity two years ago, government data showed. 　The law took effect on Feb. 4, 2018, allowing terminal patients to sign up to forgo a “meaningless extension of life” by stopping or postponing four life-sustaining treatments. 　According to the data from the Ministry of Health and Welfare, the number of patients who opted to die with dignit

TechnologyFeb. 9, 2020

[News Focus] How Samsung is sandwiched between Apple and Huawei in smartphone market

Who was the true winner in the global smartphone market last year? The answer is Apple in terms of profit share, and Huawei Technologies in terms of growth. South Korea’s Samsung Electronics, on the other hand, seems to be sandwiched between its American and Chinese rivals as it could neither reap a larger profit than Apple nor grow more than Huawei. Data released by market researchers Strategy Analytics, Canalys and Counterpoint support the conclusion, showing Apple and Huawei perform

TechnologyFeb. 9, 2020

Korean tech firms to resume production in China

South Korean tech firms plan to resume operations at their facilities in China on Monday -- after an extended 17-day holiday for Lunar New Year -- despite the ceaseless spread of the novel coronavirus across the world.  However, it is expected to take quite some time for them to fully recover their operation rates due to possible workforce shortages stemming from the rising number of virus infections in China, with fewer number of returning workers from the holiday in healthy conditions.

IndustryFeb. 9, 2020

[Contribution] Will strong capital market performance continue?

The Korea Herald is publishing a regular contribution series written by senior investment strategists at Standard Chartered Group Wealth Management. -- Ed. After a stellar 2019, investors are naturally asking themselves whether the strong performance can continue in 2020. Trying to answer this is difficult as different perspectives provide different answers. Our approach to this challenge is to start with a historical, quantitative lens before trying to figure out why the current situation mi

MarketFeb. 9, 2020

Korea’s growth outlook hit hard as coronavirus outbreak prolongs

The new coronavirus outbreak that originated in China is affecting South Korea as global investment banks and research institutes are drastically lowering their economic growth outlook for this year. While the government still maintains its forecast of 2.4 percent growth, some skeptical research institutes have slashed the figure -- with the lowest estimate at 1.5 percent. According to the latest survey conducted by Bloomberg on key investment banks and institutes, respondents predicted that

EconomyFeb. 9, 2020

KRX unveils detailed disclosure guidelines for biopharma firms

South Korea’s financial authorities on Sunday unveiled a new set of guidelines on public disclosure of information for listed biopharma firms, in a move to ward off market uncertainty. Clinical trial-stage pharmaceutical companies listed on the tech-heavy Kosdaq are required to disclose any significant progress in their business -- including each stage of clinical trials, from success to suspension or termination, approval or cancellation for drug production, distribution and sales, techn

MarketFeb. 9, 2020

[Herald Interview] As market dynamics evolve, so does Korea’s private equity scene

The fast-emerging silver economy and changes in consumer behavior have given birth to theme-driven investment strategies. And South Korea is not an exception. Those aged 65 or older take up nearly 15 percent in the country, while technologies in one of the most penetrated countries in the world are reshaping the way consumers purchase goods, order food or make payments. This potentially puts Korean assets on the radar of Adams Street Partners, an international investment house with over $40 bil

MarketFeb. 9, 2020

[News Focus] Korea’s economy underperforms among emerging nations

SEJONG -- South Korea’s economy advanced only 2 percent in 2019, despite the government’s pump-priming measures coupled with the central bank’s monetary easing policies. The figure stayed below the economic growth rates, posted by two of the world’s largest. The US and China marked 2.3 percent and 6.1 percent economic growth, respectively, last year. Korea also lagged behind major emerging countries in Europe in GDP growth -- Poland (4 percent), Lithuania (3.9 percent)

EconomyFeb. 9, 2020

NPS hikes stake in local firms upon eased rules

South Korea’s state-run pension operator has sharply increased its stakes in major listed firms after investment rules were eased at the beginning of this month, a financial market tracker said Sunday. As of end-January, the number of listed companies in which the National Pension Service held 5 percent or more stake came to 313, up 7.2 percent from the end of 2018, according to data compiled by FN Guide. The NPS held 10 percent or more stake in 96 companies -- up 20 percent on-year. T

MarketFeb. 9, 2020

Hyundai Motor heir meets US governors, discusses future of hydrogen, mobility

Hyundai Motor Group said Sunday its Executive Vice Chairman Chung Euisun met with state governors in the US during a summit where he exchanged his thoughts on the future of hydrogen economy and mobility innovation.  The National Governors Association Winter Summit is held twice a year, inviting governors of 50 states and five self-governing dominions, where major business and political leaders gather to exchange issues and policies.  Chung offered a toast during the reception for th

MobilityFeb. 9, 2020

Hyundai Glovis’ second-hand vehicle auction service gains popularity

Autobell, a second-hand vehicle retail selling service operated by Hyundai Glovis, has seen growing popularity among users amid the expanding used car market. As of last year, government data showed that a total of 3.69 million second-hand vehicles have been registered, about double that of newly registered cars at 1.8 million units.  Hyundai Glovis, which runs three auction houses across the country – Sihwa, Bundang and Yangsan -- launched its vehicle auction service in 2001. 

IndustryFeb. 9, 2020

Coronavirus casts shadow on pharma approvals for China market

As Chinese authorities’ priorities shift to containing the novel coronavirus, concerns are rising that launch dates for drugs pending approval for the Chinese market may be postponed, according to industry sources on Sunday. No official announcement has been made by the Chinese drug authority National Medical Products Administration, but Korean pharma insiders widely believe all drug approvals may be pushed back. GC Pharma, Hanmi Pharmaceutical and Il Yang Pharmaceutical all have pendi

IndustryFeb. 9, 2020

FTC slaps W9.3b antitrust fine on Daebo E&C

South Korea’s antitrust watchdog said Sunday it has slapped local construction firm Daebo Engineering & Construction with a 9.3 billion won ($7.84 million) fine for violating subcontracting laws. The Fair Trade Commission said the firm did not pay 247 million won to 196 subcontractors between 2016 and 2018. It was also found to have paid subcontractors promissory notes even though it received the payment in cash from its clients. The FTC said the payments were processed during the

IndustryFeb. 9, 2020

Samsung offers W2.6tr for virus-hit subcontractors

Samsung Electronics said Sunday it will provide 2.6 trillion won ($2.18 billion) worth financial support for its subcontractors who are facing difficulties in procuring parts due to the novel coronavirus outbreak. The company will lend them 1 trillion won at lower-than-usual interest or zero rates, while providing 1.6 trillion won worth goods payments in advance by using its existing funds raised for contractors, the tech giant said. Logistics costs of express deliveries of major raw mater

IndustryFeb. 9, 2020