Samsung No. 2 5G smartphone vendor in 2019: data

Samsung Electronics Co. was the No. 2 player in the global 5G smartphone market last year in terms of shipments, industry data showed Wednesday, as the South Korean tech giant faces tough challenges from Chinese rivals. Samsung had a 35.8 percent share in the global 5G smartphone market last year, with shipments of 6.7 million 5G smartphones worldwide, according to data from market researcher Strategy Analytics. Chinese tech titan Huawei ranked first by shipping 6.9 million 5G smartphones for

IndustryJan. 29, 2020

Brexit not to affect bilateral trade ties with S. Korea

Britain's separation from the European Union slated for later this week is unlikely to have a direct impact on its bilateral trade ties with South Korea, as the two have already signed a back-up agreement, industry watchers said Wednesday. London is widely expected to depart from the EU, the world's single largest economic bloc, on Friday. Major economies around the globe, including Asia's No. 4 economy, have been closely monitoring London's divorce from the EU, as the separation would mean

EconomyJan. 29, 2020

Kumho Tire supplies tires for Audi Q5 SUV

Kumho Tire Co., the South Korean unit of Chinese tiremaker Qingdao Doublestar Co., said Wednesday it began to supply tires to the Audi Q5 SUV. Kumho Tire began to deliver the high-performance Crugen Premium KL33 tires for the Q5 in early January, the company said in a statement. The cars are being manufactured at Audi's Mexico plant and the tires will be produced in Kumho Tire's plant in Georgia, the United States, in the form of original equipment tires, it said. Supplying OE tires to car

IndustryJan. 29, 2020

Korea's January exports tipped to fall 7.5%: poll

South Korea's exports are expected to drop 7.5 percent on-year in January to extend their slump to 14 consecutive months despite a mild recovery in chip shipments, a poll showed Wednesday, due mainly to there being fewer working days compared to a year earlier. Outbound shipments are estimated to reach $42.7 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was carried out on 10 local brokerage houses. The country's trade sur

EconomyJan. 29, 2020

S. Korea's consumer sentiment sharply improves for Jan.

South Korea's consumer sentiment improved sharply from a month earlier in January, central bank data showed Wednesday, amid outlooks that the country's economic conditions will improve down the road. The composite consumer sentiment index came to 104.2 for the month, up from 100.5 for the previous month, according to the data from the Bank of Korea. The reading marks the highest since June 2018, as well as the largest on-month gain since September 2019, when the index jumped 4.6 points from a

EconomyJan. 29, 2020

Investors eye low-risk assets as Seoul stocks trim losses

South Korean stocks trimmed their losses Tuesday, losing 3 percent on the first trading session after the four-day Lunar New Year’s holiday, as the fast-spreading Wuhan coronavirus outbreak weakened investor sentiments. The local currency closed at 1,176.7 won against the US dollar, up 8 won from the previous session’s close, declining to a two-month low. The benchmark bourse Kospi opened sharply low -- down 53.91 points, or 2.40 percent, from the previous session. The weak start c

MarketJan. 28, 2020

Samyang sells more overseas than domestically on spicy noodle hit

Samyang Foods, the manufacturer of the globally popular Buldak Spicy Chicken noodles, saw its revenue from overseas surpass domestic sales last year, industry sources said Tuesday. Last year, Samyang Foods recorded total sales of 535 billion won ($455 million), and exports surpassed domestic sales by 5 billion won. It is the second time a South Korean food manufacturer has sold more of its products overseas than in the domestic market, the first being Choco Pie from Orion Corp. The food m

ConsumerJan. 28, 2020

Korea ups monitoring of fake news on Wuhan coronavirus

The Korea Communications Commission is stepping up its efforts to monitor online posts concerning the new Wuhan coronavirus, to counter rapidly spreading falsehoods that could mislead the public.  The agency said late Monday that it was focusing on preventing false information about the virus from spreading online. The existence of a fourth coronavirus patient has been confirmed in South Korea, with 15 suspected cases under investigation. KCC Chairman Han Sang-hyuk visited local broadca

IndustryJan. 28, 2020

[Newsmaker] Will Samsung’s new Galaxy Fold replace Note series?

Amid rumors that the next edition of Galaxy Fold will feature a bigger screen and S Pen, speculations that it could replace the 10-year-old Galaxy Note series are gaining ground, according to industry sources Tuesday. Responding to news reports based on a recent tweet that the Galaxy Fold 2 will feature an 8-inch main display, ultrathin glass and S Pen support, parts suppliers here said they are preparing for mass production of the device scheduled for the second half of the year. However, t

TechnologyJan. 28, 2020

Aviation, travel industries count cost of coronavirus outbreak

South Korean aviation and travel industries have been hit hard by refunds and cancellations in response to the new Chinese coronavirus outbreak, according to the industry on Tuesday. Several airlines have suspended the operation of routes to China and fully refunded customers for reservations, without applying the usual surcharge.  The travel authorities and related businesses have also strengthened hygiene guidelines for their employees, such as obligating all cabin crew on flights and

MobilityJan. 28, 2020

State-backed W1.5tr infra fund to raise private money

Korea’s state-backed fund seeking a commitment of 1.5 trillion won ($1.27 billion) is looking to raise 900 billion won in private money, its lead fund manager Samsung Asset Management said Tuesday. The fund has a maturity of 30 years and is set to close all transactions by October 2024. The fund is designed to target overseas infrastructure assets, ranging from new and renewable energy plants, oil and gas plants, airports and roads to railways and smart city infrastructure. Managing th

MarketJan. 28, 2020

[Monitor] Land price hike slows down

Land prices across South Korea surged by 3.92 percent last year from 2018, according to the Ministry of Land, Infrastructure and Transport. The growth in land prices dropped by 0.66 percentage point from 4.58 percent in 2018. In 2019, the price hike in the capital and surrounding region dropped to 4.74 percent from 5.14 percent, and in provinces, to 2.51 percent from 3.65 percent a year ago. (khnews@heraldcorp.com)

IndustryJan. 28, 2020

S. Korea to spend W20.8b to combat spread of coronavirus

South Korea will use 20.8 billion won ($17.7 million) of its national budget to contain the new Wuhan coronavirus, while keeping a close watch for potential negative effects on the local economy from the outbreak, the top fiscal policy chief said Tuesday. “Of the budget allocated for this year, 6.7 billion won set aside for building a quarantine system, 5.2 billion won for diagnosis and 2.9 billion won for isolated treatment -- culminating in a total of 20.8 billion won -- will be execut

EconomyJan. 28, 2020

NPS wins big from Samsung affiliates’ recent rally

The overall value of the shares in Samsung affiliates and subsidiaries held by South Korea’s largest institutional investor, the National Pension Service, jumped nearly 60 percent over the past year, according to data made public Tuesday. The NPS’ shares in 13 Samsung units were worth 49.28 trillion won ($41.7 billion) as of Wednesday last week, up 57 percent from 31.4 trillion won ($26.7 billion) Jan. 2 last year, according to financial research firm FnGuide. The whopping increa

MarketJan. 28, 2020

Scientists describe Wuhan coronavirus outbreak

In a study of early cases of the Wuhan coronavirus (2019-nCoV), a team of Chinese scientists discussed potential treatments for the rapidly spreading illness. In the latest issue of the Lancet medical journal, the scientists looked at key features of the virus and its effects in the first 41 confirmed patients. As the 2019-nCoV is an emerging virus, there is no vaccine or clear treatment specifically targeted to cure it. However, as all 41 patients developed pneumonia, they were all given anti

BusinessJan. 28, 2020

Hedge fund AlpenRoute may freeze W180b investor funds as distrust builds

AlpenRoute Asset Management said Tuesday it may opt to suspend investor withdrawal of assets worth 181.7 billion won ($154.4 million) from its 26 open-ended funds by February to ward off illiquidity, as the distrust of hedge fund managers across South Korea has triggered abrupt money withdrawal attempts. Of its 226.4 billion won assets in open-ended funds -- designed to allow investors to withdraw at will -- that mainly target equities in privately held companies, AlpenRoute has decided to defe

MarketJan. 28, 2020

Semiconductors again top list of S. Korea's export items in 2019

Semiconductors continued to top the list of South Korea's largest export items last year, data showed Tuesday. Outbound shipments of semiconductors came to $93.9 billion in 2019, accounting for 17.3 percent of the country's overall exports of $542.3 billion, according to the data from the Korea Customs Service. The amount marks a 25.9 percent plunge from 2018, when semiconductors accounted for nearly one-quarter of South Korea's overall exports. The drop has largely been attributed to a shar

IndustryJan. 28, 2020

Corporate direct financing jumps 3.3% in 2019: data

South Korean companies' equity and debt sales rose 3.3 percent on-year in 2019 due mainly to a rise in corporate bond issuance, data showed Tuesday. Local companies raised 175.49 trillion won ($149 billion) by selling stocks and bonds last year, compared with 169.8 trillion won in the previous year, according to the data from the Financial Supervisory Service. The surge is attributable to the 5.8 percent on-year growth in the value of corporate bonds issued, including bank bonds and asset-bac

EconomyJan. 28, 2020

Korean firms scrambling to minimize fallout from Wuhan virus

Major South Korean companies are scrambling to minimize any possible fallout from the Wuhan coronavirus by pulling their staff out of China and curbing trips there, industry sources said Tuesday. Hyundai Motor Co. and its affiliate Kia Motors Corp. plan to evacuate family members of hundreds of their employees in China to South Korea by Wednesday while allowing the employees in China to work at their homes, a Hyundai Motor official said. The move is meant to minimize contact with people as th

IndustryJan. 28, 2020

OECD further cuts Korea's potential growth rate

South Korea's potential economic growth rate may have permanently been reduced, apparently because of a steady decline in its workforce and productivity, according to an OECD report Tuesday. According to the report, South Korea's potential growth rate for the year is estimated at 2.5 percent, down 0.2 percentage point from a year earlier. A potential growth rate refers to the maximum possible rate an economy can grow without triggering inflation. South Korea's rate has been on a steady decli

EconomyJan. 28, 2020