Korean business circles welcome data deregulation

A South Korean business association has welcomed on Friday the passage of three revised bills that ease regulations on the use of personal information. A day earlier, the National Assembly passed the revisions of three bills related to the promotion of information and communication networks, personal information protection and credit information protection in a plenary session. They were proposed in November 2018. “Data is like crude oil in the fourth industrial revolution. The amendm

IndustryJan. 10, 2020

Outstanding state bonds grow at 4-yr high in 2019: data

South Korea's outstanding state and special bonds grew at the fastest rate in four years in 2019, largely due to government efforts to make up for a cut in tax revenues, data showed Friday. The outstanding amount of bonds and debt issued by public institutions rose 5.3 percent from a year earlier to 1,020.4 trillion won ($879.7 billion), according to the data from Koscom Corp., the system manager of the South Korean bourse operator, Korea Exchange.By type, the Asia's fourth-largest economy net i

EconomyJan. 10, 2020

Renault to partially shut down S. Korea plant amid strikes

Renault Samsung Motors Corp. said Friday it has decided to partially shut down its sole plant in South Korea to reduce production losses resulting from strikes staged by its unionized workers. In the past 12 days, the union held partial strikes at the plant in Busan, 453 kilometers south of Seoul, demanding higher wages. It caused production losses of 6,000 vehicles worth 110 billion won ($95 million). "We have decided to shut down the plant for the night duty time that begins at 3:45 p.m.

IndustryJan. 10, 2020

S. Korea closely monitoring tension in Middle East: finance minister

South Korea is closely monitoring tensions in the Middle East, although a conflict between the United States and Iran is not escalating, Finance Minister Hong Nam-ki said Friday. Hong said volatility at local financial markets showed signs of easing as the US and Iran moved to defuse tension, but uncertainties remain. The government is "closely monitoring the situation and will take actions if necessary," Hong told a meeting with economy-related ministers.  However, Hong said ther

EconomyJan. 10, 2020

Finance minister vows more support for SMEs to increase exports

Finance Minister Hong Nam-ki said Thursday the government will provide more support for small- and medium-sized enterprises (SMEs) to increase their exports this year. Hong made the remarks as he visited a ventilator maker in the city of Hwaseong, south of Seoul, earlier in the day.South Korea's exports have dropped for 13 consecutive months since December 2018. Hong said the government expanded its contract-based loan guarantees for SMEs to 200 billion won (US$172 million) this year, compa

EconomyJan. 9, 2020

Samsung Electronics shares hit all-time high on recovery hopes

Samsung Electronics shares hit a record high Thursday on expectations of a faster-than-expected recovery in global chip demand and prices. The world's largest chipmaker closed at 58,600 won ($50.53), up 3.17 percent from the previous session's close.The adjusted stock price is the tech giant's highest since it was listed on the Seoul bourse in 1975. The previous record was 57,220 won on Nov. 1, 2017.  Samsung Electronics' preferred stocks jumped 3.64 percent to a yearly high of 48,400 won.

MarketJan. 9, 2020

[Monitor] Ups and downs in chaebol leaders’ stock assets

Incumbent as well as titular leaders of South Korea’s major conglomerates saw changes in their stock assets over the past several years, according to data released by corporate tracker Korea CXO Institute.While the asset value of stocks held by ailing Samsung Electronics Chairman Lee Kun-hee has doubled since 2011, it has reduced by half for Hyundai Motor Group Chairman Chung Mong-koo.The stock assets were tracked between August 2011 to Jan. 2. The stock assets of late LG Group Chairman Ko

IndustryJan. 9, 2020

KOMSCO holds over 800 IP assets as of 2019

The state-run Korea Minting and Security Printing & ID Card Operating Corp. added 69 new intellectual property assets in 2019, bringing its total to 830, officials said Thursday. The affiliated technology research institute applied for 77 IP registrations, including 32 patents, 17 design rights, 16 computer programs, and nine trademarks in 2019. Of them, 69 were approved by the Korean Intellectual Property Office.The accumulated IP assets of KOMSCO as of end-December were up 9.1 percent from

MarketJan. 9, 2020

Shinhan Financial kicks off tailor-made fund with KKR

Shinhan Financial Group said Thursday it has created a tailor-made fund worth $200 million with global private equity fund operator Kohlberg Kravis Roberts.The move reflected Shinhan’s efforts to grow beyond the local market and promote its global alternative investment capacity down the road.It also came in line with a memorandum of understanding on global alternative investment partnership that the two counterparts had signed in September 2018. The latest fund, tailor-made exclusively fo

MarketJan. 9, 2020

[News Focus] Government unemployment calculations face skepticism

SEJONG -- Government officials actively publicized that the number of unemployed people aged between 15 and 29 and the corresponding unemployment rate had dropped during the Moon Jae-in administration.They used a variety of figures held by the Ministry of Employment and Labor in their online policy briefing in December 2019, dismissing arguments in the market that the youth jobless rate has become severe.A government official cited the figure that the number of jobless Koreans aged 15-29 was abo

EconomyJan. 9, 2020

Coupang prepares for IPO as early as 2021: report

Korean e-commerce giant Coupang is preparing for an initial public offering as early as 2021, according to industry sources on Thursday. Citing anonymous officials, Bloomberg reported that Coupang has begun gearing up for an IPO, starting with tax structuring. Established in 2010 by CEO Kim Bom, Coupang was valued at $9 billion at the end of 2018. Amid rumors that the SoftBank-backed company would go public, Kim said he had mulled the option -- the “most difficult” in his career -- i

ConsumerJan. 9, 2020

Moon vows to promote new industries, regional economy in Pohang

President Moon Jae-in visited a special regulation-free district in Pohang, North Gyeongsang Province, on Thursday to highlight the need for bold action to encourage new industries and revitalize the regional economy. Moon attended an investment ceremony where GS Engineering & Construction and authorities of the province and city signed an agreement for a new battery recycling factory. He also visited a steel mill in the port city operated by the country’s leading steelmaker Posco.Duri

IndustryJan. 9, 2020

[CES 2020] SKT plans major transformation, including name change: CEO

SK Telecom CEO Park Jung-ho said the company will face major changes down the road including a name change, during a press conference on the sidelines of the Consumer Electronics Show in Las Vegas, Wednesday. According to Park, the company is targeting initial public offerings for some of its affiliates in the near future. If possible, a name change could also be considered. The mobile carrier aims to expand its cooperation in the field of artificial intelligence with local and global businesses

TechnologyJan. 9, 2020

Riot Games Korea chief passes away

Park Jun-kyu, country head of Riot Games Korea, passed away Thursday. He was 44. Riot Games Korea said that Park was diagnosed with liver cancer in 2019 and that his condition drastically worsened early this month. Due to his characteristic hardworking nature, Park refused to take leave or make his illness publicly known up until the day of his death, a Riot Games Korea official said.  The industry responded in shock to the news of his passing. Park’s last public appearance had only b

IndustryJan. 9, 2020

KDB, K-Growth to earmark W400b fund for supply chain autonomy

South Korea‘s state-owned lender Korea Development Bank and state-led fund-of-funds management company Korea Growth Investment (K-Growth) are looking for partners to earmark a combined 400 billion won ($344.9 million) to support materials and components sectors here and ensure national self-sufficiency in manufacturing supply chains.With the state backing 220 billion won, the funds are intended to foster the growth of Korean firms dedicated to materials components and equipment and ultimat

MarketJan. 9, 2020

[Photo News] Doosan debuts at CES

Doosan Group Chairman Park Jeong-won looks at a cooperative robot being showcased at the Consumer Electronics Show 2020 in Las Vegas on Wednesday. It is the first time the infrastructure giant has taken part in the event. Park told reporters that the group was making efforts to take the lead in advanced technologies in its business areas. (khnews@heraldcorp.com)

IndustryJan. 9, 2020

Samsung anti-corruption panel vows close scrutiny on management succession

The head of Samsung’s anti-corruption committee said Thursday that the panel would look closely into a broad range of issues affecting the group, including management succession, corruption and labor issues, with independence and autonomy.“The basic principles of the committee’s operation will be independence and autonomy,” said Kim Ji-hyung, the former Supreme Court justice who was named to head the compliance committee, in a press briefing on the day. Kim said he had re

IndustryJan. 9, 2020

World Bank trims 2020 global growth forecast amid slow trade recovery

Reflecting the slower-than-expected recovery of trade, the World Bank has lowered its forecast for this year’s global economic growth pace by 0.2 percentage point, South Korea’s Ministry of Economy and Finance said Thursday.In its biannual Global Economic Prospects report issued in Washington, the World Bank predicted that the world economy will expand 2.5 percent in 2020, down from its earlier outlook in June 2019.This annual growth rate is anticipated to rise gradually to 2.6 perce

EconomyJan. 9, 2020

LG Chem seeking business opportunities in Southeast Asia

LG Chem Ltd., South Korea's leading chemical company, said Thursday that it is seeking business opportunities in Indonesia and other Southeast Asian countries amid growing demand for electric motorcycles."We are considering businesses in various sectors in Indonesia as small electric vehicle markets such as electric motorcycles could grow in the country," a company official said.He said no specific decisions have been made yet on its possible businesses in Southeast Asia. The comments

IndustryJan. 9, 2020

Renault Samsung workers wage sudden strike, renegotiation falters

Unionized workers at Renault Samsung staged an impromptu partial strike late Wednesday despite a planned renegotiation with the management the next day, according to the automaker. The South Korean carmaker said the unionized workers staged a four hour-long partial strike by suspending the operation of the production line. A Renault Samsung representative told The Korea Herald that given the current situation, the planned renegotiation on Thursday has been canceled. According to t

MobilityJan. 9, 2020