Sales of private equity funds fall after fiasco: report

Sales of private equity funds for individual investors dropped for the fifth consecutive month in November, amid growing distrust in the aftermath of damages incurred by risky derivatives-linked funds sold by banks and asset management firms, a local self-regulatory organization said Wednesday. According to the Korea Financial Investment Association, local banks sold a combined 24.1 trillion won ($20.9 billion) of private equity funds, down by 600 billion won, or 2.4 percent, in November from th

MarketJan. 1, 2020

[Monitor] Housing prices show steepest rise in Dec.

Apartment prices in Seoul showed the steepest rise in December since the government’s real estate policy announced on Sep.13, 2018, which led to rising prices in other cities nationwide. According to data by Korea Appraisal Board, apartment prices in Seoul soared 1.24 percent in December compared to the previous month. It marked the biggest on-month growth in 15 months since September 2018. Across the country, apartment prices rose 0.51 percent, showing the highest growth in four years.(kh

IndustryJan. 1, 2020

Retailers launch mouse-inspired goods to celebrate ‘Year of White Mouse’

With 2020 marking the “Year of the White Mouse,” retailers rolled out mouse-inspired products, luring consumers with limited edition goods and special marketing in celebration of the new year. Based on the Chinese zodiac, the white mouse is the first of the 12 animals and considered the leader of the mice, symbolizing wealth, fortune and prosperity. Due to ambiguity in the Chinese characters, 2020 may also be referred to as the Year of the Metal Rat. According to Starbucks Korea, it

ConsumerJan. 1, 2020

Biz leaders call for more deregulation, aggressive investments in 2020

Amid forecasts of lower economic growth and harsher business conditions in 2020, South Korea’s business community is pushing to ease government regulations to stimulate aggressive investments and entrepreneurship, according to industry sources Wednesday.Heads of the country’s business lobby groups noted abandoning old regulations to seek new changes in 2020.The Federation of Korean Industries chief Huh Chang-soo said in his New Year’s address that future-oriented regulations ar

IndustryJan. 1, 2020

Hyundai Motor unveils images of first Genesis SUV GV80

Hyundai Motor’s luxury brand Genesis unveiled its first sport utility vehicle on Wednesday, raising market expectations for the much-anticipated model set to debut in mid-January. The GV80, a three-row SUV, is the fourth model of the brand, which consists of the G70, G80 and G90 sedans.  The “V” in its name represents the “versatile” aspect of the luxury SUV, while the number 80 indicates its large size, Hyundai Motor said. Under the design concept of

MobilityJan. 1, 2020

Credit card use at restaurants declines for first time in 7 years

South Korea’s credit card spending in restaurants fell 0.3 percent on-year in September 2018, marking the first on-year decline in nearly seven years, data from the Bank of Korea showed Wednesday.The decline reflects a deterioration in consumer sentiment which plunged to a two-year low in August, a month before the latest drop observed in credit card spending. According to the nation’s central bank, the combined credit card spending for eating out here came to nearly 4.7 trillio

EconomyJan. 1, 2020

Samsung QLED 8K TV earns US certification

Samsung Electronics Co. said Wednesday its quantum dot liquefied emitting diode 8K TVs have obtained a certification for its high-definition quality in the United States.Samsung Electronics has received the 8K certification for most of its QLED 8K TVs built for the year of 2020 from the US-based 8K Association, the company said in a statement.  The 8K Association is a cross-industry group focused on facilitating the growth of the 8K ecosystem.  QLED 8K TV delivers 16 times the resoluti

IndustryJan. 1, 2020

S. Korea to invest W5.19tr into science, ICT R&D in 2020

South Korea said Wednesday that it will invest 5.19 trillion won ($4.49 billion) into various science and information and communication technology research projects in 2020.The annual research and development spending plan covers 4.15 trillion won earmarked for science and technology and 1.04 trillion won set aside to build up ICT capabilities, according to the Ministry of Science and ICT.Of the total, slightly more than 1.53 trillion won will be used on basic scientific research. That amount is

IndustryJan. 1, 2020

Korea's exports dip 10.3% in 2019 on weak chip sales, trade rows

South Korea's exports fell 10.3 percent in 2019 after setting a record high performance the year before, due mainly to a slump in the global chip market coupled with the trade feud between the world's top two economies, data showed Wednesday. The country's outbound shipments came to $542.4 billion last year, compared with $604.8 billion posted a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.  Imports moved down 6 percent on-year to $503.2 billion

IndustryJan. 1, 2020

Sungdong Shipbuilding averts liquidation with W200b deal

A consortium led by HSG Heavy Industries signed a contract Tuesday to buy debt-saddled South Korean shipbuilder Sungdong Shipbuilding & Marine Engineering for 200 billion won ($173 million), allowing the shipbuilder to avert liquidation of its assets.So far the consortium has paid 10 percent of the total, with the balance due by February.This came a month after the consortium, composed of HSG Heavy and private equity firm Curious Partners, was chosen as the preferred bidder for the Tongyeong

MarketDec. 31, 2019

M&As to keep Korean industries going in 2020

South Korea was brimming with billiondollar mergers and acquisitions in 2019, mainly propelled by large business groups in search of new growth opportunities, along with the divestment of their noncore business units.Throughout 2019, Korean entities announced a record-high volume of M&A transactions worth a combined 37.7 trillion won ($32.6 billion), according to Maeil Business Newspaper’s capital market tracker Radar M.Experts say this uptrend will continue and will eventually fuel an

MarketDec. 31, 2019

Probable top-down nomination of new IBK CEO triggers backlash

The state-run Industrial Bank of Korea faced the new year amid heated controversy concerning the likely nomination of a former senior presidential aide as its next CEO.On Tuesday, Reps. Chae Yi-bai of the Bareunmirae Party and Chu Hye-seon of the Justice Party held a press conference at the National Assembly along with members of the Korean Financial Industry Union, opposing the nomination of Yoon Jong-won, former senior presidential secretary for economic affairs, as IBK chief.“It seems t

MarketDec. 31, 2019

Financial chiefs look toward new growth momentum in 2020

Gearing up for the new year, South Korea’s top financial officials steeled themselves to face persistent external challenges and to spark new momentum for growth.Given the current trend toward low interest rates, which is likely to last for a while, policymakers vowed further efforts to steady the consequent overheating of the real estate market, saying this excessive liquidity needs to be diverted to innovative businesses.　“We need to maintain an easing monetary policy as the domest

EconomyDec. 31, 2019

Samsung chairman retains top spot as wealthiest businessman in S. Korea

Ailing Samsung Group Chairman Lee Kun-hee retained the top spot as the wealthiest South Korean businessman with his stock assets rising by 4 trillion won ($3.4 billion) in 2019, to reach 17.6 trillion won, according to a corporate tracker Tuesday. According to CEO Score, Lee’s stock assets rose the most in the nation in 2019 and he is the only individual whose share value exceeds 10 trillion won here. The huge increase comes mainly from his holdings in Samsung Electronics, which soared in

IndustryDec. 31, 2019

Bioservice industry rakes in W1tr, up 24%

The bioservice industry -- biologics contract research and manufacturing firms -- marked the most on-year growth of 23.9 percent in 2018, KoreaBio said Tuesday.The association, which represents over 300 biologics companies here, surveyed 993 local firms between June 3 and Oct. 31 in collaboration with the Ministry of Trade, Industry and Energy. The firms spanned a diverse range of sectors -- biopharmaceutical, biochemical and bioenergy, biofood, bioenvironmental, biomedical equipment, bioinstrum

IndustryDec. 31, 2019

SUVs, EVs, luxury cars to again dominate auto market in 2020

After a bumpy year with flat consumer sentiment and global trade uncertainties, the automotive market is likely to face a similar business environment in 2020, with sport utility vehicles, electric vehicles and luxury cars remaining popular, according to market analysts.Hyundai Motor Group’s think tank for global business research and development center noted that the global auto market is estimated to record sales of 86.95 million units in 2019, down 5 percent from the previous year. This

MobilityDec. 31, 2019

Korea's consumer prices rise 0.7% in December

South Korea's consumer prices rose 0.7 percent on-year in December, marking the fastest growth in six months, the statistics agency said Tuesday.  The country's inflation also gained 0.2 percent on-month this month on the back of increased prices of agricultural and industrial products, Statistics Korea said in a statement.   Core inflation, which excludes agricultural and petroleum products, rose 0.7 percent from a year earlier.  Utility prices were unchanged on-ye

EconomyDec. 31, 2019

Jeju Air delays signing to acquire Eastar Jet

Jeju Air Co., South Korea's largest low-cost carrier, said Thursday it has postponed the signing of a deal to acquire Eastar Jet as it takes more time to conduct due diligence on the smaller budget carrier.Jeju Air was originally set to sign a share purchase agreement with Eastar Holdings within this year to take over a 51.17-percent stake in Eastar Jet for 69.5 billion won ($60 million). "The company entered into due diligence of Eastar Jet and planned to complete it by Jan. 9. But the pro

IndustryDec. 30, 2019

[Graphic News] Number of ferry users between Incheon and 10 Chinese ports tops 1m

　The annual number of passengers using ferries between South Korea‘s western port of Incheon and 10 Chinese cities has surpassed 1million this year for the first time in eight years, port authorities here said. 　According to the Incheon Port Authority, the figure was provisionally tallied at 1,003,030 from Jan. 1-Dec. 19. 　It’s the first time the annual figure crossed the 1 million threshold since 2011, when it recorded 1,043,230, the agency said. (Yonhap)

IndustryDec. 30, 2019

Ministry gives conditional approval to SK Broadband, Tbroad merger

The ICT Ministry on Monday approved the merger between SK Telecom’s SK Broadband and Tbroad, the second-largest cable operator in South Korea. If SK Telecom receives approval from the Korea Communications Commission next month, SK Telecom will hold a 74.37 percent stake in the new company formed from its subsidiary and Tbroad of Taekwang Group.The ministry said it has approved the merger, as well as Taekwang Group’s acquisition of a 16.79 percent stake in the new company, based on th

IndustryDec. 30, 2019