Zara launches daily hanbok collection for children

Zara, the global fast-fashion clothing retailer, said on Tuesday that it has rolled out a kids collection of modern hanbok exclusively for the Korean market. The collection was unveiled ahead of the Lunar New Year holiday that kicks off later this month. It includes durumagi-inspired coats, vests, dresses, norigae or decorative pendants, lucky pouches, socks and shoes. The collection is available for children aged six months up to five years, the company said. “The modern reinterpretatio

IndustryJan. 11, 2022

Brisk exports continue in first 10 days of 2022

SEJONG -- South Korea’s brisk export performance, which started in the fourth quarter of 2020 as a rebound or recovery, has continued during the first 10 days of 2022, state customs data showed Tuesday. According to the Korea Customs Service, the nation’s exports reached $13.9 billion during the period of Jan. 1-10, up 24.4 percent compared to $11.2 billion over the same period of 2021. By main item, outbound shipments of home appliances -- such as TVs, refrigerators, washing machi

EconomyJan. 11, 2022

Digital platforms for secondhand trading emerge as new retail unicorns

Market valuation estimates of local digital platforms that promote individual trading of secondhand products have been on the rise with traditional retailers and even banks injecting large investments in hopes of them becoming the next Coupang and Market Kurly. Some market insiders say that valuation of Danggeun Market, the nation’s biggest secondhand trading app by transaction volume, is estimated at 3 trillion won ($2.5 billion). The figure, though based on mere estimation, surpasses

ConsumerJan. 11, 2022

Will Samsung’s ‘Tiger’ strategy work against Apple?

Samsung Electronics unveiled its “Tiger” strategy at CES 2022 to beat Apple in the flagship smartphone market, but experts say that the South Korean tech giant should first come up with “killer content” for its foldable smartphones for that strategy to work. During the world’s largest tech show held in Las Vegas last week, The Korea Herald exclusively reported on the South Korean tech giant’s “Tiger” strategy, which revolves around narrowing its

IndustryJan. 11, 2022

Seoul stocks close nearly flat ahead of Fed chief's hearing

South Korean stocks finished nearly unchanged Tuesday as investors await comments by the US Federal Reserve chief at the Senate hearing. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.66 points, or 0.02 percent, to close at 2,927.38 points. Trading volume was moderate at about 559 million shares worth some 10.5 trillion won ($8.8 billion), with losers outnumbering gainers 717 to 170. Institutions sold a net 268 billion won, and

MarketJan. 11, 2022

LG’s virtual human to make debut as singer

LG Electronics said Tuesday it has signed a memorandum of understanding with Mystic Story, a local music label led by singer-song writer Yoon Jong-shin, to debut its virtual human ambassador, Reah Keem, as a singer. Yoon, Mystic’s chief producer, will oversee the overall project from writing songs to vocal training for Keem. Her imminent debut was teased last week when LG unveiled a music video clip at the Consumer Electronics Show. “I want to be an artist who not just makes musi

TechnologyJan. 11, 2022

Lawmaker proposes bill for obligating FSC’s approval for banks‘ partial closure

A ruling party lawmaker recently filed a bill calling for banks to receive the financial authorities’ permission for partially shutting down their business here, the National Assembly’s online bill information system showed Tuesday. Rep. Min Byoung-dug of the Democratic Party of Korea’s move follows Citibank Korea’s decision in October last year to pull out its retail banking business in phases, after failing to reach a deal with potential buyers. Citigroup in April 2021

MarketJan. 11, 2022

Hanmi Pharmaceutical to make Indian COVID-19 vaccine

Hanmi Pharmaceutical will begin producing ZyCoV-D, the plasmid DNA COVID-19 vaccine developed by India’s pharmaceutical firm Zydus Cadila, starting in the second quarter of this year, the company said Tuesday. Hanmi Pharmaceutical on Friday signed a contract with local biotech company Enzychem Lifesciences for a consignment manufacturing agreement of the Indian vaccine. Previously, Enzychem Lifesciences signed a license-out deal with Zydus Cailda at the end of last year. The two Korean

IndustryJan. 11, 2022

SK Pharmteco to push for pre-IPO this year

SK Pharmteco, SK Inc.’s subsidiary of contract development and manufacturing organization, is planning for a pre-initial public offering this year, the group’s holding company SK Inc. said Tuesday.  "SK Pharmteco will hold an advantage in the global industry with its high-quality manufacturing capacity within the leading countries," said Lee Dong-hoon, SK Inc.'s executive vice president and head of the Bio Investment Center. "SK Inc. will be supporting th

IndustryJan. 11, 2022

Corporate reshoring hits all-time high in 2021

The number of South Korean companies that returned home from their offshore operations and their investment at home hit an all-time high last year, the industry ministry said Tuesday. A total of 26 firms relocated their factories from overseas in 2021, compared with 24 the previous year, and their combined investment grew 22 percent on-year to 681.5 billon won ($570.63 million), according to the Ministry of Trade, Industry and Energy. The 2021 figures marked the largest since the ministry bega

EconomyJan. 11, 2022

LG Chem to build new high-nickel cathode factory in S. Korea

LG Chem Ltd., South Korea's leading chemical materials producer, said Tuesday it will build a new factory in South Korea to produce high-nickel cathode materials for electric vehicle (EV) batteries as it further pushes to upgrade the key battery component materials. The construction for the new cathode plant broke ground on the 60,000-square-meter site in Gumi, an industrial city located about 260 kilometers southeast of Seoul, the company said. Cathode is a key component that determines the

IndustryJan. 11, 2022

Insurers' risk-based capital ratio down in Q3

Insurance firms in South Korea saw their risk-based capital ratio fall in the third quarter of last year amid rising market interest rates, data showed Tuesday. The risk-based capital (RBC) ratio of local insurance firms stood at 254.5 percent as of end-September, down 6.4 percentage points from three months earlier, according to the data from the Financial Supervisory Service (FSS). The fall came as a rise in market interest rates and stock market declines caused losses from their asset holdi

EconomyJan. 11, 2022

Apple to allow alternative payment system for 1st time in S. Korea

Apple will allow alternative payment systems in South Korea in compliance with a new local law that bans app store operators from forcing their own in-app payment systems, the country's telecommunications regulator said Tuesday. The move came as a new law went into effect in the country in September last year, restricting app store operators, such as Google and Apple, from forcing their in-app payment systems on developers. In November, Google pledged to provide an alternative payment system o

TechnologyJan. 11, 2022

Korea Customs Service offers support on RCEP

As the Regional Comprehensive Economic Partnership takes effect in February, the Korea Customs Service has come up with a set of measures to help exporters and importers make use of the world’s largest trade agreement among 15 Asia-Pacific nations. Only exporters who have been certified by the KCS for having the ability to manage and prove their products’ country of origin can get certificates of origin under the RCEP. Therefore, the KCS has begun accepting applications for certific

EconomyJan. 11, 2022

[Herald Interview] Korea Customs Service champions big data analysis

At the Korea Customs Service, all administrative work is done through a massive computerized system. An average of 118,000 export and import reports are handled every day, and the accumulation of vast data allows KCS to make good use of big data analysis and artificial intelligence. “We plan to open a KCS big data portal for the public late this year, which will offer customized services for businesses through AI analysis of exporter and importer data as well as business support record

EconomyJan. 11, 2022

Hyundai Engineering wins US plant deal to build micro modular nuclear reactors

Hyundai Engineering Co., a plant engineering affiliate of Hyundai Motor Group, said Tuesday it has secured a deal to construct micro modular nuclear reactors (MMR) for a US developer of the next-generation nuclear energy. Hyundai Engineering said it has agreed to invest $30 million in Ultra Safe Nuclear Corporation for an undisclosed stake. The deal gives the South Korean company the exclusive rights to the engineering, procurement and construction for all MMR projects of the Seattle-based co

IndustryJan. 11, 2022

Bond issuance in S. Korea down 1.8% in 2021

Bond issuance in South Korea fell 1.8 percent in 2021 from a year earlier due to decreased debt sales by the government, data showed Tuesday. The value of bonds sold in Asia's fourth-largest economy came to 829 trillion won ($693 billion) last year, down 15.3 trillion won from 2020, according to the data from the Korea Financial Investment Association. State-bond issuance shrank 4 percent on-year to 228.4 trillion won, while sales of financial bonds surged 23 percent to 252.2 trillion won. Cor

EconomyJan. 11, 2022

[Graphic News] S. Korea‘s e-commerce imports hit new high amid pandemic

　South Korea’s imports via e-commerce reached a new all-time high in 2021 as more people purchased foreign goods online, government data showed. 　The country’s e-commerce imports stood at $4.15 billion in the first 11 months of last year, up 25.7 percent from a year earlier, according to the data from the Korea Customs Service. 　The amount for the 11-month period surpasses the full-year figure for 2020. 　The number of e-commerce transactions came to 79 million during the period,

BusinessJan. 11, 2022

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Tuesday as investors sought to buy oversold stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.44 points, or 0.43 percent, to 2,939.16 in the first 15 minutes of trading. Stocks started solid after the KOSPI's recent slump, which stemmed from worries that the US Federal Reserve may push harsher-than-expected tapering and rate hikes. Most large caps rebounded in Seoul, led by foreign buying. Top cap Samsung Electronics added 0.64 perce

MarketJan. 11, 2022

S. Korea logs current account surplus for 19th straight month in November

South Korea logged a current account surplus for the 19th straight month in November, but the surplus was much smaller than a year earlier due to increased imports driven by high energy and raw material prices, central bank data showed Tuesday. The current account surplus amounted to $7.16 billion in November, down from a surplus of $9.18 billion tallied a year earlier, according to the preliminary data by the Bank of Korea (BOK). The reading marked the 19th straight month that the current ac

EconomyJan. 11, 2022