Korea to launch new mining agency on Sept. 10

South Korea will launch a new public agency to oversee metals, minerals and mining affairs next month, amid growing concerns over the future availability of raw materials critical to the country’s backbone industries, the government said Tuesday. The new entity, Korea Mine Rehabilitation & Mineral Resources Corp., will be officially formed on Sept. 10 by combining two existing bodies -- Korea Resources Corp. and Mine Reclamation Corp. Its launch received final approval from the Ca

IndustryAug. 24, 2021

GM Korea workers OK company's wage offer

Unionized workers at GM Korea Co., the South Korean unit of General Motors Co., accepted the company's revised wage proposals for the year, the union said Tuesday. In their second vote held Monday and Tuesday, some 65 percent of GM Korea's unionized workers agreed to accept the revised proposals that newly include 300,000 won ($260) worth of repair coupons for Chevrolet brand vehicles and 200,000 won worth of gift certificates for traditional markets, union spokesman Cho Ha-soo said over the p

EconomyAug. 24, 2021

Seoul stocks soar over 1.5% on eased US tapering woes

South Korean stocks advanced more than 1.5 percent Tuesday to extend their gains for a second day in a row on strong tech gains, as investors' woes eased over the upcoming discussions about US tapering. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 48.09 points, or 1.56 percent, to close at 3,138.3 points. Trading volume was moderate at about 578 million shares worth some 14.7 trillion won ($12.6 billion), with gainers outnumbering l

MarketAug. 24, 2021

Fintech firms urge smooth passage of e-payment law over Mergeplus fiasco

The Korea Fintech Industry Association said Tuesday that lawmakers must move forward with the critical Electronic Financial Transactions Act, which has been at an impasse at the National Assembly for several months, joining earlier calls from some politicians and the central bank in the wake of the Mergeplus fiasco. The association, which represents 330 fintech companies, said that the Mergeplus incident was “predictable.” Without the revision of the EFTA -- which had not under

MarketAug. 24, 2021

Korea plans another W605tr 'super budget' for 2022

South Korea plans to draw up another record-breaking budget of some 605 trillion won ($518.4 billion) for next year to strengthen the nation’s social safety net largely hurt by the prolonged pandemic, the ruling Democratic Party and the government said Tuesday. The so-called “super budget package” allows the Moon Jae-in government and his party to financially assist self-employed, small-business owners and low-income families, and to provide full college tuition from the thir

EconomyAug. 24, 2021

Samsung to pour W240tr into chips, bio and 6G for 3 years

Samsung Electronics will invest a total of 240 trillion won ($206 billion) in the fields of semiconductors, biopharmaceuticals, next-generation telecommunications and other new technologies for the next three years, the South Korean tech giant announced Tuesday. Of the total, some 180 trillion won will be spent on expanding facilities and employment here, not overseas, the company stressed. It did not unveil a breakdown of the investment plan. The announcement came 11 days after the conglome

TechnologyAug. 24, 2021

Is Korean IPO market losing steam?

After retail investors’ strong appetite for IPO shares early on, 2021 looked to be a record year, with a series of companies seeking to go public. But most blockbuster IPOs have fallen short of market expectations amid growing concerns over companies being overvalued. Of mega IPOs that made debuts this year, only SK Bioscience opened trading at double its IPO price, as determined between 8:30 a.m. and 9 a.m. in the first trading session. The stock was also the only one that surged by

MarketAug. 24, 2021

Citibank Korea postpones decision on exit plan for second time

Citibank Korea has decided for the second time to delay confirming its retail business exit plan, after apparently failing to agree on sales terms with potential buyers, industry sources said Tuesday. Following Citigroup’s decision in April to exit the consumer banking business in 13 global markets, including South Korea, local subsidiary Citibank Korea initially planned to confirm the exit plan in July. The firm then postponed the confirmation until a board meeting scheduled for Tuesday

MarketAug. 24, 2021

Robots to fry chicken at Kyochon

Kyochon F&B, the firm behind South Korea’s biggest fried chicken franchise Kyochon Chicken, is deploying chicken-frying robots, the company said Tuesday. According to Kyochon, the first such machine has started work at one of its franchise stores in Songdo, Incheon. Kyochon double fries its chicken to create a unique crisp texture, and the robots will take charge of the second act, the firm said. Developed jointly with Doosan Robotics, the machine is a cooperative robot that can

ConsumerAug. 24, 2021

Tax agency launches probes into suspected tax evasion

South Korea's tax agency said Tuesday it has launched probes into suspected tax evasion by 59 people who allegedly pocketed illegal profits or increased wealth in an improper manner. Of them, 29 people earned money in an illegal or dishonest fashion while misusing corporate funds to buy luxury goods, according to the National Tax Service (NTS). The agency also cracked down on people and entities that gave damage to pandemic-hit merchants and individuals to increase their assets. Since last ye

EconomyAug. 24, 2021

Conditional approval given to KT Skylife's takeover of cable TV operator

South Korea's antitrust regulator said Tuesday it has granted conditional approval for a deal by KT Skylife Co. to buy cable TV operator Hyundai HCN Co. on concerns that the takeover could partially hamper market competition. In October last year, KT Skylife Co., a satellite broadcasting affiliate of local telecom giant KT Corp., signed a deal to acquire Hyundai HCN Co.'s broadcasting business for 491.1 billion won ($420 million). The Korea Fair Trade Commission (KFTC) said it has given the gr

IndustryAug. 24, 2021

Household credit growth accelerates in Q2

South Korea's household credit grew at a faster pace in the second quarter as non-banking financial firms increased loans, central bank data showed Tuesday. Household credit reached a record high of 1,805.9 trillion won ($1.54 trillion) as of June, up 41.2 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial institutions, including commercial lenders

EconomyAug. 24, 2021

No. of employed people rise in 2nd-tier cities amid economic recovery

The number of employed people in minor cities and counties in South Korea rose in April from a year earlier as slumps in the job market eased amid the economic recovery, data showed Tuesday. The number of employed people for 77 smaller cities in nine provinces reached 13.1 million as of end-April, up 3.6 percent from a year earlier, according to the data compiled by Statistics Korea. The corresponding number for 77 counties across the nation grew 1.4 percent on-year to 2.07 million, the data s

EconomyAug. 24, 2021

Samsung, LG to showcase advanced OLED display tech at IMID 2021

South Korea's two largest display makers -- Samsung Display Co. and LG Display Co. -- on Tuesday said they will showcase their latest innovations at the country's leading exhibition for display panels this week. The two companies will take part in the International Meeting on Information Display (IMID) 2021, which runs from Wednesday to Friday in Seoul. Samsung Display, the world's top mobile display panel maker, said its exhibitions will focus on OLED technologies used in Samsung Electronics

IndustryAug. 24, 2021

Preorders for Samsung's new foldable smartphones top 800,000 units

Preorders for Samsung Electronics Co.'s new foldable smartphones have topped 800,000 units in South Korea, industry sources Tuesday, as the tech giant eyes to mainstream the foldable category with lower prices. An estimated 600,000 units of the Galaxy Z Fold3 and the Galaxy Z Flip3 were preordered through local mobile carriers, while some 200,000 units of unlocked third-generation Galaxy Z foldable devices were purchased by consumers during the one-week preorder period that ended Monday, the s

IndustryAug. 24, 2021

Seoul stocks open steeply higher on US stock rally

South Korean stocks opened steeply higher Tuesday, tracking overnight rallies on Wall Street that stemmed from optimism over the upcoming US tapering discussions in Jackson Hole, Wyoming. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.7 points, or 1.06 percent, to trade at 3,122.91 points in the first 15 minutes of trading. The KOSPI got off to a bullish start on tech gains, taking a cue from its US peers. Overnight, the tech-heavy Nasdaq composite jumped 1.55 percent, and

MarketAug. 24, 2021

S. Korea's ready-to-drink coffee market grows 5.9% in H1

South Korea's market for convenient coffee beverages expanded nearly 6 percent in the first half of the year amid the coronavirus pandemic, a market tracker said Tuesday. The size of the local ready-to-drink coffee market stood at 672.9 billion won ($574 million) in the January-June period, up 5.9 percent from a year earlier, according to Nielsen Koreanclick. Canned coffee accounted for the largest portion at 258.6 billion won, followed by cup coffee with 217.5 billion won and bottled coffee w

EconomyAug. 24, 2021

Samsung expands lead in DRAM market in Q2: report

Samsung Electronics Co. expanded its dominance in the global DRAM market in the second quarter of the year, a report showed Tuesday, thanks to bullish demand and chip price hikes. The South Korean tech giant registered a 43.6 percent share of the global DRAM flash market in terms of revenue in the April-June period, up 1.6 percentage points from a quarter earlier, according to market tracker TrendForce. Samsung's revenue came to $10.51 billion in the second quarter, up 30.2 percent from a qua

IndustryAug. 24, 2021

Citibank Korea again delays decision on exit plan

Citibank Korea Inc. has again postponed a decision on the exit plan for its retail banking unit amid differences over sale terms, industry sources said Tuesday. Citibank Korea, the South Korean unit of Citigroup Inc., had originally planned to hold a board meeting on Aug. 26 to determine how to sell the retail banking division. But the lender has decided not to put its exit plan on the meeting's agenda, putting off its decision until September, according to the sources. It marks the second p

MarketAug. 24, 2021

Consumer sentiment dips in August over surge in COVID-19 infections

South Korea's consumer sentiment dipped in August over a spike in COVID-19 infections, marking the second consecutive monthly decline, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 102.5 for August, down 0.7 point from the previous month, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists. The latest reading marks the second monthly decline since June, when the index stood at 110.3. The

EconomyAug. 24, 2021