Seoul stocks open higher on tech gains

South Korean stocks opened higher Tuesday, led by gains in major tech firms. The benchmark Korea Composite Stock Price Index (Kospi) added 5.53 points, or 0.17 percent, to trade at 3,228.57 in the first 25 minutes of trading. Stocks got off to a solid start as tech heavyweights jumped on speculations of high global demand. In Seoul, market kingpin Samsung Electronics rose 1.64 percent, and No. 2 chipmaker SK hynix advanced 3.02 percent. Giant pharmaceutical firm Samsung Biologics lost 0.33 p

MarketAug. 3, 2021

Inflation growth hits over 2% for 4th straight month in July

South Korea's consumer prices grew more than 2 percent for the fourth straight month in July on higher prices of farm and oil products, data showed Tuesday, raising expectations that the central bank will hike its key rate within this year. The consumer prices rose 2.6 percent on-year in July, accelerating from a 2.4 percent on-year gain the previous month, according to the data compiled by Statistics Korea. The pickup in inflation was due largely to last year's low base and the tight supply o

EconomyAug. 3, 2021

Netmarble to acquire casino game company SpinX Games for $2.1 billion

      South Korean game developer Netmarble Corp. said Monday it plans to acquire Hong-Kong based social casino game company SpinX Games in a deal estimated at $2.1 billion.    Under the plan, the South Korean company will purchase a 100 percent stake in Cayman Island-based Leonardo Interactive Holdings Ltd., which fully owns the social casino game developer.    SpinX Games, established in 2014, operates various types of mobile casino content, including

IndustryAug. 2, 2021

[Photo News] Starbucks Korea, Mini launch collaboration merch

Starbucks Coffee Korea and auto brand Mini Korea have collaborated to launch three drinks, two food items, six pieces of merchandise and three voucher cards.  Under the slogan “We’re different but pretty good together,” the two companies are running a seasonal promotion campaign organized to show respect for diversity, from Tuesday to Aug. 23. (Starbucks Korea) 

ConsumerAug. 2, 2021

Ransomware attacks on Korean companies on the rise: KISA

The number of ransomware attacks on Korean companies, organizations and schools is on the rise and hackers are using more sophisticated techniques to exploit vulnerabilities in security systems, the country’s state-run cybersecurity body warned. Ransomware refers to malware that infects computer and mobile devices by exploiting system vulnerabilities, and threatens to destroy data unless a ransom is paid. According to the Korea Internet & Security Agency, 78 ransomware attacks on

TechnologyAug. 2, 2021

[Life, unprepared] Pension reality check looms as reformists face public backlash

This is the final installment of a series of articles investigating financial activities of seniors amid the rapid digitalization of the finance industry. -- Ed. The birth of the National Pension Service in 1988 epitomized South Korea’s ambition to achieve economic maturity, to build a socioeconomic safety net and to materialize hardworking people’s dreams for a stable and quality life after retirement. More than three decades on, the mandatory social security pension scheme has ri

EconomyAug. 2, 2021

Fitch ups NH NongHyup’s credit rating to A

Global credit appraiser Fitch Ratings on Monday raised NH NongHyup Bank’s long-term credit rating from A- to A, in recognition of its leading position in the local banking industry, while keeping the firm’s outlook at stable.  “As of last year, about 12 percent and 14 percent of the total credit loan applications and savings programs operated by local commercial banks were made through NH NongHyup Bank, respectively. The latest upgrade reflects the bank’s possibi

MarketAug. 2, 2021

Toss offers free transactions amid growing online bank competition

Viva Republica, South Korea’s leading financial technology company, announced Monday that it would eliminate transaction fees for Toss users, as it gears up for growing competition with internet-only banks and other fintech firms. The app Toss, which handles up to 2 million won ($1,730) at any given time, previously charged 500 won for each money transfer after providing the first 10 transfers free. But starting from Monday, Toss users can transfer money at no cost. The move comes as

MarketAug. 2, 2021

Seoul stocks rebound on solid export data

South Korean stocks rebounded Monday, helped by strong economic data that fueled optimism for a quick economic rebound from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.72 points, or 0.65 percent, to close at 3,223.04 points. Trading volume was moderate at about 554 million shares worth some 10.1 trillion won ($8.8 billion), with losers outnumbering gainers 501 to 329. Foreigners sold a net 148 billion won, while inst

MarketAug. 2, 2021

Jungheung signs on for Daewoo E&C takeover

A South Korean investor consortium led by Gwangju-based construction conglomerate Jungheung Group has signed a memorandum of understanding to initiate talks surrounding the acquisition of a 50.75 percent stake in Daewoo Engineering & Construction, a filing showed Monday. Following the nonbinding agreement, the investor group -- comprising Jungheung Group and investment bank Mirae Asset Securities -- will carry out due diligence before signing a binding deal with the company‘s largest

MarketAug. 2, 2021

Visa Korea names new head

Global credit card giant Visa has appointed Patrick Storey, former chief operating officer of consulting and analytics business, as the new head of its overseas unit covering South Korea and Mongolia. He replaces Patrick Yoon, who had led Visa‘s Korea and Mongolia operations since 2018. Joining Visa in1996, Storey worked in the risk management, operations and sales departments in global and regional businesses, according to the company. “Based on his more than 20 years of experi

MarketAug. 2, 2021

S. Korea troubled by US, EU talks of carbon border tax

Businesses and experts in export-reliant South Korea on Monday expressed concerns over the European Union and the United States’ moves to levy a carbon emissions tax on imported goods. Jitters came as the EU last month put forward plans for the world’s first carbon border tax, which would be levied on imports of goods from economies with laxer climate rules from 2026. US lawmakers then began floating plans of including the tariff as part of a $3.5 trillion budget reconciliation bil

EconomyAug. 2, 2021

Korea Inc. losing dynamism: think tank

New business births and deaths have slowed markedly over the past years in a worrying sign of weakening economic dynamism, a local think tank said Monday. In a report, the Sustainable Growth Initiative, which is affiliated with the Korea Chamber of Commerce and Industry, warned the ebbing dynamism could cut the country’s potential growth rate. Citing figures from Statistics Korea, the think tank said the rate of new company formation overall declined from 17.9 percent in 2007 to 15.3

IndustryAug. 2, 2021

KT&G expands social outreach in Indonesia

South Korea’s top tobacco maker KT&G is expanding its social outreach to Indonesia, offering vocational training and programs on Korean culture and language in the Southeast Asian country. The company said Monday that it’s accepting applications to join the second round of job training at KT&G’s vocational training center at the Universitas Kristen Cipta Wacana in Malang city. Since opening its first session in March, the center offers a three-month professional se

IndustryAug. 2, 2021

[Feature] Expensive tastes: Luxury labels create cafes in Korea

  Kim Seon-young has never owned anything by Hermes or Dior. But, instead of bags or shoes, she has eaten food and drunk beverages from the luxury brands. Her first taste of luxury was at the Hermes cafe, which she found through Instagram. She then went to the Cafe Dior in February and had a scoop of ice cream and drank iced coffee with her boyfriend. Kim paid 70,000 won ($60) at Cafe Dior, but said it was definitely worth the price. “I wanted to experience something special a

ConsumerAug. 2, 2021

Lotte Group’s rental unit looks to cement leadership with IPO

Lotte Rental, the South Korean car rental service unit under Lotte Group, said Monday that it is looking to take a leap forward to lead future mobility platforms through its market debut on the nation’s main board Kospi this month. “We have provided various rental services as the industry’s No. 1 company with the goal of creating better lives for our customers,” Kim Hyun-soo, CEO of Lotte Rental, told reporters during an online press briefing. “We’re looking

MarketAug. 2, 2021

Korean Air’s cargo-only passenger flights operation hits 10,000 mark

Korean Air has operated 10,000 cargo-only passenger flights as of Sunday, the airline said on Monday, as it pivoted to the cargo business amid a decline in air travel demand during the pandemic. The airline first flew a passenger flight carrying only cargo on the Incheon-Ho Chi Minh route in March last year. Since then, it has operated such flights on 65 routes to North America, Europe, Southeast Asia, China and Japan, transporting 400,000 tons of cargo around the world. Some 40 tons of cargo

MobilityAug. 2, 2021

Kia starts sales of first all-electric EV6

Kia Corp. on Monday released its first all-electric sedan EV6 in the domestic market ahead of its global launch set for later this year. The model has logged 30,000 preorders since March, 21,016 of which were on the first day of the offer. It was the South Korean automaker’s best-ever presale record. EV6, built on the company’s new EV platform E-GMP, has also seen strong demand in Europe, where it will be released later this year, and the US is set for a 2022 release, the company

MobilityAug. 2, 2021

KAI sells two T-50 trainer jets worth $78m to Thailand

Korea Aerospace Industries said Monday it had won a $78 million deal from Thailand to supply two T-50TH advanced trainer jets and provide support for their operation. The contract period is until Jan. 30, 2023. The deal, which follows a 274.4 billion-won ($237.8 million) deal KAI signed with Indonesia last month to supply six T-50i jets, raises the total T-50 series exports so far to 72 units -- 14 to Thailand, 22 to Indonesia, 12 to the Philippines and 24 to Iraq. T-50TH are advanced trai

IndustryAug. 2, 2021

S. Korea recoups nearly 70% of bailout funds

South Korea has recouped 69.7 percent of the public funds it spent to bail out troubled financial firms since the 1997-1998 Asian financial crisis, the financial regulator said Monday. The country retrieved 327.9 billion won ($284.3 million) in the second quarter out of the 168.7 trillion won in state funds spent to save firms from bankruptcy, according to the Financial Services Commission (FSC). The recovery rate was up from 69.5 percent recorded at the end of March, it added. The government

EconomyAug. 2, 2021