Exports jump 45.4% in first 20 days of April

South Korea's exports jumped 45.4 percent on-year in the first 20 days of April as shipments of chips, autos and oil products remained solid amid an economic recovery, customs data showed Wednesday. The country's outbound shipments stood at $30.9 billion in the April 1-20 period, compared with $21 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 31.3 percent on-year to $33 billion, resulting in a trade deficit of $2 billion during the cited period

EconomyApril 21, 2021

S. Korea's kimchi exports hit new high in Q1

South Korea's exports of kimchi touched an all-time high in the first quarter of the year thanks to its popularity amid the coronavirus pandemic, data showed Wednesday. Overseas shipments of kimchi came to $46.57 million in the January-March period, up 54.3 from a year earlier, according to the data from the Korea Customs Service and industry sources. It represents the largest-ever quarterly figure and breaks the previous yearly record of $42.08 million registered in the second quarter of last

EconomyApril 21, 2021

S. Korea guards against potential jitters in housing prices: finance minister

Finance Minister Hong Nam-ki said Wednesday the government is guarding against potential instability in the housing market as home prices in Seoul picked up amid expectations for eased rules on redevelopment housing projects. The minister also said the government plans to unveil measures next month to overhaul the Korea Land and Housing Corp., the public housing developer at the center of a land speculation scandal involving public officials. Housing prices in Seoul recently jumped after new M

EconomyApril 21, 2021

Wine imports more than double in Q1 amid pandemic

South Korea's wine imports more than doubled in the first quarter of the year as more people enjoyed drinking at home due to the coronavirus outbreak, data showed Wednesday. Asia's fourth-largest economy imported $109.7 million worth of wine in the January-March period, up 115.4 percent from a year earlier, according to the data by the Korea Customs Service and industry sources. It represents the first time for the value of first-quarter wine imports to exceed the $100 million mark. The volum

EconomyApril 21, 2021

Producer prices up for 5th month in March

South Korea's producer prices gained 0.9 percent on-month in March due to a modest rise in oil prices, extending their monthly gains for the fifth straight month, central bank data showed Wednesday. The producer price index, a barometer of future consumer inflation, stood at 106.85 in March, compared with 105.91 a month earlier, according to the Bank of Korea (BOK). The index advanced 3.9 percent from the previous year, the BOK data showed. The prices of agricultural goods fell 2.1 percent on

EconomyApril 21, 2021

Hyundai Motor considering selling railway biz unit: sources

Hyundai Motor Group, South Korea's largest automotive conglomerate, is mulling the sale of its railway business affiliate, industry sources said Tuesday. The group is considering selling Hyundai Rotem's loss-making railway business, according to the sources. Hyundai Motor, the group's crown jewel, is the largest shareholder in Hyundai Rotem, having held a 33.77 percent stake as of last year, which is estimated to value around 1 trillion won ($897 million) with the management premium.  Hy

MobilityApril 20, 2021

[Herald Interview] From fractional share trading to insurance - Kakao Pay gears up to go beyond payment services

When Ryu Young-joon, CEO of Kakao Pay, the fintech arm of mobile giant Kakao, took charge of the business in 2015, competitiveness of South Korea’s fintech industry was lagging behind other countries worldwide, close to the bottom. Citing the World Economic Forum’s 2015 Global Competitiveness Report published in 2015, Ryu said the country ranked 87th out of 140 countries in a category that measured development of the financial market and its capacity in embracing new technology.

MarketApril 20, 2021

Kospi hits fresh high on foreign, institutional buying

South Korea’s benchmark Kospi hit a fresh high at Tuesday’s closing, with foreign and institutional investors returning to the market on hopes of strong corporate earnings in the first quarter. The Kospi closed at 3,220.70, breaking its previous record and ending a three-month adjustment. It was only the second time the Kospi had closed above the 3,200-point threshold. The index closed at 3,208.99 points Jan. 25. Despite increased market valuation pressure, foreigners and instituti

MarketApril 20, 2021

Crypto volatility surges on tightening measures, negative news

Volatility in the local cryptocurrency market continued Tuesday, with most digital coins including Bitcoin suffering sellouts as authorities strengthen measures against suspicious trading. The extreme volatility sent Bitcoin’s value from a record high of 82 million won ($73,722) April 13 to 67 million won Tuesday, falling below 70 million won for the first time since April 7. It recovered earlier losses in the afternoon, bouncing back up to reach 69 million won. A market index developed

MarketApril 20, 2021

S-Oil’s total car management platform ‘Eurecar’ assembles partners

S-Oil said Tuesday that the company has signed Kumho Tire as the first partner for its all-in-one car management platform “Eurecar.” Set for release next year, the mobile app will offer a wide spectrum of services from non-face-to-face charging and payment services at S-Oil gas stations, to dialing designated drivers, valet parking and making car wash reservations. “The partnership with Kumho Tire will allow customers to purchase tires on the Eurecar app and replace tires

IndustryApril 20, 2021

Multiple-home owners give away flats to family as new tax rules loom

Multiple-home owners in one of Seoul’s most expensive districts have been scrambling to give away their apartments to family members or relatives as gifts before toughened tax rules come into force in June, according to data released by the state-run Korea Appraisal Board on Tuesday. The number of apartment transfers among family members in Gangnam-gu, a southern Seoul district, hit a monthly record high of 812 in March, 6.3 times higher than 129 marked in the previous month, the data

MarketApril 20, 2021

‘Time for Korea to consider telehealth’

The Federation of Korean Industries said Tuesday that South Korea needs to consider reviewing related regulations to open up the gates for local practice of telemedicine-medical diagnosis. FKI Vice Chairman Kwon Tae-shin said now is the time to take deregulatory actions, given the public’s positive perception of telemedicine, formed after experiencing the COVID-19 pandemic. He made the remarks during a seminar held to share information and opinions on telemedicine trends in Seoul, Tue

TechnologyApril 20, 2021

Yuhan-Kimberly partners with forestry agency, environmental group to create forest

Yuhan-Kimberly has teamed up with the Korea Forest Service and an environmental organization to create a forest dedicated to carbon neutrality, the South Korean hygiene product manufacturer said Tuesday. 　 According to the company, the firm, the state-run Korea Forest Service and Forest for Life agreed to work together to plant trees in Seokpo Forest in Yongin, Gyeonggi Province, to establish what they christened the carbon neutrality forest. On April 8, the company held a signing ceremony a

ConsumerApril 20, 2021

[Herald Interview] World’s No. 1 Tekken player vows to keep playing until 100 trophies

A falling apple prompts a young Isaac Newton to develop laws of gravity. Greek philosopher Archimedes figures out volume and density while taking a bath. For geniuses, every detail is a source of inspiration. For Tekken genius Bae Jae-min, also known as “Knee,” his inspiration for developing a killer combo move came from a frivolous skill that baffled other players over why it even existed. The “taunt” skill is a trademark move of Bryan Fury, a character from Tekken,

IndustryApril 20, 2021

Shinhan launches all-around mobile payment solution

South Korea’s Shinhan Financial Group on Tuesday launched a mobile payment solution, as traditional banking groups seek to bolster their digital capabilities in competition against rising fintech firms. The payment solution, Shinhan Pay, provides Shinhan Card subscribers with easy-to-use payment services and money transfers at several offline stores. For Shinhan Bank users, Shinhan Pay allows them to easily subscribe and activate mobile debit cards linked to their bank accounts. Shin

MarketApril 20, 2021

KOSPI soars to all-time high on recovery hopes

The South Korean benchmark stock index refreshed its all-time high Tuesday, extending its winning streak to a seventh session amid speculations of a global economic rebound and strong corporate earnings in the first quarter. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.86 points, or 0.68 percent, to close at 3,220.7 points, the highest finish since the closing of 3,208.99 points on Jan. 25. Trading volume was moderate at about 1.3

MarketApril 20, 2021

Samsung’s Lee family to announce inheritance tax plan next week

The bereaved family of Samsung Group Chairman Lee Kun-hee will make public its plans for the late tycoon’s massive personal wealth, estimated to be worth over 30 trillion won ($26.98 billion), industry sources said Tuesday. The plan will include donations of art from the chairman’s collection and the allocation of his stocks to family members, including Lee Jae-yong, his son and successor in the Samsung empire. It will also detail how the family plans to pay the inheritance taxes.

TechnologyApril 20, 2021

Shinhan Bank partners Kakao Mobility to support taxi drivers

Shinhan Bank said Tuesday it has signed a memorandum of understanding with Kakao Mobility to financially support the taxi-hailing company’s employees and cooperate on developing new business models.  Under the deal, Shinhan Bank will provide loan programs offering favorable interest rates to taxi drivers and employess of nine taxi compnies operated by TJ Partners. The company is a subsidiary of Kakao Mobility, an affiliate of the country’s dominant mobile messenger operator,

MarketApril 20, 2021

S. Korea to become non-regional partner of Central American bank in August

SEJONG -- South Korea will become a non-regional partner of the Central American Bank for Economic Integration (CABEI), a regional lender of Central American nations, in August, officials said Tuesday. In January last year, South Korea joined the multilateral lender and provided $630 million to the CABEI for a 9 percent stake in the lender. A non-regional member could become a partner of the CABEI if its stake is above 8 percent, according to Seoul's finance ministry. South Korea and the CABE

EconomyApril 20, 2021

T’way Air finalizes lease deal to introduce midsize jetliners early next year

Low-cost carrier T’way Air said Tuesday it has signed a deal to lease three midsized aircrafts A330-300 with plans to roll them out early next year. The plan will see the airline introduce a new fleet of aircrafts gradually between February and May in 2022. With the jetliner boasting a wide body, the airline will offer business and economy seats and a wider range of in-flight amenities. The airline said the move following the signing of a letter of intent in December will bolster its bu

MobilityApril 20, 2021