S. Korea’s number of ultra-high net worth individuals up 6.3%

South Korea marked the eighth-highest rate of growth in the number of individuals with ultrahigh net worth, recent data compiled by a global property consultancy showed Sunday. The number of ultrawealthy people in Korea -- those with net assets worth $30 million or more -- increased by 6.3 percent on-year to 7,354 in 2020, according to the annual wealth report released by Knight Frank. The number of people around the globe at the same standard of net wealth rose by 2.4 percent on-year to 521,6

MarketMarch 7, 2021

Minister vows zero-tolerance policy, confiscation of properties in land speculation scandal

South Korea’s Finance Minister Hong Nam-ki on Sunday apologized for the snowballing land speculation scandal involving employees of the state-run housing company and vowed a zero-tolerance policy, including confiscation of any illegally obtained properties. Hong’s statement follows the government’s decision Thursday to probe the allegations concerning more than 10 former and current employees at the Korea Land & Housing Corp. who likely used prior information acquired to

EconomyMarch 7, 2021

[Herald Interview] ‘Women in leadership should be new normal’

Despite South Korea’s slow progress in breaking the glass ceiling, its tobacco industry has seen a leap forward in recent years. Last year, BAT Korea appointed its first female country manager. Philip Morris Korea has also made progress in building an inclusive work environment, with initiatives such as flexible working hours, remote working and half-day Fridays. In Korea, 33 percent of the company’s mid-level and senior management staff are women, with a goal of hitting 40 percent

ConsumerMarch 7, 2021

FTC to revise e-commerce law in line with new shopping norms

When Kim Ji-young -- a pseudonym -- purchased a designer bag for 1.96 million won ($1,737) via an online community in 2019, she was told that delivery would take about four weeks as the bag was coming from another country. The bag, however, never arrived and the seller was nowhere to be found. Kim’s case is among the 69,452 cases of online shopping consumer damage reported to the Korea Consumer Agency in the past five years. While the e-commerce retail industry is growing by leaps and b

ConsumerMarch 7, 2021

SK Innovation to sell stake in US shale oil mines

SK Innovation Co., South Korea's leading refiner, said Sunday it will sell its stake in US shale oil mines to a local glycerin company as part of its business reorganization strategy. SK Innovation said its US affiliate SK E&P America will finalize the deal this month to sell its entire stake in shale gas mines in Oklahoma and Texas and related facilities to Texas-based BenchMark Energy Corp. The company didn't provide the value of the deal. SK Innovation is stepping up its decarbonizat

IndustryMarch 7, 2021

S. Korea ranks 11th with 69 globally top-selling products in 2019

South Korea had 69 globally top-selling products in 2019, putting the country in 11th place overall, data showed Sunday. China had the most items with 1,759, followed by Germany with 654 and the United States with 520, according to the Korea International Trade Association (KITA). By segment, South Korean made chemical products accounted for 27 of the country's export items with top global market shares, followed by steel and other metal products with 18. KITA said solid-state drives (SSDs)

EconomyMarch 7, 2021

[Weekender] Cycling, a pandemic-perfect sport

From going out late at night to traveling abroad, the coronavirus pandemic has prevented us from doing many things we love -- except for cycling. On the weekend, serious cyclists with racing bicycles and more casual riders on Seoul Bikes mingle on the cycling lanes alongside the Han River in Seoul which cuts through the city and stretches nearly 500 kilometers. Kim Tae-gyun, a 37-year-old marketing director and a former PE teacher in Seoul, said cycling has become his go-to exercise as of lat

ConsumerMarch 6, 2021

[Photo News] New 2021 Ferrari Portofino M unveiled in Korea

The Portofino M is showcased for the first time in Korea at the Banpo Ferrari showroom in southern Seoul.  The brand new Italian car shows off an enhanced V8 engine with 620 electrical horsepower, upgrading from the previous edition with 600 electrical horsepower.  The sleek model boasts its luxury with a smooth, yet stylish design. (Photos : Yonhap) By Yoon Chae-won (choenayoon@heraldcorp.com)

MobilityMarch 6, 2021

USITC confirms SK stole 22 trade secrets for EV batteries from LG

The United States International Trade Commission has confirmed publicly that SK Innovation misappropriated 22 trade secrets of its domestic archrival LG Energy Solution while developing electric vehicle batteries. According to a public document unveiled by the USITC on Thursday (US time), SK’s trade secret theft and destruction of related evidence were planned and organized at a high level, which the commission described as “extraordinary.” The document backs the US trade

TechnologyMarch 5, 2021

Stocks narrow losses as strong retail trading offset bond yield woes

South Korea‘s stock market narrowed down losses in the early morning session on Friday as retail trading has nearly offset lingering bond yield concerns in the United States. The Korea Exchange’s main board Kospi shed 0.6 percent to close at 3,026.26 points, as Kospi was down 2 percent in early morning trade. The development board Kosdaq inched down 0.3 percent in closing, reducing from 2 percent in the morning. Retail investors here continued to be active in trading. On Friday, l

MarketMarch 5, 2021

Vice minister warns of inflation risks amid rising oil prices, farm products

South Korea’s vice finance minister on Friday warned of possible drivers of inflation, including rising oil prices and farm products, vowing efforts to closely monitor a potential surge in consumer prices.  “The consumer price index has continued an upward trend from 0.6 percent in January to 1.1 percent last month, largely due to gains in global oil prices and farm products,” said Vice Finance Minister Kim Yong-beom during an economic meeting.  “There seems

EconomyMarch 5, 2021

Samsung ranks 3rd in 2020 smartwatch market: report

Samsung Electronics Co. was the world's third-largest smartwatch vendor last year, a report showed Friday, as its rivals Apple Inc. and Huawei Technologies Co. expanded their sales. Samsung's smartwatch shipments suffered a 1 percent on-year drop to 9.1 million units in 2020, according to market researcher Counterpoint Research. Apple further extended its dominance after its smartwatch shipments jumped 19 percent on-year to 33.9 million units last year, thanks to the performance of its Apple W

IndustryMarch 5, 2021

Samsung unveils new smartphone suitable for tough work environments

Samsung Electronics Co. on Friday introduced a new smartphone with high durability designed to meet the needs of those working outdoors or in factories. "The Galaxy XCover 5, designed to withstand "tough work environments, is a device that addresses the challenges employers in the field often face, from ensuring protection of sensitive material to durable use in any environment," said Mark Notton, senior director of mobile product portfolio at Samsung Electronics Europe. "W

IndustryMarch 5, 2021

LG Electronics basks in robust home appliance rental biz

The rental business of LG Electronics Inc., a major home appliance maker in South Korea, experienced sharp growth last year, a report showed Friday, as the company eyes to further boost its competitiveness in the sector riding on the rise of the pandemic-induced stay-at-home economy. Sales of LG's rental business stood at 591.1 billion won ($524 million) in 2020, up 34 percent from a year earlier, its audit report showed. Compared with 2018, revenues from its rental business have more than dou

IndustryMarch 5, 2021

Online shopping grows over 20% in Jan. amid pandemic

Online shopping in South Korea grew more than 20 percent in January from a year earlier as the protracted pandemic promoted more people to buy products via e-commerce platforms, data showed Friday. The value of online transactions stood at 15.1 trillion won ($13.3 billion) in January, up 22.4 percent from a year earlier, according to the data from Statistics Korea. The value of online shopping in January slightly declined from a record high of 15.9 trillion won in December last year but still

ConsumerMarch 5, 2021

Merck renames materials biz as electronics

Merck, the German science and technology group, said Friday it is changing the name of its performance materials business to electronics. The renaming is part of a strategic realignment it has made since 2018 under its “Bright Future” transformation program. “The renaming of our business sector to Electronics is a logical step for us,” said Kai Beckmann, member of the executive board of Merck and Electronics CEO. “After all, the new name underscores our strat

TechnologyMarch 5, 2021

LG Group spin-offs may get LX brand: sources

The companies that are scheduled to be split from LG Group may be named under the brand LX, people familiar with the matter said Friday, as they prepare for the departure from South Korea's fourth-largest conglomerate with the group chief's uncle. LG Group filed a trademark application for the brand LX and its logo to the country's intellectual property office this week, they said, with some 90 images that may represent the corporate identity of LG's new holding company soon to be established.

BusinessMarch 5, 2021

Samsung donates $1m to community partners in Texas for winter storm relief efforts

Samsung Electronics Co. said Friday it donated $1 million to community partners in Texas to support their winter storm relief efforts. The South Korean tech giant said its donation will be used to provide food, water, health services and shelters in the US state where severe weather caused big damages, including a power outage. "People are in need, and Samsung wants to help," said Choi Kyung-sik, CEO of Samsung Electronics North America. "We remain committed to the communities w

IndustryMarch 5, 2021

S. Korea to invest W115b on aviation tech to overcome virus fallout

South Korea said Friday it plans to invest 115.3 billion won ($102 million) this year to study deeper into state-of-the-art aviation technologies as it vowed to spare no efforts to help local companies to overcome the new coronavirus pandemic. The announcement is in line with the country's 10-year development plan, which centers on supporting related businesses to make headway not only in the civil aviation segment, but also in the military and drone industries as well, according to the Ministr

MobilityMarch 5, 2021

S. Korea guarding against growing inflation risks: official

South Korea's vice finance minister on Friday warned of growing inflation risks in the face of rising oil prices and hopes for an economic recovery. But First Vice Finance Minister Kim Yong-beom said inflation is not likely to sharply rise in the short term as recent price hikes were led by a supply shortage of farm products amid the pandemic. "Inflation risks linger as global liquidity has increased in the process of responding to the pandemic and inflation expectations have risen amid h

EconomyMarch 5, 2021