Snack firm Orion completes construction of factory in India

South Korean confectionery maker Orion Corp., famous for the nation’s beloved Choco Pie snack, said Tuesday that it has completed the construction of a production plant in the state of Rajasthan, India, accelerating their efforts to branch out into the world’s second most populous country. 　 The new manufacturing site marks the company’s 10th factory built abroad, following five in China, two in Vietnam and two in Russia. The move will help cut down logistics costs as items,

ConsumerFeb. 23, 2021

Samsung launches ‘human eye-like’ image sensor ISOCELL GN2

Samsung Electronics announced on Tuesday it is launching the advanced image sensor ISOCELL GN2 with a more true-to-life auto focus function that makes the microchip operate similar to human eyes. ISOCELL is Samsung’s image sensor brand developed by its System LSI Business. Samsung, which is on a path to expand its presence in the system-on-chip market, including the image sensor sector, has been increasing efforts to bolster its product lineup. The newest ISOCELL GN2 boasts a new 5

TechnologyFeb. 23, 2021

Huawei co-hosts forum on shared prosperity at MWC

Governmental ministers from multiple countries gathered on Tuesday at the Connected for Shared Prosperity forum co-hosted by Huawei and GSMA to mark the opening of Mobile World Congress Shanghai 2021. Speakers, including ministers from Spain, Portugal, Hungary and more, agreed that the global economic recovery is increasing instep with greater enforcement of pandemic control measures. They also agreed that reductions in emissions, more jobs, and more initiatives in facilitating prosperity ar

TechnologyFeb. 23, 2021

S. Korea ranks 3rd in 2020 economic growth after China, Norway: OECD

South Korea’s economy posted negative growth amid the prolonged COVID-19 pandemic last year, but it ranked third in terms of economic growth rate among major economies, data showed Tuesday.  The local economy shrank 1 percent in 2020 from a year earlier, the worst on-year growth estimate since 1998 when the gross domestic product contracted 5.1 percent in the wake of the Asian financial crisis. The latest figure, however, marked the third-highest among 15 major economies, according

EconomyFeb. 23, 2021

Overseas card spending plummets 46.1% in 2020 amid pandemic

South Koreans' overseas card spending plummeted 46.1 percent on-year in 2020, hit by a sharp decline in the number of outbound travelers amid the COVID-19 pandemic, central bank data showed Tuesday. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, totaled $10.31 billion last year, compared with $19.12 billion in 2019, according to the data from the Bank of Korea (BOK). The number of outbound South Koreans plunged 85.1 percent on-year to 4.28 mi

EconomyFeb. 23, 2021

2nd-tier cities suffer extended job slump amid pandemic

The employment rates for minor cities and counties in South Korea fell in the six-month period ending in October last year as the job market was hit by the pandemic, data showed Tuesday. The employment rate for smaller cities in nine provinces came to 59.5 percent in the May-October period, down 1 percentage point from a year earlier, according to the data compiled by Statistics Korea. The corresponding rate for counties across the nation declined 0.3 percentage point on-year to 67 percent. T

EconomyFeb. 23, 2021

Household credit growth slightly slows in Q4 last year

South Korea's household credit grew at a slightly slower pace in the fourth quarter of last year, as banks tightened rules on unsecured loans, central bank data showed Tuesday. Household credit reached a record high of 1,726.1 trillion won ($1.55 trillion) as of December last year, up 44.2 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 institut

EconomyFeb. 23, 2021

S. Koreans spent an hour a day on YouTube in Jan.: data

South Koreans are estimated to have spent an hour on average on the mobile YouTube app a day last month, data showed Tuesday. The average time a local mobile user spent on the video streaming app in January stood at 30 hours and 34 minutes, or 59 minutes a day, according to mobile app tracker WiseApp, based on data of Android and iOS users over the age of 10 in the country. WiseApp said there were 40.41 million mobile users who used the YouTube app at least once last month, with those aged 50

TechnologyFeb. 23, 2021

S. Korea aims to boost exports of eco-friendly cars

South Korea on Tuesday finalized a five-year plan for the eco-friendly auto industry, which includes expanding exports of such automobiles by threefold by 2025. The country's exports of eco-friendly cars, which includes electric and hydrogen fuel cell models, will reach 830,000 units in 2025, significantly rising from 280,000 units tallied in 2020, according to the Ministry of Trade, Industry and Energy. South Korea shipped $37.4 billion worth of automobiles in 2020, down 13.1 percent on-year

IndustryFeb. 23, 2021

S. Korea's imports of onions more than quadruple on weak output

South Korea's imports of onions grew more than fourfold in the first two months of 2021 from a year earlier, as the long rainy season and a series of typhoons have dealt a harsh blow on the production. Imports of onions came to 13,715 tons this year through Wednesday last week, rising sharply from 3,027 tons posted over the January-February period of 2020, according to the Ministry of Agriculture, Food and Rural Affairs. Of the import volume, those from China accounted for 63 percent, trailed

EconomyFeb. 23, 2021

LG Display enters X-ray imaging biz with large-size oxide-based TFT

LG Display Co., a major display panel maker in South Korea, said Tuesday it has developed a large-size oxide-based thin film transistor (TFT) for a digital X-ray detector (DXD) as the company aims to foster its diagnostic imaging business for future growth. LG Display said its oxide TFT -- which comes in sizes of 43 centimeter× 43 centimeter and 35cm×43cm -- is the industry's first large-size oxide TFT for DXD use. A TFT acts as a switch to individually turn each pixel on or off

TechnologyFeb. 23, 2021

S. Korea's economy tipped to stage modest recovery: BOK chief

South Korea's economy is expected to stage a modest recovery, supported by exports and investment, but its job markets would recover at a slow pace as the coronavirus pandemic continues to hit the service sector, the head of the Bank of Korea (BOK) said Tuesday. In a report to the National Assembly, BOK Gov. Lee Ju-yeol repeated that the central bank will continue its easing of the monetary policy to prop up the pandemic-hit economy. "The domestic economy continues to show a trend of mo

EconomyFeb. 23, 2021

Seoul stocks open lower on US inflation concerns

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street that stemmed from inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 20.28 points, or 0.66 percent, to 3,059.47 points in the first 15 minutes of trading. Overnight, the Nasdaq dipped 2.46 percent as tech stocks, sensitive to high inflation, retreated. In Seoul, top cap Samsung Electronics retreated 0.61 percent, and No. 2 chipmaker SK hynix shed 1.47 percent. Top automaker Hyun

MarketFeb. 23, 2021

Samsung to support security updates for Galaxy devices

Samsung Electronics Co. said Tuesday it will provide security updates for Galaxy mobile devices at least four years after their initial release. The world's largest smartphone maker said more than 130 models released after 2019 are subject to its regular security updates. They include Galaxy S10, S20 and S21 series, as well as Samsung's foldable, smartphones. "Samsung worked closely with its operating system and chipset partners, as well as over 200 carriers around the world to ensure t

TechnologyFeb. 23, 2021

S. Korea's 2020 growth ranks 3rd among major nations

South Korea's economic growth rate ranked third among major economies across the globe in 2020 despite an on-year contraction due to the coronavirus pandemic, data showed Tuesday. Asia's fourth-largest economy contracted 1 percent last year from a year earlier, but it posted the third-best performance among 15 major nations, according to the data from the Organization for Economic Cooperation and Development (OECD). China, the world's No. 2 economy, was the top performer with a 2.3 percent on-

EconomyFeb. 23, 2021

S. Korea's consumer sentiment rises for 2nd month in February

South Korea's consumer sentiment gained for a second straight month in February as a third wave of coronavirus infections showed signs of slowing down, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 97.4 for February, up 2 points from the previous month, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. The latest reading marks the second on-month gain following a drop in December last yea

EconomyFeb. 23, 2021

Corporate direct financing gains 12% in January

South Korea's corporate direct financing rose 12 percent in January from the previous month due to a modest gain in bond sales, data showed Tuesday. Local companies raised a combined 15.4 trillion won ($13.8 billion) by selling stocks and bonds last month, up 1.66 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales sank 40.8 percent on-month to 1.31 trillion won, with the value of initial public offerings declining 11.1 perc

EconomyFeb. 23, 2021

Bitcoin falls most in a month on worries prices are excessive

Bitcoin gave up all its gains from weekend trading as analysts questioned whether the cryptocurrency is overheated. Prices dropped as much as 8.2 percent during the European session, falling back to around $53,000. The world’s largest cryptocurrency has been on a tear this month, propelled by purchases from Tesla and institutional investors who say Bitcoin is an attractive alternative to gold and the dollar. In February alone, Bitcoin is up more than 60 percent, prompting comme

MarketFeb. 22, 2021

Pandemic-hit travel agencies report over 80-pct sales plunge, beg for relief measures

South Korean travel agencies said Monday they saw their annual sales plummet more than 80 percent last year due to the COVID-19 pandemic and are in urgent need of relief measures from the government. "(Travel agencies) can no longer shoulder their fixed costs due to mounting debts and their employees have been driven out of their workplaces after massive layoffs," a task force formed to tackle the crisis facing the businesses said in a press conference held in front of Cheong Wa Dae i

IndustryFeb. 22, 2021

Revision to contain Korean banks’ crisis, keep funding cost low: Moody’s

A proposed revision of a South Korean law is expected to maintain Korean commercial banks’ solvency and keep its funding cost low, Moody’s Investors Service said Monday. Announced by the Financial Services Commission on Thursday, the revision is designed to introduce measures to improve the recovery and resolution planning of significantly important financial institutions, namely banking groups here. Effective starting July, the new rule is expected to urge banks to specify action

MarketFeb. 22, 2021