Apple likely to launch second store in S. Korea this month

Apple Inc. is expected to open its second store in South Korea later this month, expanding its presence in the country to compete with local tech giant Samsung Electronics Co. The company said Friday it will hold a press preview event for the store in Yeouido, western Seoul, on Feb. 24. While Apple did not specify when the store will be open to the public, it opened its first store in southern Seoul in 2018 just a few days after a press event. The company is reportedly planning to further exp

TechnologyFeb. 19, 2021

Kia tops J.D. Power mass-market dependability rankings

Kia Corp., South Korea's second-biggest carmaker, said Friday it became the best-scoring mass-market brand in this year's J.D. Power's Vehicle Dependability Study results. Kia beat perennial No. 1 Toyota Motor Corp. and 16 other mass-market brands to become the most dependable mainstream brand in terms of problems owners of three-year-old cars have experienced in the United States, the company said in a statement. Kia's Optima (or K5) midsize sedan, Sportage compact SUV and Sorento midsize SUV

MobilityFeb. 19, 2021

S. Korea closely watching prices of food, oil

South Korea is closely monitoring rising prices of agricultural and oil products, the vice finance minister said Friday, amid concerns that inflation may pick up amid an economic slowdown. First Vice Finance Minister Kim Yong-beom said the government plans to draw up measures to respond to a potential surge in such prices, if needed. "Not only prices of agricultural and livestock products but also those of raw materials, including crude oil and nonferrous metal, have continued to stay fir

EconomyFeb. 19, 2021

Economic uncertainty persists amid protracted pandemic: finance ministry

The South Korean economy faces lingering uncertainty as domestic demand and the job market remain sluggish amid a flare-up in new coronavirus cases, the finance ministry said Friday. The manufacturing sector and investment are improving amid robust exports, but the service segment is suffering setbacks amid the third wave of the pandemic, according to the Ministry of Economy and Finance. "The real economy faces persistent uncertainty as domestic demand remains sluggish and job data point

EconomyFeb. 19, 2021

[Graphic News] Exports of sauces hit all-time high

　South Korea’s exports of sauces reached an all-time high in 2020 as more people enjoyed cooking at home around the globe amid the new coronavirus pandemic, data showed. 　Outbound shipments of sauces rose 25.8 percent on-year in 2020 to reach $301.7 million, according to the data compiled by the Korea International Trade Association. 　KITA said the growth also came as global consumers became more aware of Korean-style foods following the popularity of Korean cultural content overseas

BusinessFeb. 19, 2021

Gold prices hit 10-month low on hope of economic recovery

Gold prices in South Korea hit a 10-month low as hope of an economic recovery has made the bullion less attractive, data showed Friday. A gram of gold changed hands at 63,900 won ($57.7) on the domestic market Friday, down 0.48 percent from the previous session, according to the Korea Exchange. It marked the lowest price since April 6 last year, when the price stood at 63,780 won. The closing prices were also down 20.22 percent from an all-time high of 80,100 won per gram recorded on July 28

EconomyFeb. 19, 2021

Seoul stocks open nearly flat on foreign, institutional selling

South Korean stocks opened nearly flat Friday as foreign and institutional investors continued to sell over the yield hike concerns on Wall Street. The benchmark Korea Composite Stock Price Index fell 0.57 point, or 0.02 percent, to 3,086.09 points in the first 15 minutes of trading. Top cap Samsung Electronics slipped 0.12 percent, but No. 2 chipmaker SK hynix gained 2.78 percent. Leading chemical firm LG Chem climbed 0.32 percent, while rechargeable battery maker Samsung SDI retreated 1.6

MarketFeb. 19, 2021

Producer prices rise 0.9% in January

South Korea's producer prices rose 0.9 percent on month in January, supported by a modest rise in prices of farm goods and energy, central bank data showed Friday. The producer price index, a barometer of future consumer inflation, stood at 104.88 in January, compared with 103.90 a month earlier, according to the Bank of Korea (BOK). The index gained 0.8 percent from the previous year, the BOK data showed. The prices of agricultural goods gained 7.9 percent on-month in January, compared with

EconomyFeb. 19, 2021

Samsung’s market cap down by W42tr after heir’s imprisonment

The market capitalization of Samsung Group, South Korea’s largest conglomerate, shrunk by around 42 trillion won ($38.01 billion) after its de facto head Lee Jae-yong was sent back to jail last month, the Korea Exchange’s market data showed Thursday. The combined market value of 16 listed firms within the nation’s telecom-to-chemicals conglomerate came to 695.87 trillion won at Thursday’s closing bell, losing 41.93 trillion won or 5.68 percent from the closing Jan. 15, t

MarketFeb. 18, 2021

[News Focus] COVID-19 widens gap among top 3 Korean game companies and the rest

The prolonged pandemic has intensified a polarization between top South Korean game companies and small and mid-sized ones. While the smaller players took a hit in revenue and employment amid the COVID-19 outbreak, the big three -- Nexon, NCSoft and Netmarble -- have reaped strong earnings and are returning part of them to staff and shareholders with dramatic hikes in salary and dividends. On Feb. 1, Nexon, which breached a 3 trillion-won ($2.72 billion) mark in revenue for the first time t

IndustryFeb. 18, 2021

REIT investment grows amid tough regulations on housing market

Real estate investment trusts, which allow individuals to make indirect investment in properties, have gained traction recently from investors facing heavier regulations on home buying. The entire value of assets owned by REITs stood at 61.4 trillion won ($55 billion) in January, up 26.3 percent on-year from 48.6 trillion won, according to the Ministry of Land, Infrastructure and Transport on Thursday. The government has strengthened rules on mortgage loans, real estate tax, and redevelopme

MarketFeb. 18, 2021

FSS warns investors of IPO launched by loss-making tech firms

The Financial Supervisory Service on Thursday warned retail investors to be cautious of initial public offerings launched by promising but still loss-making companies, stressing that short-term gains may not be achievable. “As the rules allow (loss-making) companies (but with growth potential) to launch an IPO, profits may not occur within a short period of time after listing,” the FSS said in a statement. As part of efforts to encourage budding companies to draw investment, t

MarketFeb. 18, 2021

[Advertorial] LG Chem innovates business model centering on sustainability

LG Chem, South Korea’s leading petrochemical, high-tech material and biopharmaceutical company, has set out to innovate its business model as it shifts focus to sustainability. Last year, the flagship LG affiliate announced its sustainability strategy that pivots on carbon neutrality to be achieved by 2050 as the first Korean chemical firm. The company has recently committed to using 100 percent renewable energy by 2050 to join the global clean energy RE100 initiative led by the in

TechnologyFeb. 18, 2021

Samsung to hold TV launch event ‘Unbox & Discover’

Samsung Electronics will hold a launch show for its TV products, dubbed “Unbox & Discover,” next month. Samsung said Thursday it has sent out invitations to global partners and media for the event set for March 2. “Samsung will share its vision for how the company’s latest innovative products are set to redefine the role of the TV through cutting-edge technologies, beautiful design and impactful partnerships,” it said. The company is expected to unveil

TechnologyFeb. 18, 2021

SsangYong Motor pins hope on government help

SsangYong Motor, the cash-strapped Korean affiliate of Indian carmaker Mahindra & Mahindra, is pinning hopes on the government’s apparent reluctance to let it go bankrupt, company officials said Thursday. Holding the key to the carmaker’s crisis is its largest creditor, Korea Development Bank which, despite its earlier refusal for additional loans, is under pressure to keep the carmaker afloat. “The management is undergoing talks with potential investors, slated to w

IndustryFeb. 18, 2021

Hanwha Solutions’ 1st YoY report card shows 29% surge in operating profit

Hanwha Solutions on Thursday announced its first year-over-year results after its launch on Jan. 2, 2020 through the merger of Hanwha Chemical and Hanwha Q Cells & Advanced Materials. According to its regulatory filing, the company’s revenue shrank 2.8 percent to 9.19 trillion won ($8.3 billion) on-year, but its operating profit surged 29 percent to 594.2 billion won, improving its profitability despite economic downturn from the COVID-19 crisis. Meanwhile, net profit saw a whoppin

IndustryFeb. 18, 2021

Government, Hyundai, LG join hands to reuse dead batteries

Amid a heightening blame game over the cause of Kona Electric Vehicle fires, South Korean Prime Minister Chung Sye-kyun, Hyundai Motor Group Chairman Chung Euisun and LG Energy Solution President Kim Jong-hyun on Thursday gathered at the automaker’s research and development center in Namyang, Gyeonggi Province to discuss a business model reusing expired EV batteries. At the event, the respective heads of the Ministry of Trade, Industry and Energy, Hyundai Motor, Hyundai Glovis, LG Ener

IndustryFeb. 18, 2021

[Video] Will chat app Clubhouse reshape social media trends?

The invitation-only audio chat application named Clubhouse is surging in popularity around the globe by picking up millions of people on social media. Launched in March 2020, the niche platform facilitates audio conversations between users. Once users are invited to join, they can enter various chat rooms and communicate about those topics. The types of chat rooms are diverse and the most popular ones are operated by a handful of users speaking to a silent audience. The chat rooms range fro

TechnologyFeb. 18, 2021

South Korea to continue financial support for business hit by pandemic

South Korea’s Finance Minister said Thursday that the details of the COVID-19 financial support programs nearing their expiration will be “decided by early March,” indicating the government’s willingness to continue the programs. “The details of all the financial sector’s loan programs regarding its extension of maturities and delay of interest payments will be decided by early March,” Finance Minister and Deputy Prime Minister Hong Nam-ki said ahead o

EconomyFeb. 18, 2021

[News Focus] Gyeonggi housing prices in continuous spiral of climb

SEJONG -- Housing prices in many satellite cities around Seoul posted a growth of more than 5 percent in 10 weeks, with price increases in some cities surging 10 percent. According to KB Kookmin Bank and Naver.com, Seongnam’s Bundang-gu saw the average trading price of homes climb by 9.5 percent from 31.97 million won ($28,800) per 3.3 square meters on Nov. 27, 2020 to 35.04 million ($31,600) on Feb. 5, 2021. This means the average price of an 84-square-meter house, a popular size among

EconomyFeb. 18, 2021