S. Korea, Cambodia strike free trade deal for broader economic cooperation

South Korea said Wednesday it has clinched a free trade deal with Cambodia, the latest in a series of its free trade pacts to revitalize its ailing exports amid the new coronavirus pandemic. Trade Minister Yoo Myung-hee and her Cambodian counterpart Pan Sorasak held a virtual meeting and declared that Seoul and Phnom Penh have completed FTA negotiations, according to the Ministry of Trade, Industry and Energy. "The FTA will pave the way for the two countries to overcome challenges from th

EconomyFeb. 3, 2021

Online shopping hits new record high in Dec. amid pandemic

Online shopping in South Korea hit a fresh record high in December as more people purchased products via e-commerce platforms amid tougher virus curbs caused by the pandemic, data showed Wednesday. The value of online transactions stood at 15.9 trillion won ($14.2 billion) in December, up 26.1 percent from the previous year, according to the data from Statistics Korea. The use of online shopping sharply rose amid the pandemic as people refrained from visiting stores over concerns about infecti

IndustryFeb. 3, 2021

Face value of damaged currency rises in 2020

The face value of damaged banknotes and coins in South Korea rose in 2020, data from the central bank showed Wednesday. A total of 4.76 trillion won worth ($4.26 billion) of damaged bills and coins were discarded by the Bank of Korea (BOK) last year, up 410 billion won from a year ago, according to the BOK data. The central bank spent 10.6 billion won replacing the damaged banknotes last year. Last year, a record 642 million damaged bills and coins were discarded by the central bank, up 0.3 p

EconomyFeb. 3, 2021

S. Korea to invest over W200b in VR industry this year

South Korea will invest 202.4 billion won ($181.8 million) this year in virtual reality (VR) technology and devices to support the growth of the country's digital content industry, according to the ICT ministry on Wednesday. The move comes after the government unveiled a broader interagency investment plan for the industry last year, setting aside over 400 billion won for this year, in line with its digital New Deal program, which aims to spend 58.2 trillion won in key tech industries to create

TechnologyFeb. 3, 2021

Imported car sales jump 27% in Jan. despite pandemic

Sales of imported vehicles in South Korea jumped 27 percent in January from a year earlier on robust sales of German cars, an industry association said Wednesday. The number of newly registered foreign vehicles climbed to 22,321 units last month from 17,640 a year ago despite the COVID-19 pandemic, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were the Mercedes-Benz E 250 sedan, Mercedes-Benz E 350 4MATIC seda

IndustryFeb. 3, 2021

Samsung's foundry capacity in matured nodes to rank 4th in 2021: report

Samsung Electronics Co.'s foundry capacity share in legacy nodes is estimated to rank fourth in 2021, a report showed Wednesday, amid its push to increase its presence in the contract chipmaking sector with advanced fabrication processes. Samsung, the world's largest memory chipmaker, was projected to account for 10 percent of global foundry capacity in matured nodes, which refers to the 40-nanometer and below chipmaking technology process, according to market researcher Counterpoint Research.

IndustryFeb. 3, 2021

S. Korea to invest W23b in building test center for rechargeable battery

South Korea said Wednesday it will allocate 23 billion won ($20.6 million) to build testing infrastructure for local producers of materials and parts for rechargeable batteries in line with its efforts to foster the sector as a new growth engine. The test center will allow small and midsized businesses to run tests on their materials used to produce battery products with high-end infrastructure, according to the Ministry of Trade, Industry and Energy. The ministry said it has decided to establ

IndustryFeb. 3, 2021

Pet food exports up 83.5% in 2020

South Korea's outbound shipments of pet food products soared 83.5 percent in 2020 from a year earlier on strong demand from the Asia region, data showed Wednesday. Exports of pet food products reached $67.4 million last year, jumping from $36.7 million in 2019, according to data by the Ministry of Agriculture, Food and Rural Affairs on the local pet industry. By country, Japan accounted for 36.4 percent of the total, trailed by Thailand with 26.4 percent and Vietnam with 8.4 percent. The coun

IndustryFeb. 3, 2021

Hyundai, Kia's January sales up 8% in US on strong SUV sales

Hyundai Motor Co. and affiliate Kia Corp. said Wednesday their sales in the United States rose 7.9 percent in January from a year earlier on robust SUV sales. Hyundai Motor and Kia sold a combined 91,173 vehicles in the world's most important automobile market last month, up from 84,498 units a year ago, according to sales data from the companies. Hyundai's sales rose 4.7 percent on-year to 46,208 units last month from 44,143, while Kia's jumped 11 percent to 44,965 from 40,355 over the cited

IndustryFeb. 3, 2021

Seoul stocks open higher on auto gains

South Korean stocks opened higher Wednesday on strong advances by auto-related shares. The benchmark Korea Composite Stock Price Index rose 21.65 points, or 0.7 percent, to 3,118.46 in the first 15 minutes of trading. The KOSPI continued its bullish run after gaining over 4 percent in total in the past two sessions, backed by investor optimism over a fast economic recovery, particularly in exports. Top automaker Hyundai Motor hiked 3.33 percent, with its smaller affiliates Kia Motors and Hyun

MarketFeb. 3, 2021

Samsung retains 2nd spot in tablet market in 2020: report

Samsung Electronics Co. maintained its status as the world's second-largest tablet vendor last year, a report showed Wednesday, though the South Korean tech giant saw a significant improvement in sales to catch up with industry leader Apple Inc. Samsung, the world's largest smartphone maker, had a 19.1 percent share in the global tablet market in 2020 after shipping 31.3 million units, up 44.4 percent from a year ago, according to market researcher International Data Corporation (IDC). Apple a

IndustryFeb. 3, 2021

Exports of plastics, auto parts, steel to bask in trade deal with Indonesia

South Korean plastic, auto parts and steel companies are expected to benefit from a trade deal with Indonesia once it goes into effect, a trade body said Wednesday. South Korea and Indonesia formally signed the comprehensive economic partnership agreement (CEPA) in December last year, clearing the way for local exporters to tap deeper into the Southeast Asian market. The deal awaits parliamentary ratification in both countries. Under the trade deal, Jakarta would eliminate tariffs on about 92

EconomyFeb. 3, 2021

Telcos likely to offer teleconferencing for free during Lunar New Year amid pandemic

South Korean mobile carriers will likely provide videoconference services for free during the upcoming Lunar New Year holiday, according to industry officials Wednesday, as in-person contact is limited to curb the spread of the new coronavirus. The Ministry of Science and ICT and the country's three major telecom operators -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- are considering such telecommunication support measures during the holiday period, which falls on Feb. 11-13 this year, as t

TechnologyFeb. 3, 2021

Exporters' sales outlook hits 3-year high for Feb.

South Korean exporters' sales outlook touched an over three-year high for February amid improving overseas sales of key products, central bank data showed Wednesday. The business sentiment index (BSI) for local exporting companies' sales stood at 100 for February, up from 89 for January, according to the data from the Bank of Korea (BOK). It marks the highest reading since the 102 recorded in November 2017. The index measures exporters' outlook for shipments. A reading above 100 means optimis

EconomyFeb. 3, 2021

SK Telecom's 2020 net jumps 74% on mobile biz, equity gains

SK Telecom Co., South Korea's largest mobile carrier, said Wednesday its net income rose 74.3 percent last year on the back of improved performances of its mobile and media businesses, and increased equity gains. For 2020, net income reached 1.5 trillion won ($1.34 billion), compared with 860.7 billion won the previous year, the company said in a regulatory filing. Operating income stood at 1.35 trillion won, up 21.8 percent from the previous year, while sales rose 5 percent to 18.6 trillion w

IndustryFeb. 3, 2021

LG Uplus' 2020 net up 9%

LG Uplus Corp., a major South Korean telecom operator, said Wednesday its net income last year rose 8.9 percent from the previous year amid the pandemic. Net income reached 478.06 billion won ($428.5 million) last year, compared with a profit of 438.8 billion won the previous year. Operating income stood at 886.1 billion won, up 29.1 percent, while sales rose 8.4 percent to 13.4 trillion won over the cited period. (Yonhap)

IndustryFeb. 3, 2021

S. Korea's FX reserves inch down in January

South Korea's foreign reserves edged down in January due to the US dollar's strength, which trimmed the value of non-US dollar foreign reserves, central bank data showed Wednesday. The nation's foreign reserves came to $442.7 billion as of end-January, down $370 million from a month earlier, according to the Bank of Korea (BOK). It marked the first monthly decline since last March, with the nation's foreign reserves having risen for the ninth consecutive month in December. Foreign reserves co

MarketFeb. 3, 2021

Renault Samsung union votes for strike amid pandemic

Unionized workers at Renault Samsung Motors Corp. on Tuesday voted to go on strike for a wage increase after the company offered a voluntary retirement program last month. In a vote held from Monday to Tuesday, Renault Samsung workers voted for an industrial action to demand a revised wage offer from the company and defend against the restructuring plan, a union spokesman said. The union has demanded a 70,000 won increase in basic pay. The company did not accept it and announced the voluntary

IndustryFeb. 3, 2021

HAAH bid hinges on SsangYong’s reorganization plan: KDB

An investor consortium led by US auto retailer HAAH Automotive is ready to lay out plans to buy a stake in troubled South Korean automaker SsangYong Motor once it presents its reorganization plan to creditors, Korea’s state-run lender Korea Development Bank said Tuesday. SsangYong Motor is a lossmaking South Korean arm of Indian automaker Mahindra & Mahindra. Senior officials of KDB, SsangYong Motor’s main creditor, said that the reorganization plan is a prerequisite to the co

MarketFeb. 2, 2021

Nongshim’s Chapaghetti most hashtagged local instant noodles on Instagram

Nongshim’s Chapaghetti stands out among all local instant noodle brands as one of the most popular, with the greatest number of Instagram posts using its name as a hashtag, the food company said Tuesday. According to Nongshim, the hashtag bearing the name of the popular black bean instant noodles had been attached to about 219,000 posts written in Korean as of Monday. The runner-up was Buldak Spicy Chicken noodles from Samyang Foods, which had 195,000 posts featuring its name as a hash

ConsumerFeb. 2, 2021