[Graphic News] S. Korea’s farm goods exports hit record high in 2020

　South Korea’s exports of agriculture products reached an all-time high of $7.57 billion last year on the back of strong demand for kimchi and processed foods, data showed. 　The record amount represents a 7.7 percent rise from the previous year, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. 　Outbound shipments of fresh products rose 3.4 percent on-year to $1.43 billion. Those of processed goods increased 8.8 percent to hit $6.14 billion. (Yonhap)

BusinessJan. 13, 2021

Mercedes-Benz model 1st to be exchanged under lemon law in S. Korea

South Korea's transport ministry said Wednesday that a Mercedes-Benz S Series model became the first model that will be exchanged for malfunctions under a local lemon law. The Ministry of Land, Infrastructure and Transport said it held an experts' review committee meeting last month to decide whether the Mercedes-Benz S 350d 4MATIC sedan should be exchanged or refunded. The committee found the S 350d model's Idle Stop and Go (ISG) start-stop system is malfunctioning and ordered the German carm

MobilityJan. 13, 2021

Seoul stocks open higher on investors' bottom-fishing

South Korean stocks opened higher Wednesday, as investors went bottom-fishing for certain large caps that suffered large losses during the key index's two-day slump from an institutional selling spree. The benchmark Korea Composite Stock Price Index rose 15.32 points, or 0.49 percent, to 3,141.27 in the first 20 minutes of trading. The gain was largely led by chemical and tech top caps, as institutions and individuals bought on expectations of improved performance. Investor sentiment also imp

MarketJan. 13, 2021

S. Korea to invest over W380b in smart farm tech through 2027

South Korea's ICT ministry said Wednesday it will invest 386.7 billion won ($353.3 million) to develop smart farms over the next seven years as part of the country's efforts to introduce new technology to the agriculture sector. The Ministry of Science and ICT said it launched a foundation to research and test next-generation smart farm technology, such as big data and artificial intelligence, to develop automated farms with improved productivity and produce quality. The foundation, jointly op

EconomyJan. 13, 2021

Hyundai Steel workers stage strike over wages

Thousands of unionized workers of Hyundai Steel Co. began a walkout Wednesday to demand higher wages and bonuses amid the COVID-19 pandemic, the union said. The workers will go on strike for two days through Thursday, affecting production at five domestic plants of South Korea's second-largest steelmaker, the union said. Still, some 2,000 essential workers did not join the strike as they need to work at three blast furnaces in Dangjin, about 120 kilometers south of Seoul. The strike by the 8,

IndustryJan. 13, 2021

Exports of OLED displays forecast to hit new high this year

South Korea's exports of organic light-emitting diode (OLED) displays are expected to jump nearly 20 percent on-year to an all-time high in 2021 on growing global demand, sources said Wednesday. Overseas shipments of OLED panels are projected to soar 19.6 percent on-year to $13 billion this year, accounting for more than 70 percent of overall display exports, according to the industry ministry and the Korea Display Industry Association. Bolstered by the sharp increase, South Korea's overall di

IndustryJan. 13, 2021

Dec. job loss largest in over 2 decades amid pandemic

South Korea reported the largest job loss in December since 1999 as a resurgence in new coronavirus cases dealt a blow to jobs in the service sector, data showed Wednesday. For the whole of 2020, the country also shed the largest number of jobs since 1998, when the country was in the midst of the 1997-98 Asian financial crisis, according to Statistics Korea. The number of employed people reached 26.5 million last month, 628,000 fewer than a year earlier and marking the 10th straight month of j

EconomyJan. 13, 2021

Samsung unveils Exynos 2100 ahead of Galaxy S21 Unpacked

Samsung Electronics on Tuesday unveiled its new mobile application processor Exynos 2100 through an online event ahead of the Samsung Galaxy S21 Unpacked event this week. The Exynos 2100, which is expected to power the upcoming Galaxy S21 series, is Samsung’s first mobile application processor integrated with a 5G modem. Manufactured on Samsung’s 5-nanometer extreme ultra-violet process node, the new processor comes with the most cutting-edge central processing unit and graphic

TechnologyJan. 13, 2021

[Herald Interview] Korea’s COVID-19 response overlooks patients’ well-being

This interview is the first installment in a three-part series in conversations with the former directors of the Korea Centers for Disease Control and Prevention -- now the Korea Disease Control and Prevention Agency -- as the country looks back on a year of the COVID-19 pandemic. -- Ed. Good health care should not be sidelined in efforts to find and isolate people with COVID-19 and their contacts, says respiratory disease specialist Dr. Jung Ki-suck. Jung is the immediate predecessor o

TechnologyJan. 12, 2021

‘No assistance to SsangYong Motor if labor dispute unresolved’

Policy lender Korea Development Bank Chairman Lee Dong-gull said Tuesday that SsangYong Motor’s fate on getting financial assistance depends on its promise of stopping labor disputes until the cash-strapped company marks a turnaround. “We’ve seen many debt-ridden companies face strikes every year during annual negotiations between the labor union and management. To get rid of internal discord, the one-year group agreement needs to be extended to 3 years,” he said at the

MarketJan. 12, 2021

[News Analysis] Is Korea prepared for vaccine rollout?

The first batch of COVID-19 vaccines may arrive here in the coming weeks, as President Moon Jae-in on Monday announced the launch in February of the nationwide vaccination campaign. When it comes to the jab itself, South Korea says it has secured more than enough vaccine to inoculate its 51.6 million population. The question now is whether the country can handle all the logistical challenges required to take vaccines from the factory floor to patients’ arms. To administer the shots as q

IndustryJan. 12, 2021

Retail investors unnerved by plan to lift ban on short-selling

Concerns over the government‘s announcement that it would end a temporary ban on short-selling rose among retail investors Tuesday, as they claim that the reactivation of such trading practice could create market disruptions. The Financial Services Commissions said it would end the prohibition on the trading strategy that makes a negative bets on stocks on March 15, as planned. The ban was imposed to prevent market volatility in the aftermath of COVID-19 pandemic in March last year for

MarketJan. 12, 2021

mRNA the key term at JP Morgan Healthcare Conference

Taking place amid the ongoing COVID-19 pandemic and accelerating progress for vaccine distribution, the 39th annual JP Morgan Healthcare Conference was all about mRNA vaccine developers and interested investors. At the event, which kicked off virtually for the first time in 2021 on Monday, multiple pharmaceutical firms including the recently newsworthy BioNTech and Moderna presented their yearly business blueprints. South Korea’s Hanmi Pharmaceutical also took part, proposing its newest b

IndustryJan. 12, 2021

S. Korea to win back air control rights over southern Jeju sea

South Korea, China and Japan have agreed to a new air corridor over the sea south of Jeju Island following safety concerns over the growing air traffic in one of the busiest airspaces in the world, according to the Ministry of Land, Infrastructure and Transport. The new move, which is set to take effect in late March, will give Korea air traffic control over parts of the airspace previously controlled by air traffic authorities in Japan with dual airways set to be established in the section con

MobilityJan. 12, 2021

Nongshim expands vegan brand Veggie Garden

Responding to heightened public interest in environmental protection, Nongshim will aggressively promote its vegan food brand Veggie Garden this year, the South Korean food company said Tuesday. Veggie Garden is a convenience food brand developed by the Nongshim R&D Center and the group’s affiliate Taekyung Nongsan, using a manufacturing technology for plant-based meat alternatives. “After we came up with our test products in 2017, we worked with famous vegan chefs in Seoul t

ConsumerJan. 12, 2021

GM Korea shows strong performance in export

General Motors Korea pulled off a strong performance last year in overseas markets, the automaker said Tuesday. The company shipped 285,499 vehicles overseas last year, ranking top among foreign-invested car brands here in terms of export volume, the company said. GM Motors beat Renault Samsung Motors and SsangYong Motor by about 14 times. In the domestic market, GM Korea said it sold 82,954 cars in Korea in 2020, losing by a small margin to Renault Samsung and SsangYong, which sold 95,93

MobilityJan. 12, 2021

[Market Close-up] Kospi’s dizzy new heights: Asset bubble or market reality?

As South Korea’s main bourse continues its upward movement backed by an unprecedented buying spree by individual investors, some analysts said Tuesday warned that it might be overheating. “The level of return on equity calls for a cautious approach at the moment. You could say the market is heading upward for many reasons, but it’s too fast,” said Kim Han-jin, a senior analyst at KTB Investment and Securities. ROE is the rate of return on the capital provided by the c

MarketJan. 12, 2021

[CES 2021] ‘AI would matter more in life after COVID-19’

Artificial intelligence would take on a bigger role in people’s lives after the COVID-19 pandemic, according to forecasts by industry researchers at the Consumer Electronics Show 2021 Tuesday. During an online press conference held on the first day of the annual tech tradeshow, researchers at the event’s organizer US-based Consumer Technology Association, pinpointed AI being at the center of changes occurring across industries since the virus outbreak and will gain more growth mo

TechnologyJan. 12, 2021

Kolon Industries to expand tire cord plant in Vietnam

Kolon Industries, a South Korean industrial materials company, said Tuesday it will expand its tire cord plant in Vietnam to increase exports of the product from the Southeast Asian country. Kolon Industries will invest 68 billion won ($62 million) in its wholly owned Kolon Industries Binh Duong Company Ltd. to help the Vietnamese subsidiary expand the plant by September next year, the company said in a regulatory filing. Tire cords are used as reinforcing materials for tires, designed to kee

IndustryJan. 12, 2021

[News Focus] Foreign residents’ jobless rate soars to new record

SEJONG -- The novel coronavirus has undermined the job security of foreign nationals living here, government data has shown. According to the Justice Ministry and Statistics Korea, the unemployment rate for the expatriate population hit a record-high of 7.6 percent in 2020 since the government started compiling the data. Of the economically active expatriate population of 917,000, 69,500 were out of work last year. This contrasts with 5.5 percent in the jobless rate among foreigners in 2019,

EconomyJan. 12, 2021