S. Korea to focus on financial stability amid concerns over asset market boom

South Korea's vice finance minister vowed Thursday to strengthen financial stability this year amid concerns that idle money is excessively flowing into asset markets. Vice Finance Minister Kim Yong-beom made the remarks amid mounting worries that only asset markets, such as property and stock markets, are booming even as economic slumps caused by the COVID-19 pandemic have continued. "Authorities are facing the task of closely managing liquidity that has sharply increased in the process

EconomyJan. 7, 2021

Samsung unveils new vision for TVs focusing on accessibility, sustainability

Samsung Electronics Co. on Thursday unveiled a new vision for its TV business as the world's largest TV vendor vows to improve accessibility and sustainability with its latest products and services. Under the vision of "Screens everywhere, Screens for all," the South Korean tech giant said the company will go environmentally friendly with its TV business operations and allow more people to comfortably enjoy their viewing experience as it introduced the 2021 portfolio. "During th

IndustryJan. 7, 2021

Samsung unveils 2021 TV lineup with new Neo QLED TV

Samsung Electronics Co. on Thursday unveiled its 2021 TV lineup, including a new Neo QLED TV using mini LED technology, as the South Korean tech giant looks to defend its status as the world's leading TV vendor. Samsung's Neo QLED TV made its debut at the First Look event ahead of Consumer Electronics Show (CES) 2021, along with new models of Micro LED and Lifestyle TVs. Samsung said the Neo QLED TV takes its flagship QLED TV to "the next level," as it uses new light source, Quantum

IndustryJan. 7, 2021

S. Korean steelmakers' earnings forecast to perk up in Q1

South Korean steelmakers are expected to see their earnings bounce back in the first quarter of the year on a recovery in demand and rising prices, analysts said Thursday. The rosy outlook represents a stark turnaround from their dismal performances last year in the wake of the coronavirus pandemic that has sent global demand for steel products sinking. According to a Yonhap News analysis of securities firms' forecasts, leading steelmaker Posco is projected to register an operating profit of 9

IndustryJan. 7, 2021

Major foreign IBs revise up S. Korea's 2021 growth outlook

Major foreign investment banks (IBs) have slightly raised their forecasts for South Korea's economic growth for 2021 despite the coronavirus pandemic, a report showed Thursday. As of end-December, nine major global IBs, including Barclays and Goldman Sachs, forecast the South Korean economy to grow 3.4 percent this year, up 0.1 percentage point from their median outlook offered a month earlier, according to the report by the Korea Center for International Finance. Seven IBs -- Barclays, BoA-Me

EconomyJan. 7, 2021

Kia Motors unveils new logo, brand slogan

South Korea’s second-largest automaker Kia Motors unveiled a new logo and a brand slogan on Wednesday, as the company aims to transform its image to one of future mobility. The new logo and the slogan, which is “Movement that inspires,” comes as part of the automaker’s mid- and long-term strategy announced last year, which outlines the automaker’s plans to become a leading firm in the future mobility industry, the company said. “The new logo symbolizes Ki

MobilityJan. 6, 2021

Government to spend over W26tr on housing stabilization

The government will spend over 26 trillion won ($23.9 billion) to develop new towns and build infrastructure in the first half of the year in a bid to curb soaring housing prices, the Finance Ministry said on Wednesday. Finance Minister Hong Nam-ki unveiled detailed plans for a government-led 110 trillion won investment project program that will be carried out throughout the year by public agencies, state-run firms and private companies. “The investment project will center on housing s

EconomyJan. 6, 2021

S. Korea has ‘no plans’ to raise fuel taxes, cut inheritance tax

South Korea’s Finance Ministry said Wednesday that it has no plans to raise taxes on gasoline and diesel this year, despite its vows to go carbon neutral by 2050, and hinted that it will likely maintain the inheritance tax at its current level. In a briefing on the revised taxation rules previously announced in July, Im Jae-hyun, a senior official at the Ministry of Economy and Finance, said the government “currently has no plans to adjust the transportation-energy-environment tax

EconomyJan. 6, 2021

Ford Korea rolls out New Ford Explorer Platinum

Ford’s popular Explorer sports utility vehicle is to return with upgrades to its powertrain and design, Ford Sales and Service Korea said Wednesday. The automaker said it was rolling out the New Ford Explorer Platinum, with functions enhanced from the Explorer 2.3 Limited. The New Ford Explorer is equipped with 3.0-liter Ecoboost V6 gasoline engine that puts out up to 370 horsepower and a maximum torque of 54 kilogram-meters. The carmaker has fully digitized the 12.3-inch cockpit a

MobilityJan. 6, 2021

Kospi’s 38-year road to 3,000-point mark

Buoyed by the increasing participation of small investors and their growing clout in South Korea’s stock market, the nation’s main bourse reached a historic high on Wednesday, surpassing 3,000 points for the first time in the stock market’s 38-year history. The benchmark Kospi was launched by the nation’s sole bourse operator Korea Exchange on Jan. 4, 1983, three years after the base value of 100 was decided. It kicked off trading at 122.5 points with 328 listed firms on

MarketJan. 6, 2021

Retail investors, hopes of recovery open up era of Kospi 3000

An estimated 10 million retail investors, a weak dollar and hope for recovery pushed the benchmark Kospi above the 3,000-point threshold on Wednesday in what could be a new era for the local stock market. Analysts say many factors have driven the rally, including the weak dollar and anticipation for improved corporate earnings, but the biggest force may be legions of small investors, known locally as “ants.” The “ant warriors,” who purchased 60 trillion won ($52.22 bi

MarketJan. 6, 2021

Customization gains popularity in home appliance market

A recent trend in the home appliance market in South Korea has been owning a unique product with tailored colors and configurations. First introduced by Samsung Electronics in 2019, the Bespoke series allows consumers to pick the colors, materials and functionality of refrigerators, microwave ovens, induction cooktops, dishwashers and air purifiers. Samsung tried with the refrigerator first, luring younger consumers with a variety of color options for fridge panels, which turned out to be a

TechnologyJan. 6, 2021

[News Analysis] Will there ever be an LG or Samsung car?

As batteries account for more than 40 percent of the cost of an electric vehicle’s parts, major automakers including Tesla, BMW and Volkswagen are making efforts to develop their own batteries. Such moves have stoked concerns that South Korean battery giants -- LG Energy Solution, Samsung SDI and SK Innovation -- might lose their clients in the long term. But just as automakers have invaded the field of battery manufacturing, local battery producers are slowly infiltrating the auto p

IndustryJan. 6, 2021

GS Caltex to showcase drone delivery tech, next-gen gas station at CES

GS Caltex will introduce a next-generation charging station that offers drone delivery services in its debut at the world’s biggest tech show, the company said Wednesday. According to the South Korean refinery, at this year‘s Consumer Electronics Show set to kick off online Monday, the company will offer three videos that show how drones can deliver items, utilizing gas stations as logistics bases. The first video contains two drone delivery tests GS Caltex conducted together wi

IndustryJan. 6, 2021

S. Korea and NASA begin development of space telescope

The Korea Astronomy and Space Science Institute will begin a space project to develop a space telescope with the US space agency NASA and the California Institute of Technology, the ICT Ministry here announced Wednesday. The space project, titled the Spectro-Photometer for the History of the Universe, Epoch of Reionization and Ices Explore, or SPHEREx, is a two-year mission designed to launch a space telescope that would collect data that could help understand the history of the universe, the

TechnologyJan. 6, 2021

Game and artificial intelligence, unusual guests to local pop music scene

Artificial intelligence technology restores the voices of deceased musicians to sing contemporary songs. A game company airs a song competition show for the soundtrack of its title game. The local music scene continues to evolve, with the convergence of media, technology and industries. South Korean game company Nexon adopted a TV competition show format to best fit Dungeon and Fighter, an arcade-style action game. The five-episode series, available on YouTube channel Dingo Music, has garn

TechnologyJan. 6, 2021

Korean Air extends mileage expiration dates amid pandemic

Korean Air Lines Co., South Korea's biggest carrier, said Wednesday it will extend the expiration dates of mileage that expired at the end of 2020 and mileage that expires at the end of 2021 to 2022 amid the coronavirus pandemic. In June, Korean Air already extended mileage points due to expire at the end of 2020 by one year to 2021 as travel demand dried up due to the pandemic. With the additional mileage extension, Korean Air plans to kick off its revamped SKYPASS mileage program in April 20

MobilityJan. 6, 2021

‘Repurposing’ of MMR vaccine floated as COVID-19 preventive

It may not be just an age-related lack of immunity that explains the higher death rates among senior citizens in the novel coronavirus pandemic. Some scholars are paying attention to the inverse correlation between the measles-mumps-rubella (MMR) vaccine coverage and COVID-19 fatality in their search for a possible deterrent against COVID-19 infection. Among them is Professor Kook Hoon of Chonnam National University Hospital’s pediatrics department. He says MMR vaccines could help mit

IndustryJan. 6, 2021

Korean Air clears hurdle for Asiana takeover

Shareholders of Korean Air Lines Co. agreed to change its corporate mandate to clear a hurdle for its takeover of Asiana Airlines, the airline said on Wednesday. In a meeting at its headquarters in Seoul, nearly 70 percent of stockholders who were present voted to pass an amendment of an article, drastically lifting the cap on total outstanding stocks from 250 million to 700 million. With the amendment, the company can push ahead with its plan to issue 173.6 million new shares to raise capita

MobilityJan. 6, 2021

FSC to ease regulations on financial firms to spur growth

South Korea’s top financial regulator has vowed to eliminate regulatory hurdles and outdated rules that hinder local financial companies from rolling out innovative services. “The year 2021 is a crucial time for the country as we need to overcome the economic fallout from COVID-19 and carry out future strategies for taking a lead in the post-COVID era,” Financial Services Commission Vice Chairman Doh Kyu-sang said during an online meeting on the future outlook and competitiv

EconomyJan. 6, 2021