1 in 5 married couples childless after 5 years: data

One out of every 5 couples in South Korea who got married in 2015 had no children last year, government data showed Tuesday.  According to Statistics Korea, about 18 percent of the 216,008 couples who tied the knot in 2015 and remained married as of 2019 were still childless, marking the highest figure since 2015. The percentage of childless couples married for five years has been on an upward trend, having increased from 12.9 percent in 2015 to 16.9 percent in 2018. The trend appears to

EconomyDec. 15, 2020

Housing affordability at worst level on record

The Korea-housing affordability index, or K-HAI, which measures median household income relative to the income needed to buy a median-priced house, in Seoul reached a record high in 11 years in the July-October period this year. The index increased 1.7 points from the previous quarter to 144.5—the highest since the figure came to 150.8 in the fourth quarter of 2009. A value of 100 means that a family would have to put 25 percent of their income toward paying off the mortgage. A higher r

MarketDec. 15, 2020

S. Korea's money supply gains at faster pace in October

South Korea's money supply continued to grow quickly in October on increased loans to households and firms amid the coronavirus pandemic, central bank data showed Tuesday. The country's M2 stood at 3,150.5 trillion won ($2.87 trillion) as of end-October, up 1.1 percent, or 34.7 trillion won, from September, according to preliminary data by the Bank of Korea (BOK). October's gain marked the second-highest monthly growth since May this year, when M2 grew by 35.4 trillion won, according to the B

MarketDec. 15, 2020

LG claims affiliate spin-off will improve shareholder value

LG Group, South Korea's fourth-largest conglomerate, on Tuesday refuted claims that its planned spin-off of affiliates could undermine shareholder value, saying the move will actually benefit its stockholders. "We believe our shareholder value will improve since the group can focus on its key businesses, including electronics, chemicals and telecommunications," LG said. "Once the split is completed and our growth strategy gets materialized, we think this 'discount issue' will be

IndustryDec. 15, 2020

Samsung Bioepis begins phase 3 clinical trial of Prolia biosimilar

Samsung Bioepis has begun the final stage clinical trial of postmenopausal osteoporosis treatment SB16, the company said Tuesday. SB16 (denosumab) is a biosimilar referencing Amgen’s Prolia, whose global annual sales marked over 3 trillion won ($2.74 billion) in 2019. The phase 3 clinical trial of SB16 is anticipated to be completed by March 2023, just in time for the company to derive analysis and push for commercialization of the drug by Prolia’s patent expiration in major mark

IndustryDec. 15, 2020

Corporate earnings dip by most in 11 years in 2019

South Korean companies' earnings declined by the most in 11 years in 2019, as the manufacturing sector remained sluggish amid the global economic slowdown, data showed Tuesday. Their combined before-tax net profit reached 102 trillion won ($93.3 billion) in 2019, down 37.1 percent from the previous year, according to the data on 13,255 firms compiled by Statistics Korea. It marked the sharpest on-year decline since 2008, when their earnings fell 43.6 percent. In 2019, manufacturers, led by el

EconomyDec. 15, 2020

S. Korea's ICT exports up for 6th straight month in Nov. on chips, displays

South Korea's exports of information and telecommunication products surged 15.8 percent in November from a year earlier, extending their rise for the sixth consecutive month, data showed Tuesday, on the back of robust overseas demand for memory chips and display products amid the pandemic. Outbound shipments of information communication and telecommunication (ICT) products came to $16.56 billion in November, compared with $14.3 billion posted in the previous year, according to the data compiled

IndustryDec. 15, 2020

[Newsmaker] Tourists to S. Korea forecast to drop to 32-year low this year

The number of overseas tourists visiting South Korea is expected to slump to the lowest level in 32 years amid the new coronavirus pandemic that has practically paralyzed the global tourism sector, data showed Tuesday. The number of foreigners who visited the country in the January-October period reached 2.39 million, down 83.6 percent from the same period last year, according to the culture ministry and the state tourism office. Roughly half of the figure -- 1.27 million -- was tallied in Jan

EconomyDec. 15, 2020

[Graphic News] Samsung ranks fourth in Q3 wearables market: report

　Samsung Electronics was the fourth-largest vendor of wearable devices in the third quarter of the year, a market report showed, amid soaring global demand for wearables. 　Samsung shipped 11.2 million units of wearable devices in the July-September period, up 32.2 percent from a year earlier, for a market share of 9 percent, according to the latest report from market tracker International Data Corp. 　Apple solidified its top position with a 33.1 percent share after shipping 41.4 million

BusinessDec. 15, 2020

Doosan Infracore's excavator sales in China on roll this year

Sales of excavators by Doosan Infracore Co. in China are expected to reach the highest in a decade this year on strong demand in the world's No. 2 economy, industry data showed Tuesday. According to the data by the China Construction Machinery Association, Doosan Infracore sold 1,692 units of excavators in November in China. In the January-November period, the construction equipment makers' excavator sales in China came to 17,458 units. Doosan Infracore expects its excavator sales in China

IndustryDec. 15, 2020

Seoul stocks open lower amid lockdown concerns

South Korean shares opened lower Tuesday tracking overnight Wall Street gains, as lockdown concerns in major economies offset optimism over the emergency launch of Pfizer's coronavirus vaccinations in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.22 points, or 0.48 percent, to 2,748.98 in the first 15 minutes of trading. Local large caps dipped on foreign and institutional selling, as well as on aggravating the pandemic toll in the US, Europe and Asia. So

MarketDec. 15, 2020

Samsung No. 1 player in foldable smartphone market this year: report

Samsung Electronics Co. took the No. 1 position in the global foldable smartphone market this year with the launch of new devices, a report showed Tuesday, as it tries to further solidify its status in the burgeoning sector. Samsung is estimated to take up an 88 percent share in this year's foldable smartphone market in terms of shipments, according to the latest report from industry tracker Display Supply Chain Consultants (DSCC). Samsung unveiled the vertically folding Galaxy Z Flip in Febr

TechnologyDec. 15, 2020

S. Korea to enjoy full tariff-free exports to New Zealand starting in 2021

South Korea said Tuesday its outbound shipments to New Zealand will be completely tariff-free starting in 2021, a move that could help local exporters penetrate deeper into the Oceania nation. The two countries agreed to abolish tariffs on all South Korean exports within seven years after launching a free trade agreement, according to the Ministry of Trade, Industry and Energy. The Seoul-Wellington free trade pact went into effect in December 2015. In 2020, around 96.2 percent of South Korean

EconomyDec. 15, 2020

Citibank to pay partial compensation in KIKO derivative dispute

Citibank Korea on Monday said it would pay partial indemnities to local businesses that signed currency-linked derivatives sold by the bank more than a decade ago. The decision was made during a board meeting held in an apparent response to the financial watchdog’s arbitrary recommendation last year to compensate the firms that had faced losses from KIKO -- or “knock-in, knock-out” -- contracts. “Citibank Korea has been reviewing compensation for firms that have been

MarketDec. 14, 2020

New CEOs take office in CJ Group companies

CJ Group's core units named new CEOs on Monday. As part of a group-wide C-level reshuffle announced Friday, new chief executives began their terms at CJ Cheiljedang, CJ Logistics and CJ ENM, the South Korean retail and entertainment giant said. Choi Eun-seok assumed the top job at CJ Cheiljedang, replacing Kang Sin-ho, who moved to CJ Logistics as CEO. Choi, 53, was formerly the head of CJ Corp.’s management strategy office. Kang Ho-seong, formerly the head of management support at C

IndustryDec. 14, 2020

FSC chief says too early to discuss expanding access to short-selling

South Korea’s top financial regulator said Monday it is premature to discuss plans on opening individual investors‘ access to short-selling activities of Korean shares, stressing the danger of small investors taking potentially massive risks. “Considering potential financial damage from short-selling, I personally hope ordinary retail investors don’t participate in it,” said the FSC Chairman Eun Sung-soo during a press conference held online due to the COVID-19 r

MarketDec. 14, 2020

Revised Commercial Act weigh on firms ahead of shareholders meeting season

South Korea’s listed companies are under growing pressure to overhaul their audit systems in time for their regular shareholders meetings, slated for February and March next year, due to a new set of corporate regulations set to take effect soon. As the new rules restrict the voting power of owner families in the appointment of auditors, conglomerates will focus on defending their managerial authority from external influence while smaller businesses are likely to struggle to attract qual

IndustryDec. 14, 2020

UK becomes biggest net buyer in S. Korean stock market in Nov.

Investors from the UK became the biggest net buyers in the South Korean stock market, as they bought shares worth 2.2 trillion won ($2.02 billion) in November, which accounted for nearly 36 percent of stocks purchased by foreign investors in the month, according to data Monday. The data from the nation’s watchdog Financial Supervisory Service showed that foreign investors net purchased shares worth some 6.1 trillion won in November, the highest monthly purchase since September 2013, whe

MarketDec. 14, 2020

Hyundai Rotem completes manufacturing facility for hydrogen extractors

Hyundai Rotem said Monday its manufacturing plant for machines to extract hydrogen from natural gas will begin full operations starting this month. The locomotive and rolling stock unit of Hyundai Motor Group renovated a part of its existing plant for electrical parts in Uiwang, Gyeonggi Province, into one that can produce 20 hydrogen extractors per year in response to a growing number of hydrogen charging stations in South Korea. “Twenty hydrogen extractors can generate 4,700 metric

IndustryDec. 14, 2020

Krafton suffers bug issue in new game Elyon, punishes abusers

Krafton, which is preparing an initial public offering next year, suffered a hiccup in its newly released massively multiplayer online role-playing game Elyon. Developed by Krafton and published by Kakao Games, Elyon exposed a bug that compromised its in-game economy, triggering a fierce backlash from users as the bug appeared just three days after the game’s release on Thursday. When a user of an attacking squad hunted down a monster at a specific field and picked up an item the mon

IndustryDec. 14, 2020