Foreigners remain net buyers of S. Korean stocks in November

Foreign investors remained net buyers of South Korean stocks in November, extending their buying spree for a second straight month, partly thanks to the weak US dollar, data showed Monday. Foreigners bought a net 6.12 trillion won ($5.6 billion) worth of local stocks in November, according to the data from the Financial Supervisory Service (FSS). British investors net purchased 2.2 trillion won worth of stocks, while American investors bought a net 989 billion won last month, according to the

MarketDec. 7, 2020

[Women in Finance] Finance industry faces gender equality test in time of crisis

The Korea Herald is publishing a series of special reports on the glass ceiling in the financial industry, focusing on South Korea’s market compared to other major economies. Funded by The Korea Press Foundation, the series will evaluate where Asia’s fourth-largest economy stands in terms of gender equality, reflect on changes being made, and explore ways to boost inclusion in the sector. -- Ed. In the face of the unprecedented pandemic crisis, improved gender equality is no long

EconomyDec. 6, 2020

Upbit Developer Conference discusses future of blockchain, CBDC

Riding momentum recently created in the blockchain and cryptocurrency industries, cryptocoin exchange operator Dunamu held a five-day conference for domestic and global blockchain developers last week to discuss the future of the industry as central banks around the globe experiment with digital money. Due to the global pandemic, the third annual Upbit Developer Conference was organized as a free online event, broadcasting a series of sessions from Nov. 30 to Friday, but still drew over 3,000

MarketDec. 6, 2020

US slaps 15% anti-dumping tariffs on Korean oil pipelines

The US has decided to impose anti-dumping duties on South Korean oil pipelines of up to 15 percent. According to the Korea International Trade Association on Sunday, the US Department of Commerce recently made a final ruling at an annual review of anti-dumping duties on Korea oil pipelines to levy tariffs between 9.33 percent and 15.07 percent. Compared to last year’s figure, which stood at 22.7 percent to 38.87 percent, the tariffs have been slashed by more than half. The US Departme

IndustryDec. 6, 2020

SK chief Chey underscores ESG

SK Group Chairman Chey Tae-won called for an incentive system that compensates for companies’ ESG -- environmental, social and governance -- efforts, according to industry sources Sunday. Speaking at Beijing Forum 2020, an event held jointly by the Chey Institute for Advanced Studies and Peking University, Chey stressed the necessity of an ESG incentive system that provides reasonable compensations for companies to promote ESG value creation in both private and public sectors. Chey s

IndustryDec. 6, 2020

[Behind the Wheel] Mercedes-Benz 2021 E-Class gets fresh, modern touch

The Mercedes-Benz E-Class is South Korea‘s most beloved imported sedan. Since its launch in 2016, the 10th generation E-Class models have sold about 160,000 units, making it the best-selling imported car in Korea. Last year, the E-Class was the top-selling luxury car among both Korean and imported cars. Maintaining the highest spot in the luxury sedan market, however, is not an easy job. Hyundai’s luxury sedan Genesis G80 came on fast this year, overtaking the E-Class. By October

MobilityDec. 6, 2020

Recovery of private consumption needs more expenditure by high-income group: report

The high-income group should spend more to revive South Korea's public consumption amid the COVID-19 pandemic, a report said Sunday. Public consumption has recovered slightly from the second quarter of the year, but it is still lackluster compared with before the new coronavirus pandemic occurred, said the report by the Korea Institute of Finance (KIF). According to data from the Bank of Korea (BOK), private consumption rose an average 0.7 percent from 2017 to 2019. But the first quarter o

EconomyDec. 6, 2020

KT supports partner firms to enter foreign markets

KT, South Korea’s leading telecommunications firm, will provide support to local companies to join a foreign tech fair to help them enter the global market, the company said Sunday. The telecommunications firm recently selected four partner firms that it will provide support in introducing products at KT‘s designated exhibition booth at the Gulf Information Technology Exhibition 2020. The fair, which celebrates its 40th anniversary this year, has been attracting some 4,000 firms

TechnologyDec. 6, 2020

Samsung Electronics to hold global strategy meeting next week

Samsung Electronics, which completed its annual executive reshuffle Friday, is expected to hold a global strategy meeting next week with the participation of all executives from the global offices to establish business strategies for next year. Samsung’s global strategy meeting, which is held twice a year in June and December, is a venue where executives at local and global units gather to review the business conditions of each sector and discuss new growth engine plans. Convention

IndustryDec. 6, 2020

S. Korea's economy forecast to recover in 2nd half of next year: report

South Korea's economy is predicted to recover from the downturn caused by the COVID-19 pandemic in the second half of next year unless the pandemic resurges, a report said Sunday. But the report by the Hyundai Research Institute said the South Korean economy is expected to face another downturn in the first quarter of next year if the pandemic resurges. A resurgence of the pandemic next year would cause the economic recovery of the country to be delayed till the first half of 2022, the repor

EconomyDec. 6, 2020

11 logistics firms fined W5.45b over price collusion

South Korea's antitrust regulator said Sunday it has decided to fine 11 logistics firms a combined 5.45 billion won ($4.98 million) for colluding to fix their bidding prices for transportation of imported agricultural products. Leading logistics firms CJ Logistics, its rival Lotte Global Logistics and 10 other firms colluded to fix their quotations in 2006-2018 for 60 rounds of bidding over distributions of imported agricultural goods, according to the Korea Fair Trade Commission (KFTC). They

EconomyDec. 6, 2020

Q1 exports outlook rosy: poll

A majority of South Korean exporters expect their business conditions to improve in the first quarter of next year on the back of the growing hope over the post-pandemic economic recovery, a survey showed Sunday. The country's export business survey index (EBSI) for the January-March period in 2021 came to 112.1, according to a survey carried out by the Korea International Trade Association (KITA). It marks the first time since 2017 that the EBSI has exceeded 110. A reading above 100 means op

EconomyDec. 6, 2020

Poongsan Group Chairman Ryu Jin joins CSIS Board of Trustees

Poongsan Group Chairman and CEO Ryu Roy Jin joined the CSIS Board of Trustees, Friday. The Center for Strategic and International Studies is a Washington-based think tank. “I am delighted to welcome Roy to our Board of Trustees,” said CSIS President and CEO John J. Hamre. “CSIS will benefit tremendously from his global vision and innovative spirit.” Since 1998, Ryu has served as chairman and CEO of Poongsan Group, one of the largest manufacturers of copper products a

IndustryDec. 6, 2020

Korea to tighten grip on global internet giants amid service complaints

A law revision set to take effect next week will tighten rules for data-hungry internet giants, such as Netflix Inc., amid growing calls for stable services. Earlier this week, the Cabinet passed an amendment to the ordinance of the Telecommunication Business Act, stipulating that online content service providers are responsible for providing stable services to users. The new rules set to take effect Dec. 10 apply to large online service companies, which account for 1 percent or more of the co

TechnologyDec. 5, 2020

Seoul shares likely to move in tight range next week

South Korean stocks are likely to move in a tight range next week after a continued rally this week as investors take a breather. Despite a surge in new daily COVID-19 cases, the Korea Composite Stock Price Index (KOSPI) closed at an all-time high of 2,633.45 points Friday, up 3.72 percent from a week ago. The KOSPI exceed the 2,700-point mark for the first time Friday on extended foreign buying, buoyed by vaccine hopes and expectations of better earnings for exporters, particularly the chipma

MarketDec. 5, 2020

Japan's Uniqlo to close main outlet in S. Korea amid pandemic

Japanese fashion retailer Uniqlo will close its outlet in Seoul's popular shopping district next month, after a sharp fall in sales stemming from the new coronavirus outbreak and a trade dispute between Seoul and Tokyo. Uniqlo said on its website recently in Korean that its global flagship store in Myeongdong, central Seoul, will stop operating Jan. 31. The outlet is the second biggest in the world after one in New York.    The closure came as online shopping has gained tra

ConsumerDec. 5, 2020

Court rules in favor of late Lotte chairman in gift tax case

A Seoul court ruled Friday in favor of Shin Kyuk-ho, the late founder of retail giant Lotte Group, in a lawsuit he filed against the tax authority over hundreds of billions of won of gift taxes. The Seoul Administrative Court ordered a district tax office to revoke 212.6 billion won (US$196 million) of gift taxes imposed on the honorary chairman of the nation's fifth-largest conglomerate, who died in January at the age of 99. The taxes were levied after the prosecution charged Shin with tax e

IndustryDec. 4, 2020

Hyundai Card’s Dive culture app bags top mobile award

South Korean credit card issuer Hyundai Card announced Friday that Dive, Hyundai Card’s culture app, had won a high-profile app award two years in a row. Hosted by the Korea Internet Professionals Association, a nonprofit body that supports the local internet industry, the Smart App Award is one of the most prestigious contests for apps developed by local companies and government agencies. Its annual awards go to the best smartphone apps in six categories -- visual design, user interfa

MarketDec. 4, 2020

Current account surplus rises to three-year high in Oct.

South Korea’s current account surplus, a key barometer of the nation’s trade, surpassed $10 billion for two consecutive months and hit a three-year high in October, the central bank said Friday. The surplus increased 48.9 percent on-year to $11.6 billion in October on the back of recovering exports, despite the coronavirus pandemic, according to the Bank of Korea. It marked the largest surplus since September 2017, when the corresponding figure stood at $12.3 billion, and the t

EconomyDec. 4, 2020

Kospi tops 2,700-point mark for the first time on foreign buying

South Korea’s main bourse, Kospi, topped the 2,700-point mark for the first time on Friday with a continued rally by giant chipmakers. The local currency’s value against the US greenback also rose further after reaching its highest point in 30 months a day earlier. As soon as trading began, the Kospi surpassed its previous record of 2,696.22 set a day earlier and soared to 2,705.34, up 9.12 points or 0.34 percent. Buoyed by foreign investors’ buying binge to the tune of 766.6

MarketDec. 4, 2020