Apple to open 2nd store in S. Korea

Apple Inc. said Monday it will open a new store in South Korea, expanding its presence in the country dominated by local tech giant Samsung Electronics Co. Apple said on its homepage that it will soon open a new store in Yeouido, western Seoul, its second official store in the country. Despite the US tech giant's popularity in the local market, it currently operates one official store in South Korea in southern Seoul. Apple's new iPhone 12 series has sold around 600,000 models since its launc

TechnologyNov. 30, 2020

[Graphic News] Samsung takes one-third of global TV market in Q3: report

Samsung Electronics remained the world's leading TV vendor in the third quarter of the year, a report showed, as it accounted for one-third of the market amid the pandemic. The South Korea tech giant had an all-time high 33.1 percent market share in the global TV market in the July-September period in terms of revenue, according to data from industry researcher Omdia. Samsung sold $9.3 billion worth of TVs in the third quarter, up 22 percent from a year earlier, the data showed.

BusinessNov. 30, 2020

Seoul stocks open nearly flat amid virus surge

South Korean stocks opened almost flat Monday after the benchmark index set a fresh record high the previous session amid a resurgence of COVID-19 cases. The Korea Composite Stock Price Index (KOSPI) rose 1.05 points, or 0.04 percent, to 2,634.5 in the first 15 minutes of trading. Stocks got off to a muted start as a recent surge in infections dampened investor hopes for a faster-than-expected economic recovery amid global development of new COVID-19 vaccines. Investors are also tempted to lo

MarketNov. 30, 2020

IPhone 12 sales estimated at 600,000 in S. Korea

Apple Inc.'s iPhone 12 models have drawn a keen response in South Korea, with sales of the newest models estimated to be some 600,000 here since their launch late last month, industry sources said Monday, almost on par with the feat of Samsung Electronics Co.'s flagship models. The country's three major carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- are estimated to have sold around 500,000 iPhone 12 series models since Oct. 30, according to the sources. Considering that unlocked m

TechnologyNov. 30, 2020

Industrial output stays flat, consumption falls again in Oct.

South Korea's industrial output stayed flat in October from a month earlier while consumption and investment declined again, data showed Monday, in a sign that economic recovery momentum still remains weak amid the pandemic. The nation's overall industrial production remained unchanged on-month in October, following a 2.2 percent on-month gain in September, according to the data compiled by Statistics Korea. Compared with a year earlier, the industrial output fell 2.7 percent in October. Prod

EconomyNov. 30, 2020

[News Focus] 45% of Korean female workers in nonregular job status

SEJONG -- South Korea saw the percentage of those in nonregular job status among the total female workers climb to the all-time high. As for men, the nonregular employee portion marked the highest in more than a decade. In Korea, job statuses are commonly divided into regular jobs with permanent contracts and consequent protections for workers, and nonregular jobs, such as temporary jobs, contract jobs and other forms of works with low job security. According to research d

EconomyNov. 29, 2020

[Global Finance Awards] Hana Bank leads digital finance ties among global industries

Hana Bank, a major South Korean lender, has been fostering cross-border connections with overseas firms and gearing up to take its online payment platform global. The firm’s holding group Hana Financial Group hosted a consortium of its Global Loyalty Network platform on Nov. 24, attended by 100 officials from 30 global banking groups, distributors and other financial institutions from 10 nations including China, Japan, Thailand, Russia, the US and the UK. The aim of the GLN is to bec

MarketNov. 29, 2020

[Global Finance Awards] Woori Bank integrates ESG values with finance

Woori Bank has been upholding environmental, social and governance values through issuance of ESG bonds and supporting green projects here. The lender won the Prime Minister Awards at the 2020 Global Green Management Excellence Awards co-hosted by Ministry of Environment and the Ministry of Trade, Industry and Energy. The award was created in 2006 to shed light on those that contribute to state-planned green projects. Woori’s issuance of sustainable bonds and financial support for rene

MarketNov. 29, 2020

[Global Finance Awards] Mirae Asset Global shines with high returns from local, overseas investments

Mirae Asset Global Investments, South Korea’s leading asset management firm, has a long track record both in and out the country. Especially during the volatile market amid the spread of COVID-19 around the globe this year, the firm’s performance has shone, as it newly launched or operated funds with high returns. By using a balanced portfolio strategy, its funds listed on Korea’s benchmark Kospi, and on the Nasdaq market in the US, outperformed by mainly investing in sectors

MarketNov. 29, 2020

[Global Finance Awards] NH NongHyup takes key role in supporting virus-hit communities

As South Korea’s largest agricultural bank, NH NongHyup has played a key role in supporting local communities that have been hit hard by the prolonged coronavirus crisis with a series of vibrant social contribution activities throughout the year. So far, the key affiliate of NH NongHyup Financial Group spent more than 1 trillion won ($903 million) on its social contribution activities and programs, the largest amount among major lenders here. The lender has put more money than any othe

MarketNov. 29, 2020

[Global Finance Awards] Financial industry should lead inclusive growth

Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding its fourth Global Finance Awards. The annual awards recognize individuals and companies that have blazed new trails in the global market by providing innovative, convenient financial services in spite of tight regulations and other challenging environments. These successful business models and achievements should be encouraged a

MarketNov. 29, 2020

[Global Finance Awards] Hyundai Card aims to become data-driven company

Hyundai Card, one of South Korea’s leading credit card companies, has been beefing up its abilities to analyze consumer data, such as where consumers use credit cards and what items they buy, to better understand customer habits. These efforts are aimed at offering tailored services and products to meet differing customers’ needs. “Hyundai Card has established a curation system that defines data and cleanses unnecessary data, so that data of diversified nature may be systemat

MarketNov. 29, 2020

[Global Finance Awards] Korea Investment and Securities supports young dream

Under the slogan, “Sharing Happiness, Sharing Love,” Korea Investment & Securities has been taking a part in social contribution activities. The brokerage firm has been running a series of projects to support young members of underprivileged households to help them pursue their dreams. As part of its project, the KIS visited Seoul Metropolitan Police Agency on Wednesday and donated 100 million won ($90,000) to support children from families who fell victim to crime. The donati

MarketNov. 29, 2020

[Global Finance Awards] Kakao Bank accelerates transition of online retail banking services

Kakao Bank, South Korea’s biggest online bank, has been reshaping the banking industry here with its mobile banking services that attracted younger customers. The ongoing coronavirus crisis has also been accelerating the offline-to-online transition, giving the online-only bank a timely chance to expand its user base in other age groups, including senior citizens. “Kakao Bank has secured the half of the nation’s population as customers with its mobile services, offering new

MarketNov. 29, 2020

[Global Finance Awards] Amid pandemic, Mirae Asset Daewoo expands global footprint

South Korean securities brokerage firm Mirae Asset Daewoo is expanding its global footprint as it revs up localization efforts, while its overseas business operations are setting new highs in terms of net income despite the COVID-19 pandemic. Mirae Asset Daewoo operates 11 foreign corporations and three offices, according to its latest financial statement. In the first three quarters of 2020, Mirae Asset Daewoo logged a combined 174.1 billion won ($157.4 million) net profit before taxes, top

MarketNov. 29, 2020

Cryptocurrency experts still hopeful despite sharp drop in values last week

Cryptocurrency bitcoin plunged Thursday night after a weekslong rally, while other crypto coins also posted double-digit percentage declines. The precipitous fall raised the alarm about aother epic bust, like the one three years ago. The bitcoin price slid as much as 12.25 percent to $16,374, before settling at $17,226, down 7.69 percent, according to Dunamu, operator of local cryptocurrency exchange Upbit. The price of bitcoin soared near a record high of $19,511 in the early Thursday tradi

MarketNov. 29, 2020

Hyundai Motor, Naver partner on mobility

South Korea’s leading automaker and search engine platform have agreed to work together on tech services and seek partnerships with small firms. Hyundai Motor Group said Sunday that it agreed to work with Naver to cooperate in three business areas -- media and platform content, new mobility services and new business models -- and build relationships with small and midsized enterprises. Chi Young-cho, Hyundai Motor Group’s executive vice president for strategy and technology, and

MobilityNov. 29, 2020

[Herald Interview] ‘Forestry crucial for healthy, sustainable future of humanity’

Environmental degradation has become one of the greatest threats to humankind over the past decades. For one, the world is suffering from worsening air pollution, which is linked to deforestation, and the large forest fires that threaten the lives of millions worldwide.  Forestry is imperative for a healthy and sustainable future of humanity. As the world is suffering from the COVID-19 pandemic, experts also believe that deforestation is closely linked to the crisis and that forests can

IndustryNov. 29, 2020

Can LG Energy Solution, SK Innovation ITC suit be delayed 3rd time?

As South Korean battery makers LG Chem and SK Innovation inch toward the deadline for a final ruling by the US International Trade Commission, scheduled for Dec. 10, rumors are swirling that the institution may delay the decision a third time, according to industry sources on Sunday. “There are multiple factors that make the rumors about a third delay plausible, such as the changing US administration and the continued spread of COVID-19,” an industry source told The Korea Herald.

IndustryNov. 29, 2020

Household savings will likely hit highest level since 1999: BOK

South Korea is likely to see its household savings reach their highest level in more than two decades, as the prolonged COVID-19 pandemic has driven people away from consumption and investment, central bank data showed Sunday. A high level of savings may be seen as a positive economic indicator, but may also be cause for alarm over sluggish consumption and negative market sentiment. Through its monthly research statistics report, the Bank of Korea suggested that the country’s househol

MarketNov. 29, 2020