Retail sales up in Oct. on pandemic, promotional events

Retail sales in South Korea increased 8.4 percent in October from a year earlier on the back of the pandemic and consumption-boosting events, data showed Monday. The combined sales of 26 major offline and online retailers reached 12.01 trillion won ($10.7 billion) last month, up from 11.08 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Online platforms led the overall growth, with their revenue advancing a whopping 17.2 percent over t

ConsumerNov. 23, 2020

[Monitor] Fair market value of studio apartments in Seoul to rise by 5.8% in 2021

The fair market value of multipurpose studio apartments in Seoul is expected to rise by 5.86 percent next year, according to a report by the National Tax Service. The value of commercial buildings in Seoul is likely to rise by 3.77 percent. The average fair market value for all studio apartment properties nationwide is expected to go up by 4 percent, while that of commercial buildings is expected to increase by 2.89 percent. The value is expected to rise as demand for multipurpose studio apart

IndustryNov. 23, 2020

Samsung Heavy wins $2.5b order from Europe

Samsung Heavy Industries Co. said Monday it has signed a $2.5 billion deal with a European company to provide ship blocks and other equipment. The deal, the largest order ever the shipyard has clinched, will be finalized in December 2025, Samsung Heavy Industries said in a regulatory filing. So far this year, Samsung Heavy has secured orders worth $3.8 billion, achieving 45 percent of its annual order target for the year. With the deal, Samsung Heavy's order backlogs also rose to $21.1 billio

IndustryNov. 23, 2020

S. Korea's financial markets to open 1 hour later on college entrance exam

South Korea's financial markets will start trading an hour later than usual on Dec. 3 due to the nationwide college entrance exam, the bourse operator said Monday. Trading of stocks, as well as the exchange traded fund (ETF) and bond markets, will begin at 10 a.m. and close at 4:30 p.m., the Korea Exchange (KRX) said in a statement. Trading of derivatives will run from 10 a.m. to 16:45 p.m. Among commodities, trading of gold will begin an hour late at 10 a.m. and close at the usual 3:30 p.m

MarketNov. 23, 2020

LG releases new 4K projector amid pandemic

LG Electronics Inc. on Monday introduced a new cinema projector in South Korea that boasts easy screen alignment amid the pandemic-driven stay-at-home trend. The latest model of the LG CineBeam Laser 4K, the HU810PW, is equipped with a "triple image adjustment" feature that gives more installment options to users, the South Korean appliance maker said. It will be sold at 3.79 million won ($3,400) here. The new projector can create a rectangle screen even if it is positioned at the

TechnologyNov. 23, 2020

Seoul stocks open higher on tech, bio gains

South Korean stocks opened higher Monday, backed by strong advances by tech and bio heavyweights amid the resurgent coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.42 points, or 0.41 percent, to 2,563.92 in the first 15 minutes of trading. The KOSPI got off to a mild gain on foreign buying as large caps traded higher amid signs of economic recovery, including an 11.1 percent on-year jump in South Korean export in the first 20 days of November. Bio share

MarketNov. 23, 2020

S. Korean brokerages rosy on 2021 stock prices

South Korean brokerage houses expect the local stock market to continue its upturn to reach a new zenith in 2021 on expectations for an economic recovery, sources said Monday. Thirteen securities companies have forecast the upper-end target band for the benchmark Korea Composite Stock Price Index (KOSPI) to range from 2,630 to 3,000 in the coming year. The expected range surpasses the key stock index's all-time high of 2,568.54 and an intersession record of 2,607.10. Heungkuk Securities Co. h

EconomyNov. 23, 2020

Exports rise 11.1% in first 20 days of November

South Korea's exports rose 11.1 percent on-year in the first 20 days of November, customs data showed Monday, raising cautious hopes of an economic recovery from the coronavirus pandemic. The country's outbound shipments stood at $31.3 billion in the Nov. 1-20 period, compared with $28.1 billion a year earlier, according to the data from the Korea Customs Service. Per-day exports also increased 7.6 percent on-year in the Nov. 1-20 period, the data showed. Imports gained 1.3 percent on-year

EconomyNov. 23, 2020

Shares of major Samsung units surge following chief's death

Shares in major units of South Korea's top conglomerate, Samsung Group, have risen at double-digit rates since the death of its chief a month ago on hopes for an economic recovery and more dividends from them, data showed Monday. Share prices of Samsung Electronics and six other major subsidiaries jumped an average 13.8 percent between Oct. 25, when Lee Kun-hee died after being bedridden following a heart attack in 2014, and Friday, according to the data from the Korea Exchange. Shares in Sams

MarketNov. 23, 2020

S. Korea should improve fintech regulations for sustainable growth: BCCK

In order to drive the sustainable growth of the fintech industry in the post-coronavirus era, South Korea needs to improve its regulatory frame, the British Chamber of Commerce in Korea has said. The BCCK’s fintech committee, which kicked off in December last year, has released its first white paper to highlight how the current COVID-19 pandemic is accelerating the digital transition across the world, officials said Sunday. Outlining the best practices and policy suggestions on the lates

MarketNov. 23, 2020

Bumpy road ahead of KAL-Asiana tie-up

Controversy escalated Sunday over the proposed business integration plan of South Korea’s two flag carriers -- Korean Air Lines and Asiana Airlines -- as to whether the fundraising plan of Korean Air’s parent company Hanjin KAL to achieve the tie-up is legally viable. State-run lender and creditor Korea Development Bank has addressed concerns over the possibility of an injunction court order that might kill its plan of providing 800 billion won ($716 million) to Hanjin KAL in retur

MarketNov. 22, 2020

GS Inima Environment wins W2.3tr seawater desalination projects in Oman

GS Inima Environment said Sunday it has won an overseas desalination project worth 2.3 trillion won ($2.1 billion) in Oman, the biggest in the company’s history. According to the Spain-based water processing subsidiary of GS Engineering & Construction, it received a letter of award from Oman Power & Water Procurement Company to conduct two independent water projects -- the third phase desalination project at Al Ghubra desalination plant and the fifth phase project plan in Barka.

IndustryNov. 22, 2020

[From the Scene] Kospo undaunted in wind power plans

YEONGDEOK, North Gyeongsang Province -- Golden rays of sunlight pierced through the chunks of cotton clouds to shine across 24 giant wind turbines atop a 200-meter-tall hill. The three blades jutting from each of the 1.65-megawatt wind turbines rotated clockwise at full throttle, powered by the sea breeze from the coast of Yeongdeok, North Gyeongsang Province. “In the winter season from November to February, Yeongdeok Wind Farm is in full operation as strong winds from the northwest b

IndustryNov. 22, 2020

[Behind the Wheel] Renault Samsung’s QM6 returns with refreshed look

A year and a half after presenting its sports utility vehicle QM6 with upgrades including new powertrains, Renault Samsung Motors introduced a new version of the bestselling model this month with a revamped exterior. Renault Samsung’s QM6 has been a cash cow for the automaker, having sold more than 160,000 units in the domestic market since its launch in 2016 and topping the country’s monthly sales of SUVs on several occasions. The first upgraded model came out in June 2019, when

MobilityNov. 22, 2020

SsangYong’s SUV lineup shines amid pandemic

As the pandemic continues, car camping is gaining popularity for many outdoor enthusiasts seeking ways to follow the social-distancing measures. Ssangyong Motor, which specializes in sport utility vehicles, has been riding on the trend, as its vehicles focus on large cargo capacity, convenience and safety. For one, its 2021 compact SUV Tivoli Air is able to transform itself into a driver’s outdoor movie theater. When the second-row seats are folded down, the indoor space reaches 1,879 m

MobilityNov. 22, 2020

Samsung’s Bespoke brand steers home appliance sales

Samsung Electronics said Sunday that sales of its home appliances launched under the Bespoke brand have increased rapidly. Bespoke refrigerators, for instance, took up 65 percent of its total refrigerator sales during the June-October period. Sales of the Bespoke dishwasher and oven models from January to October increased by 280 percent and 130 percent on-year, respectively. The Bespoke oven model launched in September last year accounted for 70 percent of the company’s total oven sa

IndustryNov. 22, 2020

[Contribution] Now is time to focus on supporting companies

Under the impact of the COVID-19 pandemic and ongoing trade disputes between nations, South Korea’s trade-reliant companies are going through a difficult time.  Struggling to survive in this hard time, often likened to the “barley hump,” they have made desperate efforts. The “barley hump,” is a Korean way of describing the lean season, known in some countries as the hunger gap, when the fall harvest runs out but barely anything in the fields is ready to eat

EconomyNov. 22, 2020

Funds managed by robo-adviser startups surge more than W1tr

Robo-adviser startups in South Korea saw their funds increase by more than 1 trillion won ($896.7 million) in a year, driven by stock trading fever amid the prolonged COVID-19 pandemic, industry data showed Sunday.  According to data from the Korea Financial Investment Association, the amount of funds entrusted to the country’s four major robo-adviser firms -- Fount, Aim, December & Company and Doomoolmori -- stood at 1.29 trillion won in the third quarter, up some 1.03 trillio

MarketNov. 22, 2020

[News Focus] Female discouraged workers up 30% since 2017

SEJONG -- South Korea saw its number of people aged 15 or over who have abandoned looking for jobs increase sharply over the past three years, data from a government agency showed. The data also suggested that women far outstripped men in this category during the first 41 months of President Moon Jae-in’s 60-month term. According to figures held by Statistics Korea, the number of discouraged workers was 498,000 in May 2017, when the Moon administration took office. The monthly figure,

EconomyNov. 22, 2020

Korea’s sovereign wealth fund joins climate change coalition

South Korea’s sovereign wealth fund Korea Investment Corp. said Sunday that it was now a member of the One Planet Sovereign Wealth Fund, the world’s largest multilateral working group convened by sovereign wealth funds across the globe to promote cooperation on climate change.  Established Dec. 12, 2017, at the “One Planet Summit” -- a global coalition launched by the French government and the UN to work together on climate change -- the fund exists to develop a f

MarketNov. 22, 2020