Seoul prime office transactions pick up in search of safety

Prime office transactions in South Korea’s capital city of Seoul came to 4.6 trillion won ($4.13 billion) during the third quarter of 2020, as real estate investors have searched for safety in times of ongoing uncertainties, data showed Monday. This surpassed the 4.2 trillion-won figure for the first half of 2020, according to data compiled by commercial real estate services firm Savills Korea. If combined, the transaction of the January-September period took up 75 percent of the yearly v

MarketNov. 9, 2020

SKT expands services for foreign subscribers

SK Telecom, South Korea‘s top mobile carrier, said on Monday it is ramping up its services for foreign language customers under the slogan “Like a Local” in an effort to help break language barriers in an increasingly multicultural era. In an industry first, the company said it will offer an English language service for its mobile app where users can check their data usage, get discounts and pay mobile bills upfront. The telecoms network will also offer customer service in mu

TechnologyNov. 9, 2020

Korea ranks 9th out of 23 for recovery pace: KCIF

  South Korea has fared well among the world’s major economies, with a related economic indicator showing a mid-level performance, the Korea Center for International Finance said Monday.  According to the Tracking Indices for the Global Economic Recovery, an index designed to measure global economic recovery by the think tank Brookings Institution and Financial Times, Asia’s fourth-largest economy posted minus 0.76. The figure marked 9th place among 23 leading economies,

EconomyNov. 9, 2020

S. Korea mulls toughening rules on overdrafts: finance minister

South Korea is considering tightening rules on overdrafts as a sharp rise in such lending adds to concerns over the country's already-high household debt, the finance minister said Monday. As the financial regulator toughened rules on mortgage lending to curb rising housing prices, people heavily took out overdrafts in recent months to meet demand for property-related costs and invest in stocks amid low interest rates. At a parliamentary session, Finance Minister Hong Nam-ki said the governmen

EconomyNov. 9, 2020

Korea Shipbuilding wins W200b oil crude carrier order from Europe

Korea Shipbuilding & Offshore Engineering Co. said Monday that it has signed a 200 billion won ($179 million) deal with a European shipping firm to build two very large crude-oil carriers (VLCCs). The 300,000-ton vessels to be built by Hyundai Heavy Industries Co., a unit of Korea Shipbuilding, will be delivered from June 2022, the company said in an e-mailed statement. So far this year, Korea Shipbuilding has won orders to build 11 VLCCs, accounting for 55 percent of the global VLCC marke

IndustryNov. 9, 2020

[Monitor] Global demand for eco-friendly vehicles on a steady rise

The global sales of eco-friendly vehicles increased by 14.4 percent to nearly 5.28 million units last year compared to a year prior, according to a recent report from Korea Automobile Manufacturers Association. Toyota ranked No.1 in sales by selling 1.98 million units, a 17.9 percent jump in the same period. Toyota was followed by Tesla, which sold 460,000 units, witnessing a whopping 80.3 percent spike on-year. Honda ranked third with 390,000 units, a 27.4 percent jump. Meanwhile, Hyundai M

IndustryNov. 9, 2020

Biden victory pushes Korean currency to 22-month high

South Korea's won currency surged to a 22-month high against the US dollar on Monday, after the election of Joe Biden as the next US president. The won was quoted at 1,113.9 won per US dollar at Monday's closing, up 6.5 won from the previous session, touching its strongest level since Jan. 31, 2019. It was the first time in some 22 months that the currency breached the key support level of 1,120 won to the greenback. Analysts said the won is expected to further strengthen for the time bein

EconomyNov. 9, 2020

Hyundai Rotem wins $76b conveyer system order from Ford

Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Monday it has received a $76 billion order to supply conveyer systems to Ford Motor Co.'s plants by 2022. Hyundai Rotem will provide the conveyer systems to the US carmaker's plants in Argentina, South Africa and Thailand in the next two years, the company said in a statement. Hyundai Rotem has received orders for an accumulated 280 billion won ($250 million) worth of production facilities for Ford's assembly li

IndustryNov. 9, 2020

Seoul stocks open higher on Biden effect

South Korean shares opened higher Monday on tech and battery gains, following Joe Biden's victory in the US presidential election. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.21 points, or 0.88 percent, to 2,437.71 in the first 15 minutes of trading. The market got off to a strong start after a five-session winning streak, as investors pinned hopes that a Biden presidency and Republican-controlled Senate would benefit the local chip and battery suppliers. Most large caps

MarketNov. 9, 2020

Foreigners remain net buyers of S. Korean stocks in October

Foreign investors remained net buyers of South Korean stocks in October, extending their buying spree for a second consecutive month, partly thanks to the weak US dollar, data showed Monday. Foreigners bought a net 1.35 trillion won ($1.2 billion) worth of local stocks in October, according to the data from the Financial Supervisory Service (FSS). British investors net purchased 1.3 trillion won worth of stocks, while American investors sold a net 800 billion won worth of stocks last month, ac

MarketNov. 9, 2020

S. Korean firms urged to diversify into Malaysia

South Korean companies need to diversify their Southeast Asian exports and investments into Malaysia in a departure from their focus on Vietnam, a report said Monday. "Malaysia has been drawing attention as a promising destination for exports and investment as well as a supply source as the United States has opened the possibility of imposing tariffs on Vietnamese goods through a foreign exchange investigation," said the report from the Korea International Trade Association (KITA).&nb

EconomyNov. 9, 2020

Investors watchful after Biden victory

With the election of Democrat Joe Biden as the next US president, investors here and abroad are paying keen attention to the impact of the outcome on the financial market. What was widely perceived as a worst-case scenario in the eyes of market watchers -- a Biden presidency combined with Republican control of the US Senate -- has so far instead given a boost to the market. The results defied predictions of a bearish gridlock that might derail stock markets, primarily centering on the Democrat

MarketNov. 8, 2020

Shinhan Bank joins forces with LS Electric for green energy push

South Korea’s leading commercial bank Shinhan Bank announced Sunday that it has signed an agreement to carry out green energy projects with electric parts producer LS Electric. Through the partnership, the two companies will work together to support alternative energy projects involving solar power, energy storage systems and fuel cells. The banking firm and manufacturing firm will build a platform to offer financing services for small and medium-sized companies working with conglomerates

MarketNov. 8, 2020

Biden win bodes well for Korean exports

US President-elect Joe Biden’s multilateral approach to trade could work in export-reliant South Korea’s favor. But the next administration’s eco-friendly policies and a new approach to dealing with China could weigh on Asia’s fourth-largest economy, according to local sources Sunday. 　 The Bank of Korea said global trade sentiment is expected to recover when President-elect Biden moves to woo US allies battered by Donald Trump’s trade sanctions and work with them

IndustryNov. 8, 2020

[News Focus] Employment rate for 30-somethings hits 5-year low

SEJONG -- South Korea saw its employment rate slide to 60.3 percent in September, its lowest level in four months since it hit 60.2 percent in May. People in their 30s have been hit hardest, government data suggested. According to Statistics Korea, the employment rate for those aged between 30 and 39 recorded 74.1 percent. This was the lowest figure in more than five years (65 months), since April 2015, when it stood at 73.8 percent. The figure for September 2020 was 2.4 percentage points lo

EconomyNov. 8, 2020

[Photo News] Luminous, luxurious Christmas tree

Italian luxury fashion brand Fendi’s chandelier-concept Christmas tree is lit up in front of the Galleria Department Store’s eastern Luxury Hall in Apgujeong-dong, southern Seoul. (Yonhap) (khnews@heraldcorp.com)

IndustryNov. 8, 2020

GS E&C opens Seoul-Munsan highway worth W2.1tr

GS Engineering & Construction has opened a new highway that connects Goyang, Gyeonggi Province, a satellite city just northwest of Seoul, and Munsan, a town within the border city of Paju, Gyeonggi Province, the company said Sunday. A total of 2.1 trillion won ($1.87 billion) was poured into the Seoul-Munsan Expressway, after it broke ground in November 2015. The highway is 35.2 kilometers long, ranging from two to six lanes. The Seoul-Munsan highway is expected to reduce traffic in th

IndustryNov. 8, 2020

[News Focus] Biden’s anti-fracking stokes uncertainties for Korean refineries

Industries are guaging the prospects of their US businesses under US President-elect Joe Biden, and South Korean refineries and petrochemical companies are among them. The sticking points are whether Biden’s anti-fracking policy and renewable energy push will actually impact the global price of oil and their businesses. “Biden’s limit on fracking will curb the production and supply of shale oil and gas. But regardless of Biden’s anti-fracking policy, demand on oil w

IndustryNov. 8, 2020

[Behind the Wheel] Tivoli Air returns for young outdoor enthusiasts

SsangYong Motor’s Tivoli Air returned again a year after its discontinuation to attract young outdoor enthusiasts in the wake of the pandemic. Tivoli, which was introduced as SsangYong’s first compact sport utility vehicle in 2016, was discontinued last year due to weak sales. However, as demand for small SUVs grows among young drivers for low-risk outdoor activities during the pandemic, Tivoli nimbly returned with more cargo space and greater cost efficiency. Tivoli should now

MobilityNov. 8, 2020

Kepco vows downsized coal-fired power projects

Korea Power Corp. on Sunday released its annual sustainability report, which highlighted the state-run utility’s plan to reduce or suspend its coal-fired power plant projects at home and abroad in the future. The release came amid mounting criticism from environmental and investment groups over Kepco’s double-sided business practices -- conducting solar and wind power projects at home in lock step with President Moon Jae-in’s Green New Deal initiative while pursuing coal-fi

IndustryNov. 8, 2020