Coronavirus-caused job crisis spills over to non-service sectors: report

While the outbreak of COVID-19 initially impacted jobs in the service sector, the fallout has now spilled over to South Korea’s manufacturing and knowledge industries amid the prolonged epidemic crisis, data showed Wednesday. Also, young workers under 40 took a heavier blow than those in their 40s and 50, while those aged 60 and older saw a rise in their employment numbers. The number of people employed in retail, wholesale, lodging and restaurant businesses totaled 5.52 million in S

EconomyOct. 21, 2020

Shin Dong-bin’s son joins Lotte Japan

Shin Yu-yeol, the only son of Lotte Group Chairman Shin Dong-bin, joined Lotte Japan earlier this year, the group confirmed on Wednesday. His educational and career path resembles his father’s corporate journey. Shin went to Keio University, got a management degree from Columbia University and previously worked at Nomura Singapore. His father also began his career at Nomura London when he was 25 and moved to Lotte International in Japan when he was 32. He graduated from Aoyama Gakuin

IndustryOct. 21, 2020

Tree guard tech: KT, Posco team up to keep streets green

South Korean telecommunications firm KT announced Wednesday that the company has teamed up with Posco and Mystech to develop smart urban street furniture. Under the partnership signed Wednesday, the three Korean firms plan to introduce its smart street furniture system to smart cities that the local governments will introduce down the road. In the development phase, KT will provide its Internet of Things technologies. Posco will offer its steel materials, while local street furniture maker M

TechnologyOct. 21, 2020

GM introduces first super truck Hummer EV

GM introduced Wednesday the brand‘s first super truck, Hummer EV, developed to forge new paths with zero emissions. It will be the first fully electric addition to GMC’s lineup, GM said, adding that it would be driven by next-generation propulsion technology that enables advanced off-road capability, on-road performance and an immersive driving experience. GMC is a division of GM that primarily focuses on trucks and utility vehicles. “This innovative truck comes to the mar

MobilityOct. 21, 2020

NPS partners with Dutch pension fund for global investments

South Korea’s biggest institutional investor, the National Pension Service, has forged a partnership with Dutch retirement fund operator APG Asset Management to invest in European and Asian markets, according to the Korean fund operator. APG, which managed assets worth 538 billion euros ($637.4 billion) as of the end of 2019, invests in the private education, construction and energy sectors on behalf of Dutch state-run fund ABP. Before forging the partnership, APG and the NPS jointly in

MarketOct. 21, 2020

Apartment prices for average Koreans have soared since 2017

The prices of small to midsized apartments have increased precipitously in recent years, according to data from the office of Rep. Kim Sang-hoon. The lawmaker’s office received the data from the Korea Appraisal Board. Small to midsized apartments, measuring 40 to 62.8 square meters, have increased in price 65.9 percent, posting 245.2 million won on average, from May 2017 to July this year, the data showed. The lawmaker’s office classified apartments into four categories: Small apa

MarketOct. 21, 2020

Samsung Biologics Q3 net income up 27% to 56.1b won

Samsung Biologics Co. on Wednesday reported its third-quarter net profit of 56.1 billion won ($49.5 million), up 27 percent from a year earlier. The company said in a regulatory filing that operating income for the July-September period rose 139.5 percent on-year to 56.5 billion won. Sales increased 48.6 percent to 274.6 billion won. (Yonhap)

IndustryOct. 21, 2020

Seoul stocks increase for 3rd session on US stimulus optimism

South Korean stocks extended gains for a third consecutive session Wednesday, as investors held out optimism for progress in the US stimulus talks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.45 points, or 0.53 percent, to close at 2,370.86. Trading volume was moderate at 802 million shares worth some 9.7 trillion won ($8.6 billion), with gainers outnumbering losers 675 to 183. Foreigners bought a net 6.4 billion won, while retai

MarketOct. 21, 2020

Renters 65% less likely than homeowners to get married: study

South Koreans who rent their homes are less likely to get married and have children than those who own their own homes, a private think tank said Wednesday. When people who paid monthly rent were compared with homeowners, the former were 65 percent less likely to tie the knot than the latter, according to the Korea Economic Research Institute, which is under the country’s top business lobby, the Federation of Korean Industries. For people who have “jeonse” apartment leases, t

MarketOct. 21, 2020

SPC Group to open Shake Shack in Daejeon

SPC Group said Wednesday it will open a Shake Shack location in Galleria Timeworld in Daejeon in November. The Shake Shack store planned to launch in Daejeon is the third outlet for the burger chain to be opened outside the Greater Seoul area that includes Incheon and Gyeonggi Province, SPC said. A fence installed around the Shake Shack store at Galleria Timeworld department store is decorated with colorful graffiti art depicting people dining in the burger house by Junk House, SPC said. The

IndustryOct. 21, 2020

SK E&C joins hands with Veea for Smart Safety Platform

SK Engineering & Construction said Wednesday it has teamed up with US platform-as-a-service company Veea to develop and operate a Smart Safety Platform, a service designed to protect staff on construction sites. The safety management system collects and analyzes big data with regards to industrial disasters and sends information to supervisors and construction workers via portable devices, the construction company said. The move will see SK E&C bypass technical difficulties surrounding

IndustryOct. 21, 2020

Naver's online forums largest source of COVID-19 fake news: lawmaker

Online forums operated by Naver Corp., South Korea's largest portal operator, had the most cases of COVID-19-related fake news censored among popular websites here, a lawmaker said Wednesday. The country took action in 47 cases on Naver's online forums out of a total of 196 cases of pandemic-related fake news it censored this year, according to Rep. Jo Seoung-lae of the ruling Democratic Party, citing data from the country's censorship body, the Korea Communications Standards Commission (KCSC).

TechnologyOct. 21, 2020

JB’s Cambodian subsidiary launches e-loan repayment services

Phnom Penh Commercial Bank -- the Cambodian subsidiary of JB Financial Group’s flagship lender -- signed a deal with a Thailand-based financial technology firm to provide electronic loan repayment services to customers, the South Korean banking group said Wednesday. PPC Bank’s latest memorandum of understanding with True Money is to allow customers to repay both the principal and interest back to the lender via the fintech firm’s electronic wallet service known as True Money

MarketOct. 21, 2020

Central bank upgrades large-value fund transfer system

South Korea’s central bank on Wednesday held a ceremony for the launch of its upgraded large-value interbank fund transfer system, which started operations last week. The Bank of Korea’s real time gross settlement system is the nation’s only system handling transfers of large funds between financial institutions. The system was first launched in 1994 and was upgraded previously in 2009, but the BOK has been building the “next-generation” version since 2015 t

MarketOct. 21, 2020

S. Korea vows to join IMF's move to help low-income nations hit by pandemic

SEJONG -- South Korea will join a move by the International Monetary Fund (IMF) to help low-income nations recover from the coronavirus pandemic, Finance Minister Hong Nam-ki said Wednesday. Hong made the remarks during a virtual meeting with IMF Director Kristalina Georgieva earlier in the day, the Ministry of Economy and Finance said in a statement. South Korea also supports an increase in funding for the IMF as demand for loans and grants jumped in the wake of the pandemic, Hong said. E

EconomyOct. 21, 2020

Posco International, Seoul Techno Holdings to foster global startups

Posco International said Wednesday it would partner with Seoul Techno Holdings to foster startups with global potential. The trading firm signed a business agreement with the tech firm of Seoul National University in Seoul to help local startups advance into the global market. The event was attended by Posco International CEO Joo Si-bo and Seoul Techno Holdings President Mok Seung-hwan. With this agreement, the two will build a win-win model to promote overseas expansion of startups with ex

IndustryOct. 21, 2020

Daewoo Shipbuilding gets approval for FLNG design

Daewoo Shipbuilding & Marine Engineering Co. said Wednesday it has won approval for its design for its upgraded floating liquefied natural gas (LNG) facility from ABS, a US ship quality assurance and risk management company. The approval in principle for Daewoo Shipbuilder's design for the LNG offshore facility by the US firm allows the shipbuilder to seek orders for the facility, the company said. Daewoo Shipbuilding has pushed for the project under the cooperation with ABS since June 201

IndustryOct. 21, 2020

Han Sung Motor collaborates with Dream Gream students on tape art work

Han Sung Motor, the largest official dealer of Mercedes-Benz here, continues to support young artists with the Dream Gream art scholarship program, preparing all events online in the wake of COVID-19 outbreak. In the Han Sung Motor Cheongdam showroom in Seoul, Han Sung Motor CEO Ulf Ausprung and some 10 officials gathered Friday to hold this year’s Dream Gream Ambassador event. About 30 other ambassadors, who are company officials, took part in the event via a livestreaming platform. T

MobilityOct. 21, 2020

37% of firms fail to repay interest on debts in 2019: BOK

About 37 percent of firms in South Korea failed to repay the interest on their debts in 2019, central bank data showed Wednesday, highlighting concerns about deteriorating corporate financial status amid economic gloom. The number of so-called marginal or zombie firms is expected to rise further this year as the coronavirus pandemic devastated the nation's economy. According to the Bank of Korea (BOK), 36.6 percent of 384,877 firms made less profit than their interest expenses for a third co

EconomyOct. 21, 2020

LG Electronics unveils eye skin care device in S. Korea

LG Electronics Inc. on Wednesday unveiled an eye skin care device in South Korea as the company tries to expand its presence in the beauty and health care sector amid the pandemic-driven stay-at-home trend. Preorders for LG Pra.L EyeCare will run until Oct. 29 with a price tag of 599,000 won ($530), according to the company. It is the eighth product launched under LG's beauty appliance brand PRA.L., whose lineup includes an LED face mask and a hair growth helmet. The eyewear device is desi

IndustryOct. 21, 2020