[Monitor] Nearly half of Korean companies adopt remote work system

A survey conducted by Jobplanet and commissioned by the Labor Ministry showed that nearly half, or 48.8 percent, of companies in South Korea have adopted a remote work system as of July since the pandemic. (khnews@heraldcorp.com)

BusinessSept. 29, 2020

S. Korean app developers cry foul over Google's 30% fee on all apps

Google Inc. faced strong backlash from South Korean developers after it announced Monday (US time) it will enforce its app market's billing system, which charges a 30 percent fee to all app developers. While Google has taken a 30 percent cut for all in-app purchases on the Play store through its billing system, some apps have circumvented the rule by using other systems, such as direct credit card payments. "We have clarified the language in our payments policy to be more explicit that al

TechnologySept. 29, 2020

[Graphic News] Some 1,000 travel agencies in Korea shutter on virus impact

　Nearly 1,000 travel agencies in South Korea have gone out of business in the wake of the coronavirus outbreak that started to hit the country in late January, data showed.  　The number of tour agencies came to 21,671 as of the end of June this year, down 938, or 2.7 percent, from the end of December, according to data from the Korea Tourism Association.  　Compared to the end of September last year, the figure is down 4.1 percent. (Yonhap)

BusinessSept. 29, 2020

[News Focus] Household debt up 250 trillion won during Moon’s term

SEJONG -- South Korean households have been taking out an increasing amount of loans to invest in the real estate or capital market over the past few years. This has been in line with a fever for mortgages or credit-based loans amid low benchmark interest rate, which has stayed under 2 percent per annum for more than five years, and is currently at an all-time low of 0.5 percent. According to the Bank of Korea, outstanding household debt - the total of financial loans and credit-based payment

EconomySept. 29, 2020

S. Korea's industrial output falls 0.9% in August

South Korea's industrial output fell in August for the first time in three months, but consumption increased amid the coronavirus pandemic, data showed Tuesday.   The nation's overall industrial production declined 0.9 percent on-month in August, following a 0.1 percent on-month gain in July, according to data compiled by Statistics Korea.   Compared with a year earlier, overall industrial production plunged 3.4 percent in August.   Retail sales rose 3 percent f

EconomySept. 29, 2020

Two flights redirected from Incheon airport due to reported drone activity

Two flights were diverted from Incheon International Airport, west of Seoul, on Monday due to a report of suspected drone activity, airport officials said.    The airport suspended operations of all flights between 6:59 p.m. to 7:44 p.m. and redirected a passenger airplane and a cargo flight to nearby Gimpo International Airport after a report was filed that an object suspected to be a drone was spotted around the airport.    The police said they sent officers to the site

MobilitySept. 28, 2020

Air Busan aims to raise W89b in rights offering

Air Busan, the budget carrier unit of Asiana Airlines, said Monday it seeks to raise 89 billion won ($76 million) in a rights offering in December to secure operating capital.    Air Busan will issue 30 million shares at 2,970 won per share, first to existing holders on Dec. 7-8 and then in a public offering on Dec. 10-11, the company said in a statement.    "Faced with an unprecedented COVID-19 pandemic and its impact on the airline business, the company has decided o

MobilitySept. 28, 2020

KDB chief stresses SsangYong Motor’s sustainability as terms of financial aid

Policy lender Korea Development Bank Chairman Lee Dong-gull said Monday that he is closely reviewing SsangYong Motor‘s fate as a sustainable automaker while refraining from mentioning its plan to provide financial assistance to the cash-strapped company. The focal point of SsangYong Motor must be “sustainability of business operations,” along with the shareholder‘s responsible actions and burden-sharing of all parties concerned, such as shareholders, the company and the

MarketSept. 28, 2020

[Photo News] FTC chief visits Samsung

Fair Trade Commission Chairperson Joh Sung-wook (center) tries out Relumino -- Samsung Electronics’ visual aid application for people with low vision -- during a visit to the gallery of C-Lab, the tech giant’s in-house incubator program, in Suwon, Gyeonggi Province, Monday. Joh joined Kim Ki-nam, vice chairman of Samsung Electronics, and other executives during an event where Samsung announced programs to help partner firms. (khnews@heraldcorp.com)

TechnologySept. 28, 2020

Ssangyong E&C wins redevelopment contract in Goyang

Ssangyong Engineering and Construction said Monday it had won an urban redevelopment contract worth about 65 billion won, in Goyang, Gyeonggi Province. The construction firm said it was chosen as the constructor for the urban redevelopment project in Goyang-dong, and attributed its achievement to the good performance of its apartment brand The Platinum. Ssangyong said it has supplied a total of nine residential complexes for 5,622 households across the country this year. In addition, the comp

IndustrySept. 28, 2020

[News Focus] 20-somethings lead rise in unemployment benefit claims

SEJONG -- The number of recipients of unemployment benefits in South Korea saw the sharpest increase among people in their 20s this year. According to the Korea Employment Information Service, the number of recipients came to 711,471 in August, up 56.4 percent from 454,630 in December 2019. The first case of the novel coronavirus in Korea was reported in January 2020. Among people receiving benefits, people aged 20-29 were the fastest-growing demographic, showing an 87.3 percent increase over

EconomySept. 28, 2020

S-Oil launches first overseas lubricants production in India

S-Oil will begin its first overseas manufacturing and distribution of lubricants in India, the company said Monday. According to the South Korean refiner, it has partnered with a local company Gulf Oil Lubricants India to directly manufacture and distribute its premium lubricant product “S-Oil Seven” in the country. In August, S-Oil began the production of S-Oil Seven at Gulf Oil’s factory located in Chennai on the southeast coast of India and the company will launch the p

IndustrySept. 28, 2020

Hyundai Motor exports hydrogen vehicles to Middle East for first time

Hyundai Motor said Monday it had exported four fuel cell electric vehicles to Saudi Arabia, its first-ever FCEV exports to the Middle East. According to South Korea’s largest automaker, it shipped two Nexo FCEVs and two Elec City fuel cell electric buses from Ulsan on Sunday. After arriving in Saudi Arabia, the four FCEVs will be delivered to Saudi Aramco, the country’s state-run oil firm. “Exporting FCEVs to the world’s top oil producer Saudi Arabia is a meaningful

IndustrySept. 28, 2020

[Photo News] Covid-free ticket home

Passengers buy tickets from automated motion-detecting ticket machines that do not require physical contact with touchscreens on the eve of the Chuseok holiday at SRT Suseo Station in Gangnam, southern Seoul, Monday. (khnews@heraldcorp.com)

IndustrySept. 28, 2020

Seoul stocks gain over 1% on Wall Street rally, bargain hunting

South Korean stocks advanced more than 1 percent Monday, buoyed by stock rallies in the United States and a bargain hunting rush here. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.29 points, or 1.29 percent, to close at 2,308.08. Trading volume was moderate at about 598 million shares worth some 8.8 trillion won ($7.5 billion), with gainers outnumbering losers 750 to 123. Foreigners sold a net 64 billion won, with retail investors

MarketSept. 28, 2020

Apple to launch iPhone 12 in S. Korea earlier than usual: sources

Apple Inc. is expected to launch its new iPhone 12 series in South Korea earlier than its usual schedule, sources said Monday, as the U.S. tech titan targets to attract more 5G users here. According to officials at local telecom operators, they are preparing to sell the iPhone 12 in late October or early November. Apple has yet to confirm the release date of its latest smartphone. But foreign tech reviewers predicted that the iPhone 12 could be unveiled on Oct. 13 and go on sale Oct. 23 in s

IndustrySept. 28, 2020

Shake Shack rolls out Gochujang-inspired burger

Shake Shack rolled out a new burger using traditional Korean red pepper paste Gochujang, Monday. The burger chain operated by SPC Group here said it came up with the limited edition item after its culinary director, Mark Rosati, drew inspiration from Korean dishes he had when he was traveling the country. The Gochujang Chicken Shack comes with a sous-vide chicken breast, spicy and sweet Gochujang glaze and sesame seeds, creating a flavor profile similar to the Korean-style seasoned spicy ch

ConsumerSept. 28, 2020

Big Hit’s IPO price set at 135,000 won

The offering price of shares of Big Hit Entertainement, the local agency behind K-pop sensation BTS, was fixed at 135,000 won ($115) per share, the top end of its indicative price range, the company said in a regulatory filing Monday. At the two-day book building that wrapped up on Friday, a total of 1,420 domestic and foreign institutional investors participated in the tranche and bidding for some 4.27 million shares, 60 percent of the total. Competition among institutional investors for stoc

MarketSept. 28, 2020

'New Deal' fund to invest in 40 green, digital areas: minister

A planned 20 trillion-won ($16.8 billion) fund tied to Korean New Deal projects would funnel money into 197 items under 40 different green and digital areas, South Korea’s finance minister said Monday. The fund -- which will be financed over the next five years -- will be established “early next year” and invest in areas including 5G, artificial intelligence, smart health care, renewable energy, robot technology and hydrogen vehicles, Deputy Prime Minister and Finance Ministe

EconomySept. 28, 2020

Hanwha heir to lead group’s solar power unit

Kim Dong-kwan, Hanwha Group Chairman Kim Seung-youn’s eldest son, was promoted to president of Hanwha Solutions, a year after he was promoted to vice president, the group said Monday. “Kim, who was in charge of the strategy division with the launch of Hanwha Solutions in January this year, led the reorganization of the business and the discovery of future projects to make a leap toward eco-friendly energy and high-tech materials companies, and contributed to the creation of a s

IndustrySept. 28, 2020