[Monitor] Trying to cope with COVID-19 changes

Four out of 10 residents in Seoul said their mental health suffered due to the COVID-19 pandemic, a survey conducted by the Seoul Metropolitan Government showed. The survey was conducted online and analyzed by IBM‘s artificial intelligence chatbot. As for reasons behind their mental health suffering, respondents cited economic hardship, lack of leisure and outdoor activities, sparse interaction with people, inconvenience in wearing masks and not being able to meet with family and friends.

IndustrySept. 23, 2020

Samsung releases new consumer SSD for gaming, high-end PC applications

Samsung Electronics Co. on Tuesday unveiled a new consumer solid state drive (SSD) product that boasts enhanced performance for gaming and high-performance PC applications. Samsung introduced the 980 PRO, the company's first consumer SSD based on the fourth generation of the Peripheral Component Interconnect Express (PCIe) motherboard interface with Non-Volatile Memory Express (NVMe) storage protocol. "Optimized for handling data-intensive applications, the 980 PRO is ideal for consume

IndustrySept. 23, 2020

Some 1,000 travel agencies in S. 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 Wednesday. 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 the data from the Korea Tourism Association. Compared with the end of September last year, the figure is down 4.1 percent. The number of travel companies in the country bega

EconomySept. 23, 2020

Seoul stocks open slightly higher on Wall Street rebound

South Korean shares opened slightly higher Wednesday, tracking an overnight rebound on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.41 points, or 0.23 percent, to 2,338.0 in the first 15 minutes of trading. The index got off to a strong start after a 2.38 percent plunge the previous session. Tech shares advanced, taking a cue from an upturn in US tech heavyweights. The tech-laden Nasdaq composite rose 1.71 percent to 10,963.64 on Tuesday (New York time). The

MarketSept. 23, 2020

Standard Chartered CEO cements partnership with S. Korean fintech leaders

After completing a two-week self-quarantine period in South Korea, London-based Standard Chartered Bank CEO Bill Winters has been traveling back and forth between South Korea’s capital Seoul and Pangyo, touted as the nation’s Silicon Valley, meeting with a number of high-profile figures in the domestic financial technology industry in recent days, according to sources Tuesday. Winters was initially granted a quarantine exemption upon his arrival in the country on Aug. 30, but decide

MarketSept. 22, 2020

Incheon Airport draws blank in duty-free auction amid pandemic

Incheon International Airport, the country's main gateway, failed to draw enough bidders in duty-free auctions Tuesday, its operator said, underscoring an extended slump in the duty-free business sector amid the coronavirus pandemic. The Incheon International Airport Corp. (IIAC) auctioned six duty-free sections for cosmetics, perfume, liquor, tobacco, fashion and miscellaneous goods in the airport's Terminal 1. As widely expected, industry leader Lotte Hotel and No. 3 player Shinsegae took pa

IndustrySept. 22, 2020

NTS opens probes into unconventional real estate tax evasion

South Korea’s tax agency said Tuesday that it has launched probes into 98 individuals for alleged property tax evasion as part of its ongoing efforts to strengthen a crackdown on tax dodgers and those who fall behind on large sums in taxes. Among the tax evasion schemes identified by the National Tax Service were 22 Koreans who purchased multiple homes here by establishing corporations or investing in private equity funds and 76 people aged 39 or younger who bought luxury apartments. Of

EconomySept. 22, 2020

Korean officials fly to Jakarta to claim delayed KF-X payments

South Korean officials on Tuesday flew to Jakarta to claim development costs Indonesia owes to Korea for the joint development of next-generation KF-X fighters. According to industry sources, a Korean task force of 10 officials from Korea Aerospace Industries and the Defense Acquisition Program Administration will renegotiate with Indonesian officials from Wednesday to Thursday on how the Southeast Asian country will deliver its portion of development costs for the KF-X project. The joint K

IndustrySept. 22, 2020

Producer prices continue uptrend in August due to summer rains, typhoons

South Korea’s producer prices increased for the third consecutive month in August, mostly reflecting the rising costs of agricultural goods and oil products, central bank data showed Tuesday. The inflationary trend, attributed to the record-long rainy season and typhoons, is seen as adding pressure on coronavirus-hit consumers ahead of the Chuseok holiday. The producer price index -- an indicator of future consumer inflation -- stood at 103.19 in August, climbing 0.5 percent from a m

EconomySept. 22, 2020

Daewoong, Medytox clash over ITC’s review of determination

Daewoong Pharmaceuticals and Medytox on Tuesday gave contrasting interpretations of the US International Trade Commission‘s announcement to review parts of the final initial determination. The USITC decided Monday to review parts of the FID, accepting respondent Daewoong’s notice of a “new factual development” regarding the trade secret misappropriation allegation levied by complainant Medytox. Since 2016, Medytox and Daewoong have been engaged in legal disputes over t

IndustrySept. 22, 2020

Seoul stocks plunge more than 2% on virus fears

South Korean stocks dipped more than 2 percent on Tuesday, as investor sentiment worsened over dimming hopes for recovery from the coronavirus pandemic in major economies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 56.8 points, or 2.38 percent, to close at 2,332.59. Trading volume was high at about 1 billion shares worth some 17.5 trillion won ($15 billion), with losers outnumbering gainers 816 to 80. The KOSPI plunged after losi

MarketSept. 22, 2020

Shinhan Card joins forces with Visa to offer data consulting services

South Korea’s leading card issuer, Shinhan Card, is ratcheting up its efforts to tap into global markets. As part of its recent global expansion scheme, it has joined hands with global credit card giant Visa to offer joint consulting services based on data analysis. The two firms plan to deploy their data analysis capacities to provide consulting services for local and global governments and companies. The partners will also try to develop solutions to monitor global payment and consump

MarketSept. 22, 2020

Samsung Biologics seizes over $330m deal with AstraZeneca

Samsung Biologics signed to contract manufacture AstraZeneca‘s biologics drug for its global distribution, the company said Tuesday. The size of the contract is $330,840,300, open to grow to $529,599,900 if demand grows for AstraZeneca’s product. This deal seals the letter of intention Samsung Biologics and AstraZeneca forged on June 23. The contract culmination date is tentatively written as the end of 2028. “This long-term partnership with Samsung Biologics strengthens our

IndustrySept. 22, 2020

Virus fallout to cause private consumption recovery to be slower than expected: BOK

South Korea's private consumption is expected to recover at a slower-than-expected clip as the new coronavirus outbreak has dealt a blow to demand for offline services and foreign travel, the central bank said Tuesday. The Bank of Korea (BOK) said the recovery of face-to-face services and overseas consumption is expected to take a considerable period of time amid lingering concerns about a flare-up in virus cases. "During an economic crisis, consumption serves as a buffer for the economy.

EconomySept. 22, 2020

[Decoding Shareholders] Woori Financial Group on long road to privatization

This is a part of a series exploring the governance structure of financial giants in South Korea and examining diversity and transparency in boardrooms. -- Ed. It was a 12.7 trillion won ($10.6 billion) government bailout that saved Woori Financial Group, then known as Hanvit Bank, in 1998 when it was reeling from the 1997 Asian financial crisis. For more than 20 years, the lender survived and kept its status as one of South Korea’s financial giants. But the remaining presence of state fu

MarketSept. 22, 2020

FSS stresses need for environment monitoring system in financial sector

The chief of South Korea’s financial watchdog on Tuesday urged private financial firms to disclose corporate environmental information, as part of a move to mitigate the detrimental effects of climate change on financial circles.  “Global consensus has arisen over the so-called ‘green finance’ and ‘sustainable financial services’ following a series of environmental improvement agreements,” Yoon Suk-heun, governor of the Financial Supervisory

MarketSept. 22, 2020

NPS joins hands with Keppel Capital for Asia infrastructure investment

The National Pension Service, South Korea‘s public pension fund, has entered into a strategic cooperation with Singapore-based Keppel Capital to beef up private infrastructure investment in Asia. According to the investment arm of offshore rig builder and shipbuilder Keppel, the strategic cooperation is meant to foster capabilities to manage energy and environmental infrastructure assets, including renewables and related technology solutions, urban development and connectivity solutions.

MarketSept. 22, 2020

Cancer still leading cause of death in S. Korea

SEJONG -- Cancer remained the top cause of death in South Korea, a government report showed Tuesday. In 2019, a total of 295,110 deaths were reported in South Korea, down 1.2 percent from a year earlier. It marked the first annual decline since 2013. The statistics agency said 574.8 deaths were reported per 100,000 South Koreans last year. It also said 158.2 per 100,000 people died of cancer last year. Cancer has been the No. 1 cause of death in the country since 1983. Heart disease is th

EconomySept. 22, 2020

Sales of derivatives-tied securities fall 32.6% in H1 on virus fallout

South Korea's sales of derivatives-linked securities fell 32.6 percent on-year in the first half of the year due to sharp declines in stock markets in major countries amid the coronavirus pandemic, data showed Tuesday. The combined value of equity-linked securities (ELS) and derivatives-linked securities (DLS) issued in the January-June period came to 42.1 trillion won ($36 billion), down 20.4 trillion won from a year ago, according to the data from the Financial Supervisory Service. The produ

EconomySept. 22, 2020

Fruity beers enjoy surge in popularity as light drinking catches on

Beers with a fruity taste are gaining ground in South Korea’s alcoholic beverages market, which has been dominated by domestic pale lagers such as Cass and Hite, as more people opt for light drinking with variations in taste, according to the industry. Convenience store chain CU said its sales of beers known for fruity notes, including Kronenbourg 1664, between January and August rose 9 percent compared with the same time last year. General beer sales also went up by 14.2 percent over the

ConsumerSept. 22, 2020