Orders on food delivery apps break records amid pandemic

The total value of orders placed on food delivery apps in South Korea reached 1.2 trillion won in August, up 28 percent from July and setting a new monthly record, as the government introduced stricter social distancing regulations after COVID-19 cases rose again, according to data released by WiseApp Tuesday. Around 16 million people used the country‘s four biggest delivery apps -- Baedal Minjok, Yogiyo, Baedaltong and Foodfly -- during the month of August, the data showed. Users of Bae

ConsumerSept. 8, 2020

Seoul stocks surpass 2,400-level on European monetary easing hopes

South Korean shares gained for a second consecutive session on Tuesday as investors pin hopes on the possibility that the European Central Bank (ECB) may signal further easing moves in its upcoming monetary policy meeting. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.69 points, or 0.74 percent, to close at 2,401.91. Trading volume was high at about 966 million shares worth some 17 trillion won ($14.3 billion), with losers outnumberi

MarketSept. 8, 2020

Number of self-employed people plunges amid deepening pandemic

The coronavirus pandemic has hit small businesses in South Korea. The number of self-employed people decreased at an alarming rate in July compared with a year earlier, data showed Tuesday.  According to data compiled by the Korea Small Business Institute and Statistics Korea, the country had 5.548 million self-employed people registered as of last month, down 127,000 from the previous year. The sharp on-year drop was nearly five times as steep as in July last year, when the number of se

EconomySept. 8, 2020

Kakao’s Yanadoo secures W30b won investment

Education technology firm Yanadoo announced Tuesday that the company has recently secured investments worth 30 billion won ($25.2 million). Yanadoo, which merged with Kakao Kids to become a comprehensive education platform, is currently evaluated at 300 billion won, according to the company. Yanadoo previously offered online English programs, but started to add different education programs including ones related to health care after the merger. Yanadoo‘s sales in the first half this ye

TechnologySept. 8, 2020

LG U+ develops SIM-less tech for smart devices

LG U+ announced Tuesday that the company and its global partners had developed a new technology enabling smart devices to work without SIM cards. Joining LG U+ in the development of the universal integrated circuit card, or iUICC, were cellular chipset developer Sony Semiconductor Israel, local communication module maker NTmore and German digital security solutions provider Giesecke+Devrient. SIM cards are responsible for storing users’ personal information, which is needed to identify

TechnologySept. 8, 2020

Apartment prices in Seoul, elsewhere continue to soar

Despite the government’s claim that the housing market is stabilizing, apartment prices in Seoul increased in August from the previous month and the same was true for other cities across the nation, data showed Tuesday. The number of listings for “jeonse” rentals, which involve a large lump-sum deposit in lieu of monthly rent, and regular monthly rentals have dramatically decreased in recent weeks. Furthermore, landlords began raising rents before the government implemented

MarketSept. 8, 2020

Korean asset managers take heat from H2O fund freeze

Korean asset management houses are facing a ripple effect from London-based investor H2O Asset Management‘s decision to halt fund withdrawals for four weeks and to draw up measures to seek redress from the fund freeze, according to an announcement Tuesday. VI Asset Management and Kiwoom Asset Management, both based in Seoul, have their combined investment of 460 billion won ($387 million) suspended from the redemptions, as the asset managers had bought mutual funds managed by H2O through

MarketSept. 8, 2020

LG Electronics expands software testing capability

LG Electronics Inc. said Tuesday that it has been recognized as an international certification institute to test the functional safety of software systems. LG said Tuesday its software testing center was accredited by the Korea Laboratory Accreditation Scheme as an institute to verify the IEC 61508-3 standard. IEC 61508-3 focuses on the functionality safety of software to make sure no errors occur in electronic products or systems. LG can now issue a certificate proving software meets IEC

IndustrySept. 8, 2020

S. Korea's economy tipped to retreat more than expected over pandemic: KDI

South Korea's economic recession is expected to be deeper than expected this year due to the coronavirus pandemic, and the pace of recovery may be delayed as there is no end in sight for the pandemic, a state-run think tank predicted Tuesday. Korea Development Institute (KDI) downgraded the nation's economic growth outlook to a contraction of 1.1 percent this year, a sharp downward revision of a 0.2 percent expansion in its May forecast. The nation's economy is expected to expand 3.5 percen

EconomySept. 8, 2020

Sales of food delivery app hit fresh high amid virus pandemic

South Korean food delivery applications saw their sales hit a fresh high in August as more people refrained from dining out and stayed home amid the stricter social distancing scheme, data showed Tuesday. The combined transactions made through the country's four major food delivery applications came to 1.2 trillion won ($1 billion) in August, up 28 percent from a month earlier, according to the industry tracker WiseApp. Sales from the four applications reached a whopping 7.6 trillion won over

ConsumerSept. 8, 2020

Statistical model to predict Chuseok’s impact on pandemic

The South Korean Ministry of Science and ICT and the National Institute for Mathematical Sciences are planning to conduct computational research to determine the scope of a potential COVID-19 spike if Koreans go ahead with their typical cross-country movements during the Chuseok holidays at the end of September. “We are in the process of devising how to model the calculations. We anticipate to have the results of this research by Sept. 23,” a Science Ministry official told The Korea

IndustrySept. 8, 2020

Hyundai Motor, SK Innovation to partner on EV battery ecosystem

Hyundai Motor and Kia Motors will work together with SK Innovation to develop an electric vehicle battery ecosystem, the automaker said Tuesday. Hyundai said the companies will build a cooperation system involving various business areas related to the rental of electric vehicle batteries, battery management services, and the reuse and recycling of EV batteries. Both sides agreed that it is necessary to create high added value and strengthen the eco-friendliness of electric vehicle batteries t

MobilitySept. 8, 2020

Samsung to manufacture Qualcomm chips for 5G smartphones: sources

Samsung Electronics Co. has reportedly secured an order to manufacture Qualcomm Technologies Inc.'s mobile application processor (AP) for 5G budget smartphones, industry sources said Tuesday, as the South Korean tech giant eyes boosting its presence in the foundry industry. Samsung is likely to be a producer of the 5G version of Qualcomm's Snapdragon 4-series processors that are expected to be available on the market next year, according to the sources. Handset makers, like Xiaomi, Oppo and

IndustrySept. 8, 2020

[News Focus] Korea lags behind OECD average in demand for mobile broadband

SEJONG -- For the first time in history, last year consumer demand for mobile broadband services in South Korea fell short of the average level for members of the Organization for Economic Cooperation and Development. According to the Paris-based organization, subscriptions to mobile broadband, also called wireless high-speed internet, stood at 113.6 per 100 people in Korea as of December 2019, having inched up from 113.5 per 100 people the previous June. In contrast, the average for the 37-m

IndustrySept. 8, 2020

Mercedes-Benz Korea launches fourth vocational training program

Mercedes-Benz Korea said Tuesday that its fourth Ausbildung, a German vocational training program, began early this month. The online kickoff ceremony held Monday was attended by around 70 people, including Kim Jee-seop, interim president and CEO of Mercedes-Benz Korea, Susanne Wohrle, vice president of the Korean-German Chamber of Commerce and Industry, 18 newly selected trainees and 16 professional trainers. The fourth Ausbildung, which began Sept. 1, involves 18 senior high school student

IndustrySept. 8, 2020

[Monitor] Women still feel discriminated against at work, companies disagree

A recent survey showed that while the majority of women workers in South Korea felt they were discriminated against to some degree at work, most of those in charge of human resources felt there was no prejudice. According to the survey conducted with 300 women and 300 HR managers by the Korea Chamber of Commerce and Industry, 71 percent of women said they felt they were disadvantaged against their male peers at work. In comparison, 81 percent of HR managers said there was no discrimination. Sp

IndustrySept. 8, 2020

S. Korean shipyards retain top spot in new orders in August

South Korean shipbuilders took the No. 1 ranking in new shipping orders in August for the second consecutive month on the back of orders for liquefied natural gas carriers, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, the Korean shipbuilders' new orders amounted to 630,000 compensated gross tons (CGTs), or 23 ships, in August, which took up 73 percent of the global new orders totaling 860,000 CGTs, or 36 ships, last month.

EconomySept. 8, 2020

Asiana deal set to collapse due to pandemic this week

HDC Hyundai Development Co.'s planned takeover of Asiana Airlines Inc. appears likely to collapse this week as the property developer failed to narrow differences with the airline's creditors over acquisition terms, people familiar with the matter said Tuesday.  The deal, if it falls through, would become the country's second botched deal in the coronavirus-hit airline sector this year, following Jeju Air Co.'s cancellation of its plan to acquire smaller rival Eastar Jet Co. in July. K

EconomySept. 8, 2020

S. Korea, UAE to forge cooperation in renewable energy

SEJONG -- South Korea and the United Arab Emirates (UAE) agreed to step up cooperation in the renewable energy sector, Seoul's finance ministry said Tuesday. The agreement was reached at an online meeting between Finance Minister Hong Nam-ki and the UAE's economy minister, Abdulla Bin Touq Al Marri, on Monday, the ministry said in a statement. South Korea and the UAE have held regular talks on economic cooperation since 2006, but Monday's meeting was the first talks since the coronavirus pand

EconomySept. 8, 2020

Seoul stocks open higher on tech, bio gains

South Korean shares opened higher Tuesday, buoyed by tech and bio gains on the main bourse. The Korea Composite Stock Price Index (KOSPI) rose 16.84 points, or 0.71 percent, to 2,401.06 in the first 15 minutes of trading. The index rose above the 2,400-point mark as chipmakers continued to gain despite lingering valuation pressure on tech shares in major economies. Large caps traded mixed in Seoul. Market bellwether Samsung Electronics added 1.59 percent, with No. 2 chipmaker SK hynix ed

MarketSept. 8, 2020