Samsung mass-produces most-advanced DRAM with EUV process

Samsung Electronics began operating its second production line in Pyeongtaek, Gyeonggi Province, the world’s largest chip plant, to mass-produce the most advanced mobile DRAM modules, the firm said Sunday. The assembly line has produced the industry’s first advanced third-generation 10-nano level (1z) LPDDR5 mobile DRAM using the extreme ultraviolet, or EUV, process technology for the first time, according to the tech giant. Samsung said the 16-gigabyte mobile DRAM has the hi

TechnologyAug. 30, 2020

Yoo to visit Geneva as WTO begins selection process for new head

South Korea's trade minister, who is running to become the new head of the World Trade Organization (WTO), plans to visit Geneva this week as the international body begins the selection process for its next leader. Trade Minister Yoo Myung-hee will head to Switzerland on Monday as the WTO plans to launch the first round of the selection process on Sept. 7, according to the Ministry of Trade, Industry and Energy. During the first round, representatives from 164 member states will provide a ma

EconomyAug. 30, 2020

Retail sales up 4.4% in July on online sales of groceries amid pandemic

Retail sales in South Korea advanced 4.4 percent in July from a year earlier as online platforms have enjoyed a spike in demand for groceries and home appliances amid the new coronavirus pandemic, data showed Sunday. The combined sales of 26 major offline and online retailers reached 11.46 trillion won ($9.67 billion) last month, up from 10.98 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Online platforms led the growth, with their

ConsumerAug. 30, 2020

S. Korea likely to cut key rate this year: Fitch Solutions

Fitch Solutions, the consultancy arm of global credit appraiser Fitch Group, forecast that South Korea will further cut its policy rate by the end of the year, extending economic stimulating efforts amid the prolonged COVID-19 crisis. “We now expect the Bank of Korea to undertake one more 25 basis point rate cut before end-2020 in order to continue providing support to the economy,” the company said in a release. “We have also revised down our forecast for consumer price inf

EconomyAug. 29, 2020

Korea restricts operations of cafes, restaurants in Seoul metropolitan areas

The government announced stricter social distancing measures Friday to ban food and drink consumption inside of cafes and restaurants in the Seoul metropolitan areas next week in efforts to curb the rapid spread of COVID-19. While the government had considered raising the social distancing rules to the highest Level 3 from the current Level 2 to stem the rapid spread of COVID-19, it decided instead to extend Level 2 measures for another week, with heightened rules. Starting from Sunday, eati

IndustryAug. 28, 2020

Ikea, Lego Group team up to roll out Bygglek series

Global furnishing company Ikea and Lego Group on Friday introduced a new collaboration project Bygglek, which combines the concept of play and storage. The two companies said they have teamed up to develop a solution to facilitate playing with the lego bricks at home while lessening the burden of cleaning up and organizing. Bygglek is a box-shaped storage closet with the lego studs, allowing children to play, exhibit their work inside, and also store them after playing, Ikea explained. &l

ConsumerAug. 28, 2020

Coupang trials buy-now, pay-later service

E-commerce giant Coupang is trialing a buy-now, pay-later service. The new service is applied to products directly bought from and sold by Coupang, which are available for its next-day delivery service, Rocket Delivery, according to one official at the company, allowing users to purchase items on credit until the 15th of the following month. Up to 300,000 won ($253) in shopping items can be paid for later through the new service. It is currently being tested with a select few users, while an

ConsumerAug. 28, 2020

Seoul stocks finish higher on US Fed's dovish signal

South Korean shares closed higher Friday on the US Fed Reserve's dovish gesture, but gains were trimmed due to the heightened social distancing level in the greater Seoul area. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.35 points, or 0.4 percent, to close at 2,353.8. Trading volume was high at about 1.3 billion shares worth some 15.3 trillion won ($12.9 billion), with gainers outnumbering losers 583 to 253. Foreigners sold a net 2

MarketAug. 28, 2020

Minister hints at fourth extra budget under new lockdown

South Korea is mulling another set of extra budget if the level of social distancing goes up a notch, enforcing a lockdown, according to the chief fiscal policymaker. “The rise in the coronavirus cases and implementation of stricter social distancing level would work as key variables in drafting the fourth extra budget,” Deputy Prime Minister and Finance Minister Hong Nam-ki said at a press briefing held Thursday. “If the situation reaches Level 3, then (the lockdown’s

EconomyAug. 28, 2020

Large-sized apartment prices in Seoul surpasses W2b mark

The market price of large-sized apartments in Seoul surpassed the 2 billion won ($1.69 million) mark in August, reflecting the unsubdued housing price rally in popular areas, industry data showed Friday. According to the monthly housing price trend report by KB Kookmin Bank, the average transaction price for large-sized apartments came to 2.03 billion won, exceeding the milestone for the first time since the bank started tallying such data in 2016. The latest figure was up 171.54 million w

MarketAug. 28, 2020

Viva Republica raises additional $173m funds to drive new initiative

Viva Republica, operator of mobile fintech platform Toss, said Friday that it has raised $173 million in new funding from multiple investors to drive its new initiative to open a comprehensive financial service application. Investors participating in the fundraise include Aspex Management, Sequoia Capital China, Kleiner Perkins Digital Growth Fund, Altos Ventures, Goodwater Capital, and Greyhound Capital. Despite the pandemic-sparked market turmoil, the latest funding marks the single larges

MarketAug. 28, 2020

Samsung sends invitation for unpacking Galaxy Z Fold 2

Samsung Electronics said Friday it has sent invitations to global media outlets and industry officials to the unpacking event for its third foldable smartphone Galaxy Z Fold2 on Sept. 1. Entitled as “Galaxy Z Fold2: Unpacked Part 2,” the event will explore in-depth the groundbreaking features of the second Fold edition. It will be livestreamed from Seoul though Samsung’s homepage (www.samsung.com), starting at 11 p.m. on Tuesday. The upgraded device from the first Galax

TechnologyAug. 28, 2020

S. Korea may draw up 4th extra budget if distancing rules raised

SEJONG -- South Korea will review the need to draw up the fourth extra budget if the nation raises social distancing rules to the highest level amid a resurgence of the new coronavirus, Finance Minister Hong Nam-ki has said. Hong made the remarks at a meeting with reporters Thursday when he gave a briefing on next year's budget proposal. With daily virus infections surging to triple digits, South Korea raised the virus curbs to Level 2 in the three-tier system earlier this month, banning ind

EconomyAug. 28, 2020

[Graphic News] Vehicle registrations exceed 24m in H1

　The number of vehicle registrations in South Korea exceeded 24 million in the first half, helped by strong demand for environmentally friendly models, the Transport Ministry said. 　Accumulated auto registrations came to 24.02 million at the end of June, up 1.4 percent from 23.68 million at the end of December, the Ministry of Land, Infrastructure and Transport said in a statement. 　The first-half registrations showed that 1 in every 2.16 South Koreans owns a car, it said. 　Robust domes

BusinessAug. 28, 2020

Seoul stocks open higher on US gains

South Korean shares opened higher Friday, taking a cue from overnight gains on Wall Street, despite concerns over the rising new COVID-19 cases at home. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.12 points, or 0.56 percent, to 2,357.57 in the first 15 minutes of trading. Stocks traded bullish, after the index plunged 1.05 percent the previous session due to spreading new COVID-19 cases. Investor sentiment strengthened on an overnight speech by Federal Reserve Chairman

MarketAug. 28, 2020

Banks, brokerages to return principals to investors in fund misselling scandal

Banks and brokerages that handled fund products by a local asset manager said Thursday they will return the principals on investments made by consumers, in line with the advisory issued by the country's financial regulator. Hana Bank, Woori Bank, Mirae Asset Daewoo Co. and Shinhan Investment Corp. said their boards accepted calls to provide full refunds in regard to the misselling scandal centered on Lime Asset Management Co. The dispute settlement board at the Financial Supervisory Service c

MarketAug. 27, 2020

S. Korea to extend short-selling ban until March

South Korea’s top financial regulator said Thursday its temporary ban on short-selling activities of all listed Korean shares will be extended to March 2021, immediately after the current six-month restriction expires in September. The Financial Services Commission’s decision is meant to keep the stock market volatility at bay as the impact of the coronavirus still persists across the nation. The decision was made as FSC collected written agreements from its commissioners after the

MarketAug. 27, 2020

FTC fines Kumho Asiana W32b, reports chairman to prosecutors

South Korea’s antitrust watchdog has decided to impose a fine of 32 billion won ($27 million) on Kumho Asiana Group for unfair internal transactions that aimed at tightening family control over the conglomerate, officials said Thursday. The Fair Trade Commission also reported Chairman Park Sam-koo and two other executives to prosecutors. The FTC said Kumho Asiana Group used the in-flight meal business rights of its flagship affiliate Asiana Airlines to illegally fund struggling Kumho

IndustryAug. 27, 2020

SK Innovation loses lawsuit against LG Chem

SK Innovation on Thursday lost a compensation lawsuit it filed against LG Chem in Seoul for breaching a patent settlement. The Seoul Central District Court delivered a verdict siding with LG Chem, saying that the patent settlement both companies signed in 2014 is only effective in Korea. It has dismissed SK Innovation’s claim that LG Chem should drop its lawsuits against SK Innovation in the US and pay 500 million won ($42,000) in compensation to SK Innovation and its US subsidiary SK B

IndustryAug. 27, 2020

NH Investment to repay Optimus investors in advance

NH Investment & Securities, a brokerage unit of South Korea’s NongHyup Financial Group, decided Thursday to offer up to 70 percent of funds invested in now-frozen Optimus Asset Management’s funds via the firm. Stressing its ethical, not legal, responsibility as the seller of the troubled fund, the company said it would pay 30-70 percent of investment funds to retail and corporate investors in advance. The payment is not a sort of compensation, but is designed to provide financi

MarketAug. 27, 2020