Consumption keeps improving amid signs of easing export slump: finance ministry

South Korea's consumption continues to improve amid signs of a slump in exports and industrial production easing, the finance ministry said Friday. In a monthly economic report, called the Green Book, the Ministry of Economy and Finance also flagged the economy's continuing uncertainty stemming from the coronavirus pandemic and the annual monsoon season. "South Korea's indicators of domestic demand continue to take a turn for the better, despite uncertainty related to COVID-19 and the ra

EconomyAug. 14, 2020

Seoul stocks open tad lower on profit-taking

South Korean shares opened a tad lower Friday as investors attempted to cash in part of recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.71 points, or 0.19 percent, to 1,995.73 in the first 15 minutes of trading. The pullback was largely attributed to foreign investors' profit-taking of market heavyweights. The nine-session winning streak that ended Thursday raised valuation pressure, analysts said. Most large caps traded lower. Market bellwether Samsung Elec

MarketAug. 14, 2020

Hanwha to generate electricity with pressure from gas pipelines

Hanwha Power Systems said Thursday it plans to generate electricity using pressure from gas pipelines. According to South Korea’s leading industrial air compressor maker, it will develop a system that can transform natural gas decompression energy into electrical energy. “High pressure gas has to be decompressed to low pressure gas before it is distributed to households. In the process, the gas expands, emitting energy. Hanwha Power Systems aims to tap this energy by installing

IndustryAug. 13, 2020

Kospi’s record run could continue to year-end

Despite dark clouds over the performance of South Korea’s stock market this year, the main bourse Kospi is bucking the regional trend and appears to be recovering quickly. It is now largely driven by the subdued virus impact here, quantitative easing policies around the world and hopes for COVID-19 vaccines. Local stock brokers even predicted that the recent market rally would continue until the end of 2020. Hyundai Motor Investment Securities is one of the brokerage firms that have

MarketAug. 13, 2020

S. Korea vows to shore up services sector amid sluggish job market outlook

The South Korean government announced Thursday it will create at least 50 new job categories in the upcoming years, while providing necessary legal and fiscal support to tide over the worsening employment situation. It also pledged to inject 4.6 trillion won ($3.89 billion) into export-oriented service industries and adjust the government’s fiscal support regulations which have been focused on the manufacturing sector. “We hope to raise the country’s service sector export

EconomyAug. 13, 2020

[News Focus] How major South Korean airlines made profits during pandemic

South Korea’s flag carriers Korean Air and Asian Airlines surprised the market last week by posting an operating profit in the second quarter, while major airlines across the world suffered heavy losses due to the pandemic. Korean Air reported an operating profit of 148.5 billion won ($125.2 million) while Asiana saw its figure top 100 billion won, both owing to their robust cargo businesses. In normal times these figures would’ve fallen short of grabbing headlines, but not in a ye

MobilityAug. 13, 2020

Korea’s ICT exports increase for 2nd consecutive month

South Korean exports of information and communications technology products increased for the second consecutive month in July, latest data showed Thursday. According to the Ministry of Trade, Industry and Energy, Korea’s value of ICT exports in July increased by 3.3 percent on-year to reach $14.99 billion. Imports during the same period also grew by 1.2 percent at $9.86 billion, resulting in a trade surplus of $5.13 billion. The nation’s exports of ICT products in July expanded du

TechnologyAug. 13, 2020

Unity brings Doosan's construction sites into VR

Unity said Thursday its game engine will check the safety of Doosan’s construction sites inside virtual reality. Unity Technologies Korea signed a memorandum of understanding with South Korean machinery manufacturer Doosan Infracore to verify the safety of construction sites by running a simulation inside a virtual reality built by Unity’s game engine. “Based on Unity’s game engine, the simulator will allow Doosan Infracore to accurately predict potential variables t

IndustryAug. 13, 2020

Starbucks Korea donates W200m to commemorate independence patriots

Starbucks Korea said Thursday it has donated 200 million won ($168,900) to support preservation of independence cultural heritage and provide scholarships to the descendants of independence patriots. As Saturday marks the country’s National Liberation Day, the coffee chain said it held a ceremony Thursday to deliver 100 million won to Cultural Heritage Administration and the National Trust for Cultural Heritage. The funds will be used to purchase and preserve cultural heritage artifact

ConsumerAug. 13, 2020

Posco set to mass produce world's first graphite free cutting steel

Posco, South Korea’s largest steelmaker, said Thursday it succeeded in developing the world’s first free cutting steel using graphite, and is set for mass production of the eco-friendly steel named PosGRAM. With its new development, Posco said it will be able to raise the country’s industrial competitiveness, as PosGRAM would replace lead free cutting steel, of which its entire supply has been imported. Free cutting steel refers to the steel that is high in strength, easy t

IndustryAug. 13, 2020

Hyundai Glovis, Incheon Airport partner on parking robots

Hyundai Glovis said Thursday it has partnered with Incheon International Airport Corp. to establish a smart parking system. The South Korean logistics firm has signed an agreement with the IIAC to establish a test bed for smart parking. The signing ceremony was attended by CEO Kim Jung-hoon and IIAC President Koo Bon-hwan. Under the agreement, the company plans to carry out smart parking system projects in three stages, including technical verification of parking robots, pilot operation of

MobilityAug. 13, 2020

Demand for flu vaccine expected to soar this year

Demand for flu vaccines is anticipated to more than double this year on the back of COVID-19 pandemic, according to industry sources. As symptoms of influenza infection closely resemble that of the COVID-19 pandemic -- high fever and respiratory system inflammation -- by common sense the world anticipates there will be more demand for precautions against flu. “If in the past some 20 million people took flu repelling shots here in South Korea, this year we expect the number to go up to 3

IndustryAug. 13, 2020

MSCI index adds 3 Korean biotech stocks

Morgan Stanley Capital International announced Wednesday it has added three South Korean biotechnology stocks to its MSCI Korea Index. This comes as the technology prowess of the companies has come under the limelight during the novel coronavirus outbreak and subsequently drove up their stock price. 　 Alteogen, Seegene and Shin Poong Pharma have been added to the index, replacing Daewoo Engineering & Construction, Helixmith and Hyundai Department Store. Seegene is Korea’s leading ex

MarketAug. 13, 2020

SsangYong pressed to find new investor

SsangYong Motor is facing increased pressure to find new investors as it struggles to stay financially afloat as one of its local creditors withdrew their loans. Industry sources said KB Kookmin Bank has recently recovered all loans from SsangYong Motor, the balance of which stood at 8.75 billion won ($7.39 million) as of the end of the first quarter. The move puts the automaker under more pressure to repay other borrowings in time, with 389.9 billion won worth of loans coming due over the ne

MobilityAug. 13, 2020

Chevrolet Trailblazer on top 10 best user experience list

GM Korea said Thursday its Chevrolet Trailblazer has been awarded the annual Wards 10 Best UX list by US automotive analysis provider WardsAuto. WardsAuto has been selecting 10 best user experience vehicles since 2016 by assessing the user-friendly technology such as touchscreens, smartphone pairing, voice-control navigation, head-up displays and the effectiveness of driver-assistance technologies such as adaptive cruise control and blind spot monitoring. A total of 18 models with new or hi

MobilityAug. 13, 2020

Korean banks’ H1 net profit dips

The combined net profit of South Korean banks for the first half of this year dipped 17.5 percent on-year due to increased loan-loss provisions amid the coronavirus pandemic, data released by the Financial Supervisory Service showed Thursday.  According to the financial watchdog, the combined net profit of local banks for the January-June period preliminarily came to 6.9 trillion won ($ 5.82 billion), down 1.5 trillion won from the same period last year. The decline in net income came a

MarketAug. 13, 2020

Whirpool requests extension of safeguard against Samsung, LG

US electronics giant Whirpool has filed a petition to extend the current safeguard against South Korean competitors Samsung Electronics and LG Electronics over their exports of washing machines to the US market, according to Korean industry sources Thursday. However, the Korean companies expect the safeguard to have little impact on their current businesses even if the restriction is extended. The import restriction took effect in 2018, as Whirpool requested a 16 percent tariff on up to 1.2

TechnologyAug. 13, 2020

[Monitor] Korea’s reliance on mountainside solar farms

The ratio of mountainside solar farms has declined from 39.2 percent in 2017 to 32.5 percent in 2018 and 31.5 percent in 2019, according to the Ministry of Industry, Trade and Energy. However, the scale of such solar farms has increased. In 2016, 529 hectares of mountainside solar farms were built. After President Moon Jae-in took office, 1,435 ha, 2,443 ha and 1,024 ha of solar farms were newly built in 2017, 2018 and 2019, respectively. As of Sunday, 12 landslides have occurred at mountai

IndustryAug. 13, 2020

China's days as world's factory are over, iPhone maker says

A key supplier to Apple and a dozen other tech giants plans to split its supply chain between the Chinese market and the US, declaring that China’s time as factory to the world is finished because of the trade war. Hon Hai Precision Industry Chairman Young Liu said it’s gradually adding more capacity outside of China, the main base of production for gadgets from iPhones to Dell desktops and Nintendo Switches. The proportion outside the country is now at 30 percent, up from 25 pe

IndustryAug. 12, 2020