Kakao Bank outruns traditional banks in monthly active users

South Korea’s largest internet-only bank said Wednesday that its number of monthly active users in June surpassed 11 million — the highest in the nation’s entire bank industry. Kakao Bank’s increasing number of users also boosted its earnings in the first half with its net profit standing at 45.3 billion won, nearly five times higher than the 9.6 billion won it posted a year earlier. In the second quarter alone, the net profit came in at 26.8 billion won. Increased

MarketAug. 5, 2020

Jeju Air suffers major setback as operating loss more than doubles

South Korea’s largest low-cost carrier Jeju Air suffered an operating loss of 84.7 billion won ($73.3 million) during the second quarter this year, raising its net operating loss for the first half of the year to nearly 150 billion won, according to a tentative financial report released Wednesday. The deficit grew by over 200 percent compared to the same time last year when the airline posted an operating loss of 27.4 billion won. Jeju Air posted 36 billion won in sales, down a whopping

MobilityAug. 5, 2020

Ruling party seeks higher tax on foreign property speculators

In a bid to calm real estate prices, South Korea’s ruling party said Monday it would seek legislation to levy a heavier tax on property speculation by foreign nationals. The Democratic Party of Korea and the government said the bill would impose a 20 percent acquisition tax on home purchases by foreign nationals if the buyers do not reside there for more than six months out of the year without an acceptable reason. The current law states that taxes for foreign nationals buying real est

EconomyAug. 5, 2020

Kospi returns above 2,300 points after 22 months

South Korea’s main bourse Kospi on Wednesday rose 31.89 points, or 1.4 percent, to 2,311.86, recovering above the level of 2,300 after nearly 22 months, on retail investors’ buying spree for a sixth consecutive session as signs of economic recovery improved investor sentiment. It was the first time the index moved above the 2,300-point mark since Oct. 4, 2018, when it marked 2,311.06. The closing also marked the highest since 2,338.88 on Oct. 1 in the same year. The index hit an i

MarketAug. 5, 2020

S. Korea to push ahead with housing deregulations, despite Seoul’s disapproval

South Korea vowed Wednesday to strengthen surveillance over the transactions of expensive apartments, in a move to curb rampant speculative buying practices and to steady snowballing housing prices here. It also said that it will push ahead with its latest housing supply plan in Seoul and Gyeonggi Province, regardless of the apparent discord with the municipal government over eased redevelopment rules. “(The government) will tighten control on (irregular practices in the housing mark

EconomyAug. 5, 2020

[Time to Play] Super Tank Blitz, Smilegate’s creative game that lacks details

The beauty of Sumo is in its simplicity. Whoever pushes the opponent out of the ring wins. Thanks to this simplicity, there’s no need to study or understand the sport. Spectators just know how the game works by instinct. Smilegate’s 2D mobile tank battle game Super Tank Blitz works in a similar way. Whoever destroys the opponent’s tank first wins, either by firing artillery shells or pushing it off a cliff. It is also highly ingenious, as Super Tank Blitz allows users to

IndustryAug. 5, 2020

State-led 5G transition gives boost to bullet-proof material of Kolon, Hyosung

Thanks to President Moon Jae-in’s push for the 5G network, Korean chemical companies are getting an unexpected boost as demand has surged for aramid, a material used for bulletproof vests and a vital ingredient for 5G cables. As part of Moon’s Digital New Deal initiative, the nation’s major telecommunications firms -- SK Telecom, KT, LG U+ and SK Broadband -- said last month they would invest 25 trillion won ($21 billion) to establish a nationwide 5G network by the first ha

IndustryAug. 5, 2020

50-story apartment rebuilding scheme faces market backlash

The local real estate market appears not to be very excited about the government‘s conditional approval of turning old apartments into 50-story buildings, due to its condition of donating more than a half of leftover units for public use, experts said Wednesday. Responding to the housing supply shortage, the government has decided to build more than 130,000 residential units in the capital city and adjacent areas over the next eight years. One of the key measures is a public reconstruct

MarketAug. 5, 2020

Amorepacific begins sales of flagship cosmetics brands on Amazon

Amorepacific, a South Korean cosmetics giant, said Wednesday it launched two of its flagship brands, Amorepacific and Mamonde in US Amazon, as part of its efforts to expand presence in the US. ”It is an honor to present Amorepacific’s flagship brands to customers of the US Amazon,” an Amorepacific Group official said. “As online shopping is growing globally, we will continue for sturdy growth in the digital sector with Amorepacific and Mamonde.” Amorepacific s

ConsumerAug. 5, 2020

Seoul stocks hit almost 2-year high on US stimulus hopes

South Korean stocks gathered ground for the third consecutive session on Wednesday to close at the highest level in nearly two years, as investor sentiment was buoyed by progress in US stimulus moves, analysts said. The Korean won rose against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) gained 31.89 points, or 1.4 percent, to finish at 2,311.86. Trading volume was high at 830 million shares worth 17.6 trillion won ($14.8 billion), with losers outpacing gainers 434 to

MarketAug. 5, 2020

Samsung Biologics launches S-CHOice cell line expression technology

Samsung Biologics on Tuesday launched a proprietary cell line expression technology called S-CHOice, intent to improve its contract development services by shortening the drug development period for clients and lowering their drug product costs. 　Through an online ceremony streamed via YouTube, the company’s vice president of contract development business, Yang Eun-young, and director of cell line development, John Gill, introduced S-CHOice, which the company will offer to “all clie

IndustryAug. 5, 2020

Posco International, RDA to support Myanmar‘s farming market

Posco International and the Rural Development Administration will jointly support farmers in Myanmar and strengthen the value chain of food projects through public-private cooperation, the company said Wednesday. The nation’s largest trading company said it has signed a memorandum of understanding with the RDA to improve the value chain of Myanmar’s rice business, ranging from variety, cultivation, processing and distribution. The ceremony, held in Posco International’s Se

IndustryAug. 5, 2020

Coupang, LG Chem narrow gap with global No. 1 firms

Seven Korean companies, including Coupang and LG Chem, have narrowed their revenue gap with global No. 1 companies over the past five years, data showed Wednesday. Local corporate tracker CEOScore surveyed revenues of the world’s No. 1 companies and No. 1 firms in Korea in their respective fields from 2014 to 2019. The results showed that Korean companies narrowed the sales gap with the global No. 1 companies compared to five years ago in seven industries: including chemicals, pharmace

IndustryAug. 5, 2020

[Herald Interview] ‘Opportunities lie ahead for Europe, Korea in sustainability’

The new chief of the European Chamber of Commerce in South Korea believes there are many opportunities for Korean and European companies to cooperate in sustainability areas in the future. “In Europe, sustainability, particularly environment, has been a strong focus for many years and there are many technologies developed related to clean energy. I can see many opportunities for cooperation between European and Korean companies in the areas,” said Dirk Lukat, a new chairperson of

IndustryAug. 5, 2020

[Monitor] Chinese, Americans own most homes in Korea

From the beginning of 2017 until the end of May of this year, a total of 23,219 foreign nationals have purchased apartments in South Korea, with the number of units reaching 23,167. The data was released by the National Tax Service as it announced plans to launch a tax probe against 42 foreigners who own multiple homes with suspicions of evading taxes. The government has been tightening rules and imposing higher taxes in their attempt to curb housing prices in Seoul.  (khnews@heraldcorp

IndustryAug. 5, 2020

Seoul stocks open higher on progress in US stimulus moves

South Korean stocks opened higher Wednesday, tracking overnight gains from Wall Street, as investor sentiment was buoyed by progress in US stimulus moves. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 6.67 points, or 0.29 percent, to 2,286.64 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average moved up 0.62 percent, while the tech-heavy Nasdaq Composite added 0.35 percent. US lawmakers have been making efforts to reach an agreement on new stimul

MarketAug. 5, 2020

S. Korea eyeing heavy taxes on 'speculative' foreign apartment owners

South Korea's ruling party is pushing to impose heavy taxes on "speculative" foreigner buyers of apartments here amid their rising home ownership, officials said Wednesday. The move comes as the Democratic Party (DP) has vowed to create  countermeasures if necessary amid rising concerns over foreigners' apartment purchases for speculative purposes. According to the officials, a DP lawmaker has recently proposed a bill aimed at helping prevent foreign investors from speculating

EconomyAug. 5, 2020

Booking.com to cut thousands of workers after COVID-19 travel hit

Booking Holdings Inc. is the latest online travel giant to eliminate thousands of jobs after the coronavirus pandemic hammered the industry. As much as 25 percent of employees at Booking.com, the company’s biggest business, will be cut, the company said in a statement Tuesday. That’s about 4,000 workers.  The reductions will be implemented globally. Chief Executive Officer Glenn Fogel discussed the move during a video call with workers, saying the past five months represe

IndustryAug. 4, 2020

Hanmi’s once returned pipeline finds new partner in US

Hanmi Pharmaceutical licensed out HM12525A to American firm MSD on Tuesday as a nonalcoholic fatty liver treatment candidate -- a promising turn of events after the pipeline was returned by Janssen last year. HM12525A, variably known as “LAPSGLP/Glucagon receptor dual agonist” and “efinopegdutide,” was first licensed out to Belgium’s Janssen in 2015 as a potential treatment for obesity and diabetes. Janssen later determined in 2019 to cease the research and return

IndustryAug. 4, 2020

Hyundai Motor’s US sales turns positive in 5 months

Hyundai Motor’s sales in the US market rose slightly over a period of five months, after struggling from the pandemic. Hyundai Motor America said Tuesday it reported total sales of 57,677 units last month in the region, a 1 percent increase from a year ago. Sales grew 4 percent, marking the third consecutive month of increase. Sport utility vehicles pulled up the performance, representing 67 percent of the total retail mix and growing by 16 percent on-year. Flagship SUV Palisade sales

MobilityAug. 4, 2020