[Monitor] Share of employed workers with disabilities stands at 35% in Korea

The employment rate for people with disabilities stood at 34.9 percent -- less than half the ratio for people without a disability -- according to data from the Ministry of Health and Welfare and Statistics Korea. The portion of employed workers with disabilities was calculated based on the total people with disabilities being 2.61 million as of 2019, which accounted for 5.1 percent of the entire Korean population. Compared to the disabled group, the employment rate for normal people was 60

IndustryJuly 27, 2020

Seoul stocks open higher on stimulus hopes

South Korean shares opened higher on Monday on hopes for stimulus measures in major economies, bucking concerns over escalating tensions between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.37 points, or 0.70 percent, to 2,215.81 in the first 15 minutes of trading. Investor sentiment improved in Seoul, following reports that US Republicans were set to roll out a $1 trillion COVID-19 aid package early this week, with support from the White House.

MarketJuly 27, 2020

Two-thirds of major companies beat forecasts in Q2

Nearly two-thirds of major listed businesses in South Korea reported forecast-beating results in the second quarter of the year despite the coronavirus pandemic, a market tracker said Monday. According to an analysis of 33 major corporations by Yonhap Infomax, the financial news arm of Yonhap News Agency, 66 percent of them, or 21 companies, posted earnings that beat market estimates. Of them, 12 pulled off earnings surprises as their results exceeded market expectations by 10 percent or more

IndustryJuly 27, 2020

Duty-free sales up for 2nd month in June but still below pre-pandemic level

Duty-free sales rose for the second straight month in June, but their sales still remained half of pre-pandemic figures, industry data showed Monday. Combined sales at duty-free shops in South Korea reached 1.11 trillion won ($923 million) in June, up 9.3 percent from a month earlier, according to the Korea Duty Free Shops Association. It marked the second straight month of gains since the figure fell below 1 trillion won for the first time in four years in April. Local duty-free operators w

ConsumerJuly 27, 2020

S. Korea's H1 auto output hits 11-year low amid coronavirus

South Korea's auto output sank nearly 20 percent to an 11-year low in the first half of the year due to the coronavirus outbreak, industry data showed Monday. Industry leader Hyundai Motor Co. and four other automakers produced 1.63 million vehicles in the January-June period, down 19.8 percent from a year earlier, according to the data from the Korea Automobile Manufacturers Association (KAMA). It was the lowest figure since the 1.53 million units produced in the first half of 2009. The sha

MobilityJuly 27, 2020

Korea's wealth fund KIC sets sights on commercial properties in Europe, China

Korea Investment Corp., South Korea's $157 billion sovereign wealth fund, is seeking to buy commercial properties in Europe and China, the company's top executive has said, in what could be its latest alternative investments. "We are considering making investments one each in Europe and in China," KIC Chairman and CEO Choi Hee-nam said in a recent interview with Yonhap News Agency. Still, Choi declined to give any further details, citing possible negative effects on negotiations wit

BusinessJuly 26, 2020

HDC calls for repeat of due diligence on Asiana to break deadlock

HDC Hyundai Development Co. on Sunday called for an additional round of due diligence on Asiana Airlines as it reaffirmed its interest to close the $2.2 billion deal to take over the country’s second-largest full-service airline. However, this move is casting doubts over the successful closure of the mega-deal to acquire Asiana considering the aggravating financial situation of the airline amid the protracted COVID-19 impact on the aviation industry. The midsized construction unit of H

MobilityJuly 26, 2020

S. Korea’s housing prices soar ahead of real economy

South Korea’s housing prices were 2.64 times that of the gross domestic product in 2019, as the property market spiked, central bank data showed Sunday. Last year, the aggregate market price of houses here came to 5.67 quadrillion won ($4.62 trillion), up 7.4 percent from a year earlier, according to the Bank of Korea. The corresponding figure exceeded the 1 quadrillion won mark for the first time in 2000 and doubled up during the next six years to surpass 2 quadrillion won in 2006. Du

MarketJuly 26, 2020

[Behind the Wheel] Renault Samsung’s SM6 returns with more power

INJE, Gangwon Province -- There are no remarkable changes to the exterior, but the revamped version of the Renault Samsung Motors flagship midsized sedan SM6 does appear to have been “reborn with a new heart,” as the automaker describes it. Ambitiously presenting the face-lifted model of the SM6 last week, Renault Samsung Motors invited reporters to the Inje Speedium, a 3.91-kilometer circuit in Gangwon Province, on July 16 to test-drive the car on the track and nearby winding roa

MobilityJuly 26, 2020

Delayed tax payments soar in H1 amid COVID-19 impact

Delayed tax payments during the first half of this year surged by 28 times from a year earlier, reflecting the cash-strapped reality of local taxpayers amid the COVID-19 pandemic fallout, government data showed Sunday. The number of people who have applied for their due tax payments to be put off came to 5.79 million as of end-June, which was 28.1 times higher than 206,054 cases observed a year earlier, according to data submitted by the National Tax Service to the parliamentary finance comm

EconomyJuly 26, 2020

Antitrust watchdog fines HHI W970m for misappropriation

South Korea’s antitrust watchdog said Friday it has decided to impose a fine of 970 million won ($808,000) on Hyundai Heavy Industries for misappropriating technical data from a subcontractor. The Fair Trade Commission said HHI “forcibly obtained” the technical data of pistons for its diesel engine from a subcontractor. HHI had maintained a close partnership with the company for over two decades in its move to localize key components, the watchdog explained. It also did not

IndustryJuly 26, 2020

Homeplus speeds up sale of stores to secure liquidity

Amid an overall slump in the retail industry in the wake of the COVID-19 outbreak, retailer chain Homplus is speeding up its asset securitization plan to sell physical stores in order to secure liquidity. On Friday, Hompeplus said it has decided to securitize a store branch in Daejeon, one week after the retailer announced plans to sell another branch in Ansan, Gyeonggi Province. The company’s move comes after it recorded the net loss of 532.2 billion won ($442.8 million) during the pe

ConsumerJuly 26, 2020

[Future of Plastic Cards] With digital payments rising, will plastic cards become things of past?

This is the first installment in a series of articles and interviews assessing the future of credit cards as a major payment platform and challenges ahead. -- Ed. The rapid growth of mobile payment services is offering wider options for customers, but for the South Korean credit card industry it is both an opportunity and threat. Some naysayers even predict the demise of plastic credit cards that replaced cash payments for years. Fears linger over the possible emergence of a Korean-version of

MarketJuly 26, 2020

Shinhan Financial hands over leading bank title to rival KB in Q2

Taking a hit from the private equity debacle, Shinhan Financial Group failed to prolong its solid earnings streak in the second quarter and handed over the industry’s top position to rival KB Financial Group, data showed. For the three months that ended June 30, Shinhan posted a net profit of 873.1 billion won ($725.9 million), down 6.4 percent from a quarter earlier and 12.3 percent from a year earlier, the company said in a statement Friday. The latest result came in line with outlo

MarketJuly 26, 2020

REIT IPOs elicit lukewarm response from retail investors

The initial public offerings of South Korean real estate investment trusts are drawing lackluster response from retail investors before their listing on the local stock market, estimates showed Sunday. The latest was the undersubscription of the stock offering to individual investors, when JR Asset Management’s REIT was going public on the main bourse Kospi to invest in Finance Tower Complex in Brussels, Belgium. REITs are companies designed to generate returns for investors in the for

MarketJuly 26, 2020

Samsung Asset delays merger with hedge fund arm

Samsung Asset Management disclosed Sunday it has put a merger plan with its wholly owned hedge fund subsidiary on hold. The Seoul-based asset manager that oversees 26.9 trillion won ($22.3 billion) assets -- largest in South Korea -- added it would make an announcement once the date of merger is rescheduled. The deal was initially set to be closed by Aug. 1, following regulatory approval. The news comes amid intensifying scrutiny by authorities of Korean privately pooled funds -- private equ

MarketJuly 26, 2020

Vaccine developer SK Bioscience plans 2021 IPO

SK Group is pushing for another initial public offering of its health care affiliate SK Bioscience, just a month after SK Biopharmaceuticals’ record-breaking stock market entry last month. SK Bioscience, a vaccine developer that was spun-off from SK Chemical in July 2018, will reportedly file for listing next year. Both NHIS and KIS were underwriters responsible for the blockbuster IPO of SK Biopharmaceuticals, a drug company that specializes in research and development of treatments f

IndustryJuly 26, 2020

Seoul stocks set for mild gain next week: analysts

South Korean stocks are expected to log mild gains next week on hopes for a US stimulus package in the pipeline, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 2,200.44 points on Friday, nearly unchanged from 2201.19 points a week ago. The index managed to stay above the psychologically important 2,200-point mark despite disappointing economic indices and Sino-American tensions. Local analysts said the KOSPI is likely to post a gradual hike next week, large

MarketJuly 25, 2020

Cigna’s Korean subsidiary denies sell-off rumors

Lina Life Insurance, an affiliate of Cigna, on Friday denied market rumors that it is up for sale. According to recent market rumors, the US-based health service company plans to sell its stake in the wholly owned South Korean insurance firm. The company has reportedly selected Goldman Sachs as a lead manager for the sale. As per reports, Cigna could have fetched over 3 trillion won ($2.5 billion) from the sale. Founded in 1987, Lina Life, the 13th largest insurer here, has made most of its

MarketJuly 24, 2020

Seoul stocks dip for 3rd day on virus fears, economic woes

South Korean stocks closed lower for a third consecutive session on Friday, as investor sentiment worsened over the economic fallout from the new coronavirus pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 15.75 points, or 0.71 percent, to close at 2,200.44. Trading volume was high at about 979 million shares worth some 16.1 trillion won ($14 billion), with losers outnumbering gainers 583 to 279. Foreigners bought a net 87 bill

MarketJuly 24, 2020