S. Korea to invest W73.4tr in green projects as part of 'New Deal' scheme

South Korea said Thursday it will spend 73.4 trillion won ($60 billion) in the energy segment in line with its ambitious "New Deal" plan meant to transform the nation's fossil fuel-reliant economy into an eco-friendly one. The projects could create around 659,000 jobs and help the country overcome the COVID-19 crisis and prepare for the post-coronavirus era to be led by the fourth industrial revolution, according to the Ministry of Trade, Industry and Energy. South Korea is reeling

EconomyJuly 16, 2020

'Hallyu' tourists spent $1,007 on average in 2019, BTS most favored: report

Foreigners who traveled to South Korea last year to consume K-pop goods and content were estimated to have spent $1,007 on average, according to a report Thursday. In its latest tourism industry analysis report, the state-run Korea Tourism Organization (KTO) estimated that some 1.11 million foreigners came to South Korea in 2019 to specifically consume goods and experiences related to "hallyu," a term referring to the global popularity of Korean pop culture, last year. On average, $

ConsumerJuly 16, 2020

BOK keeps rate steady, warns of sharper-than-expected contraction

As widely expected, the Bank of Korea (BOK) kept the policy rate frozen at 0.5 percent Thursday to gauge the impact of previous rate cuts but warned that Asia's fourth-largest economy would contract at a sharper-than-expected clip amid the prolonged pandemic-caused slump. The BOK decision to stand pat follows two rate reductions. The central bank sent the policy rate to the record low level on May 28, about two months after it delivered its first emergency rate reduction in over a decade, slas

EconomyJuly 16, 2020

Seoul stocks open flat on recovery hopes, Sino-American risks

South Korean stocks opened nearly flat Thursday amid rising Sino-American tensions and recovery hopes of the pandemic-hit global economy. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.13 points, or 0.1 percent, to 2,199.75 in the first 15 minutes of trading. Investors walked a tight rope between signs of a global economic recovery and the rising political friction between the world's two largest economies. US industrial production in June jumped 5.4 percent from a month a

MarketJuly 16, 2020

6 months after virus outbreak, S. Korean economy gears up for big jump

SEJONG -- In the six months after the new coronavirus was first reported in South Korea, the virus outbreak has battered the nation's exports and depressed local consumption, with health experts warning that the highly contagious disease may not disappear in the coming months. The pandemic has brought the global economy to a temporary standstill, dealing a severe blow to the nation's export-reliant economy. New waves of infections around the world are expected to delay the pace of recovery.

EconomyJuly 16, 2020

Samsung Electronics world's No. 2 chip firm by market cap: data

Samsung Electronics Co., South Korea's leading tech firm, is the world's second-largest semiconductor company in terms of market capitalization, data showed Thursday, despite a share price drop. Samsung's market value totaled $261.9 billion as of last Friday, only behind Taiwan Semiconductor Manufacturing Company (TSMC), whose market cap reached $306.3 billion, according to data analyzed by corporate tracker CEO Score and Yonhap News Agency. TSMC is the world's largest contract chip manufac

IndustryJuly 16, 2020

S. Korea's energy imports sharply down in April amid pandemic

South Korea's imports of energy products nearly halved in April due mainly to the falling global price of crude oil amid the new coronavirus pandemic, which has suspended business activities around the globe, data showed Thursday. The country's imports of energy reached $6.47 billion last month, down 41.6 percent from a year earlier, according to the data compiled by the Korea Energy Economics Institute. Due to the sharp decrease in demand, energy-related products accounted for only 17.1 per

EconomyJuly 16, 2020

Samsung CEO expresses concerns about protectionism in post-COVID-19 era

Samsung Electronics’ consumer electronics CEO Kim Hyun-suk on Wednesday expressed concerns over trade protectionism in major countries following a downturn in the home appliance market after the COVID-19 pandemic. During a brief meeting with local reporters, the head of Samsung’s consumer electronics said the company will undergo a more difficult situation in the fourth quarter of this year in the aftermath of the pandemic outbreak. “The global economy, consumer sentiment

TechnologyJuly 15, 2020

Sales of electric cars dwindle amid coronavirus pandemic

Sales of electric vehicles have taken a hit globally as the coronavirus pandemic continues to take its toll on the economy, a new report has revealed. According to data from market analyst company SNE Research, global sales of electric cars between January and May this year dropped by 20.3 percent to 710,000 units, compared to the same time last year. Due to the worsening impact of the pandemic in the US and Europe in particular, global sales of electric vehicles in May were down by 28.7 perc

MobilityJuly 15, 2020

Coupang launches phone-subscription service sales

Expanding the line of products sold on its platform, Coupang said Wednesday it has launched Rocket Mobile, through which customers can browse and choose subscription plans offered by mobile carriers. The South Korean e-commerce giant said the new platform is an addition to the current sales of smartphone devices, including those made by Samsung Electronics and Apple. Through Rocket Mobile, customers can now choose monthly call plans as they purchase mobile devices, a one-stop service that wa

IndustryJuly 15, 2020

Diageo Korea launches new drinks with lower alcohol content

Diageo Korea said Wednesday that it has launched two new products, W 19 and W Honey, the first spirits in the local industry with just 32.5 percent alcohol by volume. The liquor maker said it had decided to lower the alcohol content of the new products to meet the rising demand for drinks that are less than full strength, as the drinking culture is rapidly changing here. Both drinks have the optimal strength for consumers in their 30s and 40s who value smoothness and new flavors, the compan

ConsumerJuly 15, 2020

SPC Group confronts pandemic woes with wider overseas ventures

While the COVID-19 pandemic has depressed the performance of many businesses, the opposite is true for South Korean food company SPC Group, which has expanded its overseas business in recent months. In June, SPC Group -- owner of the country’s biggest bakery brand, Paris Baguette -- announced that it would launch the brand in Canada. It will be the seventh country the company has entered. The COVID-19 pandemic means it will take longer than usual to find partner firms and conduct market

ConsumerJuly 15, 2020

Lotte Chemical nabs 3 prizes at Red Dot Design Award 2020

South Korea’s Lotte Chemical took home three awards at the Red Dot Design Award this year, the company said Wednesday. Arranged by Germany’s Design Zentrum Nordheim Westfalen, the Red Dot Design Award is one of the three most recognized design awards alongside the iF Design Award and IDEA Design Award. According to Lotte Chemical, its multi layered 3D lighting effect was crowned Best of the Best in the surface and design category. Lotte designed the effect by applying laser beam

IndustryJuly 15, 2020

S-Oil supports injured firefighters for 12th year

S-Oil said Wednesday it has provided 60 million won ($49,975) to 31 firefighters who have suffered injuries during their missions, continuing its support of firefighters for 12 consecutive years. According to the South Korean refiner, it recently held a donation ceremony with the Korea National Council on Social Welfare at the Mapo Fire Station in western Seoul, and distributed the amount among 31 firefighters injured during firefighting, rescue and first aid missions. Since 2009, S-Oil ha

IndustryJuly 15, 2020

Job market contraction persists, unemployment rate hits record-high in June

Reeling under the prolonged impact of the COVID-19 fallout, South Korea shed over 350,000 jobs in June, marking the fourth consecutive monthly fall in employment for the first time since the global financial crisis, government data showed Wednesday. The number of people unemployed and the unemployment rate hit record highs, weighed down by the massive contraction in service sectors. According to the monthly employment trend compiled by Statistics Korea, the number of employed people across

EconomyJuly 15, 2020

EU suspends HHI-DSME merger screening again

The European Commission has again suspended the screening of Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering, according to industry sources. Upon the suspension, the screening deadline, originally set for September, has been delayed and it is unlikely that the review will be completed within this year, according to industry watchers. The EU had previously suspended the screening twice as it had difficulty collecting screening data due to the coro

MobilityJuly 15, 2020

Seoul stocks exceed 2,200-level for first time in five months on COVID-19 vaccine hopes

The South Korean benchmark stock index finished above the 2,200-level for the first time in nearly five months on Wednesday, largely on hopes for a coronavirus vaccine and economic recovery. The Korean won rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 18.27 points, or 0.84 percent, to close at 2,201.88. The index surpassed 2,200 for the first time since 2,210.34 on Feb. 19. Trading volume was high at about 811 million shares worth some 13.4 trillion won ($11.

MarketJuly 15, 2020

Eximbank signs $100m sublease contract with African bank to boost bilateral trade, investment

Responding to growing trade and investment volume between South Korea and Africa, the state-run Export-Import Bank of Korea has signed a sublease contract worth $100 million with the Eastern and Southern African Trade and Development Bank via a videoconference, officials said Wednesday.  Launched in 1985, the TDB, a multilateral, treaty-based development financial institution, is aimed at financing local businesses as well as trade activities in the African regions. It has 22 member coun

MarketJuly 15, 2020

Telecom firms to invest W25tr in 5G infrastructure

The ICT Ministry of South Korea on Wednesday announced that the government and the nation’s major telecommunications firms would invest around 25 trillion won ($22 billion) by 2020 to expand the nation’s 5G infrastructure. The agreement came after the meeting between ICT Minister and the leaders of the nation’s three major telecommunications firms, SK Telecom CEO Park Jung-ho, KT CEO Koo Hyun-mo and LG U+ Vice Chairman Ha Hyun-hwoi. During the meeting, ICT Minister Choi stre

TechnologyJuly 15, 2020

Ministries in discord over lifting construction ban on Seoul’s greenbelts

Agencies handling the Moon Jae-in administration’s ambitious measures to cool down the heated real estate market revealed Wednesday that they are not all on the same page over the possibility of lifting the construction ban in greenbelt areas. In an interview with local news outlet MBC on Tuesday, Finance Minister and Deputy Prime Minister Hong Nam-ki said the government is open to the possibility of lifting the construction ban in certain designated greenbelt zones to resolve the nation

EconomyJuly 15, 2020