Eastar Jet founder vows to return all family shares to revive Jeju Air’s acquisition

Korean budget carrier Eastar Jet founder Lee Sang-jik, who is also a member of the ruling Democratic Party of Korea, said Monday that the ownership family will contribute all their shares, worth around 41 billion won ($34.2 million), to Eastar Jet to “save the company,” amid growing uncertainty in an acquisition plan by fellow low-cost carrier Jeju Air, due to wage issues following the latest pandemic shock. But with the ongoing tit-for-tat argument between the two low-cost carrier

MobilityJune 29, 2020

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TechnologyJune 29, 2020

[Gadget Review] Dyson Corrale straightener is quick, hot but heavy

As most of my naturally-curly-haired peers would agree, there is nothing more annoying than coiled bangs. They make you look less composed and childish, not to mention adding a few pounds to your face. So I jumped at the chance to try out Dyson Corrale straightener, the latest hot item from the cordless masters. Almost immediately, I found it extremely convenient to use during busy mornings to fix by bangs, without having time to wash and dry my hair. The gadget is usually placed on the cha

TechnologyJune 29, 2020

US cloud computing solution firm to strengthen ties with Samsung, expand business in Korea

Rescale, San Francisco-based company specializing in high performance computing applications for cloud systems, said Monday that the company will beef up efforts to expand operations in Korea, including increasing cooperation with the country‘s largest tech giant Samsung Electronics. Rescale entered the Korean market last year. The company currently has several Korean customers that use different types of cloud computing solutions, including LS Electric, Hyundai Electric and Energy and

TechnologyJune 29, 2020

Banking, ICT giants need to open data access: FSC

South Korea’s financial regulator Monday urged financial institutions and tech companies to widen access to client information to foster personal credit information management services here, dubbed MyData. “To maximize customers interest, financial and ICT companies as well as fintech startups need to open up their data assets as much as possible,” said Financial Services Commission Vice Chairman Sohn Byung-doo.  MyData refers to a business model that offers integrated

MarketJune 29, 2020

Lotte Department Store launches 3-hour delivery service

Lotte Department Stores said Monday it is starting a new delivery service where customers can receive their online orders within three hours inside Seoul as the first department store to offer such a rapid delivery service here. According to the retail giant, 90,000 products from 400 brands being sold at the department store branches will be available for the “Baro Baesong,” which is translated into direct delivery, to all areas in Seoul. All purchases on Lotte’s online pl

ConsumerJune 29, 2020

Seoul stocks shed nearly 2% amid renewed virus fears

South Korean stocks dipped about 2 percent Monday, amid renewed fears over the coronavirus outbreak promoted by a resurgence in new confirmed cases over the weekend. The Korean won continued to rise against the US dollar. The nation’s main bourse Kospi opened sharply lower at 2,105.54 -- down 29.11 points, or 1.36 percent, from the previous session’s close. The index continued to move downward to 2,087.84 in late trading hours. It was the first time that the index has dropped below

MarketJune 29, 2020

Experts call for easing Japan’s export curbs on Korea

Experts said Monday the current trade restrictions imposed by Japan on South Korea should be alleviated as strengthened cooperation in material, parts and equipment will lead to greater economic value. Speaking at a seminar hosted by the Federation of Korean Industries, they noted that closer cooperation between both countries could generate added value worth $123 billion. The seminar aimed to explore the economic impact of Japan’s export regulations on three major high-tech raw materi

IndustryJune 29, 2020

NPS joins hands with Allianz to eye $2.3b overseas properties

South Korea’s largest institutional investor National Pension Service said Monday it has inked a partnership with Germany-based Allianz to co-invest in core real estate assets worth $2.3 billion across the Asia-Pacific region as part of its alternative investment strategy. The 50:50 fund will target properties in countries such as China, Japan, Australia and Singapore, betting on core opportunities in landmark office buildings, logistics facilities and residential complexes -- or assets c

MarketJune 29, 2020

LG Electronics Q2 earnings tipped to be tepid on pandemic: analysts

LG Electronics Inc., a major home appliance maker in South Korea, is likely to suffer a sharp decline in its second-quarter earnings due to the novel coronavirus pandemic, analysts here said Monday, although it is expected to rebound from the third quarter. LG was expected to log 13.19 trillion won ($10.9 billion) in sales in the April-June period, down 15.59 percent from a year earlier, while its operating profit was estimated to plunge 34 percent on-year to 430 billion won over the period,

IndustryJune 29, 2020

Hyundai Motor rolls out eco-friendly electric bus

Hyundai Motor said Monday it has launched an upgraded midsized electric bus -- County Electric -- which can be used as a town shuttle bus or school bus for children.  The County Electric has been extended by 600 millimeters compared to the previous diesel version. An additional lithium-ion 128-killowatt-hour battery has been attached to the bottom of the 7,710-millimeter-long car body, the automaker said.  This allows the vehicle to travel up to 250 kilometers on a single full charg

MobilityJune 29, 2020

Retail sales up 2% in May on higher demand for online shipping

Retail sales in South Korea increased 2 percent in May from a year earlier as people purchased more sanitary items and foodstuffs through online platforms in the face of the new coronavirus pandemic, data showed Monday. The combined sales of 26 major offline and online retailers reached 11.63 trillion won ($9.65 billion) last month, up from 11.4 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The increase was attributable to a rise in

ConsumerJune 29, 2020

Samsung tipped to log robust Q2 earnings on chip biz: analysts

Samsung Electronics Co.'s second-quarter earnings could be better than expected, analysts here said Monday, as its robust chip business is likely to offset losses in its smartphone and display businesses amid the novel coronavirus pandemic. Samsung was expected to log 53.39 trillion won ($44.4 billion) in sales in the April-June period, down 5.5 percent from a year earlier, while operating profit was estimated to drop 2.3 percent on-year to 6.44 trillion won over the period, according to data

IndustryJune 29, 2020

WTO to discuss opening panel over Seoul-Tokyo trade row

SEOUL/GENEVA -- The World Trade Organization (WTO) plans to discuss the establishment of a panel to deal with the year-long trade row between South Korea and Japan, after Seoul reopened the case at the Geneva-based trade body amid a lack of progress in their bilateral talks. The WTO's Dispute Settlement Body (DSB) meeting over the panel establishment is slated for later in the day, according to trade officials here. But the panel is not likely to be opened immediately, as Japan is widely expe

EconomyJune 29, 2020

S. Korea to extend tax cut on passenger cars to boost consumption

SEJONG -- South Korea's finance ministry said Monday it will extend a temporary cut in consumption tax on passenger cars by another six months to boost consumption and support the auto industry hit by the coronavirus pandemic. The cut in consumption tax on passenger cars had been set to end Tuesday, but it was extended until Dec. 31 this year, the Ministry of Economy and Finance said. The 30 percent cut in tax rate reduced consumption tax on passenger cars to 3.5 percent. The ministry sai

MobilityJune 29, 2020

Seoul stocks open sharply lower on renewed virus fears

South Korean shares opened sharply lower Monday amid renewed fears over the new coronavirus prompted by a spike in the number of new cases over the weekend. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 31.70 points, or 1.49 percent, to 2,102.95 in the first 15 minutes of trading. The drop is largely attributed to the resurgence in new COVID-19 cases. South Korea added 62 new cases on Sunday, including 40 local infections, raising the total caseload to 12,715. The tally m

MarketJune 29, 2020

Coronavirus to cause permanent changes in economy, business environment

The new coronavirus pandemic will likely have a lasting effect on various ways of life, such as where and how people shop, possibly leading to permanent changes in the global economy and trade, a central bank report suggested Monday. Some of the changes may be for the better for some countries, but some may be for the worse for others, it insisted. "The COVID-19 pandemic may not stop at causing an economic slump globally but is highly likely to cause changes in the behavior of economic a

EconomyJune 29, 2020

Corporate direct financing up 40% in May

South Korean companies' stock and bond sales rose 40.1 percent in May from a month earlier, due mainly to a hike in sales of corporate debt, data showed Monday. Local companies raised a combined 16.07 trillion won ($13.4 billion) by selling stocks and bonds in May, up 4.6 trillion won from April, according to the data from the Financial Supervisory Service (FSS). The hike is mainly attributable to the 39.2 percent on-month increase in debt offerings to 15.89 trillion won, the FSS said. Last

EconomyJune 29, 2020

S. Korea lags behind in govt. support for virus-hit airlines

South Korea lags far behind advanced countries in terms of the amount of government support for the airline industry during the coronavirus pandemic, a business lobby group said Monday. The government plans to extend a total of 3.2 trillion won ($2.7 billion) to South Korean airlines -- 2.9 trillion won to full-service carriers and 300 billion won to low-cost carriers -- to help them ride out the COVID-19 impact. The amount is far less than the United States' planned 30.4 trillion won suppo

MobilityJune 29, 2020

[Contribution] S. Korea can make COVID-19 recovery greener

Countries all over the world have been rolling out large fiscal stimulus packages in response to the COVID-19 economic crisis. Some are using this as an opportunity to promote policies linked to environmentally sustainable growth, and build a greener, cleaner, and more resilient economy. The European Union announced a COVID-19 recovery package that places climate change at the center of what is considered the largest green stimulus program in history. By recently announcing its own recovery pl

EconomyJune 28, 2020