BMW’s Mini to hold New Mini Countryman World Premier in Korea

BMW Group’s premium compact car brand Mini is hosting the New Mini Countryman’s World Premier event in Yongin, Gyeonggi Province, on June 24, Mini Korea said Wednesday. It is the first time in the Mini’s 60-year history to hold a world premiere in Korea, Mini Korea said.  The company said the Korean market’s geographical and national characteristics suit the Mini brand’s identity.  “BMW Group acknowledges Korea as a market where traditional and m

MobilityJune 10, 2020

[Behind the Wheel] Renault’s hit model QM3 returns as Captur

Renault Samsung Motors’ subcompact QM3 sport utility vehicle is one of the bestselling vehicles in a passenger car lineup that includes the SM3 and SM6 sedans, and the XM3 and QM6 SUVs. With practicality and pricing having driven a boom in the local market for compact SUVs in recent years, the QM3 has benefited. It has enjoyed great popularity in the seven years since its release.  While the model was popular for its dainty design and high fuel efficiency, it underwent significant

MobilityJune 10, 2020

Household debt grows, but rise in corporate loans slows in May

South Korea's household debt continued to grow at a steady pace in May, but the rise in corporate loans sharply slowed from a month earlier, possibly reflecting ample liquidity for local firms, central bank data showed Wednesday. Fresh bank loans extended to local households came to 5 trillion won ($4.17 billion) in the month, slightly up from 4.9 trillion won the month before, according to the data from the Bank of Korea (BOK). The rise in home-backed loans slowed to 3.9 trillion won from 4.

EconomyJune 10, 2020

Korea's money supply grows by record amount in April

South Korea's money supply grew by the largest amount ever in April on a sharp increase in funds held by local companies apparently seeking to prepare for the shock from the new coronavirus pandemic, central bank data showed Wednesday. The country's M2 came to 3,018.6 trillion won ($2.51 trillion) as of end-April, according to preliminary data from the Bank of Korea (BOK). The reading marks a 1.1 percent, or 34 trillion won increase from a month before, which is the largest on-month gain sinc

EconomyJune 10, 2020

[Monitor] Job seeking allowance surges 33.9%

The amount of allowances paid out to those seeking jobs surpassed 1 trillion won for the first time in May, data from the Employment and Labor Ministry showed. The job seeking allowance system first began in 1995. It takes up most of the unemployment allowance. The figure reached 1.162 trillion won, up 33.9 percent from the same month last year, driven by a rise in the number of jobless amid the coronavirus pandemic. There were 111,000 new applicants to receive the allowance last month, up 32

IndustryJune 10, 2020

Authorities closely monitoring property market

SEJONG -- South Korea's financial authorities are closely monitoring the property market as ample liquidity could fuel a rise in home prices, Vice Finance Minister Kim Yong-beom said Wednesday. South Korea has promised to spend some 270 trillion won ($225 billion) to cushion the economic blow from the coronavirus pandemic, with the Bank of Korea (BOK) cutting its key rate to a historic low. "The government will closely monitor the market to prevent asset prices from excessively rising

EconomyJune 10, 2020

Korean Air adopts 'back-to-front' boarding amid virus outbreak

Korean Air Lines Co., South Korea's biggest carrier, said Wednesday it has started boarding passengers from back to front to help stem the potential spread of the new coronavirus. On Wednesday, Korean Air began to apply the back-to-front boarding system on all of its domestic and international routes to minimize contact among passengers, the company said in a statement. Airlines usually have priority boarding for first class and business class passengers instead of having passengers in the la

MobilityJune 10, 2020

Seoul stocks open lower on profit-taking

South Korean stocks opened lower Wednesday as investors raked in profits while taking a wait-and-see approach on the results of the US Federal Reserve meeting due this week. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.97 points, or 0.14 percent, to 2,185.95 in the first 15 minutes of trading. Seoul shares closed higher for an eighth consecutive session a day earlier, tracking the reopening of businesses across the globe, including the United States. Overnight, the Dow Jone

MarketJune 10, 2020

S. Korea seeks further deregulation for retailers amid pandemic

South Korea said Wednesday it will remove unnecessary regulations to help local retail companies to utilize more high-end technologies and keep up with soaring demand for delivery services amid the new coronavirus pandemic. "Online sales platforms have emerged as the backbone of the so-called non-contact economy (amid the COVID-19 pandemic)," Industry Minister Sung Yun-mo said during his visit to a logistics center of SSG.COM, the online shopping unit of retail conglomerate Shinsega

IndustryJune 10, 2020

S. Korea's jobless rate surges to 10-year high amid pandemic

SEJONG -- South Korea's jobless rate surged to a 10-year high in May as the coronavirus pandemic hammered job markets, data showed Wednesday. The seasonally adjusted unemployment rate stood at 4.5 percent in May, marking the highest level since January 2010, according to the data compiled by Statistics Korea. The number of employed people fell by 392,000 to 26.93 million in May, marking the third consecutive monthly decline. It was the first time that the nation lost jobs for the third str

EconomyJune 10, 2020

Viva Republica in hot water over unauthorized payments on its fintech platform

Viva Republica, which runs the money transfer platform Toss, says it has recently found unauthorized payments made on its system, and is working to find the exact causes of the incident. According to the fintech firm, eight unauthorized purchases worth a total of 9.4 million won ($7,853) were made via Toss on June 3 from three online websites. Data such as names, phone numbers, birth dates and personal identification numbers were compromised in the incident, but it is “high

MarketJune 9, 2020

Samsung Biologics upbeat after scion’s arrest warrant denied

Samsung Biologics shares were upbeat Tuesday, following the court’s rejection of an arrest warrant for Samsung Electronics Vice Chairman Lee Jae-yong. In early morning trading, shares rose nearly 3 percent than the previous day, although the price eased down to 1.8 percent range at close. The chaebol scion is being probed by the prosecution for alleged accounting fraud intended to buoy Samsung Biologics’ performance, which the prosecutors suspect was directed to leverage Lee&rsqu

IndustryJune 9, 2020

World Bank names S. Korea ‘COVID-19 safe spot’

The World Bank has added South Korea to the list of countries that are providing efficient emergency medical services to its employees, Seoul’s Finance Ministry said Tuesday. The multilateral agency’s decision is seen as its recognition of Korea’s successful handling of the COVID-19 pandemic. “The World Bank has decided to name Korea as a medical evacuation destination to take care of the emergent medical needs of its employees located in the East Asia and Pacific reg

EconomyJune 9, 2020

SK Innovation’s EV battery material subsidiary seeks IPO

SK Innovation’s wholly owned subsidiary SK IE Technology, which makes separators for electric vehicle batteries, said Tuesday it will seek an initial public offering. The separator is one of the four key components of a lithium-ion battery, along with the cathode, anode and electrolyte. According to SKIET, it sent letter of inquiry proposals to domestic and foreign stock firms to underwrite its IPO. “A specific timeline for the IPO hasn’t been decided yet. An underwriter

IndustryJune 9, 2020

K-water and UNESCO launch water management program for developing nations

Korea Water Resources Corp., also known as K-water, said Tuesday it is joining hands with UNESCO to raise awareness on water management and its relationship to climate change. According to K-water, it will collaborate with the UNESCO International Centre for Water Security and Sustainable Management to run a summer program on water management for international students and water-related professionals from developing countries receiving official development assistance from the Organization for

IndustryJune 9, 2020

K bank gears up to resume operations after hiatus　

K bank is working to resume operations in July after a monthslong hiatus due to liquidity problems, according to industry insiders Tuesday. South Korea’s first internet-only bank recently announced that it would stop receiving new subscribers for its existing Dual-K Checking Account, its signature savings account product, from July 1. The announcement appears to be a prelude to introducing a new banking product as part of its reopening strategy, sources noted. K bank admitted that

MarketJune 9, 2020

Korea Shipbuilding wins order for 2 petrochemical carriers

Korea Shipbuilding & Offshore Engineering Co., the shipbuilding holding company of South Korea's Hyundai Heavy Industries Group, said Tuesday it has won a 90 billion-won ($75 million) order to build two petrochemical carriers. The two 50,000-ton vessels will be built by Hyundai Mipo Dockyard Co., a subsidiary of Korea Shipbuilding, starting October this year, and they will be delivered to a European company by the second half of 2021, Korea Shipbuilding said in an emailed statement. The d

IndustryJune 9, 2020

Seoul stocks extend rally to 8th session, won sharply up

South Korean stocks closed higher Tuesday, extending a winning streak to an eighth consecutive session on hopes for economic recovery and ahead of the Fed meeting this week. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.63 points, or 0.21 percent, to close at 2,188.92. Trading volume was high at about 805.3 million shares worth some 14.5 trillion won ($12.1 billion), with losers outnumbering gainers 473 to 366. The KOSPI exte

MarketJune 9, 2020

OB’s flagship beer Cass receives Superior Taste Award

Oriental Brewery said Tuesday its flagship beer Cass Fresh and Cass Light have received the 2020 Superior Taste Award held by International Taste Institute. According to South Korea’s largest beer maker by revenue, Cass Fresh received the award with one-star rating, which is granted to participants scoring above 70 percent. Cass Light received two stars, scoring between 80-90 percent. ITQI was established in Brussels, Belgium, in 2005, serving as an evaluation body for food and bevera

ConsumerJune 9, 2020

JTI Korea launches Ploom Tech on Coupang

JTI Korea said Tuesday it is the first global tobacco firm to launch e-cigarettes on Coupang’s platform. The company’s flagship hybrid e-cigarette Ploom Tech will now be available on the South Korean e-commerce giant’s Rocket Delivery service. To celebrate the launch, JTI said it will offer a 50 percent discount for all users buying the bundle set -- Ploom Tech Starter Kit, which contains a battery, a USB charger and an adapter, a mouth piece and a carrying case -- at 17,500

IndustryJune 9, 2020