[Economy in Pandemic] S. Korean banks face fierce ASEAN market competition in post-virus era

Despite the pandemic impact being felt across the world, South Korean  banks are retaining their faith in the ASEAN countries -- dubbed as a new market with relatively high interest rates and demand for fresh funds. With travel restrictions to key ASEAN markets likely to be lifted soon -- as there are zero coronavirus deaths in Vietnam and Cambodia so far -- the countries will not only work as a breather for the lenders, but also as a battleground for heightened competition. The combine

MarketJune 9, 2020

Korean excavator makers bask in strong China sales in May

South Korean excavator makers, led by Doosan Infracore Co., racked up brisk sales in China in May compared to a year earlier on the back of a rebound in the Chinese property market, industry data showed Tuesday. Doosan Infracore, the country's biggest construction equipment maker, saw its sales of excavators in China nearly double to 2,166 excavators in May from a year earlier, while No. 2 player Hyundai Construction Equipment Co. sold 923 excavators, up 44 percent over the cited period, acco

IndustryJune 9, 2020

Billions traded in first month of data exchange market: FSI

  South Korea’s financial data exchange platform, the first of its kind here, has seen billions of won worth of data being traded there in its month.  Since kicking off on May 11, the platform has reportedly arranged 315 transactions of financial information collected from local companies, including credit card issuers and lenders, according to the state-run Financial Security Institute, which operates the platform. A total of 113 data sets were sold and the average sales pri

MarketJune 9, 2020

HDC seeks to renegotiate Asiana deal amid pandemic

HDC Hyundai Development on Tuesday said it hopes to renegotiate its deal for acquiring South Korean flag carrier Asiana Airlines given the business turmoil caused by the COVID-19 pandemic. The midsized South Korean builder has requested Asiana’s creditors and its largest shareholder Kumho Industrial to modify the conditions of the takeover. The company said it has not received “sufficient and trustworthy data” about Asiana’s financial status or an explanation for the c

MobilityJune 9, 2020

Mark Lippert appointed as YouTube’s Asia-Pacific policy chief

Mark Lippert, former US ambassador to South Korea, was appointed last month as YouTube Asia-Pacific’s public policy chief, Google said Tuesday. Google said Lippert would represent YouTube in the Asia-Pacific region, curate public policy strategy and coordinate communications with local governments, based on his knowledge of the region and years of experience in public policy. Lippert served as ambassador from 2014 to 2017. After surviving a knife attack in Seoul in 2015, he drew praise

TechnologyJune 9, 2020

LS Cable & System ramps up CSR activities amid pandemic

LS Cable & System is promoting activities with the local community near its workplace, focusing on areas such as recovery from COVID-19, “talent donations” from executives and employees and support for welfare organizations. The cable maker recently provided 100 million won ($83,451) to the food pack business in Sejong City. It is a project to provide food and household goods to the elderly living alone, children without parents and people on low-incomes, all groups that are ha

IndustryJune 9, 2020

Vice finance minister urges National Assembly to swiftly approve 3rd extra budget

SEJONG -- Vice Finance Minister An Il-whan called Tuesday for the National Assembly to swiftly approve the third extra budget to help revive an economic recovery as the coronavirus pandemic resulted in contractions across industrial sectors. Last week, South Korea proposed its third extra budget worth 35.3 trillion won ($29 billion) meant to help key industries cushion the economic blow from the coronavirus pandemic and protect jobs. "The effectiveness of this extra budget depends on it

EconomyJune 9, 2020

Arrest warrant rejection likely to give Samsung stocks temporary boost: report

A court’s rejection of the prosecution’s request to arrest Samsung Electronics Vice Chairman Lee Jae-yong on Tuesday, appears to have temporarily cleared uncertainties surrounding the chip giant’s operations, a local brokerage said in a report. The de facto heir to the Samsung empire was released early morning after the Seoul Central District Court’s decision to try Lee without arresting him, citing insufficient probable cause. “As Lee avoided arrest, he is expe

MarketJune 9, 2020

Samsung likely to hold online ‘Unpacked’ event on Aug. 5

Samsung Electronics is highly likely to hold its annual “Unpacked” event for the Galaxy Note lineup online for the first time on Aug. 5 due to the prolonging COVID-19 impact, according to news reports Tuesday. The Galaxy Note Unpacked event is usually held in New York every August. At this year’s event, Samsung is expected to unveil four new gadgets: Galaxy Note 20, Galaxy Fold 2, Galaxy Z Flip 5G and Galaxy Watch 3. The Galaxy Note 20 is forecast to be released in two ve

TechnologyJune 9, 2020

Top 100 firms' Q1 overseas sales fall 10% amid virus

South Korea's top 100 companies posted a 10 percent on-quarter decline in their overseas earnings in the January-March period due to the new coronavirus impact on industries, an industry association said Tuesday.  The 100 biggest companies in terms of sales reported their combined overseas sales fell to 170.42 trillion won in the first quarter from 190.17 trillion won in the fourth quarter, the Federation of Korean Industries (FKI) said in a statement. Companies hit hard by the COVID-19

EconomyJune 9, 2020

Korean shipbuilders lag far behind Chinese rivals in Jan.-May new orders

South Korea was a distant second player after China in terms of new shipbuilding orders in the first five months of the year, data showed Tuesday. In the January-May period, Chinese shipbuilders won new orders totaling 2.88 million compensated gross tons (CGTs) to build a total of 121 ships, accounting for 62 percent of the new orders in total, followed by South Korean shipbuilders with 900,000 CGTs, or 32 ships, according to data provided by global market researcher Clarkson Research Service

IndustryJune 9, 2020

S. Korea to beef up exports of ready-to-eat fishery products amid pandemic

South Korea said Tuesday it plans to develop new ready-to-eat products utilizing local fishery goods to take advantage of the rising demand for processed food items as more people refrain from dining out amid the new coronavirus pandemic across the globe. Under the plan, the country will join forces with local businesses and develop at least nine different kinds of new processed fishery products that can be easily prepared at households by the end of this year, according to the Ministry of Oce

EconomyJune 9, 2020

[Monitor] South Korea to commercialize air taxis in 2025

South Korea plans to begin commercializing air taxi services in 2025, which will connect city areas and suburbs, according to the Transport Ministry’s urban air mobility roadmap. The government said it will first finish the development of an air taxi unit that can transport individual passengers. The ministry added that the UAM units will be initially designed to travel 30 to 50 kilometers between city centers and suburbs. The destinations will be approximate to other public transportat

IndustryJune 9, 2020

Tax revenue continues to decline in April

South Korea collected 46.8 trillion won ($38.8 billion) in taxes in April, down 3 trillion won from a year earlier, the finance ministry said Tuesday. Income tax revenue amounted to 6.6 trillion won in April, up 1 trillion won from a year earlier, according to the Ministry of Economy and Finance. Dues collected from companies reached 6.4 trillion won in the month, up 3.7 trillion won from a year earlier. Value-added tax revenue reached 14.5 trillion won in April, down 2.6 trillion won from

EconomyJune 9, 2020

Hyundai, Kia EV sales jump 58% in Jan.-May period

Hyundai Motor Co. and its affiliate Kia Motors Corp. said Tuesday their combined electric vehicle sales jumped 58 percent in the January-May period from a year earlier on demand from Europe. Hyundai and Kia sold 40,182 all-electric vehicles in the first five months, up from 25,454 units in the year-ago period, the companies said. Hyundai sells the pure electric Kona subcompact SUV and the Ioniq Electric in global markets, while Kia sells the Niro EV and Soul EV boxcar. "Demand for EVs

MobilityJune 9, 2020

S. Korean 5G subscribers stand at around 7m in late May: data

South Korean 5G mobile network users are estimated to have reached around 7 million as of late May, just 14 months after the country adopted the ultrahigh speed telecom service, data showed Tuesday.    The number of 5G subscribers in the nation is 6.9-7 million, roughly equal to 10 percent of all mobile service accounts, according to data compiled by the Ministry of Science and ICT. There were over 69.3 million mobile phone service subscribers in late April, with 5G users sta

IndustryJune 9, 2020

Seoul stocks open higher on large cap gains

South Korean shares opened higher Tuesday on large cap gains led by market kingpin Samsung Electronics after a Seoul court rejected the arrest warrant for Samsung's de facto leader Lee Jae-yong. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.68 points, or 1.13 percent, to 2,208.97 in the first 15 minutes of trading. Hopes of an economic recovery continued to boost investor sentiment, while the court's rejection of the arrest warrant for Lee further improved their outlook on f

BusinessJune 9, 2020

Convenience stores' competition for delivery services rises amid non-contact trend

Convenience store operators in South Korea are racing to beef up delivery services as a rise in the number of one-person households and the new coronavirus outbreak have raised demand for door-to-door services. Having an upper hand over major discount stores in terms of consumer accessibility, convenient stores are tapping delivery services as an additional sales channel amid the non-contact trend. BGF Retail Co., which operates the convenience store chain CU, introduced its delivery service

ConsumerJune 9, 2020

Samsung breathes easier as Lee Jae-yong avoids arrest

Samsung Electronics dodged a major blow Tuesday when a local court refused to grant prosecutors a warrant to arrest Vice Chairman Lee Jae-yong. The Samsung heir faces accusations of involvement in a merger and accounting fraud involving key affiliates. Having served one year behind bars earlier, it’s a sigh of relief for South Korea’s largest conglomerate as it has avoided the prospect of once again losing guidance from its de facto leader. Samsung appears likely to focus on pla

IndustryJune 9, 2020

Hyundai, Kia to extend suspension of S. Korean plants

    Hyundai Motor Co. and its affiliate, Kia Motors Corp., South Korea's two biggest carmakers, said Monday they will extend the suspension of their domestic plants due to disrupted exports amid the new coronavirus outbreak.  Kia will suspend the No. 2 plant in Gwangju, 330 kilometers south of Seoul, from June 25 to 30 as the COVID-19 pandemic continues to drive down overseas demand, a company spokesman said.  The maker of the K5 sedan and the Sorento SUV suspended the No.

MobilityJune 8, 2020