Shinhan, KB Kookmin Card handle nearly half of relief funds

Nearly half of the South Korean government’s emergency disaster relief funds were distributed by two major credit card issuers, Shinhan Card and KB Kookmin Card, according to news reports on Tuesday. The government started receiving applications for the relief program from May 11, doling out the funds from May 13, in the form of cash, prepaid cards or money-like points that can be used with credit or debit cards. The total relief funds provided to coronavirus-hit households exceeded 12

MarketMay 26, 2020

Starbucks Korea expands Teavana stores as tea gains popularity

Starbucks Korea said Tuesday that it has expanded the number of Reserve stores selling Teavana drinks to 52 from 13 amid the growing popularity of tea. According to the coffee chain, sales of tea drinks have grown about 20 percent annually since it launched Teavana here in 2016. Its flagship Honey Ruby Grapefruit Black Tea, rolled out in 2016, is now its third-most-frequently ordered drink, after Americano and caffe latte, among customers in their 20s, Starbucks Korea said. Sales of green te

ConsumerMay 26, 2020

Hyundai Engineering posts growth globally since merger

Since merging with Hyundai Asset Management Co. in 2014, Hyundai Engineering has grown into a global construction firm logging a stable surplus. According to the company, its accumulated overseas contracts amounted to $31.3 billion in the six years as of 2019, which is 1.5 times more than the figure over 16 years before the merger. Hyundai Engineering, originally a firm specialized in EPC (engineering, procurement and construction) overseas plant construction, merged with Hyundai Amco, which

IndustryMay 26, 2020

Mysterious children’s illness with potential links to COVID-19 arrives in S. Korea

The first suspected cases of a rare inflammatory disease striking children and young adults have been reported in South Korea, health authorities said Tuesday, issuing special warnings as preschools and primary schools are set to resume in-person classes Wednesday. The Korea Centers for Disease Control and Prevention’s Deputy Director Kwon Jun-wook said in a Tuesday press briefing that two pediatric patients at health care institutions in Seoul might have the little-known condition, now

TechnologyMay 26, 2020

COVID-19 delays Korea’s defense exports

South Korea’s 18-trillion-won ($14 billion) fighter jet project is facing payment delays amidst the COVID-19 pandemic, while officials involved have assured it does not mean it is being shut down. Korea Aerospace Industries -- the country’s only aircraft manufacturer -- is currently co-developing next-generation fighters with Indonesia. Launched in 2016, the KF-X project aims to develop a next-generation fighter jet and mass-produce 180 units by 2026. The project, the biggest in

IndustryMay 26, 2020

‘LG Chem will quit businesses if safety isn’t guaranteed’

LG Chem Vice Chairman Shin Hak-cheol said Tuesday he would even consider quitting current businesses if the company can’t secure environmental safety in the aftermath of a recent gas leak at LG Polymers’ plant in India and a fire incident in a catalyst lab in South Korea. According to the company, Shin will launch emergency diagnostics on high-risk processes and facilities in all 17 domestic business locations and 23 overseas business locations for one month until end-June after

IndustryMay 26, 2020

SK Chemicals to sell bioenergy biz to invest in green materials

SK Chemicals said Tuesday it is moving to finalize the sale of its cash cow bioenergy business to make new investments in green materials. The company plans to sell its bioenergy business to private equity fund Hahn & Co. for 382.5 billion won ($309.4 million). It had suspended the operation of bioenergy business on Feb. 5, excluding the sector from its first-quarter earnings report. “To enhance its value and secure funds through mergers and acquisitions, we decided to sell off th

IndustryMay 26, 2020

Hyundai Steel wins green award for climate change response

Hyundai Steel led by CEO Ahn Dong-il won the Carbon Management Sector Honors Award in the raw materials sector at the 2019 Best Companies for Climate Change Response hosted by the South Korean division of the Carbon Disclosure Project (CDP) in Seoul in April, the firm said Tuesday. The CDP, recognized as a global sustainability assessment index along with the Dow Jones Sustainability Indices, is a global project of over 92 countries that financial and investment agencies demanding major compa

IndustryMay 26, 2020

[News Focus] Market tenses up on BOK’s imminent policy rate review

  South Korea is set to slash its yearly growth forecast this week amid the persisting COVID-19 pandemic and the global economic downturn, but market predictions continue to remain divided over the likeliness of policy rate adjustment. While some view the additional rate cut as an inevitable move to shore up the virus-hit economy, others argue that the country should take prudence and first let its fiscal measures take effect in the market. Also, the recently reshuffled composition of t

EconomyMay 26, 2020

Buoyed by cash handout, S. Korea’s consumer sentiment improves in May

A month after hitting an all-time low in nearly a decade, South Korea’s consumer sentiment improved in May, with the government’s cash relief handout contributing to the rebound, data from the central bank showed Tuesday. The nation’s composite consumer sentiment index -- a leading indicator that reflects households’ consumption and saving -- increased 6.8 points on-month to 77.6, recovering from the previous month, but was still well-below the pre-COVID-19 sentiment.

EconomyMay 26, 2020

[Photo News] Virus fighting robot

TechnologyMay 26, 2020

LG CNS collaborates with US firm on blockchain digital identity

LG CNS said Tuesday it is teaming up with US-based Evernym to develop blockchain-based digital identification solution. Based in Salt Lake City, the US firm specializes in developing decentralized identifier (DID) solutions. DID technology can be used to verify identities of individuals, vehicles and other entities through an online network. DID solutions, which utilize blockchain technology, are also considered more secure than existing identification systems based on centralized registrati

TechnologyMay 26, 2020

Samsung unveils highest-level security solution targeting non-contact market

Samsung Electronics on Tuesday unveiled a security solution with the highest level of protection, eyeing the growing non-contact services market. The standalone turnkey security solution is comprised of a secure element chip and enhanced security software that offers protection for tasks such as booting, isolated storage, mobile payment and other applications. Smart device makers will not need to develop their own security programs if the devices are equipped with the Samsung solution, the co

TechnologyMay 26, 2020

Nearly 12 years’ salary needed to buy house in Seoul: data

A middle-income household can buy a house in the Seoul area by saving the entire income without spending a dime for nearly 12 years, data showed Tuesday. The house price to income ratio, or PIR, reach ed 11.7 in the capital city during the first quarter of this year, marking the highest since records began in 2008, according to KB Kookmin Bank Liiv On, a real estate data tracker.   PIR is a widely used measurement of house affordability in a given city or country. The ratio is calcu

MarketMay 26, 2020

Despite US-China conflict fears, Kospi rises back past 2,000-mark

Amid fears of an escalation in conflict between the US and China, South Korean shares extended gains for two consecutive sessions, with the main bourse Kospi reaching 2,029.78 points at Tuesday’s close, the highest in 12 weeks. With expectations rising for an economic recovery, the Kospi index got off to a solid start at 2,001 -- up 6.40 points, or 0.32 percent -- from the previous session’s close. The main bourse continued to move upward and reached 2,022.95 in late morning tradi

MarketMay 26, 2020

[News Focus] International air routes relaunch, but worries linger

South Korean air carriers suffering from the impact of COVID-19 outbreak plan to gradually relaunch their international routes from next month but worries linger over prospects of a business recovery, according to industry sources Tuesday. Low-cost carrier Jin Air said Tuesday that it is resuming five international routes including Incheon-Bangkok, Incheon-Hanoi, Incheon-Taipei, Incheon-Narita and Incheon-Osaka from next month. It comes two months after it suspended the routes over the virus p

MobilityMay 26, 2020

Pandemic reshuffles market cap rankings, bio firms emerge

The market capitalization of large South Korean companies was hugely affected by the pandemic, with 89 of the nation’s top 100 by market value changing their rankings, according to latest data Tuesday. Local corporate tracker Korea CXO Institute surveyed changes in the rankings of the top 100 companies in market capitalization between Jan. 2 and May 22. According to the survey, the market cap of the top 100 companies in Korea stood at 1,082 trillion won ($876 billion) on May 22, an 8.5

IndustryMay 26, 2020

Samsung set to conduct first online aptitude test for job appliers

This weekend, Samsung Electronics will conduct its first-ever online aptitude test for entry-level job applicants, due to the coronavirus pandemic, the company said Tuesday. Known as Global Samsung Aptitude Test or GSAT, the exam is required for all applicants who have passed document screening. The test used to take place physically at middle and high schools during weekends. On Tuesday, the company sent kits needed for the first online test via mail. The kits included a cover for an ide

TechnologyMay 26, 2020

Overseas card spending dips by most in over decade in Q1 amid pandemic

Overseas card spending by South Koreans dropped at the fastest rate in over a decade in the first three months of this year on a sharp decline in the number of outbound travelers caused by the COVID-19 pandemic, central bank data showed Tuesday. The overall amount of money spent overseas by South Koreans using cards came to about $3.6 billion in the January-March period, down 23 percent from $4.68 billion in the same period last year, according to the data from the Bank of Korea (BOK). It mar

MarketMay 26, 2020

Financial crimes in S. Korea fall 3.4% in 2019

Financial crimes in South Korea fell 3.4 percent in 2019 from a year earlier, the authorities said Tuesday as they vowed to boost efforts to prevent crimes at banks and other financial institutions. The Financial Supervisory Service (FSS) said a total of 141 cases of financial crimes, such as loan scams and embezzlement, occurred in 2019, down from 146 in 2018. Financial crimes were liable for damages worth 310.8 billion won ($252 million) last year, a sharp hike from 129.6 billion won in 201

EconomyMay 26, 2020