Toss joins hands with Crosscert to expand e-sign biz

Viva Republica, a leading financial technology startup in South Korea that operates the money transfer app Toss, said Tuesday that it had joined hands with the Korea Electronic Certification Authority (Crosscert) to accelerate the expansion of its electronic signature business. The partnership will make it possible to use Toss e-signatures for civil affairs, bidding procedures, contracts and online tax payments, with Crosscert serving as the certificating authority, Viva Republica said. The n

MarketMay 26, 2020

[News Focus] Korea falls behind Japan, US in Q1 GDP growth

SEJONG -- Of 25 major economies around the world, only two posted positive growth during the first quarter of 2020, according to a recent analysis from the Organization for Economic Cooperation and Development. In terms of gross domestic product growth, South Korea ranked ninth among the 25 countries -- all OECD members -- posting minus 1.4 percent. Japan stood at No. 7 with minus 0.85 percent and the US at No. 8 with minus 1.22 percent. As of Tuesday, the France-based organization had compil

EconomyMay 26, 2020

Online, health care industries to give new chance for S. Korean exports: KITA

South Korean companies need to find new growth engines in the online and health care industries as the new coronavirus pandemic has boosted demand in such sectors, a local trade association said Tuesday. "As different countries are moving to bolster their public health infrastructure, South Korean exporters should also seek new opportunities," the Korea International Trade Association (KITA) said in a report, suggesting they should especially set their sights on the online and smart

EconomyMay 26, 2020

S. Korea to test-run online sales platform for agricultural wholesalers

South Korea said Tuesday it will kick off a new online sales platform for agricultural wholesalers to help them trade fresh produce around the clock without face-to-face interaction amid rising concerns over the new coronavirus pandemic. "Previously, the trade of fresh produce mostly centered on offline sales due to quality issues. But changes in the sales structure and the development of telecom and video technologies have paved the way for reform," the Ministry of Agriculture, Food

EconomyMay 26, 2020

[Monitor] TV shipments in China drop below 10m

China, the world’s largest television market, has suffered a sharp drop in shipments in the first quarter upon the COVID-19 pandemic, data showed Monday. According to Omdia, around 9,387,600 TV sets were shipped to retailers in China, dropping below the 10 million mark for the first time in nine years. The decline rate in TV shipments was 23.6 percent for China, 13.6 percent for West Europe, 8.5 percent for North America and 8 percent for Asia. Chinese TV manufacturers largely depend

IndustryMay 26, 2020

Netflix estimated to have record-high subscriptions in S. Korea in April: data

Global video streaming platform Netflix Inc. is estimated to have brought in record-high paid subscriptions in April amid the coronavirus pandemic, industry data showed Tuesday. An estimated 2 million paid viewers in South Korea presumably paid 43.9 billion won ($35.5 million) for subscriptions last month, up 21 percent from 36.2 billion won in March, according to the data from industry tracker WiseApp. The number of South Korean subscribers to the US platform has gradually increased from 28

IndustryMay 26, 2020

All S. Korean auto plants resume this week as Mexico plant reopens

Kia Motors Corp., South Korea's second-largest carmaker, said Tuesday that its plant in Mexico will restart production this week, marking the resumption of operations at all of South Korea's overseas auto plants. The resumption scheduled for Tuesday (Mexico time) comes after Kia Motors put in place all requirements meant to stem the spread of the new coronavirus, a Hyundai spokesman said over the phone. All manufacturers in Mexico are required to check the temperatures of workers, give them

MobilityMay 26, 2020

31 diabetes drugs banned for suspected carcinogen substance

South Korea has banned the production and sale of 31 diabetes drugs with a substance that may pose cancer risks, although the drugs do not pose serious health risks, the country's public health agency said Tuesday. The drugs are metformin-based medication, with 257 other diabetes drugs also being checked for the substance, the Ministry of Food and Drug Safety said. "Of the drugs checked, the 31 had above the permitted level of N-Nitrosodimethylamine (NDMA)," the ministry said. The

IndustryMay 26, 2020

S. Korean mobile games expanding clout overseas amid pandemic

South Korean mobile games have gained huge popularity in overseas markets partly on the back of the coronavirus pandemic that has confined more people to their homes, industry data showed Tuesday. Global mobile game usage shot up 20 percent in the first quarter of this year compared with a year earlier, data from app analytics firm App Annie showed. Global app downloads also rose 15 percent on-year during the cited period. Separate data from Nielsen showed that the average time spent gaming i

IndustryMay 26, 2020

[Graphic News] S. Korea unveils draft plan to foster renewable energy

　South Korea announced a long-term plan to spur a shift toward renewable power sources away from fossil fuels and nuclear energy. 　The draft plan for the nation’s ninth basic energy policy for the years 2020-2034 calls for raising the share of renewable energy out of its electricity generation to 40 percent by 2034 from the current 15.1 percent. 　Power plants fired by liquefied natural gas (LNG) will take up 31 percent of the total from the present 32.3 percent. 　Drawn up by a worki

BusinessMay 26, 2020

S. Korea's telecom market lacks competition: report

South Korea's telecommunications market dominated by three major firms lacks competition and needs to improve its structure to provide better services to consumers, a state-run think tank said Tuesday. The Korea Information Society Development Institute (KISDI) said although competition in the local telecom market, viewed as an oligopoly, has grown over the years, it still appears to be "insufficient." "The market share and concentration ratio of the country's top telecom ope

IndustryMay 26, 2020

Seoul stocks open higher on economic recovery hopes

South Korean shares opened higher Tuesday on expectations for an economic recovery amid eased worries over the new coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.7 points, or 0.54 percent, to 2,005.30 in the first 15 minutes of trading. The KOSPI extended gains from the previous day largely on investors' optimism for an economic recovery fueled by South Korean President Moon Jae-in's push for a third and possibly largest-ever supplementary budget. US stock marke

MarketMay 26, 2020

S. Korea's exports of chicken soup jump amid lockdowns

South Korea's exports of packaged traditional chicken soup, or "samgyetang," have posted sharp growth in the first four months of 2020 from a year earlier, data showed Tuesday, amid the growing demand for ready-to-eat products around the globe due to the pandemic-led lockdowns. Outbound shipments of ready-to-eat samgyetang products reached $4.82 million over the January-April period, up 82.2 percent from a year earlier, according to the data compiled by the Korea Agro-Fisheries &

EconomyMay 26, 2020

Sinking tourist arrivals feared to hit service sector hard

Falling tourist arrivals due to the new coronavirus outbreak is expected to dent the South Korean service industry's added value and employment this year, a report said Tuesday. Battered by the coronavirus pandemic, the number of foreign tourists to South Korea came to 2.04 million in the first quarter of the year, down 47 percent from a year earlier, according to the report from the National Assembly Budget Office. In particular, the figure stood at a mere 83,000 in March, down a staggering

EconomyMay 26, 2020

S. Korea, China to discuss expanding scope of FTA

South Korea said Tuesday it will hold the seventh round of talks with China this week to discuss expanding the scope of their bilateral free trade agreement (FTA) to better cover the service and investment sectors. The two countries will begin a four-day virtual meeting Tuesday to "speed up" the progress amid the new coronavirus pandemic that has virtually frozen global travel and economic activities, according to the Ministry of Trade, Industry and Energy. The previous meeting was

EconomyMay 26, 2020

Korea's consumer sentiment improves in May on eased virus concerns

South Korea's consumer sentiment slightly rebounded in May, central bank data showed Tuesday, apparently on a sharp decline in the number of new COVID-19 infection cases here. The country's composite consumer sentiment index (CCSI) came to 77.6 in the month, up 6.8 points from a month earlier when the index dropped to the lowest level since December 2008, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. "The consumer sentiment

EconomyMay 26, 2020

Korean Air to offer W300b in new shares as collateral for fresh liquidity injection

  Korea's top air carrier Korean Air Lines Co. decided Monday to offer 300 billion won ($242 million) worth of new shares as collateral to receive fresh financial support from creditor banks as it seeks to tide over a liquidity crunch. In April, the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Exim Bank) decided to extend 1.2 trillion won in liquidity to the country's flag carrier hit by the new coronavirus pandemic. Korean Air and its holding company Hanjin KAL Corp.

MobilityMay 25, 2020

Duty-free shops suffer sharp drop in April sales amid virus outbreak

   South Korean duty-free stores saw their sales drop sharply below the 1 trillion-won ($804 million) mark in April, feeling the pinch of the fallout from the new coronavirus, industry data showed Tuesday. Combined sales of local duty-free shops shrank 9.2 percent on-month to 986.7 billion won last month, according to the data from the Korea Duty Free Shops Association. The number halved from January, the data showed. The number of visitors to duty-free outlets came to around 354,00

ConsumerMay 25, 2020

Doosan Group struggling to sell assets to tide over credit squeeze

Heavy machinery and power equipment-focused Doosan Group is seeking to ease its severe credit squeeze stemming from its flagship Doosan Heavy Industries & Construction Co. by coming up with a self-rescue plan that centers on sales of assets.  The country's 15th-largest conglomerate said late last month that it will push ahead with a plan to sell its shares and non-core assets in a bid to secure more than 3 trillion won ($2.4 billion) in cash. At the request of its creditors, includ

IndustryMay 25, 2020

KB named best financial company in 2019: survey

KB Kookmin Bank was named the best financial company last year in the overall corporate assessment, a survey showed Monday.  According to local corporate tracker CEO Score, the South Korea lender topped the list of the country’s top 108 financial companies with assets over 2 trillion won in six categories -- financial group, commercial bank, insurer, brokerage house, credit card company and savings bank. The survey measured each company’s commitment to corporate growth, job c

MarketMay 25, 2020