Number of full-time workers plunges in March amid pandemic

The true impact of the pandemic on the job market in March was far more serious than government data would suggest, a local research institute said Wednesday. The Korea Economic Research Institute said a team led by professor Park Ki-sung from Sungshin Women’s University reworked the raw material used to calculate the employment statistics, instead using the Full-Time Equivalent method to determine actual employment growth. Under the FTE method, an employee working 40 hours a week count

IndustryMay 6, 2020

BOK offers additional $1.33b to banks via US currency swap

The Bank of Korea (BOK) said Wednesday it will deliver an additional $1.33 billion to local banks under its bilateral currency swap arrangement with the US Fed that is designed to help stabilize the local foreign exchange market. The BOK held its sixth online auction to provide FX liquidity earlier in the day, but bids undershot the target amount of $4 billion. The central bank said it will temporarily suspend its online bids, noting the shortfall in bids may indicate abundant liquidity in th

EconomyMay 6, 2020

Exports of foodstuffs up 3.8% through April amid pandemic

South Korea's exports of agricultural and meat products increased 3.8 percent in the first four months of 2020 from a year earlier, data showed Wednesday, on the back of rising demand for processed foodstuffs around the globe amid the new coronavirus pandemic. Outbound shipments of such goods reached $2.38 billion during the January-April period, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. "Amid the lockdowns around the globe, shipments of snac

EconomyMay 6, 2020

[Monitor] DRAM prices surge in April upon ‘untact’ boom

With increase in server demand following the normalization of Chinese PC makers and wider non-face-to-face activities since the COVID-19 outbreak, DRAM contract prices surged in April, according to market researcher DRAMeXchange. The average contract prices of DDR4 8-gigabit DRAM, used for personal computers, came to $3.29 as of the end of April. It was up 11.9 percent from $2.94 in March. It is the first double-digit monthly rise for DRAM prices since April 2017. The price of NAND flash, wh

TechnologyMay 6, 2020

[HERALD INTERVIEW] From mom with chronic pain to startup founder: Konny By Erin CEO shares her journey

When Erin Lim had her first baby three years ago, she never set out to start a company. She was desperate for a product that could help her carry her son with less pain, as her neck hurt every time she held him. “Products that hold the baby tightly and safely look ugly. But if they look fashionable, they don’t do their job properly,” Lim said. While she was struggling to solve the problem from a consumer’s perspective, her husband, Kim Dong-hyun, told her that instead

IndustryMay 6, 2020

Seoul stocks open higher on Wall Street gains

Seoul stocks opened higher Wednesday, tracking overnight gains on Wall Street amid the new coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.51 points, or 1.24 percent, to 1,918.88 in the first 15 minutes of trading. US stocks advanced for a second straight day Tuesday (local time) as investors bet on a gradual reopening of businesses around the country after coronavirus lockdowns. American stocks also received a boost from a rebound in oil prices. The

MarketMay 6, 2020

Gold funds shine, but oil ETFs lose big on coronavirus

Gold funds in South Korea have shined over the past three months on investors' flight to safety amid the coronavirus pandemic, but oil funds have fared dismally on tumbling crude prices, a market tracker said Wednesday. The three-month average return of 12 local gold funds with assets of 1 billion won ($816,000) or more came to 10.22 percent as of last Wednesday, according to FnGuide. The figure far outperformed the median return rate of minus 12.16 percent for domestic stock funds over the t

EconomyMay 6, 2020

Van der Waals Materials Research Center pioneering future of new materials

Yonsei University’s Van der Waals Materials Research Center is leading the search for next-generation 2-D materials that could revolutionize the field of semiconductors. Led by professor Im Seong-il, the Van der Waals Materials Research Center has been at the frontier of research to overcome the limitations presented by current materials. According to Yonsei University, the center’s research is focused on developing new materials whose industrial potential that goes beyond even

TechnologyMay 6, 2020

FSC to foster senior-friendly ‘untact’ financial services

South Korea’s financial authorities said Tuesday they plan to set detailed guidelines on non-face-to-face services -- recently labeled “untact.” As part of its efforts to help seniors adapt to digital trends and technologies in the financial sector, the Financial Services Commision announced last week that it will commission research to identify demand for digital banking and financial services among seniors through surveys and data collection. In addition, the financial auth

MarketMay 5, 2020

S. Korea plans extra emergency loans to virus-hit small businesses

  South Korea’s top financial watchdog announced Tuesday it plans to launch the second round of an emergency loan program worth 10 trillion won ($8.2 billion) from May 18 in a bid to financially support small business owners who have been affected by the novel coronavirus outbreak.  The affected business owners will be able to borrow loans from six commercial banks -- Shinhan Bank, KB Kookmin Bank, Woori Bank, Hana Bank, Industrial Bank of Korea and NH Bank. Those who have alrea

MarketMay 5, 2020

Hyundai to begin construction of new HQ in May

Hyundai Motor Group is set to start constructing its 105-story Global Business Center in Seoul’s Gangnam-gu later this month -- six years after it purchased the site for a new headquarters. According to the Seoul Metropolitan Government and Hyundai Motor Group, the South Korean automotive group recently handed in documents asking permission to break ground. The government is expected to grant permission as early as Thursday. The construction project was expected since the group bought t

IndustryMay 5, 2020

Jeonse-to-sales price ratio for apartments in Seoul on downtrend

The average jeonse-to-sales price ratio for apartments in Seoul and surrounding areas continued a downward trend last month, according to real estate data tracker KB Kookmin Bank Liiv On on Tuesday. ”Jeonse” is a real estate term unique to South Korea that refers to a two-year property lease. The average apartment lease was equivalent to 54.7 percent of the average sales price in Seoul, while the figures for Incheon and Gyeonggi Province, respectively, came in at 73.1 percent and 6

MarketMay 5, 2020

BTS label Big Hit Entertainment on bumpy road to public offering

Big Hit Entertainment, one of the largest music labels in South Korea and home to K-pop darlings BTS, has been preparing to go public on the nation’s main Kospi bourse this year on the back of the boy band’s worldwide popularity. The K-pop band’s latest album, “Map of the Soul: 7,” sold 422,000 album equivalent units in the first week since its release in February, topping the Billboard 200 chart for the fourth time. The K-pop kings recently performed an online c

MarketMay 5, 2020

Nexon adopts subscription economy for shooting game Sudden Attack

Korean game company Nexon has changed the paradigm of shooting game by adopting a subscription model for its shooting game Sudden Attack. According to Nexon on Sunday, its first-person shooter game is offering a subscription service called “Sudden Pass,” in which subscribers can receive exclusive characters and items as they level up. Currently, users can buy the subscriptions for 12,800 won ($10.4) and participate in the second season of Sudden Pass, which is from April 9 to Jul

IndustryMay 5, 2020

From jjapaguri to BTS, big data shows Korean consumers’ taste

Food products were the most sought items and health supplements saw the biggest increase in demand by South Koreans, while achromatic colors continue to be the favorite hues, big data released by a logistics firm showed Tuesday. The findings were revealed by logistics firm CJ Logistics in its latest consumer trend report. After analyzing big data on 1.3 billion deliveries made in 2019, CJ Logistics -- which commands 47.2 percent market share -- gave details of consumers’ taste in five

IndustryMay 5, 2020

Where do EV batteries go when they die?

South Korea is pushing to expand its electric vehicles market, vowing to use massive subsidies to get 350,000 of them on the road by 2022, but is it feasible? The plan comes without specific guidelines on how to collect and retrieve the vehicles’ key components -- EV batteries -- when they are dead. As per regulations, since December 2018, when drivers of subsidized EVs scrap their cars, they must return dead batteries to municipalities they received subsidies from, according to the Mi

IndustryMay 5, 2020

Flour power: Hipsters warm to retro gimmicks

An unusual brand produced the fashion hit of the winter in Korea last season. White padded jackets with the Gompyo logo splashed across the chest sold out almost instantly when they were released in November. Logos have been a fashion mainstay for decades, but the difference here is that Gompyo is a brand of flour. The jacket, a limited edition item released by Daehan Flour’s 68-year-old household brand Gompyo in collaboration with e-commerce platform 4XR, retailed online at 145,000 wo

ConsumerMay 5, 2020

Tada operator files constitutional petition against revised passenger transport law

The operator of the ride-hailing service Tada has filed a constitutional appeal against a revised passenger transport service act, company officials said Tuesday, accusing the amendment of infringing on the freedom of corporate activities and other basic rights. The Value Creators & Company (VCNC) submitted the petition to the Constitutional Court on Friday, about two months after the National Assembly passed the revision that effectively bans the ride-hailing service. The act allows the

MobilityMay 5, 2020

South Korea seeks ICAO status upgrade

South Korea plans to create an organization dedicated to the International Civil Aviation Organization, aiming to upgrade its status and raise global competitiveness, officials said Tuesday. The Transport Ministry said it will create a team named, ICAO and Global Partnerships, responsible for policies related to international civil aviation. ICAO is a UN specialized agency, established by States in 1944 to manage the administration and governance of the Convention on International Civil Avia

MobilityMay 5, 2020

FSC to receive applications for digital finance MBA program

The Financial Services Commission said Tuesday that it will start receiving applications for its part-time MBA program focused on digital finance from May 15. The program, slated to launch in September, will be managed by KAIST College of Business, a graduate school from technology and management, and jointly promoted by the FSC and the Seoul Metropolitan Government. The program will receive 40 students for this year’s fall semester to be the first graduating class. Those who have wor

MarketMay 5, 2020