GS Retail Q1 net rises nearly fivefold

Major Korean retailer GS Retail said Monday its first-quarter net profit rose nearly five times from a year earlier on solid sales, despite the novel coronavirus outbreak. Net income stood at 49.4 billion won ($40.1 million) in the January-March period, up 370.7 percent from a year earlier, the company said in a regulatory filing. Sales rose 2.8 percent on-year to 2.14 trillion won during the three-month period, the largest first-quarter figure. Operating income came to 88.8 billion won, up 3

IndustryApril 27, 2020

Samsung offers ‘Frozen 2’ edition of wind-free air conditioner

Samsung Electronics has adopted Elsa, the main character from Disney’s hit “Frozen” movies, as the exterior design of its flagship wind-free air conditioners, the company said Monday. The “Frozen 2” edition, only for the wall-mounted type, offers two exterior panels including the one with Elsa on it and the original version, allowing customers to change the panel design as they wish. The collaboration has been announced ahead of the Children’s Day holiday

TechnologyApril 27, 2020

[Monitor] Financial aid offered to ailing airlines

State-run Korea Development Bank and the Export-Import Bank of Korea have prepared additional 1.2 trillion won ($975 million) worth of financial aid package for Korean Air to help the struggling airline amid the COVID-19 crisis. The two banks will extend 200 billion-worth loans, purchase 700 billion won worth of securities and buy 300 billion won in perpetual bonds convertible into stocks. In return, the country’s largest airline promised to improve its financial status by selling more

IndustryApril 27, 2020

S. Korea to expand support for shipbuilders to cushion virus pandemic

South Korea said Monday it will spare no efforts to help local shipbuilders amid growing concerns that new shipbuilding orders around the globe will fall down the road amid the new coronavirus pandemic and a decline in oil prices. "While it is a relief that local shipbuilders currently have secured orders that will allow them to operate without significant disruptions for next one or two years, we cannot still sit idle," Industry Minister Sung Yun-mo said during a meeting with repres

IndustryApril 27, 2020

4 in 10 listed firms log Q1 earnings surprises despite virus

Four in 10 major listed firms in South Korea pulled off earnings surprises in the first quarter of this year despite the coronavirus pandemic, market data said Monday. Fourteen out of the 35 companies listed on the country's main and secondary stock markets posted first-quarter operating income that were more than 10 percent higher than market consensuses, according to the data from Yonhap Infomax, the financial news arm of Yonhap News Agency. The firms covered the ones that unveiled first-qu

EconomyApril 27, 2020

Seoul stocks open higher on Wall Street rally

South Korean stocks opened higher Monday, tracking gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.23 points, or 0.65 percent, to 1,901.24 in the first 15 minutes of trading. On Friday (local time), US stocks ended higher as investor sentiment was boosted by the progress in a coronavirus relief package. The Dow Jones Industrial Average rose 1.11 percent, the S&P 500 added 1.39 percent, and the Nasdaq composite index was up 1.65 percent. Most large-ca

MarketApril 27, 2020

Korea's April exports tipped to dip 25%: poll

South Korea's exports are expected to have plunged by a whopping 25 percent in April from a year earlier, a poll showed Monday, as the new coronavirus pandemic has dealt a harsh blow to global trade and corporate activities. Outbound shipments are estimated at $36.4 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was carried out on nine local brokerage houses. The sharp decrease was also attributable to the falling global o

EconomyApril 27, 2020

S. Korea to offer over $400m to emerging nations for coronavirus-related health projects

South Korea will offer more than $400 million to emerging nations this year to help them push for health projects against the novel coronavirus, Finance Minister Hong Nam-ki said Monday. Hong made the remarks at a meeting with economy-related ministers earlier in the day as South Korea seeks to share coronavirus information with the world. The money will be offered through the nation's Economic Development Cooperation Fund, Hong said. South Korea will also postpone debt payments worth $110 m

EconomyApril 27, 2020

[Feature] Teenage BTS fans swindled by financial frauds

Judy Bae, 19, a member of the global fan club of South Korean boy band BTS known as ARMY never thought she would be exposed to financial fraud risks until she received a Twitter message from a fellow member asking for money in December last year. Pretending as a teen ARMY member, the man who turned out to be in his 20s, claimed that he need money so that he could buy new albums or rare photo images of BTS members. He said he would pay her back soon, but never kept that promise. Bae sent ove

MarketApril 27, 2020

S. Korea pushes to make COVID-19 test scheme international standard

The South Korean government on Sunday said it plans to hand in the nation‘s test-and-quarantine scheme to the International Organization for Standardization (ISO). The Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare and the Ministry of Food and Drug Safety will together compile detailed measures used in the nation’s drive-thru and walk-thru testing facilities, as well as those related to public medical facilities built to counter the recent viral outbreak

IndustryApril 26, 2020

Posco invests in safety-first measures

Two years into his term as chief of Korea’s largest steelmaker Posco, Chairman Choi Jung-woo continues to stress the company’s priority on safety, according to the firm on Sunday. This is highlighted in the business management as well as policy and systems developments, the company said, citing a three-year, 1.1 trillion-won ($894 million) investment plan to enhance safety control. “Just a little carelessness can lead to an accident. We should have caution every moment we wo

IndustryApril 26, 2020

Hyundai Mobis taps global automakers with sunroof airbag

Hyundai Mobis said Sunday the company is focusing on enhancing the reliability of its roof airbag to take the lead in the global market. The South Korean company’s roof airbag was first developed in 2017, designed to protect passengers from being ejected from sunroofs in rollover accidents. The airbag can deploy and cover the whole roof in 0.08 seconds. Hyundai Mobis’ roof airbag has recently received interest from the global car markets as a safety measure to reduce the number of

IndustryApril 26, 2020

SK E&C offers clean living environment with ‘smart’ construction tech

SK Engineering and Construction said Sunday it aims to create a clean living environment for residents with its newly developed anti-viral air circulation system. The company said it developed the Clean Air Solution system last year, using ultraviolet LED modules for the first time in South Korea. It has applied the system to its SK View apartment complexes. Recently, the company also developed an upgraded version of the air circulation system and finished application for patent, the compan

IndustryApril 26, 2020

‘Korean New Deal’ discussed to cushion impact of coronavirus

South Korean ministries and state agencies will soon begin to discuss a package of economic stimulus measures, referred to as a “Korean New Deal,” aimed at revitalizing the novel coronavirus-wrecked economy, according to the Ministry of Economy and Finance on Sunday. The “Korean New Deal” will include policies to nurture emerging technologies that have been thrust into the limelight in the ongoing coronavirus crisis, such as remote medical services and online educationa

MarketApril 26, 2020

Cargo trucks in Korea going green

The government is increasing efforts to make the logistics industry here greener. The Ministry of Environment said Friday it will be providing subsidies for 8,200 electric cargo trucks to reduce fine dust and carbon emissions. It has signed a memorandum of understanding with two automakers and five logistics firms -- Hyundai Motor and Kia Motors as well as CJ Logistics, Hanjin, Lotte Global Logistics, DHL Korea and Hyundai Glovis -- to put more environment-friendly electric cargo trucks on t

MobilityApril 26, 2020

Jaguar’s XF upgrades product portfolio with 2020 edition

British carmaker Jaguar Land Rover’s premium sedan XF has come back with a 2020 checkered flag edition, upgrading the brand’s product portfolio. Jaguar’s 2020 XF checkered flag edition features the automaker’s unique exterior and interior elements, as well as the Ingenium engine which comes in both diesel and gasoline variants, the company said Sunday. The engine, which was manufactured with a high-tech aluminum-based material, delivers high fuel efficiency and up to 18

MobilityApril 26, 2020

Hanwha Q Cells No. 1 in US solar power market

South Korean solar panel maker Hanwha Q Cells topped both residential and commercial solar power module markets in the US last year, industry data showed Sunday. Hanwha Q Cells controlled 25.2 and 13.3 percent of each sector last year, up 11.1 and 5 percentage points on-year, respectively, becoming the first solar power module manufacturer to top both markets since 2013, according to data compiled by energy consulting firm Wood Mackenzie. “With unrivaled technology and quality, Hanwh

IndustryApril 26, 2020

Kainos Medicine to test compound similar to remdesivir as COVID-19 treatment

South Korean pharmaceutical company Kainos Medicine said Friday that it had recently signed a contract with a domestic research facility in its efforts to develop a new drug to treat the coronavirus. By analyzing cells infected with coronaviruses -- including SARS-CoV-2, which causes COVID-19 -- the lab will test the antiviral efficacy of the compound developed by Kainos Medicine. “Kainos Medicine’s self-developed compound has a similar mechanism and chemical structure with thos

IndustryApril 26, 2020

Safeguarding mask supplies at border

Soon after South Korea reported the first novel coronavirus infection here, the government moved swiftly to contain its spread. Not only health authorities, but each public office had its own role to play.  The Korea Customs Service, a government agency under the Ministry of Economy and Finance, was assigned to prevent the possible outflow of masks, considered fundamental sanitary gear, to secure public safety.  To stabilize South Korea’s face mask supply, the KCS embarked on

EconomyApril 26, 2020

[Herald Interview] Driving luxury race car with everyday usability

South Korea has rapidly become an attractive market for luxury sports car brands in recent years. Driving the trend is Porsche, with market watchers attributing the German carmaker as having opened the gateway for car enthusiasts here with its diverse models that coalesced its high-end image into individuality. “We are still a young brand (here). Porsche Korea began business here only seven years ago, we are still fairly new and there’s a lot about the brand that we can show and t

MobilityApril 26, 2020