Phone makers turn to midrange phones amid pandemic

The world’s major smartphone makers -- US-based Apple and South Korea’s Samsung and LG -- are seeking to restructure their product lineups, shifting from premium flagship models to midrange phones this year, following the global novel coronavirus pandemic, according to industry sources Wednesday. The market for less expensive and high-spec phones is growing worldwide amid slowing demand for new gadgets triggered by the outbreak. Market researcher Counterpoint said in a recent re

TechnologyApril 22, 2020

S. Korea vows support for refiners amid virus fallout

South Korea said Wednesday it will spare no effort to support local petroleum firms hit hard by the new coronavirus outbreak coupled with plunging oil prices. Under the support measures, local refiners will be given discounts in rental fees at state-run reserve facilities, and they will be allowed to delay their payment of commissions for product quality tests, according to the Ministry of Trade, Industry, and Energy. "South Korea will continue making efforts to help the companies cushio

EconomyApril 22, 2020

Seoul stocks extend losses on virus woes, falling oil prices

South Korean stocks extended losses late Wednesday morning as investors offloaded large-cap stocks amid falling crude prices and deepening woes over the new coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) fell 28.66 points, or 1.52 percent, to 1,850.72 as of 11:15 a.m. The index dropped 1.8 percent in the past two sessions. For the remainder of the week, lower oil prices and poor corporate earnings results set to be released from this week are adding to woes of investors,

MarketApril 22, 2020

S. Korea vows to support global food supply chains amid pandemic

South Korea has expressed its intention to support global efforts to maintain global food supply chains amid the new coronavirus pandemic, the agriculture ministry said Wednesday. Agricultural Minister Kim Hyeon-soo participated in a videoconference of the G-20 agricultural ministers a day earlier to discuss the global response against the COVID-19 pandemic in the food segment, according to the Ministry of Agriculture, Food and Rural Affairs. During the meeting, South Korea called for the glo

EconomyApril 22, 2020

[Monitor] COVID-19 cuts company recruitment plans

A recent survey showed that two thirds of companies in South Korea have canceled their plans to recruit since the new coronavirus pandemic. To a question whether their hiring plans changed upon the pandemic, 84.9 percent answered yes, according to the survey conducted by job portal Incruit. Among the 262 firms, 60.7 percent said they had recruitment plans prior to the pandemic but only 21.1 percent said they will maintain their hiring plans. Among the firms that said they would continue to hi

IndustryApril 22, 2020

IP office to share S. Korea’s COVID-19 response know-how

The Korean Intellectual Property Office will establish a patent information map to make the relevant data more accessible both to the public and to researchers seeking a cure for COVID-19, officials said Tuesday. Commissioner Park Won-joo on Tuesday visited Syntekabio, a genomic big data manager and artificial intelligence developer in Daejeon. With their counterparts from the Korean Society for Bioinformatics, KIPO officials discussed how AI could be used to analyze conventional drug informat

MarketApril 22, 2020

COVID-19 could be systemic in newborn babies, says pediatrician

South Korea’s youngest patient, who was diagnosed with COVID-19 on March 8 at just 27 days old, had higher viral loads for a longer period of time than her mother despite being exposed to an identical infection source at around the same time, medical staff said Tuesday. SARS-CoV-2 -- the virus responsible for COVID-19 -- was detected in all of the baby’s samples including blood, urine, stool and saliva, according to pediatrician Dr. Han Mi-seon of the Boramae Medical Center in sout

TechnologyApril 22, 2020

Korea's producer prices dip 0.8% in March

South Korea's producer prices fell 0.8 percent from a month earlier in March due to tumbling international oil prices, central bank data showed Wednesday. The producer price index for all commodities and services came to 102.89 last month, compared with 103.74 in February, according to preliminary data from the Bank of Korea (BOK). From the same month a year earlier, the figure marked a 0.5 percent decrease. Producer prices serve as a key barometer of future inflation. South Korea's consumer

EconomyApril 22, 2020

Credit card loans soar 26% due to virus in March

Credit card loans in South Korea surged nearly 26 percent on-year in March as cash-strapped people rushed to borrow from card firms amid a prolonged coronavirus outbreak, industry data showed Wednesday. New loans extended by seven credit card firms -- Shinhan, KB Kookmin, Woori, Hana, Samsung, Hyundai and Lotte -- came to 4.3 trillion won ($3.5 billion) last month, up 25.6 percent from a year earlier. The figure compares with annualized increases of 1.6 percent in January and 16.6 percent in

EconomyApril 22, 2020

Hyundai plans W300b debt sale next month

Hyundai Motor Co. will raise 300 billion won ($240 million) by selling corporate bonds next month amid a growing coronavirus impact on vehicle sales, financial sources said Tuesday. The company will hold the debt sale on May 8, with a maturity period of three to seven years, to secure operating capital, an investment bank official told Yonhap News Agency. The debt issuance will be handled by Mirae Asset Daewoo, KB Securities Co. and NH Investment & Securities Co., the official said. The

IndustryApril 21, 2020

Korean insurers' overseas branches see net profit triple in 2019

Overseas branches of South Korean insurance firms saw their combined net profit triple from a year earlier to $69.9 million in 2019, data showed Tuesday. The figure accounted for 2 percent of the combined net profit of 10 insurance firms operating in South Korea last year, according to the data by the Financial Supervisory Service (FSS). The hike in net profit came on the back of life insurance firms' increased profit in the Asian region and a decrease in insurance claims from typhoons, hur

EconomyApril 21, 2020

Ministry approves Samsung’s blood-pressure app

Samsung Electronics’ blood pressure measuring mobile application Samsung Health Monitor was approved by South Korean authorities Tuesday. The Ministry of Food and Drug Safety said that this is the first time worldwide that a software has been approved to be able to sense a person’s blood pressure without the use of a second device, such as a cuff. Cuffs are arm bands that electronically contract to measure a person’s upper and lower blood pressure. The devices cost from $55

IndustryApril 21, 2020

Real estate row blocks W10tr investment for industrial complex project

South Korea might lose investments worth 10 trillion won ($8.1 billion) for its industrial complex project, as major refiners are struggling to find a middle ground over land prices before even beginning the project. South Chungcheong Province currently plans to transform 2.91 million square meters of land in Daesan industrial complex No. 2 and surrounding areas in the city of Seosan into an advanced chemical industrial plant. The project is expected to bring investments worth 10 trillion won

IndustryApril 21, 2020

Orion records 82% increase in snack sales in key markets

Orion, a South Korean confectionery company, said Tuesday it recorded sales of 208.3 billion won ($168 million) in March, an increase of 41 percent on-year. The sales of snack products in its biggest markets, South Korea, China and Vietnam, also grew 82 percent on-year for the month, the company added. “Newly released snacks have gained popularity and our snack portfolio, which originally revolved around pie products, is becoming more diverse,” Orion said. In March, South Korea

ConsumerApril 21, 2020

SPC introduces Eggslut to South Korea

Korean food company SPC Group said Tuesday that its affiliate SPC Samlip has acquired the exclusive contract for operations in Korea of Eggslut, a popular egg sandwich franchise in California, as well as the license for Singapore. The company said it will introduce the first Eggslut store in Korea at Coex Mall in Seoul in June. US brand Eggslut is famous for its egg sandwiches made with a warm brioche bun, scrambled eggs and sriracha mayo sauce. “We are pleased to show Korean guests t

ConsumerApril 21, 2020

S. Korea’s exports, industries to be hit by historic oil crash

With global oil prices tanking, South Korea’s exports and its key industries are projected to face more hurdles, according to market watchers Tuesday.  The price of US crude oil plummeted from $18 a barrel to minus $38 within hours early Tuesday, as oil producers ran out of space to store the oversupply created by the ongoing pandemic. It rebounded into positive territory, above $1, around noon, but onlookers expect risks to linger for the time being. This has been spurring concer

EconomyApril 21, 2020

IBK to pay W100b in penalties for violating US sanctions against Iran

State-run Industrial Bank of Korea said Tuesday it has agreed to pay $86 million in penalties to New York State authorities over illegal cash transfers to Iran. As part of the settlement, IBK will pay $51 million to the New York State Attorney General’s office and $35 million to the New York State Department of Financial Services. The US authorities charged the Korean lender with violating the anti-money laundering laws in 2014. One of its clients has reportedly transferred more than $

MarketApril 21, 2020

Videoconferencing app provider Gooroomee struggles despite demand surge

At the beginning of the COVID-19 epidemic in Korea when people suddenly had to embrace remote working and social distancing, they turned to well-known tools provided by international tech companies, such as Google’s Hangouts and Microsoft’s Skype.  The biggest beneficiary of the increased demand was probably Zoom, a Nasdaq-listed startup that develops videoconferencing tools. Downloads of Zoom and other similar tools soared and the sudden popularity more than doubled Zoom&rsquo

IndustryApril 21, 2020

Beleaguered automakers request liquidity, tax support

The five major Korean carmakers and auto parts makers on Tuesday asked the government for liquidity support for the automobile industry, which has been hit hard by low sales amid the COVID-19 pandemic, and measures to boost domestic demand. According to the Ministry of Trade, Industry and Energy, Minister Sung Yun-mo met with representatives of the country’s automakers, including Hyundai Motor Group President Gong Young-woon, Kia Motors President Song Ho-sung, SsangYong Motors President

MobilityApril 21, 2020

State banks step in to bailout troubled Asiana Airlines

State-run Korea Development Bank and Export-Import Bank of Korea announced Tuesday they will inject a combined 1.7 trillion won ($1.40 billion) of fresh funds to keep the cash-strapped flag carrier Asiana Airlines afloat. The two policy banks held meetings to decide on the size of additional financial support measures for the nation’s second-largest airliner. The rescue move came after HDC Hyundai Development, a real estate developer set to acquire Asiana Airlines, requested the two b

MarketApril 21, 2020