[Graphic News] Internet banking transactions at new record high in 2019

　South Korea’s internet banking services continued to grow in 2019, with the number of users and daily transactions climbing to new highs, central bank data showed. 　The number of internet and mobile banking users came to about 159.2 million as of end-2019, up 8.6 percent from a year before, according to the data from the Bank of Korea. 　The figure is the simple sum of all registered users at 18 internet and mobile banking service providers in the country, meaning the same person may

BusinessApril 13, 2020

Seoul stocks open lower despite US gains

South Korea's exports fell sharply from a year earlier in the first 10 days of April amid the economic fallout from the new coronavirus, customs data showed Monday. The country's outbound shipments came to $12.2 billion in the April 1-10 period, down 18.6 percent from the same period a year earlier, according to the data from the Korea Customs Service. The daily average exports during the cited period also slipped 18.6 percent on-year. The data came amid growing concerns that the coronavir

MarketApril 13, 2020

How does coronavirus affect individuals’ financial management?

Individual subscribers are rapidly losing faith in savings deposits amid ultralow rates and volatile markets, with withdrawals topping 7.7 trillion won ($6.36 billion) in March, nearly a 35 percent increase from each of the previous two months.  According to data compiled by five commercial banks -- KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank and NH Bank -- the combined withdrawals from individuals’ savings and deposit accounts last month reached some 7.7 trillion won from

MarketApril 13, 2020

Kia Motors mulls suspending three domestic plants due to coronavirus disruptions

Kia Motors Corp., South Korea's second-biggest carmaker, is considering temporarily suspending some of its plants in the country later this month due to the fallout from the novel coronavirus pandemic, industry sources said Sunday. It is planning to halt operations of three factories -- two in Gwangmyeong, south of Seoul, and one in Gwangju, 330 kilometers south of Seoul -- from April 23-29, according to the sources. The company runs nine domestic manufacturing facilities, including one as a j

MobilityApril 12, 2020

‘S. Korea’s stock market to foster recovery from 2H’

Despite lingering volatility, South Korea’s main bourse Kospi is expected to recover starting from the second half of this year if the novel coronavirus comes under control globally and that sense of stability boosts consumption demand on the back of policy efforts, research heads of brokerages in Seoul said Sunday. “As pent-up demand sparks and corporate earnings increase with the government’s liquidity support, stock markets will gradually rise from the second half,”

MarketApril 12, 2020

Regulatory void undercuts Korean renewable energy industry

A regulatory void is undermining South Korea’s renewable energy industry due to the government’s failure to lay down ground rules for the burgeoning industry. A lack of oversight has led to an increase in fraud and loopholes in safety, resulting in businesses calling for more regulations. According to a recent press release from the Korea Energy Agency, unlicensed solar power contractors are damaging the country’s renewable energy by impersonating government agencies suc

IndustryApril 12, 2020

Streaming platform Wavve partners with NBCUniversal to export Korean content

South Korean video streaming platform Wavve said Sunday it has signed a partnership with NBCUniversal to export original hallyu k-pop content to the US media giant. According to Content Wavve, operator of the platform, the partnership was signed via a video conference on Friday and will allow the company to supply original content -- up to five movies and TV series a year -- produced by three South Korea terrestrial broadcasters -- KBS, MBC and SBS -- to NBCU for the next three years. &ldq

IndustryApril 12, 2020

Doosan to sell off full 61% stake in Doosan Solus

Doosan Group is planning to sell all of its stake in material solutions affiliate Doosan Solus, intent to deliver an intensive self-rescue plan after receiving a massive bailout from state-run banks. According to industry sources Sunday, Doosan Group is negotiating with private equity fund SkyLake Investment on handing over all of its 61 percent stake in battery copper foil and organic light-emitting diode materials maker Doosan Solus for 600 billion to 800 billion won ($495 million-$660 mil

IndustryApril 12, 2020

FDA reapproves phase 3 clinical trial of Invossa

The US Food and Drug Administration has lifted a clinical hold on the phase 3 trial of Kolon Life Science’s osteoarthritis drug Invossa in the US after a 11-month suspension imposed in May. According to industry sources on Sunday, the FDA sent an official notice to Kolon TissueGene, the biotech unit of Korea’s pharmaceutical firm Kolon Life Science, to resume the phase 3 trial of its degenerative arthritis treatment drug Invossa in the US. The official FDA notice said that all

IndustryApril 12, 2020

BOK awaits state approval for loan extension to nonbanking entities

South Korea’s central bank is awaiting government signoff on an emergency program that would extend loans to nonbanking institutions, sources said Sunday, as both monetary and fiscal authorities aim to further funnel liquidity into the markets to counter the effects of the novel coronavirus. “We are currently preparing to launch an emergency lending program as swiftly as possible,” a Bank of Korea official said. The program -- which is expected to mirror actions taken by t

EconomyApril 12, 2020

[Newsmaker] SsangYong Motor to receive W40b from Mahindra & Mahindra

SsangYong Motor will receive 40 billion won ($32 million) in special funds this month from its major shareholder, Indian carmaking conglomerate Mahindra & Mahindra, to urgently address liquidity issues, the Korean automaker said Sunday. SsangYong said it finalized its plan to raise 40 billion won in new funds at an extraordinary general meeting Friday. Mahindra will first invest in SsangYong as a loan, which will be converted to equity later upon Indian and Korean government agencies&rs

MobilityApril 12, 2020

Coronavirus likely to intensify US-China trade dispute: report

South Korea’s trade-reliant companies should be fully prepared for the possibility of heightened trade tensions between the world’s two largest economies amid the global pandemic and the approach of the year-end US presidential election, according to a local business association Sunday. A new report from the Korea International Trade Association titled “The direction of US-China relations in the post-coronavirus era” said COVID-19, which originated in Wuhan, China, has

IndustryApril 12, 2020

LG Electronics names new smartphone ‘Velvet’

LG Electronics Inc. on Sunday unveiled the name of its new smartphone that is expected to be released in South Korea next month. LG said the upcoming mass-market premium smartphone has been named LG VELVET. The new name comes after the company recently revealed it will no longer use the G series brand. "LG VELVET will be the first device to implement the company's new branding strategy for its mobile devices, moving away from alphanumerical designations in favor of familiar and expressiv

TechnologyApril 12, 2020

Hyundai, Kia set to report poor Q1 results on virus impact

Hyundai Motor Co. and its affiliate Kia Motors Corp. are set to suffer a sharp decline in their first-quarter earnings due to a growing coronavirus impact on production and sales, data showed Sunday. Hyundai Motor is expected to post an operating profit of 700 billion won ($577 million) for the January-March period, down 15 percent from 824.9 billion won a year earlier, according to data from Yonhap Infomax, a financial service arm of Yonhap News Agency. Before the outbreak of the new coronav

MobilityApril 12, 2020

Foreign investors' bond holdings at record high amid uncertainty

Foreign investors held a record amount of state bonds and monetary stabilization debts amid increased uncertainties stemming from the outbreak of the new coronavirus, data showed Sunday. According to the data compiled by the Financial Supervisory Service, foreign investors held a combined 134.1 trillion won ($111 billion) worth of state bonds and other listed debts as of Thursday, up 1.08 trillion won from the end of last month. The reading marks the largest ever since the financial watchdog

EconomyApril 12, 2020

Refiners face Q1 earnings shock on coronavirus impact

South Korean refiners are expected to report a 2.5 trillion-won ($2.06 billion) combined operating loss during the first quarter due to lower demand and refining margins, industry sources said Sunday. The country's four major refiners -- SK Innovation Co., GS Caltex Corp., Hyundai Oilbank Co. and S-Oil Corp. -- are forecast to suffer the hefty operating loss in the first quarter as demand fell amid the economic fallout from the spreading coronavirus outbreak and oil prices plunging due to a pr

IndustryApril 12, 2020

LG Uplus joins hands with Japanese, Taiwanese firms on drone platform

LG Uplus Corp., a major South Korean mobile carrier, said Sunday it has joined hands with a Japanese telecommunication firm and a Taiwanese drone maker to develop smart drone solutions. Under a memorandum of understanding with Japan's KDDI Corp. and Taiwan's Coretronic Intelligent Robotics Corp. (CIRC), LG Uplus will cooperate in the development of a drone control platform. The system is designed to better transmit images or videos recorded by drones to control centers, via LTE or 5G telecomm

TechnologyApril 12, 2020

Acquisition of Prudential Life gives green light for KB Financial

For KB Financial Group, the latest acquisition of Prudential Inc.’s local unit was not just an expensive price to expand its nonbanking sector, but also a positive signal for its management stability. While taking a step closer to regain its title of “winning banking group,” the group has also raised the possibility of prolonging the term of its incumbent chief later this year. KB Financial on Friday signed a 2.34 trillion-won ($1.86 billion) deal to purchase the local ope

MarketApril 12, 2020

Amount of unemployment benefits hits record in Feb.

The amount of unemployment benefits handed out in February surpassed the 800 billion won ($660 million) mark for the first time in February, according to data compiled by the Korea Employment Information Service on Saturday. The amount of subsidies given to the unemployed in February reached 808.3 billion won, up 28 percent on-year. The sharp increase came even before the novel coronavirus hit the nation in earnest in March, reflecting the sluggish domestic job market in recent months. Of 1

MarketApril 11, 2020

Nexon founder expands investment in non-gaming sector

Kim Jung-ju, founder of South Korea’s largest game company Nexon, has invested in Canadian high-end outwear brand Moose Knuckles, seeking new opportunities in the non-gaming sector. Kim, who now serves as chief of Nexon’s holding company NXC, took over 23.9 percent stake of the Canadian garment manufacturer for 64.2 billion won ($53 million). Moose Knuckles is one of the top three high-end winter jacket brands, along with Nobis and Canada Goose. Their winter luxury parkas cost

MarketApril 11, 2020