Genesis launches revamped third-generation G80

Hyundai Motor Group said Monday it has launched the third-generation G80 of its luxury brand Genesis.  The latest model has been fully revamped and is 125 kilograms lighter compared to the second-generation model that was launched in 2016, by using aluminum materials.  The all-new G80 is wider by 35 millimeters and lower by 15 millimeters, to show the best proportion as a rear-wheel driving luxury sedan, the automaker said.  Genesis sedans’ signature crest front grille,

MobilityMarch 30, 2020

Card firms' 2019 net down 5.3% on increased costs

South Korean credit card firms saw their combined net profit fall 5.3 percent in 2019 from a year earlier due mainly to increased loan-loss reserves and marketing spending, data showed Monday. The combined net profit of eight card issuers, including Shinhan Card Co., Samsung Card Co. and KB Kookmin Card Co., came to 1.64 trillion won ($1.3 billion) in 2019, compared with 1.73 trillion won in 2018, according to the data released by the Financial Supervisory Service (FSS). The value of credit ca

MarketMarch 30, 2020

Korean stocks sharply down late Monday morning

South Korean shares remained down late Monday morning after opening sharply lower on fears of the new coronavirus outbreak further slowing economic activities throughout the globe, limiting demand at home and abroad. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 40.74 points, or 2.37 percent, to 1,676.99 as of 11:20 a.m. On Monday, South Korea reported 78 new cases of COVID-19, bringing the nation's total infections to 9,661. The United States became the new global epicente

MarketMarch 30, 2020

Biz sentiment for April dips to over decade low on COVID-19: survey

Business sentiment in South Korea plunged to an 11-year low for April, due to the growing impact of the new coronavirus outbreak on the economy, a local think tank said Monday. The business survey index (BSI) of the country's top 600 companies by sales came to 59.3 for April, the lowest since January 2009, when the index was 51, the Korea Economic Research Institute (KERI) said in a statement. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means th

EconomyMarch 30, 2020

Retail sales up 9.1% in Feb. amid virus pandemic

Retail sales in South Korea rose 9.1 percent in February from a year earlier as more people purchased daily necessities through online platforms amid the spread of the new coronavirus here, data showed Monday. The combined sales of 26 major offline and online retailers reached 10.6 trillion won ($8.68 billion) last month, compared with 9.71 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The sharp increase came as online stores enjoyed

ConsumerMarch 30, 2020

Airbnb hosts squeezed by COVID-19, angry at refund policies

In January, Airbnb “Superhost” Diana Jeong quit her job as she was expecting a baby this spring. What she did not expect was a pandemic that would upend her transition to becoming a full-time Airbnb host. The former college lecturer made the decision because she found great satisfaction in providing hospitality to guests, but more importantly she could make a living renting her three-bedroom apartment on the global home-sharing platform. She now finds herself selling used items on

IndustryMarch 30, 2020

More than half of BOK's rate setting body to be replaced

The Bank of Korea (BOK) will soon receive four new members of its seven-member monetary policy board, a change that may also lead to a shift in the central bank's future rate policies, market observers said Monday.   The four new members will replace those set to step down April 20.   The outgoing members are Koh Seung-beom, Cho Dong-chul, Shin In-seok and Lee Il-houng.   A change of more than a majority of members may signal a shift in the way the central bank operates its monet

EconomyMarch 30, 2020

REITs take big hit from virus-induced recession woes

South Korean real estate investment trusts (REITs) have been hit hard by escalating concerns over a global recession stemming from the new coronavirus outbreak, data showed Monday. Shares in Lotte Shopping Co.'s REIT, listed in October last year, finished at 4,910 won ($4.03) Friday, down 20.3 percent from the end of last year, according to the data from the Korea Exchange. NH Prime REIT, listed in December, saw its share price tumble 21.8 percent over the cited period. The trust is affiliate

EconomyMarch 30, 2020

Korea's March exports tipped to rise 1.2%: poll

South Korea's exports are expected to have edged up 1.2 percent in March from a year earlier, a poll showed Monday, but the global spread of the new coronavirus is expected to hurt outbound shipments by Asia's No. 4 economy down the road due to the global spread of the new coronavirus. The country's outbound shipments are estimated at $47.5 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was carried out on eight local brokera

EconomyMarch 30, 2020

[News Focus] COVID-19 likely to cause record surge in payouts for jobless in March

SEJONG -- Government payouts for the jobless are estimated to have shot up to a historic high in March in the wake of COVID-19. The Ministry of Employment and Labor is set to make the figure public in about two weeks. A surge in the number of unemployment benefits claimants is projected for sectors including tourism, airlines, restaurants, lodging, private educational institutes and many other retail services. Among the eight major cities and nine provinces in South Korea, Daegu and Nort

EconomyMarch 29, 2020

Mirae Asset takes lead in local pension fund industry

Mirae Asset Global Investments, a Korean asset management firm, has been cementing its leadership in the local personal pension fund market with assets under its management continuing to grow this year. Personal pension and retirement pension funds operated by Mirae Asset have reached a combined 7.59 trillion won ($6.3 billion), or 3.63 trillion won and 3.96 trillion won, respectively. As of this year, the pension funds had increased by 500 billion won, the highest increase in the local mark

MarketMarch 29, 2020

Korea mulls direct cash transfers to low-income families

South Korea announced Sunday that it will supply disaster relief funds to low-income households amid the economic fallout from the coronavirus pandemic. The government will send emergency aid in the form of one-time cash payments to 10 million households earning less than the median income, according to the Ministry of Finance and Economy.  The median income is the middle of the income distribution, where half the households earn more and half earn less. The median income of a four-membe

EconomyMarch 29, 2020

‘S. Korea needs to shift focus to real economy’

Bolstered by the government’s decision to double its economic rescue package to 100 trillion won ($82.5 billion), coupled with the central bank’s promise of unlimited quantitative easing, South Korea appears to have evaded a financial disaster for now. But a bigger task awaits, according to experts: preventing the risks stemming from the novel coronavirus from dragging down the real economy. Officials and experts alike have stressed the need for closer attention to the nonfinanc

EconomyMarch 29, 2020

[News Focus] Hanjin to ‘make painstaking self-rescue efforts’

Hanjin Group Chairman Cho Won-tae, who was reelected as executive director of Hanjin KAL over the objections of many, including his own sister, faces the challenge of proving his leadership capabilities by reviving Korean Air at a time when it is devastated by the COVID-19 pandemic amid ongoing management disputes. On Sunday, Cho said in a statement that the firm will “focus all its capabilities” and “make painstaking self-rescue efforts” to overcome the fallout from th

IndustryMarch 29, 2020

GS Group‘s Huh vows to lead transformation

GS Group is expected to undergo a transformation under the leadership of Huh Tae-soo, who was formally appointed CEO of the group’s holding firm and chairman of the board during a shareholders meeting Friday. Huh Tae-soo, the youngest brother of former GS Group Chairman Huh Chang-soo, has been widely known for his experience in the global market, as well as his emphasis on digital transformation. “Huh Tae-soo is expected to take the leadership role to bring new business models an

IndustryMarch 29, 2020

Daewoo E&C steps up new growth initiatives

Daewoo Engineering and Construction has invested in a local racing drone startup company, with the prospect of expanding its business portfolio, according to the construction firm on Sunday. Daewoo E&C had previously announced that it would acquire a 30 percent stake in AstroX as part of its “Build Together Startups” program initiated in August last year. The details of financial terms were not disclosed. AstroX is a local drone maker capable of manufacturing vertical takeoff

IndustryMarch 29, 2020

SK Energy’s new Ulsan facility ready for production

South Korea’s leading oil refinery and gas station operator SK Energy said Sunday it had completed a successful trial run of its desulfurization facility, ready for commercial production. Since 2018, SK Energy has spent 1 trillion won ($820 million) on building the vacuum residue desulfurization facility with a capacity of 40,000 barrels of low-sulfur fuel oil a day to prepare for stringent regulations on ship fuel. The VRDS facility is expected to allow SK Energy to produce more low-

IndustryMarch 29, 2020

[Newsmaker] Telegram outrage spills over to Korean ‘Lolita’ game characters

Outrage over the Telegram sexual abuse ring is spilling over to children’s online games that depict preadolescent characters in sexualized ways. An online Cheong Wa Dae petition posted Tuesday raised alarm over video games in which characters who physically resemble children wear revealing costumes. This follows the news that at least 58 women and 16 underage girls were sexually abused over several months so the abusers could produce videos and sell them in Telegram chat rooms. &ldqu

IndustryMarch 29, 2020

S. Korea to implement new global bank capital rules in Q2

South Korea will implement new global bank capital rules in the second quarter of the year, the country's financial regulator said Sunday, a move that could increase corporate lending amid a liquidity crunch caused by the spread of the new coronavirus. The banking regulations, known as Basel III, were agreed upon by financial regulators around the world in 2017. The new rules, including revisions to calculation systems for capital requirements and credit risks, were set in the aftermath of th

EconomyMarch 29, 2020

Hyundai Mobis invests in core future car technologies

Hyundai Mobis said Sunday it would target the global market with future mobility technologies including vision-autonomous driving, connectivity and electrification technology. The auto parts unit under South Korea’s largest auto conglomerate Hyundai Motor Group pledged to develop high-performance sensors for self-driving cars with independent technology within this year. It marks 25 years since its transition to the auto parts business, After developing the country’s first shor

MobilityMarch 29, 2020