S. Korea to import 53 tons of mask filters amid supply shortage

South Korea said Friday it plans to import 53 tons of mask filters through June to keep up the supply of the sanitary item amid the spread of the new coronavirus. The first batch of 2.5 tons of melt-blown nonwoven fabric filters will arrive here next week, according to the Ministry of Trade, Industry and Energy. The country has been running short of protective masks, as well as their materials, as demand for them has soared amid the COVID-19 epidemic. Starting last week, South Korea has been

EconomyMarch 20, 2020

Pension fund to naysay appointment of some board members at banks, conglomerates

South Korea's state pension fund will vote against the appointments of some board members at banks and major companies during shareholder meetings as they are not qualified for the positions. The National Pension Service (NPS) said its trust management committee has decided to object to the appointments of Woori Financial Group Chairman Sohn Tae-seung and Shinhan Financial Group chief Cho Yong-byoung as board members at the banks. The pension service also said it will vote against the motion t

EconomyMarch 20, 2020

S. Korea, US sign a $60b currency swap deal

The Bank of Korea and the US Federal Reserve Board on Thursday signed bilateral currency swap arrangements totaling at $60 billion, to be effective for the next six months, South Korea's central bank said. "The latest (US-Korea) currency swap deal seeks to reduce the strain upon the recently struggling global dollar currency market," the BOK said in a late night release. The US Fed conventionally had permanent currency swap deals with five other central banks -- Canada, B

EconomyMarch 19, 2020

Bidding war for Prudential Life intensifies amid coronavirus risks

An intense bidding war for the takeover of Prudential Life Insurance of Korea, valued at some 2 trillion won ($1.6 billion), kicked off early Thursday as major banking groups and private equity houses vied to get their hands on the insurer. The bid for a 100 percent stake in the insurer came as the risks stemming from the novel coronavirus compounded those from the Bank of Korea’s latest rate cut. Those risks have slowed the momentum for the bid, which could be the largest acquisition d

MarketMarch 19, 2020

NPS to vote against chiefs of Shinhan, Woori, Hyosung

The National Pension Service, South Korea’s public pension fund, said Thursday it would disapprove of the chiefs of Shinhan Financial Group, Woori Financial Group and Hyosung as board directors in their respective shareholders meetings in March. The decisions came as the pension fund overseeing 736.7 trillion won ($576.7 billion) has moved to ramp up shareholder activism and exercise its voting power to keep large corporations in check as a minority shareholder. The NPS’ nine-membe

MarketMarch 19, 2020

[Exclusive] Foreign residents still locked out of online banks

Concerns about the fast-spreading novel coronavirus are fueling growing demand for “untact banking,” but foreign residents in South Korea still cannot subscribe to online banking services, due to the lack of a verification system. Untact banking refers to online or mobile banking services without physical contact between bank staff and customers.  Online-only banks, which have been in Korea since 2015, allow a totally contactless service, but regulatory issues meant that the

MarketMarch 19, 2020

Kospi plummets below 1,500, lowest in 11 years

  South Korean stocks crumbled again Thursday, hitting the lowest point in nearly 11 years, as foreigners’ selling spree continued over growing global uncertainties. The benchmark Kospi closed at 1,457.64 -- down 133.56 points, or 8.39 percent, from the previous session. It marked the lowest closing price since July 23, 2009, at 1,496.49 points. The tech-heavy Kosdaq also crashed by 56.79 points, or 11.71 percent, to close at 428.35. It recorded the lowest closing since Oct. 5, 2011,

MarketMarch 19, 2020

[Newsmaker] Chung Euisun elected as chair of Hyundai Motor Group board

Hyundai Motor Group Executive Vice Chairman Chung Euisun has been elected the new chairperson of the group’s board of directors, in an apparent move to give the heir apparent more managerial power as he seeks to strengthen the future mobility vision. According to the company, it was decided for Chung to succeed his father, Hyundai Motor Group Chairman Chung Mong-koo, in his chairmanship during a board of directors meeting held Thursday. The senior Chung has held the position for 21 year

MobilityMarch 19, 2020

Asiana Airlines sends chartered flight to bring Koreans from Iran

South Korean full-service carrier Asiana Airlines said Thursday that it has sent a chartered flight to bring back some 80 South Koreans stuck in Iran, where the COVID-19 has been rapidly spreading.  Asiana Airlines said 80 Koreans left Tehran, Iran, to board a chartered flight in Dubai, United Arab Emirates. The flight departed the Al Maktoum International Airport, some 37 kilometers from Dubai, on Thursday morning and arrived at Incheon International Airport at 4:35 p.m. Ministry data s

MobilityMarch 19, 2020

Korean firms rush for audit lifeline amid coronavirus spread

South Korea’s financial regulator said Thursday that 69 domestic companies have sought audit relief due to shortcomings in their reports for 2019, as the novel coronavirus has undermined their key operations, especially in China. Over two-thirds of companies that have applied for regulatory relief have a presence in China, and determined their filings cannot be completed by March 30, according to the Financial Services Commission. They include tobacco product maker KT&G, light bulb ma

MarketMarch 19, 2020

BOK to purchase 1.5tr won in bonds as market stabilization step

The Bank of Korea on Thursday said it will purchase 1.5 trillion won ($1.16 billion) in state bonds to help stabilize the local market hit hard by growing jitters caused by the spread of the new coronavirus. "The Bank of Korea decided to purchase state bonds to help stabilize the bond market and expand its holdings subject to repurchase agreements," the central bank said in a press release. The announcement came shortly after local authorities said they are ready to step in if neces

EconomyMarch 19, 2020

Lotte head Shin Dong-bin to lead Japanese holding firm

Lotte Group announced Wednesday that Chairman Shin Dong-bin will head the holding firm in Japan, securing leadership of operations in South Korea and Japan, ending a six-year dispute with his elder brother Shin Dong-joo,. The Lotte Holdings board of directors in Japan decided to appoint him as chairman effective April 1. Lotte Holdings had operated under the leaderships of Lotte’s late founder Shin Kyuk-ho and Vice Chairman Dong-bin. The post was vacant since the founder was named hon

IndustryMarch 19, 2020

[Weekender] Hyundai or Mercedes-Benz: Why is Korea’s car market so polarised?

It is not an exaggeration to say that out of every 10 cars you encounter on the roads of South Korea, six or seven of them are Hyundai or Mercedes-Benz. Although car brands and models have diversified over the years in a country where a car is owned by every 2.4 people, the brand everyone thinks of when it comes to domestic cars is Hyundai. In the case of imported cars, Mercedes-Benz maintains the largest share of the pie. Despite the latest coronavirus pandemic, sales of imported vehicles co

MobilityMarch 19, 2020

Shilla Duty Free also closes its doors at Gimpo Airport

Hit by a sharp drop in the number of passengers flying in and out of Gimpo International Airport amid COVID-19 concerns, Shilla Duty Free said Thursday that it will temporarily close its store at Gimpo International Airport until March 28.  This follows another duty free operator Lotte Duty Free’s decision last week to close its store at Gimpo International Airport amid dwindling sales.  Industry sources said that Lotte saw its sales plummet from daily sales of 200 to 300 mill

IndustryMarch 19, 2020

S. Korea to extend antidumping duty on Japanese steel plates

South Korea's trade watchdog said Thursday it will extend its existing antidumping duty on Japanese stainless steel plates, citing substantial damage to the local industry. The Korea Trade Commission said Seoul will continue to apply the 13.17 percent antidumping tariff on the Japanese products for the next five years. South Korea has been imposing the tariff on the Japanese plates since April 2011. The plates are widely used in different industries including the petrochemical, shipbuilding an

EconomyMarch 19, 2020

Hanwha Defense beefs up online effort to win Australian defense deal

The Australian subsidiary of South Korean defense company Hanwha Defense has launched a web portal as part of an effort to supply military land systems to the Australian Defense Force. Recently, Hanwha Defense Australia opened Australian Industry Portal as foreign defense contractors are required to outline how they would contribute to Australia’s defense activities and how they would cooperate with local companies, according to Hanwha Defense. The AIP is expected to support Hanwha&rs

IndustryMarch 19, 2020

Airlines halt more flights as coronavirus spreads

South Korean airlines are halting more flights as countries increasingly imposed entry restrictions in their fight against the spread of the novel coronavirus. Korean Air Lines Co., the country's biggest airline and national flag carrier, said Thursday it will begin reducing the number of flights to three per week from seven on the Incheon-Paris route. The latest move comes as European countries close their borders and restrict movement in an effort to slow the spread of COVID-19. Korean Air

MobilityMarch 19, 2020

Sharp dip in oil prices weighs on Korean firms

The sudden plunge in oil prices -- following the coronavirus outbreak -- is taking a toll on the South Korean economy, denting many key industries. The hardest hit are the oil refining, construction, shipbuilding, steel and consumer goods sectors. Low oil prices, once considered a boon for the transport industry, are no longer beneficial amid falling consumption and travel restrictions. In recent months, oil prices have dropped, mainly due to the global economic slowdown caused by the pan

IndustryMarch 19, 2020

Samsung releases 2020 QLED TVs

Samsung Electronics launched nine models of 2020 quantum-dot light-emitting diode TVs on Thursday. The company said it has expanded its QLED 8K models by twofold from before, to increase consumer options and its dominance in the 8K TV market. The 2020 QLED 8K from Samsung Electronics are categorized by series names QT970S, QT900S and QT800, offered in screen sizes ranging from 55 to 85 inches. The smallest 55-inch model will launch within the first half of the year, Samsung said. The most

IndustryMarch 19, 2020

Three weeks into telecommuting, I called a psychiatrist

As a journalist, my job is to get around. The ideal rut of this job is to be constantly on foot, meet people, glean information, fact-check, and package the story in a way you, reader, would find relevant and stay to read to the end. But truth be told, like many others in South Korea right now, I haven’t been getting around much. Not since the COVID-19 outbreak here took a serious turn for the worse. It will soon be a month since I started telecommuting and social distancing. I’m

IndustryMarch 19, 2020