S. Korea to spare no efforts to minimize economic impact of coronavirus

South Korea will spare no efforts to minimize the economic fallout of the new coronavirus and draw up additional measures to support an economic recovery, Finance Minister Hong Nam-ki said Friday. Hong made the remarks in a meeting with Bank of Korea Gov. Lee Ju-yeol on Friday to discuss how to cope with the economic impact of the virus, which was recently named COVID-19. Hong also urged people to carry out "normal economic activities," saying private consumption was hit by the spr

EconomyFeb. 14, 2020

Rival IPTV operators join hands for TV advertisement solutions

Two rival internet protocol television (IPTV) operators in South Korea said Friday they have joined hands to develop advanced TV advertisement solutions. KT Corp. and SK Broadband Co. said they agreed to collaborate in the field of addressable TV advertising technologies that can help advertisers to selectively segment TV audiences and send different ads based on viewer data. Under the deal, the two sides will work on standardization of such technologies and develop business models sharing

IndustryFeb. 14, 2020

Auto exports down for 6th month on strike, fewer working days

South Korea's exports of cars nose-dived 28.1 percent on-year in January, extending their slump for the sixth consecutive month due to a strike by Kia Motors Corp. and fewer working days, data showed Friday. South Korean carmakers shipped 150,974 units of cars overseas last month, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, auto exports also fell 22.2 percent over the period to $2.85 billion. The country's outbound shipments of cars have be

MobilityFeb. 14, 2020

Seoul's export prices sink in Jan

South Korea's export prices fell slightly in January from a month earlier, central bank data showed Friday, largely due to the strengthening of the local currency against the US dollar. The export prices index, in terms of Korean won, came to 96.59 in the month, according to preliminary data from the Bank of Korea (BOK). The reading marks a 0.8 percent drop from a month earlier and a 2.8 percent drop from the same month last year. The BOK attributed the drop to the Korean won's appreciation

EconomyFeb. 14, 2020

The elite S. Korean businesswoman behind Oscar-winning Parasite

The woman who stepped up to make the final acceptance speech when Bong Joon-ho's satire Parasite -- about the gap between rich and poor -- won the Oscar for Best Picture is herself a member of South Korea's wealthiest family. Miky Lee, an heiress turned media mogul, is the executive producer of the first non-English-language film to secure the Academy Awards' top prize in their 92-year history. The film has been praised at home and abroad for its critique of inequality, but Lee is the granddau

IndustryFeb. 13, 2020

NSC discusses S. Korea's peace plan for Munich security forum

South Korea's top security officials agreed Thursday to use the upcoming security forum in Germany to drum up international support for the Korea peace process, Cheong Wa Dae said. In the weekly standing committee meeting of the National Security Council, they discussed a strategy related to participation in the three-day conference to open in Munich on Friday. South Korea will be represented by Foreign Minister Kang Kyung-wha. She is expected to hold talks with US Secretary of State Mike Pompe

TechnologyFeb. 13, 2020

Hyundai Merchant's 2019 net losses narrow on increased sales

Hyundai Merchant Marine, South Korea's biggest shipping company by sales, said Thursday that its net losses narrowed in 2019 from a year earlier due to a rise in sales. Net losses narrowed to 592 billion won ($501 million) in 2019 from 790 billion won a year earlier, the company said in a regulatory filing. Operating losses also narrowed to 304 billion won in 2019 from 558.6 billion won a year ago. Sales rose 5.6 percent on-year to 5.51 trillion won in 2019, the company said. Hyundai Merchant

IndustryFeb. 13, 2020

Korea Aerospace 2019 net more than doubles on KF-X project

Korea Aerospace Industries said Thursday its net income more than doubled in 2019 from a year earlier, helped by a local project that replaces aging fighter jets in the Air Force. KAI, the country's sole aircraft manufacturer, reported a net profit of 130 billion won ($109 million) last year, compared with a profit of 55.5 billion won a year ago, the company said in a statement. "On top of the KF-X project, the company delivered eight T-50 TH advanced trainer jets to Thailand in July la

IndustryFeb. 13, 2020

KCGI-heiress coalition ups ante to dethrone Hanjin successor

A coalition of Korean Air heiress and a local activist fund Korea Corporate Governance Improvement on Thursday proposed former SK Group Vice Chairman Kim Shin-bae as an inside board director of Hanjin Group in a bid to oust the current chairman at the March shareholders meeting. Other candidates include former Samsung Electronics Vice President and head of China Bae Kyung-tae and ex-Korean Air executive Kim Chi-hoon. Hahm Chul-ho, a former Korean Air senior vice president and T’way Air CE

MarketFeb. 13, 2020

Fewer releases save Nexon

Nexon reported marginal shifts in yearly revenue and operating profit, Thursday, maintaining business as usual thanks to revenue from V4 and cost-saving on overall marketing due to fewer releases last year. In 2019, Nexon earned 2.68 trillion won ($2.26 billion) in revenue and 1.2 trillion won in operating profit, up 4 percent and 3 percent on constant currency from the year before. Nexon is listed in the Tokyo Stock Exchange First Section and is included on the Nikkei 300 Index. When adjust

IndustryFeb. 13, 2020

Coronavirus provokes disputes between consumers, travel agencies

An increasing number of disputes are being reported between consumers and travel agents over trip cancellation fees, as the coronavirus outbreak continues to stifle international travel. The nation’s major travel agencies have been waiving cancellation fees for travel products such as flights, hotels and car rentals involving China, Hong Kong and Macao. However, as the government has further encouraged people to limit their travel to Japan, Taiwan, Malaysia, Vietnam, Thailand and Singapo

IndustryFeb. 13, 2020

FTC slaps W1.6b antitrust fine on BGF Retail

South Korea’s antitrust watchdog has slapped convenience store chain BGF Retail with a fine of 1.6 billion won ($1.31 million) for violating a subcontracting law, officials said Thursday. The Fair Trade Commission said CU, one of the leading convenience store chains in Korea, was found to have forced subcontractors to pay more than 50 percent of costs for buy-one, get-one-free marketing activities between 2014 and 2016.  During the period, the retail firm set up an operation strat

IndustryFeb. 13, 2020

FSC reduces fines on DLF-selling banks, denies back-scratching

The Financial Services Commission on Thursday reduced the amount of fines imposed on Woori Bank and KEB Hana Bank over their disputed misselling of derivative-linked financial products last year. By altering the sanctions previously decided by the market watchdog Financial Supervisory Service, the regulator is being accused of playing a power game and taking sides with the industry, although it has vehemently refuted such doubts. The FSC’s advisory panel Securities and Futures Commiss

MarketFeb. 13, 2020

Korea’s aviation industry faces severe turbulence

South Korean air carriers have been facing a tough time following the nationwide boycott of trips to Japan last year and the oil price hike, only to face a triple whammy with the novel coronavirus outbreak, forcing them to suspend almost 90 percent of their lucrative China routes.  According to industry sources, air carriers have been making all-out efforts to secure capital amid the dwindling number of passengers and continued business uncertainties led by external factors.  The co

MobilityFeb. 13, 2020

[Monitor] Kakao logs record-high revenue, margin

Korea’s local internet behemoth Kakao scored 3.898 trillion won ($3.3 billion) in sales and 20.66 billion won in operating profit in 2019, both of which mark the highest yearly performance by the firm established in 2010. The sales increased by 28 percent from 2018 and operating profit by 183 percent. The company attributed the earnings to new business models taking shape. They include KakaoTalk Biz Board (TalkBoard), a business-to-business service based on KakaoTalk allowing users to

TechnologyFeb. 13, 2020

Galaxy Z Flip appeals to fashion crowd in New York

SAN FRANCISCO -- After the big reveal of the impressive Galaxy Z Flip at Unpacked, Samsung Electronics’ smartphone business head Roh Tae-moon on Wednesday flew to New York to attend an exclusive event hosted by Thom Browne, the company’s new partner. Roh was invited by the New York-based fashion company as one of the guests for an event prepared for the Fashion Week.  The Samsung executive’s participation in the fashion industry’s major show was made based on t

IndustryFeb. 13, 2020

[News Focus] Overseas Korean food fairs to entice palates

SEJONG -- South Korea’s food producers are pinning high hopes on the overseas K-food Fair events this year on the back of the growing popularity of local dishes thanks to TV programs and movies. Over the past few years, the annual exhibition has provided local producers -- mostly food processing firms -- with wider opportunities to tap overseas markets, including in Asia, America and Europe. Small and medium-sized enterprises mostly participate in the events, organized by the Ministry o

IndustryFeb. 13, 2020

S. Korea to unveil measures to support exports amid virus fallout

SEJONG -- South Korea plans to unveil measures to support exports as early as next week as the coronavirus epidemic in China is expected to cast a shadow on the Korean economy, Finance Minister Hong Nam-ki said Thursday. Hong said the Korean economy is expected to face a bigger economic impact from the virus, COVID-19, than that of the Middle East Respiratory Syndrome (MERS) outbreak in 2015. However, Hong said, "Too much fear can hurt the (Korean) economy," urging people not to b

EconomyFeb. 13, 2020

Lotte Shopping to sell assets to shore up profit, focus now on online biz

Lotte Shopping Co., the operator of South Korea's biggest department store and second-biggest discount store chain, said Thursday it will sell 30 percent of its 700 outlets as it strives to improve profitability and meet customer demands. Lotte Shopping plans to sell off 200 of its 700 brick-and-mortar stores, including department stores, discount stores and supermarkets, across the country to shore up its falling profit and strengthen the e-commerce business, the company said in a statement.

IndustryFeb. 13, 2020

Seoul office buildings enjoy W11.5tr cash flow in 2019: Savills Korea

The office building transaction volume in major districts of Seoul came to 11.5 trillion won ($9.7 billion) for 2019, showing favorable cash flow in the city’s commercial real estate market, data showed Thursday. The figure comes amid an improved vacancy rate in prime office properties in the central, Gangnam and Yeouido business districts here, coupled with a low interest rate environment. According to real estate service firm Savills Korea’s research on Seoul prime office propert

MarketFeb. 13, 2020