Films on epidemic disease go viral on OTT platforms in Korea

More people are using OTT services amid mounting fears over the month-old coronavirus epidemic, according to data collected by local over-the-top streaming service operators. Disaster films are especially popular, the data showed. According to data collected by Watcha, the number of viewers using its OTT service Watcha Play peaked Jan. 27-31. The total number of minutes that viewers spent on the platform reached its highest point Jan. 27 and remained at similar levels throughout that time fram

IndustryFeb. 4, 2020

Hyundai's 'Smaht Pahk' places 2nd in ranking of Super Bowl ads

WASHINGTON -- Hyundai's new Sonata commercial featuring Chris Evans and other stars came in a close second in USA Today's ranking of Super Bowl ads, the outlet said Monday. The 60-second commercial played during the first quarter of Sunday's Super Bowl, the championship game of the National Football League. It garnered 6.98 points out of a total 10 on USA Today's Ad Meter, which ranks Super Bowl commercials by consumer rating. The winner was Jeep, which scored an average of 7.01 points. In th

IndustryFeb. 4, 2020

Authorities to provide liquidity to coronavirus-hit firms

South Korea's financial authorities said Tuesday that they are working on a plan to provide emergency liquidity to smaller firms and self-employed people hit hard by a new coronavirus. The plan includes extension the maturity of debts and provision of fresh loans to eligible smaller firms and self-employed people, officials said. Businesses that could be eligible for the financial assistance are likely to include restaurants, lodging facilities and others in the tourism sector. The authoriti

EconomyFeb. 4, 2020

Duty-free sales hit record high in 2019

Sales at South Korean duty-free stores hit a new annual high of over 24 trillion won last year, industry data showed Tuesday, mainly on the back of more foreign customers, mainly Chinese visitors. The combined sales of local duty-free shops reached 24.86 trillion won ($20.87 billion) in 2019, up 31.1 percent from a previous record of 18.96 trillion won a year earlier, according to the data from the Korea Duty Free Shops Association. Sales at the local duty-free shops witnessed a slight fall i

IndustryFeb. 4, 2020

[Monitor] Samsung chairman receives W1.4tr in dividend payouts over decade

According to local corporate tracker Korea CXO Institute, Samsung Electronics’ ailing Chairman Lee Kun-hee will soon receive a dividend of 353.8 billion won ($296 million) for 2019. The firm analyzed the dividend status of Lee Kun-hee, his wife Hong Ra-hee and his son Lee Jae-yong for 10 years from 2010. Hong, formerly director of Samsung Museum of Art Leeum, is estimated to receive dividends of 76.7 billion won, and Lee Jae-yong receives about 59.5 billion won. Over the last decad

IndustryFeb. 4, 2020

Korea's consumer price growth hits 14-month high in January

SEJONG --South Korea's consumer prices rose 1.5 percent on-year in January, marking their fastest gain in 14 months, the statistics agency said Tuesday. The country's inflation also rose 0.6 percent on-month in January on the back of increased prices of agricultural and industrial products, according to Statistics Korea. Core inflation, which excludes agricultural and petroleum products, increased 0.9 percent from a year earlier. Utility prices were unchanged on-year in January, while prices

EconomyFeb. 4, 2020

Samsung to temporarily close flagship store in China amid coronavirus fears

Samsung Electronics will temporarily shut down its flagship store in China amid growing fears of the spread of the novel coronavirus, company officials here said Monday. Samsung will close its flagship store in downtown Shanghai until Sunday, they said. The 800-square-meter store, the largest Samsung store in China, opened last October and sells various products, from smartphones to tablets. "We decided to temporarily close the store for safety," a company official said. "

TechnologyFeb. 3, 2020

Samsung Heavy Q4 net losses widen on one-off costs

Samsung Heavy Industries, a major shipyard in South Korea, said Monday that its net losses widened in the fourth quarter from a year earlier due to one-off costs.  Net losses for the October-December period deepened to 124.2 billion won (US$104 million) from 105.7 billion won a year earlier, the company said.  The company said it set aside 67 billion won as loan-loss provision for the delay in payment from a client.  Samsung Heavy posted an operating loss of 215 billion w

IndustryFeb. 3, 2020

Global memory chip production unaffected by coronavirus: report

Global memory chip production appears to be unaffected by the outbreak of the novel coronavirus in China, a market researcher said Monday, as no chip manufacturing facilities in the virus-hit country have so far closed or suspended operations.  TrendForce said overall production of memory chips, such as DRAM and NAND flash, is likely to remain unaffected by the deadly virus in the short term as global chipmakers' plants, including those run by South Korea's Samsung Electronics and SK h

TechnologyFeb. 3, 2020

Coupang CEO freezes price of masks amid coronavirus outbreak

The outbreak of the Wuhan coronavirus has led to controversy about whether it is right for face mask manufacturers to raise the prices of their highly sought-after products. While overall prices of such masks appear to be on the rise, the CEO of Coupang said the South Korean e-commerce firm will freeze the prices of face masks being sold on its platform. “Although the market price of masks rose as demand increased, we have frozen our prices for retail masks,” Coupang CEO Kim Bom-

ConsumerFeb. 3, 2020

Seoul stocks nearly flat after roller-coaster ride on coronavirus fears

South Korean stocks ended nearly flat Monday, with fears of the rapid spread of the new coronavirus weighing down investor sentiments. Stocks on China’s major exchanges plunged on the first trading session after an extended Lunar New Year holiday that lasted from Jan. 24 to Feb. 2, which dragged down local indexes here even further. The benchmark bourse Kospi opened sharply lower at 2,086.61 points -- down 32.40 points, or 1.53 percent, from the previous session. The weak start continu

MarketFeb. 3, 2020

KT ditches Oracle’s database management system

KT has recently changed its database management system operator from Oracle to a third-party business, according to industry sources Monday. The mobile carrier has reportedly chosen Rimini Street as its database management system provider. A deal was signed considering costs and more efficient services, the sources explained. The partnership indicates KT’s attempts to opt out of overall reliance on Oracle products for its database system. It has not renewed Oracle’s DB license i

TechnologyFeb. 3, 2020

[News Focus] Hanjin siblings vie to woo shareholders with new management plans

With Cho Hyun-ah, heiress of Hanjin Group -- which owns South Korea’s flagship carrier Korean Air -- teaming up with the largest and third-largest stakeholders prior to the shareholders meeting in March to take over control, her brother and current Chairman Cho Won-tae is preparing more arrows in his quiver, according to industry watchers. The sibling feud has escalated ahead of the upcoming shareholders meeting, with each side maximizing tools to woo the rest of the shareholders as thei

IndustryFeb. 3, 2020

New coronavirus to strain Korean economy: finance minister

The accelerating spread of the novel coronavirus, unless terminated swiftly, is likely to weigh down on South Korea’s economy, the nation’s chief fiscal policymaker said Monday. With this latest stance, Seoul’s government tightened its guard from its earlier suggestion that the economic impact of the epidemic would remain limited. “Unless terminated in its early stage, the novel coronavirus will act as downside pressure on the economy” Deputy Prime Minister an

EconomyFeb. 3, 2020

Korean Battery makers forecast better 2020

All three South Korean lithium-ion battery makers saw alarming falls in their operating profits in 2019, but showed hopes that they could reap bigger profits from the growing electric vehicle battery market this year, according to the companies on Monday. Joining the announcements by Samsung SDI and SK Innovation last week, LG Chem said Monday its annual operating profit plunged 60.1 percent from 2018 to 895.6 billion won ($749 million) last year. Although the company posted its best sales

TechnologyFeb. 3, 2020

Hyundai clinches Saudi taxi supply deal

South Korea’s largest automaker Hyundai Motor announced Monday it has won an order to supply 1,000 Sonata airport taxis in Saudi Arabia, strengthening its foothold in the Middle East. The country accounts for an estimated 40 percent of all vehicles sold in the Mideast, according to the Korea Trade-Investment Promotion Agency. The company has signed a contract with the Saudi transportation company Al-Safwa to supply 1,000 new Sonata DN8 sedans. The automaker delivered 100 vehicles to K

BusinessFeb. 3, 2020

Coronavirus scare may derail W250b IPO plans in February

Seven South Korean firms are looking to raise as much as a combined 247 billion won ($206.6 million) through initial public offerings in February, but market watchers are wary as the local stock market grapples with the Wuhan coronavirus scare. While the number of infections in Korea grew to 15 as of Sunday, from just three a week prior, the Korea Exchange’s main bourse, Kospi, dipped 5.7 percent and its development board, Kosdaq, sank 6.3 percent. The companies may have weaker incentive

MarketFeb. 3, 2020

Financial sector rolls out support measures for SMEs hit by coronavirus

South Korea’s financial institutions are announcing measures to assist local businesses -- mostly small and medium-sized enterprises, which are likely to bear the brunt of the recent coronavirus outbreak. Commercial banks here are at the forefront of efforts to support small businesses, with many expanding their loan programs and offering discounted interest rates for SMEs. Announcing its support package on Sunday, KB Kookmin said it would offer loans of up to 500 million won ($417,000)

MarketFeb. 3, 2020

Government intervention helps quell exchange rate volatility in short term: BOK

The South Korean government’s intervention in the foreign exchange market, including the buying and selling of US dollars, has so far helped stabilize volatile exchange rates, a report released by the nation’s central bank showed Monday. According to the Bank of Korea’s recent report on the local foreign exchange industry, the government’s decision to purchase around $100 million from 2005 to 2018 helped rein in currency volatility by 0.003 percentage point in terms of

EconomyFeb. 3, 2020

Daewoo E&C, financial firms to invest in new town project in Hanoi

Daewoo Engineering & Construction said Monday it has agreed with South Korean financial institutions to jointly invest in the construction of a new town project in the center of Hanoi, Vietnam. According to Daewoo E&C, it signed an investment development contract worth $388 million with the Korea Development Bank and other Korean financial institutions on Jan. 20, to construct buildings, including a hotel, and residential and commercial buildings, inside Starlake City in Hanoi. This i

IndustryFeb. 3, 2020