MWC 2020 to proceed as scheduled despite coronavirus spread

The Mobile World Congress 2020 will proceed as planned, according to a statement released by London-based GSMA on Tuesday local time. The event will kick off in Barcelona, Spain, on Feb. 24-27. The GSMA represents the interests of mobile operators worldwide, uniting more than 750 operators with almost 400 companies in the broader mobile ecosystem. It organizes MWC events annually in Barcelona, Los Angeles and Shanghai. The announcement comes amid mounting concerns over the novel coronavirus

IndustryJan. 29, 2020

FSC vows to beef up risk assessment for financial firms

Eun Seong-soo, chairman of the Financial Services Commission, said Wednesday that the financial regulator will come up with measures to monitor risks of financial conglomerates in a comprehensive manner. “The FSC will keep trying to establish sophisticated risk assessment rules for financial conglomerates, which will not overlap with the existing regulations in the financial sector,” said the FSC chairman in a meeting jointly organized by financial think tanks Korea Institute of Fi

EconomyJan. 29, 2020

SK in hot pursuit of Hyundai for No. 2 spot in chaebol list: report

SK Group is fast catching up with South Korea’s second-largest conglomerate Hyundai Motor Group, even as Samsung Group continued to maintain the top spot last year with a sizable lead over them, according to a report on Wednesday. Samsung Group has remained the largest conglomerate in terms of fair value, revenue, operating profit and operating margin for the past five years, local corporate research center Korea CXO Institute said. Fair value represents the estimated worth of various

IndustryJan. 29, 2020

[KH Explains] TRS, leverage scheme behind hedge fund debacle in Korea

The recent brouhaha surrounding hedge fund company Lime Asset Management is stoking concerns about a potential liquidity crunch across the financial market in South Korea. At the heart of the controversy is what is called a total return swap. Simply put, a TRS is a financial deal that helps fund operators like Lime Asset enjoy leverage. For instance, a hedge fund can acquire underlying assets, including bonds, equities, commodities and mortgage-backed securities, in partnership with a cash-r

MarketJan. 29, 2020

Lotte Chilsung rolls out eco-friendly water product with no plastic labels

Lotte Chilsung Beverage said Wednesday it has rolled out bottled mineral water without plastic labels. The new product, 1.5-liter Icis 8.0 Eco, has its brand name engraved on the plastic bottle, taking away the hassle of having to remove the label before recycling it. The exclusion of the label will save about 4.3 tons of packing materials, the company said. The product will be released on Lotte Chilsung’s official shopping site and other online channels, in two bundles, each consist

ConsumerJan. 29, 2020

Rivals join hands for global heated tobacco market

In a rare move in the competitive tobacco industry, South Korea’s KT&G established a strategic alliance with Philip Morris International on Wednesday, to expand the market worldwide for its heat-not-burn cigarette brand lil. The unusual partnership secures a global distribution network for KT&G, which has been domestic-centric until recently, while it would help PMI enhance its campaign of “smoke-free” cigarette products with the added portfolio. During the commemora

ConsumerJan. 29, 2020

New coronavirus: Tips for staying safe

A novel coronavirus that started last month in Wuhan, a central Chinese city, has spread across China and to at least 13 other countries, including South Korea. In China, the pneumonia-inducing virus has killed 132 people and sickened 5,974 as of Wednesday morning, leading to an unprecedented lockdown of around 56 million people in affected areas. But this is after about 5 million had already left Wuhan, according to its mayor, Zhou Xianwang. Out of the 5 million, over 6,000 have reportedly c

TechnologyJan. 29, 2020

[Monitor] South Korea has largest trade surplus with Hong Kong

South Korea had the largest trade surplus with Hong Kong last year, data from the Korea Customs Service showed. Its trade deficit with Japan remained the largest, although the size was the lowest in 16 years due to Tokyo’s restrictions on exports of high-tech materials and the consequent boycott of Japanese products. While China was the country with Korea’s largest trade surplus for 10 years, Hong Kong topped the list last year. Poland joined the list of 10 countries with which K

IndustryJan. 29, 2020

Samsung’s appliance head touts upcoming Galaxy Home Mini speaker

Samsung Electronics’ Galaxy Home Mini will likely be launched soon as the company plans to link the voice-activated AI speaker with most of its upcoming home appliances, according to its head of digital appliances on Wednesday. Lee Jae-seung, executive vice president and head of the digital appliances business at Samsung, highlighted the role of the artificial intelligence speaker that will connect almost all Samsung products this year during a press conference to unveil the company&rsqu

TechnologyJan. 29, 2020

Fear of coronavirus spreads to Korea’s commercial banks

Silence prevails at KEB Hana Bank’s main branch in Myeong-dong, central Seoul, on Wednesday in Seoul, except for a bell ringing that a bank clerk -- wearing a mask -- is ready to serve the next customer. At the entrance, customers wonder if they are entering a hospital by mistake, as they are greeted with noncontact infrared thermometers and hand sanitizers placed at every corner, along with signs that read “preventative measures top priority.” The branch is one of many bri

MarketJan. 29, 2020

IBK chief takes office, ending 27 days of labor protests

The head of the Industrial Bank of Korea officially took office Wednesday after nearly a month of being unable to enter his office in the face of fierce protests from the labor union, which objected to the government’s influence on financial organizations. After reaching an agreement with the labor union to improve management transparency, IBK CEO Yoon Jong-won had his inauguration ceremony Wednesday, vowing to turn the state bank into a world-class financial institution that upholds et

MarketJan. 29, 2020

Renault executive visits conflict-ridden Busan plant

A senior executive from Renault Group visited the South Korean unit’s manufacturing plant in Busan on Wednesday, amid deepening labor and management conflict and falling productivity at Renault Samsung Motors. According to the South Korean unit of the French automotive group, Renault Group’s Deputy Alliance Executive Vice President Jose Vicente de los Mozos visited the Busan plant and held a meeting with manager-level employees. The company said the trip was part of his tour of Ren

MobilityJan. 29, 2020

Hyundai Wia to supply auto parts to global carmakers under W702b deal

Hyundai Wia said Wednesday that it has clinched a 702 billion won ($596 million) deal with European and US automakers to supply constant-velocity joints (CV joints).  Hyundai Motor Group’s automotive parts manufacturing arm did not disclose the names of the companies, but said that under the deal 55 percent of the parts will be supplied to eco-friendly vehicles. This is its first major deal with overseas carmakers.  CV joints enable a drive shaft to transmit power from the eng

MobilityJan. 29, 2020

Crude oil spills from buoy off coast of Ulsan

Local maritime police took emergency action Wednesday after crude oil spilled from a buoy -- an offshore crude oil loading facility -- installed off the coast of Ulsan, according to police and news reports. Police said oil bands were found at around 8 a.m. about 3.6 kilometers south of Ganjeolgot, Ulju County. A local merchant ship passing through the point reported it to police, saying brown oil was floating on the sea. The oil bands were reportedly distributed hundreds of meters long and 1

IndustryJan. 29, 2020

China’s coronavirus raises economic concerns in Korea

As the outbreak of China’s new coronavirus rapidly spreads, concerns have been raised about the Korean economy that heavily depends on China, the nation’s top export destination by volume. On Wednesday, China confirmed the number of deaths from the coronavirus epidemic at 132 and the number of confirmed cases at around 6,000. If the coronavirus turns into a prolonged outbreak, “the biggest concern is the impact on the Chinese economy,” said Park Sang-hyun, an analyst

IndustryJan. 29, 2020

McDonald’s Korea names Martinez as new chief

McDonald’s Korea announced Wednesday the appointment of Antoni Martinez as the new managing director. He replaces Melanie Joh who resigned last month. Martinez has been market director for the southern region of Australia since January 2016. He joined McDonald’s in Victoria, Australia, in 2000 as a crew member.  “McDonald’s has a strong track record in Korea thanks to the team’s innovative approach over the years.” Martinez said in a statement. &ldquo

ConsumerJan. 29, 2020

Korea's trade terms again dip in Dec.

South Korea's trade terms continued to worsen from a year earlier in December, largely due to export prices falling at a faster rate than import prices, but the rate of decline in export prices slowed to a 13-month low, central bank data showed Wednesday. The terms of trade index for products came to 91.09 in the month, down 2.6 percent from a year earlier, according to preliminary data from the Bank of Korea. The trade terms index measures the amount of imports a country can purchase for eac

EconomyJan. 29, 2020

Biz sentiment remains weak: survey

Business sentiment about the immediate future in South Korea remains weak due to uncertainties at home and abroad, a local think tank said Wednesday. The business survey index of the country's top 600 companies by sales came to 92 for February, slightly up from the 89.3 recorded for this month but below the benchmark 100, according to the Korea Economic Research Institute. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. "T

EconomyJan. 29, 2020

Korea's air passenger traffic up 5% in 2019

South Korea's air passenger traffic rose 5 percent last year from a year earlier on higher travel demand, the transport ministry said Wednesday. For the whole of 2019, 123 million passengers, including 90 million on international routes, flew with full-service and low-cost carriers, according to the Ministry of Land, Infrastructure and Transport. The number of passengers on international routes jumped 5.2 percent on-year last year, mainly helped by increased numbers of flights by low-cost c

IndustryJan. 29, 2020

SK Innovation to boost investment in EV batteries and materials

SK Innovation Co., South Korea's leading refiner, will boost investment in its electric vehicle battery and materials business, a top executive has said. SK Innovation CEO and President Kim Jun made the comments in an interview with the company's in-house news channel that was provided to employees Wednesday as the company strives to strengthen its battery and materials businesses. Kim did not provide any further details on proposed investments. SK Innovation is South Korea's top oil refiner

IndustryJan. 29, 2020