More institutions adopt stewardship code, embrace shareholder activism

The number of South Korean institutions that have embraced shareholder activism by adopting the stewardship code surged last year, raising tensions for companies ahead of their general shareholders meetings in March. The stewardship code sets forth guidelines for institutional investors, allowing them to participate actively in corporate governance by exercising their voting rights in the interests of their beneficiaries.  The code was introduced in December 2016. The National Pension S

IndustryJan. 28, 2020

Seoul, Manila to hold 5th round of FTA talks

South Korea said Tuesday it plans to hold the fifth round of talks with the Philippines on a bilateral free trade agreement this week, with a goal of concluding the deal this year. During the three-day negotiation that begins in Manila on Wednesday, the two countries plan to set details of the articles of the agreement, according to the Ministry of Trade, Industry and Energy. Seoul and Manila launched their free trade negotiations in June last year. In November, the two countries agreed to c

EconomyJan. 28, 2020

S. Korea remains watchful of economic fallout from Wuhan coronavirus cases

South Korea said Tuesday it would spare no efforts to tackle with potential economic fallout from the Wuhan coronavirus, while vowing to take steps, if necessary, to minimize any negative impact. "We are closely examining the impact of the spread (of the virus) in China on its consumption and production, along with the global economy and our exports," Finance Minister Hong Nam-ki said during an emergency meeting held with related ministries. "For now, it has had a limited impac

EconomyJan. 28, 2020

Seoul stocks open sharply lower amid Wuhan coronavirus woes

South Korean stocks opened sharply lower Tuesday, the first trading session after the four-day Lunar New Year's holiday, as the fast-spreading Wuhan coronavirus around the globe sapped investor sentiment. The benchmark Korea Composite Stock Price Index fell 57.43 points, or 2.56 percent, to 2,188.70 in the first 15 minutes of trading. The local stock market was closed Friday and Monday. South Korea on Monday reported its fourth confirmed Wuhan coronavirus case amid mounting concerns the pneum

MarketJan. 28, 2020

Samsung SDS’ brand value reaches W4.3tr

Samsung SDS, an information and communication technology service arm of Samsung Electronics, has seen its brand value grow to 4.3 trillion won ($3.7 billion), a 6.5 percent increase compared to that of last year, the company said Monday.    In the latest edition of Brand Finance on IT companies, Samsung SDS was ranked 11th most valuable brand. The Samsung affiliate was the one of only two brands that rose in the IT service ranking, the company added. Samsung SDS recorded year-over-

TechnologyJan. 27, 2020

[Graphic News] Mobile game sales in S. Korea surpass W4.2tr in 2019

　Sales of South Korean mobile games rose 5.2 percent on-year to surpass 4.2 trillion won ($3.6 billion) last year, industry data showed. 　According to the data from mobile big data platform IGAWorks, combined sales at three app markets - Google’s Play Store for Android devices, Apple’s App Store for iPhones, and ONE store - came to 4.29 trillion won in 2019. 　NCSoft had the biggest market share with 21.5 percent, followed by Netmarble with 11.7 percent and Nexon with 5.1 perce

BusinessJan. 27, 2020

Samsung heir visits Brazil with mobile, TV heads

Samsung Electronics said Monday its Vice Chairman and heir Lee Jae-yong flew to Brazil during the Lunar New Year holidays as part of efforts to check on the Korean tech giant’s major businesses in the Latin American market. Lee visited the production facilities for smartphones, TVs and other home appliances located in the free trade zone of Manaus, Amazonas, in the north of Brazil. The zone is home to around 500 global businesses. Brazil is the biggest economy in Latin America. For Sa

TechnologyJan. 27, 2020

Local 5G equipment providers expected to see growth continue

South Korea’s 5G equipment providers could grow in the near future, as the demand for network infrastructure is anticipated to increase worldwide at a steady pace, according to local financial reports. The earnings of 5G equipment companies here could regain momentum down the road as global telecom firms seek to raise their capital expenditure on 5G infrastructure.  The improved prospects of Samsung Electronics, the major provider of telecom equipment here, will also lead to earnin

TechnologyJan. 27, 2020

Naver’s webcomic unit ramps up service worldwide

The webcomic unit of Korea’s largest internet portal operator Naver is ramping up efforts to attract more foreign users, launching services in French and Spanish recently. Naver Webtoon, also known as Line Webtoon in the United States, is a Korean web comic platform.  The online cartoon service is increasing efforts to increase its foothold in the global market. The company added Spanish on Nov. 22 and French on Dec. 19, while continuing its existing service in Engl

IndustryJan. 27, 2020

Market watchers downplay long-term impact of coronavirus in Korea

Although concerns over the possible impact of the deadly coronavirus on the financial market are rising here, analysts say that the “noise” caused by the contagious virus originating from China will be short-lived and eventually overshadowed by company fundamentals that remain strong, coupled with the easing trade conflict between China and the United States. “The spread of coronavirus will not likely cause an unprecedented pandemonium but merely an uncanny noise to investors,

MarketJan. 27, 2020

[Monitor] South Korea‘s trade deficits with Japan

Japan was the trade partner with which South Korea posted the largest deficit in 2019, keeping the top spot for the fifth year in a row, according to data by Korea International Trade Association released Sunday. Last year, the trade deficit with Japan stood at $19.16 billion, recording the biggest among other trade partners. However, the figure was a significant improvement from a $28.31 billion deficit in 2017. It also marked the smallest deficit in 16 years due to the decreased trade volum

IndustryJan. 27, 2020

[News Focus] Number of nonregular workers up 900,000 during Moon’s term

SEJONG – State employment data showed that job creation under the Moon administration two years has been entirely in nonregular positions. The number of regular jobs -- positions with permanent contracts and consequently greater protections for workers -- has fallen over the period. The figures suggest the number of regular workers stayed at a similar level during the first year of President Moon Jae-in’s term -- 13.42 million as of August 2017 and 13.43 million as of August 2018.

EconomyJan. 27, 2020

US, Japanese investors biggest players in S. Korean stock, bond markets: FSS

The number of foreign investors in South Korea’s stock and bond markets exceeded 480,058 last year, up 1,358 from a year earlier, according to the nation’s financial regulator Financial Supervisory Service on Monday. Of the total figure, individuals made up 11,657, while institutional investors made up 36,401, including 23,064 private funds, 2,305 pension funds, 997 stock brokerage firms, 738 banks and 512 insurance firms. By nationality, the US and Japan were the two largest pl

MarketJan. 27, 2020

Mobile payment accelerates demise of coins, banking branches

Last year, the number of newly minted coins hit the lowest value on record and the number of banking branches continued to drop, according to data on Monday. The Bank of Korea, the nation’s central bank, said newly issued coins last year amounted to some 36.4 billion won ($30.9 million) in value, the lowest since comparable data started being compiled in 1992 and down 14.3 percent from a year earlier.  The figure is even lower than the 39.6 billion won worth of newly made coins i

MarketJan. 27, 2020

Investors flock to real estate funds, seeking stable, high returns

Investors have been increasingly turning to real estate funds, looking for low-risk, high-return investments, according to data on sunday. Total investments in real estate funds stood at 99.39 trillion won ($84.90 billion) -- 96.19 trillion won for private equity funds and 3.21 trillion won for public funds -- as of Jan. 21, according to data released by the Korea Financial Investment Association, a nonprofit self-regulatory organization. The figure has been on a steady uptrend over the year

MarketJan. 27, 2020

Korean firms evacuate staff, suspend biz trips after Wuhan coronavirus outbreak

The outbreak of a deadly coronavirus in the Chinese city of Wuhan has cast a pall over Korean companies operating offices there, with some firms evacuating staff and suspending business trips, according to industry sources Monday.  Currently, some 600 South Koreans reside in Wuhan, Hubei province, which also hosts local offices of Posco, SK Global Chemical, Hyundai Wia and LG Hausys. As of Monday afternoon, the official count of confirmed cases across China stood at 2,744. SK Global Che

IndustryJan. 27, 2020

[News Focus] Boon or bane: How will real estate curbs play at the ballot box?

The Moon Jae-in administration’s continued efforts to curb skyrocketing housing prices were mostly attempts to divert the market’s liquidity towards innovative industries, to reduce the widening wealth gap, and to cut back on the nation’s snowballing household debts. But in light of the approaching parliamentary elections, slated for April this year, skepticism has been mounting that the government’s heavy-handed push may be populist gestures to divide political camps an

EconomyJan. 27, 2020

Samsung slips to No. 3 spot in Indian smartphone market: Counterpoint

South Korean electronics giant Samsung Electronics Co. had the third-largest market share in India's smartphone market in the fourth quarter last year, slipping down a notch as Chinese products expanded their presence, data showed Monday. Samsung accounted for 19 percent of the Indian smartphone market in the October-December period, down 1 percentage point from a year earlier, according to the data compiled by industry tracker Counterpoint Research. The South Korean tech giant, which used to

IndustryJan. 27, 2020

30-somethings biggest buyers of foreign cars

South Koreans in their 30s made up the biggest customer group for foreign cars here last year, according to industry data on Monday.  Data from the Korea Automobile Importers & Distributors Association showed that in 2019, a total of 153,677 units of foreign cars were bought by individuals.  Of the number, 50,645 vehicles, or 33 percent, were purchased by those in their 30s, followed by those in their 40s (31 percent), 50s (19.6 percent), 60s (8 percent), 20s (5.8 percent) and 7

MobilityJan. 27, 2020

S. Korea's land price growth falls below 4% in 2019

South Korea's official land prices grew less than 4 percent in 2019, data showed Monday, expanding at a slower pace than the previous year for the first time since 2013. The country's land prices increased 3.92 percent on-year in 2019, slowing from a 4.58 percent gain in 2018, according to the Ministry of Land, Infrastructure and Transport. Land prices in Seoul posted the highest growth at 5.29 percent, followed by the administrative town of Sejong, 130 kilometers south of the capital city, w

EconomyJan. 27, 2020