McDonald’s Korea to raise burger prices by 1.36 percent, including Big Mac

McDonald’s Korea said Friday that it will raise prices of eight items on its menu from Monday, including the brand’s signature Big Mac, by 1.36 percent overall. The items are four burgers, one side and one drink. The prices for the Cheese Burger and Big Mac will increase by 200 won (18 cents). Other items will see 100 won to 300 won increases.  The burger chain said it will also cut the prices of three burgers: the Hamburger by 200 won, and Double Bulgogi Burger and Double Chees

ConsumerJan. 17, 2020

Samsung de facto leader Lee Jae-yong attends fourth hearing of retrial

Samsung Electronics’ de facto leader Lee Jae-yong on Friday appeared at the Seoul High Court with his lawyers to attend the fourth hearing of the retrial on Lee’s bribery scandal involving former President Park Geun-hye. Lee remained silent on questions asked by reporters on the scene. At the entrance to the Seoul High Court, a group of people from local labor unions demonstrated in support of more jail time for Lee. For this hearing, Samsung tried to bring CJ Group Chairman Sohn Kyu

IndustryJan. 17, 2020

Hyundai Motor chief Chung Euisun underlines decarbonizing transportation

Chung Euisun, executive vice chairman of Hyundai Motor Group, said decarbonizing transportation will support the Hydrogen Council’s vision of building a hydrogen-powered societyAccording to the company on Friday, Chung, who co-chairs the council, said in an interview that it is the responsibility of Hyundai Motor to extend beyond vehicles and invest in the hydrogen supply chain.“As an innovator and pioneer in hydrogen-powered mobility, Hyundai Motor Group is willingly taking the resp

MobilityJan. 17, 2020

Chevrolet rolls out Trailblazer as new core SUV model

Chevrolet launched Friday its new sport utility vehicle Trailblazer in Korea, dubbing it as the brand’s “core next-generation model.” The midsized SUV sits between the compact SUV Trax and Equinox, targeting urban drivers. It contains Chevrolet’s next-generation powertrain and high-tech driving functions, said the American automaker, which is owned by General Motors.  “Trailblazer is a stylish SUV that will strengthen the Chevrolet SUV lineup, maximize the driv

MobilityJan. 17, 2020

S. Korea sees $920m in foreigners’ net purchase last year

Foreign investors in South Korea net purchased some $920 million, or 1.04 trillion won, of locally listed stocks last year, but the figure was conspicuously lower than that of peer emerging economies, data showed Friday.According to Yuanta Securities, the combined net purchase volume by foreigners on the nation’s benchmark Kospi and tech-laden secondary Kosdaq marked $924 million in 2019.Among emerging economies, India topped the list in amount at $14.2 billion, followed by Taiwan and Indo

MarketJan. 17, 2020

Three-way merger scenario not yet confirmed: Celltrion affiliates

South Korean biopharmaceutical firm Celltrion’s key affiliates said Friday they have yet to set a clear blueprint in regards to Chairman Seo Jung-jin’s hint at the blockbuster merger of Celltrion, Celltrion Healthcare and Celltrion Pharm by as early as 2021. “The company is considering the merger plan on the premise of shareholder agreement, but we have yet to make any confirmation as to how and when the merger would be undertaken,” the three firms said in respective disc

MarketJan. 17, 2020

S. Korea sharply expands public radio frequency band in 2020

The radio frequency band allocated for public use will increase more than eightfold in 2020 so South Korea can better meet its safety, disaster response and transportation requirements, the science ministry said Friday.The Ministry of Science and ICT has approved a total bandwidth of 2.8 gigahertz for public use, up from the 336.4 megahertz set aside last year and the 81 MHz designated in 2018."A broader band allows public agencies to use more communication equipment and devices to send and

TechnologyJan. 17, 2020

BOK freezes policy rate at 1.25% amid hope of economic recovery

South Korea’s central bank maintained the country’s base interest rate at 1.25 percent, prolonging its wait-and-see approach amid mounting expectations of an economic recovery this year. The Bank of Korea’s Monetary Policy Board announced Friday that the key rate will be kept at the record low of 1.25 percent, largely conforming to market expectations.The rate-setting board carried out two rate cuts last year, reducing by 0.25 percentage point each time, in July and October.In

EconomyJan. 17, 2020

Hyundai Kona EV reaches highest altitude to set Guinness record

Hyundai Motor Co.'s Kona Electric vehicle has set a Guinness world record for the highest altitude achieved in an electric car, the company said Sunday. The Kona Electric built in Hyundai Motor's Indian plant reached the Saula Himal peak that is 5,731 meters high, beating the previous record height of 5,715 meters set by the ES8 sport utility vehicle of Chinese electric carmaker Nio in September 2018, Hyundai said in a statement.The Kona Electric, which can travel up to 452 kilometers on a singl

IndustryJan. 17, 2020

Weak exports, construction investment continue to weigh on economy: report

Sluggish exports and weaker construction investment continued to weigh on South Korea's economy, despite a solid gain in service output and consumption, a government report showed on Friday.  In its monthly economic assessment report, the finance ministry said market sentiment improved after the United States and China signed an initial trade deal, but uncertainties linger on prospects for a second phase of the US-China trade deal.  "Exports and construction investment are still i

EconomyJan. 17, 2020

Incheon airport partners with Indonesian firms to win local deal

The operator of South Korea's main gateway said Friday it has partnered with Indonesia's two state-owned companies to win a local airport expansion project. The Incheon International Airport Corp. signed a "consortium agreement" with Indonesia's airport operator PT Angkasa Pura 1 and public builder PT Wijaya Karya to obtain the deal to expand the Batam Hang Nadim Airport, IIAC said in a statement. Batam Indonesia Free Zone Authority began the bidding process in May last year and a

IndustryJan. 17, 2020

KT to form alliance with 5 telcoms on 5G mobile edge computing

KT Corp., one of South Korea's major mobile carriers, said Friday it will form an alliance with five global telecommunication firms to develop 5G mobile edge computing solutions.KT said it will create the 5G Future Forum with America Movil of Mexico, Rogers Wireless of Canada, Telstra of Australia, Verizon Wireless of the United States and Vodafone of Britain.The alliance will focus on developing global specifications and standards for 5G MEC interoperability, according to KT.MEC is a key techn

IndustryJan. 17, 2020

BOK stands pat, previous cuts and improving conditions in focus

As widely expected, South Korea's central bank on Friday left its policy rate frozen, citing slight improvements in the economic and trade conditions facing Asia's fourth-largest economy and the need to assess the effect of previous rate cuts.The Bank of Korea's monetary policy board voted 5 to 2 to keep the rate steady at a record low 1.25 percent.Friday's monetary policy decision was in line with market consensus. In a survey conducted by Yonhap Infomax, the financial news arm of Yonhap News A

EconomyJan. 17, 2020

Starbucks to roll out BTS drinks

Starbucks Korea will start a new campaign with K-pop boy band BTS and roll out new menu items and products, as part of a project supporting youth, the company said Thursday. According to the coffee chain, it will start a new campaign, dubbed “Be the Brightest Stars” from Jan. 21 to Feb. 6, to present limited edition menu items and goods themed around the color purple in collaboration with BTS. The campaign is designed to deliver to young people the message, “You shine like a st

ConsumerJan. 17, 2020

Woori Financial walks away from W2tr Prudential Life bid

Woori Financial Group, South Korea’s fourth-largest banking group by assets, walked away from a bid to buy a 100 percent stake in Prudential Life Insurance of Korea, according to the group on Thursday.Woori Financial, Korea’s only banking group without an insurance unit, did not join the preliminary bidding round for the sale of a 2 trillion-won ($1.73 billion) stake in Prudential Financial’s Korean unit, a spokesperson of the group said.Other talked-about contenders, including

MarketJan. 16, 2020

Seoul Real Estate Forum names new head

The Seoul Real Estate Forum said Thursday that it had named Wang Jeong-han as its sixth president.Wang, 57, will double as head of the SREF and the Seoul-based Ara Group Architects and Planners, dedicated to architecture, design, construction management and audits in South Korea. Wang has led Ara since 1998. Founded in 2003, the SREF is a forum comprising some 200 members, including real estate professionals and professors in Korea. The forum holds monthly seminars that center on the latest

MarketJan. 16, 2020

FSC pledges to step up efforts to grow fintech industry

With bills on personal data and credit information passing the legislature, Korean financial authority Financial Services Commission and other financial organizations on Thursday vowed to make joint efforts to create a better, fair environment for the financial technology market.“The FSC hopes to see fintech firms achieve successful results of their businesses this year, and for that, it will not spare efforts to support them,” said Kwon Dae-young, director general of FSC’s fin

MarketJan. 16, 2020

KEB Hana, Woori tense up on DLF penalty decision

KEB Hana Bank and Woori Bank, the two major commercial banks blamed for the misselling of high-risk derivative-linked financial products, were caught in a heated last-minute debate to minimize the level of sanctions on their top executives.The Financial Supervisory Service on Thursday convened its sanctions committee to review sanctions for the two banks and their chiefs: Woori Financial Group Chairman Sohn Tae-seung and Hana Financial Group Vice Chairman Ham Young-joo.The two banks, along with

MarketJan. 16, 2020

S. Korea all set for annual ADB meeting slated for May in Songdo

South Korea’s government will be initiating the registration process for the annual meeting of the Asia Development Bank, to be held here in May this year, the Ministry of Economy and Finance said Thursday.“We have finished reorganizing the official website for the operation of the 53rd ADB Annual Meeting of the Board of Governors,” said Jung Byung-sik, operation head of the ministry’s task force, adding that registration starts Friday.While official registration is throu

EconomyJan. 16, 2020

ICT Ministry to ramp up R&D support, investment

The Ministry of Science and ICT said fostering the industries of data, network and artificial intelligence will be a priority this year in its annual policy briefing to President Moon Jae-in on Thursday. This year, the ICT Ministry will control some 24 trillion won ($20.7 billion) for its research and development budget, an increase by about 18 percent from 2019, it said in the presentation held at Daedeok Innopolis, an R&D complex in Daejeon. The budget will be spent in sectors with growing

TechnologyJan. 16, 2020