[Monitor] Food takes up less in household spending

Household expenditure in South Korea logged 656.85 trillion won ($570 billion) in the first three quarters of last year, of which 11.42 percent was spent on buying food and nonalcoholic beverages. The ratio of money spent on buying food items by households was the lowest since 11.39 percent in 2014.　(khnews@heraldcorp.com)

IndustryJan. 15, 2020

BOK replaces 640m damaged bills, coins in 2019

The number of banknotes and coins destroyed due to damage or contamination reached a 10-year high in 2019, with the face value of the damaged bills and coins growing slightly from a year earlier, the central bank said Wednesday.The Bank of Korea said it had to replace some 640 million banknotes and coins in the year, the most since 2009 and up 2.2 percent from about 630 million a year earlier.The combined face value of the damaged money came to a little over 4.35 trillion won ($3.75 billion), up

MarketJan. 15, 2020

Korea's exports may get boost from slight oil price uptick amid US-Iran tensions

A moderate increase in global oil prices sparked by US-Iran tensions is likely to help boost South Korea's exports, a trade association said Wednesday.A 10 percent hike in global oil prices will lead to a 3.2 percent rise in South Korea's outbound shipments, according to the Korea International Trade Association. The trade surplus, however, will narrow as its imports will increase by a slightly higher rate of 3.3 percent.Earlier this month, the benchmark Dubai crude shot up to nearly $70 pe

EconomyJan. 15, 2020

Samsung ranks No. 3 in global wireless headset shipments in 2019: data

Samsung Electronics Co., South Korea's top electronics firm, ranked third in global wireless headset shipments last year, industry data showed Wednesday, though it trailed far behind its rival Apple Inc. Samsung shipped 7.4 million totally wireless headsets for a 6.9 percent market share in 2019, according to data from market tracker Strategy Analytics. TWS refers to Bluetooth stereo headsets that do not have a wire connecting the two earpieces.Apple was the dominant force in the TWS market with

IndustryJan. 15, 2020

Samsung ranks 2nd in 2019 US patent grants

Samsung Electronics Co. took the No. 2 spot in US patent grants last year, industry data showed Wednesday.The world's top smartphone and memory chip maker, received 6,417 US patent grants in 2019, up 11 percent from the previous year, according to the data from IFI Claims Patent Services, a provider of a top global patent data platform. Samsung has been the runner-up in IFI's US patents grants rankings since 2006.  IBM Corp. topped the list with 9,262 grants last year, up 2 percent from a y

IndustryJan. 15, 2020

Kia workers tentatively agree on revised wage offers

Unionized workers at Kia Motors Corp. have tentatively agreed on the company's revised offerings in wage negotiations for the year of 2019, the company said Wednesday.Last month, Kia and its union reached a tentative wage and collective bargaining deal but 56 percent of 27,050 Kia workers voted down the deal. The union workers staged three rounds of partial strikes last month and held an eight-hour strike on Monday.  They demanded the company narrow an income gap with workers at bigger affi

IndustryJan. 15, 2020

Korea's export prices slightly rise in Dec.

South Korea's export prices slightly increased from a month earlier in December, ending a three-month drop, central bank data showed Wednesday.The export price index, in terms of Korean won, came to 97.54 in the month, up 0.8 percent from revised 96.74 in November, according to preliminary data from the Bank of Korea.The increase follows three consecutive months of on-month decline since September. However, it comes largely on the weakening of the won against the US dollar that pushed up prices

EconomyJan. 15, 2020

Job additions hit over 5-year high in Dec., jobless rate steady at 3.4%

South Korea's jobless rate remained flat at 3.4 percent in December, but Asia's fourth-largest economy reported a stronger-than-expected job growth last month with job additions coming to 516,000, data showed Wednesday.It was the strongest monthly job additions in five years and four months, according to the data compiled by Statistics Korea.The unemployment rate for young adults -- those aged between 15 and 29 -- fell to 7.3 percent last month from 8.3 percent tallied a year earlier. For all of

EconomyJan. 15, 2020

Hi Investment & Securities’ W217.5b fundraising plan hits snag

The fundraising plan of Seoul-based investment bank Hi Investment & Securities to fetch a combined 217.5 billion won ($187.8 million) is facing obstacles due to a possible court injunction.A total of 16 plaintiffs are seeking legal action to halt Hi Investment & Securities’ plan to raise 100 billion won by issuing 62.5 million redeemable and convertible preference shares, the investment bank said in a disclosure Tuesday.The Busan District Court will make a final ruling on the matte

MarketJan. 14, 2020

Marketing startup Marketit scores new funding from investor behind BTS

Influencer marketer Marketit said Tuesday that it has attracted 5 billion won ($4.3 million) from investors including AlpenRoute Asset Management.AlpenRoute was one of the early investors in Big Hit Entertainment, the agency behind global pop sensation BTS, and Market Kurly, a startup unicorn that operates a grocery delivery platform. With the new funding, the startup has secured 7 billion won in total investments, according to officials.It plans to advance its data management systems and r

MarketJan. 14, 2020

Woongjin Coway seeks lead in air purifier market with filter variables

Following rising demand for air purifiers, household appliance company Woongjin Coway is seeking to continue its lead in the market with its special filters, the company said Tuesday.According to research institute Growth From Knowledge, annual sales of air purifiers in South Korea have more than doubled recently, from about 700,000 in 2016 to 1.8 million in 2018, amid the rising threat of worsening fine and ultrafine dust levels. Korea’s No. 1 rental company of air purifiers by sales, Cow

ConsumerJan. 14, 2020

Kia’s Telluride chosen as 2020 North American SUV of the Year

Kia’s Telluride has been named the 2020 North American Utility Vehicle of the Year, the carmaker said Tuesday, marking the first time it has been chosen as a finalist. According to Kia Motors, the Telluride beat out prominent rivals, the Hyundai Palisades and Lincoln Aviator, in the North American Car, Utility and Truck of the Year (NACTOY) awards. “The Telluride’s interior layout and design would meet luxury SUV standards, while its refined drivetrain, confident driving dynami

MobilityJan. 14, 2020

S. Korea to draw up private sector infrastructure projects worth W17tr

South Korea will draw up private sector infrastructure projects worth 17 trillion won ($14.7 billion) this year in a bid to spur an economic recovery through investments, the finance ministry said Tuesday.Vice Finance Minister Koo Yun-cheol made the remarks at a meeting with relevant officials on infrastructure projects earlier in the day.Among the new infrastructure projects under review are 13.5 trillion won worth of major roads and railways and 3.5 trillion won worth of environment-related bu

EconomyJan. 14, 2020

Moon appointed IBK CEO vows corporate innovation amid stiff union resistance

The state-run Industrial Bank of Korea’s new CEO Yoon Jong-won on Tuesday chaired his first official board meeting, gesturing to carry through his leadership despite the labor union’s resistance.Meanwhile, unionists continued their stage-in protest, vowing to deter what they saw as excessive government meddling in the organization’s personnel affairs. Yoon, a former senior presidential secretary for economic affairs, ordered the launch of a new task force focused on corporate i

MarketJan. 14, 2020

Samsung Electronics to acquire US network service provider

Samsung announced Tuesday that it will acquire TeleWorld Solutions, a Virginia-based network service provider. TWS specializes in providing network designs, installations, testing and optimized solutions to mobile service and cable operators as well as original equipment manufacturers. With the latest deal with TWS, Samsung Electronics is expected to increase its presence in the network infrastructure market as an end-to-end service provider.The South Korean company has been supplying netwo

IndustryJan. 14, 2020

KT, Samsung take first step in smart hospital evolution with 5G

KT and the Samsung Medical Center announced on Tuesday that they have started an official test-run of 5G-powered medical solutions designed to enhance health care. During a press conference held Monday at the Samsung Medical Center in southern Seoul, the two companies introduced several applications that make use of the 5G network throughout the hospital complex.The RAN-based 5G network at the tertiary hospital makes certain procedures possible at lower cost, when compared with the cost of

TechnologyJan. 14, 2020

New GS chairman asserts ‘innovation’ for 2020

GS Group Chairman Huh Tae-soo presented “innovation” as his first management keyword since taking office last month, with the aim of expanding an open innovation culture in the conglomerate, officials said Tuesday. He took the baton to lead the group from his brother Huh Chang-soo last month. “We can increase the sustainability of our business and society by building partnerships with various other enterprises, including startups, and exchange healthy influences,” Hu

IndustryJan. 14, 2020

Kia Motors vows W29tr to transform into EV maker

Kia Motors on Tuesday unveiled its strategy to transform into a mobility solutions provider and ramp up its lineup with 11 new models to achieve global electric vehicle market share of 6.6 percent by 2025. Under its mid- and long-term business plan called “Plan S,” the sister company of Hyundai Motor said it will focus on EVs by injecting 29 trillion won ($25.1 billion), as well as increase profitability by offering customized mobility solutions.The vision was unveiled during it

MobilityJan. 14, 2020

Mercedes-Benz vows to maintain top spot in Korea with 15 new releases

Mercedes-Benz Korea said Tuesday it will release nine new models and six face-lifted vehicles this year to maintain its top position in the imported car market here.The automaker also touted its product lineup that “fits Korean tastes” as the reason for topping industry sales for four years in a row, during the automaker’s New Year’s press conference.According to the company, it has sold a record-high of 78,133 vehicles last year, up by 10.4 percent from the previous year

MobilityJan. 14, 2020

Companies joining ‘W1tr club’ double in 2 decades

The number of South Korean companies with revenue of more than 1 trillion won ($867 million) has doubled over the last two decades, although the growth has slowed in recent years, latest data showed Tuesday. The findings were disclosed in a study by Sustainable Growth Institute which surveyed large domestic companies between 1998 and 2018 to gauge the health of Korea’s economy. According to the report, the number of firms with sales of more than 1 trillion won increased from 83 to 197

IndustryJan. 14, 2020