S. Korea picks 11 local, foreign banks for won-yuan FX trading in 2020

South Korea's finance ministry said Sunday it has selected 11 banks, including five foreign banks, as the lenders responsible for setting prices for direct won-yuan transactions next year.The banks will be also tasked with taking the lead in providing liquidity to the market, the Ministry of Economy and Finance said in a statement. The six South Korean banks are KB Kookmin bank, Industrial Bank of Korea, Shinhan Bank, Woori Bank, KEB Hana Bank and Korea Development Bank. And the five local

EconomyDec. 29, 2019

S. Korea to expand AI-related investment in 2020

South Korea's science ministry said Sunday that it will inject 76.1 billion won ($65.6 million) into its artificial intelligence hub program in 2020 as part of an ongoing effort to bolster the country's competitiveness in the sector.The reading marks a more than two-fold increase from 31 billion won allocated for this year and more than an eight-fold surge compared with 9.2 billion won spent in 2018 when Seoul launched the endeavor.  The ministry's AI hub is an open portal that can be used

TechnologyDec. 29, 2019

Seoul to expand innovative drone development in 2020

South Korea's science ministry said Sunday it will allocate 26.9 billion won ($23.2 million) in 2020 to further expand the country's innovative drone capabilities.Of the total, 13 billion won will be used to secure original technologies, with 6.7 billion won to go drones that make use of 5G and artificial intelligence technologies, the Ministry of Science and ICT said. It said funds will also be set aside for public procurement. The amount to be spent in the new year is up 94 percent from 13.9 b

TechnologyDec. 29, 2019

S. Korea's machinery exports top $50b mark for 2nd year

South Korea's annual exports of machinery surpassed the $50 billion threshold, data showed Sunday, standing as the second-largest export item for Asia's No. 4 economy after semiconductors.The country's outbound shipments of general machinery are estimated at $52.5 billion this year, according to the Ministry of Trade, Industry and Energy.The country's machinery exports surpassed the mark for the first time last year by shipping $53.5 billion, up 10 percent from a year earlier. Machines are the s

IndustryDec. 29, 2019

S. Korean auto market to grow 1.2% next year: report

South Korea's auto market is expected to grow 1.2 percent next year, turning around from this year's estimated 3.6 percent contraction, a report showed Sunday.According to the report compiled by Hyundai Motor Group, the country's auto market is expected to reach some 1.77 million units next year, following this year's estimated 1.75 million units.The report said the United States, the world's largest auto market, will suffer a drop in auto sales for the second consecutive year, while China will

IndustryDec. 29, 2019

Korea's Dec. exports estimated to fall by slower pace: poll

South Korea's exports are widely expected to extend its slump to a 13th month in December, but its declining pace may slow down, on the back of a rebound in global chip prices amid progress in a trade deal between the United States and China, a poll showed Sunday.The country's exports are estimated to reach $45.9 billion this month, down 4.7 percent from a year earlier, according to the poll conducted on seven local financial organizations by Yonhap Infomax, the financial information service arm

EconomyDec. 29, 2019

Japanese travelers to S. Korea still outpacing Korean visitors to Japan amid trade row

More Japanese tourists have visited South Korea than South Koreans have visited the Asian neighbor since August, data showed Sunday, after their countries have been engaged in an unprecedented trade row, sparking a boycott of Japanese goods and services here.The number of Japanese visiting South Korea reached 329,652 in August, while that of South Koreans visiting Japan came to 308,730, according to the data compiled by the tourism promotion agencies of both countries.It marked the first time in

IndustryDec. 29, 2019

Hyundai, Kia's SUV sales in Europe tipped to hit record high this year

The sales of SUVs in Europe by South Korea's top two carmakers -- Hyundai Motor Co. and Kia Motors Corp. -- may hit a record high, probably surpassing the 500,000-unit mark, aided by its diversified portfolio and strong demand, industry sources said Sunday.According to the sources, the two carmakers have sold some 460,000 SUVs in the European market through November, already nearing last year's 467,550 units in total. Should the pace be maintained, their annual sales of SUVs in Europe will top t

IndustryDec. 29, 2019

Korea's inflation projected to grow 0.59% in Dec.: poll

South Korea's consumer prices are again expected to fall short of the target this month, mainly due to a fall in prices of agricultural products, a poll showed Sunday.In a recent survey by Yonhap Infomax, the financial news arm of Yonhap News Agency, seven local analysts predicted the country's consumer prices to grow 0.59 percent from a year earlier in December. In November, inflation gained 0.2 percent on-year.December would mark the 12th consecutive month the country's consumer prices have gr

EconomyDec. 29, 2019

Korean shipyards tipped to maintain No. 1 spot in new orders this year

South Korean shipbuilders, led by top player Hyundai Heavy Industries Co., are expected to maintain their status as the world's top position in new orders this year, although they may fail to meet their annual order targets, industry sources said Sunday.According to the sources, South Korean shipbuilders have secured new orders totaling 7.12 million compensated gross tons to build a total of 168 ships through November, accounting for 36 percent of the total deals placed around the globe.Chinese

IndustryDec. 29, 2019

Samsung to launch 'clamshell' foldable phone in Feb.

Samsung Electronics Co. is set to release a new foldable smartphone that folds like a clam in February before the release of the upcoming flagship Galaxy S11 next year, industry sources said Sunday.The South Korean tech giant is currently in talks with the country's three mobile carriers to release its second foldable smartphone at home, with a goal of releasing it in February, according to the sources.Samsung Electronics will hold its Unpacked event in the United States in mid-February, where i

IndustryDec. 29, 2019

BMW Korea wins lawsuit against government's emission-related fine

BMW Korea has virtually won a lawsuit against the over 60 billion-won (US$51.7) fine imposed by the government over the auto company's gas emission verification, sources said Saturday. In September, the Supreme Court of Korea convicted BMW Korea of illegally skipping the compulsory gas emission verification process and forging related documents in the period of 2012-2017, leading to the government's imposition of a 62.7 billion-won fine on the company. Protesting the decision, BMW Kore

MobilityDec. 28, 2019

Seoul shares to trade flat on geopolitical issues

South Korean stocks are predicted to stay mostly flat next week as investors are expected to sit on the sidelines amid the possibility of a provocation by North Korea, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,204.21 points on Friday, little changed from the previous week.Earlier in the week, the market closed lower as investors took a breather and cashed in recent gains after the market hit an almost eight-month high on Friday, buoyed

MarketDec. 28, 2019

KT’s board selects media business head as new chairman

South Korea’s telecom giant KT said Friday its board of directors has approved the appointment of current head of customer and media division Koo Hyun-mo as the new chairman.  Koo will be officially appointed as KT’s new leader following the final approval at a shareholders meeting scheduled in March. When Koo is appointed, he will be the first insider to take the helm at the formerly state-owned company in 12 years. Over the period, former CEOs -- Hwang Chang-gyu Hwang and Lee

IndustryDec. 27, 2019

BOK vows to maintain monetary easing stance in 2020

South Korea’s central bank said Friday that it plans to keep its monetary easing stance next year in a bid to support economic recovery. “We plan to maintain a monetary easing stance to support recovery in economic growth and stabilize inflation at the target level of 2 percent,” the Bank of Korea said in its report outlining the direction of its monetary policy for 2020.  “We expect South Korea’s economic growth rate to fall short of the potential growth rate

EconomyDec. 27, 2019

HDC inks deal to acquire Asiana Airlines

HDC Hyundai Development Co., a midsized construction company, signed a deal on Friday to acquire Asiana Airlines Inc. as the South Korean builder strives to diversify its business portfolio.In their board meetings held early Friday, HDC and Kumho Industrial Co., a construction unit of Kumho Asiana Group, approved the deal.The signing comes after the consortium formed between HDC and Mirae Asset Daewoo was picked the preferred bidder last month to acquire a 30.77-percent Asiana stake held by Kumh

MobilityDec. 27, 2019

Hyosung Group leader prosecuted for violating fair trade law

The prosecution said Friday that it has indicted the chief of South Korean textile and chemical conglomerate Hyosung Group without detention on charges of violating the fair trade law."We indicted Hyosung Group Chairman Cho Hyun-joon the previous day," the Seoul Central District Prosecutors Office said.Earlier, the Fair Trade Commission had reported the 51-year-old Cho to the prosecution for providing unfair financial assistance to ailing Galaxia Electronics Co., a Hyosung affiliate in

IndustryDec. 27, 2019

Seoul stocks open lower, tech rally continues

South Korean shares opened lower Friday as investors cashed in recent profits ahead of the final trading session of 2019 slated for next week. But major tech stocks continued to build up gains.The benchmark Korea Composite Stock Price Index fell 13.41 points, or 0.61 percent, to 2,184.52 in the first 15 minutes of trading. In South Korea, investors should buy stocks one day before the last trading day of the year to receive dividends. The final trading session of 2019 is Monday.US stocks continu

MarketDec. 27, 2019

Consumer sentiment slightly worsens in Dec.

South Korea's consumer sentiment slightly deteriorated from a month earlier in December but remained positive for a second consecutive month, central bank data showed Friday.The composite consumer sentiment index came to 100.4 in the month, compared with 100.9 in November, according to the data from the Bank of Korea.A reading above 100 means optimists outnumber pessimists. The index remained above 100 for a second-straight month after breaching the benchmark for the first time in the seven mont

EconomyDec. 27, 2019

BOK eyes accommodative monetary policy, more support measures in 2020

The Bank of Korea will maintain an accommodative monetary policy next year to help boost the country's economic growth and spur record-low inflation in Asia's fourth-largest economy, while also considering other means to assist the local economy, the central bank said Friday."Under the direction of its monetary policy in 2020, the Bank of Korea will maintain the easing stance of its monetary policy to support the recovery in growth and to ensure the rise in consumer prices will be stabilize

EconomyDec. 27, 2019