S-Oil collects donations for children with biliary obstruction

South Korean oil refinery S-Oil, which is wholly owned by Saudi Aramco, has donated 145 million won ($130,000) to help children in low-income families suffering from biliary obstruction, the firm said Wednesday.The fund has been gathered by some 1,800 company executives and employees donating less than 10,000 won each from their wage for several months, the company explained.Biliary obstruction occurs when one of the ducts that carry bile from liver to the intestine gets blocked. Without treatme

IndustryDec. 18, 2019

About 1m households receive W421b in employment promotion allowance

About 1 million households in South Korea received a total of 421 billion won ($361 million) in employment promotion allowance for the first half of this year, government data showed Wednesday. The allowance for employment promotion has been offered to low-income workers since 2009 as part of the government's initiative to narrow wage inequality. During the January-June period, 960,000 households received an average 440,000 won per home in employment promotion allowance, the National Tax Service

EconomyDec. 18, 2019

S. Koreans' weekly working hours decline in 2018

South Koreans' weekly working hours fell slightly in 2018 from a year earlier, government data showed Wednesday, as a growing number of people are seeking to strike a balance between their work and personal life.The data compiled by Statistics Korea showed that South Korean men and women worked 41.5 hours a week on average in 2018, compared with 42.8 hours in 2017.South Koreans' weekly working hours have been gradually declining since 1990, when they worked 53.8 hours a week. Nevertheless, South

EconomyDec. 18, 2019

Hyundai Heavy fined W21b for violating subcontracting law

South Korea's antitrust regulator said Wednesday it fined Hyundai Heavy Industries Holdings Co., the nation's largest shipping conglomerate, 20.8 billion won ($17.8 million) for allegedly violating a law on subcontracting. Hyundai Heavy is accused of forcing its subcontractors to start works without prior notification about the values of the contracts between 2014 and 2018, the Fair Trade Commission said in a statement. Also, Hyundai Heavy had unilaterally demanded its subcontractors cut pr

IndustryDec. 18, 2019

DRAM spot prices rebound, boding well for S. Korean chipmakers

Spot market prices for DRAM chips have begun to rebound this month, a market report showed Wednesday, boding well for South Korean chipmakers that are eager to improve their earnings.The spot price of 8-gigabit DDR4 DRAM, a benchmark price for the category, reached $3.02 as of Tuesday, rising more than 10 percent from a year low of $2.73 on Dec. 5, according to market tracker DRAMeXchange.DRAM spot quotes surged 24 percent in 10 days during July following Japan's export curbs on key semiconducto

IndustryDec. 18, 2019

EU opens in-depth review of Hyundai Heavy's acquisition deal

The European Union has launched an in-depth review of the proposed deal by South Korean shipbuilder Hyundai Heavy Industries to take over its smaller local rival, Daewoo Shipbuilding & Marine Engineering Co. The world's single largest economic bloc's European Commission said it will decide by May 7 whether the takeover, if completed, is likely to significantly impede effective competition.The commission has expressed concerns after its preliminary investigation that the merger between the tw

IndustryDec. 18, 2019

KT affiliate joins hands with Hytera to tap Asia-Pacific two-way radio market

KT powertel Co., an affiliate of South Korean telecommunications giant KT Corp, said Wednesday it has joined hands with China-based walkie-talkie producer Hytera Communications Corp. to tap deeper into the Asia-Pacific LTE-based two-way radio market. KT powertel and Hytera will cooperate to explore business opportunities in the member states of the Regional Comprehensive Economic Partnership, the trading bloc that involves 10 South East Asian nations and six other partner countries, including So

IndustryDec. 18, 2019

Korea's inflation to rise 1% in 2020: BOK

South Korea's consumer prices are projected to rise 1 percent next year before further recovering to a 1.3-percent on-year increase the following year, the Bank of Korea said Wednesday.The central bank said it will maintain its monetary easing policy, noting the estimates still fall short of its long-term inflation target of 2 percent."In the January-November period of this year, consumer prices rose 0.4 percent from the same period last year, far below the inflation target," it said i

EconomyDec. 18, 2019

Korea faces no immediate danger of deflation: BOK chief

South Korea is not facing any immediate danger of deflation, with the country's inflation rate expected to accelerate from next year, albeit at a mild pace, the head of the central bank has said."It is true that there now exist concerns of deflation as the country's consumer price increase has greatly slowed while its inflationary expectation also dropped," Bank of Korea Gov.Lee Ju-yeol said in a meeting with reporters late Tuesday."I fully understand the concerns about continued

EconomyDec. 18, 2019

BOK minutes hint at possible policy rate reduction next year

Some members of the central bank's rate-setting board see the need for additional steps to boost the country's economic growth and consumer price hikes down the road, minutes from the board's latest meeting showed Tuesday, indicating a possible rate cut in the near future.According to the minutes from the latest meeting of the Bank of Korea monetary policy board, at least three members of the seven-member board expressed concerns over the country's slowing growth and low consumer price growth.Th

MarketDec. 17, 2019

S-Oil lauds promising scientists, pledges research funds

South Korean oil refiner S-Oil said Tuesday that it has awarded 20 doctorate researchers and science professors and contributed funds to six young rising scientists. S-Oil Science and Culture Foundation, a public trust established by the oil refiner, wholly owned by Saudi Aramco in 2011, said it held a ceremony to award outstanding science thesis and young rising scientists. A total of 10 doctorate researchers and 10 science professors in the field of mathematics, physics, chemistry, l

IndustryDec. 17, 2019

Amorepacific partners with US vegan cosmetics firm Milk Makeup

South Korea’s Amorepacific Group and US vegan cosmetics company Milk Makeup are partnering in the areas of marketing and business operations, the Korean firm said Tuesday.Milk Makeup, established in New York in 2015 as a cruelty-free and 100 percent vegan cosmetics firm, is popular for its “clean beauty” concept. Its products are sold in major markets via personal care and beauty chain Sephora and online retailer Cult Beauty. Market sources estimated that Milk Makeup will

IndustryDec. 17, 2019

[Monitor] Home transactions rise over W900m

The ratio of home transactions worth over 900 million won ($7,700) in South Korea topped 4.4 percent in 2019. It is the first time the proportion has crossed the 4 percent mark, and is the highest level since 2006, according to data by property market information provider Zigbang on Wednesday.The data includes individual houses, multiplexes, townhouses and apartments. Residences priced over 900 million won and 1.4 billion won marked 2.7 percent, while those over 1.4 billion won came to 1.7 perce

EconomyDec. 17, 2019

Analysts, public say surge in housing prices likely despite new policy measures

Housing prices are widely expected to soar despite the stringent regulations enforced by the South Korean government, according to market analysts Tuesday.The government in a surprise move recently unveiled new measures to curb rising home prices, which push for tighter mortgage rules.A report released by local brokerage Mirae Asset Daewoo warned local investors that if the new measures fail to rein in soaring housing prices, even stronger measures are likely to be adopted next year. It recommen

EconomyDec. 17, 2019

Hyundai Card, Korean Air launch private label credit card

Hyundai Card, a subsidiary of Hyundai Motor Group, has jointly launched an exclusive credit card with flag carrier Korean Air, officials said Tuesday.“Korean Air and Hyundai Card have launched a private label credit card (PLCC) and signed a partnership agreement. Hyundai Card will be in charge of marketing and operations,” the credit card firm said.PLCC refers to a credit card branded for a specific retailer, independent dealer or manufacturer. While partnership cards involve the com

MarketDec. 17, 2019

[Contribution] Short-termism works... in the short term

The Korea Herald is publishing a regular contribution series written by senior investment strategists at Standard Chartered Group Wealth Management. -- Ed.We believe the three- to six-month outlook for global equities, credit and other income-generating assets looks favorable. This is based on our view that global growth prospects are stabilizing after a period of downgrades, event risks are declining and the US Federal Reserve has injected significant dollar liquidity into the global financial

MarketDec. 17, 2019

Samsung execs sentenced to jail in union-busting case

Samsung execs sentenced to jail in union-busting caseA Seoul court handed down jail terms to key Samsung executives on Tuesday and detained them for sabotaging labor union activities at the top conglomerate's customer service unit.The Seoul Central District Court sentenced Lee Sang-hoon, Samsung Electronics Co.'s chairman of board, to 18 months in prison for breaching labor union-related laws when he served as chief financial officer. "While Lee claims there were many areas he did not know

IndustryDec. 17, 2019

S. Korea will up efforts for financial innovation in 2020: FSC chief

Financial Services Commission Chairman Eun Sung-soo on Tuesday said that Korea will continue to face domestic and external uncertainties next year, pledging to add speed to the country’s drive for financial innovation.He also stood by the government’s latest and controversial real estate regulations, citing them as necessary steps to curb the country’s overheated housing market. “Domestic and external uncertainties are expected to prolong throughout next year and the low

EconomyDec. 17, 2019

[Herald Interview] ‘In influencer-economy era, even internet giants require 3rd-party big data’

When Korean telecom firm KT decided to open a platform leveraging its big data on consumer behavior, it searched for other models to benchmark, but found it difficult. It finally zeroed down on the Shanghai Data Exchange, founded in 2016. The two organizations have since signed a memorandum of understanding to work on cross-border collaboration to nurture a global big data platform.SDE’s Vice President Lu Yong and COO Shen Xiangyu said in an exclusive interview with The Korea Herald that t

IndustryDec. 17, 2019

KT opens Korea’s first AI-based big data platform

Telecommunications firm KT said Tuesday it has opened South Korea’s first artificial intelligence-based big data platform to be shared and used by individuals and business on demographics, real estate and consumption trends, among others.The new platform, named KT Big Data Platform, will enable 113 terabytes’ worth of big data trading between individuals and 16 institutions, the firm said. It started operations Monday. Some of its most prominent features are the AI-powered data predi

IndustryDec. 17, 2019