Jeju Air to adopt cargo plane for 1st time among budget airlines

Jeju Air Co., South Korea's biggest low-cost carrier, said Monday it will adopt a cargo plane for the first time among local LCCs to ride out the prolonged COVID-19 pandemic. Jeju Air plans to begin operating a cargo plane in the first half of this year to offset a sharply declined passenger travel demand amid the pandemic, the company said in a statement. Korean Air Lines Co. and Asiana Airlines Inc., the country's two biggest and full-service carriers, have focused on winning cargo deals to

IndustryJan. 24, 2022

Biz hour curbs cause largest drop in in-person spending among all measures: BOK report

Curbs on business operation hours have resulted in the biggest shrinkage in the "consumption of in-person services" among various antivirus measures introduced to combat the coronavirus pandemic, an internal central bank report showed Monday. The report suggests that easing a curfew on business operations while imposing a stricter ceiling on the number of people at private gatherings could be more conducive to consumption than the current measures at a time when the government has bee

EconomyJan. 24, 2022

Listed firms' rights issues nearly double in 2021

South Korean listed companies' rights issues nearly doubled in 2021 from a year earlier, data showed Monday. Companies listed on the country's main and other stock markets raised a combined 50.6 trillion won ($42.4 billion) through 1,346 rights offerings last year, up 97.5 percent from a year earlier, according to the data from the Korea Securities Depository. The number of last year's rights offerings was up 19.3 percent from the previous year. Rights issues by companies listed on the main K

MarketJan. 24, 2022

Public firms to hire over 26,000 new regular workers this year: govt.

South Korea's public institutions plan to hire more than 26,000 new regular workers this year in an effort to help buttress job creation, the finance minster said Monday. The move is aimed at meeting growing demand in the public service sector, including public health, safety and New Deal policy initiatives, according to Finance Minister Hong Nam-ki. He said the public firms also plan to hire around 22,000 interns to help them build work experience. "The government will spare no effort t

EconomyJan. 24, 2022

Doosan Heavy wins W160b plant order in Germany

Doosan Heavy Industries & Construction Co., a South Korean plant builder, said Monday its German subsidiary has received a 160 billion-won ($134 million) order for a waste processing plant in Germany. Doosan Lentjes obtained the order from MHKW Wiesbaden GmbH to build a waste-to-energy plant in Wiesbaden, Germany, by 2024, the company said in a statement. Doosan Heavy said it aims to win more waste-to-energy plant deals in Europe as European countries are expected to place about 80 waste-t

IndustryJan. 24, 2022

Air Busan opens Busan-Saipan route amid pandemic

Air Busan Co., a budget carrier unit of Asiana Airlines Inc., said Monday it has opened the Busan-Saipan route following a travel bubble agreement. On Sunday, Air Busan began to offer one flight per week on the Saipan route to preemptively respond to pent-up travel demand amid rising vaccinations and eased virus curbs, the company said in a statement. A travel bubble refers to a quarantine-free travel partnership between two or more cities or countries with similar levels of COVID-19 cases. O

IndustryJan. 24, 2022

[Graphic News] FDI in free economic zones up 43% in 2021: data

　Foreign direct investment pledged to South Korea's free economic zones surged 42.8 percent in 2021, led by the overseas investment in bio and other new industry sectors, data showed. 　The country’s nine FEZs received $1.31 billion worth of FDI commitment last year, up from $910 million a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. 　It is the first time in three years that the figure marked an on-year growth. 　The amount of foreign direct

BusinessJan. 24, 2022

Seoul stocks open lower ahead of Fed meeting

South Korean stocks opened lower Monday, as investors took to the sidelines ahead of the US Federal Reserve's policy meeting this week. The benchmark Korea Composite Stock Price Index (Kospi) fell 18.49 points, or 0.65 percent, to 2,815.8 points in the first 15 minutes of trading. Stocks traded bearish, led by losses in chemical and tech companies that are usually more sensitive to borrowing costs. The US Federal Reserve is widely expected to raise its policy interest rate in March. It is to

MarketJan. 24, 2022

[Test Drive] SsangYong’s New Rexton Sports Khan proves pickups can go smart, too

For SsangYong, Rexton is not simply a flagship SUV model that has significantly pulled up its sales among its complete lineup of SUVs ranging from those in the small segment to pickup trucks. Following an unprecedented bumper year in 2015 for the small SUV model Tivoli, SsangYong needed to continue the momentum to keep the nickname “leader of SUV.” The fourth generation Rexton, launched in 2017, recorded a 200 percent growth rate that year. A year later, SsangYong took its well-se

IndustryJan. 23, 2022

Hyundai sweeps Best Cars for the Money awards in US

Hyundai Motor said Sunday it has won five US News and World Report 2022 Best Cars for the Money Awards, outpacing rivals in the awards that put a spotlight on cars and SUVs that represent the best combination of long-term value and excellent ownership experience. The Hyundai winners include: the Elantra hybrid, Tucson hybrid, Kona subcompact SUV, Tucson compact SUV and Santa Fe 2-row SUV. Its smaller sibling Kia Motors’ Telluride also topped the best 3-row SUV for the money category. T

MobilityJan. 23, 2022

[Battery+] Samsung SDI’s premium strategy faces daunting test

Samsung SDI’s long-held “premium strategy” with high pricing is expected to face a daunting test in its renewed competition with rivals amid ever-evolving market trends. Until 2020, bringing down the price through scale and manufacturing more powerful batteries were of the utmost priority. However, as the competition heats up with the entry of new players, securing stable profits through partnerships with automakers has emerged as the key trend, which Samsung SDI is refusin

TechnologyJan. 23, 2022

9 out of 10 Korean firms ‘not ready’ for supply chain risks

Almost 90 percent of South Korean companies are unprepared for supply chain risks even though they are aware that those risks will continue this year. According to a survey by the Korea Chamber of Commerce and Industry published on Sunday, among 300 companies that import raw materials, only 9.4 percent said they have prepared specific measures to respond to potential supply chain constraints, while 89.1 of them responded they have yet to come up with clear plans. Of the companies that said

IndustryJan. 23, 2022

[Newsmaker] Korea Exchange to decide fate of scandal-ridden Osstem Implant

The Korea Exchange on Monday will decide whether Osstem Implant should undergo an eligibility review to stay listed on the country’s second bourse Kosdaq, making it the third biotech firm facing a possible delisting this year. The dental implant manufacturer’s stock trading was suspended on Jan. 3 as the company announced that it had filed embezzlement charges against an employee for stealing 221 billion won ($185 million) in company funds. The stock market operator can postpone t

MarketJan. 23, 2022

Woori, Shinhan chiefs pledge to achieve customer centricity

 Chiefs of South Korea’s Woori Bank and Shinhan Bank vowed to pursue customer-centric changes as a key goal for this year, the firms said Sunday. Woori Bank CEO Kwon Kwang-seok asked his employees to cooperate with the firm’s transition into a “customer-centric financial platform,” at a business strategy meeting held on both Zoom and via the metaverse. “The timeless solution toward success for businesses has always been the customers,” Kwon said at the

MarketJan. 23, 2022

2021 was 2nd hottest year on record: KMA

Last year was the second hottest year for South Korea on record as climate change continued to drive up global temperatures, the national weather agency said Sunday. A report from the Korea Meteorological Administration said South Korea’s average temperature for 2021 reached 13.3 degrees Celsius, becoming the second-hottest year since data were compiled from 1973. The record follows 13.4 degrees reached in 2016. By region, last year was the hottest year on record for Seoul, Incheon, Gye

TechnologyJan. 23, 2022

Air traffic up 11% last year but still below pre-pandemic level: data

South Korea's air traffic rose nearly 11 percent last year on increased domestic flights but international travel continued to falter amid the pandemic, data showed Sunday. Over 465,000 domestic and international flights flew over South Korea last year, up 10.8 percent from a year earlier, according to data from the Ministry of Land, Infrastructure and Transport. Air traffic in the country had gradually increased in recent years from around 739,000 in 2016 to 842,000 in 2019 before dipping sha

IndustryJan. 23, 2022

Exports of red pepper paste surge 63% in 4 years on K-pop popularity

South Korean exports of red pepper paste soared nearly 63 percent in the past four years thanks to the global popularity of Korean pop culture, data showed Sunday. Overseas shipments of red pepper paste, called "gochujang" in Korean, came to $50.93 million in 2020, up 62.6 percent compared with 2016 and 35.2 percent from 2019, according to the data from Korea Agro-Fisheries & Food Trade Corp. and the agriculture ministry. Exports of red pepper paste seem to have soared in recent

EconomyJan. 23, 2022

Exports in free trade zones hit all-time high last year: data

Exports by companies in South Korea's free trade zones grew 89.6 percent on-year to hit an all-time high last year, the industry ministry said Sunday. Outbound shipments came to $10.94 billion, surpassing the $10 billion mark for the first time ever, according to the data from the Ministry of Trade, Industry and Energy. The growth is attributable to strong demand for electric and electronic goods, automotive chips, semiconductor-related products and COVID-19 items amid a global economic recove

IndustryJan. 23, 2022

Korean tech firms keep eye on possible Russia export curbs

The escalating geopolitical tension between Russia and Ukraine is drawing attention to whether Washington will pose restrictions on exports to Russia, and the headache that could pose to South Korean electronics giants. The White House National Security Council has informally asked the Semiconductor Industry Association, a chip lobbying group in the United States, to brace for possible actions against Russia if it invades Ukraine, Reuters reported. The Joe Biden administration may attempt to c

TechnologyJan. 21, 2022

Lotte acquires Ministop's S. Korean operations

Lotte Corp., the holding company of South Korean retail giant Lotte Group, said Friday it has acquired an entire stake of Ministop Korea Co. for 313.37 billion won ($263 million). Under the deal, Lotte will take over 2,600 Ministop convenience store outlets across the country and 12 logistics centers to strengthen its retail business, the company said in a statement. Lotte operates the country's biggest department store chain and the second-biggest large discount store chain in terms of sales

IndustryJan. 21, 2022