No. of employees in food service segment rebounds amid job recovery

The number of employees in the food service segment rebounded in April from a year earlier as the job market recovered amid the economic recovery, data showed Tuesday. The number of people employed at restaurants and eateries reached 1.6 million in April, 65,000 more than the previous year, according to Statistics Korea. The tally rebounded from October 2020 when the number of such workers fell 179,000, marking a record on-year fall. Still, the total number of workers in the food service segm

IndustryOct. 19, 2021

KDB issues $1.5b in global bonds

The state-run Korea Development Bank (KDB) said Tuesday it has successfully issued $1.5 billion worth of bonds to foreign investors. The lender has sold 10-year bonds worth $300 million and 5 1/2-year bonds worth $500 million. The KDB has also issued $700 million worth of green bonds that will come due in three years and three months, which will be used to finance Green New Deal projects, such as rechargeable batteries and renewable energy. The state bank said its has floated those bonds at t

EconomyOct. 19, 2021

Residents' FX deposits jump in Sept. amid brisk exports

Foreign currency deposits at banks in South Korea rose sharply in September from a month earlier as exporters increased dollar holdings, central bank data showed Tuesday. Residents' outstanding foreign currency-denominated deposits came to $94.2 billion as of end-September, up $1.6 billion from the previous month, according to the Bank of Korea (BOK). It represents the second consecutive month of on-month increase. In August, they climbed by $470 million from the previous month. Residents inc

EconomyOct. 19, 2021

ELS sales in S. Korea sink 30.8% in Q3

Sales of equity-linked securities (ELS) in South Korea plunged more than 30 percent in the third quarter from three months earlier amid the coronavirus pandemic, data showed Tuesday. The value of ELS products in Asia's fourth-largest economy stood at 11.6 trillion won ($9.8 billion) in the July-September period, down 30.8 percent from the second quarter, according to the data from the Korea Securities Depository. The figure, however, was up 17.8 percent from the 9.8 trillion won floated during

EconomyOct. 19, 2021

S. Korean shipbuilders surpass annual targets on brisk new orders

South Korea's major shipbuilders have outpaced their annual order targets backed by brisk global new orders, company officials said Tuesday. According to data provided by global market researcher Clarkson Research Service, global new orders for ships came to 37.54 million compensated gross tons (CGTs) in the January-September period, up nearly threefold from 13.22 million CGTs a year ago. Compared with 10.53 million CGTs in the same period of 2016, when the shipbuilding industry was in a fier

BusinessOct. 19, 2021

Seoul stocks open higher on US tech gains, easing virus woes

South Korean stocks opened higher Tuesday, tracking overnight advances on Wall Street and eased concerns over the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.48 points, or 0.85 percent, to 3,032.16 in the first 15 minutes of trading. Stocks got off to a strong start on overnight gains on Wall Street and easing virus woes. Overnight, the tech-heavy Nasdaq composite added 0.84 percent to 15,022 points as investors monitor the inflation factors, while the Dow Jones

MarketOct. 19, 2021

CJ ENM in talks for taking over SM Entertainment: source

CJ ENM, a leading entertainment and media company, is in talks to bring K-pop powerhouse SM Entertainment under its control, a source with direct knowledge of the talks has said. The deal, if realized, would see the birth of an entertainment giant that could shake the Korean pop cultural scene. SM, one of the country's top K-pop agencies, manages such idol groups as EXO, Red Velvet, NCT and aespa that have a large following abroad. "It is true that CJ is in some kind of talks with SM in

IndustryOct. 19, 2021

Retailers hope for sales recovery amid 'Living with COVID-19' scheme

Beset by curfews and fewer customers amid the coronavirus pandemic, the retail industry in South Korea is now pinning hopes on a business rebound, as the government is set to ease long-enforced strict restrictions under the "Living with COVID-19" scheme set to be introduced next month. Department stores, supermarkets and other retailers are expected to be among those likely to benefit, given that eased restrictions on gatherings and business operations will bolster consumer sentiment

EconomyOct. 19, 2021

ABS issuance plunges 31.5% in Q3

The issuance of asset-backed securities (ABS) in South Korea plunged over 30 percent on-year in the third quarter of this year due to a decline in sales of mortgage-backed securities, data showed Tuesday. The value of ABS issued in the third quarter stood at 12.8 trillion won ($10.8 billion), down 31.5 percent from a year earlier, according to the data from the Financial Supervisory Service (FSS). ABS refers to securities structured with mortgages, auto loans, credit-card receivables and stud

EconomyOct. 19, 2021

SK E&S funds W500b for US affiliate to invest in US energy firm

SK E&S Co., the natural gas provider under SK Group, said Monday it will invest some 500 billion won ($421 million) in its US affiliate, SK E&S Americas, to buy a stake in a US renewable energy firm. In a regulatory filing, SK E&S said it will buy 505 billion won worth of shares in SK E&S Americas, in a bid to invest up to $400 million in Rev Renewable. Rev Renewable is focused on the development and operation of energy storage, as well as renewable projects. Rev Renewable, an

IndustryOct. 18, 2021

Kakao Bank, Dell heads discuss future finance platform

Kakao Bank CEO Yoon Ho-young and Michael Dell, founder and CEO of Dell Technology, discussed further cooperation between the two companies and ways to improve competitiveness in the midst of the digital transformation, officials in Seoul said Monday. Dell provides server, network and data storage services to Korea’s largest internet-only bank. The online meeting between the two was held last month to seek cooperation in cloud and big data solutions, Kakao said, without elaborating on w

MarketOct. 18, 2021

[News Focus] Will Windows 11 revive PC demand in South Korea?

Windows 11, released on Oct. 5 worldwide, is expected to offer a fresh round of changes for South Korean computer users, global PC makers and distributors, but a mix of unpredictable factors such as COVID-19, the chip shortage and the launch of compatible devices could affect how the new operating system will be received in the coming months. On major online communities here, users continue to share their experiences of Microsoft’s new operating system that comes with an overhauled user

TechnologyOct. 18, 2021

Google to launch new subscription bundle

South Korea’s smartphone makers and subscription service providers are expected to face increasing competition from Google, as the tech giant is set to introduce a subscription-based bundle that includes a phone and various Google services, to lock more users into its ecosystem. According to industry sources Monday, Google is likely to launch the Pixel 6 and Pixel 6 Pro smartphones in the US on Tuesday, local time. It is also set to unveil a new subscription service, Pixel Pass, which bu

TechnologyOct. 18, 2021

LG Electronics takes part in Vogue Summit in Poland

With a common goal of achieving sustainability in the fashion industry, South Korean tech giant LG Electronics took part in an environmental conference hosted by global fashion magazine Vogue in Poland, the company said Monday. Organized by Vogue Polka with Boston Consulting Group, the Business Fashion Environment Summit was held last month for the second time, and LG participated as an official partner, highlighting its commitment for sustainability and eco-friendliness. The event took plac

TechnologyOct. 18, 2021

LG Innotek staff explore new business ideas

LG Innotek said on Monday it is running an open audition program where its employees make proposals to explore new businesses. Employees of the electronic components supplier present their ideas to “i-Lab,” short for “innovation lab,” through video conferences, and get “likes,” questions and feedback from other employees on a real time basis. The 10 ideas that get the most “likes” will be reviewed by management, including the company’s chie

TechnologyOct. 18, 2021

Gas prices in S. Korea continue to rise on strong crude rally

Gas prices in South Korea have continued to rise as oil prices hit a seven-year high amid the global economic recovery, data showed Monday. The average gasoline price nationwide stood at 1,724.7 won ($1.45) per liter Monday, marking the highest since December 2014, according to the data compiled by the state-run Korea National Oil Corp. (KNOC). The gas price in Seoul topped the 1,800 won-level per liter in the day, the data showed. Market watchers said the gas prices may climb further as glob

EconomyOct. 18, 2021

Seoul stocks snap 3-day winning streak on profit taking

South Korean stocks retreated Monday as investors attempted to cash in gains from the key stock index's three-day advance. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 8.38 points, or 0.28 percent, to close at 3,006.68 points. Trading volume was moderate at about 912 million shares worth some 10.5 trillion won ($8.8 billion), with losers outnumbering gainers 429 to 413. Foreigners bought a net 38 billion won, while institutions sold 4

BusinessOct. 18, 2021

GS Energy to import ADNOC’s blue hydrogen to South Korea

GS Energy said Monday it will bring blue hydrogen produced by Abu Dhabi National Oil Co., the United Arab Emirates’ biggest energy producer, to South Korea as part of its environmental, social and governance efforts towards creating a hydrogen economy. According to the energy unit of South Korean conglomerate GS Group, the blue hydrogen will be extracted from natural gas in Abu Dhabi and brought to Korea in the form of ammonia. GS Energy will then use the ammonia as a fuel to generate ele

IndustryOct. 18, 2021

Samsung’s used phone upcycling program wins global award

The used phone upcycling program of Samsung Electronics has been chosen as an exemplary case of responsible business management. According to the mobile industry on Monday, the South Korean tech giant’s “Galaxy Upcycling at Home” program received the circular transition award at this year’s Reuters Responsible Business Awards. The award is an annual event that has been taking place since 2009 to acknowledge excellent sustainability business strategies. Samsung Electron

TechnologyOct. 18, 2021

Chaebol families borrow almost W5tr against stocks

Stock-secured borrowing by the families of South Korea’s conglomerate founders amounted to almost 5 trillion won ($4.3 billion), led by managerial transfers and business restructuring, data showed Monday.  According to local market analysis company Leaders Index, as of October the nation’s 29 family-controlled conglomerates had received a combined 4.82 trillion won worth of loans backed by stocks in the groups’ affiliates, up 92 percent from 2.5 trillion in the first half

MarketOct. 18, 2021