S. Korea eyes resumption of new FTA with group of Arab nations

South Korea's trade ministry said Monday it aims to resume talks for a new free trade agreement with the Gulf Cooperation Council (GCC) to forge deeper economic ties with the Middle East after a hiatus of more than 10 years. Trade Minister Yeo Han-koo plans to meet his UAE counterpart Thani Al Zeyoudi virtually later in the day and propose resuming talks for the South Korea-GCC FTA, according to the Ministry of Trade, Industry and Energy. Asia's No. 4 economy and the GCC agreed to launch negot

EconomySept. 6, 2021

K-Safety Expo 2021 to be held virtually

 The government will virtually host its annual K-Safety Expo from Sept. 13-17, where about 300 local companies and state-funded agencies will showcase their products and technology.　 The fair is the local safety industry’s largest event, organized with pangovernmental support. It was originally planned to be held at the country’s largest convention center Kintex, just northwest of Seoul in Goyang, Gyeonggi Province.  Spectators can view the exhibits across seven fields &

IndustrySept. 6, 2021

Korean firms' 2020 sales in China dip 7% on falling market share

Chinese subsidiaries of South Korean firms saw their sales sink nearly 7 percent in 2020 from four years earlier due to their dropping market share in the world's second-largest economy, data showed Monday. Combined Chinese sales of 30 out of South Korea's top 100 companies came to 117.1 trillion won ($101 billion) last year, down 6.9 percent from 2016, according to the data from the Federation of Korean Industries (FKI), the lobby for the country's family-controlled conglomerates known as chae

EconomySept. 6, 2021

Seoul stocks open nearly flat after weak US jobs data

South Korean stocks opened nearly flat Monday as investors seek to digest weaker-than-expected August jobs data in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.98 points, or 0.03 percent, to 3,200.08 points in the first 15 minutes of trading. The US jobs increase came to a seven-month low in August amid the spread of variant cases, raising expectations that the Federal Reserve would not rush in tapering its asset buying plans in the September meeting. Fi

MarketSept. 6, 2021

M&As up 49% in H1; big firms lead deal activity

The value of corporate mergers and acquisitions executed in South Korea rose 48.7 percent in the first half of this year, with conglomerates leading deal activity in a bid to identify new growth opportunities. According to data released Sunday by the Korea Fair Trade Commission, a total of 489 deals have cleared the FTC’s review process in the first half of this year, with their total value amounting to 221 trillion won ($191.2 billion). That is a 15.3 percent increase from a year earl

IndustrySept. 5, 2021

[Behind the Wheel] Volkswagen Tiguan -- good value, low price

It is not the fanciest car, but Volkswagen’s Tiguan shows that being faithful to the basics can be a charm. Around the globe, the sport utility vehicle has sold over 6 million units, earning a reputation as a steady seller. For Volkswagen Korea, it is the most important model, since it accounted for over 10,000 of the 17,615 units the company sold last year. With a clear and differentiated strategy to position itself as the best value for money among all imported car brands, Volkswage

MobilitySept. 5, 2021

Number of new drugs underway jumps 158% in 3 years

The number of drugs under development at South Korean companies has increased by 158 percent in the past three years, according to a local survey released Sunday. According to Korea Pharmaceutical and Bio-Pharma Manufacturers Association’s survey on 299 pharmaceutical and biotech companies here, 193 firms currently operate 1,477 new product pipelines, up 157.8 percent from 100 firms’ 573 pipelines in 2018. Of the 1,477 pipelines, 599 are for developing traditional nonbiologic pha

TechnologySept. 5, 2021

[Newsmaker] Sales of local restaurants dropped during COVID-19 pandemic

Sales of local restaurants and bars have dropped to their lowest level due to toughened social distancing rules during the COVID-19 pandemic, government data showed Sunday. According to the Korean Statistical Information Service, the retail sales index of restaurants and bars for the first seven months of this year marked 77, the lowest since it started to compile related data in 2015 with a benchmark of 100. The data showed the COVID-19 pandemic has weighed on the already-struggling restaur

IndustrySept. 5, 2021

[ESG Talk] Reshaping landscape of risk management in times of ESG

Digital technology advancements have led the business community to popularize the abbreviation VUCA -- short for volatility, uncertainty, complexity and ambiguity -- with great hype and enthusiasm. The concept connotes the spirit of risk-taking, agility and lean business practices required in the current age of digital transformation -- and, most recently, environmental, social and governance development. A new landscape is forming under corporate objectives to manage the intensifying ESG risks

MarketSept. 5, 2021

Blockchain not a concept anymore, but part of real life, developers say

Blockchain is not a technological concept anymore. It’s starting to apply to real life and becoming a mainstream, irreversible trend, Dunamu CEO Lee Sir-goo said during the Upbit Developers Conference last week. “When the Internet first emerged, exponential growth began after services that people can use in real life and as for artificial intelligence, after years of research, it only started to receive attention when it was translated into real services,” Lee noted. “

EconomySept. 5, 2021

Hyundai Glovis to enter gas shipping market after striking deal with Trafigura

Hyundai Glovis, the logistics arm of Hyundai Group, announced on Sunday it will enter the gas shipping market in 2024 after striking a multi-year deal with major commodity trading company Trafigura. The shipping deal with the Switzerland-based company will see the Hyundai Glovis carry ammonia and liquefied natural gas for up to 10 years for global markets. Two very large gas carriers (VLGC), which boast 86,000 square meters in capacity, will be built with 200 billion won ($173.2 million) in in

MobilitySept. 5, 2021

IPO proceeds log record-breaking W16tr

It has been a record year for the South Korean initial public offering market as companies succeeding in local listings have fetched more than a combined 16 trillion won ($13.8 billion) in proceeds, according to data compiled by the sole bourse operator here Sunday. The accumulated IPO proceeds of 73 firms listed this year on the domestic main board and tech-heavy bourse as of Friday came to 16.01 trillion won, the Korea Exchange data showed. The figure not only beat those of the total annual

MarketSept. 5, 2021

Wemade’s ‘play-to-earn’ game Mir 4 challenges pay-to-win paradigm

Amid growing gamer fatigue over extreme pay-to-win games, a South Korean developer has come up with a new mobile game that offers just the opposite: Users can make money simply by enjoying the game. Wemade’s Mir 4 is a 3D massively multiplayer online role-playing game that carries on the previous success of the firm’s The Legend of Mir 2, which recorded 500 million global users. After its global launch in some 170 countries on Aug. 26, it ranked as the fourth-most-played MMORPG on

IndustrySept. 5, 2021

Banks’ lending rates inch up amid tighter household debt control

Amid growing pressure from the government’s tightened grip on soaring household debt, South Korean banks’ lending rates sharply edged up in recent months, data showed Sunday.  The adjustable rate charged on mortgage loans extended by the nation’s four major banks -- KB Kookmin Bank, Shinhan, Hana and Woori -- remained between 2.80 percent and 4.30 percent, as of Friday. Both the bottom and upper ends of the range rose 0.5 percentage point from 2.35 to 3.88 percent estim

MarketSept. 5, 2021

Public pension payment to reach W60tr in 2022 amid rapid population aging

South Korea, one of the world‘s fastest aging societies, is facing a steep rise in its public pension payment, data showed Sunday.  Nearly 60 trillion won ($53.76 billion) will be taken out from the nation’s four public pension programs, including the national pension, government employees pension, military personnel pension, and private school teachers pension, in 2022, up 6.2 percent from this year’s 55.8 trillion won, according to data compiled by the Ministry of Econo

EconomySept. 5, 2021

S. Korea to host hydrogen mobility show this week

South Korea will host a hydrogen mobility show this week to showcase the latest technologies in fuel cell electric vehicles (FCEVs) and trams, and discuss major trends in the hydrogen economy, its organizer said Sunday. H2 Mobility+Energy Show will take place at an exhibition center in Goyang, just north of Seoul, from Sept. 8-11, with more than 150 companies and research institutions from 12 countries, according to the Korea Automobile Manufacturers Association.  It is the nation's sec

IndustrySept. 5, 2021

Doosan Infracore wins excavator orders from Egypt

Doosan Infracore Co., South Korea's major construction equipment maker, said Sunday it has won orders to deliver 28 large excavators to Egypt. Doosan Infracore said it has signed a supply contract for 36-ton excavators with the Egyptian defense ministry, which will be used for a state-run railway construction project. The construction unit of Korean conglomerate Doosan Group won orders for 30 pieces of construction equipment with the Egyptian government earlier this year. Doosan Infracore s

IndustrySept. 5, 2021

[Photo News] Peek into where metaverse is produced

The metaverse is a 3D virtual world that combines cutting-edge technologies such as artificial intelligence, virtual reality and augmented reality.  Recently, the latest technology is being applied not only to various industries, but also to everyday life, receiving a great deal of attention globally. On Sept. 2, industry officials look inside VA Studio Hanam, a virtual studio located in Hanam, Gyeonggi Province.  An antique, classy staircase and hallway are shown through a virtual

IndustrySept. 4, 2021

[Weekender] Saving little by little with money making apps

Ahn Jung-hyun, a 32-year-old worker at an insurance company, knows her salary, 65 million won ($55,370) a year, is well above average. But during her intermittent break time, she never stops making a little extra. Instead of playing mobile games or watching Netflix, Ahn clicks on a number of apps that offer actual money or discount coupons as marketing rewards -- and every little helps. Ahn is one of growing number of Koreans in search of extra income through money making apps. A mobile ped

MarketSept. 4, 2021

PM visits Samsung Biologics, but keeps quiet on availability of Moderna doses

Prime Minister Kim Boo-kyum visited Samsung Biologics’ headquarters in Incheon on Friday but remained silent on how many doses of the Moderna coronavirus vaccine the company would make available for use in South Korea. During his visit Kim checked Samsung Biologics’ facility, where hundreds of millions of doses of the Moderna vaccine will be manufactured starting this month. Despite being produced here, the vaccine is destined for overseas markets. But as Moderna struggles to fulfi

IndustrySept. 3, 2021