Number of new companies drops 9.8% in H1

The number of newly established companies in South Korea declined nearly 10 percent in the first half of the year due to a one-off factor, government data showed Monday. A total of 730,260 new businesses were set up in the January-June period, down 9.8 percent from a year earlier, according to the data from the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups. The ministry attributed the drop to a base effect. A year earlier, there was a sharp increase in the number of real e

IndustryAug. 30, 2021

S. Korea's combined area of rice paddies up 0.8% in 2021

South Korea's combined area of rice paddies moved up 0.8 percent on-year in 2021, data showed Monday, with the country expected to maintain a stable supply of the staple grain despite heavy rains. The combined size of rice paddies is estimated at 732,000 hectares -- slightly more than half the size of the US state of Connecticut -- compared with 726,000 hectares last year, according to the Ministry of Agriculture, Food and Rural Affairs. The producer price of rice per 20 kilograms came to 55,3

EconomyAug. 30, 2021

Overseas card spending jumps 80 pct in Q2 as lockdown eases

South Koreans' overseas card spending jumped 80 percent on-year in the second quarter as many nations eased lockdown rules following the COVID-19 pandemic, central bank data showed Monday. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, totaled $3.37 billion in the April-June period, compared with $1.87 billion for the same period last year, according to the data from the Bank of Korea (BOK). Compared with three months earlier, overseas card sp

EconomyAug. 30, 2021

S. Korea's lunar orbiter on track for launch next year

South Korea's science ministry said Monday the country's first lunar exploration mission is on track for launch in August next year after it strengthened ties with the United States earlier this year in space exploration. South Korea aims to conduct a yearlong mission to observe the moon through an orbiting spacecraft, with hopes of securing technologies for future space exploration missions. The Ministry of Science and ICT said it has completed rigging a high-precision camera, developed by th

TechnologyAug. 30, 2021

S. Korea kicks off 7th round of free trade talks with Mercosur

South Korea said Monday it has launched a new round of negotiations to clinch a free trade agreement with Mercosur, South America's leading trading bloc, as it aims to further expand its export portfolio. Asia's fourth-largest economy and Mercosur began a five-day virtual meeting that will run through Friday, according to the Ministry of Trade, Industry and Energy. Mercosur -- made up of Brazil, Argentina, Paraguay and Uruguay -- accounts for around 70 percent of the population in South Ameri

EconomyAug. 30, 2021

S. Korea to dole out cash handouts to ordinary people next week

South Korea said Monday it will begin providing emergency relief funds to people in the bottom 88 percent income bracket next week in the latest move to help them cope with the fallout from the pandemic. The government will begin to provide up to 250,000 won ($215) per recipient on Sept. 6 as part of an 11 trillion-won cash handout program, according to the interior and finance ministries. The money must be spent by end-December. In July, the country drew up an extra budget of 34.9 trillion wo

EconomyAug. 30, 2021

Wine imports hit new high in 2020 amid pandemic

South Korea's wine imports hit a fresh high in 2020 as more people enjoyed drinking at home and alone due to the coronavirus pandemic, data showed Monday. Asia's fourth-largest economy imported $330 million worth of wine last year, up 27.3 percent from a year earlier, according to the data by the Korea Customs Service. It was an all-time high, and wine imports exceeded those of beer, which sank 19.2 percent on-year to $227 million. The customs office said wine imports soared last year as peop

IndustryAug. 30, 2021

S. Korea to set aside W6.3tr in 2022 budget for new industries

South Korea will increase its spending on chips, bio-health and next-generation vehicles by 43 percent next year as the country seeks to nurture new industries, the country's finance minister said Monday. Finance Minister Hong Nam-ki said the government will earmark 6.3 trillion won ($5.4 billion) to support the three key industries in its 2022 budget proposal. The country has set the non-memory chip, bio-health and next-generation vehicle sectors as the "BIG 3" industries where it s

IndustryAug. 30, 2021

Seoul stocks open higher on US Fed's cautious stance

South Korean stocks opened higher Monday as investors are relieved by the US Federal Reserve's cautious stance about withdrawing its ultra-easing monetary policy. The benchmark Korea Composite Stock Price Index (Kospi) rose 16.7 points, or 0.53 percent, to trade at 3,150.6 points in the first 15 minutes of trading. The Kospi advanced, following Fed Chairman Jerome Powell's Friday address that the Fed could begin tapering its asset purchases this year, but that the move should be made separatel

MarketAug. 30, 2021

S. Korean firms faced with 'triple whammy': survey

South Korean firms are suffering from the triple whammy of rising raw material costs, a coronavirus resurgence and an interest rate hike, a poll showed Monday. The survey of 310 large and smaller companies, taken by the Korea Chamber of Commerce and Industry (KCCI), showed that 81.6 percent of the respondents to the poll, in which multiple choices were possible, cited an increase in raw material prices as their top concern. The resurgence of COVID-19 infections came next with 80.6 percent, fol

EconomyAug. 30, 2021

[Behind the Wheel] Kia EV6 aims to rule road with ‘tiger-like’ performance

Kia has rolled out its first all-electric vehicle, the EV6, racking up over 30,000 preorders. From the appearance alone, the compact sport utility vehicle’s exuberant presence could be felt from its sleek and aggressive exterior design with the “Digital Tiger Face” front. On the road, the vehicle showed off a performance that goes well beyond the favorable first impression, reminiscent of a sports car. The Korea Herald had the opportunity to get behind the wheel of the Kia

MobilityAug. 30, 2021

Does central bank’s rate hike signal end to ‘bittoo’ era?

The central bank’s rate hike last week may signal an end to Korean investors borrowing heavily to invest -- and may even put retail stock investors at greater risk, according to market analysts Sunday. The trend, known as “bittoo” in Korean -- from the “bit” meaning debt and “tooja” meaning investment -- has created sustained, rapid growth in the value of assets. But there are signs that this may be softening. According to market researcher Infomax, th

EconomyAug. 29, 2021

[News Focus] W3.9tr wiped off NCSoft market cap in two days. What went wrong?

Back in February, NCSoft CEO Kim Taek-jin drummed up anticipation for its then upcoming new game, Blade & Soul 2, saying it would provide users a “pinnacle of action” and a “completely new experience.” But things have been a far cry from what the executive had promised. On Friday, a day after the big release, the firm apologized for “causing concern” with the new title. On the stock market, disappointment helped wipe some 3.9 trillion won ($3.36 bil

IndustryAug. 29, 2021

Posco, four others join forces for liquid CO2 tanker

South Korean steelmaker Posco has forged a five-way partnership encompassing shipbuilders and ship registries to develop a liquid carbon dioxide carrier tanker, as part of its bid to gain an upper hand in the global transition to a net-zero economy, the firm said Sunday. Its four partners are Hyundai Mipo Dockyard, Korea Shipbuilding & Offshore Engineering, Lloyd’s Register Asia and Liberian International Ship & Corporate Registry.  According to the agreement, signed Frida

IndustryAug. 29, 2021

[Newsmaker] Opposition lawmakers warn of conflict of interest involving FSC nominee

Despite the Parliament’s approval of the nomination of the Financial Services Commission’s new chairman on Friday, concerns remain over his familial ties with the chairman of Korea Investment Holdings, the parent group of a major South Korean brokerage firm. The FSC chief nominee, Koh Seung-beom, is the brother-in-law of Kim Nam-goo, chairman and CEO of Korea Investment Holdings, which controls Korea Investment & Securities, the nation’s second-largest securities company

EconomyAug. 29, 2021

Government to bring back cashback scheme for food delivery service amid fourth wave

The government is set to bring back its cashback scheme for food delivery services next month to soften the blow from the fourth wave of COVID-19. Consumers will receive 10,000 won ($8.60) back for every four orders made on delivery apps worth 20,000 won each, according to the Ministry of Economy and Finance on Sunday. The scheme is expected to take effect sometime before the Chuseok holiday next month to help boost spending in the hospitality industry. With some 20 billion won set aside for

ConsumerAug. 29, 2021

Ssangyong Motor to speed up process of seeking new buyer

Troubled automaker SsangYong Motor is speeding up the process of finding a new buyer after undergoing preliminary due diligence. The Korean arm of Indian automaker Mahindra & Mahindra plans on receiving acquisition proposals until mid-September from potential buyers, according to industry sources Sunday, with a preferred bidder set to be chosen based on the acquisition price and business plan. A total of 11 investors from home and abroad have submitted letters of intent to take part in the

MobilityAug. 29, 2021

Coway adds aesthetic touch to electric dehumidifiers

Amid the prolonged COVID-19 pandemic, consumers’ interest in what makes their home a more pleasant place to be has grown. This has certainly affected the home appliance market. Before, devices like electric dehumidifiers were not something people sought aesthetic satisfaction in. Yet, in this era, they need to change. Coway’s recently launched Noble Dehumidifier AD-1221E is a new addition to the ranks of premium appliances, with design elements more commonly found in luxury furnit

TechnologyAug. 29, 2021