Exports up 14.1% in first 10 days of July

South Korea's exports rose 14.1 percent on-year in the first 10 days of July on the back of robust demand for chips, autos and petroleum products, customs data showed Monday. The country's outbound shipments stood at $15.1 billion in the July 1-10 period, compared with $13.2 billion a year earlier, according to the data from the Korea Customs Service. The country's exports are set to extend their gains to the ninth straight month in July if the current pace continues. Overseas shipments, which

EconomyJuly 12, 2021

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Monday as investors sought to buy oversold stocks after the benchmark index took a breather the previous session. The benchmark Korea Composite Stock Price Index (Kospi) rose 22.86 points, or 0.71 percent, to 3,240.81 points in the first 15 minutes of trading. Stocks came to a strong start after the Kospi retreated 2.64 percent in the past three sessions amid rising concerns over the fourth wave of the pandemic in the country. Market kingpin Samsung Electroni

MarketJuly 12, 2021

Finance chief opposes increasing extra budget

Finance Minister Hong Nam-ki has said it is not easy for the government to increase the size of an extra budget currently under review at parliament as politicians made the request amid the fourth wave of the pandemic. In late June, the government proposed an extra budget of 33 trillion won ($28.7 billion) to fund another round of COVID-19 aid packages for people in the bottom 80 percent income bracket and small merchants hit hard by the pandemic. But politicians raised the need to increase th

EconomyJuly 12, 2021

Imported EV sales jump 65% in H1 amid pandemic

Imported electric vehicle sales jumped 65 percent in the first half compared with a year earlier despite an extended COVID-19 pandemic, industry data showed Monday. From January to June, the number of imported EV registrations jumped to 14,295 units from 8,681 in the year-ago period, according to the Korea Automobile Importers and Distributors Association and Carisyou Data Lab. Imported EVs accounted for 54 percent of the country's overall EV sales of 26,632 units in the first six months, the

EconomyJuly 12, 2021

Foreigners remain net sellers of S. Korean stocks in June

Foreign investors unloaded about 500 billion won ($436 million) worth of South Korean stocks in June to remain net sellers for the second consecutive month, data showed Monday. Offshore investors' net selling of local stocks came to 499 billion won last month, according to the data from the Financial Supervisory Service. As of end-June, foreign investors held 842.3 trillion won worth of local listed stocks, accounting for 29.9 percent of the stock market capitalization. The data also showed f

EconomyJuly 12, 2021

Market Kurly opts for Korean market for IPO

Korean fresh food delivery platform Market Kurly has changed the venue for its planned public debut from the US to the Korean market, as recently relaxed listing regulations and market conditions now give them firm reasons to stay home. After exploring options of floating its shares in the US or at home, Market Kurly decided to go for the Korean stock market, it said Friday. “We appreciate domestic customers, producers and suppliers and would like to share the success of the company,&

MarketJuly 12, 2021

Kakao to introduce paid memberships for taxi drivers with good ratings

Kakao Mobility, the firm behind South Korea’s leading taxi-hailing service, Kakao T, announced Sunday that the company would allow drivers with good ratings from passengers to enjoy a better chance of getting booked. New contract terms will apply to taxi drivers who newly subscribe to Pro Membership, a paid membership program designed to help them pick up more passengers. Under the new terms, Kakao Mobility may deny membership to drivers with low ratings or boot existing subscribers if

TechnologyJuly 11, 2021

[Life, Unprepared] Baby boomers, without pension, turn to low-wage jobs

This is the third installment of a series of articles investigating financial activities of seniors during rapid digitalization of the finance industry. -- Ed. Shin Young-sam, a 59-year-old retiree, remembers days at the office working in a tie and suit -- and the glamorous dinners he hosted with clients and colleagues. Leaving his work last year, he now carries a square-shaped backpack and walks around his neighborhood in Yongin, Gyeonggi Province, for his new job -- picking up lunch from r

EconomyJuly 11, 2021

[Feature] Spent batteries could be the next plastics

If batteries end up in landfills, it defeats the purpose of buying electric vehicles for the sake of the environment, which is why battery recycling is getting so much attention. But establishing a circular economy for spent electric vehicle batteries is not an easy task and can’t be compared with doing so for plastic bottles. Due to their complex structures, disassembly can only be done manually, entailing high labor costs and serious safety risks. Inside an EV, battery parts fit to

IndustryJuly 11, 2021

S. Korea proposes to tax 20% of excess profits from multinationals

South Korea’s finance chief said Sunday he had proposed to set tax rates on excess profits of big multinationals at 20 percent in a discussion with his G-20 counterparts over the latest global tax reform. 　 Global financial leaders have reached a consensus on imposing taxes on companies with rates between 20 percent and 30 percent of the profit they generate in different countries beyond a 10 percent baseline. Finance Minister and Deputy Prime Minister Hong Nam-ki pitched the lowest 20 p

EconomyJuly 11, 2021

Korean Air’s plan for integrated airline with Asiana to cost W600b

Korean Air’s plan to launch an integrated airline after acquiring its long-term rival Asiana Airlines will cost an additional 600 billion won ($524 million), new data revealed on Sunday. According to data obtained by lawmaker Park Sang-hyuk, the airline will have to foot a total bill of around 2.4 trillion won for the acquisition and the post-merger integration process, which will take place over a period of two years. The plan will see Korean Air integrate its booking and ticketing sys

MobilityJuly 11, 2021

President’s New Deal fund picks draw over 5% return in 6 months

President Moon Jae-in has invested 50 million won ($43,700) into major funds intended to support the government’s New Deal project since January this year. About six months later, the funds have drawn more than a 5 percent average return combined, data showed Sunday. According to financial market tracker FN Guide, the five New Deal funds operated by local asset management firms have generated a 5.26 percent return on average as of Thursday. The president, who made his investment on Jan. 1

MarketJuly 11, 2021

S. Korean shipbuilders' orders hit 13-year high in H1

New orders won by South Korean shipbuilders hit a 13-year high in the first half of the year amid signs of a modest recovery in global trade from the COVID-19 pandemic, data showed Sunday. Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders worth $26.7 billion that amounted to 10.88 million compensated gross tons (CGTs) in the January-June, according to the data provided by the Ministry of Trade, Industry and Energy. Compared with a year ago, new orders skyrocketed 724 per

EconomyJuly 11, 2021

S. Korea's manufacturing sentiment hits 2-yr high: KIET

South Korean manufacturers' business sentiment soared to a two-year high, largely buoyed by optimism about a fast rebound of the tech industry, data showed Sunday. The business survey index (BSI), compiled based on a survey of 1,034 manufacturers, showed an overall market forecast of 97 for the April-June period, the Korea Institute for Industrial Economics and Trade (KIET) said. The corresponding number for sales stood at 100. A BSI larger than 100 means that optimists outnumber pessimists.

EconomyJuly 11, 2021

Foreign pilots allege mistreatment by Korean Air during pandemic

Foreign pilots have accused Korean Air of mistreating them ever since the pandemic began early last year and forcing them to leave their belongings behind in South Korea. A former B777 captain at the airline, who wished to stay anonymous, told The Korea Herald he had been placed on unpaid leave for the last 16 months and kept in the dark about his future, while his Korean colleagues had been given the choice to go on paid leave. “They obliged us, in the real sense of the word, to sign th

MobilityJuly 11, 2021

SsangYong Motor to sell plant site in rehabilitation efforts

SsangYong Motor, a debt-ridden automaker, decided to sell the site of its plant in Pyeongtaek as part of self-rescue efforts, the local government said Saturday.    The company has been under court receivership since April, as its Indian parent, Mahindra & Mahindra, failed to secure a buyer for its 75 percent stake in the automaker.    The city government of Pyeongtaek, 70 kilometers south of Seoul, said it has signed a memorandum of understanding with the court-appoin

MobilityJuly 10, 2021

Finance chiefs of South Korea, US hold talks on sidelines of G-20 meeting

Top economic policymakers of South Korea and the United States have held talks over bilateral economic cooperation and global issues, the finance ministry said Saturday.    Finance Minister Hong Nam-ki and Treasury Secretary Janet Yellen held the meeting in Venice, Italy, on Friday (local time) on the sidelines of the Group of 20 (G-20) meeting of top finance and economic officials, according to the Ministry of Economy and Finance.    They shared the need for efforts to sw

EconomyJuly 10, 2021

Seoul stocks likely to face volatility next week on virus woes

South Korean stocks are likely to face increased volatility next week as hopes for strong corporate earnings square off against escalating virus woes.    The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,217.95 points on Friday, down 1.94 percent from a week ago.    The key stock index started this week with gains, thanks to upbeat outlook for corporate earnings in the April-June period.    But stock prices plunged in the last three sessions,

MarketJuly 10, 2021

Biz lobbies cry foul over ‘workplace disaster law’

Major business lobbies in South Korea on Friday expressed concern over a new law that would allow CEOs to be punished, even by imprisonment, for serious workplace disasters. The Korea Employers Federation called the law ambiguous, saying it would have a negative impact on companies already burdened by the prolonged COVID-19 pandemic when it takes effect early next year. “A large part of the law, including the scope of a CEO’s legal responsibility, is still ambiguous and unclear, l

IndustryJuly 9, 2021

Remote work returns at firms as Korea braces for worst-ever COVID-19 wave

Large corporations in South Korea are returning to full-blown pandemic mode, ordering employees to work remotely as the country braces for the fourth, and so far worst, wave of COVID-19 to hit. The government announced the strictest Level 4 distancing rules for Seoul and its surrounding areas to take effect from Monday, including a ban on gatherings of three or more persons after 6 p.m. and all schools moving online. The measure came after the country’s daily COVID-19 caseload rose to a

IndustryJuly 9, 2021