S. Korean shipbuilders' new orders spike over 7 times, achieve over half of order targets in H1

South Korean shipbuilders saw their new orders rise over sevenfold in the first half of the year from a year ago, and they have achieved more than half of their annual order targets for the year, industrial data showed Tuesday. During the January-June period, Korean shipbuilders bagged new orders totaling a combined 10.47 million compensated gross tons (CGTs), up more than seven times compared with 1.35 million CGTs the previous year, according to data provided by global market researcher Clark

IndustryJuly 6, 2021

S. Korea faces increasing ransomware attacks this year

South Korea's ICT ministry said Tuesday the country reported 78 ransomware attacks in the first half of the year in the latest sign of growing cyberattacks. Ransomware is a type of malware that holds a target's data hostage or locks up its systems until a ransom is paid. It is not immediately clear whether the targeted companies paid ransoms to hackers in return for restoring access to their data. The latest figure represents a rising trend, compared with 22 in 2018, 39 in 2019 and 127 cases

TechnologyJuly 6, 2021

S. Korea set to cut maximum legal lending rate

South Korea will lower the maximum interest rate this week as part of efforts to ease financial burdens on low-income people, the financial regulator said Tuesday. The maximum legal interest rate that private lenders can charge will be cut to 20 percent from the current 24 percent Wednesday, according to the Financial Services Commission. It will mark the second cut in the maximum legal interest rate in three years. In 2018, the government cut the lending rate ceiling to 24 percent from 27.9 p

EconomyJuly 6, 2021

No. of fake banknotes dips to record low in H1 amid pandemic

The number of counterfeit South Korean banknotes dropped to a new record low in the first half as the COVID-19 pandemic accelerated the decline of cash use, the Bank of Korea (BOK) said Tuesday. In the January-June period, the number of fake banknotes found here came to 38, down from 161 a year earlier and marking the lowest since the BOK began releasing such data in 2000. By denomination, 5,000-won counterfeit bills accounted for more than half of all counterfeit bills found here, with 22 bil

EconomyJuly 6, 2021

Online shopping hits record high in May amid contactless trend

Online shopping in South Korea hit a record high in May as more people used e-commerce shopping platforms amid the pandemic-induced contactless trend, data showed Tuesday. The value of online shopping transactions stood at 16.1 trillion won ($14 billion) in May, up 26 percent from a year earlier, according to the data from Statistics Korea. The May reading marked the largest since November 2001, when the statistics agency began compiling related data. Amid an economic recovery and a non-conta

EconomyJuly 6, 2021

80 listed firms change their names in H1

A total of 80 listed companies in South Korea changed names in the first half of the year largely as part of efforts to burnish their corporate image, data showed Tuesday. Twenty-seven companies listed on the main Kospi market renamed themselves in the January-June period, with 53 firms registered with the tech-laden Kosdaq market changing names, according to the data from the Korea Securities Depository. The total number was up 45.5 percent, or 25 corporations, from the same period a year ear

MarketJuly 6, 2021

Joseon-era govt. office, palace rituals to be reborn through AR, VR technology

The Seoul metropolitan government said Tuesday it is developing augmented reality (AR) and virtual reality (VR) platforms to enable the public to virtually experience a government office and historical palace rituals from the Joseon Dynasty (1392-1910). The city government will develop the platforms in partnership with the Cultural Heritage Administration, Woomi Construction Corp. and Cheil Worldwide Inc. under an agreement signed Tuesday, and unveil them to the public next year. The project w

TechnologyJuly 6, 2021

Exports of farm goods hit all-time high in H1

SEJONG -- South Korea's exports of agricultural products shot up to set a new record in the first six months of 2021, data showed Tuesday, on the back of stronger global demand for healthier foodstuffs amid the new coronavirus pandemic. Outbound shipments of such goods in the January-June period came to $4.15 billion, up 15.4 percent from a year earlier, according to the data compiled by the Ministry of Agriculture, Food, and Rural Affairs. Exports of fresh products advanced 11.4 percent over

EconomyJuly 6, 2021

LG Electronics to expand cloud-based call centers

LG Electronics Inc. said Tuesday it will expand cloud-based call centers to offer better customer care services and protect its workers from the novel coronavirus outbreak. With its recently launch of cloud-based call centers in the United States, LG said they will be also available in 10 more countries, including Brazil, France, Vietnam and South Korea, by the end of this year. Cloud-based call centers allow employees to work wherever internet is connected, which will promote a work-from-home

IndustryJuly 6, 2021

[Graphic News] Nearly 80% of S. Korean consumers increase online shopping amid pandemic

　Nearly 8 out of 10 South Korean consumers have increased their online shopping during the coronavirus pandemic, a poll showed. 　The survey of 1,000 local consumers, taken by the Korea Chamber of Commerce and Industry, showed 78.4 percent of the respondents saying their online purchases have risen since the outbreak of COVID-19. 　About 71 percent of them said they have purchased more foodstuffs and beverages online, followed by dining out and other food services, kitchen and daily goods an

BusinessJuly 6, 2021

Hyundai's Genesis vehicle sales jump 33% in H1

Hyundai Motor Co. said Tuesday its independent brand Genesis' domestic vehicle sales jumped 33 percent in the first half compared to a year earlier amid tougher competition with imported brands and the COVID-19 pandemic. Hyundai sold 72,710 Genesis vehicles from January to June, up from 48,886 units a year earlier, the company's sales data showed. Genesis models accounted for 19 percent of Hyundai's domestic sales of 386,095 units in the first six months of this year. On the overseas front, t

IndustryJuly 6, 2021

Seoul stocks open higher on tech, auto gains

South Korean stocks opened higher Tuesday amid strong advances by large tech and auto caps. The benchmark Korea Composite Stock Price Index (Kospi) rose 11.06 points, or 0.34 percent, to trade at 3,304.22 in the first 15 minutes of trading. Stocks got off to a solid start on expectations of improved corporate earnings. Samsung Electronics and LG Electronics are scheduled to report their quarterly earnings guidance Wednesday. Market kingpin Samsung Electronics rose 0.5 percent, and LG Electro

MarketJuly 6, 2021

LG looking to beef up relationship with Apple after mobile biz exit

LG Group, South Korea's fourth-largest conglomerate, is apparently looking to beef up its business relationship with Apple Inc., industry insiders said Tuesday, amid rumors that its electronics affiliate may sell the US tech titan's products at its retail shops. LG recently held a special promotion for iPhones, iPads and other Apple products on Lifecare, its online shopping mall for group employees, according to the sources. This was reportedly the first time that the group offered mobile devic

IndustryJuly 6, 2021

S. Korean retailer confidence improves for Q3

A majority of South Korean retailers expect their business conditions to improve further in the third quarter of 2021 than three months earlier as more people get vaccinated against the new coronavirus, a poll showed Tuesday. The Korean Chamber of Commerce and Industry said its retail business survey index (RBSI) stood at 106 for the July-September period, up from 103 three months earlier. It marks the second consecutive quarter that the country's RBSI has remained above par. In the second qua

EconomyJuly 6, 2021

Samsung Display, union reach wage agreement

The labor union of Samsung Display has reached a wage agreement with management and will end its two-week partial strike soon, union officials said Monday. Six union representatives went on strike on June 21, demanding a 6.8 percent hike in base pay, in the first-ever walkout at the world's largest mobile display maker. In the latest negotiation, the union withdrew its demand and accepted the company's proposal of a 4.5 percent raise, and the agreement was approved by 83 percent of its members

IndustryJuly 5, 2021

S. Korea, Israel to speed up joint R&D projects

South Korea and Israel said Monday they plan to speed up joint research and development projects to cope with the changing business environment amid the COVID-19 pandemic. The announcement came after the two countries announced earlier this year that they will increase contributions to the Korea-Israel Industrial R&D Foundation. The foundation kicked off in 2001 to promote bilateral technology exchanges. In May, South Korea and Israel vowed to each disburse $4 million annually for the foun

TechnologyJuly 5, 2021

Tesla, Apple, AMC most bought foreign stocks among Koreans in H1

Tesla, Apple and AMC Entertainment were the most-bought foreign stocks among South Koreans in the first half of the year, data showed Monday. US electric vehicle maker Tesla drew buy orders of $9.6 billion from Korea-domiciled investors during the January-June period, topping the list of the most actively traded foreign stocks, according to data from the Korea Securities Depository. The same stocks worth $7.9 billion were sold by Korean traders over the cited period. Korean investors‘ p

MarketJuly 5, 2021

Koreans still prefer real estate investment: data

South Koreans’ preference for nonfinancial assets such as real estate is still high compared to other major economies, but their investment in stocks has increased during the pandemic, data showed Monday. As of end-2019, the proportion of financial assets in the wealth of Koreans was 35.6 percent, significantly lower than those in the US (71.9 percent), Japan (62.1 percent), UK (54.8 percent) and Australia (43 percent), according to data compiled by Korea Financial Investment Association.

MarketJuly 5, 2021

[Behind the Wheel] With K9, Kia makes driving luxury

Kia’s premium flagship sedan K9 has returned with a major technological change, showing off how driving assistance can really make a difference behind the wheel. Often called the “car for CEOs,” the most luxurious model from Kia showed a solid performance, selling 10,878 units in 2019. But its sales dwindled to 7,831 units in 2020 as competition for the title intensified with vehicles from Genesis, the premium automotive brand of Hyundai Motor Group, namely the G80 and G90.

MobilityJuly 5, 2021

Samsung partners with Hanwha Q Cells for zero energy homes

Samsung Electronics said Monday it had joined hands with South Korea’s leading solar cell and module maker Hanwha Q Cells to tap the home energy solution market. According to the companies, the partnership seeks to create “zero energy homes,” that are self-sufficient for energy. While Hanwha Q Cells’ solar power modules and energy storage system would allow homeowners to produce and store electricity, Samsung Electronics’ SmartThings Energy service, an open Inte

IndustryJuly 5, 2021