A Lotte company introduces ‘workcations,’ allowing remote work from Jeju hotel

Big data consulting firm Lotte Members said Wednesday that it has begun a “workcation” program for its staff this month, offering the opportunity to work from Jeju Island. Some 10 employees will work from one of the country’s most popular holiday destinations for a week during each round of the eight-round program. During the week, participants will only work Monday to Thursday between 8 a.m. and 3:30 p.m., the company said. For safety reasons, workers who are part of the pr

IndustryJune 23, 2021

KRX’s overseas ETFs boost trading of foreign securities

Responding to South Korean investors’ growing interest in direct trading of foreign securities, the nation‘s bourse operator Korea Exchange has listed a wide range of popular overseas exchange-traded funds as well as exchange-traded notes, according to the KRX Wednesday.  As of May this year, a total of 257 overseas exchange-traded funds and exchange-traded notes are listed on the KRX, officials said.  Local investors trading ETFs and ETNs listed on the KRX are not subjec

MarketJune 23, 2021

No. of S. Korean millionaires rises despite COVID-19: report

Despite the economic fallout of COVID-19, the number of South Korean millionaires sharply increased, largely due to an overheating phenomenon in asset markets following the government’s pandemic-era stimulus measures, a report showed Wednesday.  According to the “Global Wealth Report 2021,” released by Swiss banking giant Credit Suisse, the number of people with financial assets worth more than $1 million, or nearly 1.1 billion won, rose by 140,000 on-year to 1.05 million

EconomyJune 23, 2021

S. Korea’s financial assets in US hit record high in 2020

The value of South Korea’s financial assets in the United States hit a record-high last year, backed by local retail investors’ increased interest in the US stock market, central bank data showed Wednesday. As of end-2020, Asia’s fourth-largest economy’s outstanding financial assets invested in the US gained $114.8 billion on-year to $534.5 billion, preliminary data from the Bank of Korea showed. This marks both record-high total annual investment by South Korean entit

EconomyJune 23, 2021

Manufacturing sentiment drops for 3rd month in June: poll

South Korea's manufacturing confidence fell for the third straight month in June amid the prolonged coronavirus pandemic, a poll showed Wednesday. The Korea Institute for Industrial Economics & Trade (KIET) said its professional survey index (PSI) for the manufacturing sector's business conditions came to 123 for this month, down from 127 the previous month. Yet the country's PSI remained above the benchmark 100 for 13 months running since June last year. A PSI reading above 100 means opt

EconomyJune 23, 2021

Population mobility falls for 5th month in May

The number of South Koreans who moved to different residences in the country fell for the fifth straight month in May as housing transactions shrank, data showed Wednesday. The number of people who changed their residences fell 2.2 percent on-year to 557,000 last month, according to the data compiled by Statistics Korea. It marked the fifth consecutive month of decline after population mobility rose for the seventh month in December 2020 amid skyrocketing home prices. The decline was mainly a

EconomyJune 23, 2021

S. Korea to speed up efforts to cut greenhouse gas emissions from old ships

South Korea's oceans ministry said Wednesday it plans to speed up efforts to cut the emissions of greenhouse gases from older ships in line with new environmental regulations from an international body. Last week the International Maritime Organization (IMO) announced its plans to adopt tougher environment rules on ships built before 2013, according to the Ministry of Oceans and Fisheries. Previously, the restrictions on greenhouse gases from ships were applied to those built after January 201

IndustryJune 23, 2021

Another extra budget could reach some W30tr: finance minister

Another extra budget under review to support the pandemic-hit people may reach some 30 trillion won ($26.5 billion), the country's chief economic policymaker said Wednesday. The government is planning to create this year's second extra budget with excess tax revenue as it seeks to underpin an economic recovery and minimize the fallout of the pandemic. Finance Minister Hong Nam-ki told a parliamentary meeting that another extra budget would be below some 32 trillion won, which is roughly equal

EconomyJune 23, 2021

[Newsmaker] Regulator offers record rewards to person reporting steelmakers' price fixing

South Korea's antitrust regulator said Wednesday it has provided a record 1.75 billion won ($1.5 million) in rewards to a person who reported seven steelmakers' alleged price fixing. The Korea Fair Trade Commission (KFTC) decided in January to fine the country's No. 2 steelmaker Hyundai Steel Co., its smaller rival Dongkuk Steel Mill Co. and five other steelmakers a combined 300 billion won for colluding to fix the purchase price of steel scrap. The commission said it was able to take stern ac

EconomyJune 23, 2021

Seoul stocks open higher on Fed's reassuring comments

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street that stemmed from the Fed's comments that support its accommodative policy. The benchmark Korea Composite Stock Price Index (Kospi) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading. Stocks got off to a strong start, following Fed Chairman Jerome Powell's reassurance that the recent inflation rate has grown faster than expected but will likely stabilize. Overnight, the

MarketJune 23, 2021

Global chipmakers to break ground on 29 fabs by 2022: report

Chipmakers worldwide will break ground on 29 new semiconductor fabrication plants (fabs) by 2022, including two in South Korea, a report showed Wednesday, as they try to meet rising demand. Semiconductor firms will start the construction on 19 new high-volume fabs by the end of this year and another 10 in 2022, according to SEMI, a global industry association representing companies in the electronics design and manufacturing supply chain. "Equipment spending for these 29 fabs is expected

IndustryJune 23, 2021

S. Korea to chip in additional $2m to EBRD

South Korea said Wednesday it has agreed to additionally contribute $2 million to funds operated by the European Bank for Reconstruction and Development (EBRD) in a bid to boost cooperation with the lending body. The agreement was reached after Finance Minister Hong Nam-ki and EBRD President Odile Renaud-Basso held a virtual meeting Tuesday, according to Seoul's finance ministry. Under the agreement, South Korea will additionally contribute the money to two EBRD trust funds designed to support t

EconomyJune 23, 2021

Convenience store chain E-Mart24 to open 1st outlet in Malaysia

E-Mart24 Inc., the convenience store arm of South Korean retail giant Shinsegae, said Wednesday it will open its first store in Malaysia this week as part of its overseas push. The 257-square-meter outlet, located in an office district in the Malaysian capital of Kuala Lumpur, is slated to open Thursday, E-Mart24 said. E-Mart24 said it has signed a "master franchise" contract with local food and distribution investment firm United Frontiers Holdings (UFH) for its foray into the South

EconomyJune 23, 2021

S. Korea's carbonated water market grows 28.6% over 5 years

South Korea's market for carbonated water expanded nearly 29 percent over the past five years amid growing consumer interest in low-calorie drinks, a state food trade firm said Wednesday. The volume of carbonated bottled water in Asia's fourth-largest economy came to 24.3 million liters in 2020, up 28.6 percent from five years earlier, the Korea Agro-Fisheries & Food Trade Corp. said, citing a report from market researcher Euromonitor. Euromonitor has projected local sales of carbonated bo

EconomyJune 23, 2021

Samsung unveils 3 new 5G chips, one antenna radio

Samsung Electronics on Tuesday unveiled a set of innovative 5G solutions, three chips and one antenna radio, at its first virtual showcase event. Called “Samsung Networks: Redefined,” the show was streamed live from Seoul at 11 p.m., Korean time. It was the first event hosted by Samsung’s network business. The virtual event was held ahead of Mobile World Congress 2021, an offline event slated for June 28 in Barcelona, Spain. Last year’s congress was canceled due to th

TechnologyJune 22, 2021

Property developer picked as final bidder for Eastar

South Korean property developer Sung Jung Co. said Tuesday the court has selectedit as the final bidder to acquire financially troubled budget carrier Eastar Jet Co. The Seoul Bankruptcy Court accepted Eastar's plan to sign a contract with Sung Jung on Thursday, Eastar Chief Executive Kim You-sang said over the phone. Early on Tuesday, Sung Jung received contract documents from the bankruptcy court through the deal's lead manager Deloitte Anjin LLC to buy Eastar, the company's Chairman Hyoung

IndustryJune 22, 2021

Korea’s financial vulnerabilities highest since 2008 financial crisis: BOK

South Korea’s central bank said Monday that the country’s financial vulnerabilities had increased to their highest level since the 2008 financial crisis, calling for efforts to prevent a deepening of the financial imbalance caused by the heated real estate and digital asset markets. The nation’s financial vulnerability index climbed to 58.9 in the first three months of 2021, surpassing 41.9, the figure it reported in the fourth quarter of 2019, before COVID-19 hit the country

EconomyJune 22, 2021

[Herald Interview] Cleaning startup Miso aims to be ‘Amazon of services’

Around 5 a.m. in Seoul, when most of the city is still asleep, it’s not difficult to see backpack-toting men in their 50s and 60s waiting in long lines outside staffing agencies, wondering if there are any day jobs available for them. For their female counterparts, or ajumma as Koreans would call them, the situation is slightly better but not very different. “Cleaners who were working in this industry before … like at 6 a.m., they go to the employee referral agencies, th

IndustryJune 22, 2021

South Korea excluded from MSCI World Index again

South Korea’s entry to the Morgan Stanley Capital Investment World Index fell through again, casting a cloud over its market ambition to gain global status and further expansion, reports said Tuesday. US finance firm MSCI decided to stay put with Korea’s listing as an emerging market in its regular meeting held on June 10. Asia’s fourth-largest economy has kept its position in the MSCI EM Index since 2014, as it has failed to overcome certain hurdles. Although Korea ranked No

MarketJune 22, 2021

Over 70% of Korean millennials, Gen Z say wealth distributed inequally

More than 70 percent of millennials and Generation Z in South Korea believe that wealth and income is distributed unequally throughout society, a survey showed Tuesday. The study released by Deloitte Anjin showed that some 73 percent of millennials and 76 percent of Gen Z in Korea recognized wealth and income inequality as a major concern. This surpasses the 69 percent and 66 percent response from global millennials and Gen Z, respectively, towards the same issue. While millennials and Gen Z

EconomyJune 22, 2021