Virtual golf booms while crowded driving ranges suffer due to COVID-19

Despite the prolonged COVID-19 pandemic and social distancing rules in place, some indoor golf facilities featuring simulators and golf courses have been enjoying increased popularity, thanks largely to their relatively less crowded environments, a report said Sunday.  According to the report published by research firm KB Financial Group Research Institute, Golfzon, the nation’s leading virtual golf simulator company, saw its total sales increase more than 20 percent on-year in 202

MarketJune 6, 2021

Samsung develops ‘stretchable displays’ that stick to skin and monitor health

Samsung Electronics has developed stretchable OLED displays that can stick to skin like rubber bands and monitor the wearer’s heartbeat, it said Sunday. According to the South Korean tech giant, researchers at its in-house R&D unit Samsung Advanced Institute of Technology have successfully melded a stretchable organic light-emitting diode display with a photoplethysmography sensor into a single device to measure and display the user’s heart rate in real time. “The str

TechnologyJune 6, 2021

Retail giants in last-minute preparations on eve of bidding for eBay Korea

Big-name bidders are believed to be carefully weighing how much to offer on the eve of bidding for eBay Korea, South Korea's no. 3 retail behemoth, as the deal is expected to bring a seismic change to the local retail industry, industry sources said Sunday. Most of the preliminary bidders are expected to attend the bidding Monday, including South Korea's No. 1 mobile carrier, SK Telecom Co.; retail giant Lotte Group, discount store franchise E-Mart; and MBK Partners, private equity firm and la

IndustryJune 6, 2021

Apartment prices in greater Seoul grow over 1% for 5th month in May: data

Apartment prices in Seoul and its adjacent areas grew more than 1 percent for the fifth straight month in May despite the government's efforts to stabilize skyrocketing home prices, data showed Sunday. Housing prices in greater Seoul grew 1.21 percent in May from the previous month, compared with a 1.33 percent gain in April, according to data from the Korea Real Estate Board. Since January, the growth of apartment prices in Seoul, Gyeonggi Province and Incheon, 40 kilometers west of the capit

EconomyJune 6, 2021

S. Korea may collect some W32tr in excess tax revenue this year

South Korea may collect around 32 trillion won ($28.6 billion) in excess tax revenue this year, potentially securing ammunition to finance another round of an extra budget under review, government sources said Sunday. Finance Minister Hong Nam-ki said Friday the government is considering creating this year's second extra budget with a larger-than-expected tax revenue in a bid to underpin an economic recovery and support vulnerable groups hit hard by the pandemic. The country is estimated to co

EconomyJune 6, 2021

Seoul stocks likely to maintain upward momentum next week on vaccination, recovery hope

South Korean stocks are likely to extend gains next week on sustained recovery hope and the accelerating inoculation drive here. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,240.08 points Friday, up 1.61 percent from a week ago. Stocks advanced this week as improved economic data at home and abroad further enhanced hopes for a quicker-than-expected recovery. In May, South Korea's exports jumped 45.6 percent on-year to extend their gains to a seventh consecutive month, a

EconomyJune 5, 2021

Ourhome proxy battle ends in younger sister’s victory

Ourhome, the catering unit of LG Group, put an end to a yearslong management dispute as younger siblings of the owner family united to remove the elder and only son as CEO. Shareholders and board members of the food service operator on Friday passed the motion to dismiss CEO Koo Bon-sung from his top post in a meeting, after he became involved in a scandal and as the company‘s business took a hit. The board named Koo Ji-eun, the youngest sibling of the four, as the new CEO. Koo was pr

IndustryJune 4, 2021

S. Korea tops in chip equipment investment volume: report

South Korea injected the most in investments for purchasing semiconductor equipment during the first quarter this year, market data showed Friday. According to the latest report from Semiconductor Equipment and Materials International, the combined investment for semiconductor equipment across the world during the first quarter reached $23.5 billion, up 51 percent on-year. Under the lead of top market players such as Samsung Electronics and SK hynix, South Korea accounted for around 31 percen

TechnologyJune 4, 2021

Citibank Korea’s retail biz sell-off faces rocky road

Multiple financial companies have expressed interest in acquiring Citibank Korea’s retail business by submitting letters of intent, but they have taken a negative stance toward retaining all employees, the lender recently said. It has also put a complete pull-out of its retail business “in phases” as a viable option on the table as well, hinting that it would rather pursue an exit than carry out a subpar deal. In an email sent to reporters, Citibank Korea said its “e

MarketJune 4, 2021

Samsung's share in SSD market to jump in Q3, backed by increasing chip prices

Samsung Electronics is expected to enjoy price increases of solid-state drives in the forthcoming months, due to robust demand from data center providers, market data showed Friday. According to the latest report from Taiwan-based market researcher TrendForce, contract prices of enterprise SSDs for the third quarter this year are expected to jump 10-15 percent on-quarter. The report attributed the price hike to the cloud service providers in the North American region that have recently been

TechnologyJune 4, 2021

Seoul stocks snap 5-day winning streak on profit-taking

South Korean stocks snapped a five-day winning streak Friday, as investors took to the sidelines to lock in gains amid increased valuation pressure. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 7.35 points, or 0.23 percent, to close at 3,240.08 points. Trading volume was moderate at about 1.4 billion shares worth some 15.8 trillion won ($14.2 billion), with losers outnumbering gainers 483 to 371. Foreigners bought a net 162 billi

MarketJune 4, 2021

Korea Investment’s ESG fixed income fund raises W1.5tr

Korea Investment Management, the fund operating unit of Korea Investment Holdings, said Friday that its fixed income fund dedicated to environmental, social and governance-related investments has surpassed 1.5 trillion won ($1.34 billion) by the size of assets it manages. The size of the product, dubbed KIM Credit Focus Feeder ESG Bond 1, has rapidly increased, backed by investors’ appetite for stable profits amid possible changes in interest rates, the company said. The amount of assets

MarketJune 4, 2021

Woori Financial picks 17 startups to join its startup incubator

Woori Financial Group said Friday it selected 17 companies to join its startup incubation program, beefing up its effort to find new partners and accelerate digital transformation. Established in 2019, “Dinno Lab” -- an abbreviation for “digital innovation lab” -- is a training program provided by the banking group to nurture tech startups. From among 274 applications for this year’s program, startups from seven sectors, including ecommerce, blockchain, artificia

MarketJune 4, 2021

Samsung Electro-Mechanics’ Busan plant certified for zero waste

Samsung Electro-Mechanics, an electronic part manufacturing affiliate of Samsung Electronics, said Friday the company’s Busan plant has received international certification for its efforts to minimize industrial waste. Underwriters Laboratory, a global safety certification institution, has validated the Samsung affiliate’s Busan plant that manufactures key components including multilayer ceramic capacitors with a gold grade for its efforts to reduce landfill waste. Underwriters

TechnologyJune 4, 2021

Samsung to hold 1st online show to present network solutions

Samsung Electronics said Friday that it has sent out official invitations to global media and business partners across the world for the upcoming online event to present its network business to a global audience. Entitled “Unleashing the Full Power of 5G,” the show slated for June 22 is the first public event to showcase Samsung’s network solutions. President Jeon Kyung-hoon, Samsung’s network business head, is expected to appear on the stage to introduce a lineup o

TechnologyJune 4, 2021

S. Korea considers another extra budget without debt sale: finance minister

South Korea's chief economic policymaker said Friday the government is reviewing another extra budget with larger tax revenue in a bid to help support vulnerable people hit hard by the pandemic. Minister Hong Nam-ki said the country will not sell more government bonds to finance the extra budget as it is expected to collect more tax revenue this year amid an economic recovery. "The government will focus its policy efforts on helping restore the job market and achieve an inclusive growth,&

EconomyJune 4, 2021

Enterprise SSD prices to rise over 10 pct in Q3, boding well for Samsung: report

Prices of enterprise solid state drives (SSDs) are likely to increase sharply in the third quarter of the year due to robust demand from server companies, a report showed Friday, boding well for top memory chip producer Samsung Electronics Co. Contract prices of enterprise SSDs for the July-September period are expected to go up 10-15 percent from the previous quarter, according to the latest report from market researcher TrendForce, which revised its previous forecast of a 5-10 percent increa

IndustryJune 4, 2021

Seoul stocks open lower amid high valuation pressure

South Korean stocks opened lower Friday on increased valuation pressure after gaining for the past five sessions.  The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.73 points, or 0.52 percent, to reach 3,230.7 points in the first 15 minutes of trading. The KOSPI got off to a weak start after finishing only an inch away from its all-time high the previous session. A tech slump led the KOSPI's retreat. Market bellwether Samsung Electronics declined 0.72 percent, and No. 2 c

MarketJune 4, 2021

Seoul apartment prices near peak, finance minister says

Apartment prices in Seoul have risen to the levels where they were before the global financial crisis of 2008, which prompted a severe market correction, Finance Minister Hong Nam-ki said Thursday. “I have a serious concern about one-sided anticipation that the housing market will become unstable again in the second half of this year because of new regulations that will come into effect from June,” the minister said during a policy meeting. Along with the government’s hous

EconomyJune 3, 2021

Samsung Life invests W20tr in ESG projects

Samsung Life Insurance has set up a plan to invest 20 trillion won ($17.98 billion) in financial projects linked to environmental, social and governance initiatives by 2030, the company said Thursday. After holding ESG meetings among executives recently, the insurer announced its long-term plan to make investments in renewable energy businesses and ESG bonds while cutting carbon emissions in half and reducing paper use by 60 percent by the end of 2030. The company said it will also try to pu

MarketJune 3, 2021