S. Korea's major banks likely to keep creditworthiness: S&P

South Korea's four major commercial banks appear likely to maintain their creditworthiness this year due to adequate capitalization and resilient asset quality, according to a recent report from S&P Global Ratings.    Kookmin Bank, Shinhan Bank, KEB Hana Bank and Woori Bank have emerged from a pandemic-scarred 2020 with asset quality intact.    Earnings for the whole of 2020, announced last week, show a decline in net interest margins and slightly higher credit costs f

MarketFeb. 13, 2021

How Korean food is rising to capture the world’s palate

Tangy, salty, sweet and spicy -- Korean food is all of that. Often using fermented condiments like the traditional “jang” and a diversity of spices, such as garlic, onion and pepper, Korean cuisine is notable for creating a harmony of flavors. Despite the rich and diverse tastes that come from the mastery of balancing these strong spices, Korean food long had a relatively short list of globally promoted dishes, especially compared to neighboring China and Japan. The list include

IndustryFeb. 12, 2021

[Time to Play] NCSoft’s K-pop platform Universe ushers in AI voice subscription service

On a boring afternoon of yet another day working from home, a smartphone comes to life with a delightful ringtone. It’s a call from Ahn Yujin, the lead vocal of South Korean female K-pop band IZ*ONE. In her trademark husky voice, she calls you by name, saying “How’s it going? I know you’re busy, but take some rest from time to time, okay?” The 25-second-long phone call is a moment of solace, at a time when almost all direct human contact has been replaced with

IndustryFeb. 12, 2021

[Herald Interview] Korean retail investors seek ties with WallStreetBets against short sellers

A group of local retail stock traders is working on a global anti-short selling campaign that may involve forging a partnership with WallStreetBets -- a regiment of amateur investors on the US social-networking website Reddit that drew attention for taking action against sophisticated hedge funds last month. Jung Eui-jung -- head of the Korea Stockholders Alliance, which represents some 22,000 stock investors -- told The Korea Herald that he had gone to the online forum and proposed a cros

MarketFeb. 12, 2021

Seoulites in 20s and 30s prefer property investments north of the Han

‘Ma-yong-seong,’ a portmanteau of three Seoul districts -- Mapo, Yongsan, and Seongdong -- is where Koreans in their 20s and 30s most want to invest, while Gangnam is the place favored by those in their 40s, according to poll results recently released by property data provider Zigbang. A survey of 1,796 Zigbang subscribers showed that 15.5 percent of participants said they think real estate properties in the three districts are the best investment choices, while 15.3 percent said

MarketFeb. 12, 2021

Tesla launches Model Y in S. Korea

US electric vehicle maker Tesla Inc. on Friday launched its compact sport utility vehicle, the Model Y, in South Korea as it tries to boost sales in the country. Tesla Korea said the Model Y is available in three trim levels here, with the starting price for the standard range model set at 59.99 million won ($54,191). The prices for the long-range model and the performance trim are to start from 69.99 million won and 79.99 million won, respectively. Starting this year, South Korea will give

IndustryFeb. 12, 2021

[Herald Interview] Chaul: How Beiersdorf’s Korean tea-inspired skin care brand came about

In November the South Korean unit of German personal care giant Beiersdorf, the company behind brands such as Nivea and Eucerin, launched skin care brand Chaul. Its first lineup is inspired by the tea that grows in the southern part of the country -- in Hadong County, South Gyeongsang Province. Chaul, the first Beiersdorf brand to be exclusively developed and launched in Asia, was created in Korea with plans to branch out into other markets as the company recognizes the country’s famous K

ConsumerFeb. 11, 2021

LG H&H and Amorepacific: How Korea‘s two largest beauty giants swapped places during pandemic

For several decades, South Korea’s cosmetics industry has been dominated by two major players -- Amorepacific and LG Household & Health Care, together accounting for over 60 percent of the market as of end-2019. As the LG affiliate possessed a more diverse portfolio, also covering daily necessities such as toothpaste and detergent, beauty-dedicated powerhouse Amorepacific had an upper hand over its rival in the cosmetics sector. But this is no longer the case, as runner-up LG has at

ConsumerFeb. 11, 2021

LG Energy Solution threatens further legal action against SK Innovation after victory in US

Upping the ante in its battle with rival SK Innovation after a victory in the US International Trade Court, LG Energy Solution on Thursday threatened further legal action in Europe and South Korea. In a final ruling delivered Wednesday, US time, SK Innovation was slapped with a 10-year ban on importing lithium-ion battery products to the US, with a grace period of up to four years, for stealing trade secrets from LG Energy Solution. “It’s difficult to say SK Innovation’s th

IndustryFeb. 11, 2021

Electroacupuncture can improve sleep, study suggests

Insomnia is one of the most common sleep disorders. According to the National Health Insurance Service, some 640,000 people visited hospitals due to insomnia in 2019. The number of such visits has steadily increased over the past five years. There might be hope. A recent study has found that electroacupuncture can help people suffering from insomnia. Used often in Korean traditional medicine, electroacupuncture involves administering small electric currents using thin needles inserted into

TechnologyFeb. 11, 2021

February set to be blockbuster month for IPOs

February is set to be another busy month for the South Korean stock market as a large number of companies are seeking to launch initial public offerings on retail investors’ strong appetite for direct investments, according to investment banking sources. This month alone, 12 firms are scheduled to float their shares on the stock market or hold retail subscriptions. The IPO subscriptions of five newcomers such as semiconductor equipment manufacturer Auros Technology and medical artificia

MarketFeb. 11, 2021

ITC backs LG Energy in trade secret dispute, issues 10-year import ban on SK

A US trade panel on Wednesday ruled in favor of South Korean battery maker LG Energy Solution Ltd. in a trade secret case and issued a 10-year import ban on some lithium-ion battery products by SK Innovation. The US International Trade Commission affirmed a preliminary ruling delivered in February 2020 to support LG's claims that SK used stolen trade secrets to develop its electric vehicle batteries. The ITC issued "a limited exclusion order" for 10 years to ban import of s

TechnologyFeb. 11, 2021

Microsoft CEO says big tech needs clearer laws on online speech

Microsoft Corp. Chief Executive Officer Satya Nadella said social-media services like Facebook, Twitter and YouTube need clearer laws and rules to govern whether controversial “Unilateral action by individual companies in democracies like ours is just not Microsoft doesn’t currently run a consumer social media service, but it is among cloud-computing In the past several years, antitrust regulators have ramped up investigations into the market power of large technology companies, just

TechnologyFeb. 10, 2021

Kospi returns above 3,100 points ahead of Lunar New Year

South Korean benchmark Kospi bounced back after a roller coaster ride Wednesday ahead of the Lunar New Year holiday, surpassing the 3,100-point mark. The main bourse got off to a slightly strong start but fluctuated widely until the late afternoon trade. The key stock index then moved upward during the remaining trading hours to close at 3,100.58 points, 15.91 points or 0.52 percent higher from the previous session’s close. Despite a brief respite overnight on Wall Street and the local

MarketFeb. 10, 2021

Turkey gives first approval to Korean Air-Asiana takeover

Korean Air’s plan to take over Asiana Airline has been approved by antitrust authorities in Turkey, the airline said Wednesday. The Turkish Competition Authority, a government organization dedicated to ensuring market competitiveness, gave the Korean airline the green light last Thursday, becoming the first foreign country to clear one of the hurdles facing the high-profile acquisition. Last month, the South Korean national flag carrier filed for a merger and acquisition review to the an

MobilityFeb. 10, 2021

Seoul stocks rebound on tech, auto gains

South Korean stocks snapped a two-session losing streak to end higher Wednesday, buoyed by strong gains in tech and auto stocks, ahead of the Lunar New Year holiday. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.91 points, or 0.52 percent, to close at 3,100.58 points. Trading volume was high at about 2.13 billion shares worth some 18.07 trillion won ($16.32 billion), with gainers outnumbering losers 486 to 334. Foreigners picked up

MarketFeb. 10, 2021

Corporate rankings for 2021 reflect impact of contactless trend, M&A deals

After a year of the COVID-19 pandemic, South Korea’s conglomerates saw some fluctuations in their asset rankings, reflecting the impact from major mergers and acquisitions and from the contactless business trend, industry data showed Wednesday. While the top seven business groups remained largely unchanged, those in transportation and heavy industries expanded their assets on the back of M&A deals. Also, biopharmaceuticals and IT players climbed up the ladder on the back of social di

IndustryFeb. 10, 2021

LG-SK lawsuit poses dilemma for Biden's auto industry road map

Market tension and political pressure escalated Wednesday as South Korea’s major battery makers -- LG Energy Solution and SK Innovation -- awaited the final ruling from the US International Trade Commission regarding their yearslong trade secret battle. While the outlook has so far largely favored LG, some market observers have suggested recently that newly inaugurated US President Joe Biden might veto the final ruling to support US-made vehicles. “SK Group is sinking about $2.6

IndustryFeb. 10, 2021

[Newsmaker] South Korea approves AstraZeneca vaccine for all adults

South Korea has approved the emergency use of AstraZeneca’s adenoviral vector COVID-19 vaccine for all adults, including those aged 65 and older, the Ministry of Food and Drug Safety said Wednesday. The efficacy of the AstraZeneca vaccine for seniors had been a matter of contention, given the dearth of clinical data presented by AstraZeneca in regards to the aged cohort. Authorities here have decided to proceed with vaccination for all, on the condition that AstraZeneca follows up with fu

IndustryFeb. 10, 2021

Foreigners remain net sellers of S. Korean stocks in January

Foreign investors remained net sellers of South Korean equities in January, extending their selling spree for a second straight month, the central bank said Wednesday. Foreigners sold a net $1.07 billion worth of local stocks last month, compared with a net selling of $2.36 billion in December last year, according to the Bank of Korea (BOK). Offshore investors turned net buyers of Korean bonds worth $1.32 billion last month, the BOK said. Meanwhile, volatility in South Korea's currency slight

MarketFeb. 10, 2021