K-beauty gains ground despite pandemic as Korea’s cosmetics exports rise 16%

In a positive sign for the Korean beauty industry, South Korea’s cosmetics exports enjoyed a 16.1 percent year-on-year increase last year despite the coronavirus pandemic. Korea’s total cosmetics exports reached $7.57 billion in 2020, the latest data from the Korea Customs Service and the Korea Cosmetic Association revealed on Sunday. The country’s cosmetics exports had enjoyed double-digit growth rates every year since 2012 until the figure dipped to 4.2 percent in 2019. W

ConsumerFeb. 7, 2021

Private investors’ appetite for high-risk assets continues

South Korean retail investors have continuously injected more funds into high-risk financial products like cryptocurrency and stocks this year on the back of strong market rallies last year and the ongoing ultralow-rate environment, data showed Sunday. Major local lenders saw their demand deposits decline by nearly 10 trillion won ($8.95 billion) from a month earlier in January. The combined amount at Shinhan, KB Kookmin, Woori, KEB Hana and NH banks came to 637.86 trillion won as of end-Januar

MarketFeb. 7, 2021

Shinsegae Department Store logs best Lunar New Year gift sales

Shinsegae Department Store said on Sunday that gifts for the upcoming Lunar New Year holiday have logged the company‘s best-ever sales this year, boasting a 51.3 percent year-on-year increase. The figure shows sales generated from Seollal gifts between Jan. 4 and Feb 5. The department store said the jump in sales reflects the growing demand for premium gifts this year as a result of the coronavirus pandemic as well as the country’s decision to loosen its anti-bribery rules that cap

ConsumerFeb. 7, 2021

Banking groups slash dividends despite record-high 2020 profits

Banking groups have posted record-high net profits for fiscal year 2020, but their dividend payouts have been reduced by roughly 6 percentage points upon advice from the country’s regulator, industry data released as of Sunday showed. Four out of five major banking groups here have so far posted or are expected to release record-high annual net-profits last year, buoyed by an increase in loans and the heated stock market. As of Sunday, KB Financial Group, Shinhan Financial Group and Ha

MarketFeb. 7, 2021

[Feature] Why celebrity beauty brands are good business

Launching a beauty brand has become easier than ever, thanks to the growing market and original design manufacturers. And for celebrities who want to capitalize on their fame and branch out into the cosmetics industry, this has been good news. International celebrities including Kylie Jenner and Rihanna have successfully launched their own brands Kylie Cosmetics and Fenty Beauty in recent years while South Korean makeup artist and vlogger Pony – who has over seven million followers on Ins

ConsumerFeb. 7, 2021

Korean property investors set up US shops to step up game in post-COVID

South Korea‘s outbound real asset investors are looking to set up operations in the United States to get around restrictions in foreign due diligence, deal sourcing and property management, as the coronavirus pandemic has added to uncertainties in the market dynamics. Aside from the need for a breakthrough in cross-border alternative investment, Korean capital moving to property -- one of the fastest-growing sectors in the US -- is seen as preemptively laying the groundwork for a local pr

MarketFeb. 7, 2021

Robust exports partly buffer economic slowdown amid weak domestic demand: KDI

South Korea's domestic demand is faltering amid a flare-up in new coronavirus cases, but the country's improving exports have partially buffered an economic slowdown, a state-run think tank said Sunday. As consumption and employment took a beating amid the third wave of the COVID-19 pandemic, economic activity has remained sluggish, led by domestic demand, according to a monthly economic assessment report by the Korea Development Institute (KDI). "The Korean economy saw its domestic deman

EconomyFeb. 7, 2021

S. Korea's exports set to expand up to 12% over Q1: Exim Bank

The state-run Export-Import Bank of Korea (Exim Bank) said Sunday the country's exports are expected to expand up to 12 percent on-year over the first quarter on strong demand for chips and cars. Outbound shipments over the January-March period are estimated to reach around $145 billion won, according to the estimate provided by the bank. "The economic recovery of major export destinations, including China, the United States and the European Union, is expected to lend a hand to the recove

EconomyFeb. 7, 2021

Samsung Electronics rolls out Galaxy A12 at W275,000 in Korea

  　Samsung Electronics will launch the Galaxy A12 phone in South Korea on Tuesday at a price of 275,000 won ($246).   　The Galaxy A12 has four cameras on the back, with a 5,000-milliamp-hour battery designed to last the full day and support 15-watt fast charging.   　The rear quadcamera features a 48-megapixel main camera with live focus function, a 5-megapixel ultrawide-angle lens, a 2-megapixel depth camera and a 2-megapixel macro camera. The front camera has 8 megapixels. &nb

IndustryFeb. 7, 2021

AI takes center stage in telcos' tech drive

South Korean mobile carriers are expanding services integrated with artificial intelligence (AI) technology as they shift focus from telecommunications to find new growth drivers. Last week telecom giant KT Corp. joined hands with Hyundai Home Shopping Network Corp. to establish an AI call center at the retail company's headquarters in Seoul. The service incorporates voice recognition and text analysis technology so that AI can help customers with simple questions and can carry out tedious tas

TechnologyFeb. 7, 2021

LG sets up S. Korea's largest ESS with local partners

LG Electronics Inc. said Sunday it has set up South Korea's largest energy storage system (ESS) with local partners as the tech giant eyes to expand its presence in the ESS market. LG Electronics said the ESS was built on Anjwa Island, South Jeolla Province, some 320 kilometers south of Seoul, in cooperation with KCH Group, Korea Western Power Co. and Top Solar Group. Together, they have completed a 340-megawatt-hour (MWh) ESS for Anjwa Smart Farm & Solar City, the country's largest ESS fo

IndustryFeb. 7, 2021

Prices of poultry products on rise amid bird flu outbreaks, total now at 87

South Korea's consumer prices of poultry goods continued to gather ground as the country destroyed more birds in a preventive measure against the highly pathogenic bird flu, data showed Sunday, with the caseload reaching 87. The average price of eggs shot up 43.8 percent over the past week from the previous year, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Those of chicken and duck meat also increased 16.6 percent and 26.2 percent, respectively. South

EconomyFeb. 7, 2021

Listed firms' cash dividends up 60% in 2020

South Korea's major listed firms' cash dividends shot up 60 percent in 2020 from a year earlier, led mostly by top market cap Samsung Electronics, data showed Sunday. The combined amount of dividends handed out by 124 listed firms surveyed in 2020 reached 30.2 trillion won ($26.8 billion), rising sharply from 19 trillion won disbursed a year earlier, according to the data compiled by market research firm FnGuide. Net profit of the companies, meanwhile, shot up 19.6 percent on-year in 2020 to r

IndustryFeb. 7, 2021

S. Korea's exports of cosmetics up 16% in 2020

South Korea's exports of cosmetics shot up 16 percent in 2020 from a year earlier, data showed Sunday, on the back of the growing demand from the United States and Asian countries. Outbound shipments of cosmetics reached $7.57 billion last year, according to the data compiled by the Korea Customs Service and the Korea Cosmetic Association. The country's exports of cosmetics had been maintaining two-digit annual growth since 2012, until they temporarily slowed in 2019 by rising 4.2 percent. Ex

IndustryFeb. 7, 2021

Home appliance makers release products highlighting pet care features

South Korean home appliance makers are releasing products that highlight pet care features, industry insiders said Saturday, as they target the growing number of consumers who live with companion animals. LG Electronics Inc. earlier this week introduced a washer and a dryer that come with steam functions that remove allergens. Citing results from the Japanese institution Environmental Allergens INFO & CARE, LG said using pet care cycles on their new clothing care appliances will kill dog

IndustryFeb. 6, 2021

Seoul stocks likely to move in tight range next week

South Korean stocks are likely to move in a tight range next week on eased market volatility as individuals and foreigners -- the driving forces behind the key stock index's stellar gains last month -- are expected to pull the key stock index in the opposite directions, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,126.63 points Friday, up 4.85 percent from a week ago. The KOSPI has undergone a major adjustment since last week due to rapid valuatio

MarketFeb. 6, 2021

SK Chemicals 2020 net income up 5,043.7% to W258.3b

SK Chemicals on Friday reported its 2020 net profit of 258.3 billion won ($229.9 million), up 5,043.7 percent from a year earlier. The company said in a regulatory filing that operating income for the year rose 18.5 percent on-year to 95.2 billion won. Annual revenue decreased 15.7 percent to 1.2 trillion won. (Yonhap)

IndustryFeb. 5, 2021

Kakao introduces remote work solution, digital wallet at OECD event

Kakao introduced its newly developed mobile-based remote work solution and digital wallet during the second roundtable meeting of the Organization for Economic Cooperation and Development’s Digital for SMEs global initiative, the company said Friday. Kakao was the only official partner company from Asia to join the two-day event held online to promote discussions on how to enable small and medium-sized enterprises to make the most of the ongoing digital shift. At the meeting, Kakao intr

TechnologyFeb. 5, 2021

FSC chief vows monitoring system to detect illegal short selling

Financial Services Commission Chairman Eun Sung-soo on Friday pledged all-out efforts to establish a monitoring system to detect illegal short selling before the financial regulator allows the practice to resume in May.  Short selling is a trading tactic whereby investors immediately sell borrowed stocks on a bet that share prices will fall, allowing them to later repurchase the stocks and return them to the lender. Some investors sell stocks without borrowing, known as “naked&rdqu

MarketFeb. 5, 2021

Korean trade minister withdraws bid for WTO chief

South Korean Trade Minister Yoo Myung-hee announced Friday that she was dropping out of the race for the chief position at the World Trade Organization. “I decided to resign as a candidate through close coordination with the US government, our solid ally, in order to facilitate reaching a consensus among the WTO member countries,” Yoo said during a press briefing in Seoul on Friday. “I hope the WTO eases the leadership vacancy problem as soon as possible and restores multil

IndustryFeb. 5, 2021