S. Korea's shipping industry expected to enjoy strong sales in 2021

South Korea's oceans ministry said Thursday the country's shipping segment is expected to recover its sales to the levels before the industrywide slump a few years ago. The combined sales of the local shipping industry could reach 40 trillion won ($36.2 billion) this year, compared with 36 trillion won tallied the previous year, according to the Ministry of Oceans and Fisheries. Sales of the country's shipping industry came to 39 trillion won in 2015, but they sharply lost ground in the follow

IndustryJan. 28, 2021

S. Koreans' consumption of rice hits all-time low in 2020

South Koreans' consumption of rice hit a record low in 2020, data showed Thursday, due mainly to changes in diet and eating habits. The average South Korean consumed 57.7 kilograms of rice in 2020, down 2.5 percent or 1.5 kilograms from the previous year, the Ministry of Agriculture, Food and Rural Affairs said, citing the data compiled by Statistics Korea. Rice is a key staple food for Koreans, but its consumption has been on a steady decline since 1980, when per capita average annual rice co

EconomyJan. 28, 2021

Samsung further skewed toward M&A push, more investments

Samsung Electronics Co. on Thursday said it aims to clinch merger and acquisition (M&A) deals and expand investments in the upcoming years as the South Korean tech giant eyes to fend off challenges from its rivals amid global uncertainties In its conference call, Samsung's chief finance officer Choi Yoon-ho said the company will actively use its cash to expand facility investments and pursue M&A deals in a bid to solidify its market-leading position and beef up its future growth. "

IndustryJan. 28, 2021

S. Korea to build new resource exploration ship by 2024

South Korea said Thursday it has launched a project to build a new ship equipped with the latest devices to explore deep-sea resources. Under the project, the country will spend 190 billion won ($172 million) to build the 6,000-ton vessel, named the Tamhae 3, according to the Ministry of Trade, Industry and Energy. The project first kicked off in 2018. The envisioned ship, which is to be constructed by Hanjin Heavy Industries Co. in cooperation with the Korea Institute of Geoscience and Minera

IndustryJan. 28, 2021

Retail sales up 5.5% in 2020 on online gains amid pandemic

Retail sales in South Korea rose 5.5 percent on-year in 2020 due to strong gains from the online segment in sync with the social distancing policy amid the unprecedented virus pandemic. The combined sales of local online shops shot up 18.4 percent in 2020 from the previous year, while those of offline stores fell 3.6 percent, according to the data compiled by the Ministry of Trade, Industry and Energy. Among offline stores, convenience stores were the sole winners, with their sales advancing 2

ConsumerJan. 28, 2021

SsangYong Motor says deal with potential buyer is 'still under way'

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Thursday that its Indian parent company is still in talks to sell its controlling stake, denying media reports that the deal has fallen through. SsangYong Motor made the statement in response to media reports that Mahindra and HAAH Automotive Holdings, Inc., a California company that imports vehicles for the US market, have failed to reach a compromise for the deal and notified SsangYong's main cred

MobilityJan. 28, 2021

KT to launch media production studio

KT Corp., a major South Korean telecom operator, said Thursday it will launch a content production company to serve as the company's overarching control tower for its growing media businesses. The mobile carrier said KT Studio Genie will oversee planning and distribution of media content developed by its range of media services, from its video streaming platform Seezn to internet protocol Olleh TV. KT added that it also plans to develop original content based on works from its webcomic unit St

IndustryJan. 28, 2021

[Graphic News] S. Korea’s data industry thrives amid pandemic

　South Korea’s data industry expanded more than 14 percent in 2020 from a year earlier to exceed the 19 trillion-won level, a survey showed. 　The local market for data stood at 19.3 trillion won ($17.4 billion) last year, up 14.3 percent from a year earlier, according to the survey by the Ministry of Science and ICT and the Korea Data Agency. 　Last year’s growth rate was much higher than the 8.3 percent on-year increase posted a year earlier. 　Data sales and provision accounte

IndustryJan. 28, 2021

Samsung to pay record dividends this year, more through 2023

Samsung Electronics Co. said Thursday it will pay record dividends to shareholders later this year and more through 2023 to improve its shareholder value, a move that is also seen to smooth out leadership succession for Samsung Group heirs. Samsung will pay a total of a record 13.12 trillion won ($11.8 billion) in dividends to shareholders for the 2020 fiscal year in April, the tech giant said. "The board approved a one-time special cash dividend of 10.7 trillion won," the company sa

IndustryJan. 28, 2021

Seoul stocks open sharply lower on US slump

South Korean stocks opened sharply lower Thursday, taking a cue from overnight drops on Wall Street. The benchmark Korea Composite Stock Price Index fell 49.67 points, or 1.59 percent, to 3,072.89 in the first 15 minutes of trading. Foreign selling increased as the US Fed did not announce new measures to quicken the economic recovery. Overnight, the tech-heavy Nasdaq composite retreated 2.61 percent, with the Dow Jones Industrial Average and the S&P 500 closing down 2.05 percent and 2.57

MarketJan. 28, 2021

SK Telecom forms partnerships for flying car development

SK Telecom Co., South Korea's top wireless carrier, said Thursday it has joined hands with local defense company Hanwha Systems Co., Korea Airports Corp. and the Korea Transport Institute to speed up development of urban air mobility (UAM) services. Last year, South Korea unveiled its plan to commercialize UAM services by 2025 to help overcome urban traffic congestion by using unmanned drone taxis. SK Telecom said they will work together to develop the infrastructure and aircraft required for

IndustryJan. 28, 2021

Samsung's 2020 operating profit up nearly 30% on-year

Samsung Electronics reported a 29.62 percent increase in operating profit in 2020, achieving the company’s fourth-largest profit despite the pandemic situation, according to its earnings announcement on Thursday. The South Korean tech giant posted 236.87 trillion won ($212.43 billion) in revenue and 35.99 trillion won in operating profit last year. While the annual revenue rose slightly by 2.78 percent from a year earlier, the operating profit surged nearly 30 percent on-year. 

IndustryJan. 28, 2021

S. Korea needs additional stimulus dose for quick recovery amid pandemic: IMF

The International Monetary Fund (IMF) recommended Thursday that South Korea further carry out accommodative fiscal and monetary policies, including rate cuts, in a bid to accelerate its economic recovery amid the pandemic. Despite rising budget deficit, the country also has fiscal room for increasing targeted support to people and businesses hit hard by the new coronavirus outbreak, according to Andreas Bauer, Korea mission chief at the IMF. An IMF team, led by Bauer, unveiled the outcome of i

EconomyJan. 28, 2021

Daewoo Engineering & Construction 2020 net income up 40.5% to W282.6b

Daewoo Engineering & Construction Co. on Thursday reported its 2020 net profit of 282.6 billion won ($255.9 million), up 40.5 percent from a year earlier. The company said in a regulatory filing that it posted 558.3 billion won in operating profit for the year, compared with 364.1 billion from the previous year. Annual revenue fell 6 percent to 8.13 trillion won. (Yonhap)

IndustryJan. 28, 2021

Daewoo Engineering & Construction Q4 net income up 417.5% to W112.3b

Daewoo Engineering & Construction Co. on Thursday reported its fourth-quarter net profit of 112.3 billion won ($101.7 million), up 417.5 percent from a year earlier. The company said in a regulatory filing that it posted 253.3 billion won in operating profit for the quarter, compared with 44.8 billion won a year ago. Sales fell 0.8 percent to 2.29 trillion won. The operating profit was 123.7 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial

IndustryJan. 28, 2021

Watchdog advises banks to cut dividends amid coronavirus impact

South Korea's financial watchdog said Thursday it has decided to advise local banks to reduce dividends this year to help them better cope with the impact of the coronavirus outbreak. The decision, among other things, recommends lenders to keep their dividends below 20 percent of earnings, according to the Financial Services Commission (FSC). But the recommendation doesn't apply to dividends that banks pay out to their holding companies. Two state lenders -- the Korea Development Bank and the

EconomyJan. 28, 2021

Imports of Japanese beer tank in 2020 on anti-Japan campaign

South Korea's imports of Japanese beer plunged nearly 86 percent in 2020 due to a local boycott of goods from the neighboring country, data showed Thursday. Seoul brought in $5.67 million worth of Japanese beer last year, down 85.7 percent from a year earlier, according to the data from the Korea Customs Service and the liquor industry. The tumble follows a drop to $39.76 million in 2019 from a peak of $78.30 million a year earlier. South Koreans launched the boycott in protest of Japan's exp

EconomyJan. 28, 2021

Naver 2020 net more than doubles to W836b amid pandemic

South Korea's top internet portal operator, Naver Corp., said Thursday its net profit jumped more than twofold in 2020 from the previous year on the back of the non-contact trend amid the coronavirus pandemic. Net profit reached 836.2 billion won ($757.2 million) last year, compared with 396.8 billion won in the previous year, the company said in a regulatory filing. Operating income reached 1.21 trillion won for all of 2020, up 5.2 percent from the year before. Sales reached 5.3 trillion won

IndustryJan. 28, 2021

Manufacturers' business sentiment rises in February

South Korean manufacturers' business sentiment rose in February, but concerns about sluggish consumption persisted amid the coronavirus pandemic, central bank data showed Thursday. The business sentiment index (BSI) for local manufacturers came to 81 for February, up from 77 for January, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber optimists. In Decemb

EconomyJan. 28, 2021

Samsung Electronics 2020 net income up 21.5% to W26.4tr

Samsung Electronics Co. on Thursday reported its 2020 net profit of 26.4 trillion won ($23.9 billion), up 21.5 percent from a year earlier. The company said in a regulatory filing that operating profit for the year rose 29.6 percent on-year to 35.99 trillion won. Annual sales increased 2.8 percent to 236.8 trillion won. (Yonhap)

IndustryJan. 28, 2021