Lee jailing puts Samsung back in emergency mode

Samsung Electronics and its affiliates returned to an emergency posture on Tuesday, a day after an appellate court sentenced the conglomerate’s leader Lee Jae-yong to two years and six months in jail. Multiple sources at the country’s largest business group spoke of a somber mood, with many expressing regrets about the court’s decision and worries about the tech giant’s mid-term strategies. “Aside from day-to-day operations, the leader’s vacancy literally

IndustryJan. 19, 2021

Hyundai, Kia Q4 operating profit jumps despite pandemic

Hyundai Motor Co. and affiliate Kia Corp. are expected to post double-digit growth in their fourth-quarter operating profit, helped by robust domestic sales despite the coronavirus pandemic. Strong local demand for their vehicles helped Hyundai Motor and Kia offset their weak overseas sales in the October-December period, analysts said. Hyundai, the country's biggest carmaker, likely posted an operating profit of 1.71 trillion won ($1.55 billion) in the fourth quarter, up 37 percent from 1.24

IndustryJan. 19, 2021

Dunamu introduces digital asset fear-greed index

Dunamu, a South Korean blockchain and fintech company, said Tuesday that it has developed an indicator that measures volatility of digital asset market to help investors make decisions. The digital asset fear-and-greed index reflects market sentiment in five different levels, from ”extreme fear“ to ”extreme greed.” The index gauges market volatility with trading price and transaction volume every five minutes.  “As many domestic digital asset investors use gl

MarketJan. 19, 2021

Boryung revs up anti-cancer drug production line at Yesan plant

Boryung Pharmaceutical announced it had begun full-fledged use of its Yesan plant and more emphasis on anti-cancer products. Boryung announced Tuesday that it had been producing plasma cell myeloma treatment Velkin from end-December at the Yesan plant, and is soon to send the bulk out to the market. Once the company gains EU good manufacturing practices certification, which the company is preparing to apply for this year, Boryung’s anti-cancer products will make their way to the global

IndustryJan. 19, 2021

LG, Samsung washers favored by US Consumer Reports

Washing machines made by South Korea‘s LG Electronics and Samsung Electronics swept the top spots in a ranking by American consumer organization Consumer Reports, according to industry sources Tuesday. LG Electronics ranked first in the front-load washer, top-load agitator washer and top-load high-efficiency washer segments, becoming the first non-US firm to win three out of five washing machines categories in the ratings compiled by the organization. LG Electronics continued its stren

IndustryJan. 19, 2021

PoongLim Pharmatech to begin mass production of COVID-19 vaccine syringes

PoongLim Pharmatech, a local medical device manufacturer, will produce 10 million syringes a month for COVID-19 vaccines, the Ministry of SMEs and Startups said Tuesday. The Gunsan, North Jeolla Province-based firm recently finished repurposing its factory as a smart manufacturing facility to produce a more efficient type of syringe, known as a low-dead-space syringe. It is designed to minimize the amount of fluid left between the plunger and needle after a shot. PoongLim’s syringe rec

TechnologyJan. 19, 2021

Seoul stocks rebound over 2% on auto gains

South Korean stocks jumped more than 2 percent Tuesday on stellar advances by auto-related shares, backed by expectations of improved earnings. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 78.73 points, or 2.61 percent, to close at 3,092.66 points. Trading volume was high at about 1.3 billion shares worth some 23.8 trillion won ($21.6 billion), with gainers outnumbering losers 737 to 124. Foreigners bought a net 412 billion won, while

MarketJan. 19, 2021

Korean lenders to muster up $3b for SK hynix’s global investment

A group of South Korean lenders pledged on Tuesday to earmark a combined $3 billion over the next five years to spur global investment into local semiconductor maker SK hynix as part of the nation’s bid to shore up growth of futuristic technology. South Korea’s top financial regulator, the Financial Services Commission, said the lenders’ agreement with the country’s second-largest semiconductor chip manufacturer will pave the way for future economic development as the c

MarketJan. 19, 2021

Ministry vows to compensate for any vaccine side effects

The government will launch a joint monitoring and decision-making system with related agencies to provide a full compensation to those who experience side effects from the COVID-19 vaccine, the Finance Ministry said Tuesday. Along with the Korea Disease Control and Prevention Agency and Ministry of Food and Drug Safety, the ministry will set up the system to better respond to emergent cases and study correlations between vaccines and adverse reactions, as well as to make decisions on whether t

EconomyJan. 19, 2021

Naver’s big data to be used for customs clearance

South Korea’s customs agency will use Naver’s big data for efficient customs clearance of direct purchases from foreign countries, officials said Tuesday. The Korea Customs Service and Naver signed a memorandum of understanding for applying product information stored on the online platform’s shopping unit to its customs procedures. The agreement was forged to effectively block entries of harmful products such as illegal drugs and medical supplies. “The MOU for a stra

EconomyJan. 19, 2021

Surging US Treasury yields to affect global FX market: vice minister

The rising US Treasury yields has become a “key variable in the global foreign exchange market,” South Korea’s vice finance minister said Tuesday, nodding towards a stronger dollar trend that has rattled emerging market currencies. “When the 10-year US Treasury yield surpassed the 1 percent mark (earlier this month), the Euro, the Japanese Yen and the Chinese Yuan all dropped against the US greenback,” Vice Finance Minister Kim Yong-beom said in a macroeconomic fin

EconomyJan. 19, 2021

CJ Logistics floated for vaccine distribution

As eyes turn toward the imminent start of COVID-19 inoculations, CJ Logistics has emerged as a candidate for vaccine distribution. CJ Logistics had been considered at a disadvantage, as it does not have an ultra-cold-chain storage like Korea SuperFreeze in Pyeongtaek. But recent reports have suggested it may still be in the running, as it has the widest network of distribution centers and vehicles. A company official who spoke to The Korea Herald said CJ would be able to handle vaccines as th

IndustryJan. 19, 2021

[News Focus] Household debt up W516tr since 2015

SEJONG -- The year of 2020 is expected to record as one of the few years, where a fever of buying apartments and stocks by taking out financial loans swept over the nation. The phenomenon was triggered by skyrocketing real estate prices in the wake of a housing shortage and sharp rebound in the Kospi despite the still high infections of novel coronavirus. Though the fourth-quarter data has yet to be compiled, the figure for the January-September of last year is suggesting that more and more K

EconomyJan. 19, 2021

Budget airline industry poised for major shakeup

South Korea’s budget airline industry is poised for a seismic change this year, with two new players ready to enter the competition amid a pandemic-induced market consolidation. Aero K, one of the two, is set to begin operations next month. “Our first Cheongju-Jeju flight is scheduled on Feb. 19 after receiving permission for the route from the Transport Ministry yesterday,” one Aero K official told The Korea Herald. Two round-trip Airbus A320 flights between Cheongju Airp

MobilityJan. 19, 2021

Coupang offers up to 50% discount for 'global shopping day'

From Tuesday, Coupang is holding a two-day special promotion event, offering up to 50 percent discount on products purchased overseas and products directly imported by the e-commerce firm, the company said Tuesday. During the Jan 19-20 Global Shopping Day, time-limited discount will be provided at 11 a.m. every morning, where items like Samsung 55in Class 8 Series LED Smart Tizen TV, Fujifilm’s instant camera Instax, Ivory Aloe Cosmetic Soap, four-in-one Badger Green Classic Lip Balm 4-S

ConsumerJan. 19, 2021

SMEs' exports edge down in 2020 despite pandemic

South Korea's small and medium enterprises (SMEs) saw their exports inch down in 2020 from a year earlier despite the coronavirus pandemic, government data showed Tuesday. SMEs' overseas shipments totaled $100.8 billion last year, down 0.2 percent from the previous year, according to the data from the Ministry of SMEs and Startups. The decrease compared with a 6.7 percent decline in exports by middling and large companies. Smaller firms' exports accounted for 19.7 percent of South Korea's tota

EconomyJan. 19, 2021

Regulator plans to review 40-year mortgages for young adults

Financial authorities plan to review mortgage loans with a maximum term of 40 years to help young people buy their first homes, officials said Tuesday. Financial Services Commission (FSC) Chairman Eun Sung-soo unveiled the plan at a time when surging home prices make it more difficult for young people to buy homes. This year, the FSC will study the plan to offer 30-year or 40-year mortgage loans and seek to begin a "trial" offering to sell such products, Eun said. The plan is aimed

EconomyJan. 19, 2021

Doosan Mobility Innovation to expand presence in ship sailing control industry

Doosan Mobility Innovation (DMI), a producer of portable fuel cell power packs for drones, said Tuesday that it has teamed up with the local shipbuilding and marine ICT provider Marineworks to develop a solution to control ships' sailing by using drones. The two companies will develop an electric marine chart system on the basis of video footage taken by DMI's hydrogen fuel cell-powered drones, which are capable of flying for more than two hours, DMI said. DMI said the system will allow ships

IndustryJan. 19, 2021

S. Korea vows to speed up trade talks with Central, South America in 2021

South Korea's trade ministry vowed Tuesday to make more progress in expanding trade pacts with counterparts from Central and South America this year, in line with its efforts to diversify its export portfolio amid the growing protectionism around the globe. "It is important that we set a trade strategy for the Central and South American regions amid the growing uncertainties led by the launch of a new US administration and the rising protectionism," the Ministry of Trade, Industry and

EconomyJan. 19, 2021

S. Koreans' spending on Netflix doubles in 2020: data

South Koreans are estimated to have spent over 500 billion won ($454 million) on global video streaming service Netflix last year, doubling the amount tallied the previous year, data showed Tuesday. Local credit card payments on the video streaming service are estimated to have reached 517.3 billion won last year, compared to 248.3 billion won in 2019 and just 65.7 billion won in 2018, according to data tracker WiseApp. Based on the data, WiseApp said paid subscribers to Netflix stood at 4.1 m

TechnologyJan. 19, 2021