Coupang to be led by two directors instead of current four

Coupang will reorganize its top leadership so that it has two representative directors instead of the current four, the e-commerce platform said Wednesday. Two incumbent directors, Kang Han-seung and Park Dae-jun, will retain their posts, while the others will no longer hold the title. 　 Kim Bom-seok, the company’s chief executive and one of its outgoing directors, will serve as the chair of its board and will focus on establishing its strategic direction, Coupang said. The other outgo

ConsumerDec. 30, 2020

After a year of COVID-19, who are the market winners and losers?

Amid the worldwide crisis known as COVID-19, South Korea’s industries have faced mixed fates this year, with some riding on the effects of the pandemic, strict social distancing rules and accompanying market turbulence and others succumbing. On momentum from the contactless consumer trend, the information technology sector has thrived, apparently ending years of sluggish semiconductor sales. The biotechnology industry has basked in the spotlight as companies raced to develop diagnostic

IndustryDec. 30, 2020

Hyundai Motor Group lists nine car-related products in 2020 Good Design Awards

Hyundai Motor Group said Wednesday that nine products from its three auto brands have won prizes for transportation design at the 2020 Good Design Awards. The All-New Avante (launched in the US under the name Elantra), Concept Car 45, Prophecy, Hi-Charger, K5, Sorento, G80, GV80, Genesis Copper Design Theme were all selected, South Korea’s second-largest conglomerate said in a release. The three car models by Hyundai Motor -- All-New Avante, Concept Car 45, and Prophecy -- were all mark

IndustryDec. 30, 2020

Daewoo Shipbuilding cancels W891b deal

Daewoo Shipbuilding & Marine Engineering Co. said Wednesday that it has canceled an 891 billion-won ($820 million) container ship deal due to a shipper's failure to comply with contract terms. The unidentified African company signed the deal with Daewoo Shipbuilding in December last year, but it has since not carried out conditions necessary for the deal to take effect, Daewoo Shipbuilding said in a regulatory filing. Daewoo Shipbuilding said the deal cancellation did not cause financial l

IndustryDec. 30, 2020

Samsung heir becomes Korea's richest man in stock value

Samsung Electronics Vice Chairman Lee Jae-yong has become South Korea’s richest stakeholder, replacing his father’s name that held the title for decades, data showed Wednesday. The vice chairman’s stock value stood at 9.07 trillion won ($8.35 billion) as of Tuesday, nearly 2 trillion won more than last year, according to CEO Score, a local corporate researcher. Stock ownership of the 49-year-old heir to the world‘s largest chipmaker is set to grow, as he and his famil

MarketDec. 30, 2020

S. Korea-Britain FTA to be launched this week

South Korea and Britain plan to kick off their bilateral free trade agreement this week to maintain the continuity of trade activities in line with London's departure from the European Union, the trade ministry said Wednesday. South Korea has been closely monitoring London's divorce with the EU, as the separation would mean that its existing pact with the world's largest economic bloc will no longer be valid for Britain. To avoid a possible hard landing, South Korea and Britain signed a free t

EconomyDec. 30, 2020

COVID-19 to worsen S. Korea’s falling birthrate, marriage rate

The COVID-19 pandemic is projected to add fuel to South Korea’s low birthrate, marriage rate and rapidly increase the nation’s aging population, the central bank said Wednesday. “The pandemic will have a negative impact on the nation’s marriage and birthrate, leading to an acceleration of aging in the population,” the Bank of Korea said in its regular report on economic issues. The total fertility rate for 2022 may even become lower than the Statistics Korea&rsq

EconomyDec. 30, 2020

Food delivery order via bank apps to begin next year

South Korea’s top financial regulator said Wednesday it will clear regulatory hurdles in the new year to foster convergence between finance and new technologies. According to the Financial Services Commission’s key policy tasks for the financial sector in 2021, the authority will revise its financial regulatory system in July next year to allow local banks to operate nonfinancial services like food delivery via their mobile applications.  “Discussions and research are un

EconomyDec. 30, 2020

Online lender Kakao Bank conducts W1tr rights issue

Kakao Bank, South Korea's top internet-only lender, said Wednesday it has recently completed a capital increase of 1 trillion won ($920 million) to improve its loss-absorbing ability and provide more loans for low- and mid-credit borrowers. TPG Capital of the United States and Anchor Equity Partners of Hong Kong have newly bought shares worth 250 billion won, or a 2.61 percent stake, respectively, the lender said. An additional 500 billion won worth of shares have been sold to existing shareho

IndustryDec. 30, 2020

Pandemic sinks FSC plan for 2020 Woori stake sale

A plan to sell some of the government’s stake in Woori Financial Group this year foundered due to the high market volatility triggered by the COVID-19 pandemic, the financial regulator said Wednesday. Earlier this year, a sub-committee of the Financial Service Commission, which controls the sale of state-owned firms and shares, said it would start selling off Korea Deposit Insurance Corp.’s stake in the bank in the first half of 2020.  The plan was to sell the entire stake in

MarketDec. 30, 2020

S. Korea to invest over W150b into climate research in 2021

South Korea said Wednesday it will spend 150.1 billion won ($137.8 million) on climate and environment-related research next year, up 12.9 percent from this year, to bolster the country's efforts to become carbon neutral by 2050. The Ministry of Science and ICT said it will invest in 30 new climate and environment-related research projects next year, such as committing 3.6 billion won into four projects that develop technology to improve energy efficiency in buildings. South Korea has recently

IndustryDec. 30, 2020

Seoul extends reduction of airport usage fees for virus-hit airlines

South Korea will extend the reduction of airport usage fees for virus-hit airlines by six months to help them stay afloat amid the prolonged COVID-19 pandemic, the transport ministry said Wednesday. The government will allow airlines, duty-free shops and other related companies at airports to pay quite lower airport usage fees until June next year, the Ministry of Land, Infrastructure and Transport said in a statement. Incheon International Airport Corp., the operator of the country's main Inc

MobilityDec. 30, 2020

S. Korea's 5G network speeds up in H2: report

South Korea's 5G download speed and overall quality improved in the second half of the year from the first half as the country races to deploy nationwide coverage of the latest generation network, a report showed Wednesday. The average download speed on the high-speed network from the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- stood at 690.47 megabits per second (Mbps) in the second half of the year, up 33.91 Mbps from the first half, according to da

TechnologyDec. 30, 2020

Seoul stocks open lower in final session of 2020

South Korean stocks opened lower Wednesday, the last trading session this year, as investors sought to lock in gains after the benchmark index closed at an all-time high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.75 points, or 0.17 percent, to 2,815.76 in the first 15 minutes of trading. Local stocks got off to a weak start, led by financial, tech and bio losses. The KOSPI closed at a record high for a third straight day Tuesday. Market bellwether Sam

MarketDec. 30, 2020

Corporate direct financing dips 21% in Nov.

South Korea's corporate direct financing plunged nearly 21 percent in November from the previous month due to a sharp drop in stock sales and a seasonal factor, data showed Wednesday. Local companies raised a combined 16.3 trillion won ($14.9 billion) by selling stocks and bonds last month, down 21.3 percent from October, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales sank 29.7 percent on-month to 871.3 billion won, with the value of initial public of

EconomyDec. 30, 2020

Samsung heir becomes S. Korea's richest stockholder after father's death

Lee Jae-young, vice chairman of global tech giant Samsung Electronics Co., has emerged as South Korea's richest stockholder following his father's death, a corporate tracker said Wednesday. The value of Lee's stock holdings came to 9.1 trillion won ($8.3 billion) as of Tuesday, up from 7.4 trillion won at the end of last year, according to CEO Score. Lee Kun-hee, the younger Lee's father, died on Oct. 25 at age 78, more than six years after being hospitalized for a heart attack. The late Sams

IndustryDec. 30, 2020

Industrial output rises, but consumption falls for 2nd month in Nov.

South Korea's industrial output rose in November from a month earlier on improving exports, but consumption declined for the second straight month amid a resurgence in new coronavirus cases, data showed Wednesday. The nation's overall industrial production increased 0.7 percent in November from the previous month, compared with a 0.1 percent on-month fall in October, according to the data compiled by Statistics Korea. Compared with a year earlier, the industrial output fell 0.6 percent in Nove

EconomyDec. 30, 2020

Kia union votes to accept wage freeze amid pandemic

Unionized workers at Kia Motors have voted to accept a new annual wage deal with management, the company said Tuesday. In a vote by 27,050 members of the labor union, 58.6 percent, or 15,856, agreed to the company's proposals, including 1 1/2 months of merit-based remuneration, 1.2 million won ($1,080) in special COVID-19 allowance and 1.5 million won in gift certificates per person, instead of freezing basic pay, according to a company official. The company also agreed to restore the 25-mi

IndustryDec. 29, 2020

Number of high earners sharply rise: NTS

The number of employees with total paychecks exceeding 100 million won ($91,400) reached a record high of 852,000 in 2019, up some 50,000 from the previous year, data showed Tuesday. According to the National Tax Service, earners of over 100 million won accounted for 4.4 percent of the total 19.17 million salaried workers. An employee here earned 37.4 million won on average, before tax, last year, rising 2.7 percent, or 970,000 won, from 2018. Those who reported non-salary financial income

EconomyDec. 29, 2020

Coway’s air purifier and humidifier combo an optimal choice to keep the air clean and fresh

In the year of the COVID-19 pandemic, indoor air quality has become an important issue for many. Coway, moving quickly to respond to consumer need, has introduced Dual Clean, an air purifier and humidifier combo model for those who want clean, fresh and pleasant air. Dual Clean uses ultrafine water vapor to add moisture to the air, instead of water droplets. The company explained that its fine vapor sprayer helps keep the air crisp but prevents it from feeling damp. This combo model also

IndustryDec. 29, 2020