S. Korea's consumer sentiment dips in Dec. on pandemic

South Korea's consumer sentiment fell for the first time in three months in December due to tougher antivirus measures and worsened economic expectations, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 89.8 for December, down 8.1 points from the previous month, according to the data from the Bank of Korea (BOK). The latest reading marks the first on-month drop following two consecutive months of increase. A reading below 100 means pessimists outnumb

EconomyDec. 29, 2020

Bitcoin rally continues after hitting all-time high

Cryptocurrency Bitcoin remained on an upward trend Monday, after crossing the 30 million-won ($27,300) mark for the first time in the South Korean market over the weekend. Hitting a high of 30.59 million won, the digital coin traded above the level of 30 million won throughout morning trading, according to Upbit, a cryptocurrency exchange run by financial technology firm Dunamu. The price of one bitcoin came in at an all-time high of 31.8 million won on Sunday. Early this year, the digital c

MarketDec. 29, 2020

Trade, business with China positive next year: FKI

A state visit to South Korea by the Chinese leader and the recovery of the world’s second-largest economy will improve trade and business ties between the two countries next year, a report suggested Monday.　 Comparing business sentiment between the two countries on a timeline, the Federation of Korean Industries said the relationship could get better than it was in 2016, just before the two started to bicker over the US decision to deploy an anti-missile system on Korean soil. The report

EconomyDec. 28, 2020

Researchers introduce new tools for 3D research of cancer genome

A South Korean research team has built the world’s largest dataset and new browsing tools for the study of large-scale genomic rearrangements that could potentially cause cancer, the Korea Advanced Institute of Science and Technology said Monday. Researchers led by KAIST professor Jung In-kyung and Korean Bioinformation Center professor Lee Byung-wook have collected and processed around 230 billion raw reads including 220 Hi-C samples. Based on the data, the team has completed constructi

TechnologyDec. 28, 2020

Solid demand for automobiles in US, semiconductors in China in 2021: report

The US is expected to become the most promising market for local carmakers next year, while China is to yield the greatest opportunities for chipmakers, according to big data analysis released Monday. The state-run Korea Trade-Investment Promotion Agency’s report looks into market prospects of major markets overseas for Korean exporters expected to lead the post-pandemic economic recovery. Markets that would show solid demand for automobiles in 2021 include the US, Germany, the UK and

IndustryDec. 28, 2020

Samsung Electronics’ record run continues over optimism for foundry biz

The share price of Samsung Electronics on South Korea’s stock market has reached an unprecedented high yet again, surpassing 80,000 won ($73) during intraday trading Monday. Hitting 80,100 won per share in the early morning trade, Samsung Electronics rose 1.2 percent to close at 78,700 won -- the highest closing price since a 50-to-1 stock split in 2018 -- bringing its market cap to a new high of 469.8 trillion won. This accounted for over 24 percent of all 906 constituents of the Kospi,

MarketDec. 28, 2020

[Newsmaker] Delivery Hero to sell Yogiyo under watchdog’s antitrust policy

Germany-based Delivery Hero will concede its food delivery services Yogiyo as a cost of acquiring Woowa Brothers, the operator of market champion app Baemin, officials said Monday. The apparently reluctant decision came after South Korea’s antitrust watchdog disapproved the monopolistic merger of the top two apps in the fast-growing food delivery market. “We request that the Fair Trade Commission send the final notice in the first quarter next year,” the company posted on

IndustryDec. 28, 2020

S-Oil makes 5th investment in new material startup

S-Oil is continuing to make investments in promising startups in the fields of batteries, new materials, smart factories and carbon emissions, said the oil refining company as it announced Monday its fifth investment. The company inked an investment deal with Beomjun E&C earlier this month, a firm with a modified sulfur technology for high-performance asphalt, as part of its preemptive efforts to collaborate with such firms that could create synergy with the petrochemical and oil refining

TechnologyDec. 28, 2020

More karaokes close; pharmacies stay strong

The COVID-19 crisis has dealt a severe blow to small businesses as a whole, but the latest data on business closures reveals some have suffered more than others. Karaoke lounges, indoor golf ranges and DVD rooms were hit hardest by the pandemic with the biggest increases in closing rates, according to the report by a state-run Korea Development Institute. The think tank at the request of the government analyzed the second-quarter business closure data to find that closures in the three type

IndustryDec. 28, 2020

Seoul stocks hit new high on US stimulus deal, eased Brexit uncertainties

South Korean stocks set a new record high Monday, backed by a fresh US stimulus deal and eased uncertainties from Brexit. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.74 points, or 0.06 percent, to close at 2,808.6. Trading volume was high at about 978 million shares worth some 23.6 trillion won ($21.5 billion), with losers outnumbering gainers 530 to 315. The index extended its all-time high for a second straight session on strong

MarketDec. 28, 2020

EV defect claims multiply 46 times in 4 years

As environmentally-friendly vehicles grow in popularity, consumer claims of defects in their electric vehicles have multiplied in recent years, latest data shows. According to the Ministry of Land, Infrastructure and Transport and Korea Transportation Safety Authority on Monday, the number of electric vehicles registered in the country is 131,923 as of November, a 12-fold increase from 10,855 at the end of 2016. Complaints of faulty vehicle parts grew even faster during the period. A total o

MobilityDec. 28, 2020

GS25 rolls out tteokbokki for vegans

Local convenience store chain GS25 is bringing instant vegan tteokbokki to its stores, the company said Monday. Tteokbokki is a popular Korean street food of rice cakes in chili sauces. 　 The products, under the name Veggie Garden, are 100 percent meatless, and have been certified vegan by the Korea Agency of Vegan Certification and Services, a non-profit organization that has been approved by the Ministry of Food and Drug Safety. The company said the products have removed all possible conta

ConsumerDec. 28, 2020

S. Korea to maintain nuclear phaseout scheme, scale back coal power generation

South Korea said Monday it will gradually diversify its energy mix by using more sustainable sources, such as solar power, and scale back the use of coal and nuclear power, in line with the country's goal to achieve zero carbon emissions by 2050. Under the ninth basic plan on the electricity supply, which will run through 2034, sustainable energy sources will take up 8.6 percent of the country's energy mix, soaring from this year's 3.3 percent, according to the Ministry of Trade, Industry and E

IndustryDec. 28, 2020

Number of corporate credit rating cut hits highest level in 4 years

The number of South Korean companies that have suffered credit rating downgrades has reached its highest level since 2016 as the COVID-19 pandemic has taken a toll on their finances this year, industry data showed Monday. The debt ratings of 39 companies have been cut down by more than one of the three local credit rating agencies -- Korea Investors Service, NICE Investors Service and Korea Ratings Corporation -- as of Thursday, according to data compiled by Yonhap Infomax. In 2016, the figur

EconomyDec. 28, 2020

China greenlights Daewoo Shipbuilding-KSOE merger

China's antitrust watchdog has approved the merger between two South Korean shipbuilding giants, sources said Monday, possibly paving the way for the creation of the world's largest shipyard. China's State Administration for Market Regulation has recently sent Korea Shipbuilding & Offshore Engineering Co. (KSOE) a notice that its planned merger with Daewoo Shipbuilding & Marine Engineering Co. (DSME) doesn't violate any antitrust rules or hurt fair competition in the world's second-larg

IndustryDec. 28, 2020

11 lenders tapped for won-yuan FX trading in 2021

South Korea selected a total of 11 banks –- six South Korean and five foreign banks –- as institutions responsible for setting prices for direct won-yuan transactions next year, financial authorities said Monday. The banks will be responsible for determining the prices for the transactions and funneling liquidity into the market, the Ministry of Economy and Finance and the Bank of Korea said in a joint statement. The South Korean banks are major commercial lenders KB Kookmin, Shi

EconomyDec. 28, 2020

[Photo News] BTS stars in KB Kookmin's ad for Indonesia

K-pop boy band BTS stars in KB Kookmin Bank’s advertisement for Indonesia, with its megahit song “Dynamite” playing in the background, in this screen capture of the commercial released by the lender on Monday.  BTS has been KB Kookmin's global ambassador since 2018. KB Kookmin has been expanding its presence in Indonesia in recent years and has so far acquired a 67 percent stake in Bank Bukopin, making it the largest shareholder. By Jung Min-kyung (mkjung@heraldcorp.com)

MarketDec. 28, 2020

Asian shares, credit bonds to outperform in 2021: SC Bank

Asian stocks and credit bonds are forecast to remain bullish next year amid a recovering global economy due to the COVID-19 vaccine progress, according to a Standard Chartered Bank Korea report Monday.  “Global economic activity, which has been halted by the COVID-19 pandemic, will normalize next year thanks to the vaccine distribution,” the bank‘s report said in regards to 2021 financial market prospects.  “As the global economy is expected to rebound, risky

MarketDec. 28, 2020

Hanwha Solutions acquires US hydrogen tank maker

Hanwha Solutions Corp., a South Korean energy solutions company, said Monday it has signed a deal to acquire US hydrogen tank firm Cimarron Composites LLC as part of a diversification strategy. Hanwha Solutions plans to complete the process to take over an entire stake in the US industrial tank equipment maker by April, the company said in a statement. "The company will invest $100 million, including the acquisition capital, in Cimarron by 2025," the statement said. The acquisition

IndustryDec. 28, 2020

Investment advisory firms swing to profit in H1 on stock rally

Investment advisory firms in South Korea swung to a profit in the first half of fiscal 2020 as the local stock market remained bullish, data showed Monday. The 215 investment advisers reported a combined net profit of 128.3 billion won ($117 million) in the April-September period, according to the data from the Financial Supervisory Service (FSS). It marks a sharp turnaround from a total net loss of 22.7 billion won recorded during the previous six months. The financial watchdog attributed th

MarketDec. 28, 2020