T'way Air to lease three Airbus A330-300 jets

T’way Air has signed a letter of intent to lease three Airbus A330-300 jets late next year to introduce new medium and long-haul flights, the South Korean low-cost carrier said Monday. The move comes as part of the budget airline’s efforts to prepare for a rebound in air travel demand after the pandemic that has dealt a severe blow to the aviation industry is over. The budget airline currently operates 27 B737-800 chartered aircraft on routes to Vietnam, China, Japan and Taiwan. Bu

MobilityDec. 21, 2020

‘Face masks are least wanted Christmas gift’

A new survey has revealed that face masks, hand sanitizers and other personal protective equipment against the coronavirus are among the least-wanted gifts during this year’s Christmas. While the pandemic-safe gifts failed to drum up enthusiasm, cash and gift cards were the most wanted gifts, found the survey conducted by job reccrutiing portal Incruit. Though antivirus items remain crucial amid the ongoing pandemic, people are not looking forward to receiving them as gifts for the hol

ConsumerDec. 21, 2020

JB Financial pushes automated robotics services

JB Financial Group’s commercial banking units -- Jeonbuk Bank and Kwangju Bank -- are strengthening their capacity to integrate robotic process automation technologies within banking services, the group said Monday. RPA uses artificial intelligence and machine learning software to automate repetitive business processes. Jeonbuk Bank has recently extended the use of RPA, from the bank’s headquarters to local branches, in a step to reduce employees working hours and provide better se

MarketDec. 21, 2020

Mirae Asset subsidiary lists 1st ETFs on London Stock Exchange

Mirae Asset Global Investments said Monday that its US exchange-traded funds provider subsidiary Global X has launched two products to be traded on the London Stock Exchange starting Friday. The thematic ETFs -- Global X Telemedicine & Digital Health UCITS ETF and Global X Video Games & Esports UCITS ETF -- mark the first ETFs of a Korean-owned company to be listed on a European exchange. According to data from market researcher ETFGI, the total size of listed ETFs and exchange-traded

MarketDec. 21, 2020

IFC provides $50m loan to KB Kookmin Card's Indonesian lending arm

The International Finance Corp. said Monday it plans to provide a loan of up to $50 million to KB Finansia Multi Finance, an Indonesian subsidiary of South Korean credit finance company KB Kookmin Card. The loan will contribute to a sustainable and inclusive economic recovery in Indonesia by addressing the liquidity squeeze in the nation’s multifinance sector, the IFC said. Multifinance companies like KB Finansia Multi Finance are considered the main source of funding for micro, small an

MarketDec. 21, 2020

JTI Korea makes donation to provide smart devices for education

JTI Korea has made donations to Community Chest of Korea to provide smart devices to support education of the socially vulnerable, the company said Monday. The tobacco company said the fund will be delivered to Work Together Foundation to buy smart devices for education, as schools are running online classes in the wake of the COVID-19 pandemic. “We are making the donations to help students who are facing difficulties in taking classes online (due to lack of devices) and to improve th

IndustryDec. 21, 2020

Korea Shipbuilding clinches W582b deal from Europe

Korea Shipbuilding & Offshore Engineering said Monday it had clinched a deal worth 582 billion won ($528 million) for seven vessels with European shipping companies. The Korean shipbuilder said it has signed the contract to build four 13,200-twenty-foot-equivalent-unit container vessels, two 40,000-square-meter liquefied petroleum gas carriers and one product carrier, for the companies in Europe, unidentified. The four container vessels, which are 335 meters in length, 51 meters in widt

IndustryDec. 21, 2020

S. Korea's video game market ranked 5th largest globally last year: report

South Korea's video game market was the fifth largest in the world in 2019, falling one position from the previous year, a report showed Monday. The country's video game market reached sales of 15.6 trillion won ($14.2 billion) last year, up 9 percent from the previous year, according to an annual report by the Korea Creative Content Agency. The country ranked behind the United States, China, Japan and the United Kingdom in the global video market worth a total $186.5 billion last year. South

IndustryDec. 21, 2020

Daewoong Pharmaceutical eyes COVID-19 treatment's launch early next year

South Korean drugmaker maker Daewoong Pharmaceutical Co. aims to launch a treatment drug for the novel coronavirus early next year, the company's chief said Monday. Foistar, an oral protease inhibitor, is currently undergoing phase two clinical trial on COVID-19 patients with mild symptoms. The company aims to release the outcome of the clinical study later this month. "Our aim is for actual patients to be able to take the drug starting early next year through a conditional authorization

IndustryDec. 21, 2020

T'way Air to adopt 3 A330-300 jets next year

T'way Air, a South Korean low-cost carrier, said Monday it will adopt three A330-300s next year in preemptive efforts to meet the post-coronavirus travel demand. T'way Air has recently signed a letter of intent with European aircraft maker Airbus to lease the A330-300 passenger jets and plans to gradually inject them on the long-haul routes to Australia, Croatia, Singapore and Malaysia, the company said in a statement. T'way Air suspended most of its international routes in March as countries

MobilityDec. 21, 2020

Seoul stocks open lower on profit-taking

South Korean stocks opened lower Monday on increased valuation pressure, after the benchmark index closed at an all-time high the previous session despite surging new coronavirus cases. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.18 points, or 0.15 percent, to 2,768.0 in the first 15 minutes of trading. Stocks got off to a weak start as foreigners and institutions are set to lock in gains as the country's soaring COVID-19 cases increased concerns of stronger social distancin

MarketDec. 21, 2020

S. Korean pharmaceutical firms shine despite coronavirus pandemic

South Korean drug and biopharmaceutical companies have recorded stellar performances this year despite the coronavirus pandemic, data showed Monday. Nine local pharmaceutical firms struck 14 technology export deals worth 10.15 trillion won ($9.2 billion) this year, up 19 percent from a year earlier, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. The surge was attributed to their big investments in developing new drugs and expanding production facilities. Spend

IndustryDec. 21, 2020

Korea pins hope on exports in post-COVID-19 era

Exports could be a breakthrough for the South Korean economy in the post-coronavirus era, a state-run trade agency said Monday. Despite numerous uncertainties that are expected to linger in 2021, the state-run Korea Trade-Investment Promotion Agency raised its exports forecast for next year, saying semiconductors and biotech products, among others, are likely to lead the gains. Overseas shipments would grow 6-7 percent in 2021 to reach $540 billion-560 billion next year, from around $510 bil

EconomyDec. 21, 2020

Instant noodle exports soar 28% this year amid pandemic

South Korean exports of instant noodles jumped more than 28 percent in the first 11 months of the year amid the coronavirus pandemic, data showed Monday. Overseas shipments of instant noodles, or "ramyeon" in Korean, came to $549.72 million in the January-November period, up 28.4 percent from a year earlier, according to the data from the Korea Customs Service and industry players. It was well above last year's total exports of $467 million. The surge was ascribed to the global popu

EconomyDec. 21, 2020

Nonalcoholic beers review: Cass, Hite and Tsingtao

Drinking is fun for a lot of people. And in the midst of the coronavirus pandemic, some of us are guilty of finding solace in downing a few extra drinks at home. Even those who have a low tolerance for alcohol don’t have to feel left out, as major beer companies have released nonalcoholic or low-alcohol beers in recent years. They are as accessible as it gets. Nonalcoholic drinks are available on online shopping platforms, as their alcohol content by volume below 1 percent excludes them

ConsumerDec. 20, 2020

S. Korea’s exports of kimchi products mark all-time high this year

South Korea’s kimchi exports have reached an all-time high this year, government data showed Sunday. According to the Korea Customs Service, overseas sales of kimchi amounted to $131.52 million as of November, surpassing $106 million, recorded for the whole of 2019. By export destination, Japan accounted for 49.3 percent of the shipments, valued at $64.95 million. The US and Hong Kong followed, with $21.04 million and $7 million worth of sales. The largest exporter was Daesang, the

IndustryDec. 20, 2020

[Herald Interview] From fintech to pandemic-friendly biz solutions: Startup scene set to shift in post-pandemic Korea

The COVID-19 outbreak shook up the startup scene around the globe. While many suffered, some well-placed companies, like US-based videoconferencing firm Zoom, saw explosive growth because they offered pandemic-friendly solutions. Hwang Jong-duck, who helps foreign startups enter the South Korean market, sees plenty of opportunities for Zoom-like success in Korea as disruptive solutions gain ground in everyday life and spread to a wider range of business sectors. “Firms are now launchi

TechnologyDec. 20, 2020

Dongsuh makes W5m year-end donation

South Korean food and beverage manufacturer Dongsuh Foods and its holding firm, Dongsuh Companies, made year-end donations worth 550 million won ($500,000), the companies said Sunday. The donations are for the Community Chest of Korea, ChildFund Korea and the Korea Foundation for Women, according to the companies. The money will be spent on basic necessities for low-income families as well as medical care for children from those families. “We have decided to deliver the donation dur

IndustryDec. 20, 2020

Auto industry goes for contactless business model amid COVID-19

Due to the repeated resurgence of COVID-19 and the prolonged market fallout, the contactless business trend has become an inevitable reality even for hardcore manufacturing sectors such as automobiles. While major carmakers sought to expand online promotion channels for their newly launched vehicles, tire companies focused on providing non-face-to-face callouts for repairs and replacement. Genesis, the luxury automobile brand from South Korea’s second-largest conglomerate, Hyundai Motor

IndustryDec. 20, 2020

S-Oil to explore hydrogen, fuel cell business

S-Oil will make a foray into hydrogen, fuel cell and recycling businesses as part of its strategy to transform into a total energy-to-chemical company by 2030, it said Sunday. CEO Hussain A. Al-Qahtani unveiled the new growth strategy, dubbed “Vision 2030,” detailing the Korean refinery’s response to the global trend of energy transition and carbon neutrality. To keep in line with South Korean government’s plan to curb carbon emissions, the company laid out an invest

IndustryDec. 20, 2020