Regional GDP inches up in 2020 amid pandemic

SEJONG -- The gross regional domestic product (GRDP) for provinces and cities in South Korea inched up in 2020 from a year earlier amid restrictions on business operations caused by the pandemic, data showed Monday. According to the data provided by Statistics Korea, the GRDP came to 1,936 trillion won ($1.63 trillion) in 2020, up 0.4 percent or 9 trillion won from a year earlier. The greater Seoul area -- which covers Gyeonggi Province that surrounds the capital Seoul, and the western port ci

Dec. 27, 2021

S. Korea to submit application for CPTPP in April: finance minister

South Korea will push to submit an official application to join a mega Asia-Pacific free trade agreement in April next year by speeding up the process of collecting public opinions and building social consensus, the country's top economic policymaker said Monday. The government earlier said that it had begun the process to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) involving 11 nations as part of efforts to diversify its export portfolio. Finance Mi

Dec. 27, 2021

Samsung Heavy wins W240b LNG ship order in Latin America

Samsung Heavy Industries Co., the world's second-biggest shipbuilder by orders, said Monday it has received a 240 billion won ($202 million) order to build a liquefied natural gas ship for a shipper in Latin America by 2024. The company did not provide the name of the shipper. With the latest order, Samsung Heavy has achieved $12.2 billion worth of orders this year, exceeding its annual order target of $9.1 billion amid the pandemic. This year, Samsung Heavy said it has received orders to

Dec. 27, 2021

Cost of living top economic issue next year in Seoul: survey

The cost of living was cited as the most important economic issue of 2022 by Seoul citizens, a survey showed Monday. According to the survey on 1,200 households in the capital by the Seoul Institute, 19.2 percent of the respondents said the cost of living is the top economic issue next year. Another 17.3 percent cited youth unemployment and job creation followed by mortgage loans and increasing household debts at 9.8 percent, the result of the 2022 presidential election at 8.3 percent, incom

Dec. 27, 2021

Seoul shares open lower on profit taking

Seoul shares opened lower Monday on profit taking amid lingering concerns over the impact of the omicron variant. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.62 points, or 0.12 percent, to 3,008.81 points in the first 15 minutes of trading. Individuals and foreigners' stock selling worth a combined 48 billion won ($40 million) exceeded institutions' stock purchases valued at 43 billion won.  Tech and airline stocks were lead decliners.  Market bellwether Samsun

Dec. 27, 2021

Container volume hits 6-month low at Incheon Port

Container volume at Incheon Port, the nation’s gateway for seaborne trade, has tumbled to a six-month low due to severe bottlenecks at major ports around the world and more lucrative offers by Chinese cargo owners. According to Incheon Port Authority on Sunday, the goods volume transported through the port was 1.64 million 20-foot-long containers in the June to November period this year, down 5.5 percent from a year ago. The port said cargo owners around the world, especially those fro

Dec. 26, 2021

Edison Motors likely to seal SsangYong deal this week

Edison Motors, South Korea’s leading EV bus maker, and the bankrupt SsangYong Motor are likely to seal their merger and acquisition deal this week. Legal circles and automobile industry insiders expect the M&A to take place by this week or by January 7 the latest. “We need to adjust the contents of the contract, but if the discussion goes well, it can be done within this month. If the adjustment is prolonged, it could be early January,” said an official from Edison Motors

Dec. 26, 2021

Korean fragrance market soars on pandemic blues

The market for fragrance products has seen an unprecedented expansion both in size and type of products, with more consumers, especially those in their 20s and 30s, opening their wallets for new olfactory experiences in the middle of the coronavirus pandemic. According to global market watcher Euromonitor, Korea’s fragrance market grew 36.4 percent from 2018 to 2019, and is projected to reach 650 billion won ($547.5 million) by 2023. “During a crisis, we depend more on our olfact

Dec. 26, 2021

KCCI chief urges practical approach to governance reforms

SK Group Chairman Chey Tae-won, who doubles as head of the Korea Chamber of Commerce and Industry, has called for a justifiable and practical approach to dealing with the governance structure issue of South Korean conglomerates. “Samsung had a leader who jumped into semiconductor (business) and overcame difficult challenges. Without such structure, who could have had managed such risks?” the KCCI chief told reporters during a year-end conference held Wednesday in Seoul. “

Dec. 26, 2021

Newcomers in game industry look to dethrone traditional powerhouses

The landscape of South Korea’s game industry has been shaken up in the past year, as newcomers took the market by storm while traditional powerhouses slipped. Krafton, developer of online multiplayer shooter PlayerUnknown Battlegrounds, and Kakao Games, maker of massively multiplayer online role-playing game Odin: Valhalla Rising, saw their sales soar on-year, as the two games gained popularity around the world. Meanwhile, the country’s big three game makers -- Nexon, NCSoft and N

Dec. 26, 2021

More women promoted, but hurdles remain in S. Korea's finance

The public and private financial sectors have recently appointed more women for leadership amid their drive to adopt environmental, social and governance values, but the field remains overwhelmingly male. The watchdog Financial Supervisory Service on Wednesday appointed its first “inside” female executive, a turn from its previous moves to hire women for the position from outside institutions including universities. This marked the first of such move in the FSS’ 22-year histo

Dec. 26, 2021

[Weekender] As pandemic continues, Christmas home parties evolve

For Kim Yo-sup, a 23-year-old student in Seoul, Christmas last year was a nightmare. Being forced to stay at home, a Zoom Christmas party was his only practical option to celebrate the holidays. Come this holiday season, he is determined to avoid a repeat of last year. “Before COVID-19, I used to party outside on Christmas Eve until Christmas with my friends. Last year, I was living with my parents. So I was extra careful and met my friends through Zoom on Christmas. This year, I will be

Dec. 25, 2021

BOK signals rate hike as inflation fight drags on

The Bank of Korea said Friday that it would adjust its monetary policy next year in an announcement seen as preparing for a rate hike to dampen inflation. The BOK, which raised the rate to 1 percent after two rate hikes in August and November this year to prop up the pandemic-hit economy, is expected to lift the rate in January when the bank’s seven-member board meets. BOK Gov. Lee Ju-yeol said he would not rule out a hike in the first quarter. “The financial imbalances -- manifes

Dec. 24, 2021

US firms suspend CES events over omicron spread, business as usual for Korean tech industry

South Korean technology giants’ plan to attend CES 2022 remains unperturbed so far, despite a series of announcements by US firms that they are suspending in-person events due to concerns about the spread of the omicron variant of COVID-19. Among notable exhibitors based in Korea -- Samsung, LG, Hyundai Motor, SK and Doosan -- none of them has yet to announce a withdrawal of an earlier plan to attend the world’s biggest consumer electronics show. There was also no talk yet about s

Dec. 24, 2021

Shinhan taps ex-IBM director as digital chief officer

Shinhan Financial Group, one of the four banking giants in the country, has named a former IBM managing director as its digital chief officer to accelerate a push to expand its digital services. Kim Myoung-hee, who spent the last 23 years developing digital operations at IBM before joining SK telecom to oversee digital efforts at the country’s largest mobile carrier, is considered one of the leading women experts on digital transformation. Kim was the first senior women chief to lead the

Dec. 24, 2021

Seoul stocks up for 4th session amid eased omicron concerns

The South Korean stock market continued its winning streak to a fourth session Friday amid eased concerns over the impact of the omicron variant on the global economy. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.26 points, or 0.48 percent, to 3,012.43 points. Trading volume was moderate at about 530 million shares worth some 8.4 trillion won ($7.7 billion), with gainers outnumbering losers 602 to 228. Foreigners bough

Dec. 24, 2021

Air Premia opens cargo flights to Singapore

South Korean budget carrier Air Premia Co. said Friday it has opened its first international cargo flight to Singapore to focus on the cargo business amid the COVID-19 pandemic. Air Premia plans to operate the Incheon-Singapore route every Friday at 8:30 p.m. The company said it will consider starting passenger flights to Singapore depending on the COVID-19 pandemic. It also plans to review whether to operate cargo flights to Vietnam next month. Air Premia's Boeing 787-9 jet is a medium-size

Dec. 24, 2021

Samsung's Chinese chip plant in emergency mode during citywide anti-virus lockdown

Samsung Electronics Co. said Friday its memory chip complex in the Chinese city of Xi'an went into an emergency mode as the Chinese authorities enforced a lockdown to stem the spread of the coronavirus. The South Korean tech giant said the emergency measure has not affected production, as it has been fully utilizing factory workers living in the company's dormitory. "The factory is currently fully operational," a company's official said, adding "We are closely watching the devel

Dec. 24, 2021

Who will take the lead? Naver, Kakao to enter digital health care market

The competition is heating up between two South Korean tech giants, Naver and Kakao, to enter the emerging digital health care market worth an estimated 320 trillion won ($270 billion) and growing using artificial intelligence, market insiders said Friday. According to Naver, it plans to build an in-house “smart hospital” supported by AI in its new headquarters next year. Attending to some 4,300 employees, the medical staff will use its AI technology Naver Clova to keep medical re

Dec. 24, 2021

Amazon Prime Video joins Samsung-led 8K Association

Amazon Prime Video, a subscription-based video streaming service run by Amazon, joined cross-industry group 8K Association earlier in December, Samsung Electronics said Friday. Samsung Electronics, one of the founding members of the 8K Association, said in a statement that Amazon Prime Video’s entry raises the anticipations for the 8K ecosystem’s growth momentum, in addition to Google that joined the group in May this year. 8K refers to a set of high-performance standards that of

Dec. 24, 2021