Over 70% of cash handouts to be doled out to pandemic-hit merchants this month: minister

Finance Minister Hong Nam-ki said Tuesday the government plans to provide more than 70 percent of emergency relief funds to small merchants hard hit by the pandemic over the next two weeks. The move is aimed at accelerating the provision of cash handouts to pandemic-stricken merchants as the country is grappling with the fourth wave of the pandemic. The country plans to provide a total of 4.22 trillion won ($3.6 billion) in relief aid to micro business owners by the end of September as it crea

Aug. 17, 2021

Refiners make big turnaround in H1 on robust petrochem biz

Major Korean refiners posted strong earnings in the first half of the year thanks to solid petrochemical businesses, swinging from the pandemic-driven losses a year earlier, industry data showed Tuesday. Four refiners -- SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oil Bank Corp. -- logged a combined 4 trillion won (US$3.4 billion) of operating profits in the January-June period, shifting from 5.1 trillion won of deficits from a year earlier, their earnings reports showed. Their

Aug. 17, 2021

Citibank Korea to decide on exit plan next week

Citibank Korea Inc., the South Korean unit of Citigroup Inc., will decide on its exit plan for its retail banking unit next week, an industry source said Tuesday. Citibank Korea will hold a board meeting Aug. 26 during which the lender will confirm how to sell the retail banking division. In April, Citigroup said it will exit consumer banking operations in 13 markets, including South Korea, as part of its global business reorganization. Four financial firms have conducted a due diligence of C

Aug. 17, 2021

LG Display to invest W3.3 tr to expand OLED capacity

LG Display Co., a major display panel maker in South Korea, said Tuesday it will invest 3.3 trillion won ($2.8 billion) to expand its medium-and-small sized OLED display production capacity. The company said the investment, which will be made through March 2024, will be used in OLED facilities in South Korea that manufacture sixth-generation (1,500mm x 1,850mm) substrates. LG Display is the world's sole supplier of large-size OLED panels for TVs, but its competitiveness in the medium-and-

Aug. 17, 2021

Foreign crypto exchanges seek distance from Korea ahead of tighter regulations

Some foreign cryptocurrency exchanges have distanced themselves from South Korea as Korean authorities are set to enforce tighter regulations against virtual coins. By Sept. 24, cryptocurrency exchanges targeting Korean investors must register with the nation's anti-money laundering body and disclose their details on risk management. Under the tougher regulations, banks will issue real-name accounts in line with stricter guidelines to prevent money laundering. Beginning Sept. 25, cryptocurrenc

Aug. 17, 2021

Preorders for Samsung's new foldable smartphones begin in S. Korea

Preorders for Samsung Electronics Co.'s new foldable smartphones started Tuesday as the tech giant expects a sales boost with cheaper price tags. Preorders for the Galaxy Z Fold3 and the Galaxy Z Flip3, both unveiled last week at Samsung's Unpacked online event, will run through Monday in South Korea. Those who preordered Samsung's third-generation foldable smartphones will receive the products next Tuesday, three days before their official launch. Samsung has sharply lowered prices for its la

Aug. 17, 2021

S. Korea's trade in camping goods hits new high in 2020 on pandemic

South Korea's exports and imports of camping goods reached a fresh high in 2020 amid the coronavirus pandemic, a report showed Tuesday. Asia's fourth-largest economy exported and imported $399 million worth of camping equipment last year, an all-time high and up 40 percent from the previous year, according to the report from the Korea Trade Statistics Promotion Institute. In the first half of this year alone, the country's trade in camping gear stood at $293 million, above the $285 million reg

Aug. 17, 2021

Samsung leads Q2 curved monitor market

Samsung Electronics Co. was the world's largest curved monitor vendor in the second quarter of the year, a report showed Tuesday, although its shipments decreased sharply from a quarter earlier. Samsung had a market share of 32 percent in the April-June period after shipping 1.09 million curved monitors, according to market researcher TrendForce. AOC/Philips, owned by TPV Technology Ltd., was the runner-up with a 12 percent market share with 410,000 units. Micro-Star International Co. and Dell

Aug. 17, 2021

Seoul stocks open slightly higher on tech rebound, financial gains

South Korean stocks opened a tad higher Tuesday as tech large caps showed signs of a rebound from their weeklong plunge, in addition to strong advances by financial stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.63 points, or 0.05 percent, to 3,172.92 points in the first 15 minutes of trading. The key stock index opened with mild gains as the country's two largest chipmakers rose after tumbling on pessimism about a future price fall of DRAMs. Gains by financial and ban

Aug. 17, 2021

IBK woes continue in Indonesia

The state-run Industrial Bank of Korea’s Indonesian subsidiary, its largest ASEAN business, fell deeper into the red in the second quarter, while its Korean rivals are raking in robust profits from their businesses there. Flagging warning signs for its annual performance this year, Bank IBK Indonesia reported a net loss of 14.3 billion won ($12.2 million), failing to extend its growth momentum gained in the first quarter of 1.2 billion won in net profit. “In the early stages, net lo

Aug. 16, 2021

Samsung Display's low-power OLED panels inside latest foldable phone

Samsung Display’s new power-saving OLED display panels can be found inside Samsung Electronics’ latest smartphone, the Galaxy Z Fold3, according to the display maker on Monday. The new displays, developed with what the company brands as Eco2 OLED technology, cut power consumption by up to 25 percent, it added. The firm has made a number of efforts to debut low-power OLED panels, with a focus on polarizers. Polarizers are key components in a panel that eliminate reflections from e

Aug. 16, 2021

Korean Air mulls rerouting flights to avoid Afghan airspace

Korean Air Lines Co., South Korea's biggest carrier, said Monday it will consider rerouting flights to avoid Afghanistan's airspace following the Taliban's takeover of Kabul. Korean Air said some of its cargo flights have used the Afghan airspace at high altitudes, though its passenger flights have not. "We are closely monitoring the (political) situation in Afghanistan and may change our routes if necessary," a company spokeswoman said over the phone. The move is in line with majo

Aug. 16, 2021

[Law Talk] More questions than answers: Who is the ‘responsible executive’ under the Serious Accidents Punishment Act?

Under the highly controversial Serious Accidents Punishment Act, which was codified by the National Assembly in January this year, business owners and responsible executives are required to comply with new health and safety obligations. A failure to comply with such requirements that results in serious bodily harm will subject them to significant civil liability and administrative/criminal penalties. The introduction of the act is seen as a legislative effort by the South Korean government to

Aug. 16, 2021

Samsung Asset’s hedge fund arm merger falls through

Samsung Asset Management has withdrawn its plan to merge its hedge fund arm following a yearslong delay since the announcement, a filing showed Monday. The proposed merger of Samsung Asset and its wholly owned Samsung Hedge Asset Management was scrapped with the consent of the parties concerned, according to the filing submitted to the Korea Financial Investment Association. The merger plan was announced in April 2020 and was designed to be completed by August the same year. But the plan has

Aug. 16, 2021

Tesla stocks lose luster among Korean investors

South Korean investors’ appetite for shares in electric vehicle maker Tesla has been on the wane over the past few months, with many turning to vaccine-related stocks, including Moderna, data showed Monday. While Tesla remains a top pick for Korean investors, with combined holdings of $9.7 billion as of Aug. 10 -- the highest here among US-listed stocks -- there were signs that Koreans had begun selling off shares in the world’s largest electric car maker in June, according to data

Aug. 16, 2021

[Gadget Review] Samsung foldables deserve credit for upgrades

Samsung Electronics’ two latest foldable smartphones, Galaxy Z Fold3 and Z Flip3, didn’t seem to have the “wow” factor when first unveiled, but at a closer look, they do deserve some praise. As a user of Z Flip, with a husband who also owns the Galaxy Z Fold, I personally had expectations for new editions of the foldable devices, hoping they would be “more comfortable” to use in daily life. As I had hoped, Galaxy Z Fold3 became slightly thinner and lighte

Aug. 16, 2021

Tax revenue linked to asset markets jumps 76% in H1

South Korea’s tax revenue from asset markets surged nearly 76 percent on-year in the first half amid an increase in housing transactions and stock trading, a ruling party lawmaker said Monday. According to data submitted by the Ministry of Economy and Finance to Rep. Yang Kyung-sook of the ruling Democratic Party, the government collected about 36.7 trillion won ($31.5 billion) worth of tax revenue linked to asset markets in the January-June period. The government’s total tax inco

Aug. 16, 2021

Lotte E&C chosen as preferred bidder to build general hospital in Hanam

Lotte Engineering & Construction has been chosen as the preferred bidder to build a general hospital in Hanam, Gyeonggi Province, as part of the city’s urban development project. According to the construction arm of Lotte Group, a consortium consisting of seven companies, including Lotte E&C, has been chosen for the H2 Project. Other companies participating in the consortium include Kumho Engineering & Construction and the Industrial Bank of Korea. Following the selection,

Aug. 16, 2021

[Newsmaker] Blame game intensifies over Mergepoint fiasco

The blame game between financial authorities and discount app operator Mergeplus intensified Monday, leaving customers who bought coupons uncertain as to whether they would lose their money. Mergeplus launched Mergepoint, an electronic payment service, in 2018. Consumers can buy Mergepoints for 20 percent less than their face value, and use them in local retail franchises, convenience stores and coffee shops. The substantial discounts on offer have helped the service attract about 1 million u

Aug. 16, 2021

Kakao opens blockchain units in Singapore, eyes expansion overseas

Kakao Group, which operates messenger app KakaoTalk, has established two new blockchain entities in Singapore in an effort to expand its blockchain platform abroad and chase after its biggest competitor, Naver. According to local media reports Monday, Kakao recently founded the nonprofit Klaytn Foundation and global accelerator unit Krust in the city-state. With the two at the forefront, the South Korean internet giant will pursue the globalization of its public blockchain project, Klaytn,

Aug. 16, 2021