Flare-up in COVID-19 cases ups economic uncertainty: ministry

The South Korean economy is on a recovery track, but a recent flare-up in COVID-19 cases could heighten uncertainty over an improvement in domestic demand, the finance ministry said Friday. In its monthly economic assessment report, the ministry said the country's exports remain robust and domestic demand showed signs of improvements while the job market is recovering from slumps. "But a resurgence in COVID-19 cases could increase uncertainty about domestic demand," the Ministry of E

July 16, 2021

Seoul stocks open lower on inflation worries

South Korean stocks opened lower Friday, tracking US stock losses over concerns of faster-than-expected inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.17 points, or 0.4 percent, to 3,273.05 points in the first 15 minutes of trading. Federal Reserve Chair Jerome Powell said the US central bank would support an accommodative stance as the current inflation is expected to wane. But the comment fell short of reducing the tapering jitters in the financial markets. Ove

July 16, 2021

Hankook Tire supplies tires for BMW X3, X4 M models

Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Friday it began supplying tires for BMW's high-performance X3 M and X4 M models this year. Hankook Tire has provided the high-performance Ventus S1 evo Z tires for the performance SUV models since the first half, the company said in a statement. BMW M is one of the world's three major sports racing brands, along with Mercedes-Benz's AMG and Audi's Renn Sport (RS) brands. To enhance its global brand image,

July 16, 2021

Stellantis to bring 6 EVs to S. Korea by 2026

Multinational carmaker Stellantis Group said Friday it will bring six electrified models to South Korea by 2026 as it aims to get a share of the emerging local EV market.   Stellantis is a 50:50 joint venture recently set up through the merger of U.S. carmaker Fiat Chrysler Automobiles N.V. and French automaker PSA Groupe.  This year, Stellantis plans to introduce the Wrangler 4xe plug-in hybrid electric vehicle in the Korean market and five other electrified models in the nex

July 16, 2021

Yanolja snaps up $1.7b funding as SoftBank ramps up Korea tech bet

Travel and leisure platform operator Yanolja completed a $1.7 billion investment round by sole investor SoftBank Vision Fund 2, the company said on Thursday. Yanolja said the company will use the proceeds to scale digital transformation of the global travel and hospitality industry and expand its technology offerings in new markets. The company plans to build and operate an advanced global travel platform by enhancing its automated solutions using artificial intelligence and personalized offe

July 15, 2021

BlackRock Real Assets to back Korean offshore wind farm project

BlackRock Real Assets said Thursday it has closed its first investment in South Korea’s offshore wind sector, in line with the country’s renewable energy transition initiative. The New York-based asset managing arm dedicated to real estate and infrastructure investment acquired a 100 percent equity stake in renewables developer Korea Renewable Energy Development & Operation Holdings, formerly known as Igis Private Equity. The transaction price was not disclosed. BlackRock Real

July 15, 2021

Blockchain firm AMAXG forays into NFT & metaverse

South Korean blockchain company AMAXG has recently taken steps to grow a platform business specializing in the metaverse and nonfungible tokens amid the rise of these virtual technologies. The metaverse refers to a collective virtual shared space. Extended reality is the foundation of the metaverse, as it makes diverse activities possible in the virtual world through virtual reality and augmented reality technology. AMAXG seeks to put the metaverse to practical use and commercialize virtual a

July 15, 2021

COVID-19 redefines how to value Korean private companies

The COVID-19 pandemic has been a catalyst for changing the way of assessing the value of a privately-owned company in the private capital market in South Korea, said a veteran investment professional on Thursday. The pandemic has accelerated both the demand and supply of services and products associated with the digital transformation and energy transition. This phenomenon triggers a bipolarization of target company valuation, Chai Jin-ho, executive managing partner at STIC Investments, said i

July 15, 2021

Eximbank extends $600 million to Tunisia for digital infra project

The state-run Export-Import Bank of Korea said Thursday it had agreed to extend a $600 million loan to Tunisia to support the North African country’s digital infrastructure development projects. Tunisia plans to use the fund to digitize some 4.5 million maps and land-related documents to build a database and develop a comprehensive land information management system there. “We expect that our support for Tunisia’s land management infrastructure innovation, which is the cou

July 15, 2021

[Contribution] Korea Customs Service’s war on drugs

This June, a telescope arrived in South Korea as an express consignment from the US.  At a glance, it looked like an ordinary item, but when customs officers examined it closely, they discovered a steel plate welded onto the original product. Through an intrusive search, officers seized 442 grams of methamphetamine hidden inside. Earlier in March, 4 kilograms of methamphetamine disguised as sea salt was found among international parcels from the US. It amounted to a whopping 150,000 dos

July 15, 2021

Doctors raise concerns over Hyundai Pharm’s abortion pill

Medical experts are divided over the safety and efficacy of an abortion pill poised to soon hit local pharmacy shelves. After a Korean firm sought to bring in the drug Mifegyne -- which is sold in over 70 countries -- under a local brand name Mifegymiso, a group of local experts on Thursday called for a bridging study to verify the pill’s safety and efficacy. A bridging study on a drug is an additional study executed in a new region to compare it with foreign clinical data on safety, e

July 15, 2021

SK Bioscience aims to launch COVID-19 vaccine by early next year

SK Bioscience is to soon begin the Phase 3 clinical trial of its COVID-19 vaccine candidate, the firm’s CEO Ahn Jae-yong told a local seminar held Wednesday. Ahn also added the company expects the vaccine to be out early next year. SK Bioscience currently has two COVID-19 vaccine candidates, GBP510 and NBP2001, under development. The Seongnam, Gyeonggi Province-based firm is expected to choose one -- GBP510. The company last month applied for a regulatory permission to start the Phase 3

July 15, 2021

Seoul stocks up on Fed's comments, improved China data

South Korean stocks rebounded Thursday morning as investors are relieved by the US Federal Reserve's reiteration of its dovish stance, with China's economic indicators signaling that the global recovery is on track. The Korean won rose against the US dollar The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.41 points, or 0.66 percent, to close at 3,286.22 points. Trading volume was moderate at about 1.2 billion shares worth some 13.4 trillion won ($11.7 billion), with gainers outn

July 15, 2021

Toss Securities launches service for gifting stock like coffee

Toss Securities, the brokerage arm of fintech company Viva Republica, on Thursday said that it launched a stock gifting service to make investing easier. The new service allows users to give away their stocks to others, just by submitting a real name and phone number, like they do to virtually send coffee or other presents via mobile messenger service KakaoTalk. The company said the new service is part of the company‘s efforts to expand market access for new investors. Earlier this

July 15, 2021

Fintech platforms become major banking tool for young Koreans: survey

More than 90 percent of young Koreans in their 20s and 30s use fintech platforms for money transfers instead of going to bank branches, a survey showed Monday. According to the survey conducted by the Korea Fintech Industry Association, about 96 percent of respondents said they use a financial technology platform developed by nonfinancial companies such as Kakao, Naver and Toss, while 60 percent said they use banking apps. The survey asked 2,000 people in their 20s and 30s who use payment ser

July 15, 2021

EU climate package stirs Korean industry

The European Union’s sweeping plans, announced Wednesday, to cut emissions are expected to hurt South Korea’s steel and other carbon-intensive industries, experts and industry officials said Thursday. The EU announced a comprehensive climate package that revolves around three key proposals: imposing tariffs on carbon-intensive imports starting 2026; banning the sales of cars running on fossil fuels starting 2035; and forcing clean fuel in the aviation and maritime sectors. What

July 15, 2021

KT starts ‘real’ end-to-end 5G service in industry first

KT on Thursday announced the launch of pure end-to-end 5G service, becoming the first mobile carrier in South Korea to commercialize a 5G standalone network. Starting from Thursday, users of Samsung Galaxy S20, S20+ and S20 Ultra phones who subscribe to KT’s 5G mobile plans will be able to access the 5G SA connection simply by updating their device software. Standalone refers to it being pure 5G from end to end, without occasional transitioning to 4G Long Term Evolution networks. S

July 15, 2021

BOK keeps rate at record-low amid 4th wave of virus outbreaks

South Korea’s central bank on Thursday kept its key policy rate anchored at record-low of 0.5 percent, with the latest wave of COVID-19 infections dampening its path to a hawkish policy. While some experts have said that a rate hike may come as early as this month, the widely-expected rate freeze decision came during this year’s fifth rate-setting meeting. The Bank of Korea has been keeping the rate at 0.5 percent since May 2020 after slashing it by a combined 0.75 percentage point

July 15, 2021

Over 1 in 3 delivery workers in 20s and 30s, CJ Logistics says

More than 1 in 3 of delivery workers of CJ Logistics, the industry’s largest, are in their 20s and 30s, the company’s data showed Thursday, contrary to the popular perception that couriers come from older generations. Some 8,100 delivery workers fall under the age groups, accounting for 37 percent of some 22,000 delivery workers. The findings are based on an analysis of its staff during the first half of this year. Once considered a “job for older men,” the company exp

July 15, 2021

S. Korea to export nuclear reactor tech to Bangladesh

South Korea's science ministry said Thursday the country's nuclear research institute has won a deal worth $3.88 million to export nuclear reactor technology to Bangladesh. The Korea Atomic Energy Research Institute has signed a deal with the Bangladesh Atomic Energy Commission to deliver digital instrumentation and control systems for the South Asian country's research nuclear reactor by January 2023, according to the Ministry of Science and ICT. The South Korean nuclear institute will provid

July 15, 2021