Online hair salon bookings up 365%: Gmarket

Gmarket reported sharp increases in sales of vouchers for hairdressing salons, restaurant meals and cinema seats, the e-commerce giant said Thursday, calling it a sign that consumption is recovering. Sales of restaurant vouchers between May 21 and June 20 rose 67 percent on-year at Gmarket, while sales of movie tickets and vouchers for hairdressing salons respectively soared 183 percent and 365 percent on-year, the firm added. Auction, another one of the country’s major online shopping

June 24, 2021

Constitutional Court rules in favor of Tada ban

An amendment to a law that effectively suspended the operations of Tada, a homegrown ride-hailing service, was ruled constitutional by the Constitutional Court on Thursday, putting an end to a yearlong dispute in the transportation industry. In its judgment, the court said Tada’s service based on rented vans had “greatly increased social conflicts because it practically offered a taxi service without being subject to regulations affecting the taxi industry.” The law was ame

June 24, 2021

DataStreams suggests blockchain-based trading of big data

South Korean big data firm DataStreams said Thursday that it has presented a system for brokerless trading and circulation of big data using a blockchain solution. Ahn Hyun-joo, head of the firm’s product services department, and his two co-authors presented the research paper at a conference organized by the Korea Society of Management Information Systems on June 18. In their study, the trio offered a way to use blockchain technology to build an exchange platform for big data, enabling

June 24, 2021

Kospi hits record high on hopes of economic recovery

Fueled by hopes of a fast economic recovery, South Korea’s benchmark Kospi topped the 3,280-point mark for the first time at Thursday’s closing. It also hit a new high during intraday trading, attempting to touch the 3,300-point threshold. Extending its winning streak to a third consecutive session, the Kospi gained 0.3 percent to close at 3,286.10, replacing the previous closing high of 3,278.68 set June 16. The key stock index once touched as high as 3,292.27 in the morning trade

June 24, 2021

FSC allows provincial banks to start MyData business

South Korea’s top financial regulator said Thursday that it had granted approval to two regional banks -- Jeonbuk Bank and Daegu Bank -- to offer MyData services. It was a move to foster the burgeoning data-driven business segment, whereby the country’s major commercial banks have already begun procedures to launch related services.  The policymaking Financial Services Commission granted preliminary MyData licenses to six financial firms, officials said. The others are KB Cap

June 24, 2021

Medytox to start phase 3 clinical study of new botulinum toxin treatment

Medytox will begin a phase three clinical trial of its next-generation botulinum toxin treatment MBA-P01, according to an announcement from the company Thursday. The firm’s investigational new drug application for the new botulinum toxin treatment gained approval the previous day from the Ministry of Food and Drug Safety. Medytox will carry out the study at four local medical institutes on a total of 318 people with moderate to severe glabellar frown lines. The firm has been developi

June 24, 2021

[Newsmaker] LG’s iPhone plan faces controversy

LG Electronics’ plan to start selling Apple’s iPhones at its stores is facing backlash from local phone distributors and a private consensus-based panel on shared growth on Thursday threw weight behind opponents, saying LG would be breaking its word if it pushes ahead with the plan. The Korea Commission for Corporate Partnership cited the firm’s pact with the commission signed in 2018 in which LG pledged to strive for co-prosperity with small players in the industry. LG,

June 24, 2021

Hanon Systems acquisition talks offset overvaluation concern: analyst

South Korean auto parts maker Hanon Systems’ overvaluation concern due to foreign clients‘ delay in production is being offset by acquisition talks, analysts said Thursday. This comes as a major shareholder of Hanon Systems, private equity firm Hahn & Co., is considering selling a controlling stake in the thermal management automotive supplier. Hahn & Co. has named Morgan Stanley and Evercore as the deal manager, six years after it took over control of the company with Hank

June 24, 2021

Kolon Industries to double production of aramid, key material for 5G, EV

Kolon Industries said Thursday it will inject 236.9 billion won ($208.6 million) to double the annual production capacity of aramid, a key raw material for fifth-generation network cables and electric vehicles, from the current 7,500 metric tons to 15,000 tons by 2023. According to the textile and chemical unit of Kolon Group, this is the second three-year expansion of its aramid plant in Gumi, North Gyeongsang Province. From 2017 to 2020, the company expanded the facility’s capacity 5

June 24, 2021

LG CNS-RaonSecure to develop Korea’s 1st mobile ID

A consortium of LG CNS and RaonSecure said Thursday that it has won a state-led project to develop South Korea’s first digital identification. The IT solution affiliate of LG Group and the local cybersecurity solutions provider will together develop a digital version of the driver’s license by the end of this year for a project commissioned by the Ministry of the Interior and Safety and the Korea Minting, Security Printing and ID Card Operating Corp. Currently, three major telecom

June 24, 2021

Rate hike to come this year, BOK chief says

The chief of South Korea’s central bank said Thursday that its “interest rate normalization” will come at an “appropriate time” by the end of the year, setting a solid time frame for a policy shift for the first time. “The current pandemic-era monetary easing is extremely dovish compared with the state of the economy,” Bank of Korea Gov. Lee Ju-yeol said in a press briefing.　 Asia’s fourth-largest economy has been recovering at a faster-than-exp

June 24, 2021

SPAO launches daywear hanbok collection

E-Land Group’s fast fashion brand SPAO said Thursday it would launch a casual hanbok collection ranging from robes, pajamas to accessories. Ten items featuring patterns inspired by plum blossoms and bamboo will be released as part of the collection, which will go on sale online on the brand’s official website and fashion e-commerce platform Musinsa on Friday. The collection, which is a collaboration project with hanbok brand Leesle, garnered attention before its official release ov

June 24, 2021

BAT unveils eco-friendly package for Glo

BAT Korea has unveiled a new “Eco Package” for its tobacco heating product Glo in its latest effort to embrace environmental, social and corporate governance values. To minimize carbon emissions and resources during the product distribution process, the size of the package has been reduced 30 percent, the South Korean unit of the British multinational company said. In addition, the product instructions have been simplified while the charging adapter, which was mainly made of plast

June 24, 2021

BOK chief flags post-pandemic rate hike 'within this year'

The Bank of Korea (BOK) is ready to conduct its first post-pandemic rate hike "within this year" amid the economy's robust recovery from the COVID-19 pandemic, Gov. Lee Ju-yeol said Thursday. Lee has hinted that the BOK could exit from pandemic-era monetary easing if an economic recovery remains solid, but it is the first time that he mentioned the timing of a rate hike. "There is the need to orderly normalize monetary policy within this year," Lee told reporters. Lee a

June 24, 2021

Hyundai Motor tops auto sales in Vietnam in Jan.-May period

South Korea's leading carmaker Hyundai Motor Co. emerged as the top auto seller in Vietnam in the first five months of this year, outpacing its Japanese rival Toyota Motor Corp., industry data showed Thursday. Hyundai Motor sold 24,420 units in the Southeast Asian nation in the January-May period, edging out Toyota's 24,112 units, according to the data from the Vietnam Automobile Manufacturers' Association (VAMA). Hyundai's smaller affiliate Kia Corp. sold 23,440 units in Vietnam over the sam

June 24, 2021

KAIST teams up with SM Entertainment for metaverse research

KAIST, South Korea's top science university, said Thursday it is teaming up with K-pop powerhouse SM Entertainment Co. to conduct joint research on digital avatars for virtual concerts in an effort to boost development in metaverse technology. The metaverse -- a virtual environment where users interact through digital avatars -- has recently grown in popularity as the pandemic limits in-person contact. K-pop artists have been at the forefront in adopting the technology, holding virtual meetups

June 24, 2021

Consumer sentiment improves for 6th month in June

South Korea's consumer sentiment increased for the sixth consecutive month in June, as exports showed signs of a strong recovery amid progress in COVID-19 vaccinations, central bank data showed Thursday. The composite consumer sentiment index (CCSI) came in at 110.3 for June, up 5.1 points from the previous month, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists. The latest reading marks the sixth on-month gain following a drop in

June 24, 2021

S. Korea eyes smooth transition of 52-hour workweek scheme for smaller firms

South Korea's top economic policymaker said Thursday the government plans to provide support to smaller firms, including assignments of foreign workers, as it seeks to make a soft landing for such companies implementing the 52-hour workweek. Starting July 1, the country will expand the shortened workweek scheme to companies with five to 49 workers without a grace period. Since July 2018, the country has enforced the 52-hour workweek system in a phase-in manner. The shorter workweek was devised

June 24, 2021

Kospi hits new intraday high on hopes of fast economic rebound

South Korea's benchmark stock index hit a new intraday high Thursday on hopes of a quick economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading. Tech gains led the KOSPI's advance despite lingering market concerns about how soon the US Federal Reserve would start tapering its accommodative policies. Overnight, the Dow Jones Industrial Average lost 0.21 percent as investors digest th

June 24, 2021

Mercedes-Benz Korea launches its most luxurious sedan, Maybach S-class

Mercedes-Benz Korea has brought its most luxurious sedan, the Mercedes-Maybach S-Class, to the Korean market, as the automaker marks the 100-year anniversary of the launch of its first Maybach vehicle, the company said Wednesday. The newly-launched Mercedes-Maybach S 580 4Matic has undergone a complete makeover from the model that was first launched in 2015, and will strengthen its leadership in the luxury flagship sedan segment, the automaker said. Since its introduction, more than 60,000

June 24, 2021