Eastar may pick preferred bidder next week

Budget carrier Eastar Jet Co. may pick a preferred bidder next week after reviewing plans from several investors to take over the financially troubled company, industry sources said Sunday. Easter Jet, currently under a court-led rehabilitation scheme, has received letters of intent from several companies, including a consortium led by Kanglim, a local equipment maker under underwear company Ssang Bang Wool, and other private equity funds, according to industry sources. Several companies have

June 13, 2021

EU still not resuming review of Hyundai Heavy-Daewoo Shipbuilding merger

The European Union's (EU) antitrust regulator has not yet resumed its review of the proposed merger between South Korea's two leading shipbuilders, putting its decision on hold for nearly a year. The EU Competition Commission has stopped the clock in its in-depth investigation into the $1.8 billion acquisition of Daewoo Shipbuilding & Marine Engineering Co. (DSME) by Hyundai Heavy Industries Holdings Co. (HHIH) since July 3, 2020. "The clock is still stopped," Maria Tsoni, a spo

June 13, 2021

P&G Korea publishes two children’s books on environment

Procter and Gamble Korea published two children’s books about the importance of protecting the environment, as part of its efforts to raise consumer awareness on the idea of sustainability, the company said Sunday. P&G Korea said the two books, titled “My House is Flooded” and “I’m not Buying Things That I Already Have,” had been written so that children can easily understand the importance of the environment and take actions with their families to benef

June 13, 2021

Naver Labs unveils Alike, a step toward the digitalization of cities

Naver Labs, the research arm of the largest internet company in South Korea, unveiled a solution on Friday at the Seoul Smart Mobility Expo that could support the digitalization of large cities. Dubbed “Alike,” the solution can be used to create “digital twins” of cities, complete with roads and buildings. A digital twin is a virtual representation of a physical object or process that serves as its real-time digital counterpart. By using aerial photography and artifi

June 11, 2021

SK Telecom to unveil 4 video games at global exhibition

SK Telecom, South Korea’s top-tier telecom operator, will showcase four new video games at a world-class gaming conference, in a bid to expand into the global console game industry, the company said Friday. The company will participate in “E3 2021,” the largest electronic game exhibition in the US that is set to kick off Saturday, serving as publisher for local medium-sized game companies. Hosted by Entertainment Software Association, E3 2021 will be held online to run from J

June 11, 2021

Hana Financial, LINE launches internet-only bank in Indonesia

Hana Financial Group said Friday it had launched an internet-only bank in Indonesia through a partnership with Line, Naver-affiliated Japanese messaging app provider. Hana Financial became the first banking group to operate internet-only banking services in Southeast Asia. Branded Line Bank, it offers contactless banking, including savings account opening, subscription to deposit savings products, utility bill payment and cash withdrawals.  The newly launched digital lender will expand

June 11, 2021

Investing in office buildings: How Korean celebs make their fortunes grow

After tasting fame and money, actors and singers in South Korea often take a similar path when it comes to asset management. Investing in office buildings in Seoul is a typical strategy for them in this ultralow interest environment, according to market watchers. Many celebrities have beefed up their real estate portfolios -- acquiring expensive residential properties to rent out, but also increasingly turning to commercial properties -- to boost their already substantial income and secure lo

June 11, 2021

Seoul stocks up for 2nd day as investors disregard US inflation

South Korean stocks advanced for the second straight session Friday despite the steep hike in the US price gauge, as investors believed the price pressure is still short of triggering talks of tapering by the Federal Reserve. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) increased 24.68 points, or 0.77 percent, to close at 3,249.32 points. Trading volume was moderate at about 1.6 billion shares worth some 17.6 trillion won ($15.8 billion), w

June 11, 2021

Audi rolls out RS Q8, high-performance SUV

Audi Korea is launching the new RS Q8, a high-performance sports utility vehicle that combines both dynamic driving and practicality, the automaker said Friday. According to Audi Korea, it will start receiving orders for the new RS Q8 here on Tuesday. The RS Q8 is the first large SUV to be launched under the RS category, the auto brand’s high-performance lineup which stands for Racing Sport. The SUV has twin-turbocharged 4.0-liter V-8 gasoline engine and an eight-speed automatic transm

June 11, 2021

BOK chief hints at rate hike this year

Bank of Korea Gov. Lee Ju-yeol said Friday that a key interest rate hike is plausible by the end of this year in step with economic recovery. “If our economy is expected to stage a modest recovery, (the BOK) will normalize the current easing of monetary policy in an orderly way at an appropriate time,” Lee said in a statement to mark the 71st anniversary of the BOK’s foundation. Earlier in April, the BOK froze its key interest rate at a record low of 0.5 percent amid concer

June 11, 2021

[Herald Interview] Samsung’s ShoeDresser to replace shoe closet at home

One day, Koreans might bid adieu to bulky wooden shoe closets at the entrances of their apartments. Samsung ShoeDresser, a brand new category of home appliance, could replace old closets, changing entirely the way people store and care for their shoes, and also reflecting the importance of the fashion item to millennials. After launching clothing care system AirDresser in 2018, Samsung’s engineers at the consumer electronics unit caught the growing trend of shoe-lovers, which led to t

June 11, 2021

US-based First Eagle cashes in W35b from Namyang Dairy

US-based investment house First Eagle Investment Management and its mutual fund have cashed in a combined 35 billion won ($31.5 million) during a weeklong trade since late May from its investment in event-driven Namyang Dairy stock in South Korea, filings showed Friday. Shares of Namyang Dairy Products, hit a price ceiling immediately after an announcement on May 27 that local private equity firm Hahn & Co. will buy a controlling 52.6 percent stake in the firm from the owner family, includ

June 11, 2021

Domestic demand extends improving momentum: ministry

South Korea's domestic demand is extending an improving trend as retail sales and consumer sentiment gained ground amid an economic recovery, the finance ministry said Friday. In its monthly economic assessment report, the ministry presented a positive assessment of private consumption for the second straight month. Last month, the government said domestic demand is "gradually" improving. "Exports and investment have continued to maintain solid recovery momentum, and domestic de

June 11, 2021

Hyundai resumes operations of local plants after quarantine steps

Hyundai Motor Co. said Friday it has resumed operations at its four domestic plants following a half-day suspension due to the disruption of parts supply caused by the COVID-19 pandemic at a key parts supplier. The carmaker restarted vehicle production at four out of its five plants in Ulsan, 414 kilometers southeast of Seoul, as health authorities completed quarantine measures at a plant of Hyundai Mobis Co., a company spokesman said. Hyundai Motor suspended the four Ulsan plants on Thursday

June 11, 2021

S. Korea's exports jump 40.9% in first 10 days of June

South Korea's exports jumped 40.9 percent on-year in the first 10 days of June on the back of robust shipments of chips and autos, customs data showed Friday. The country's outbound shipments stood at $17.3 billion in the June 1-10 period, compared with $12.3 billion a year earlier, according to the data from the Korea Customs Service. Imports rose 31 percent on-year to $17.9 billion, resulting in a trade deficit of $612 million during the cited period, the data showed. By sector, outbound sh

June 11, 2021

S. Korean retail investors swoop on 'meme-stock' AMC this month

South Korea retail investors have traded more than $1.7 billion worth of shares in AMC Entertainment Holdings Inc., one of the social media-driven meme stocks, this month, data showed Friday. Local individual investors' transactions of shares in the top US movie theater chain came to $1.76 billion in the first eight trading sessions of this month, according to the data from the Korea Securities Depository. AMC Entertainment became the most-bought overseas stock by South Korean retail investors

June 11, 2021

BOK will prepare for 'orderly' exit from monetary easing if recovery remains solid: chief

South Korea will prepare for an "orderly" exit from the pandemic-era monetary easing policy if an economic recovery remains solid, the head of the Bank of Korea (BOK) said Friday. It was the second time in a month that BOK Gov. Lee Ju-yeol hinted at the normalization of monetary policy amid market concerns about the US Federal Reserve's tapering. "If our economy is expected to continue its solid pace of recovery, we will orderly normalize the current easing of monetary policy

June 11, 2021

Export prices up for 6th month in May

South Korea's export prices rose in May, marking the sixth straight monthly gain amid a robust recovery in exports, central bank data showed Friday. The country's export price index, in terms of the local currency, rose 1.5 percent in May from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the sixth consecutive month of an on-month rise. In April, the index rose 2.2 percent on-month. From a year earlier, the index jumped 12.3 percent,

June 11, 2021

Seoul stocks open steeply higher despite US price hike

South Korean stocks opened higher Friday despite the steep hike in the US price gauge, as investors expect the price pressure is still short of starting Federal Reserve discussions to pull back its accommodative policies. The benchmark Korea Composite Stock Price Index (Kospi) rose 24.91 points, or 0.77 percent, to reach 3,249.55 points in the first 15 minutes of trading. The Kospi got off to a strong start on overnight Wall Street tech gains, as investors shrug off signs of high price pressur

June 11, 2021

[News Focus] Legal risks persist at Samsung as Lee’s trial continues

Samsung Group’s de facto chief Lee Jae-yong attended a court hearing on Thursday as part of an ongoing trial on alleged irregularities surrounding his ascension to the helm of the South Korean tech conglomerate. As always, the tycoon, who is serving a 2 1/2-year jail term over a previous bribery conviction, didn’t utter a single word throughout the full-day session held at the Seoul Central District Court, as his attorneys fought hard to fend off additional convictions. The charge

June 10, 2021