S. Korea to limit excessive payments to livestreamers

South Korea's telecommunications regulator said Wednesday it will push for a law revision to set limits on user payments to livestream broadcasters amid reports of financial damage to users that splurge on the platforms. Many video streaming platforms, including YouTube and local rival Afreeca TV, operate live payments, in which viewers can tip broadcasters in real time, serving as a form of monetization. The Korea Communications Commission (KCC) said it will pursue legal revisions to prevent

March 17, 2021

Monthlong shutdown of Samsung's Texas chip plant may cost big: analysts

Samsung Electronics Co. may suffer around 400 billion won ($353 million) in production losses due to a monthlong shutdown of its chip plant in the United States, analysts said Wednesday, amid growing concerns that the production halt could also undermine global smartphone production. Samsung's plant in Austin, Texas, has not been fully operating since Feb. 16 after a severe winter storm caused power outage in the region. The facility reportedly recovered power and water supply, but due to inspe

March 17, 2021

SK Bioscience set to go public this week

South Korean vaccine maker SK Bioscience Co. is set to go public on the local bourse this week and will probably emerge as the top bio pick by investors amid the coronavirus pandemic, according to brokerage houses. The offering price of SK Bioscience, the pharmaceutical unit of major conglomerate SK Group, was set at 65,000 won ($57.47) per share for its market debut Thursday. Brokerage houses predicted that the maker of AstraZeneca's COVID-19 vaccines will jump upon its market debut, probably

March 17, 2021

Seoul stocks open lower ahead of FOMC results

South Korean stocks opened lower Wednesday amid rising uncertainties ahead of the US Federal Open Market Committee (FOMC) meeting. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.09 points, or 0.33 percent, to 3,057.08 points in the first 15 minutes of trading. Stocks fell as investors continued to wonder if the Federal Reserve would step up to sooth market concerns of the earlier-than-expected post-pandemic inflation. Top cap Samsung Electronics lost 0.24 percent, and No. 2 c

March 17, 2021

EV sales in S. Korea tumble 45% in Jan.-Feb.

Sales of electric vehicles in South Korea nose-dived more than 45 percent in the first two months of the year amid a lack of subsidy policies and customer expectations for rollouts of new models, data showed Wednesday. A total of 2,444 EVs were sold in Asia's fourth-largest economy in the January-February period, down 45.3 percent from a year earlier, according to the data from the industry ministry and carmakers. Sales of Hyundai Motor Co.'s Kona EV sank more than 29 percent on-year to 175 un

March 17, 2021

S. Korea's energy consumption dips 4% in 2020 amid pandemic

South Korea's energy consumption dropped for the second consecutive year in 2020 due to an economic slowdown sparked by the coronavirus outbreak, a report showed Wednesday. The country's overall energy consumption stood at 222.1 million tons of oil equivalent (TOEs) last year, down 4 percent from a year earlier according to the report from the Korea Energy Economics Institute. The decrease follows a 0.6 percent on-year decline in 2019, which was the first annual drop in 10 years. Last year's

March 17, 2021

Job losses continue for 12th month in Feb. amid pandemic

South Korea reported job losses for the 12th straight month in February as the new coronavirus outbreak continued to deal a blow to the job market, data showed Wednesday. The number of employed people reached 26.3 million last month, 473,000 fewer than a year earlier, according to the data compiled by Statistics Korea. The country has reported job losses every month since March 2020 due to the fallout of the COVID-19 pandemic. It marked the longest streak of job losses since April 1999, when

March 17, 2021

[Photo News] Samsung's labor union protests against 2.5% rise in annual salaries

Unionized employees at Samsung Electronics' semiconductor business protest against a 2.5 percent raise in annual salaries in the lobby of the company's headquarters in Hwaseong, Gyeonggi Province, on Tuesday. (Blind)

March 16, 2021

Kakao, SK Telecom, Lotte, Emart among preliminary bidders for eBay Korea

South Korea's top mobile messenger operator Kakao, No. 1 mobile carrier SK Telecom Co. and others submitted preliminary bids on Tuesday to buy eBay Korea in a deal that could fetch some 5 trillion won ($4.42 billion) and bring a seismic change to the fiercely competitive e-commerce sector, industry sources said. Retail giant Lotte Group and Emart Inc., a discount store chain affiliated with Shinsegae Group, as well as private equity firm MBK Partners, joined the competition for the nation's No

March 16, 2021

Sanction likely to be delayed as NH CEO gets COVID-19

A sanction committee under the Financial Supervisory Service over the Optimus scandal will likely have to delay its upcoming meeting as one executive facing punitive measures has tested positive for the coronavirus, according to officials Tuesday. NH Investment & Securities’ chief executive Jeong Young-chae tested positive for the virus and is being placed under quarantine, according to the company. Jeong was to attend the third round of the sanction committee’s meeting on Mar

March 16, 2021

Shinsegae, Naver ink stock swap deal to combine forces in retail industry

South Korean retail giant Shinsegae Group and information technology behemoth Naver are combining forces to gain an upper hand in the fast-changing e-commerce field, the two firms announced Tuesday. Chiefs of the two sides signed a stock swap deal worth 250 billion won ($221 million) and a strategic partnership agreement at JW Marriott Hotel in Seoul earlier in the day, they said. The ceremony was attended by E-mart CEO Kang Heui-seok and Shinsegae CEO Cha Jeong-ho, both from Shinsegae Grou

March 16, 2021

Coupang founder divests $42m stake after NYSE debut

Coupang founder Kim Bom-suk has divested his stake in the South Korean e-commerce giant worth $42 million, a filing showed Tuesday. According to the disclosure, Kim converted his Class B stocks into 1.2 million Class A common shares and then on Monday sold all the shares of the same class for the offering price of $35 apiece, which was fixed last week. Coupang‘s Class B shares give Kim 29 times more voting rights than Class A shares. A prospectus filed to the US Securities and Exchange C

March 16, 2021

S. Korea’s data industry grew 14% to W19tr in 2020

South Korea’s data industry grew 14 percent to 19 trillion won ($16.81 billion) last year, according to government data on Tuesday. According to a report from the Ministry of Science and ICT and the Korea Data Agency, the number of professionals in the data industry surpassed 100,000 for the first time. The report said the local data industry had expanded from 16.8 trillion won in 2019 to 19.2 trillion won last year. This figure takes local companies’ sales into account, as well

March 16, 2021

Hyosung Advanced Materials to supply airbag for Amazon’s self-driving car

Hyosung Advanced Materials, the South Korea-based industrial materials producer, said Tuesday that the company would supply its airbags for an Amazon-backed self-driving car. According to Hyosung Advanced Materials, the company’s airbag development unit Global Safety Textiles signed a supply contract with Zoox, the robotaxi company acquired by Amazon for more than $1 billion earlier last year. Under the contract, GST will supply its one-piece woven airbag to Zoox, which is developing

March 16, 2021

[News Focus] Homeowners angry over tax hikes stemming from rising house prices

For a 36-year-old Seoulite surnamed Kang, who owns her own home in the capital, following the trends in apartment transaction prices is far from a happy experience. Over the past year, the value of Kang’s apartment rose by more than twice her annual salary. She has no plans to cash out the property anytime soon. But she may have to pay more taxes than she did last year because her house is worth over 900 million won ($796,073), according to the government’s appraisal. “Som

March 16, 2021

Samsung researcher named chair of global group on 6G

Choi Hyoung-jin, a researcher at Samsung Research, the research and development arm of Samsung Electronics, was named to head a global research body on the sixth-generation telecommunications network, the tech giant said Tuesday. Choi has been appointed as chair of Vision Group on IMT towards 2030 and beyond (6G) at the International Telecommunication Union -- Radiocommunication during an online assembly held from March 1-12. The 6G Vision Group was launched at the recent ITU-R meeting.

March 16, 2021

Samsung Display supplies OLED display for Asus gaming phone

Samsung Display said Tuesday that it has supplied for the first time its organic light-emitting diode displays for Asus’ newest gaming smartphone ROG Phone 5. The Taiwanese computer hardware company’s latest ROG Phone 5 sports the Korean panel maker‘s 6.78-inch OLED screen, which is designed to support seamless streaming of fast-rate high-resolution gaming content. Samsung’s mobile display that supports over a 120 Hz refresh rate has been certified as a Seamless Dis

March 16, 2021

Korea toughens rules on cryptocurrency amid market frenzy

The government is scurrying to implement new rules on users and operators of digital coins to effectively oversee the industry, which has been growing at a fast pace on the back of increasing appetite for risky assets. Starting from March 25, new penalty standards for cryptocurrency exchanges that infringe anti-money laundering rules will be implemented, according to the Financial Services Commission on Tuesday. Fines will be imposed on virtual asset service providers that fail to report s

March 16, 2021

State-run companies set for regular recruitment for this year

South Korea’s major public corporations in the energy and transportation sectors are to kick off a large-scale open recruitment process for this year, industry officials said Monday. The move is expected to offer rare employment opportunities in an ever-tightening job market, especially as major business groups in the private sector have turned to demand-based recruiting. But one company that shelved its recruitment plan for an indefinite period was the Land & Housing Corp., which i

March 16, 2021

BOK board members see growing worries over inflation: minutes

Members of the Bank of Korea's (BOK) monetary policy board saw growing worries over inflation, but they said it was too early to discuss normalization of monetary policy, minutes from their latest meeting showed Tuesday. In the last rate-setting meeting on Feb. 25, the seven-member board unanimously voted to keep the policy rate at a record low of 0.5 percent to support an economic recovery from the coronavirus pandemic. According to the minutes, some board members suggested that the BOK needs

March 16, 2021