[News Focus] Weak Korean currency adds uncertainty over economy

SEJONG -- The Korean currency has lost its value against the US dollar, in another phase of the fluctuations that have occurred since COVID-19 started hitting the world a year ago. The pandemic situation has increased volatility in the won-dollar foreign exchange rates, which has become a factor aggravating difficulties, held by a large portion of local businesses. The dollar, which traded at 1,082 won during the first trading session (Jan. 4) of the year, climbed 5 percent in only two months

March 14, 2021

‘LH officials will only be allowed to acquire land for actual use’

In the wake of a massive property speculation scandal involving former and incumbent officials at the Korea Land & Housing Corp., the government is expected to start the discussion on ways to reform the scandal-plagued state housing developer, this week. In a ministerial-level meeting on Sunday, Prime Minister Chung Sye-kyun pledged a complete overhaul of the LH in order to prevent its officials from engaging in misconducts such as real estate speculation. “We will come up with an

March 14, 2021

Bitcoin breaks W70m mark

Continuing its formidable rally, Bitcoin, the world’s largest cryptocurrency, surpassed the 70 million won ($61,593) mark for the first time on Sunday. The value of a single bitcoin reached an all-time high of 71.45 million won on the day, according to local cryptocurrency exchange Upbit. The crypto coin has also reached a record high on other crypto trading platforms here and abroad. It topped 71.2 million won on Bithumb and 71.02 million on Coinone while surpassing $60,000 on US crypt

March 14, 2021

[Newsmaker] Investors flock to unicorns after Coupang's IPO jackpot

The race to bid for unlisted companies‘ next initial public offering bonanza among South Korean investors is intensifying, data showed Sunday, as the recent high-profile deals including Coupang’s $4.6 billion US IPO whet investor appetite. Krafton, which develops and publishes battle royale game PlayerUnknown’s Battlegrounds, saw its trading price spike on over-the-counter platforms here. The game developer is the country’s largest unicorn -- a term used to describe a

March 14, 2021

Coway hires BTS as new model

Coway has hired the BTS as the new model for global promotion of the company, the Korean home appliances rental company said Sunday. Signing the contract with BTS’ management agency Big Hit Entertainment, Coway said it seeks to raise brand awareness and increase its consumer base in the global market. Under the contract, BTS will be promoting the company image and its services, including lease of various appliances such as water and air purifiers and mattress rentals, Coway said. Adve

March 14, 2021

Hyundai E&C bags W158b order from Peru

Hyundai Engineering & Construction Co., a major builder in South Korea, said Sunday it has secured an order worth 158.2 billion won (US$139 million) in Peru for a site preparation of the country's new airport.  Hyundai E&C said it beat rivals from Spain, Portugal and China to win the land preparation work for the Chinchero International Airport in Cusco, Peru, after forming a joint venture with local builder HV Constratistas. The Peruvian government hopes the Chinchero Internati

March 14, 2021

S. Korea's information security industry expands amid pandemic

South Korea's information security market grew to hit nearly 12 trillion won ($10.6 billion) last year on the back of increasing demand for online services amid the pandemic, the ICT ministry said Sunday. Total sales of the industry, which includes digital and physical security sectors, reached 11.9 trillion won in 2020, up 6.4 percent from the previous year, according to the Ministry of Science and ICT, citing a report from the Korea Information Security Industry Association. The ministry sai

March 14, 2021

Supermarket unit of Emart fined W582m for unfair biz practices

South Korea's antitrust regulator said Sunday it has decided to fine a super supermarket (SSM) unit of Emart Inc., the country's biggest discount store chain, 582 million won ($515,000) over unfair business practices. Emart Everyday Inc. unfairly returned unsold seasonal products, such as sunscreen and ice boxes, to suppliers after it bought them between January 2015 and May 2018, according to the Korea Fair Trade Commission (KFTC). The company shifted inventory costs of unsold goods to suppli

March 14, 2021

SK chemical unit to build packaging material plant in China

SK global chemical Co., an affiliate of South Korea's top refiner SK Innovation Co., said Sunday it will build a packaging material plant in China. Under the deal, SK global chemical will set up a joint venture with Satellite Petrochemical to build a plant that produces ethylene acrylic acid (EAA), a high-end eco-friendly material used for packaging. The plant, to be in Lianyungang, Jiangsu Province, eastern China, will be able to churn out 40,000 tons of EAA a year, according to the company

March 14, 2021

S. Korea's exports to US jump 26% since FTA kick-off

South Korea's exports to the United States have jumped a whopping 26 percent since the implementation of their bilateral trade agreement in 2012, data showed Sunday, expanding at a faster pace compared with other global counterparts. Asia's No. 4 economy's exports to the .S reached $74.1 billion in 2020, compared with $58.5 billion posted in 2012, according to the data compiled by the Ministry of Trade, Industry and Energy. The two countries' free trade agreement (FTA) went into effect in 201

March 14, 2021

[Newsmaker] Egg prices expected to soar 68% in March-May: think tank

Prices of eggs in South Korea may jump by up to 68 percent in the March-May period this year, as the spreading avian influenza is expected to further exacerbate the supply shortage, a state-funded think tank said Sunday. In the three-month period, the supply price of a large-size 10-egg carton is estimated at 1,600 won ($1.41) to 1,800 won, considerably higher than the 1,069 won-1,158 won per carton a year ago, according to the forecast by the Korea Rural Economic Institute (KREI). As of Frida

March 14, 2021

China's imports of S. Korean goods unfazed by pandemic: data

China's imports of South Korean products last year stayed nearly the same as the previous year despite the novel coronavirus pandemic, a report showed Sunday, as the world's second-largest economy bought more consumer goods like cosmetics. China imported $173.5 billion worth of goods from South Korea in 2020, only 0.03 percent down from 2019, according to the report from the Korea Trade-Investment Promotion Agency (KOTRA). South Korea was the third-largest exporter to China last year behind

March 14, 2021

[Eye Plus] Dilkusha: Tribute to historic witness of March 1 Movement

It sometimes takes an outsider’s perspective to observe the epochal events of a country and a journalist’s spirit to deliver the acquired truth to the world. Such was the case of Albert Taylor, an American journalist who spent tumultuous years on the colonialized Korean Peninsula, and his own residential place Dilkusha, which recently has been brought back to public’s access as a memorial place that carries traces of Korea’s modern history. In the residential alley at

March 13, 2021

[Weekender] Step closer to new economy -- shopping with crypto

Near Cheonggye Plaza, Seoul’s iconic recreational area along the Cheonggye Stream, top coffee brands from Starbucks to Blue Bottle Coffee compete toe-to-toe, luring coffee lovers with distinctive flavors, brand images and cozy sofas for a relaxing moment. While coffee giants engage in an invisible war, one lesser-known coffee franchise is taking a different tactic, with a signboard that reads, ”Get a free cup of coffee if paying with the cryptocurrency Paycoin.” A 40-somethi

March 13, 2021

Georgia Gov. Kemp asks Biden to overturn ITC ruling against SK Innovation

Georgia Gov. Brian Kemp has asked US President Joe Biden to overturn a US trade panel's decision against SK Innovation Co. in a trade secret case over electric vehicle batteries. Kemp repeated his request to save thousands of jobs in northeast Georgia directly tied to an SK Innovation's EV battery plant in Commerce, Georgia, in a letter to Biden on Friday (US time). SK Innovation has been building a plant in the US state of Georgia, to be completed by 2022, to provide EV batteries to Ford Moto

March 13, 2021

Seoul stocks tipped to trade higher next week on US relief package, IPO event

South Korean stocks are likely to continue choppy trading through next week but under a higher ceiling, following the recent passing of a US relief package and the injection of ample liquidity for a big initial public offering event set for next week, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 3,054.39 points Friday, up 0.93 percent from a week ago. The KOSPI retreated for five sessions in a row through Wednesday as investors turned risk-averse on concern

March 13, 2021

After Coupang, Market Kurly seeks IPO in 2021 at home or in US

South Korean e-commerce grocer Market Kurly said Friday it has decided to go public within this year and is exploring whether to make its stock market debut at home or in the United States. "We received positive statements from our accounting consultants about going public within this year," Market Kurly spokesman Song Cheol-wook said. "We are open to all options," he said, though he said the US is not a fixed destination as debuting on the New York Stock Exchange would req

March 12, 2021

LH official takes life, land minister offers to resign

The massive land speculation scandal centering on a state-run corporation took a new turn Friday, when a ranking official took his own life amid alleged involvement in the case and the land minister immediately offered to resign. With the abrupt turn of events, the corruption case has now turned into a political battle between the beleaguered Moon Jae-in administration and the opposition camp, which seeks momentum in the forthcoming elections. A senior official at the state-owned Korea Land &a

March 12, 2021

S. Korea to accelerate post-virus recovery with intellectual property

South Korea’s plans to develop its digital intellectual property system this year will be the driving force behind the post-coronavirus pandemic recovery, the nation’s IP office said. In its 2021 policy plan announced Thursday, the Korean Intellectual Property Office revealed 10 tasks under four key strategies that would give impetus to South Korea’s road to a digital economy and recovery. The four strategies are: development of a new digital intellectual property system, exp

March 12, 2021

[Newsmaker] Coupang’s stellar NYSE debut hoists related stocks in Korea

The landmark debut of Coupang Inc., the parent company of South Korean e-commerce giant Coupang Corp., gave a boost to stocks that have business ties with the firm here on Friday. Following its strong first day of trading on the New York Stock Exchange on Thursday, related firms enjoyed a ripple effect as their shares surged. KEC Holdings, a company that offers business management and consulting services, saw its shares spike by the daily permissible limit of 29.96 percent to reach 1,735 won

March 12, 2021