S. Korea's imports of onions more than quadruple on weak output

South Korea's imports of onions grew more than fourfold in the first two months of 2021 from a year earlier, as the long rainy season and a series of typhoons have dealt a harsh blow on the production. Imports of onions came to 13,715 tons this year through Wednesday last week, rising sharply from 3,027 tons posted over the January-February period of 2020, according to the Ministry of Agriculture, Food and Rural Affairs. Of the import volume, those from China accounted for 63 percent, trailed

Feb. 23, 2021

LG Display enters X-ray imaging biz with large-size oxide-based TFT

LG Display Co., a major display panel maker in South Korea, said Tuesday it has developed a large-size oxide-based thin film transistor (TFT) for a digital X-ray detector (DXD) as the company aims to foster its diagnostic imaging business for future growth. LG Display said its oxide TFT -- which comes in sizes of 43 centimeter× 43 centimeter and 35cm×43cm -- is the industry's first large-size oxide TFT for DXD use. A TFT acts as a switch to individually turn each pixel on or off

Feb. 23, 2021

S. Korea's economy tipped to stage modest recovery: BOK chief

South Korea's economy is expected to stage a modest recovery, supported by exports and investment, but its job markets would recover at a slow pace as the coronavirus pandemic continues to hit the service sector, the head of the Bank of Korea (BOK) said Tuesday. In a report to the National Assembly, BOK Gov. Lee Ju-yeol repeated that the central bank will continue its easing of the monetary policy to prop up the pandemic-hit economy. "The domestic economy continues to show a trend of mo

Feb. 23, 2021

Seoul stocks open lower on US inflation concerns

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street that stemmed from inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 20.28 points, or 0.66 percent, to 3,059.47 points in the first 15 minutes of trading. Overnight, the Nasdaq dipped 2.46 percent as tech stocks, sensitive to high inflation, retreated. In Seoul, top cap Samsung Electronics retreated 0.61 percent, and No. 2 chipmaker SK hynix shed 1.47 percent. Top automaker Hyun

Feb. 23, 2021

Samsung to support security updates for Galaxy devices

Samsung Electronics Co. said Tuesday it will provide security updates for Galaxy mobile devices at least four years after their initial release. The world's largest smartphone maker said more than 130 models released after 2019 are subject to its regular security updates. They include Galaxy S10, S20 and S21 series, as well as Samsung's foldable, smartphones. "Samsung worked closely with its operating system and chipset partners, as well as over 200 carriers around the world to ensure t

Feb. 23, 2021

S. Korea's 2020 growth ranks 3rd among major nations

South Korea's economic growth rate ranked third among major economies across the globe in 2020 despite an on-year contraction due to the coronavirus pandemic, data showed Tuesday. Asia's fourth-largest economy contracted 1 percent last year from a year earlier, but it posted the third-best performance among 15 major nations, according to the data from the Organization for Economic Cooperation and Development (OECD). China, the world's No. 2 economy, was the top performer with a 2.3 percent on-

Feb. 23, 2021

S. Korea's consumer sentiment rises for 2nd month in February

South Korea's consumer sentiment gained for a second straight month in February as a third wave of coronavirus infections showed signs of slowing down, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 97.4 for February, up 2 points from the previous month, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. The latest reading marks the second on-month gain following a drop in December last yea

Feb. 23, 2021

Corporate direct financing gains 12% in January

South Korea's corporate direct financing rose 12 percent in January from the previous month due to a modest gain in bond sales, data showed Tuesday. Local companies raised a combined 15.4 trillion won ($13.8 billion) by selling stocks and bonds last month, up 1.66 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales sank 40.8 percent on-month to 1.31 trillion won, with the value of initial public offerings declining 11.1 perc

Feb. 23, 2021

Bitcoin falls most in a month on worries prices are excessive

Bitcoin gave up all its gains from weekend trading as analysts questioned whether the cryptocurrency is overheated. Prices dropped as much as 8.2 percent during the European session, falling back to around $53,000. The world’s largest cryptocurrency has been on a tear this month, propelled by purchases from Tesla and institutional investors who say Bitcoin is an attractive alternative to gold and the dollar. In February alone, Bitcoin is up more than 60 percent, prompting comme

Feb. 22, 2021

Pandemic-hit travel agencies report over 80-pct sales plunge, beg for relief measures

South Korean travel agencies said Monday they saw their annual sales plummet more than 80 percent last year due to the COVID-19 pandemic and are in urgent need of relief measures from the government. "(Travel agencies) can no longer shoulder their fixed costs due to mounting debts and their employees have been driven out of their workplaces after massive layoffs," a task force formed to tackle the crisis facing the businesses said in a press conference held in front of Cheong Wa Dae i

Feb. 22, 2021

Revision to contain Korean banks’ crisis, keep funding cost low: Moody’s

A proposed revision of a South Korean law is expected to maintain Korean commercial banks’ solvency and keep its funding cost low, Moody’s Investors Service said Monday. Announced by the Financial Services Commission on Thursday, the revision is designed to introduce measures to improve the recovery and resolution planning of significantly important financial institutions, namely banking groups here. Effective starting July, the new rule is expected to urge banks to specify action

Feb. 22, 2021

[Herald Interview] Software dons role of therapeutics

When talking about medical devices, conventional hardware with analytical or therapeutic functions for human health usually come to mind. But computer software that seeks to cure or alleviate symptoms in patients also falls into the medical device category, according to Article 2 of the Medical Devices Act. This new tool, after years of serving an auxiliary role for hardware devices, has recently emerged as a key player in the medical arena. LifeSemantics, a digital therapeutics company foun

Feb. 22, 2021

Antitrust watchdog’s bill aimed to regulate online platforms faces hurdles

A bill from South Korea’s antitrust regulator aimed to govern dominant e-commerce platforms is still pending in the National Assembly due to a tug of war between two government bodies -- the Fair Trade Commission and the Korea Communications Commission. In the meantime, platform operators and local customers have been raising their concerns, viewing the regulatory move as excessive market intervention. A survey conducted by Korea Startup Forum showed Monday that around 61 percent of res

Feb. 22, 2021

Macrogen, Lifex Biolabs to research Parkinson’s treatment

Precision life science company Macrogen will collaborate with US-based Lifex Biolabs on Parkinson’s disease treatment research, Macrogen announced Monday. This is a follow-up to Macrogen’s strategic investment in Lifex in 2020. Under the joint research partnership, Macrogen will sift out biomarkers for Parkinson’s, using its DNA sequence analysis technology. Lifex will use the biomarkers identified by Macrogen to develop Parkinson’s treatments. Biomarkers are tracki

Feb. 22, 2021

Korean Air, Asiana to ground Boeing 777 after engine incident

South Korea's two biggest carriers -- Korean Air Lines Co. and Asiana Airlines Inc. -- said Monday they will ground all Boeing 777 passenger jets following a recent engine failure incident in the United States. A B777-200 plane suffered an engine failure after taking off for Honolulu on Saturday (local time), with an engine cowling and other parts from the plane found to be scattered on the ground in Denver, according to foreign media reports. The United Airlines, Inc. flight reportedly landed

Feb. 22, 2021

[News Focus] Foreign banks losing foothold in South Korea

Recent reports of Citigroup’s possible divestiture plans for its South Korean subsidiary, as well as its other Asia-Pacific consumer units, shed light on how foreign banks are losing their footing in the local market. Over the past decade, many foreign banks have already pulled out of the Korean market or scaled down their business. British investment bank Barclays pulled out after 39 years in 2017, following fellow UK-based lender HSBC’s move to halt its retail banking services he

Feb. 22, 2021

Seoul to tax crypto gains, bring in more regulations

South Korean investors who make more than 2.5 million won ($2,260) from cryptocurrency trading will face a 20 percent tax starting next year, according to the Ministry of Economy and Finance on Monday. The first 2.5 million won is tax-free. For instance, if an investor makes a 10 million won profit from trading Bitcoin, 7.5 million won of that amount will be subject to the 20 percent tax. Inheritances and gifts of cryptocurrency will also be taxed. In such cases, the price of the asset wil

Feb. 22, 2021

Seoul city supports flower farmers hit by COVID-19 slump

Seoul city government has launched a campaign to support flower farmers struggling to survive the impact of the coronavirus pandemic. The floral industry has been suffering from a sharp decrease in demand, with special events cancelled and scaled down, since the onset of the new coronavirus pandemic early last year. To assist growers, the city has rolled out a campaign, from promoting flower purchases to floral decoration of the city hall and the expansion of its plant donation program. "

Feb. 22, 2021

ADB appoints Korean expert as new director for first time in 15 years

The Asian Development Bank has appointed a Korean international development expert who has been working at the multilateral institution for 27 years, as managing director general, the Finance Ministry said Monday. Um Woo-chong, who has served as director general and concurrently chief compliance officer of ADB’s Sustainable Development and Climate Change Department, will assume office immediately. It is the second time that a South Korean has taken up the post since the ADB was establ

Feb. 22, 2021

P&G addresses gender equality in pandemic-hit world

P&G Korea, the local subsidiary of Procter & Gamble, has reaffirmed its commitment to gender equality, in line with its global headquarters’ continued move to propel the gender initiative, officials said. P&G last week held its third annual #WeSeeEqual summit for the Asia Pacific, the Middle East, and African regions, jointly with UN Women. This year’s event, held under the slogan “#Unsaid and #Undone,” especially sought to address women’s equality w

Feb. 22, 2021