Delivery discounts offered to support restaurants, social distancing

Consumers who order more than 20,000 won ($18.30) on designated delivery apps with a credit card will get 10,000 won as a cash back reward or discount, the government said Tuesday. Currently, seven delivery apps including Baedal Minjok, Yogiyo, Payco and Coupang Eats are participating, and four more apps are expected to join as soon as they complete system maintenance. 　 Payments have to be made on the delivery apps with credit cards issued by nine card companies -- KB Kookmin, NH Nonghyup,

Dec. 29, 2020

BOK publishes 70-year history booklet in English

South Korea’s central bank said Tuesday that it had published an English-language version of a booklet narrating its 70-year history. The Korean version was published in June to mark the Bank of Korea’s 70th anniversary. The booklet focuses on Korea’s growth into Asia’s fourth-largest economy, as well as on the establishment of the BOK and its role, the central bank said. The BOK plans to distribute the booklet to its overseas counterparts, international organizatio

Dec. 29, 2020

[Market Close-up] Housing price rally likely to continue next year over supply shortage

South Korea’s housing price rally, sparked by a supply shortage and tightened regulations throughout the year, is likely to continue next year, stoking concerns about housing market instability.　 According to KB Financial Group in a report, housing prices across the country will see an upward march overall next year while two-year rentals requiring a refundable lump-sum deposit in lieu of monthly rent, called “jeonse,” will also be more expensive. The report, based on a surve

Dec. 29, 2020

Chaebol see leadership change in COVID-19 era

Overwhelmed by the unprecedented COVID-19 pandemic this year, South Korea’s conglomerates have gone all-out to overhaul their business structures in light of the crisis. Additionally, key groups embraced leadership changes, with third or fourth-generation scions officially taking the front line, and appointed young talents to strategic posts -- signaling a new generation cycle in the business realm. Stepping into the spotlight was Lee Jae-yong, chief of the No. 1 conglomerate Samsung Gr

Dec. 29, 2020

Saemaul Geumgo launched in Laos

The Korean Federation of Community Credit Cooperatives said Tuesday it has launched Saemaul Geumgo, a community based financial institution supervised by the KFCC, in a rural village in Laos.  In partnership with the Lao government, the KFCC has helped residents of Km52 village located in Phonhong district of the captial city Vientiane establish Saemaul Geumgo in the region by offering management support of its financial systems as well as business models. Officials from the Lao governmen

Dec. 29, 2020

Hyundai Steel develops furnace valve that eliminates air pollution

Hyundai Steel is the first company in the world to develop a technology that can completely eliminate emissions from its blast furnaces, the company said Tuesday. According to South Korea’s No. 2 steelmaker, it has successfully “purified” hazardous gas inside a blast furnace using the “First Safety Valve,” during the process of re-ventilating hot air inside the furnace after general maintenance. After toxic gas emissions at its furnace breathers were pointed out

Dec. 29, 2020

[News Focus] In growth of corporate tax, Korea No. 2 in OECD

SEJONG -- In a recent comparison of 35 members of the Organization for Economic Cooperation and Development, South Korea’s corporate tax rate grew second-fastest over the five years ending in 2019. During the same time frame, Korea ranked seventh in personal income tax growth. Of the total 37 OECD members, Australia and Greece were excluded from the comparison. According to the Paris-based organization, Korea’s tax on corporate profit was equivalent to 4.3 percent of the nation&rs

Dec. 29, 2020

Huawei equipment passes international security test

Huawei announced Tuesday the company’s 5G and LTE equipment have passed global wireless standards body 3GPP’s testing, highlighting the security of its network. Performed by European certification organization DERKA, Huawei’s 5G RAN gNodeB and LTE eNodeB passed 3GPP’s security assurance specifications testing, known as SCAS, the Chinese company said. The tests included network product general security, air interface security, and basic vulnerability testing, such as da

Dec. 29, 2020

S. Korea unveils W9.3tr virus relief program to help small biz, freelancers

South Korea has unveiled the third batch of its economic relief package worth 9.3 trillion won ($8.49 billion) to support the country‘s small businesses and contract workers hit hard by the COVID-19 pandemic, amid growing fears of a virus resurgence and its impact on slowing down the economic recovery. Under the government plan, some 5.8 million people will benefit from the aid program. Direct cash payments will begin Jan. 11. A swift economic recovery and finding a solution to inequal

Dec. 29, 2020

Celltrion’s COVID-19 antibody treatment applies for use in Korea

Local biologics company Celltrion on Tuesday filed for approval of its COVID-19 antibody treatment for use here, in what Seoul officials hope will be a new weapon in the country’s war against the new coronavirus in the absence of vaccines. The Drug Ministry said it will attempt to review the safety and efficacy of the proposed COVID-19 treatment in the next 40 days. If approved, the drug is anticipated to be ready for use in February in Korea. Celltrion plans to submit similar applicati

Dec. 29, 2020

Kospi hits fresh high, Kosdaq gains 3% on ex-dividend date

Buttressed by retail investors’ optimism over continual stock rallies in the South Korean stock market, the nation’s main bourse, the Kospi, logged an all-time closing high for the third consecutive session Tuesday, the ex-dividend date. The Kospi began trading at 2,810.55, up 1.95 points or 0.07 percent from the previous session’s close. It fluctuated up and down, hovering around the 2,800 mark until closer to the end of trading. After the sudden upward move, the index close

Dec. 29, 2020

LG unveils most advanced LCD TV, QNED Mini LED

LG Electronics on Tuesday unveiled the highest-end category of its LCD TV lineup, the LG QNED Mini LED. LG’s announcement came earlier than its archrival Samsung Electronics’ plan to reveal new TV technologies and models for 2021 on Jan. 6, when the virtual edition of the Consumer Electronics Show kicks off. The LG QNED Mini LED TV features LG’s proprietary technology that combines quantum dot and mini LED technologies. For the 86-inch backlight, the company has used arou

Dec. 29, 2020

Shinhan Bank to accept passports as ID method for contactless services

Shinhan Bank will accept passports when verifying the personal identification of its mobile customers, as part of its efforts to expand access to the bank’s contactless services to foreign and younger customers, officials said Tuesday. Customers had been required to present ID cards or driver’s licenses to access financial services, including opening a bank account or subscribing to savings products. With passports added to the list, younger customers and foreign customers will als

Dec. 29, 2020

S. Korea's trade terms up for 8th month in Nov.

South Korea's terms of trade gained for the eight consecutive month in November as import prices fell at a faster clip than export prices, central bank data showed Tuesday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- came to 98.1 in November, up 7.8 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the eighth straight month of an on-year rise since April, when the trade terms logged the first on-year hike in over

Dec. 29, 2020

Seoul finalizes energy mix, to invest in nuclear decommissioning

The government has finalized its energy mix for 2020-2034, aiming to increase the use of renewables while reducing the dependence on nuclear and coal-fired power plants. According to the Ninth Basic Plan for Electricity Supply and Demand approved by a review committee affiliated with the Ministry of Trade, Industry and Energy, renewable energy will account for 40.3 percent of South Korea’s nameplate capacity in 2034, reaching 77.8 gigawatts, from 20.2 gigawatts in 2020. Renewables&rsqu

Dec. 29, 2020

S. Korea to jack up R&D spending for future growth engines

South Korea said Tuesday it plans to invest around 5 trillion won ($4.5 billion) in research and development (R&D) projects in 2021 to foster new growth engines while seeking green growth. The amount marks a 19 percent jump from 4.1 trillion won allocated this year, according to the Ministry of Trade, Industry and Energy. "The policy reflects the government's willingness to expand investment in R&D projects in new areas despite the economic fallout from the COVID-19 pandemic,"

Dec. 29, 2020

Biz sentiment for Jan. worsens amid tougher virus curbs: survey

Business sentiment for January worsened as the COVID-19 pandemic shows no signs of a slowdown despite tougher social distancing rules, a survey showed Tuesday. The business survey index (BSI) of the country's top 600 companies by sales came to 91.7 for January, down from the 98.9 for December, the Korea Economic Research Institute (KERI) said in a statement. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. "The third wave of

Dec. 29, 2020

[Graphic News] Samsung tops smartphone production in Q3: report

　Samsung Electronics was the top global smartphone manufacturer in the third quarter of the year, a report showed, as demand for its mobile devices increased in advanced markets amid the pandemic. 　Samsung led the industry in terms of smartphone production with 78 million units in the July-September period, up 42 percent from a quarter earlier, and accounted for 23.2 percent of the total share, according to market researcher TrendForce. 　Samsung was followed by Chinese players Oppo and Xi

Dec. 29, 2020

Seoul stocks open higher on ex-dividend day

South Korean stocks opened higher Tuesday on the ex-dividend day, largely due to investors' optimism for a further hike in stock prices. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.32 point, or 8.92 percent, to 2,817.52 in the first 15 minutes of trading. The gain came after a choppy start on the ex-dividend day. Investors were obliged to hold on to their shares until the previous session for year-end dividends. Market bellwether Samsung Electronics edged up 0.13 percent,

Dec. 29, 2020

S. Korea's consumer sentiment dips in Dec. on pandemic

South Korea's consumer sentiment fell for the first time in three months in December due to tougher antivirus measures and worsened economic expectations, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 89.8 for December, down 8.1 points from the previous month, according to the data from the Bank of Korea (BOK). The latest reading marks the first on-month drop following two consecutive months of increase. A reading below 100 means pessimists outnumb

Dec. 29, 2020