S. Korea's FX reserves hit record high in September

South Korea's foreign reserves rose to an all-time high in September due to a rise in profits from investment of foreign currency assets, central bank data showed Wednesday. The nation's foreign reserves came to $463.97 billion as of end-September, up $40 million from the previous month, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bull

Oct. 6, 2021

In-car payment for food, gas grows popular

Ordering food and receiving it inside your car without reaching for a wallet is the latest fad in the auto industry. Hyundai Motor and Kia Motors last year introduced “Car Pay” which allows drivers to pay for gas and parking by tapping on a touchpad in their vehicles. It became a popular form of contactless payment as the pandemic drew on. Renault Samsung Motors unveiled an in-car payment system that can do more in its new XM3 SUV which hit showrooms in June. Passengers can order

Oct. 5, 2021

GS Caltex teams up with Ikea to launch pickup service at gas stations

South Korean total energy company GS Caltex said Tuesday it has teamed up with home furnishing retail company Ikea Korea to launch a pickup service at one of its gas stations in Seoul’s Gangnam district, with plans to expand it across the country later this year. The move will cut the delivery fees to 19,000 won. Ikea delivery fees are relatively high because of the size and weight of the furniture products it sells. The new move comes as the number of online shoppers who use

Oct. 5, 2021

Samyang behind spicy Buldak ramen opens China office

South Korean instant noodle maker Samyang Foods is opening a branch in China, on the back of the worldwide popularity of its extremely spicy Buldak Ramen. The company said Tuesday the new office will launch in Shanghai in December, following the foundation of Samyang America in August. The China branch will focus on marketing and distribution of its products on the mainland, it said. China and the United States are key markets for the company, according to Samyang Foods, accounting for 45 p

Oct. 5, 2021

Online shopping increases 16.8% in Aug. amid pandemic

Online shopping in South Korea jumped 16.8 percent on-year in August to 15.8 trillion won ($13.3 billion), the highest transaction amount ever recorded for the month since records began in 2001, data showed Tuesday. According to data from Statistics Korea, food delivery orders set a new record high of 2.4 trillion won, rising from the previous month when the figure stood at around 2.3 trillion won. Statistics Korea said the COVID-19 pandemic and this year’s Tokyo Olympics contributed to

Oct. 5, 2021

More Shin Ramyun sold overseas than in Korea

International sales of Nongshim’s spicy Shin Ramyun surpassed local sales for the first time in the third quarter of this year, the South Korean foodmaker said Monday. Sales generated outside of South Korea accounted for 53.6 percent of the product‘s 690 billion won ($600 million) total sales in the first three quarters of the year. This is the first time that more Shin Ramyun was sold overseas since the product’s launch 35 years ago. Should the trend continue, Nongshim exp

Oct. 5, 2021

Phone market to grow slowly amid parts shortages

Despite recent releases from Samsung Electronics and Apple featuring the most advanced technologies so far, the global smartphone market is forecast to grow slowly as phone vendors struggle to secure components, including semiconductors, amid ongoing shortages worldwide. According to a recent report from market researcher Counterpoint Research, the total shipment volume of smartphones for 2021 is expected to grow 6 percent to 1.41 billion units. The growth forecast was lowered from the resea

Oct. 5, 2021

Toss Bank kicks off full operation, targeting low-credit borrowers

Toss Bank, South Korea’s third internet-only bank, commenced full operations on Tuesday, highlighting its user-friendly financial services that differentiate itself from rivals quickly expanding their presence in the emerging market. Under the slogan of “New Banking, New Bank,” the online-only lender showcased its convenient deposit banking and loan service fit for as many users as possible, including thin filers with little credit history and low-credit borrowers. “Ev

Oct. 5, 2021

DSME workers call for withdrawal of Daewoo Shipbuilding sale

Unionized workers at Daewoo Shipbuilding & Marine Engineering Co. (DSME) on Tuesday called for the withdrawal of the shipbuilder's sale to its local rival Hyundai Heavy Industries Holdings Co. (HHIH). In a press conference held at Geoje City Hall, about 400 kilometers south of Seoul, the workers said the government should withdraw the sale of DSME as the deal fell apart for the fourth time. In March 2019, HHIH, the holding company of Hyundai Heavy Industries Group, signed the deal with the s

Oct. 5, 2021

Kospi slumps below 3,000 points for first time in 6 months

South Korea’s key stock index plunged below the 3,000-point threshold Tuesday for the first time in nearly seven months on the back of losses in top-listed firms. The benchmark Kospi tumbled 57.01 points, or 1.89 percent, to close at 2,962.17 points, the lowest closing since March 10, when it marked 2,958.12 points. It was also the first time the index dropped below 3,000 points at the closing bell, when the index closed the session at 2,996.35 on March 24. On the back of high liquidity,

Oct. 5, 2021

[Feature] Fractional share trading in S. Korea faces regulatory hurdles

Fractional trading in South Korea will kick off next year, offering retail investors wider access to the nation’s stock market. But the new trading system, if implemented without detailed legal consideration, might cause market disruption among investors, regulators and even legislators, experts say. Some even claim the system might have limited impact in the local stock market for quantitative growth, saying that the market has few “expensive” equity shares that might be sui

Oct. 5, 2021

Kakao founder apologizes for controversy over aggressive biz expansion

Kim Beom-su, the founder of South Korean internet giant Kakao Corp., apologized Tuesday over the controversy surrounding the company's rapid expansion in recent years, which some criticize has driven small businesses into a corner. Kakao has faced growing scrutiny from lawmakers and regulators in recent months over the far-reaching influence of its online platform that has been accused of taking business away from mom-and-pop stores. "I am sorry for having caused the controversy," Kim

Oct. 5, 2021

Korea’s renewable energy too expensive, shunned by private companies

Local companies have little incentive to migrate to clean energy for their electricity needs, as power prices charged by renewable energy producers and suppliers are still higher than the cost of offsetting carbon emissions. According to Ministry of Trade, Industry and Energy data obtained by Rep. Hong Jung-min of the ruling Democratic Party, purchasing electricity generated by renewables is about 50 percent more expensive than offsetting greenhouse gas emissions through buying carbon credit

Oct. 5, 2021

Samsung Electronics kicks off wage negotiation with union

Samsung Electronics and its unions held their first wage talks Tuesday at the company’s plant in Yongin, Gyeonggi Province, industry sources said. Samsung‘s management and the unions will continue their negotiations in the following weeks to decide changes to union members’ terms of employment. Unionized workers have demanded a uniform raise in salary by 10 million won ($8,400), plus cash and stock bonuses worth 4.5 million won in total. The union also requests managemen

Oct. 5, 2021

S. Korean stock market nosedives to almost 7-month low

South Korean stocks plunged to an almost seven-month low Tuesday, as investor sentiment was weakened by the debt ceiling tussle in the United States and debt crises involving Chinese property developers. The Korean won closed unchanged against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) tumbled 57.01 points, or 1.89 percent, to close at 2,962.17 points, the lowest finish since March 10. Trading volume was moderate at about 830 million shares worth some 15.1 trillion wo

Oct. 5, 2021

FKI urges Japan’s new Cabinet to lift export restrictions against Korea

Japan’s export restrictions on three key industrial materials critical for South Korea’s chip and display industries has had little impact against the target materials, but worsened overall trade between the two countries, a major business representation group here said Tuesday. Releasing an analysis, the Federation of Korean Industries urged Japan and its new Prime Minister Fumio Kishida to lift the export restrictions the country imposed against Korea in July 2019. According t

Oct. 5, 2021

[Newsmaker] Finance minister blasted for failing to curb housing prices

Finance Minister Hong Nam-ki came under fire during a parliamentary inspection on Tuesday for failing to stop the relentless rise in housing prices despite dozens of policy measures implemented in recent months. To address the nationwide outcry over soaring housing prices, the Moon Jae-in administration has introduced 26 sets of real estate policies. The latest centered on raising taxes on owners of multiple homes and rooting out property speculation. But there are signs these policies may ba

Oct. 5, 2021

Hahn & Co. eyes W300b in partial exit from secondhand car retailer IPO

South Korea-based private equity firm Hahn & Co. is poised to cash in on 306.6 billion won ($258.1 million) from an initial public offering of a fully-owned secondhand car retailer K Car on Wednesday, according to a prospectus Tuesday. The deal is aimed at floating Hahn & Co.’s 25.5 percent stake, or 12.3 million shares, in K Car, plus 1.2 million new shares. The IPO price of K Car, which is valued at 1.2 trillion won, has been fixed at 25,000 won apiece. Hahn & Co.’s

Oct. 5, 2021

Digital transformation drives out bank branches, ATMs: data

Amid the rapid digital transformation brought on by the COVID-19 era, local banks have increasingly turned their backs on brick-and-mortar branches and automated teller machines, data showed Wednesday. The number of physical bank branches stood at 6,326 as of the end of June, down 10.9 percent from the end of 2016, when the figure came in at 7,101, according to data from the market watchdog Financial Supervisory Service submitted to Rep. Yoo Dong-soo of the ruling Democratic Party. Meanwhile,

Oct. 5, 2021

Samsung heir stays S. Korea's richest stockholder

Lee Jae-yong, the chief of South Korea's top conglomerate Samsung Group, remains the country's richest stockholder despite a fall in the value of his shareholdings, a corporate tracker said Tuesday. Stock holdings of Lee, vice chairman of global tech titan Samsung Electronics Co., were valued at 14.17 trillion won ($11.9 billion) as of end-September, the largest among local conglomerate owners, according to Korea CXO Institute. Yet the value of his stock holdings was down about 1.39 trillion won

Oct. 5, 2021