Exports rise 23% in first 20 days of Sept.

South Korea's exports rose 22.9 percent on-year in the first 20 days of September on the back of robust demand for chips, petroleum products and autos, customs data showed Thursday. The country's outbound shipments stood at $36.1 billion in the Sept. 1-20 period, compared with $29.4 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 38.8 percent on-year to $35 billion, resulting in a trade surplus of $1.12 billion during the cited period, the data s

Sept. 23, 2021

Listed firms' Q3 operating profit forecast to jump 49%

South Korea's listed companies are likely to see their earnings spike nearly 50 percent in the third quarter on brisk exports, a market tracker said Thursday. The combined operating income of 246 listed firms is expected to reach 59.6 trillion won ($50.6 billion) for the July-September period, up about 49 percent from a year earlier, according to FnGuide. The operating profit outlook still remains high though it is much lower than forecasts of 118 percent and 91 percent for the first and secon

Sept. 23, 2021

Major firms' dependence on overseas sales rises in H1 amid pandemic

Major South Korean companies' dependence on overseas markets for sales increased in the first half of the year amid the coronavirus pandemic, data showed Thursday. Combined overseas sales of the country's top 100 firms by revenue climbed 13.2 percent on-year to 397.3 trillion won ($337 billion) in the January-June period, according to the data from the Federation of Korean Industries (FKI). The amount accounted for 54.9 percent of their total top line for the first half, up 2.8 percentage poin

Sept. 23, 2021

Insurers' risk-based capital ratio gains in Q2

Insurance firms in South Korea saw their risk-based capital ratio rise in the second quarter of this year as they strengthened capital, data showed Thursday. The risk-based capital (RBC) ratio of local insurance firms stood at 260.9 percent at end-June, up 5 percentage points from three months earlier, according to the data from the Financial Supervisory Service (FSS). The rise in the RBC ratio came as insurers boosted capital and reported modest profits, according to the FSS. A key yardstick

Sept. 23, 2021

Top financial regulator urges market monitoring over Evergrande concerns

South Korea's top financial regulator on Wednesday called for strengthening the monitoring of financial markets on concerns about a potential default by debt-laden property developer China Evergrande Group. Global financial markets were rattled this week over concerns that Evergrande may default on its debt. The debt-stricken developer said Wednesday it has agreed to a deal with local bondholders to settle interest payments, which helped ease fears about an imminent possible default by the grou

Sept. 22, 2021

Female scientists step up for leading roles in medical science: report

Four out of 10 medical research projects in South Korea are now led by female scientists, but in other fields of science, women are still significantly outnumbered by men, a local report revealed Wednesday. According to the Korean Federation of Women’s Science and Technology Association, a total of 5,028 medical research projects were led by women in the 2010-2019 period, taking up roughly 40 percent of the total. The study covered research projects in four categories of natural scienc

Sept. 22, 2021

[Herald Interview] Satrec Initiative poised for leap in Korea’s space rush

This is the second installment in a series of interviews with executives of Korean companies with space ambitions. -- Ed.  About a month from now, South Korea will launch its first homegrown rocket “Nuri.” 　 A successful launch of the domestically made space launch vehicle is expected to herald a new space era for the country, where government-led programs transition to market-oriented ventures, with a key hindrance -- the decades-old Korea-US missile guidelines that put curb

Sept. 22, 2021

[Newsmaker] Kakao Pay faces renewed scrutiny ahead of IPO

Ant Group-backed financial technology firm Kakao Pay is facing renewed scrutiny ahead of its upcoming initial public offering as South Korea’s tech crackdown shows no signs of abating. Regulators’ tightening grip on online financial platforms puts Kakao Pay, known for its mobile payment app interoperable with Korea’s popular messenger app KakaoTalk, under mounting pressure to revise its prospectus again to scale down its fintech service. The stock market debut of Kakao Pay,

Sept. 22, 2021

[Herald Interview] Refining the design of Korea’s top delivery app

Baedal Minjok, widely known as Baemin, has enjoyed a surge in popularity during the COVID-19 pandemic. As the use of delivery apps exploded, the volume of transactions on Baemin jumped 78.4 percent to 15.7 trillion won ($13.27 billion) last year. But as efforts to solidify its position continue, design continues to play a crucial role. “One of the things we consider when we design the app is not to convey information in a dry way. What makes Baemin is the hidden wit and fun here and ther

Sept. 22, 2021

ADB maintains S. Korea’s growth outlook at 4%, trims projection for Asia

The Asian Development Bank on Wednesday maintained its previous 4 percent growth outlook for the South Korean economy this year, on the back of robust exports and mild recovery in private consumption. The ADB kept its earlier growth scenario for Korea, which was released in July. It also left its 2022 growth outlook unchanged at 3.1 percent, according to the bank’s report titled “Asian Development Outlook Update.” However, it forecast that Korea’s inflation rate will

Sept. 22, 2021

Eximbank to provide over $300m to Egypt for railway project

The Export-Import Bank of Korea said Wednesday it will offer more than $300 million in loans to the Egyptian government’s railway modernization project. The state-run policy lender plans to supply a combined $312.2 million for the African nation through the “Economic Development Cooperation Fund” as well as the “Economic Development Promotion Facility.”  Launched in 1987, the EDCF is aimed at helping poor and less developed countries by providing low-inter

Sept. 22, 2021

Overseas stock transactions hit all-time high amid meme stock fad

South Koreans’ transactions of foreign shares reached a new high in 2021 as retail investors rushed to trade meme stocks, data showed Wednesday. Domestic investors’ trading of overseas shares was valued at $277.1 billion from the beginning of the year to Sept. 16, according to data compiled by the Korea Securities Depository. The figure was up by 39.7 percent from last year’s accumulated trading volume of $198.3 billion, having already exceeded the 2020 total on June 21, the

Sept. 22, 2021

LG’s plugless TV wins international design award

Samsung Electronics and LG Electronics scooped various accolades at an international industrial design competition, the two companies said Wednesday. LG Electronics bagged 10 prizes, including a gold award for its StanbyME TV, famous for its moving stand design, at the 41st International Design Excellence Awards. The plugless TV model has previously received the main prize at the iF Design Awards and the Red Dot Design Awards 2021. Four other products -- LG’s Soundbar Eclair, a laundr

Sept. 22, 2021

CJ’s Bibigo sponsors LA Lakers

NBA superstar LeBron James will be playing in a Bibigo-branded jersey for the upcoming season, as CJ’s frozen dumpling and sauce brand signed a partnership deal with the Los Angeles Lakers. The basketball team announced on its social media Tuesday, local time, that it signed a marketing partnership with Bibigo’s US branch.  Attached with the announcement was a photo of LeBron James wearing a Bibigo-embroidered uniform. ”We’re proud to introduce our new patch part

Sept. 22, 2021

Hyundai, Kia's eco-friendly vehicle sales in US more than double in Aug.

Hyundai Motor Co. and its affiliate Kia Corp.'s environment friendly vehicle sales in the United States more than doubled in August compared with a year ago, led by solid demand for their hybrid sport utility vehicles, industry data showed Wednesday. Hyundai and Kia sold a combined 8,312 eco-friendly cars in the US in August, a 124.4 percent jump from a year earlier, according to their data. Hyundai's eco-friendly car sales soared 245.4 percent on-year to 5,817 units in August, far surpassing

Sept. 22, 2021

Airlines cut aircraft fleets amid pandemic-driven slump

South Korea's airlines have drastically reduced their aircraft fleets over the past two years as demand for air travel dried up due to the prolonged COVID-19 pandemic, industry data showed Wednesday. The total number of aircraft operated by the nation's 10 carriers currently stands at 372, down from 414 in 2019, according to the data compiled by the transport ministry. Korean Air Lines Co., the country's leading full-service carrier, operates 159 planes, down from 170 in 2019, and its smalle

Sept. 22, 2021

[Feature] How fans are turning favorite K-pop songs into investments

K-pop fans have found a new way to support their favorite idols that could also fatten their wallets at the same time. A growing number of fans are experimenting with new investment methods by investing in shares of copyrights to songs by idols. This new combination of Korean culture and investing comes as K-pop fans seek alternative and meaningful ways to show support for their stars.  For instance, Music Cow, a platform for investing in K-pop songs, allows fans to buy shares to own par

Sept. 21, 2021

[Photo News] Apple unveils new lineup for 2021

On Sept. 14, Apple held a virtual “California Streaming” event unveiling the new iPhone 13 and Apple Watch Series 7.  The Apple Watch will come in new sizes at 41 mm and 45 mm, departing from its standard 40 mm and 44 mm sizing. No new health features are expected. The most significant difference is its all-new flat-edged design, in line with the iPhone 12’s sleek design.  Like previous models, the iPhone 13 will be offered in four different models – iPhone 13

Sept. 20, 2021

Spring flowers bloom earlier, ice freezes later than before: report

Spring flowers in Korea are blooming earlier while ice is forming increasingly later in the last three decades, a recent report from the Korea Meteorological Administration showed. The KMA on Tuesday released the latest climatological averages from 1991 to 2020, comparing the data with the previous figures recorded from 1981 to 2010. Used for analyzing changes in the ecosystem over a long period of time, seasonal observation is a study of animals, plants and weather phenomena at the same spot e

Sept. 19, 2021

NPS exposure to Japanese ‘war crimes companies’ reaches W1.57tr: lawmaker

The National Pension Service, Korea‘s largest public pension scheme, has 1.57 trillion won ($1.33 billion) exposure to stocks of what was labeled as “war crimes companies” during the World War 2, data showed Sunday. NPS was directly investing some 880 billion won in companies suspected to have contributed to Japanese ruling of the Korean Peninsula during Korea’s colonial era as of February, according to data compiled by the ruling Democratic Party of Korea‘s lawma

Sept. 19, 2021