Samsung heir Lee subject to parole conditions after release

Samsung heir Lee Jae-yong will be required to abide by parole conditions after he is released later this week, the justice ministry said Wednesday. 　Under the relevant law, he should report to the parole office in advance if he plans to move his residence or leave the country for more than a month, among other things. 　The ministry can exempt certain parolees from those conditions, such as severely ill or senior inmates, but Lee is not eligible for the exemptions, the ministry said. 　The vi

Aug. 11, 2021

CJ OliveNetworks builds first software-based network using public cloud in Germany

CJ OliveNetworks, an IT solution provider of CJ Group, said Wednesday that the company succeeded in establishing a network using public cloud and software-based WAN in Germany in what it said was an industry first. Known as SD-WAN, the software-defined network enables establishing virtual over-lay networks by connecting with a variety of networks like MPLS, internet and 4G, providing customers with flexibility and efficiency. The CJ affiliate adopted SD-WAN to the public cloud systems used

Aug. 11, 2021

Korea’s PC market expands but growth pace cools in Q2

South Korea’s personal computer market continued to expand in the April-June period of 2021, helped by a solid demand due to the prolonged pandemic, but there were signs that the growth rate would taper off, latest industry data showed. Domestic PC shipments came in at 1.5 million units in the second quarter, up 3.1 percent from a year ago, according to the data from market researcher IDC Korea. The second-quarter PC shipment volume marked a sharp drop from 1.89 million units in the Ja

Aug. 11, 2021

Lotte World Tower office space fully leased for first time

Office space in South Korea’s tallest building, the Lotte World Tower, has been fully leased for the first time since it opened four years ago. Lotte Property and Development, the property developing arm of Lotte Group, said Wednesday that office space reached 100 percent occupancy at Lotte World Tower. Woowa Brothers, the operator of food delivery app Baedal Minjok, moved into the building in July, filling up the last vacancy. In total, 17 companies have nested in the “Prime Off

Aug. 11, 2021

Celltrion strives to increase accessibility of self-developed COVID-19 treatment

South Korean pharmaceutical giant Celltrion is pushing for a broader use of its COVID-19 treament, Regkirona, both here and abroad. Presently, Regkirona, or CT-P59, is allowed to be used on patients with severe symptoms or high risk groups with mild symptoms only. The company said Wednesday that it has asked the Ministry of Food and Drug Safety for permission to use on COVID-19 patients aged over 12, with mild or severe symptoms. Celltrion said it has filed clinical data from its phase 3 cli

Aug. 11, 2021

Seoul stocks extend losses to 5th session amid virus woes

South Korean stocks fell for the fifth consecutive session Wednesday as a record-high number of COVID-19 cases dented investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) retreated 22.57 points, or 0.7 percent, to close at 3,220.62 points. Trading volume was high at 608.3 million shares worth some 18.95 trillion won ($16.5 billion), with losers outnumbering gainers 563 to 299. Foreigners offloaded a net 1.6 trillion won worth o

Aug. 11, 2021

LG Electronics speeds up carbon emission cuts, joins global initiatives

LG Electronics announced Wednesday that the company will join the Business Ambition for 1.5°C, an international alliance of companies for carbon emission reductions. The global campaign led by the UN, calls on businesses to set targets to limit global temperature rise to 1.5 degree Celsius above pre-industrial levels. The collaborative action, which is in line with the Paris Agreement, also seeks for net zero carbon by 2050, the company added. LG Electronics is the first South Korean fi

Aug. 11, 2021

FSC introduces new COVID recovery support program, advises financial firms not to share late payment records

  South Korea’s top financial regulator on Wednesday encouraged local financial institutions to refrain from penalizing individual borrowers who have missed mortgage payments due to the economic fallout from the coronavirus pandemic, but caught up later. Financial Services Commission Chairman Eun Sung-soo advised the heads of financial institutions -- including the Korea Federation of Banks, the Korea Credit Information Services and the Korea Federation of Savings Banks -- not to s

Aug. 11, 2021

Carbon neutrality costs astronomical for petrochemical, steel industries

South Korea’s aggressive goal of carbon neutrality by 2050 would cost the nation’s petrochemical and steel industries enormous amounts of money, data showed Wednesday. According to an internal document from the Korea Petrochemical Industry Association disclosed by Rep. Yang Kum-hee from the main opposition People Power Party, the domestic petrochemical industry will emit 110 million metric tons of carbon in 2050 and it would require 270 trillion won ($233.9 billion) to curb those

Aug. 11, 2021

Korea recalls 28,946 vehicles from 6 major automakers

South Korea on Wednesday ordered a recall of 28,946 vehicles of 35 types either manufactured, imported or sold by six automakers -- Hyundai Motor, BMW Korea, Mercedes-Benz Korea, Jaguar Land Rover Korea, Toyota Motor Korea and Honda Korea. According to the Ministry of Land, Infrastructure and Transport, 10,407 units of nine-seater van Grand Starex manufactured or sold by Hyundai Motor will be recalled after defects were found in the model’s propeller shaft. “Damages were found

Aug. 11, 2021

Job growth slows for 3rd month on toughest social distancing

The pace of recovery in South Korea’s job market has slowed down for the third consecutive month in July due to the kickoff of the toughest social distancing rules adopted to combat the fourth wave of the COVID-19 pandemic, data showed Wednesday. While employers added 542,000 more jobs on-year last month, extending gains for the fifth consecutive month, its growth momentum has been slowing since May, data compiled by Statistics Korea showed. The overall number of those employed amounted

Aug. 11, 2021

Banks' H1 net jumps 59% on KDB's one-off gains

South Korean banks saw their first-half earnings jump 59 percent from a year earlier due largely to a one-off gain by state policy lender Korea Development Bank (KDB), data showed Wednesday. The combined net profit stood at 10.8 trillion won ($9.35 billion) in the January-June period, compared with a profit of 6.8 trillion won the previous year, according to the data from the Financial Supervisory Service (FSS). The gains came as KDB reported a jump in valuation of its stock holdings and logge

Aug. 11, 2021

Banks' household loans jump in July

South Korean banks' household loans jumped in July, fueled by demand for home-backed lending and overdrafts for stock investments, central bank data showed Wednesday. Outstanding bank loans to local households came to 1,040.2 trillion won (US$902 billion) as of end-July, up 9.7 trillion won from a month earlier, according to the data from the Bank of Korea (BOK). It marked the largest on-month gain for any July since 2004 when the central bank began compiling related data. The BOK said July's

Aug. 11, 2021

S. Korea's 10th budget carrier begins services

South Korea's 10th budget carrier Air Premia Co. on Wednesday began services on the Gimpo-Jeju route to meet local travel demand amid the extended COVID-19 pandemic. Last month, the Ministry of Land, Infrastructure and Transport issued an air operator certificate to Air Premia to allow the carrier to use aircraft for commercial purposes. On Wednesday, Air Premia started daily flights connecting Gimpo to the country's southern resort island of Jeju with the 309-seat B787-9 passenger jet, the co

Aug. 11, 2021

Samyang Ramen gets facelift in taste, packaging design

Confectionary maker Samyang Foods is revamping its flagship instant noodle product Samyang Ramen to celebrate the firm’s 60th anniversary. According to the company Wednesday, various recipe changes were made to Samyang’s signature ramen to enhance flavor and texture. It increased vegetable contents by 30 percent in the seasoning powder, added beef flakes to enhance the product’s signature flavor, as well as renewed the dried noodles for a chewier texture. The spicier versio

Aug. 11, 2021

SK Telecom's Q2 net nearly doubles on equity gain, 5G growth

SK Telecom Co., South Korea's top wireless carrier, said Wednesday its second-quarter net income rose 84 percent on-year thanks to gains in its equity ties with its chip-making affiliate SK hynix Inc. and growth in 5G users. Net income stood at 795.7 billion won ($689.2 million) in the April-June period on a consolidated basis, compared with 432.3 billion won a year earlier, according to a regulatory filing. Operating income rose 10.8 percent to 396.6 billion won over the same period, while sa

Aug. 11, 2021

S. Korea's fishery output up 5% in H1

South Korea's fisheries output rose 5.2 percent on-year in the first half of this year on the back of improved production from the aquaculture sector, data showed Wednesday. The total fisheries output amounted to 2.3 million tons in the January-June period, compared with 2.2 million tons tallied a year earlier, according to the data compiled by the Ministry of Oceans and Fisheries. In terms of value, the output came to 4.45 trillion won ($3.86 billion), up 8.7 percent on-year. The aquaculture

Aug. 11, 2021

Netmarble cashes in W430b upon KakaoBank listing

South Korea‘s gaming giant Netmarble has divested a 1.3 percent stake in KakaoBank to cash in 430.2 billion won ($372.8 million), a filing showed Wednesday. The disclosure came on the heels of the mobile-only lender’s blockbuster debut on the Korea Exchange on Friday, opening the doors for the early-stage investor in the lender to carry out a partial exit from its investment target. According to the filing submitted to the Financial Supervisory Service, Netmarble unloaded its 6 mi

Aug. 11, 2021

Budget carrier Air Premia begins services on Jeju route

South Korean budget carrier Air Premia Co. has begun services on the Gimpo-Jeju route to meet travel demand amid the extended COVID-19 pandemic, the company said Wednesday. Last month, the Ministry of Land, Infrastructure and Transport issued an air operator certificate to Air Premia to allow the carrier to use aircraft for commercial purposes. On Wednesday, Air Premia started daily flights connecting Gimpo to the country's southern resort island of Jeju with the 309-seat B787-9 passenger jet,

Aug. 11, 2021

Exports up 46.4% in first 10 days of August

South Korea's exports rose 46.4 percent on-year in the first 10 days of August on the back of robust demand for chips and petroleum products, customs data showed Wednesday. The country's outbound shipments stood at $12.7 billion in the Aug. 1-10 period, compared with $8.69 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 63.1 percent on-year to $17.4 billion, resulting in a trade deficit of $4.69 billion during the cited period, the data showed. By

Aug. 11, 2021