Political figures cleared in hedge fund scandal

South Korean political figures were cleared of any involvement in the nation’s high-profile 1.6 trillion won ($1.4 billion) hedge fund fraud, which centers on the effectively defunct private equity firm Optimus Asset Management, prosecutors announced Sunday. The Seoul Central District Prosecutor’s Office said that it had dismissed charges Wednesday against three ex-Optimus advisers of accepting property through arrangement and assisting fraudulent activities. They are Lee Hun-j

Aug. 8, 2021

[Herald Interview] Young CEO sets sights on future of construction

It was Kim Hwang-su’s father who built Dongnam Construction Chemical from scratch and grew it into a leader in the local concrete admixture market. Now, the second-generation chief, 38, aims to take on the conservative industry with technological innovations. “I think my father had faith in the local constructions market,” said Kim, who took over as CEO in 2018, as he recalled memories of his father. “He believed there would come a time when our country also starts bui

Aug. 8, 2021

Blockbuster IPOs push Kospi’s market cap to record high

The market capitalization of South Korea’s benchmark stock index reached an all-time high with a series of blockbuster initial public offerings, according to data released by the country’s bourse operator Sunday. The accumulated market valuation of listed firms on the main Kospi market came to 2,334.6 trillion won ($2.04 trillion) as of market closing of Friday. It was up by 20.2 trillion won from the previous record high of 2,314.4 trillion won set at the closing bell on July 6, K

Aug. 8, 2021

[Feature] Plastics pile up amid food delivery boom

Food delivery apps such as Baemin and Coupang Eats have brought us great comfort in this pandemic, as months of social distancing and restrictions on business hours left us with little choice. But as the market nearly doubled to 17.38 trillion won ($15.22 million) in South Korea last year, with 27 million monthly users and 120,000 riders according to Statistics Korea and the Fair Trade Commission, plastic waste has also increased considerably. In one Facebook group for people trying to avoid

Aug. 8, 2021

FTC investigates bar association over LawTalk ban

South Korea’s Fair Trade Commission is looking into a case filed by legal counselling app LawTalk earlier this year against the Korean Bar Association after the organization decided to ban its members from joining such platforms. The clash between the disruptive mobile service and the bar association, which led to a series of tit-for-tat actions including a Constitutional Court case, could be judged from a fair trade point of view, if the FTC determines the association as a business assoc

Aug. 8, 2021

S. Korea’s food prices increase to third highest among OECD states

South Korea’s food price inflation in the second quarter ranked the third highest among members of the Organization for Economic Cooperation and Development, data showed Sunday.  The prices for groceries and nonalcoholic beverages surged by 7.3 percent on-year in the April-June quarter, the fastest gain since 2011, when food prices rose 7.8 percent in the same period, according to data compiled by the OECD and Statistics Korea. Far above the OECD average of 1.6 percent, this on-ye

Aug. 8, 2021

Exhibition brings lost potential of games into senses

“Game & Art: Auguries of Fantasy” -- on show at Daejeon Museum of Art Creative Center through Sept. 5 -- peeps into an altered world of “fantasy reality” forged through the synthesis of video games and art. The exhibition, sponsored and participated by NCSoft, one of the top three game developers in South Korea, examines how video games can become playgrounds of images and sounds conceived through imaginations. Walking into the exhibit, viewers are greeted by Ki

Aug. 8, 2021

Vaccine bookings for 18 to 49 to start Monday

Vaccinations for people aged 17 to 49 will start Monday, as South Korea struggles to clamp down a fourth wave of the coronavirus. The upcoming vaccine roll out will be crucial in the country’s plan to reach herd immunity by November, the Korea Disease Control and Prevention Agency said, as it covers over 16 million people considered the most socially active among all age groups. Eligible are those born after Jan. 1, 1972, and before Dec. 31, 2003, a group that includes some 17-year-old

Aug. 8, 2021

S. Korean economy faces heightened uncertainty amid 4th wave of pandemic: KDI

The South Korean economy is facing heightened uncertainty as the recovery of domestic demand is likely to slow amid a recent spike in COVID-19 cases, a state-run think tank said Sunday. Asia's fourth-largest economy is on a recovery track amid solid exports, but the toughest-ever virus curbs, in effect due to the fourth wave of the pandemic, may dampen improving domestic demand, according to a monthly economic assessment report by the Korea Development Institute (KDI). "The intensifying s

Aug. 8, 2021

[Photo News] Kia flagship store opens in western Seoul

Automotive firm Kia launched a flagship store in Gangseo-gu, Seoul, Wednesday. The store features a futuristic interior and will offer car exhibitions, test drives, and other services and events.  Visitors can scan mobile QR codes for information on Kia’s newest cars and services.  Customers can see the latest vehicles in three dimensions via a large media wall installed at the store. Both the interior and exterior of each vehicle will be visible, and customers can see in deta

Aug. 7, 2021

Economy is likely to bounce back quickly once COVID-19 subsides: Obama

The American economy is likely to bounce back quickly once the COVID-19 pandemic subsides, former US President Barack Obama has said during an interview with a Korean media outlet. “As soon as the public health situation improves ... I think the possibility of bouncing back more quickly rather than a long path toward economic recovery is more promising,” Obama said, appearing virtually on the local talk show “Monthly Connect” by cable channel tvN Friday night. Comparin

Aug. 7, 2021

Green Car to expand driver-assistance system to all cars by 2022

South Korean car-sharing platform Green Car will expand its advanced driver-assistance system (ADAS) to its entire fleet of cars by the end of 2022 for a safer and more convenient driving experience, the firm said Friday. According to Green Car, about 85 percent of the vehicles it currently manages for its car-sharing service are equipped with each of the car models’ standard ADAS functions. The ADAS functions include autonomous emergency braking, smart cruise control and lane departur

Aug. 6, 2021

Hana Bank launches metaverse task force

South Korea’s Hana Bank said Friday it has launched a special task force to foster businesses and attract younger customers in the virtual metaverse. Hana’s decision comes as local commercial banks have been hopping on the metaverse bandwagon as they believe it will become a financial landscape where millennials and Generation Z will actively engage in. The task force will review cooperation with local tech businesses, offering related services and seminars for its private bankin

Aug. 6, 2021

Buyers’ sentiment high despite tightening measures

Buyers’ sentiment for Seoul apartments hit its highest point in five months this week, despite the government’s tightening measures, data showed Friday. According to the Korea Real Estate Board, an index gauging the balance between supply and demand for homes surged by 0.3 point this week, from 107.6 to 107.9. When the index exceeds 100, demand for homes is stronger than the supply available in the market. The data suggests that the market is defying the government’s attemp

Aug. 6, 2021

Kakao aims to expand Korea’s subscription ecosystem, has eyes on Japanese webtoon market

Kakao Corp., the No. 1 mobile messenger app operator in South Korea, said Friday that it plans to expand the domestic ecosystem for subscription-based platforms while also seeking to grow its profit in the Japanese webtoon market. The plans were revealed during the firm’s earnings call for the second quarter. During the call, Kakao announced that it had achieved 42 percent on-year growth in sales for the April to June period, posting 1.35 trillion won ($1.18 billion). Its operating p

Aug. 6, 2021

Korea Shipbuilding bags W659b order for US offshore plant

Korea Shipbuilding & Offshore Engineering signed a 659.2 billion won ($577 million) deal to build an offshore plant for an American oil company, the South Korean shipbuilder said Friday. In a regulatory filing, KSOE said it would undertake the first phase of construction for an offshore crude oil storage facility under the deal. The company declined to reveal the client. The envisioned semi-submersible floating production storage platform is to measure 91 meters in length, 91 meters in wi

Aug. 6, 2021

Seoul stocks down for 2nd day on virus concerns

South Korean stocks retreated Friday for a second straight session as investor sentiment weakened over concerns about the spreading new coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 5.77 points, or 0.18 percent, to close at 3,270.36 points. Trading volume was moderate at about 931 million shares worth some 15.2 trillion won ($13.3 billion), with losers outnumbering gainers 464 to 355. Foreigners bought a net 55.6 billion w

Aug. 6, 2021

New FSC, FSS heads concerned about snowballing household debt

A day after new leadership for South Korea’s two top financial regulators was announced, the new chiefs on Friday expressed concerns about the nation’s growing household debt and its looming effects on the economy. Financial Supervisory Service Gov. Jeong Eun-bo, speaking at an event marking his appointment, warned of “a perfect storm of risks tied to so-called zombie firms, financial instability of the self-employed and a possible price correction due to a housing bubble.&rd

Aug. 6, 2021

Kakao Pay’s brokerage arm secures 5 million subscribers

The number of subscribers to Kakao Pay Securities, the brokerage arm of mobile messenger giant Kakao, surpassed the 5 million mark as of July, 17 months since its inception, the company said Friday. The number is equivalent to one-fifth of the 28 million South Koreans who are economically active, it added. According to the Korea Financial Investment Association, the number of accounts used for public offering funds via Kakao Pay Securities surpassed 2.1 million as of June. The number of sub

Aug. 6, 2021

KakaoBank becomes S. Korea’s top financial firm with market debut

KakaoBank became the largest financial company in South Korea by market capitalization with its market debut Friday, although its share price failed to meet expectations of hitting the daily upper limit. Shares of the country’s biggest mobile-only bank began trading at 53,700 won ($46.98), 37.7 percent higher than its initial public offering price of 39,000 won. It later rose a further 26 percent to 68,000 won during the morning trade, far less than the market expectation of reaching t

Aug. 6, 2021