Airlines urge govt. to expand travel bubble to individual tourists

South Korean airlines called on the government Tuesday to implement a travel bubble as early as possible and to expand it to individual overseas tourists. The request was made at a meeting between Vice Culture, Sports and Tourism Minister Kim Jeong-base and tourism industry people, which was organized by the Korea Chamber of Commerce and Industry. A travel bubble refers to a quarantine-free travel partnership between two or more cities or countries with similar levels of COVID-19 cases. South

June 29, 2021

Seoul stocks open lower on virus concerns

South Korean stocks opened lower Tuesday as concerns of new coronavirus variants weakened investors' appetite for risky assets. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.55 points, or 0.23 percent, to trade at 3,294.34 points as of 9:15 a.m. The KOSPI got off to a muted start, taking a cue from new travel bans against the new COVID-19 variants in many parts of the world. Market bellwether Samsung Electronics retreated 0.49 percent, while No. 2 chipmaker SK hynix added 0

June 29, 2021

KNJ Bio blends Eastern, Western medicine

HEALTH FUNCTIONAL FOOD KNJ Bio KNJ Bio is a local provider of health supplements that incorporate both Asian herbs and modern Western medicine. The firm was established in 1978 by Kim Nam-joo, a certified doctor of pharmacy in South Korea and a doctor of Asian medicine in China and the US. Since the company was founded, KNJ Bio has endeavored to introduce novel health supplement products by marrying natural substances with traditional medicinal ingredients. Using this approach, KNJ Bi

June 29, 2021

Posco E&C to start sales of the Sharp Gwangyang Bay Cent in July

Posco Engineering & Construction will start pre-sales of its premium The Sharp brand apartments in Gwangyang, South Jeolla Province, in July, the company said Monday. The construction firm said it will begin receiving orders for 727 units of The Sharp Gwangyang Bay Cent, an apartment complex comprising of five apartment buildings in Hwanggeum-dong in Gwangyang. The buildings are as high as 33 stories, according to the company. The available apartments range in size from 84 square meters

June 28, 2021

KakaoBank to raise up to W2.5tr in August IPO

KakaoBank, the country’s second internet-only lender, said on Monday that it would raise up to 2.5 trillion won ($2.2 million) in its initial public offering. The banking arm of mobile giant Kakao Corp. will offer a total of 65.45 million new shares at an indicative range between 33,000 won and 39,000 won per share through its upcoming debut on August 5, the IPO application filed with the Korea Exchange showed. The offering prices put the company’s market capitalization somewhere

June 28, 2021

Fiscal chief vows ‘complete’ economic recovery this year

Aiming for the complete recovery of the South Korean economy, the government will deploy a series of policies inducing domestic consumption and supporting pandemic-hit businesses and exporters in the second half, the Finance Ministry said Monday. “The direction of economic policy for the second half of 2021 was established with a focus on two goals -- complete economic recovery and a major structural transformation into a leading economy,” Finance Minister Hong Nam-ki said while

June 28, 2021

S. Korea to hold a major global EV event in 2024

The Electric Vehicle Symposium and Exhibition will take place in South Korea in 2024, the Korean Society of Automotive Engineers announced Monday. EVS, an annual event thought of as the Olympic Games of electric vehicles, is organized by the World Electric Vehicle Association to provide a platform for discussion and exchanges among automakers and researchers concerning major trends in the industry and cutting-edge technologies. The 2024 meeting will be the 34th installment of the event, sinc

June 28, 2021

Spy agency conducts special examination against cyber attack

The National Intelligence Service is conducting a review of cyber terrorism preparedness on the country’s energy infrastructures including electricity, gas and water supply networks, the agency announced Monday. The measure comes after the recent cyber attacks in the United States that targeted the data of the energy infrastructures and demanded payment in cryptocurrency. The NIS has already looked into the nation’s control system of water purification plants with the Ministry of

June 28, 2021

KDB, K-Growth to hit W4tr target for New Deal funds

The Korea Development Bank and Korea Growth Investment Corp. (K-Growth) said Monday they had selected 12 external managers to create a fresh 750 billion-won ($664 million) fund by the end of 2021 to support South Korea’s New Deal policy. With the announcement, the two institutions approached their year-end fundraising target of a total of 4 trillion won in commmitments for the policy fund this year, out of the total 20 trillion-won target for 2021 to 2025, in the plan first unveiled in S

June 28, 2021

[Best Brand] NH NongHyup Bank woos millennials, Gen Z with mobile products

In line with the digitalization of its services, South Korea’s NH NongHyup Bank is rolling out mobile loans and other products for its millennial and Generation Z customers seeking quick access to cash. Millennial and Gen Z customers can now borrow up to 3 million won ($2,639.68), regardless of their creditworthiness and income, by applying with the lender’s NH Smart Banking and All-One Bank apps. Approval is based on a credit rating that is calculated based on the applicant&rsquo

June 28, 2021

[Best Brand] Shinhan Card launches hotel credit card on post-COVID hopes

Shinhan Card in March announced a launch of a co-branded hotel credit card product Marriott Bonvoy The BEST Shinhan Card, offered by Visa. The card allows cardholders to accelerate the number of Marriott Bonvoy points they earn, which can be redeemed for free nights at more than 7,600 hotels under Marriott International’s 30 brands including JW Marriott, Sheraton and Courtyard, across 133 countries including Korea. The idea of a hotel credit card during the pandemic stemmed from the an

June 28, 2021

Samsung Electronics' tax payments up 14.4% in 2020: report

Samsung Electronics Co. paid a total of 11.1 trillion won ($9.8 billion) in taxes and dues last year, up 14.4 percent from a year ago, its report showed Monday, with the majority going to its homeland. The tech giant paid 8.1 trillion won, or 73 percent of its total tax bills, to the South Korean government in 2020, according to its 2021 sustainability report. The Americas and Europe followed with 14 percent and Asia with 11 percent. South Korea collected 86 percent of Samsung's tax payments i

June 28, 2021

[AUTO & MOBILITY] Flying taxi promises to change urban travel

South Korean conglomerates Hanwha Group and Hyundai Motor Group are in a tight race to develop flying cars, with an aim to launch a commercial air taxi service in the next four to five years. If realized, the service would address many urban problems like traffic congestion and air pollution. It could fundamentally change the way people commute, work and live, the companies say. Technology-wise, the firms are not far off from building a passenger craft that takes off and lands vertically.

June 28, 2021

[News Focus] Netflix’s net neutrality logic loses ground in Korea

A Seoul court’s decision last week that effectively confirmed Netflix‘s obligation to pay network usage fees to mobile carriers suggests that the global video streaming giant might have to change its business strategy in South Korea, according to industry sources Monday. The US-based content provider that raised 415.5 billion won ($367.6 million) in revenue in Korea alone last year has not been paying network fees to provider SK Broadband, the internet protocol TV subsidiary of SK

June 28, 2021

Google’s app billing plan continues to backfire

Google‘s plan to force all in-app purchases made through its independent billing system faces an uphill battle in South Korea, with local lawmakers considering a legislative bill to prevent “unilateral” pricing policy changes of major platform business operators. The National Assembly‘s Science, ICT, Broadcasting and Communications Committee on Monday held a meeting to decide whether they should table the anti-Google bill. The committee’s six lawmakers held an a

June 28, 2021

Seoul stocks snap 4-day winning streak amid valuation pressure, virus woes

South Korean stocks closed nearly flat Monday, snapping a four-day winning streak amid increased valuation pressure and virus concerns, after the key stock index closed at an all-time high the previous session. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) inched down 0.95 points, or 0.03 percent, to close at 3,301.89 points. Trading volume was moderate at about 1.4 billion shares worth some 13.5 trillion won ($11.9 billion), with gainers ou

June 28, 2021

Cash-strapped SsangYong Motor officially put up for sale

A controlling stake in SsangYong Motor has officially been put up for auction as the financially ailing company undergoes court receivership, the sale’s lead manager said Monday. EY Hanyoung, the accounting firm in charge of the sale, released a notice of sale announcing that it was receiving letters of intent from potential buyers until July 30. Under the sales plan, it will then run preliminary reviews of the bids from Aug. 2-27. A preferred bidder is expected to be chosen in Septem

June 28, 2021

S. Korea ups 2021 growth outlook to 4.2%

South Korea's finance ministry on Monday sharply raised its 2021 growth outlook for the country's economy amid robust exports and reviving consumption. The government forecast Asia's fourth-largest economy to expand 4.2 percent this year, up from its December estimate of 3.2 percent. The Korean economy is projected to grow 3 percent next year. If realized, it would mark the fastest growth since 2010 when the Korean economy expanded 6.8 percent. The ministry's forecast is higher than the Bank

June 28, 2021

S. Korea to test mmWave 5G tech in Seoul subways

South Korea's ICT ministry said Monday it will work with the country's wireless service providers to test millimeter wave (mmWave) 5G technology in the Seoul subway system in a move to improve network services and speed up commercialization. South Korea's 5G networks are currently deployed on the mid-band spectrum, leading to relatively slower speeds than on the high-band mmWave spectrum, which can theoretically be up to 20 times faster than 4G LTE. The ministry said it would work with the cou

June 28, 2021

Krafton invests $9m in Indian streaming platform

Krafton Inc., a South Korean gaming giant behind the global smash hit "PlayerUnknown's Battlegrounds" (PUBG), said Monday that it has invested $9 million in India-based streaming platform Loco. The funding includes other investors, such as Lumikai, India's first gaming and interactive media fund, as well as Hashed, Hiro Capital, North Base Media, Axilor Ventures and 3one4 Capital, it said. Krafton said Loco, which was spun off as a separate entity from parent company Pocket Aces, has

June 28, 2021