Regulator set to take actions against shippers over alleged price fixing

South Korea's antitrust regulator is reviewing punitive actions against the country's leading shipper, HMM Co., and other local shipping lines over suspected price fixing, industry sources said Monday. The Korea Fair Trade Commission (KFTC) informed them that it has completed its probe into allegations that HMM and others colluded to fix higher freight rates for a Southeast Asian sea route, according to the sources. Since December 2018, the KFTC has been investigating the suspected price fixin

May 10, 2021

Turnover of KOSDAQ market tumbles on resumed short selling

South Korea's minor bourse saw its turnover recently plunge below the 10 trillion-won ($8.98 billion) mark following a partial resumption of short selling, data showed Monday. The daily turnover of the tech-heavy KOSDAQ market averaged about 8.8 trillion won over the last five sessions, far lower than the April figure of the 12 trillion-won range, according to the data from the Korea Exchange. The daily turnover began to dwindle on April 30, one day before the country's financial regulator all

May 10, 2021

[#WeFACE] ‘Look through investors’ lens to understand ESG’: SK hynix official

The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their response to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed. To truly embrace the ESG trends in business management, it is important to look at things from an investor’s point of view, says Lee Bang-sil, vice president of South Ko

May 9, 2021

Seoul fine-tuning K-chip support measures

With government measures to help cement South Korea’s leadership in the global semiconductor market to be announced this week, industry watchers are paying keen attention to how much Samsung Electronics and SK hynix could benefit from the measures that would largely pivot on tax breaks. As early as Thursday, Seoul is expected to unveil what it calls the “K-Semiconductor Belt Strategy,” which could include drastic increases in tax benefits for chipmakers’ R&D projec

May 9, 2021

[Behind the Wheel] Mercedes-Benz S-Class returns with smart technology twist

The so-called “boss car” Mercedes-Benz S-Class has returned in seven years with a complete makeover, boasting what a luxury saloon can offer for a car ride. Since the launch of its previous model in 2013, the S-Class has maintained its reputation as a prestigious sedan and often the choice of business entrepreneurs for its luxurious image. The car also appeals to older drivers, not only for the high price range, but also for its classic design that has remained unchanged for sev

May 9, 2021

Korean companies’ exposure to digital assets grow

A growing number of South Korean companies are exposing themselves to cryptocurrencies, financial reports filed last year showed, as experts expect the trend to continue and gain traction. At least 23 companies reported they were holding various types of cryptocurrencies as intangible assets as of the end of last year, according to financial reports filed with the Financial Supervisory Service, the country’s financial regulator. Those with the most cryptocurrency was Dunamu, the operator

May 9, 2021

Coway bags Red Dot, iF design awards for innovative home appliances

Coway, a South Korean home appliance maker and rental service provider, has received honors at two highly coveted product design awards -- the Red Dot and the iF, the company said Sunday. This is the 15th consecutive year that the firm has been recognized at the Red Dot Design Award, and the 13th year at the iF Design Award. The Coway air purifier AP-2021A, AP-1720H, and water purifier P-3100R were awarded Red Dot awards in the product design category. Air purifier AP-2021A also won the est

May 9, 2021

Malaysia removes anti-dumping tariffs on Korean PET

The Malaysian government has decided to reverse its preliminary decision to impose anti-dumping tariffs on Korean polyethylene terephthalate products, according to industry officials on Sunday. After an investigation, Malaysia’s Ministry of International Trade and Industry recently concluded that PET products imported from Korea will not damage the country’s oil and chemical industries, and decided to lift the temporary anti-dumping tariffs, according to industry sources here. Acc

May 9, 2021

Citibank Korea seeking potential buyer for its retail biz

Citibank Korea, the South Korean unit of Citigroup, has started to look for buyers for the lender’s consumer banking operations, industry sources said Sunday. The Korean subsidiary recently conveyed its willingness to receive letters of investment intent to a number of potential buyers interested in the lender’s retail banking unit, through its merger and acquisition division as well as Citigroup Global Markets Korea Securities -- the US banking giant’s local subsidiary in cha

May 9, 2021

[Contribution] Supporting Korean companies in their ESG journey

ESG, the environmental, social and governance aspects of a company, has rapidly emerged as one of the hottest topics in the corporate and financial sectors in Korea. With the urgent need to combat climate change and social inequality, companies are gearing up to make positive changes. Among the reasons for the emergence of this trend is the realization that companies have a key role to play in ensuring a sustainable future for all, beyond their financial obligations to their shareholders.&nbs

May 9, 2021

Stock shorting bearish in 1st week of resumption

The proportion of stock short selling in South Korea accounted for 3.4 percent of total transactions in the first week of the practice's conditional resumption last week, down from 5.5 percent when the trading technique was banned last year, the bourse operator said Sunday. The combined amount of short selling transactions stood at 3.3 trillion won ($2.9 billion), an average of 841.3 billion won per day during the four-session week and 3.4 percent of the total daily transactions, according to t

May 9, 2021

Samsung mulling new smartphone launches in August: sources

Samsung Electronics Co. is mulling multiple new smartphone launches in August, industry sources said Sunday, as the South Korean tech giant eyes to expand its leadership in the mobile market. Samsung, the world's largest smartphone vendor, is in talks with local mobile carriers over releasing its new smartphone models, including the Galaxy S21 FE, the Galaxy Z Fold3 and the Galaxy Z Flip2, in late August, according to the sources. If confirmed, the new smartphones will be launched earlier th

May 9, 2021

S. Korea to clamp down on online cryptocurrency phishing activity

South Korea said Sunday it will strengthen its monitoring system against cryptocurrency-related phishing websites by working with the National Police Agency amid recent surges in prices of virtual money. The ICT ministry said there have recently been increasing reports of phishing attempts via text messages that lead cryptocurrency users to enter their exchange IDs and passwords on fake websites to steal them and access their accounts. The ministry said it found and blocked 32 such phishing we

May 9, 2021

[Eye Plus] Pildong, abandoned print shop cluster turns into art village

Behind the bustling Chungmuro Station in Jung-gu, central Seoul, a quiet alley within Pil-dong, a small neighborhood on the northwestern edge of Mount Namsan, is catching the eyes of people seeking Instagrammable spots. Walls and building facades painted with cartoon characters and illustrations as well as uniquely themed sculptures are nestled along the alleyway, turning the place into an art festival. Named Pil-dong culture and arts street, or Yesultong, the area has been filled with ar

May 8, 2021

[Weekender] Living without cash

Oh Jong-gyun, a 35-year-old in Seoul, had an awkward moment when he went to pay for valet service during a blind date last week. Not only was he feeling shy in front of a lady he had just met that evening, Oh also realized that he hadn‘t carried ”real money“ for months. “I risked losing face, on my first date, to ask her for 3,000 won. Well, she didn’t have it either,” he said. Oh is one of growing number South Koreans living without physical money as they

May 8, 2021

Refiners set to turnaround in Q1 on rising oil prices, cracking margins

South Korea's oil refining industry is expected to rebound in the first quarter thanks to surging global oil prices and a recovery in refining margins after hemorrhaging from the pandemic-driven slump last year, analysts said Saturday. Four refiners -- SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oil Bank Corp. -- registered their worst performances ever last year, stung by slumping crude prices, weak refining margins and tumbling demand due to the coronavirus pandemic. The fou

May 8, 2021

Samsung Securities Q1 net profit up 1,776.4% to W289b

Samsung Securities Co. on Friday reported its first-quarter net income of 289 billion won ($257.8 million), up 1776.4 percent from a year earlier. The company said in a regulatory filing that it posted 399.3 billion won in operating profit for the quarter, compared with 22 billion won a year ago. Revenue fell 43.5 percent to 3.29 trillion won. The operating profit was in line with the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Th

May 7, 2021

Samsung Electronics to transfer some 500 technologies to local SMEs

Samsung Electronics will share its 505 patented technologies with local small and medium enterprises, the Ministry of Trade, Industry and Energy said Friday. The list comprises 213 mobile technologies, 68 semiconductor technologies, 68 display technologies, 45 telecommunications technologies and 31 medical equipment technologies, and others. The SMEs that wish to benefit from the governments technology transfer program are required to submit their application via the ministry or the Korea Ins

May 7, 2021

Crypto transaction volume surpasses W45tr, three times bigger than Kospi’s

South Korean’s frenzy for digital coins, especially alternative coins, has pushed the transaction volume for cryptocurrencies past 45 trillion won ($43.11 billion) in the 24 hours until Friday morning. Cryptocurrency market tracker CoinMarketCap data showed that the four largest exchanges in South Korea traded a total of 44.97 trillion won including Upbit’s 39.38 trillion won. The figure exceeds the combined trading volume of the country’s two stock markets Kospi and Kosda

May 7, 2021

KFCC clinches license for permanent establishment in Uganda

The Korean Federation of Community Credit Cooperatives said Friday that one of its subsidiaries had been granted a license to establish its business permanently in Uganda. The financial cooperative received the permission from the Uganda government after entering the market in October 2018. The microfinancing-centered business, which started out with only two employees at the time, now has more than 150 employees working in 15 subsidiaries, providing services to over 5,000 members in the Afric

May 7, 2021