S. Korea to quicken implementation of home supply scheme: finance minister

Finance Minister Hong Nam-ki said Wednesday the government will focus on accelerating the implementation of the latest housing supply plan in a bid to help stabilize rising home prices. The government said early this month it will ease construction regulations and support redevelopment projects in urban areas to increase the number of new homes by up to 836,000 nationwide in the next four years. Hong said in a ministerial meeting on the housing market that the country will first select the can

Feb. 17, 2021

Major asset managers log 44% jump in 2020 earnings

Major asset management companies in South Korea saw their earnings soar more than 40 percent in 2020 amid a bullish stock market, data showed Wednesday. The combined net income of the country's 10 leading asset managers came to 381.6 billion won ($346 million) last year, up 44 percent from a year earlier, according to their annual earnings reports. Their total operating income stood at 422.5 billion won, up 10.7 percent from the previous year. The figure doesn't include earnings of Kiwoom Ass

Feb. 17, 2021

Kumho Tire union votes to accept wage freeze

Unionized workers at Kumho Tire have voted to accept a wage deal for the year of 2020 amid the prolonged coronavirus pandemic, the union said Tuesday. The management and labor union reached an agreement early this month on a wage freeze and a cash bonus worth 1 million won ($900) per worker plus a contract to guarantee job security. Its 2,700-strong union approved the deal in a vote held from Monday to Tuesday, union spokesman Kim Seong-jin said. Kumho Tire didn't raise wages for 2018 and

Feb. 16, 2021

Banking group heads ‘agree’ to extend loan deferment for small biz

Heads of five major banking groups here on Tuesday agreed to extend their joint loan deferment program for local businesses hit by the COVID-19 pandemic for another six months at an exclusive meeting with Financial Services Commission Chairman Eun Sung-soo. “The chiefs of the banking groups agreed to extend the program for another six months,” Eun told the press following a roundtable meeting held with the group executives at the Korea Federation of Banks headquarters in central Se

Feb. 16, 2021

[News Focus] More homegrown COVID-19 therapies coming

Following Celltrion’s monoclonal antibody treatment for COVID-19, a slew of homegrown therapies is on the way in the first half of 2021. Chong Kun Dang Pharmaceutical is set to submit application for emergency approval in February, and GC Pharma in April. Under the fast-track review program for COVID-19 therapies and vaccines, the new submissions will hear back in 40 days from application. Treatments are primarily for alleviating the condition in afflicted patients, rather than preventi

Feb. 16, 2021

Hana Financial chief, a year before retirement, seeks 4th term

The incumbent chairman of Hana Financial Group is seeking a fourth term, which would make him, if elected, the longest-serving chief of a financial institution in South Korean history. Hana Financial Group on Monday evening confirmed the nomination of four candidates for the group’s top post, including Chairman Kim Jung-tai, who has been at the helm of the group since 2012. 　 Kim publicly said last year that he wouldn’t be reluctant to give up the chairmanship. But Kim being sho

Feb. 16, 2021

SK Bioscience to manufacture Novavax vaccine for 20 mil population

South Korean vaccine-maker SK Bioscience will manufacture 40 million doses of US’ Novavax vaccines, enough to inoculate 20 million people. Under the agreement signed by SK Bioscience, Korea Disease Control and Prevention Agency and Novavax on Tuesday, Novavax will license out its NVX-CoV2373 vaccine technology to SK Bioscience for contract manufacturing purposes. As per this deal, South Korea will have the means to stably secure COVID-19 vaccines domestically, without having to rely on

Feb. 16, 2021

KDB, Environment Ministry to develop framework to foil greenwashing

The state-run lender Korea Development Bank said Tuesday it was working with the Ministry of Environment to foster a standardized framework for its green bond issuance in a bid to cut greenhouse gas emissions.  KDB officials said the move will ensure that issuers, including KDB, will use the green bond proceeds for environmental purposes and prevent issuers from “greenwashing,” in which companies make green gestures without meaningfully improving their environmental impact. KD

Feb. 16, 2021

Employment gap widens throughout COVID-19 fallout

Bearing the brunt of a prolonged COVID-19 fallout, South Korea saw the employment gap widen between top-tier businesses and smaller ones last year, data showed Tuesday. The number of employed people here stood at 25.81 million in January, down 982,000 from a year earlier, according to data compiled by Statistics Korea and Korea Small Business Institute. The steepest dip was observed in small and medium-sized businesses with less than 300 employees, where the employed population contracted by

Feb. 16, 2021

[News Focus] Korean gasoline prices reach 11-month high

SEJONG -- Gasoline prices in South Korea have climbed for 89 consecutive days in tandem with international crude prices, adding to the burdens facing households and businesses. According to the Korea National Oil Corp., the price of gasoline reached 1,461.05 won ($1.32) per liter on Feb. 15. It marked a third consecutive month of rebounding, having previously dipped to 1,317.12 won per liter Nov. 18. Furthermore, the current level marked the highest price point in about 11 months -- since Mar

Feb. 16, 2021

Seoul stocks up for 3rd day on extended foreign buying

South Korean stocks gained for a third consecutive session Tuesday, backed by signs of global economic rebound that increased foreigners' appetite for risky assets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.25 points, or 0.52 percent, to close at 3,163.25 points. Trading volume was moderate at about 1.9 billion shares worth some 16.9 trillion won ($15.3 billion), with gainers outnumbering losers 474 to 367. Foreigners bought a n

Feb. 16, 2021

Security concerns arise over soaring digital currencies

As the prices of Bitcoin and other cryptocurrencies approach record highs, digital currency exchanges are reaping the benefits of increased traffic, but are simultaneously burdened with security concerns. Domestic crypto exchanges said Tuesday that they are ramping up alert levels amid an uptick in interest and the establishment of new laws. Earlier this month, the top two local digital currency exchanges, Upbit and Bithumb, suffered server shutdowns amid increased transactions. Bithumb&rsquo

Feb. 16, 2021

Eyes on Samsung heir’s investment decision from jail

It has been four weeks since Samsung Group’s de-facto chief Lee Jae-yong has been jailed for bribery, and all eyes are on what large-scale investment plans are to come from the imprisoned Samsung Electronics vice chairman as visitation restrictions are set to be lifted. According to industry sources on Tuesday, the Samsung scion has been moved to a regular cell at Seoul Detention Center on Sunday, after a four-week quarantine to prevent the spread of COVID-19 within the facility. In t

Feb. 16, 2021

[Behind the Wheel] Honda CR-V kicks it up a notch for hybrid EVs

The more environmentally-friendly version of Honda’s flagship sports utility vehicle CR-V has been launched in Korea, boasting an ample interior space, and with distinguishable driving modes that offer a little more fun to driving. The Japanese automaker has kicked off the new year by presenting the new CR-V Hybrid, a hybrid electric vehicle model of the CR-V, and aims to get back on its feet in the Korean market, where it has been suffering from a nationwide boycott against Japanese goo

Feb. 16, 2021

'Google to reap up to W150b in additional profit a year from app store fees’

Google’s revenue from app store fees in South Korea could increase by more than 150 billion won a year when the company’s billing policy changes take effect later this year, a local lawmaker said Tuesday. In September last year, Google announced that the company would enforce a 30 percent commission on all in-app purchases of digital content from its app store, starting in October, 2021. Google has so far charged fees on game content sales only. Rep. Park Sung-joong of the oppos

Feb. 16, 2021

CJ CheilJedang win nods for marine biodegradation material PHA

CJ CheilJedang is picking up speed with its white biotechnology business, having won a global certification for its biodegradable plastic, the company said Tuesday. CJ‘s polyhydroxyalkanoate, which is touted as a green replacement for petroleum-based plastics, has been certified as biodegradable by TUV Austria, a globally renowned institution for biodegradability testing and certification, in four areas -- industry, household, soil and marine. It is the first time a South Korean company

Feb. 16, 2021

LS Group president tipped as likely candidate for next KITA chairman

LS Group Chairman Koo Ja-yeol has emerged as the most prominent candidate to become the next chairman of the Korea International Trade Association, according to industry sources on Tuesday. As the next vice president, Hyundai Research Institute President and CEO Lee Dong-geun has been mentioned as a top contender. Incumbent KITA chairman Kim Young-joo and full-time vice chairman Han Jin-hyun held a meeting with representatives of member companies on Tuesday to discuss potential candidates f

Feb. 16, 2021

Viva Republica teams up with Samsung Life to expand mobile insurance platform

Fintech company Viva Republica said Tuesday that it will work with South Korean life insurance firm Samsung Life Insurance to advance its platform for insurance planners. Viva Republica, the operator of money transfer app Toss, launched insurance affiliate Toss Insurance in 2018, rolling out non-face-to-face insurance services. The company is also running Toss Insurance Partner, a platform to support insurance planners to handle customer services and manage insurance contracts. The support pla

Feb. 16, 2021

Shinsegae’s Signet Partners announces investment in ride-hailing app Grab

Signet Partners, Shinsegae Group’s corporate venture capital firm, announced Tuesday that it had made an investment in the Singapore-based ride-hailing and food delivery app Grab. Explaining the decision, the firm said the app attracts millions of users every day, while noting the growth of mobile platforms in the Southeast Asian region. It did not disclose the amount of its investment. “We will continue to discover and invest in promising startups at home and abroad as well as c

Feb. 16, 2021

BAT Korea to reach wider audience with modified risk tobacco products through digital marketing

BAT Korea reaffirmed its plan to reach a wider audience with potentially-reduced risk products on Tuesday as it cited the success of recent digital marketing efforts to promote e-cigarettes. “Sales promotions for Glo Pro last month took place both online and in-store and it was especially well received online and we managed to sell out the stock we prepared quicker than expected,” said Yu Jung-min, head of offline activation at BAT Korea during an online press event. “Diversi

Feb. 16, 2021