KOFIA chief vows support for K-New Deal, ESG

The chief of the Korea Financial Investment Association on Thursday vowed to make greater efforts to support member companies and the capital market, seeking active investment for the state-led New Deal Fund and in environment, social and governance policy changes. Followed by President Moon Jae-in’s announcement of a bold push for a Korean version of the New Deal program last year, the local finance industry has been paying keen attention to the government’s project-related busines

Jan. 21, 2021

S. Korea to maintain anti-dumping tariff on Chinese H-shaped steel

South Korea's trade commission decided Thursday to uphold the existing anti-dumping tariff on imported Chinese H-shaped steel beams. The move will extend the anti-dumping tariff, which has been in force since July 2015, by another five-year period, according to the Ministry of Trade, Industry and Energy. H-shaped structural steel beams are widely used in building large structures. The domestic market for the product was estimated at 2.2 trillion won ($2 billion) in 2019, or 2.8 million tons.

Jan. 21, 2021

S. Korea to invest W1.1tr in Level 4 autonomous driving technologies: minister

South Korea plans to invest 1.1 trillion won ($1 billion) for commercialization of Level 4 autonomous driving technology, Finance Minister Hong Nam-ki said Thursday, while highlighting the increasing competition in the self-driving car sector driven by global firms like Apple. “With reports of Apple’s plans to enter the future car market, talks of cooperation between big tech firms and traditional carmakers have been growing,” Hong said in a meeting of economy-related officia

Jan. 21, 2021

NTS urges foreign workers to file year-end tax settlements

Foreign workers earning income in South Korea should file their year-end tax settlements for 2020 before they receive February’s salary, the tax agency said Thursday. According to the National Tax Service, foreign employees are required to settle their year-end taxes by submitting related documents to their employers between Jan. 15 and March 2. The process determines whether they owe more taxes or qualify for reimbursement of income taxes paid over the past year. The procedure is cover

Jan. 21, 2021

[News Focus] Gyeonggi cities lead housing prices growth

SEJONG -- Major cities in Gyeonggi Province, which surrounds Seoul, were found to have led a rise in housing prices in the past 10 weeks, as residents in their 20s and 30s have been snapping up apartments, new data showed. 　 A younger generation of buyers have been purchasing apartments in high-density residential towns in Gyeonggi Province, as skyrocketing prices in Seoul have pushed them to seek more affordable housing further afield, according to data by KB Kookmin Bank and Naver.com. The

Jan. 21, 2021

Jin Air’s ready meals become a hit amid home meal replacements boom

Low-cost carrier Jin Air has sold over 10,000 of its in-flight themed ready meals in their first month, according to the airline -- nearly one every four minutes. The ready-meal series including beef goulash pasta, rice with cashew chicken chwinamul (aster leaves) and cream pasta was released in November, themed after in-flight meals to cater to those who miss airplane food. “It appears many customers are enjoying our ready-meals to remember the excitement of traveling and quench the thi

Jan. 21, 2021

S. Korea to expand subsidies for eco-friendly cars

South Korea said Thursday it plans to expand subsidies provided for electric vehicles and hydrogen fuel-cell automobiles this year in line with the country's green energy drive. Under the plan, South Korea will allocate 1 trillion won ($930 billion) to promote sales of electric cars, which marks a 25 percent rise from a year earlier, according to the Ministry of Trade, Industry and Energy. The budget allocated for hydrogen cars will also reach 365.5 billion won, up 52 percent on-year. The cou

Jan. 21, 2021

Number of beef cattle in S. Korea gains 3.9% in Q4

The number of beef cattle in South Korea rose nearly 4 percent in the fourth quarter of the year on increased beef consumption, government data showed Thursday. Asia's fourth-largest economy had 3.36 million beef cattle, including Korean-breed cattle known as "hanwoo" here, as of Dec. 1, up 3.9 percent from a year earlier, according to the data from Statistics Korea. It represents the largest-ever fourth-quarter tally since the statistical agency began tracking related data in 1983.

Jan. 21, 2021

Coway’s air purifier wins accolades at CES

For a sixth year in a row, Coway has won honors at this year’s CES technology show, the company said Thursday. The South Korean firm’s air purifier AP-1019D has been recognized for its innovative technology and design at the CES Innovation Awards. Sponsored by the Consumer Technology Association, the organizer of the CES, the awards honor outstanding design and engineering in consumer technology products across 28 product categories. Coway has received the honor in the home app

Jan. 21, 2021

Preorders for Galaxy S21 tipped to be larger than its predecessor

Preorders for Samsung Electronics Co.'s new flagship smartphone line are estimated to be larger than those of its predecessor, industry insiders here said Thursday, as the South Korean tech giant targets brisk sales of its latest 5G handsets. Preorders for the Galaxy S21 series are expected to be 15-20 percent more than those of the Galaxy S20 family, according to industry officials, apparently on the back of increased orders for unlocked phones. In South Korea, a weeklong preorder period star

Jan. 21, 2021

S. Korea to provide over W20b in media content support this year

South Korea's ICT ministry said Thursday it will provide 21.2 billion won ($19.3 million) to support the production of local broadcast content in a bid to boost next-generation media services. The Ministry of Science and ICT said it will focus on over-the-top (OTT) or video streaming content this year, setting aside 5.1 billion won to support short form videos and cross media content. It will also provide an additional 10.3 billion won in support for content targeted for overseas markets and p

Jan. 21, 2021

Hyundai Motor opens ultra-fast EV charging station in Seoul

Hyundai Motor Co. said Thursday it opened an ultra-fast charging station for electric vehicles (EVs) in southeastern Seoul in the latest move that could boost convenience for drivers of zero-emission cars. Hyundai Motor and SK networks, a chemical and energy company, jointly transformed an old gas station into South Korea's largest ultra-fast EV charging station spanning 4,066 square meters, the companies said. The station has eight 350 kWh high-speed chargers developed by Hyundai Motor, which

Jan. 21, 2021

Demand for processed rice products up 11% in 2019

Local retail sales of processed rice products shot up nearly 11 percent in 2019 from a year earlier due to the growing demand from single-member households while more people opt for convenient meals, data showed Thursday. Retail sales of processed rice products, including ready-to-eat steamed rice, porridge, and noodles, came to 884 billion won ($804 million) in 2019, compared with 797.3 billion won posted in 2018, according to the latest data provided by the Ministry of Agriculture, Food and R

Jan. 21, 2021

Samsung Display to mass-produce 90Hz OLED screens for laptops

Samsung Display Co. said Thursday it will mass-produce organic light-emitting diode (OLED) displays for laptops with a higher refresh rate in the first quarter of the year as the South Korean panel maker eyes increasing sales amid the pandemic. Samsung Display said the mass production of its 90Hz OLED screen for laptops will begin in March. The affiliate of Samsung Group said most laptops in the market currently come with a 60Hz refresh rate display, but its latest product will deliver a more

Jan. 21, 2021

SK Innovation invests in China's EV battery swap station operator

SK Innovation Co., a South Korean refinery-to-battery company, said Thursday it has invested in a Chinese battery swap system provider to step up its battery business in the world's largest market. SK Innovation said it acquired a 13.3 percent stake in Blue Park Smart Energy Technology Co. (BPSE), a subsidiary of Beijing Automotive Group, without elaborating on the financial terms. The South Korean firm said the strategic investment will boost its electric vehicle (EV) battery business in Chin

Jan. 21, 2021

Seoul stocks open higher on Wall Street gains

South Korean shares opened higher Thursday, tracking overnight Wall Street gains as US President Joe Biden took office. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.24 points, or 0.71 percent, to 3,136.79 in the first 15 minutes of trading. Stocks rose on expectations that the new US administration's potential spending increase would spur demand for export-intensive economies. Market bellwether Samsung Electronics edged up 0.11 percent, with No. 2 chipmaker SK hynix gaining

Jan. 21, 2021

S. Korea's exports grow 10.6% in first 20 days of Jan.

South Korea's exports rose 10.6 percent on-year in the first 20 days of January on the back of robust shipments of chips and autos amid the pandemic, customs data showed Thursday. The country's outbound shipments stood at $28.2 billion in the Jan. 1-20 period, compared with $25.5 billion a year earlier, according to the data from the Korea Customs Service. Per-day exports also grew 10.6 percent on-year during the cited period. Imports inched up 1.5 percent on-year to $28.6 billion in the 20-da

Jan. 21, 2021

Producer prices rise 0.7% in December last year

South Korea's producer prices rose 0.7 percent on month in December last year, aided by a modest rise in prices of farm goods, central bank data showed Thursday. The producer price index, a barometer of future consumer inflation, stood at 103.78 in December, compared with 103.09 a month earlier, according to the Bank of Korea (BOK). Compared with a year earlier, the index rose 0.1 percent, the BOK data showed. In November last year, producer prices stayed flat, underscoring lackluster demand

Jan. 21, 2021

Biden administration tipped to have positive impact on S. Korea's exports

The new administration of US President Joe Biden is expected to have a positive impact on South Korea's exports as he pledged to reverse the Trump administration's protectionism and trade wars, along with a massive economic relief package. However, trade tension between the US and China is likely to persist as he is predicted to confront Beijing by stepping up cooperation with Washington's European and Asian allies, although Biden is unlikely to engage in a trade war seen under Trump. "Wh

Jan. 21, 2021

8 out of 10 want online ads clearly identified: survey

More than 80 percent of respondents to a recent survey said online platforms needed to change their practices for search ads to protect consumers from misleading marketing. The Fair Trade Commission on Wednesday announced the results of a consumer awareness survey regarding attitudes toward search ads on online platforms. The respondents were 1,152 ordinary users. Online search ads are displayed together with search results when users type a keyword in the search bar of a website. The survey

Jan. 20, 2021