Pandemic sinks FSC plan for 2020 Woori stake sale

A plan to sell some of the government’s stake in Woori Financial Group this year foundered due to the high market volatility triggered by the COVID-19 pandemic, the financial regulator said Wednesday. Earlier this year, a sub-committee of the Financial Service Commission, which controls the sale of state-owned firms and shares, said it would start selling off Korea Deposit Insurance Corp.’s stake in the bank in the first half of 2020.  The plan was to sell the entire stake in

Dec. 30, 2020

S. Korea to invest over W150b into climate research in 2021

South Korea said Wednesday it will spend 150.1 billion won ($137.8 million) on climate and environment-related research next year, up 12.9 percent from this year, to bolster the country's efforts to become carbon neutral by 2050. The Ministry of Science and ICT said it will invest in 30 new climate and environment-related research projects next year, such as committing 3.6 billion won into four projects that develop technology to improve energy efficiency in buildings. South Korea has recently

Dec. 30, 2020

Seoul extends reduction of airport usage fees for virus-hit airlines

South Korea will extend the reduction of airport usage fees for virus-hit airlines by six months to help them stay afloat amid the prolonged COVID-19 pandemic, the transport ministry said Wednesday. The government will allow airlines, duty-free shops and other related companies at airports to pay quite lower airport usage fees until June next year, the Ministry of Land, Infrastructure and Transport said in a statement. Incheon International Airport Corp., the operator of the country's main Inc

Dec. 30, 2020

S. Korea's 5G network speeds up in H2: report

South Korea's 5G download speed and overall quality improved in the second half of the year from the first half as the country races to deploy nationwide coverage of the latest generation network, a report showed Wednesday. The average download speed on the high-speed network from the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- stood at 690.47 megabits per second (Mbps) in the second half of the year, up 33.91 Mbps from the first half, according to da

Dec. 30, 2020

Seoul stocks open lower in final session of 2020

South Korean stocks opened lower Wednesday, the last trading session this year, as investors sought to lock in gains after the benchmark index closed at an all-time high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.75 points, or 0.17 percent, to 2,815.76 in the first 15 minutes of trading. Local stocks got off to a weak start, led by financial, tech and bio losses. The KOSPI closed at a record high for a third straight day Tuesday. Market bellwether Sam

Dec. 30, 2020

Corporate direct financing dips 21% in Nov.

South Korea's corporate direct financing plunged nearly 21 percent in November from the previous month due to a sharp drop in stock sales and a seasonal factor, data showed Wednesday. Local companies raised a combined 16.3 trillion won ($14.9 billion) by selling stocks and bonds last month, down 21.3 percent from October, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales sank 29.7 percent on-month to 871.3 billion won, with the value of initial public of

Dec. 30, 2020

Samsung heir becomes S. Korea's richest stockholder after father's death

Lee Jae-young, vice chairman of global tech giant Samsung Electronics Co., has emerged as South Korea's richest stockholder following his father's death, a corporate tracker said Wednesday. The value of Lee's stock holdings came to 9.1 trillion won ($8.3 billion) as of Tuesday, up from 7.4 trillion won at the end of last year, according to CEO Score. Lee Kun-hee, the younger Lee's father, died on Oct. 25 at age 78, more than six years after being hospitalized for a heart attack. The late Sams

Dec. 30, 2020

Industrial output rises, but consumption falls for 2nd month in Nov.

South Korea's industrial output rose in November from a month earlier on improving exports, but consumption declined for the second straight month amid a resurgence in new coronavirus cases, data showed Wednesday. The nation's overall industrial production increased 0.7 percent in November from the previous month, compared with a 0.1 percent on-month fall in October, according to the data compiled by Statistics Korea. Compared with a year earlier, the industrial output fell 0.6 percent in Nove

Dec. 30, 2020

Kia union votes to accept wage freeze amid pandemic

Unionized workers at Kia Motors have voted to accept a new annual wage deal with management, the company said Tuesday. In a vote by 27,050 members of the labor union, 58.6 percent, or 15,856, agreed to the company's proposals, including 1 1/2 months of merit-based remuneration, 1.2 million won ($1,080) in special COVID-19 allowance and 1.5 million won in gift certificates per person, instead of freezing basic pay, according to a company official. The company also agreed to restore the 25-mi

Dec. 29, 2020

Number of high earners sharply rise: NTS

The number of employees with total paychecks exceeding 100 million won ($91,400) reached a record high of 852,000 in 2019, up some 50,000 from the previous year, data showed Tuesday. According to the National Tax Service, earners of over 100 million won accounted for 4.4 percent of the total 19.17 million salaried workers. An employee here earned 37.4 million won on average, before tax, last year, rising 2.7 percent, or 970,000 won, from 2018. Those who reported non-salary financial income

Dec. 29, 2020

Coway’s air purifier and humidifier combo an optimal choice to keep the air clean and fresh

In the year of the COVID-19 pandemic, indoor air quality has become an important issue for many. Coway, moving quickly to respond to consumer need, has introduced Dual Clean, an air purifier and humidifier combo model for those who want clean, fresh and pleasant air. Dual Clean uses ultrafine water vapor to add moisture to the air, instead of water droplets. The company explained that its fine vapor sprayer helps keep the air crisp but prevents it from feeling damp. This combo model also

Dec. 29, 2020

Korea delays launch of homegrown space launch vehicle

The South Korean government announced Tuesday it has decided to postpone the launch of its first home-built space launch vehicle Nuri by eight months due to complications in the assembly process. The Ministry of Science and ICT said the launch of the three-stage rocket with a mock payload will take place in October next year, during an online press conference held Tuesday. The launch with an actual satellite will also be postponed to May 2022 accordingly. The ICT Ministry explained the delay

Dec. 29, 2020

Delivery discounts offered to support restaurants, social distancing

Consumers who order more than 20,000 won ($18.30) on designated delivery apps with a credit card will get 10,000 won as a cash back reward or discount, the government said Tuesday. Currently, seven delivery apps including Baedal Minjok, Yogiyo, Payco and Coupang Eats are participating, and four more apps are expected to join as soon as they complete system maintenance. 　 Payments have to be made on the delivery apps with credit cards issued by nine card companies -- KB Kookmin, NH Nonghyup,

Dec. 29, 2020

BOK publishes 70-year history booklet in English

South Korea’s central bank said Tuesday that it had published an English-language version of a booklet narrating its 70-year history. The Korean version was published in June to mark the Bank of Korea’s 70th anniversary. The booklet focuses on Korea’s growth into Asia’s fourth-largest economy, as well as on the establishment of the BOK and its role, the central bank said. The BOK plans to distribute the booklet to its overseas counterparts, international organizatio

Dec. 29, 2020

[Market Close-up] Housing price rally likely to continue next year over supply shortage

South Korea’s housing price rally, sparked by a supply shortage and tightened regulations throughout the year, is likely to continue next year, stoking concerns about housing market instability.　 According to KB Financial Group in a report, housing prices across the country will see an upward march overall next year while two-year rentals requiring a refundable lump-sum deposit in lieu of monthly rent, called “jeonse,” will also be more expensive. The report, based on a surve

Dec. 29, 2020

Chaebol see leadership change in COVID-19 era

Overwhelmed by the unprecedented COVID-19 pandemic this year, South Korea’s conglomerates have gone all-out to overhaul their business structures in light of the crisis. Additionally, key groups embraced leadership changes, with third or fourth-generation scions officially taking the front line, and appointed young talents to strategic posts -- signaling a new generation cycle in the business realm. Stepping into the spotlight was Lee Jae-yong, chief of the No. 1 conglomerate Samsung Gr

Dec. 29, 2020

Saemaul Geumgo launched in Laos

The Korean Federation of Community Credit Cooperatives said Tuesday it has launched Saemaul Geumgo, a community based financial institution supervised by the KFCC, in a rural village in Laos.  In partnership with the Lao government, the KFCC has helped residents of Km52 village located in Phonhong district of the captial city Vientiane establish Saemaul Geumgo in the region by offering management support of its financial systems as well as business models. Officials from the Lao governmen

Dec. 29, 2020

Hyundai Steel develops furnace valve that eliminates air pollution

Hyundai Steel is the first company in the world to develop a technology that can completely eliminate emissions from its blast furnaces, the company said Tuesday. According to South Korea’s No. 2 steelmaker, it has successfully “purified” hazardous gas inside a blast furnace using the “First Safety Valve,” during the process of re-ventilating hot air inside the furnace after general maintenance. After toxic gas emissions at its furnace breathers were pointed out

Dec. 29, 2020

[News Focus] In growth of corporate tax, Korea No. 2 in OECD

SEJONG -- In a recent comparison of 35 members of the Organization for Economic Cooperation and Development, South Korea’s corporate tax rate grew second-fastest over the five years ending in 2019. During the same time frame, Korea ranked seventh in personal income tax growth. Of the total 37 OECD members, Australia and Greece were excluded from the comparison. According to the Paris-based organization, Korea’s tax on corporate profit was equivalent to 4.3 percent of the nation&rs

Dec. 29, 2020

Huawei equipment passes international security test

Huawei announced Tuesday the company’s 5G and LTE equipment have passed global wireless standards body 3GPP’s testing, highlighting the security of its network. Performed by European certification organization DERKA, Huawei’s 5G RAN gNodeB and LTE eNodeB passed 3GPP’s security assurance specifications testing, known as SCAS, the Chinese company said. The tests included network product general security, air interface security, and basic vulnerability testing, such as da

Dec. 29, 2020