S. Korea unveils W9.3tr virus relief program to help small biz, freelancers

South Korea has unveiled the third batch of its economic relief package worth 9.3 trillion won ($8.49 billion) to support the country‘s small businesses and contract workers hit hard by the COVID-19 pandemic, amid growing fears of a virus resurgence and its impact on slowing down the economic recovery. Under the government plan, some 5.8 million people will benefit from the aid program. Direct cash payments will begin Jan. 11. A swift economic recovery and finding a solution to inequal

Dec. 29, 2020

Celltrion’s COVID-19 antibody treatment applies for use in Korea

Local biologics company Celltrion on Tuesday filed for approval of its COVID-19 antibody treatment for use here, in what Seoul officials hope will be a new weapon in the country’s war against the new coronavirus in the absence of vaccines. The Drug Ministry said it will attempt to review the safety and efficacy of the proposed COVID-19 treatment in the next 40 days. If approved, the drug is anticipated to be ready for use in February in Korea. Celltrion plans to submit similar applicati

Dec. 29, 2020

Kospi hits fresh high, Kosdaq gains 3% on ex-dividend date

Buttressed by retail investors’ optimism over continual stock rallies in the South Korean stock market, the nation’s main bourse, the Kospi, logged an all-time closing high for the third consecutive session Tuesday, the ex-dividend date. The Kospi began trading at 2,810.55, up 1.95 points or 0.07 percent from the previous session’s close. It fluctuated up and down, hovering around the 2,800 mark until closer to the end of trading. After the sudden upward move, the index close

Dec. 29, 2020

LG unveils most advanced LCD TV, QNED Mini LED

LG Electronics on Tuesday unveiled the highest-end category of its LCD TV lineup, the LG QNED Mini LED. LG’s announcement came earlier than its archrival Samsung Electronics’ plan to reveal new TV technologies and models for 2021 on Jan. 6, when the virtual edition of the Consumer Electronics Show kicks off. The LG QNED Mini LED TV features LG’s proprietary technology that combines quantum dot and mini LED technologies. For the 86-inch backlight, the company has used arou

Dec. 29, 2020

Shinhan Bank to accept passports as ID method for contactless services

Shinhan Bank will accept passports when verifying the personal identification of its mobile customers, as part of its efforts to expand access to the bank’s contactless services to foreign and younger customers, officials said Tuesday. Customers had been required to present ID cards or driver’s licenses to access financial services, including opening a bank account or subscribing to savings products. With passports added to the list, younger customers and foreign customers will als

Dec. 29, 2020

S. Korea's trade terms up for 8th month in Nov.

South Korea's terms of trade gained for the eight consecutive month in November as import prices fell at a faster clip than export prices, central bank data showed Tuesday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- came to 98.1 in November, up 7.8 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the eighth straight month of an on-year rise since April, when the trade terms logged the first on-year hike in over

Dec. 29, 2020

Seoul finalizes energy mix, to invest in nuclear decommissioning

The government has finalized its energy mix for 2020-2034, aiming to increase the use of renewables while reducing the dependence on nuclear and coal-fired power plants. According to the Ninth Basic Plan for Electricity Supply and Demand approved by a review committee affiliated with the Ministry of Trade, Industry and Energy, renewable energy will account for 40.3 percent of South Korea’s nameplate capacity in 2034, reaching 77.8 gigawatts, from 20.2 gigawatts in 2020. Renewables&rsqu

Dec. 29, 2020

S. Korea to jack up R&D spending for future growth engines

South Korea said Tuesday it plans to invest around 5 trillion won ($4.5 billion) in research and development (R&D) projects in 2021 to foster new growth engines while seeking green growth. The amount marks a 19 percent jump from 4.1 trillion won allocated this year, according to the Ministry of Trade, Industry and Energy. "The policy reflects the government's willingness to expand investment in R&D projects in new areas despite the economic fallout from the COVID-19 pandemic,"

Dec. 29, 2020

Biz sentiment for Jan. worsens amid tougher virus curbs: survey

Business sentiment for January worsened as the COVID-19 pandemic shows no signs of a slowdown despite tougher social distancing rules, a survey showed Tuesday. The business survey index (BSI) of the country's top 600 companies by sales came to 91.7 for January, down from the 98.9 for December, the Korea Economic Research Institute (KERI) said in a statement. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. "The third wave of

Dec. 29, 2020

[Graphic News] Samsung tops smartphone production in Q3: report

　Samsung Electronics was the top global smartphone manufacturer in the third quarter of the year, a report showed, as demand for its mobile devices increased in advanced markets amid the pandemic. 　Samsung led the industry in terms of smartphone production with 78 million units in the July-September period, up 42 percent from a quarter earlier, and accounted for 23.2 percent of the total share, according to market researcher TrendForce. 　Samsung was followed by Chinese players Oppo and Xi

Dec. 29, 2020

Seoul stocks open higher on ex-dividend day

South Korean stocks opened higher Tuesday on the ex-dividend day, largely due to investors' optimism for a further hike in stock prices. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.32 point, or 8.92 percent, to 2,817.52 in the first 15 minutes of trading. The gain came after a choppy start on the ex-dividend day. Investors were obliged to hold on to their shares until the previous session for year-end dividends. Market bellwether Samsung Electronics edged up 0.13 percent,

Dec. 29, 2020

S. Korea's consumer sentiment dips in Dec. on pandemic

South Korea's consumer sentiment fell for the first time in three months in December due to tougher antivirus measures and worsened economic expectations, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 89.8 for December, down 8.1 points from the previous month, according to the data from the Bank of Korea (BOK). The latest reading marks the first on-month drop following two consecutive months of increase. A reading below 100 means pessimists outnumb

Dec. 29, 2020

Bitcoin rally continues after hitting all-time high

Cryptocurrency Bitcoin remained on an upward trend Monday, after crossing the 30 million-won ($27,300) mark for the first time in the South Korean market over the weekend. Hitting a high of 30.59 million won, the digital coin traded above the level of 30 million won throughout morning trading, according to Upbit, a cryptocurrency exchange run by financial technology firm Dunamu. The price of one bitcoin came in at an all-time high of 31.8 million won on Sunday. Early this year, the digital c

Dec. 29, 2020

Trade, business with China positive next year: FKI

A state visit to South Korea by the Chinese leader and the recovery of the world’s second-largest economy will improve trade and business ties between the two countries next year, a report suggested Monday.　 Comparing business sentiment between the two countries on a timeline, the Federation of Korean Industries said the relationship could get better than it was in 2016, just before the two started to bicker over the US decision to deploy an anti-missile system on Korean soil. The report

Dec. 28, 2020

Researchers introduce new tools for 3D research of cancer genome

A South Korean research team has built the world’s largest dataset and new browsing tools for the study of large-scale genomic rearrangements that could potentially cause cancer, the Korea Advanced Institute of Science and Technology said Monday. Researchers led by KAIST professor Jung In-kyung and Korean Bioinformation Center professor Lee Byung-wook have collected and processed around 230 billion raw reads including 220 Hi-C samples. Based on the data, the team has completed constructi

Dec. 28, 2020

Solid demand for automobiles in US, semiconductors in China in 2021: report

The US is expected to become the most promising market for local carmakers next year, while China is to yield the greatest opportunities for chipmakers, according to big data analysis released Monday. The state-run Korea Trade-Investment Promotion Agency’s report looks into market prospects of major markets overseas for Korean exporters expected to lead the post-pandemic economic recovery. Markets that would show solid demand for automobiles in 2021 include the US, Germany, the UK and

Dec. 28, 2020

Samsung Electronics’ record run continues over optimism for foundry biz

The share price of Samsung Electronics on South Korea’s stock market has reached an unprecedented high yet again, surpassing 80,000 won ($73) during intraday trading Monday. Hitting 80,100 won per share in the early morning trade, Samsung Electronics rose 1.2 percent to close at 78,700 won -- the highest closing price since a 50-to-1 stock split in 2018 -- bringing its market cap to a new high of 469.8 trillion won. This accounted for over 24 percent of all 906 constituents of the Kospi,

Dec. 28, 2020

[Newsmaker] Delivery Hero to sell Yogiyo under watchdog’s antitrust policy

Germany-based Delivery Hero will concede its food delivery services Yogiyo as a cost of acquiring Woowa Brothers, the operator of market champion app Baemin, officials said Monday. The apparently reluctant decision came after South Korea’s antitrust watchdog disapproved the monopolistic merger of the top two apps in the fast-growing food delivery market. “We request that the Fair Trade Commission send the final notice in the first quarter next year,” the company posted on

Dec. 28, 2020

S-Oil makes 5th investment in new material startup

S-Oil is continuing to make investments in promising startups in the fields of batteries, new materials, smart factories and carbon emissions, said the oil refining company as it announced Monday its fifth investment. The company inked an investment deal with Beomjun E&C earlier this month, a firm with a modified sulfur technology for high-performance asphalt, as part of its preemptive efforts to collaborate with such firms that could create synergy with the petrochemical and oil refining

Dec. 28, 2020

More karaokes close; pharmacies stay strong

The COVID-19 crisis has dealt a severe blow to small businesses as a whole, but the latest data on business closures reveals some have suffered more than others. Karaoke lounges, indoor golf ranges and DVD rooms were hit hardest by the pandemic with the biggest increases in closing rates, according to the report by a state-run Korea Development Institute. The think tank at the request of the government analyzed the second-quarter business closure data to find that closures in the three type

Dec. 28, 2020