[News Focus] Is recent slide in dollar prices undesirable?

SEJONG -- The Korean currency has regained its value against the US dollar over the past few weeks after losing ground for more than a half year in the wake of the novel coronavirus. The dollar traded between 1,131 won and 1,142 won last week, closing at 1,132.9 won on Friday, the cheapest level since it traded between 1,131 won and 1,137 won in March 2019. As a result, some government officials are raising concerns that the strengthening won could weaken the competitiveness of local exporters

Oct. 26, 2020

Samsung chief was wealthiest man in S. Korea

Lee Kun-hee, the late chief of South Korea's top conglomerate Samsung Group, was the wealthiest man in the country, data showed Sunday. The total value of stocks held by Lee, who died at a Seoul hospital after being bedridden following a heart attack in 2014, stood at 18.2 trillion won ($16.1 billion) as of Friday, according to the Korea Exchange data. By company, Lee held a 4.18 percent stake in the conglomerate's crown jewel, Samsung Electronics Co., worth 15 trillion won, 20.76 percent in S

Oct. 25, 2020

Late Samsung chief's scions to pay record high inheritance taxes

As Samsung chief Lee Kun-hee passed away, his heirs, including his only son, Jae-yong, and his sisters will shoulder a record high amount of inheritance tax, industry sources said Sunday. Lee Kun-hee, who led South Korea's top family-controlled conglomerate Samsung Group, died at a hospital in Seoul on Sunday at age 78, leaving behind stock assets of some 18 trillion won ($15.9 billion). The senior Lee is survived by his wife, Hong Ra-hee, and only son, Jae-yong, and two daughters -- Boo-jin a

Oct. 25, 2020

Samsung Group's market cap up nearly 350 times under Lee's leadership: data

The market capitalization of Samsung Group, South Korea's largest conglomerate, rose 348 times under the leadership of now deceased group chief Lee Kun-hee, data showed Sunday. The conglomerate, which includes crown jewel Samsung Electronics Co. and construction company Samsung C&T Corp., sprawled under his management, with its market capitalization reaching 318.7 trillion won ($282.4 billion) in 2014 from just 900 billion won in 1987, when Lee rose to the conglomerate's top position, accor

Oct. 25, 2020

Biography timeline of late Samsung head Lee Kun-hee

Lee Kun-hee, chief of South Korea's top conglomerate, Samsung Group, died at a hospital in Seoul on Sunday at age 78. The following are the major events during the life of the late business tycoon in chronological order. 1942 - born in Daegu as third son of Samsung Group founder Lee Byung-chull 1953 - heads to Japan for education 1965 - graduates from Waseda University with business major 1966 - finishes George Washington University's MBA program, joins Samsung-affiliated Tongyang Broadcasti

Oct. 25, 2020

S. Korea to check working environment for foreign crewmen

South Korea said Sunday it will launch a special probe into the working environment for foreign crewmen working on local fishing boats to root out possible human rights violations by their employers. The country plans to look deeper into the working conditions of foreign workers on local fishing boats sized 20 tons and above during the four-week period that will run through Nov. 20, according to the Ministry of Oceans and Fisheries. "Foreign workers are crucial for the country's fishery i

Oct. 25, 2020

Sales of luxury imported cars hit new record in S. Korea

South Korea saw its sales of luxury imported cars rise sharply over the first nine months of the year despite the new coronavirus pandemic straining the economy, data showed Sunday. The combined sales of imported automobiles with a price tag of more than 100 million won ($88,600) surpassed 30,000 units over the January-September period, marking the first time that annual sales have surpassed the threshold, according to the Korea Automobile Importers & Distributors Association. The figure,

Oct. 25, 2020

S. Korea's trade volume dips 18.3% in Q2 amid virus pandemic: data

South Korea's combined trade volume dropped 18.3 percent in the second quarter of 2020 from a year earlier amid the new coronavirus pandemic, data showed Sunday. Asia's No. 4 economy saw its exports and imports reach $109 billion over the April-June period, falling $24 billion from the previous year, according to the data compiled by Rep. Yang Kyung-sook of the ruling Democratic Party. It marked a further drop compared with the 1.8 percent on-year decrease reported over the first quarter. The

Oct. 25, 2020

Hyundai Glovis Q3 net income up 257.5% to 162.2b won

Hyundai Glovis Co. on Friday reported its third-quarter net profit of 162.2 billion won ($143.1 million), up 257.5 percent from a year earlier. The company said in a regulatory filing that it posted 161.4 billion won in operating profit for the quarter, compared with 260.6 billion won a year ago. Revenue fell 22.8 percent to 3.66 trillion won. The operating profit was 2.1 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News

Oct. 23, 2020

Shinhan Bank to issue 200b won in hybrids

Major South Korean lender Shinhan Bank said Friday it will issue 200 billion won ($176 million) worth of hybrid bonds in November to bolster its financial health. The envisioned debt sale will be conducted on Nov. 5 and the amount could rise to 300 billion won depending on the outcome of next week's demand forecasting, the lender said. Hybrid bonds, which combine both debt and equity features, help a bank raise its capital ratio. A call option gives the issuer the right of termination before m

Oct. 23, 2020

Finance minister sees need to cut maximum legal lending rate

SEJONG -- Finance Minister Hong Nam-ki said Friday there is a need to cut the maximum interest rate that private lenders can charge as part of efforts to ease financial burdens on low-income people. In a parliamentary audit meeting, Hong said the government has reviewed a plan to cut the maximum legal lending rate. In 2018, the government lowered the maximum legal lending rate to 24 percent from 27.9 percent. Hong said the government will review market interest rates and other economic facto

Oct. 23, 2020

Hyundai Engineering & Construction Q3 net profit down 61.6% to 83.8b won

Hyundai Engineering & Construction Co. on Friday reported its third-quarter net income of 83.8 billion won ($73.9 million), down 61.6 percent from a year earlier. The company said in a regulatory filing that it posted 139.8 billion won in operating profit for the quarter, compared with an operating income of 239.2 billion won a year ago. Sales fell 1.1 percent to 4.04 trillion won. The operating profit was 13.9 percent lower than the average estimate, according to the survey by Yonhap Info

Oct. 23, 2020

Government to hold job fair for global financial organization aspirants

South Korea will hold a recruiting fair via teleconference next month for those who aspire to join global financial organizations, the Ministry of Economy and Finance said Friday. The 11 participating organizations are the International Monetary Fund, World Bank, Asia Development Bank, Asia Infrastructure Investment Bank, African Development Bank, Central American Bank for Economic Integration, European Bank for Reconstruction and Development, Global Climate Fund, Global Green Growth Instit

Oct. 23, 2020

S. Korea to hold nationwide shopping festival in Nov.

South Korea will hold a massive nationwide shopping festival involving major retailers, manufacturers and traditional markets in November to attract foreign tourists and boost domestic consumption, organizers said Friday. The annual Korea Sale FESTA will kick off Nov. 1 for a 15-day run, offering items ranging from electronics and furniture to cosmetics and apparel, according to the Ministry of Trade, Industry and Energy, and the organizing committee. A total of 1,328 companies are slated to p

Oct. 23, 2020

Korea Shipbuilding gets nod for hydrogen carrier design

Korea Shipbuilding & Offshore Engineering Co. said Thursday that it and its unit Hyundai Mipo Dockyard Co. have won approval for the design of a commercial hydrogen carrier for the first time in the world. The approval in principle for the design was awarded by KR, South Korea's ship quality assurance and risk management company, and the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, Korea Shipbuilding said. The approval allow

Oct. 22, 2020

Overseas stock transactions hit new high in Q3

South Koreans' overseas stock transactions soared to a new high in the third quarter of the year on brisk investment in tech companies, data showed Thursday. Local investors' trading of overseas shares was valued at $62.02 billion in the July-September period, an all-time quarterly record and up 42.7 percent from the previous high of $43.46 billion three months earlier, according to the data from the Korea Securities Depository (KSD). The value of US stocks traded by South Korean investors to

Oct. 22, 2020

Number of beef cattle in S. Korea hits all-time high in Q3

SEJONG -- The number of beef cattle in South Korea surged to a record high in the third quarter of the year on increased beef consumption, government data showed Thursday. There were 3.39 million beef cattle, including Korean-bread cattle known as "hanwoo," in the country as of Sept. 1, up 3.9 percent from a year earlier, according to the data by Statistics Korea. It represents the largest-ever tally since the statistical agency began tracking related data in 1983. The third-quarter

Oct. 22, 2020

S. Korea, China up currency swap size

South Korea and China signed a deal to extend their bilateral currency swap agreement and expand the size, the Bank of Korea (BOK) said Thursday, a move aimed at helping ease a potential liquidity crunch amid the pandemic. The BOK and People's Bank of China clinched a won-yuan currency swap deal worth $26 billion in December 2008 in the midst of the global financial crisis. They have extended it by three years three times so far and enlarged the size to some 64 trillion won ($56.5 billion) in 2

Oct. 22, 2020

Kumho Tire to supply tires for Scoda Kamiq from January

Kumho Tire Co., South Korea's second-largest tiremaker by sales, said Thursday it will begin supplying tires for the Skoda Kamiq compact crossover in January. Kumho Tire also has been supplying ECSTA PS71 original equipment (OE) tires to Skoda's Czech Republic-based plant that produces the Octavia sedan since May. Scoda is a carmaker belonging to Volkswagen Group. Supplying OE tires to car manufacturers does not generate much revenue for tiremakers but securing big companies as clients helps

Oct. 22, 2020

Doosan Bobcat launches new product line for Europe

South Korea's small-sized construction equipment maker Doosan Bobcat Co. said Thursday that its European unit Doosan Bobcat EMEA Ltd. has held a virtual event to launch its new product line as part of efforts to expand sales in Europe. The line of 12 new products includes a compact wheel loader, a light compaction machine, a small-sized loader and a mini-sized excavator, Doosan Bobcat said. Doosan Bobcat EMEA based in the Czech Republic plans to annually sell 1,000 units of compact wheel loa

Oct. 22, 2020