Most Popular
-
1
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
2
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
3
First-ever meeting of president, opposition chief set to finally happen
-
4
Blinken calls on China to press N. Korea to end its 'dangerous' behavior
-
5
NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
-
6
Experts raise concerns about Japan putting pressure on Naver over Line
-
7
Samsung mobile chief, Google device head meet in Seoul
-
8
South Korea to launch space security center under spy agency
-
9
More med professors to take day off each week while govt. urges them to stay
-
10
Hybe refutes Ador CEO Min's denial of breach of trust
-
S. Korea eyes deeper economic ties with Kenya
South Korea said Friday it seeks to forge deeper economic ties with Kenya in line with its efforts to diversify its trade portfolio and penetrate deeper into the African market. Vice Industry Minister Park Jin-kyu met his Kenyan counterpart Betty Maina in Seoul to discuss a wide array of economic issues, according to the Ministry of Trade, Industry and Energy. During the meeting, Park said South Korea wishes to expand its presence in Kenya's consumer goods and biohealth segments, as the launch
July 16, 2021
-
Sales of short-term bonds climb 12% in H1
Sales of short-term corporate bonds in South Korea rose 12 percent in the first half of the year from a year earlier amid the coronavirus pandemic, data showed Friday. Local companies issued 577.4 trillion won ($505 billion) worth of bonds maturing within one year in the January-June period, up from 515.5 trillion won a year earlier, according to the data from the Korea Securities Depository (KSD). Compared with a year earlier, the amount was also up 11.9 percent. Sales of general short-term
July 16, 2021
-
Flare-up in COVID-19 cases ups economic uncertainty: ministry
The South Korean economy is on a recovery track, but a recent flare-up in COVID-19 cases could heighten uncertainty over an improvement in domestic demand, the finance ministry said Friday. In its monthly economic assessment report, the ministry said the country's exports remain robust and domestic demand showed signs of improvements while the job market is recovering from slumps. "But a resurgence in COVID-19 cases could increase uncertainty about domestic demand," the Ministry of E
July 16, 2021
-
Seoul stocks open lower on inflation worries
South Korean stocks opened lower Friday, tracking US stock losses over concerns of faster-than-expected inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.17 points, or 0.4 percent, to 3,273.05 points in the first 15 minutes of trading. Federal Reserve Chair Jerome Powell said the US central bank would support an accommodative stance as the current inflation is expected to wane. But the comment fell short of reducing the tapering jitters in the financial markets. Ove
July 16, 2021
-
Hankook Tire supplies tires for BMW X3, X4 M models
Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Friday it began supplying tires for BMW's high-performance X3 M and X4 M models this year. Hankook Tire has provided the high-performance Ventus S1 evo Z tires for the performance SUV models since the first half, the company said in a statement. BMW M is one of the world's three major sports racing brands, along with Mercedes-Benz's AMG and Audi's Renn Sport (RS) brands. To enhance its global brand image,
July 16, 2021
-
Stellantis to bring 6 EVs to S. Korea by 2026
Multinational carmaker Stellantis Group said Friday it will bring six electrified models to South Korea by 2026 as it aims to get a share of the emerging local EV market. Stellantis is a 50:50 joint venture recently set up through the merger of U.S. carmaker Fiat Chrysler Automobiles N.V. and French automaker PSA Groupe. This year, Stellantis plans to introduce the Wrangler 4xe plug-in hybrid electric vehicle in the Korean market and five other electrified models in the nex
July 16, 2021
-
Yanolja snaps up $1.7b funding as SoftBank ramps up Korea tech bet
Travel and leisure platform operator Yanolja completed a $1.7 billion investment round by sole investor SoftBank Vision Fund 2, the company said on Thursday. Yanolja said the company will use the proceeds to scale digital transformation of the global travel and hospitality industry and expand its technology offerings in new markets. The company plans to build and operate an advanced global travel platform by enhancing its automated solutions using artificial intelligence and personalized offe
July 15, 2021
-
BlackRock Real Assets to back Korean offshore wind farm project
BlackRock Real Assets said Thursday it has closed its first investment in South Korea’s offshore wind sector, in line with the country’s renewable energy transition initiative. The New York-based asset managing arm dedicated to real estate and infrastructure investment acquired a 100 percent equity stake in renewables developer Korea Renewable Energy Development & Operation Holdings, formerly known as Igis Private Equity. The transaction price was not disclosed. BlackRock Real
July 15, 2021
-
Blockchain firm AMAXG forays into NFT & metaverse
South Korean blockchain company AMAXG has recently taken steps to grow a platform business specializing in the metaverse and nonfungible tokens amid the rise of these virtual technologies. The metaverse refers to a collective virtual shared space. Extended reality is the foundation of the metaverse, as it makes diverse activities possible in the virtual world through virtual reality and augmented reality technology. AMAXG seeks to put the metaverse to practical use and commercialize virtual a
July 15, 2021
-
COVID-19 redefines how to value Korean private companies
The COVID-19 pandemic has been a catalyst for changing the way of assessing the value of a privately-owned company in the private capital market in South Korea, said a veteran investment professional on Thursday. The pandemic has accelerated both the demand and supply of services and products associated with the digital transformation and energy transition. This phenomenon triggers a bipolarization of target company valuation, Chai Jin-ho, executive managing partner at STIC Investments, said i
July 15, 2021
-
Eximbank extends $600 million to Tunisia for digital infra project
The state-run Export-Import Bank of Korea said Thursday it had agreed to extend a $600 million loan to Tunisia to support the North African country’s digital infrastructure development projects. Tunisia plans to use the fund to digitize some 4.5 million maps and land-related documents to build a database and develop a comprehensive land information management system there. “We expect that our support for Tunisia’s land management infrastructure innovation, which is the cou
July 15, 2021
-
[Contribution] Korea Customs Service’s war on drugs
This June, a telescope arrived in South Korea as an express consignment from the US. At a glance, it looked like an ordinary item, but when customs officers examined it closely, they discovered a steel plate welded onto the original product. Through an intrusive search, officers seized 442 grams of methamphetamine hidden inside. Earlier in March, 4 kilograms of methamphetamine disguised as sea salt was found among international parcels from the US. It amounted to a whopping 150,000 dos
July 15, 2021
-
Doctors raise concerns over Hyundai Pharm’s abortion pill
Medical experts are divided over the safety and efficacy of an abortion pill poised to soon hit local pharmacy shelves. After a Korean firm sought to bring in the drug Mifegyne -- which is sold in over 70 countries -- under a local brand name Mifegymiso, a group of local experts on Thursday called for a bridging study to verify the pill’s safety and efficacy. A bridging study on a drug is an additional study executed in a new region to compare it with foreign clinical data on safety, e
July 15, 2021
-
SK Bioscience aims to launch COVID-19 vaccine by early next year
SK Bioscience is to soon begin the Phase 3 clinical trial of its COVID-19 vaccine candidate, the firm’s CEO Ahn Jae-yong told a local seminar held Wednesday. Ahn also added the company expects the vaccine to be out early next year. SK Bioscience currently has two COVID-19 vaccine candidates, GBP510 and NBP2001, under development. The Seongnam, Gyeonggi Province-based firm is expected to choose one -- GBP510. The company last month applied for a regulatory permission to start the Phase 3
July 15, 2021
-
Seoul stocks up on Fed's comments, improved China data
South Korean stocks rebounded Thursday morning as investors are relieved by the US Federal Reserve's reiteration of its dovish stance, with China's economic indicators signaling that the global recovery is on track. The Korean won rose against the US dollar The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.41 points, or 0.66 percent, to close at 3,286.22 points. Trading volume was moderate at about 1.2 billion shares worth some 13.4 trillion won ($11.7 billion), with gainers outn
July 15, 2021
-
Toss Securities launches service for gifting stock like coffee
Toss Securities, the brokerage arm of fintech company Viva Republica, on Thursday said that it launched a stock gifting service to make investing easier. The new service allows users to give away their stocks to others, just by submitting a real name and phone number, like they do to virtually send coffee or other presents via mobile messenger service KakaoTalk. The company said the new service is part of the company‘s efforts to expand market access for new investors. Earlier this
July 15, 2021
-
Fintech platforms become major banking tool for young Koreans: survey
More than 90 percent of young Koreans in their 20s and 30s use fintech platforms for money transfers instead of going to bank branches, a survey showed Monday. According to the survey conducted by the Korea Fintech Industry Association, about 96 percent of respondents said they use a financial technology platform developed by nonfinancial companies such as Kakao, Naver and Toss, while 60 percent said they use banking apps. The survey asked 2,000 people in their 20s and 30s who use payment ser
July 15, 2021
-
EU climate package stirs Korean industry
The European Union’s sweeping plans, announced Wednesday, to cut emissions are expected to hurt South Korea’s steel and other carbon-intensive industries, experts and industry officials said Thursday. The EU announced a comprehensive climate package that revolves around three key proposals: imposing tariffs on carbon-intensive imports starting 2026; banning the sales of cars running on fossil fuels starting 2035; and forcing clean fuel in the aviation and maritime sectors. What
July 15, 2021
-
KT starts ‘real’ end-to-end 5G service in industry first
KT on Thursday announced the launch of pure end-to-end 5G service, becoming the first mobile carrier in South Korea to commercialize a 5G standalone network. Starting from Thursday, users of Samsung Galaxy S20, S20+ and S20 Ultra phones who subscribe to KT’s 5G mobile plans will be able to access the 5G SA connection simply by updating their device software. Standalone refers to it being pure 5G from end to end, without occasional transitioning to 4G Long Term Evolution networks. S
July 15, 2021
-
BOK keeps rate at record-low amid 4th wave of virus outbreaks
South Korea’s central bank on Thursday kept its key policy rate anchored at record-low of 0.5 percent, with the latest wave of COVID-19 infections dampening its path to a hawkish policy. While some experts have said that a rate hike may come as early as this month, the widely-expected rate freeze decision came during this year’s fifth rate-setting meeting. The Bank of Korea has been keeping the rate at 0.5 percent since May 2020 after slashing it by a combined 0.75 percentage point
July 15, 2021