Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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[News Focus] Female 20-somethings hit hard by pandemic
SEJONG -- Women outnumbered and outpaced men in growth as recipients of unemployment benefits over the past year, when COVID-19 dealt a severe blow to the nation. According to the Korea Employment Information Service, the tally for female recipients of unemployment benefits came to 307,178 in December 2020, up 44.3 percent from 212,780, posted a year earlier. This outstripped the number of male recipients, 299,048, and on-year growth of 40.6 percent over the corresponding period. The ag
Jan. 31, 2021
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[Contribution] Asia beckons amid a changing global economic landscape
Every day, we are bombarded with headlines and news flashes. Reading these pings, we can all be forgiven for asking, “will this year be any different from the last?” Infection rates are hitting record highs, with travel restrictions being further tightened and jobless rates facing a lagged hit. The geopolitical landscape appears as febrile as ever. Amid the lackluster news flow, it is easy to overlook the profound shifts which are rapidly taking shape. Here in Asia, there are incre
Jan. 31, 2021
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5G subscriptions reach 11.85m
The number of subscribers to 5G network services in South Korea as of last year reached 11.85 million, according to government data, Sunday. Mobile data traffic using 5G networks too surged, due to the increasing number of 5G users, the government also reported. According to the Ministry of Science and ICT, the number of 5G subscribers in December increased 8.4 percent from a month earlier, continuing the upward trend in the previous month. The number of 5G users has increased by more than 90
Jan. 31, 2021
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Korea considers extending ban on short selling until June
South Korea’s top financial regulator is likely to extend the temporary ban on short selling by institutional and foreign investors until as late as June, as it plans to establish a system that would enable individual investors to short sell stocks around that time, market officials said Sunday. At a Jan. 25 meeting, the Financial Services Commission reportedly encouraged working-level officials from stock brokerage firms to pick up the pace to set up the short selling system for retai
Jan. 31, 2021
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[Herald Interview] Ford’s ambition to become ‘American vehicle of choice’
In 2020 a particular segment of passenger cars enjoyed strong sales in South Korea, reflecting a desire for road trips amid the COVID-19 pandemic. Recreational vehicles, including sport utility vehicles and car-derived vans, accounted for nearly half of all cars sold here last year, according to data from the Transport Ministry. For Ford Sales and Service Korea, this was an opportunity to solidify its position here as a leader in SUVs and pickup trucks, the company’s Managing Director D
Jan. 31, 2021
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Electric vehicles challenge traditional concept of gas stations
As South Korea accelerates its transition to electric vehicles, the question arises – is there a future for the country’s more than 10,000 gas stations? Unlike conventional petroleum- or gas-powered cars, electric vehicles run on electricity, which is relatively price stable and easily accessible. This means drivers can charge their car batteries at home, in public parking lots or elsewhere where charging systems are installed. In the face of a fundamental change to the retail
Jan. 31, 2021
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GS starts startup accelerator program to foster eco-friendly businesses
GS is launching a startup accelerator program to foster environmentally friendly business startups, the South Korean conglomerate said Sunday. Initiating “GS Challenge: Growth Through Sustainability,” the group said it is looking for biotech ventures seeking to expand their business with technology in three sectors -- environment-friendly materials, waste recycling and pollution mitigation and disease diagnostics and health care solutions. GS Group’s program is operated join
Jan. 31, 2021
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Korean investors turn net sellers of GameStop shares
South Korean investors were net sellers of US-based video game retailer GameStop solely on the day when the short squeeze started to materialize, data showed Sunday. Korean investors -- both individuals and corporations -- net sold GameStop shares worth $54 million on Tuesday, according to the latest data from the Korea Securities Depository. Trading data from Wednesday, when GameStop‘s share price peaked, was not available as the foreign securities settlement date is three business days
Jan. 31, 2021
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BlackRock emerges as LG Display blockholder
BlackRock, the world’s largest asset manager, owned over 5 percent of Seoul-based LG Display ordinary shares as of January without the purpose of shareholder engagement, a filing showed Sunday. BlackRock Fund Advisor, a fully owned subsidiary of BlockRock, and its 13 specially related parties held a combined 17.8 million common shares in the South Korean company for 375.1 billion won ($335.7 million) as of Jan. 22. They have some 100,000 shares in the form of American depositary receipts
Jan. 31, 2021
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[Newsmaker] Family, business community mourns KCC honorary chairman
Local business leaders paid tribute on Sunday to KCC’s Honorary Chairman Chung Sang-young, who died Saturday at the age of 84. The youngest brother of the late Hyundai Group Honorary Chairman Chung Ju-young, the KCC chief suffered from a chronic illness and had been hospitalized recently after his health deteriorated. He was the only surviving member of his generation within the legendary Chung family that built South Korea’s big companies, including Hyundai, in postwar Korea. M
Jan. 31, 2021
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Number of overdraft accounts on rise amid bull market
The number of new credit loans via overdraft accounts has been on a sharp rise as South Korean retail investors are scrambling to borrow money for stock investment, fueled by a recent market bull run, industry data showed Sunday. The five major banks here -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- saw their customers open a total of 43,143 overdraft accounts between Jan.1-28, which equates to a combined average of nearly 2,000 daily. The overdraft balance surged by 1.21 trillion w
Jan. 31, 2021
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No. of airport passengers in S. Korea falls for 1st time in 12 years amid pandemic
The number of passengers using South Korean airports fell sharply last year due to the fallout of the new coronavirus outbreak, marking the first drop in 12 years, data showed Sunday. The number of people using 15 airports across the nation came to 65 million last year, down 58.8 percent from a year earlier, according to the data compiled by Statistics Korea. It marked the first time that the number of airport passengers declined since 2008, when the country was in the midst of the global fina
Jan. 31, 2021
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S. Korea's exports of EVs shoot up 66% in 2020: KITA
South Korea's exports of electric vehicles (EVs) advanced nearly 66 percent on-year in 2020, data showed Sunday, despite the overall slump in the automobile industry amid the COVID-19 pandemic. Outbound shipments of EVs came to $3.9 billion in 2020, marking the first time for the volume to surpass that of hybrid cars, whose exports came to $2.5 billion last year, according to the data compiled by the Korea International Trade Association. EVs accounted for more than half of the combined outbou
Jan. 31, 2021
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S. Korean retail investors buy net W26tr worth of stocks in Jan.
South Korean retail investors snapped up a net 25.8 trillion won ($23 billion) worth of local stocks in January alone, data showed Sunday, in the latest sign of their relentless buying spree. Individual investors bought a net 22.3 trillion won worth of stocks in the main market and a net 3.5 trillion won of shares in the secondary-KOSDAQ market in January, according to the data compiled by the bourse operator Korea Exchange. The figure amounted to 40 percent of their total net stock purchases,
Jan. 31, 2021
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Telcos bolster teleconference services amid pandemic
South Korean telecom operators are redoubling efforts to support teleconference and virtual education services as the prolonged pandemic limits in-person contact and encourages work-from-home practices. Last week, major telecom operator KT Corp. said it will launch a new cloud-based video meeting platform, KT BizMeet, targeting businesses and education services. KT said the platform can host large online seminars, supporting up to 5,000 users in a single online meeting. The move follows the l
Jan. 31, 2021
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[Weekender] Inside Korea’s interior design boom amid pandemic
From #OurHome #HomeDecorating to #OnlineHousewarming, Instagram lately is filled with hashtags and posts from users showcasing their homes and stylish interior design ideas. “May I know where you got the bookcase?” one comment read in response to a post showing a well-lit, nearly all-white room. Dambi, an author and blogger, who shared the original post on Instagram replied that it was from furniture company Basic Gagu. These types of interactions are fairly common in the online sp
Jan. 30, 2021
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DRAM, NAND flash to be 2 fastest growing chips this year: report
DRAM and NAND flash are expected to be the two semiconductor products that outshine this year, a report showed Saturday, boding well for South Korean chipmakers that dominate the world's memory chip market. Sales growth for DRAM and NAND flash were projected to be 18 percent and 17 percent, respectively, making them the two sharpest-growing chips among the 33 integrated circuit products in 2021, according to the McClean Report released by market tracker IC Insights. DRAM, or dynamic random-a
Jan. 30, 2021
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Steelmakers in talks with shipbuilders over prices
South Korean steelmakers have launched talks with shipbuilders over prices of thick steel plates, which are mainly used for shipbuilding, people familiar with the matter said Saturday. Posco, the country's largest steelmaker, said it is pushing to raise prices of thick steel plates -- a key material that accounts for about one-fifth of shipbuilding costs -- by up to 15 percent. The move is meant to reflect increased costs of iron ore, one of the main raw materials used in steel production. A h
Jan. 30, 2021
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Seoul stocks tipped to remain under selling pressure next week
South Korean stocks are likely to come under selling pressure next week following this week's choppy trading, as market volatility is expected to remain high over massive foreign selling and profit-taking. The benchmark Korea Composite Stock Price Index closed at 2,976.21 points Friday, down 5.24 percent from a week ago. The index crashed below the 3,000-point level for the first time since surpassing the psychologically important threshold on Jan. 7. The fall was largely attributed to for
Jan. 30, 2021
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Short sellers under siege everywhere have it really bad in Korea
Retail investors hell-bent on watching stocks go up have made life miserable for short sellers around the world. In South Korea, the government is piling on too. Lawmakers who oversee the country’s $2 trillion stock market are discussing plans to extend one of the world’s longest bans on short selling, amid pressure from mom-and-pop punters who drive more than two thirds of daily trading. Calls to make the 10-month ban permanent are mounting. More than 203,000 people have signed a
Jan. 30, 2021