S. Korea's economy tipped to retreat more than expected over pandemic: KDI

South Korea's economic recession is expected to be deeper than expected this year due to the coronavirus pandemic, and the pace of recovery may be delayed as there is no end in sight for the pandemic, a state-run think tank predicted Tuesday. Korea Development Institute (KDI) downgraded the nation's economic growth outlook to a contraction of 1.1 percent this year, a sharp downward revision of a 0.2 percent expansion in its May forecast. The nation's economy is expected to expand 3.5 percen

Sept. 8, 2020

Sales of food delivery app hit fresh high amid virus pandemic

South Korean food delivery applications saw their sales hit a fresh high in August as more people refrained from dining out and stayed home amid the stricter social distancing scheme, data showed Tuesday. The combined transactions made through the country's four major food delivery applications came to 1.2 trillion won ($1 billion) in August, up 28 percent from a month earlier, according to the industry tracker WiseApp. Sales from the four applications reached a whopping 7.6 trillion won over

Sept. 8, 2020

Statistical model to predict Chuseok’s impact on pandemic

The South Korean Ministry of Science and ICT and the National Institute for Mathematical Sciences are planning to conduct computational research to determine the scope of a potential COVID-19 spike if Koreans go ahead with their typical cross-country movements during the Chuseok holidays at the end of September. “We are in the process of devising how to model the calculations. We anticipate to have the results of this research by Sept. 23,” a Science Ministry official told The Korea

Sept. 8, 2020

Hyundai Motor, SK Innovation to partner on EV battery ecosystem

Hyundai Motor and Kia Motors will work together with SK Innovation to develop an electric vehicle battery ecosystem, the automaker said Tuesday. Hyundai said the companies will build a cooperation system involving various business areas related to the rental of electric vehicle batteries, battery management services, and the reuse and recycling of EV batteries. Both sides agreed that it is necessary to create high added value and strengthen the eco-friendliness of electric vehicle batteries t

Sept. 8, 2020

Samsung to manufacture Qualcomm chips for 5G smartphones: sources

Samsung Electronics Co. has reportedly secured an order to manufacture Qualcomm Technologies Inc.'s mobile application processor (AP) for 5G budget smartphones, industry sources said Tuesday, as the South Korean tech giant eyes boosting its presence in the foundry industry. Samsung is likely to be a producer of the 5G version of Qualcomm's Snapdragon 4-series processors that are expected to be available on the market next year, according to the sources. Handset makers, like Xiaomi, Oppo and

Sept. 8, 2020

[News Focus] Korea lags behind OECD average in demand for mobile broadband

SEJONG -- For the first time in history, last year consumer demand for mobile broadband services in South Korea fell short of the average level for members of the Organization for Economic Cooperation and Development. According to the Paris-based organization, subscriptions to mobile broadband, also called wireless high-speed internet, stood at 113.6 per 100 people in Korea as of December 2019, having inched up from 113.5 per 100 people the previous June. In contrast, the average for the 37-m

Sept. 8, 2020

Mercedes-Benz Korea launches fourth vocational training program

Mercedes-Benz Korea said Tuesday that its fourth Ausbildung, a German vocational training program, began early this month. The online kickoff ceremony held Monday was attended by around 70 people, including Kim Jee-seop, interim president and CEO of Mercedes-Benz Korea, Susanne Wohrle, vice president of the Korean-German Chamber of Commerce and Industry, 18 newly selected trainees and 16 professional trainers. The fourth Ausbildung, which began Sept. 1, involves 18 senior high school student

Sept. 8, 2020

[Monitor] Women still feel discriminated against at work, companies disagree

A recent survey showed that while the majority of women workers in South Korea felt they were discriminated against to some degree at work, most of those in charge of human resources felt there was no prejudice. According to the survey conducted with 300 women and 300 HR managers by the Korea Chamber of Commerce and Industry, 71 percent of women said they felt they were disadvantaged against their male peers at work. In comparison, 81 percent of HR managers said there was no discrimination. Sp

Sept. 8, 2020

S. Korean shipyards retain top spot in new orders in August

South Korean shipbuilders took the No. 1 ranking in new shipping orders in August for the second consecutive month on the back of orders for liquefied natural gas carriers, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, the Korean shipbuilders' new orders amounted to 630,000 compensated gross tons (CGTs), or 23 ships, in August, which took up 73 percent of the global new orders totaling 860,000 CGTs, or 36 ships, last month.

Sept. 8, 2020

Asiana deal set to collapse due to pandemic this week

HDC Hyundai Development Co.'s planned takeover of Asiana Airlines Inc. appears likely to collapse this week as the property developer failed to narrow differences with the airline's creditors over acquisition terms, people familiar with the matter said Tuesday.  The deal, if it falls through, would become the country's second botched deal in the coronavirus-hit airline sector this year, following Jeju Air Co.'s cancellation of its plan to acquire smaller rival Eastar Jet Co. in July. K

Sept. 8, 2020

S. Korea, UAE to forge cooperation in renewable energy

SEJONG -- South Korea and the United Arab Emirates (UAE) agreed to step up cooperation in the renewable energy sector, Seoul's finance ministry said Tuesday. The agreement was reached at an online meeting between Finance Minister Hong Nam-ki and the UAE's economy minister, Abdulla Bin Touq Al Marri, on Monday, the ministry said in a statement. South Korea and the UAE have held regular talks on economic cooperation since 2006, but Monday's meeting was the first talks since the coronavirus pand

Sept. 8, 2020

Seoul stocks open higher on tech, bio gains

South Korean shares opened higher Tuesday, buoyed by tech and bio gains on the main bourse. The Korea Composite Stock Price Index (KOSPI) rose 16.84 points, or 0.71 percent, to 2,401.06 in the first 15 minutes of trading. The index rose above the 2,400-point mark as chipmakers continued to gain despite lingering valuation pressure on tech shares in major economies. Large caps traded mixed in Seoul. Market bellwether Samsung Electronics added 1.59 percent, with No. 2 chipmaker SK hynix ed

Sept. 8, 2020

Number of KakaoPay Securities subscribers reaches 2 million

KakaoPay Securities, the stock brokerage arm of mobile messenger giant Kakao, said Monday that it saw its number of subscribers exceed 2 million some six months after the firm’s official launch on Feb. 27. The number of stock trading accounts has been on an upward trend ever since -- 600,000 in March, 800,000 in April, 1.2 million in May, 1.4 million in June, and 1.7 million in July. The number of new accounts grew by 27.8 percent monthly.　 Monthly fund investments made via the brokerag

Sept. 7, 2020

[Herald Interview] TBT aims to link innovation-seeking conglomerates with startups

The coronavirus pandemic is pressing Korean conglomerates to seek innovation for growth. At the same time, a recent change in the nation’s law, allowing a chaebol with a holding company structure to own a venture capital house, is expected to add vigor to the startup ecosystem here. Before the revision, corporations turned to venture capital houses to indirectly invest in startups. The revision, however, still highlights the existing role for local venture capital houses -- to intervene

Sept. 7, 2020

Bio sector benefits most from K-New Deal Indexes

In line with the “Korean New Deal” economic stimulus package proposed by the administration of President Moon Jae-in, the nation’s sole bourse operator launched indexes on Monday that will be tracked by a 20 trillion won ($16.85 billion) “New Deal Fund.” On its first day, the bio index enjoyed a rally. The Korea Exchange announced the five stock indexes -- for secondary batteries, bio, internet and games, as well as a comprehensive index encompassing all four secto

Sept. 7, 2020

Seoul stocks rebound on Samsung, bio gains

South Korean shares rebounded Monday, led by an advance in top cap Samsung Electronics and some bio stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.97 points, or 0.67 percent, to close at 2,384.22. Trading volume was moderate at about 1.2 billion shares worth some 16.9 trillion won ($14.2 billion), with gainers outnumbering losers 641 to 224. Foreigners sold a net 247 billion won, while retail investors purchased a net 543 bil

Sept. 7, 2020

GIG, Total, HHI team up for offshore wind project in Ulsan

Top executives of Green Investment Group, Total and Hyundai Heavy Industries on Monday held a webinar to exchange ideas on how to cooperate regarding 1.5 gigawatts of floating offshore wind projects in Ulsan. GIG, a UK investment entity focused on green transition, and Total, a French oil and gas company, are set to co-develop the offshore wind power farms near the city. Ulsan Mayor Song Cheol-ho hosted the webinar, attended by GIG global head Mark Dooley, Total Senior Vice President Julien

Sept. 7, 2020

Korea’s social media penetration rate ranks third in world

  South Korea’s social media penetration rate has reached 87 percent, the third highest among nations around the globe, according to a local report Monday. South Korea’s social media penetration rate as of the first quarter this year was 80 percent higher than the global average of 49 percent, according to the latest report by DMC media and Digieco, an economic research institute affiliated with KT. The report, which quoted related data collected by We Are Social, added that

Sept. 7, 2020

S. Korea’s welfare spending to grow W40tr by 2024

South Korea’s mandatory spending on welfare is projected to increase 40 trillion won ($33.6 billion) by 2024, amid growing concerns of the coronavirus pandemic and heavier tax burdens, a government budget proposal showed Monday. Social welfare spending would gain an average 7.6 percent annually from this year to 2024, according to the Ministry of Economy and Finance’s four-year fiscal management plan submitted to the National Assembly. Spending for this year stood at 119.7 trilli

Sept. 7, 2020

Eastar to cut half of employees for new deal

Embattled Eastar Jet Co. said Monday it will reduce its workforce by more than half as part of efforts to find a new investor after Jeju Air Co. scrapped its plan to acquire the smaller budget carrier amid the coronavirus pandemic. Eastar plans to lay off 640 workers, or 53 percent, of its 1,216 employees on Oct. 14 before it begins the process of finding a new investor, Eastar Senior Vice President Kim You-sang said over the phone. "Our lead managers and two private equity funds (that h

Sept. 7, 2020