KFS helps Korea see greatest forest growth in world

The Korea Forest Service said Thursday that South Korea has witnessed the world‘s greatest growth rate in the volume of trees over the past 25 years, according to a report announced at a session held on Monday by the United Nations Food and Agriculture Organization’s Committee on Forestry. UN FAO COFO’s biennial session is one of the world’s biggest forestry events that brings together heads of forest services and other senior government officials to share the results of

Oct. 15, 2020

Seoul shares dip for 3rd session on virus woes, US stimulus deadlock

South Korean stocks dipped for a third consecutive session Thursday as spreading new coronavirus infections and the deadlocked US fiscal stimulus weighed heavily on the local financial markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.27 points, or 0.81 percent, to close at 2,361.21. Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won ($11.2 billion), with gainers outnumbering losers 583 to 279.

Oct. 15, 2020

Economic powder keg remains despite Korea's virus containment: S&P

Despite the containment of the coronavirus pandemic nationwide, South Korea, Asia’s fourth-largest economy, is still sitting on an economic powder keg, high-ranking officials of credit rating agency S&P Global Ratings said Thursday. While Korea and other Asia-Pacific economies are seeing a relatively swift recovery from the COVID-19 pandemic thanks to timely policies and boosted trade, they appear to be far off from pre-COVID levels, Shaun Roache, chief Asia-Pacific economist at S&am

Oct. 15, 2020

[News Focus] Seoul housing prices climb 18% in a year

SEJONG -- The cost of housing in Seoul, including apartments, climbed 18.8 percent over the past year, while high-ranking officials continued to argue that the real estate market would stabilize on the back of “anti-speculation” measures from the government. According to KB Kookmin Bank, the average price of housing in the capital came to 32.73 million won ($28,500) per 3.3 square meters as of Oct. 9, up 5.18 million won from 27.55 million won on Sept. 27, 2019. This indicates tha

Oct. 15, 2020

Shinhan Card issues social bonds worth $400m

South Korea’s leading credit card company Shinhan Card said Thursday that it has issued social bonds worth $400 million via a public offering. The issuance of the bonds, aimed at funding small-and medium-sized businesses and helping the financially marginalized, is the first of its kind in the local credit card segment since the global financial crisis in 2008, according to Shinhan. Some 100 institutional investors -- nearly 82 percent from the Asian region and the rest from Europe

Oct. 15, 2020

Shinhan Financial Group launches comprehensive auto financing platform

Shinhan Financial Group said Thursday that it has launched a comprehensive online auto financing platform that allows users to gain access to the firm’s loan and lease services. Shinhan’s customers can now check their credit limits and compare auto finance products or monthly installment plans tied to loans, leases and rentals via the platform dubbed “My Car.” The platform is available on its website and in app form. “My Car” was created by merging two sep

Oct. 15, 2020

Mirae Asset’s trust deposits for pension funds exceed W8tr

Trust deposits for pension funds operated by Mirae Asset Global Investments surpassed the 8 trillion won ($7 billion) mark, the company said Thursday. The company pooled 3.8 trillion won for private pension funds and 4.2 trillion won for retirement funds. Both figures are the highest in their respective segments, it added. Trust deposits for the pension market grew by 1 trillion won this year to 32 trillion won, according to financial market tracker FnGuide. Mirae Asset put its focus on rol

Oct. 15, 2020

KB Card launches mobile payment solution

KB Card, a major card issuer in South Korea, rolled out a mobile payment solution Thursday as part of its efforts to transform into a digital financial platform operator. The payment solution, named KB Pay, allows users to utilize money transfer, overseas remittance and currency exchange services. KB Pay subscribers can also have credit cards and gift certificates registered on the app to use them at online stores or brick-and-mortar shops. Those who want to make purchases in other countries

Oct. 15, 2020

Korea Forest Service to host World Forestry Congress in 2021

The Korea Forest Service will host the 15th World Forestry Congress at Coex in Seoul for five days from May 24 to 28 next year, under the theme of “Building a green, healthy and resilient future with forests.” It is the first time in 40-some years for the congress to take place in the Asia-Pacific region. Indonesia was the last Asian country to bring the international conference to the Asian region in 1978. The WFC is the world’s largest conference on forestry, where stake

Oct. 15, 2020

S. Korean economy to perform well over next 2 years, but still in deep recession: S&P

The South Korean economy is expected to fare better than other countries over the next two years, but it will be in a deep recession amid the coronavirus pandemic, an economist at ratings agency S&P Global Ratings said Thursday. Shaun Roache, chief economist on the Asia-Pacific region at S&P, said South Korea's central bank is expected to keep its policy rate low at least throughout 2023 to prop up the economic recovery. "Korea is one of the best performing economies in the world.

Oct. 15, 2020

Banks' loan delinquency rate edges up in Aug.

The delinquency rate for South Korean banks' won-denominated loans inched higher in August from the prior month but remained stable, the financial watchdog said Thursday. The rate for bank loans more than 30 days overdue stood at 0.38 percent at the end of August, up 0.02 percentage point from July, according the Financial Supervisory Service (FSS). Compared with a year earlier, however, the bank loan delinquency rate was down 0.13 percentage point. "Despite a slight on-month increase, b

Oct. 15, 2020

LG CNS launches web-based platform for AI services

LG CNS has rolled out an online platform that provides artificial intelligence services, through which users can select AI services and pay based on the level of use, the company said Thursday. The new platform by LG CNS includes 10 different types of AI engines that can process both verbal and visual information. The company’s computer vision service, for instance allows manufacturers to detect potential defects in their production lines. LG Chem is currently using the computer vision

Oct. 15, 2020

No. of elderly people to reach 30% of population in 2035

SEJONG -- The number of people aged 65 or older in South Korea is expected to account for 30 percent of the population in 2035, a report showed Thursday, highlighting concerns that the fast-aging demographic transition could pose a drag on the country's economy. According to the report by Statistics Korea, the number of people aged 65 or older stood at 8.03 million this year, accounting for 16.1 percent of the nation's population. The South Korean population is projected to peak in 2028 before

Oct. 15, 2020

S. Korea's money supply continues to grow fast in Aug.

South Korea's money supply continued to grow at a fast clip in August as household and corporate lending grew amid a long streak of low rates and the new coronavirus pandemic, central bank data showed Thursday. The country's M2 stood at 3,101.6 trillion won ($2.71 trillion) as of end-August, up 9.5 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It decelerated from a 10 percent on-year gain in July when the money supply grew at the fastest pace in nearl

Oct. 15, 2020

Foreigners extend net sale of S. Korean securities funds for 2nd month in Sept.

Foreign investors extended a net sale of South Korean securities funds for the second straight month in September, led by an expansion in net offloading of stock funds, the central bank said Thursday. Foreigners offloaded a net $2.09 billion worth of local stocks and bonds last month, larger than a net sale of $220 million in August, according to the Bank of Korea (BOK). Foreign investors sold a net $2.08 billion worth of stocks last month on a one-off factor, higher than a net sale of $890 mi

Oct. 15, 2020

LG Electronics names F1 champ Lewis Hamilton as brand ambassador

LG Electronics Inc., a major home appliance maker in South Korea, on Thursday said it has named Formula One star Lewis Hamilton as a brand ambassador for its luxury line of premium products. LG said Hamilton will promote the LG Signature brand, which the company uses for its high-end products. Hamilton, a six-time Formula One world champion, is considered one of the best racing drivers in the history of the sport. The 35-year-old Brit recently drew level with Michael Schumacher's record of 9

Oct. 15, 2020

LG Electronics expands hallyu content on its smart TV streaming service

LG Electronics Inc. said Thursday that more content on the Korean Wave of popular culture can be watched on its smart TVs via its streaming service as the company tries to attract more consumers in major markets amid the pandemic-driven stay-at-home trend. LG Channels will now have more content related with the Korean Wave, known as hallyu, after the South Korean tech firm signed a partnership with NEW ID, a digital content distributor under local entertainment powerhouse Next Entertainment Wo

Oct. 15, 2020

LG Uplus opens 7-story product showroom targeting Gen Z

South Korean telecom giant LG Uplus Corp. said Thursday it opened a seven-story product showroom in southern Seoul by partnering with local popular establishments as part of its broader efforts to capture young customers. The seven-story building, including its underground floor, in the posh southern district of Gangnam houses a cafe, a bookstore and a photo studio popular among South Korean millenials and the younger Generation Z, or those born after the mid-90s. LG Uplus said the store allow

Oct. 15, 2020

ICT exports rise for 4th straight month on chips and displays in Sept.

South Korea's outbound shipments of information and communication technology (ICT) products rose 11.9 percent on-year in September, data showed Thursday, as global demand for semiconductors picked up amid the pandemic. Exports of ICT products stood at $17.63 billion last month, according to data compiled by the Ministry of Science and ICT, marking an on-year rise in exports for the fourth consecutive month. Meanwhile, imports of ICT products reached $9.56 billion in September, up 9 percent ove

Oct. 15, 2020

[Monitor] Volume of smuggled goods to South Korea surge

The volume of smuggled goods to South Korea increased when compared to last year, according to a report from South Korean lawmaker Hong Ik-pyo based on the data from Korea Customs Service. According to the report, the volume of illegal trade between January and August this year has reached 239.9 billion won ($209.6 million), surpassing last year’s total of 209.4 billion won. The report added that illicit trade of cigarettes soared in particular. The volume of smuggled cigarettes as of

Oct. 15, 2020