S. Korea's Sept. inflation rises by most in 6 months

SEJONG -- South Korea's consumer prices rose 1 percent on-year in September due to a rise in prices of agricultural goods, marking the sharpest gain in six months amid the coronavirus pandemic, data showed Tuesday. The September tally accelerated from a 0.7 percent on-year gain in August, according to the data released by Statistics Korea. The nation's inflation also climbed 0.7 percent on-month in September, the data showed. Core inflation, which excludes agricultural and petroleum produc

Oct. 6, 2020

Carmakers' Sept. sales rise 3.4% on local demand

South Korean carmakers' vehicle sales rose 3.4 percent last month from a year earlier as robust domestic demand offset weak overseas sales amid the new coronavirus outbreak, industry data showed Monday. The five carmakers in South Korea -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a combined 678,549 vehicles in September, up from 655,968 units a year ago, according to data from the companies. Strong sales of Hyundai and Kia

Oct. 5, 2020

[Photo News] Shinsegae opens Starfield Ansung

Retail giant Shinsegae Group said Monday it opened Starfield Ansung in Ansung, Gyeonggi Province, making it the largest shopping mall in the southern part of the province. According to the mall operator, the total floor space amounts to 240,000 square meters and the parking lot is big enough for 5,000 vehicles.  About 300 shops have entered the mall so far, and it also places various entertainment facilities, such as a 63-meter observatory and art exhibition spaces.  To prevent

Oct. 5, 2020

Retail investors rush to submit deposits for Big Hit’s public subscription

Retail investors had submitted some 8.62 trillion won ($7.43 billion) in deposits during the first day of the two-day preorder session for stocks of Big Hit Entertainment, the agency behind K-pop sensation BTS, reflecting explosive interest from retail investors, according to investment banking sources on Monday. It was more than the figure seen on the first day of public subscription of SK Biopharmaceuticals, that marked around 5.9 trillion won, but far less than Kakao Games with 16.4 trillion

Oct. 5, 2020

S. Korea’s debt nears W5,000tr

South Korea’s debt -- national, household and corporate -- surged to nearly 5,000 trillion won ($4.3 trillion) last year, hitting a record high, data showed Monday, fueling concerns of the heavier weight it would gain this year due to the coronavirus risks. The nation’s per capita national, household and corporate debt came to 2,200 trillion won, 1,600 trillion won and 1,100 trillion won in 2019, respectively, data compiled by a lawmaker serving on the National Assembly’s stra

Oct. 5, 2020

Samsung, LG perform better in Q3 despite pandemic

Anticipations are high for South Korea’s electronics industry to announce earnings surprises for the third quarter, despite initial worries about the impact of COVID-19, according to industry sources Monday. Due to higher sales of semiconductors, smartphones and home appliances over the last three months, Samsung Electronics and LG Electronics are forecast to report increased operating profits for the July-September period. According to the latest forecasts by financial market research

Oct. 5, 2020

Affordable lump-sum rentals a rarity in Seoul

The number of relatively affordable “jeonse” apartment rentals in Seoul has decreased in the past couple of years, as rent prices have escalated despite government measures to prevent this, data showed Monday. A jeonse rental involves a large lump-sum deposit but no monthly rental payments on a two-year lease. According to data released by the office of Rep. Kim Sang-hoon, jeonse rentals of 400 million won ($344,000) or under accounted for 46 percent of the long-term leasing marke

Oct. 5, 2020

Kia's Sept. sales up 10.3% on strong domestic sales

Kia Motors Corp. said Monday its sales rose 10.3 percent last month from a year earlier on robust domestic sales. Kia Motors sold 260,023 vehicles in September, up from 235,810 units a year ago, helped by strong sales of the Sportage SUV, the company said in a statement. Domestic sales jumped 21.9 percent on-year to 51,211 units last month from 42,005. Overseas sales climbed 7.7 percent to 208,812 from 193,805 during the same period, it said. Its sales fell 8.8 percent to 1,863,966 autos from

Oct. 5, 2020

SsangYong's Sept. sales fall 4.4% on weak overseas sales

SsangYong Motor Co. said Monday its sales fell 4.4 percent last month from a year earlier due mainly to an extended slump in overseas sales. SsangYong Motor sold 9,834 vehicles in September, down from 10,285 units a year ago due to weak demand for its models amid the COVID-19 pandemic, the company said in a statement. Domestic sales rose 13.4 percent to 8,208 units from 7,235 during the same period, while exports plunged 46.7 percent to 1,626 from 3,050, the statement said. The carmaker said

Oct. 5, 2020

GC Pharma completes GCBT and GCAM sales to Grifols

GC Pharma on Monday said that it completed the sales of its American subsidiaries to Spanish firm Grifols three months after they initiated talks. “The proceeds from the transaction will be used to streamline management and for new business investments,” said Huh Yong-jun, CEO of GC. At $460 million, the sales of Green Cross BioTherapeutics in Montreal, Canada, and GCAM in the US, amount to the biggest cross border transaction of business units for a Korean pharmaceuticals firm.

Oct. 5, 2020

LG OLED ad screen brightens Gangnam’s Teheran-ro

LG Electronics said Monday that it has completed the installation of an organic light-emitting diode screen on Teheran-ro in Gangnam-gu, Seoul. It is the country’s biggest light-box-style screen for outdoor advertisements, according to the firm. The 13-by-50-meter OLED advertisement panel appears on the facade of the Grand Intercontinental Seoul Parnas. The surface area of the panel is 650 square meters -- enough room for more than 510 of the company’s 65-inch TVs. The area where L

Oct. 5, 2020

GM Korea's Sept. sales rise 89.5% on increased exports

GM Korea Co. said Monday its sales rose 89.5 percent last month from a year earlier, helped by robust exports despite the coronavirus pandemic. The South Korean unit of General Motors Co. sold 40,544 vehicles in September, up from 21,393 units the previous year, the company said in a statement. Domestic sales rose 17.9 percent to 6,097 units last month from 5,171 a year ago. The Chevrolet Spark led domestic sales, selling 2,689 units. Exports more than doubled to 34,447 from 16,222 during the

Oct. 5, 2020

Renault Samsung's Sept. sales halve amid pandemic

Renault Samsung Motors Corp. said Monday its sales fell 51.4 percent last month from a year earlier amid the new coronavirus' impact on the automobile industry. The South Korean unit of Renault SA sold 7,386 vehicles in September, down from 15,208 units a year ago, as the COVID-19 pandemic continued to affect demand for autos, the company said in a statement. Domestic sales declined 24.1 percent to 5,934 units last month from 7,817 units a year ago, while exports plunged 80.4 percent to 1,452

Oct. 5, 2020

Duty-free shops in Jeju partially reopen following pandemic-caused suspension

South Korea's major duty-free operators partially reopened their stores on the southern resort island of Jeju on Monday after suspending operations for months over the new coronavirus outbreak. Industry leader Lotte Duty Free and its rival Shinsegae Duty Free said they will resume the operations of the cosmetics and other sections of their shops in Jeju from 2 p.m. to 6 p.m. during weekdays. The two major duty-free companies have suspended their in-city shops in Jeju since June due to falterin

Oct. 5, 2020

Seoul stocks extend winning streak to 4th day on US stimulus hopes

South Korean shares jumped by more than 1 percent to extend their winning streak to a fourth session Monday, as investor sentiment improved on hopes for fresh economic stimulus in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.11 points, or 1.29 percent, to close at 2,358.0. Trading volume was moderate at about 746 million shares worth some 10.5 trillion won ($9 billion), with gainers outnumbering losers 647 to 211.

Oct. 5, 2020

S. Korean financial firms still vulnerable to cyber attacks overseas

A string of hacking attempts to break into South Korea’s financial institutions from abroad have continued in recent years, data showed Monday, prompting calls for financial authorities to impose tougher security measures. As of August, there have been a total of 37 hacking cases targeting local financial firms from overseas over the past five years, said Rep. Hong Sung-guk of the ruling Democratic Party, quoting data from the watchdog Financial Supervisory Service. The majority of fra

Oct. 5, 2020

McDonald's Korea pledges to increase environmentally-friendly stores

McDonald’s Korea announced Monday a new action plan aimed to promote sustainable growth for society and the environment. Through a video on its YouTube channel, the burger chain introduced the slogan, “Small but Great Changes for a Better Community,” and presented its action plans in four sectors that include the earth, keeping quality ingredients and supply, society, and employment. For the earth and the environment, McDonald’s Korea pledged to reduce its usage of pl

Oct. 5, 2020

S. Korea's mobile accounts top 70 million in Aug. on expanded 5G users

South Korea's mobile subscriptions topped 70 million in August thanks to a pickup in 5G users, data showed Monday. As of August, the country had 70 million mobile accounts, up 201,119 from the previous month, according to data from the ICT ministry. South Korea has a population of 51.8 million. The overall figure was boosted by a jump in 5G users, which reached 8.7 million, up 801,017 over the same period and accounting for 12.4 percent of total subscriptions. The monthly gain in 5G users mar

Oct. 5, 2020

Open the way for short selling by retail investors, lawmaker says

South Korea’s stock market saw a combined 498 trillion won ($428 billion) worth of short selling transactions from 2015 to 2019, but a high bar exists for retail investors wishing to engage in the practice, a lawmaker said Monday. Ruling Democratic Party Rep. Lee Jung-mun said retail investors need greater access to short selling, and called for the introduction of legislation before the temporary ban on the short selling of listed shares here expires in March 2021. The annual volume o

Oct. 5, 2020

S. Korea to introduce rules for fiscal soundness in 2025

SEJONG -- South Korea plans to introduce rules to ensure fiscal soundness in 2025 as the nation is facing calls for more spending to counter slowing growth and an aging population. The rules, which are subject to parliamentary approval, aim to keep the growth rate of government spending at a level of nominal growth of gross domestic product (GDP), the Ministry of Economy and Finance said in a statement. Under the rules, the government plans to keep the nation's debt-to-GDP ratio to 60 percen

Oct. 5, 2020