Minister hints at fourth extra budget under new lockdown

South Korea is mulling another set of extra budget if the level of social distancing goes up a notch, enforcing a lockdown, according to the chief fiscal policymaker. “The rise in the coronavirus cases and implementation of stricter social distancing level would work as key variables in drafting the fourth extra budget,” Deputy Prime Minister and Finance Minister Hong Nam-ki said at a press briefing held Thursday. “If the situation reaches Level 3, then (the lockdown’s

Aug. 28, 2020

Large-sized apartment prices in Seoul surpasses W2b mark

The market price of large-sized apartments in Seoul surpassed the 2 billion won ($1.69 million) mark in August, reflecting the unsubdued housing price rally in popular areas, industry data showed Friday. According to the monthly housing price trend report by KB Kookmin Bank, the average transaction price for large-sized apartments came to 2.03 billion won, exceeding the milestone for the first time since the bank started tallying such data in 2016. The latest figure was up 171.54 million w

Aug. 28, 2020

Viva Republica raises additional $173m funds to drive new initiative

Viva Republica, operator of mobile fintech platform Toss, said Friday that it has raised $173 million in new funding from multiple investors to drive its new initiative to open a comprehensive financial service application. Investors participating in the fundraise include Aspex Management, Sequoia Capital China, Kleiner Perkins Digital Growth Fund, Altos Ventures, Goodwater Capital, and Greyhound Capital. Despite the pandemic-sparked market turmoil, the latest funding marks the single larges

Aug. 28, 2020

Samsung sends invitation for unpacking Galaxy Z Fold 2

Samsung Electronics said Friday it has sent invitations to global media outlets and industry officials to the unpacking event for its third foldable smartphone Galaxy Z Fold2 on Sept. 1. Entitled as “Galaxy Z Fold2: Unpacked Part 2,” the event will explore in-depth the groundbreaking features of the second Fold edition. It will be livestreamed from Seoul though Samsung’s homepage (www.samsung.com), starting at 11 p.m. on Tuesday. The upgraded device from the first Galax

Aug. 28, 2020

S. Korea may draw up 4th extra budget if distancing rules raised

SEJONG -- South Korea will review the need to draw up the fourth extra budget if the nation raises social distancing rules to the highest level amid a resurgence of the new coronavirus, Finance Minister Hong Nam-ki has said. Hong made the remarks at a meeting with reporters Thursday when he gave a briefing on next year's budget proposal. With daily virus infections surging to triple digits, South Korea raised the virus curbs to Level 2 in the three-tier system earlier this month, banning ind

Aug. 28, 2020

[Graphic News] Vehicle registrations exceed 24m in H1

　The number of vehicle registrations in South Korea exceeded 24 million in the first half, helped by strong demand for environmentally friendly models, the Transport Ministry said. 　Accumulated auto registrations came to 24.02 million at the end of June, up 1.4 percent from 23.68 million at the end of December, the Ministry of Land, Infrastructure and Transport said in a statement. 　The first-half registrations showed that 1 in every 2.16 South Koreans owns a car, it said. 　Robust domes

Aug. 28, 2020

Seoul stocks open higher on US gains

South Korean shares opened higher Friday, taking a cue from overnight gains on Wall Street, despite concerns over the rising new COVID-19 cases at home. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.12 points, or 0.56 percent, to 2,357.57 in the first 15 minutes of trading. Stocks traded bullish, after the index plunged 1.05 percent the previous session due to spreading new COVID-19 cases. Investor sentiment strengthened on an overnight speech by Federal Reserve Chairman

Aug. 28, 2020

Banks, brokerages to return principals to investors in fund misselling scandal

Banks and brokerages that handled fund products by a local asset manager said Thursday they will return the principals on investments made by consumers, in line with the advisory issued by the country's financial regulator. Hana Bank, Woori Bank, Mirae Asset Daewoo Co. and Shinhan Investment Corp. said their boards accepted calls to provide full refunds in regard to the misselling scandal centered on Lime Asset Management Co. The dispute settlement board at the Financial Supervisory Service c

Aug. 27, 2020

S. Korea to extend short-selling ban until March

South Korea’s top financial regulator said Thursday its temporary ban on short-selling activities of all listed Korean shares will be extended to March 2021, immediately after the current six-month restriction expires in September. The Financial Services Commission’s decision is meant to keep the stock market volatility at bay as the impact of the coronavirus still persists across the nation. The decision was made as FSC collected written agreements from its commissioners after the

Aug. 27, 2020

FTC fines Kumho Asiana W32b, reports chairman to prosecutors

South Korea’s antitrust watchdog has decided to impose a fine of 32 billion won ($27 million) on Kumho Asiana Group for unfair internal transactions that aimed at tightening family control over the conglomerate, officials said Thursday. The Fair Trade Commission also reported Chairman Park Sam-koo and two other executives to prosecutors. The FTC said Kumho Asiana Group used the in-flight meal business rights of its flagship affiliate Asiana Airlines to illegally fund struggling Kumho

Aug. 27, 2020

SK Innovation loses lawsuit against LG Chem

SK Innovation on Thursday lost a compensation lawsuit it filed against LG Chem in Seoul for breaching a patent settlement. The Seoul Central District Court delivered a verdict siding with LG Chem, saying that the patent settlement both companies signed in 2014 is only effective in Korea. It has dismissed SK Innovation’s claim that LG Chem should drop its lawsuits against SK Innovation in the US and pay 500 million won ($42,000) in compensation to SK Innovation and its US subsidiary SK B

Aug. 27, 2020

NH Investment to repay Optimus investors in advance

NH Investment & Securities, a brokerage unit of South Korea’s NongHyup Financial Group, decided Thursday to offer up to 70 percent of funds invested in now-frozen Optimus Asset Management’s funds via the firm. Stressing its ethical, not legal, responsibility as the seller of the troubled fund, the company said it would pay 30-70 percent of investment funds to retail and corporate investors in advance. The payment is not a sort of compensation, but is designed to provide financi

Aug. 27, 2020

Kia Motors launches revamped Stinger Meister

Kia Motors launched the face-lifted version of sports sedan Stinger Meister on Thursday, with enhanced performance. Revealing a promotional video featuring actor Go Soo on YouTube and Naver TV, the automaker presented the upgraded model, which was first released in 2017. The new Stinger Meister is offered with two gasoline engines, the new Smartstream 2.5 Turbo and 3.3 Twin-Turbo. It is the first time for Kia to equip the Smartstream G2.5 T-GDI in its vehicle. The Smartstream 2.5 Turbo pr

Aug. 27, 2020

Daewoo E&C meets H1 target despite pandemic

Daewoo Engineering & Construction said Thursday it has met its target for the first half of the year owing to new overseas deals. The company won has won orders worth 6.4 trillion won ($5.39 billion) during the first half of the year, racking up 3.949 trillion won in revenue and 202 billion won in operating profit. Compared to the first half of 2019 when domestic orders accounted for more, this year saw Daewoo E&C land orders worth 2.68 trillion won from overseas, including the Train 7

Aug. 27, 2020

Mercedes-Benz Korea unveils 3 new models of luxury SUV family

Mercedes-Benz Korea on Thursday unveiled three new luxury sports utility vehicle models, expanding its premium SUV lineup to nine in the country. In the unveiling ceremony held via its official YouTube channel, the automaker presented Mercedes-Benz GLB, a “versatile” family SUV; the new Mercedes-Benz GLA, a dynamic sporty SUV; and the new Mercedes-Benz GLE Coupe, a premium coupe SUV. Opening the unveiling event was interim President and CEO Kim Jee-seop, who was formerly vice pre

Aug. 27, 2020

LIG Nex1 allows remote work, first in defense industry

LIG Nex1 said Thursday that it has adopted a remote working system. It is the first company in South Korea’s defense industry to do so. The military electronics and missile manufacturer said it has decided to allow all staff members, except key personnel, to work from home on weekdays in response to the resurgence of the coronavirus. “LIG Nex1 took a preemptive measure after the government raised social distancing rules to Level 2 from Level 1 in Seoul and Gyeonggi Province rec

Aug. 27, 2020

Nexon cultivates coding hopefuls for ‘4th industrial revolution’

South Korea’s leading game company Nexon has rolled up its sleeves to foster better education on coding for students. Since 2016, the firm has been running the “Nexon Youth Programming Challenge,” an annual coding competition that has attracted more than 17,000 eager students. To help familiarize students with coding, Nexon has used what it knows best: games. Instead of solving textbook coding problems, students are given practical problems that are more relatable. Last y

Aug. 27, 2020

Korea to increase flexibility in parental leave system

South Korea’s Deputy Prime Minister and Finance Minister Hong Nam-ki said Thursday that the government will work to diversify the current parental leave system, allowing parents to split their leave period according to needs. “In order to respond to the decreasing number of productive age population, it is crucial that we should encourage everyone to participate in economic activities,” Hong said in a meeting of economy-related ministers held at Seoul Government Complex.

Aug. 27, 2020

Amorepacific publishes clinical study on blue light skin protection

In a world first, beauty and cosmetics conglomerate Amorepacific has developed a clinical evaluation method for blue light, the company said Thursday. The study by the firm’s research body, the Anti-Pollution Research Center, discovered that blue light -- high-energy light in the blue band with a wavelength between 380 and 500 nanometers in the visible spectrum -- can cause skin pigmentation at the point of 456 nanometers. After developing a clinical device that emits blue light, resear

Aug. 27, 2020

HDC begins presales of serviced apartments in Sokcho

DC Hyundai Development Co. said Thursday it has begun presales of its new serviced apartments at Sokcho Ipark Suite. With popular holiday spots such as Seoraksan National Park and Sokcho Beach close to the apartments, the company said it plans to build a new KTX station in Sokcho by 2027 to bring Seoul closer, as traveling to Yongsan Station will take some 70 minutes.  Located in Joyang-dong in Sokcho-gu, the model house is currently open for the 27-story residential building with tw

Aug. 27, 2020