Most Popular
-
1
Tensions heighten ahead of first president-opposition chief meeting
-
2
Seoul to provide housing subsidy to married couples with newborns
-
3
Rapper jailed after public street fight with another rapper
-
4
[KH Explains] No more 'Michael' at Kakao Games
-
5
Woman gets suspended term for injuring boyfriend with knife
-
6
Yoon, Lee end first talks with differences, agree to meet more
-
7
China outpaces Korea in smaller OLED shipments for 1st time
-
8
[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
-
9
NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
-
10
Samsung chief bolsters ties with Germany’s Zeiss
-
Bond, CD issuance in S. Korea swells 14.1% in Q3
Sales of bonds and certificates of deposits (CDs) in South Korea climbed more than 14 percent in the third quarter of the year from a year earlier, data showed Tuesday. The value of those debt instruments issued in the July-September period came to 114 trillion won ($100 billion), up 14.1 percent from a year ago, according to the data from the Korea Securities Depository (KSD). The third-quarter amount, however, was down 14.8 percent from the previous quarter. The KSD didn't give reasons for
Oct. 20, 2020
-
S. Korea's demand deposit turnover hits nadir in Aug.
South Korea's demand deposit turnover ratio hit an all-time low in August amid growing uncertainty due to the coronavirus pandemic, central bank data showed Tuesday, The ratio, or withdrawals of demand deposits divided by the average deposit balance, came to 15.5 for August, according to the data from the Bank of Korea (BOK). It was the lowest figure since January 1985, when the BOK began tracking related data. The previous record low was 15.6 posted in May this year. The turnover ratio of de
Oct. 20, 2020
-
Anxiety mounts on S. Korea’s debt management outlook
Despite the government’s repeated reassurance that South Korea’s sovereign debts are under control, concerns continue to mount not only in the private sector but also among state-run think tanks, data showed Monday. The Korea Institute of Public Finance, a government-funded institution affiliated with the Prime Minister’s Office, recently pointed out that Asia’s fourth-largest economy will see its level of debt without payment resource approach 900 trillion won ($787
Oct. 19, 2020
-
Hyundai, Kia set to shift to Q3 loss on provisions for massive recall
Hyundai Motor Co. and its affiliate Kia Motors Corp. said Monday they plan to reflect a combined 3.4 trillion won ($3 billion) in provisions for product recall and quality control in their balance sheets for the third quarter of the year, indicating that they are set to swing to net losses in the July-September period. Hyundai and Kia, which together form the world's fifth-biggest carmaker by sales, set aside massive provisions for additional costs for the recall of a faulty engine and preempt
Oct. 19, 2020
-
GS E&C Q3 net down 43.9% on currency losses
GS Engineering & Construction Co., a major South Korean builder, said Monday that its third-quarter net profit plunged 43.9 percent from a year earlier due to currency losses. GS E&C posted a net profit of 96.8 billion won ($84.7 million) in the July-September period, compared with a net profit of 172.8 billion won a year earlier, the builder said in a regulatory filing. The builder said the won's strength against the U.S. dollar drove down the value of its overseas dollar-denominated
Oct. 19, 2020
-
S. Korea considers duty-free limit on overseas direct buying
South Korea is considering placing a tax-free cap on local consumers’ direct purchases from foreign countries, to be enacted as early as 2022, officials said Monday. The move comes as the government has been eyeing ways to invigorate domestic consumption and Korea Customs Service Commissioner Roh Suk-hwan’s announcement of the idea in a parliamentary audit last week. “(From December, the) KCS will make mandatory for consumers to receive personal customs clearance codes to an
Oct. 19, 2020
-
Renault Samsung resumes plant operations amid pandemic
Renault Samsung Motors Corp. said Monday it has resumed the operation of its sole plant in South Korea following a monthlong suspension to control inventories amid the COVID-19 pandemic. Renault Samsung halted the operation of the Busan plant, 450 kilometers southeast of Seoul, from Sept. 25 through Oct. 18. The company said the upgrade and maintenance work has been done to the plant's production facility ahead of the manufacturing of the XM3 SUV. Renault Samsung plans to start exporting th
Oct. 19, 2020
-
Ratio of sovereign wealth fund's alternative assets dips in 2019
South Korea's sovereign wealth fund cut the ratio of alternative assets to its total investments for the first time in 10 years in 2019, data showed Monday. Korea Investment Corp. (KIC) had alternative assets worth $24.5 billion under its management as of end-2019, or 15.6 percent of its total assets worth $157.3 billion, according to the KIC data presented for an annual parliamentary audit. The proportion was down 0.8 percentage point from a year earlier. As of end-August this year, the figur
Oct. 19, 2020
-
No deal looms between LG Chem and SK Innovation over trade secret case
LG Chem Ltd. and SK Innovation Co. -- South Korea's top two electric vehicle battery makers -- appear unlikely to produce a breakthrough in their high-stakes trade secret case over EV batteries ahead of next week's final ruling in the United States, industry officials said Monday. A key issue is whether SK Innovation misappropriated and used EV battery trade secrets of its local rival as alleged by LG Chem. In April last year, LG Chem filed a pair of lawsuits with the US Int
Oct. 19, 2020
-
Hyundai's Kona EV recall potential hurdle in electrification plan
Hyundai Motor Co.'s planned global recall of 77,000 Kona Electric vehicles may be a drag on the company's electrification plan, analysts said Monday. Hyundai Motor plans to voluntarily recall 77,000 Kona Electric models for a faulty battery cell component, as 14 cases of fires in the model -- 10 domestically and four overseas -- have been reported since 2018. The Kona Electrics manufactured between Sept. 29, 2019, and March 13, 2020, are subject to the recall as a possible short circuit in th
Oct. 19, 2020
-
Samsung Heavy succeeds in operating remote autonomous ship
South Korean shipbuilder Samsung Heavy Industries Co. said Monday it has successfully navigated its 300-ton remote autonomous ship. The 38-meter-long ship was operated in seas off Geoje Island, 398 kilometers south of Seoul, via a remote control system at a research center located in Daejeon, 250 kilometers away from the seas, Samsung Heavy said. The ship returned safely to a point of departure without the help of crew after reaching its destination, which was 10 kilometers away, the shipbuil
Oct. 19, 2020
-
Retail giants' sales dip over 2tr won this year amid pandemic: poll
Combined sales by South Korea's retail giants are estimated to have declined more than 2 trillion won ($1.75 billion) on-year in the first nine months of this year on the fallout of the COVID-19 pandemic, a poll showed Monday. Industry leader Lotte Shopping and its rivals Shinsegae and Hyundai Department Store are projected to have posted a combined 17.3 trillion won in sales in the January-September period, down 2.2 trillion won from the previous year, according to the survey by Yonhap Infomax
Oct. 19, 2020
-
S. Korea eyes duty-free cap on overseas direct buying
South Korea may set an annual ceiling on duty-free direct purchases from foreign countries by its citizens starting in 2022, officials said Monday. The Korea Customs Service (KCS) has recently broached the idea of setting a cap on the duty-free amount of South Koreans' overseas direct purchases in an effort to enliven domestic consumption. Currently, South Koreans are exempt from duties or value-added taxes if the price of an item bought directly from overseas is $150 or lower. There is no up
Oct. 19, 2020
-
S. Korea's national debt to jump over next 4 years: report
South Korea's national debt is expected to soar over the next four years, which may have a negative impact on the country's creditworthiness, a report said Monday. In particular, Seoul's interest-bearing state debt is likely to rocket nearly 78 percent over the period based on the government's 2020-24 fiscal management plan, the report from the Korea Institute of Public Finance (KIPF) said. According to the government plan, South Korea's debt that has to be repaid with tax revenues is forecast
Oct. 19, 2020
-
S. Korea to resume distribution of coupons for museums, theaters, sports facilities
The government will begin distribution of a series of discount coupons this week to spur consumption in the live performance, film and sports industries hit-hard by the coronavirus pandemic, officials said Sunday. From Thursday, the government will gradually provide discount coupons, starting with 40 percent discounts for entrance to museums, 1,000 won ($0.87) to 3,000 won discounts for art exhibitions and 8,000 won discount for performances, according to the authorities. For movies, booking
Oct. 18, 2020
-
South Korea’s trade dependency slips in 2019 amid sluggish reports
South Korea saw its trade dependency level slip for the first time in three years in 2019, as its export volume dropped amid global factors, data showed Sunday. The country’s trade dependency index -- the total trade volume proportion out of the gross domestic product -- came to 63.51 percent, according to the Korean Statistical Information Service run by Statistics Korea. This was down 2.57 percent from a year earlier and the lowest since the 60.11 percent observed in 2016. The
Oct. 18, 2020
-
[News Focus] Online shopping turnover for cooked food up 82% on-year
SEJONG -- Home delivery or takeout services for cooked food have posted a remarkable increase over the past year amid fast expansion of delivery apps on smartphones as well as the social distancing in the wake of the novel coronavirus. Online orders have surged in particular, according to data held by Statistics Korea: The monthly turnover of retailers selling packed dish via online shopping platforms reached 1.67 trillion won ($1.45 billion) collectively in August, setting a record high. T
Oct. 18, 2020
-
Korean Air seeks to sell assets to secure more cash
South Korea's top full service carrier Korean Air Lines Co. is seeking to raise an additional 1.5 trillion won ($1.3 billion) in cash to overcome a prolonged, industrywide slump amid the pandemic, industry sources said Sunday. Korean Air plans to sell a lot of land in downtown Seoul to the Seoul city government for at least 500 billion won and get a subsidy of 1 trillion won from the government within this year. Korean Air has been in negotiations with the city government to sell its land in
Oct. 18, 2020
-
S. Korea to resume discount coupon scheme to boost domestic consumption
South Korea, as of Sunday, has decided to resume its discount coupon program, after suspending it in mid-August due to a resurgence of the coronavirus, to invigorate domestic spending amid the COVID-19 pandemic. But concerns persist that the consumption scheme could again lead to a virus flare-up, alongside skepticism over its actual long-term effect on the economy. The scheme -- part of the government’s 90.4 billion-won ($76.2 million) domestic spending revitalization plan -- distribut
Oct. 18, 2020
-
Korean shippers tipped to see strong earnings in Q3
South Korean shippers, led by industry leader HMM Co., are forecast to post strong earnings in the third quarter of the year on the back of increased fare and a drop in fuel costs, industry sources said Sunday. "A gradual recovery in global maritime cargo volume pushed up global freight rates as the supply of cargo service fell short of rising demand," Jung Yeon-sung, an analyst at NH Investment & Securities Co., said in his recent report. The Shanghai Containerized Freight Ind
Oct. 18, 2020