Seoul stocks dip amid virus woes in Asia

South Korean stocks closed lower Monday as investors took caution over rising coronavirus cases in parts of Asia and assessed China's latest economic data that partially missed expectations. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 18.80 points, or 0.6 percent, to 3,134.52 points. Trading volume was moderate at about 758.87 million shares worth some 14.33 trillion won ($12.6 billion), with losers outnumbering gainers 587 to 277. Foreigner

May 17, 2021

Fashion brand Juun.J unveils uniform for Hybe’s museum staff

South Korean fashion brand Junn.J has revealed the uniform for staff at entertainment giant Hybe’s new museum. The ensemble consisting of a white T-shirt and a black wide sleeve top and a pair of black cargo jogger pants will be worn by staff at Hybe Insight, which opened last week on the two basement floors of Hybe’s new headquarters in Yongsan, central Seoul. The design took on board Hybe Insight’s image, a venue where music can be experienced in various ways and Junn. J&rs

May 17, 2021

Middle-income households see sharpest drop in spending

Responding to the economic fallout from the COVID-19 pandemic, South Korea’s middle-income households turned out to have reduced private spending more sharply than those in the upper and bottom income brackets, state-run think tank Korea Development Institute said Monday.  The nation’s middle class, which generally refers to households belonged to the third highest income quintile that earn 40 percent to 60 percent of the median income, saw its consumption expenditures shrink 6

May 17, 2021

BOK faces policy decisions amid growing inflation signs

South Korea’s central bank faces decisions in whether to maintain or raise its key interest rate as a bigger-than-expected jump in global consumer prices have heightened inflation concerns. The Bank of Korea is scheduled to hold its fourth monetary policy meeting this year on May 27, in which they are expected to decide whether to keep the national interest rate anchored at a record-low of 0.5 percent or change course. While they may have smoothly maintained a dovish stance so far, ami

May 17, 2021

Korea Airports Corp. ‘on course’ to lead airport expansion project in Laos

Korea Airports Corp. said on Monday that it is on course to lead a project worth 100 billion won ($88.2 million) to expand Luang Prabang International Airport in Laos. Once the ongoing deal is finalized, the move will see the public enterprise behind Gimpo and Jeju International Airports become a first in the country to pursue such a project in the Southeast Asian country. “Amid the prolonged coronavirus crisis and hardships surrounding it, we are honored to announce our foray into succe

May 17, 2021

Air carriers to raise fuel surcharges on int'l routes in June

South Korean airlines will raise fuel surcharges on international routes next month amid rising jet fuel prices, industry sources said Monday. Starting June 1, the surcharge for one-way tickets on international routes will range from 3,600 won ($3.20) to 20,400 won depending on the routes, according to the sources. The amount is up one level from the band of 1,200 won to 9,600 won for this month. Rising jet fuel prices prompted local air carriers to begin imposing fuel surcharges in April af

May 17, 2021

Samsung's US chip plant investment may be in offing: sources

Samsung Electronics Co. may unveil its plan later this month to build a new chip factory in the United States, industry sources said Monday, as the South Korean tech giant tries to cope with rivals' capacity expansions. Speculation has run high that Samsung would reveal its US investment upon the summit between South Korean President Moon Jae-in and US President Joe Biden to be held in Washington on Friday (local time). Samsung, the world's largest memory chip producer and No. 2 foundry firm,

May 17, 2021

SsangYong Motor Q1 net losses narrow on base effect

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday its first-quarter net losses narrowed from a year earlier on a base effect. Net losses narrowed to 86.29 billion won ($76 million) in the January-March quarter from 193.54 billion won in the same period of last year, the company said in a statement. "In the first quarter of 2020, losses involving tangible assets were reflected, but there was no such one-off factor in the past quarter,&

May 17, 2021

Number of firms with sales of over W1tr drops in 2020 amid pandemic

The number of South Korean firms with sales of 1 trillion won ($882 million) or more edged down in 2020 from a year earlier amid the coronavirus pandemic, a corporate tracker said Monday. A total of 204 local companies posted sales of 1 trillion won or more last year, down five from the previous year, according to the CXO Institute. It represents the first drop in the number in five years. The figure rose from 184 in 2016 to 187 in 2017, 199 in 2018 and 209 in 2019. Namyang Dairy Products Co.

May 17, 2021

Residents' FX deposits rise for 3rd month in April amid robust exports

Foreign currency deposits at banks in South Korea rose for the third straight month in April as exporters increased dollar holdings amid brisk overseas shipments, central bank data showed Monday. Outstanding foreign currency-denominated deposits held by residents amounted to $94.83 billion as of end-April, up $2.13 billion from the previous month, according to the Bank of Korea (BOK). The FX deposits rose for the third consecutive month in April after they declined for the first time in four m

May 17, 2021

Banks' Q1 net profit jumps on KDB's one-off gains

South Korean banks saw their first-quarter earnings jump 71 percent from a year earlier due to one-off gains from state-run Korea Development Bank (KDB), data showed Monday. The combined net profit stood at 5.5 trillion won ($4.8 billion) for the January-March period, compared with a profit of 3.2 trillion won a year earlier, the Financial Supervisory Service (FSS) said in a statement. In the first quarter, the KDB reported an unusually high net profit of 1.4 trillion won, thanks to stock inv

May 17, 2021

Service output in provinces, major cities up in Q1

Service output in eight provinces and major cities increased in the first quarter from a year earlier as production in the in-person service segment improved amid relaxed social distancing rules, data showed Monday. The country's service output rose 2.2 percent on-year in the January-March period, according to the data compiled by Statistics Korea. Of 16 provinces and cities, Seoul, three major cities and four provinces posted an on-year rise in service production in the cited period, as the f

May 17, 2021

Samsung, LG to unveil advanced displays at SID 2021

Samsung Display Co. and LG Display Co., the country's two largest display makers, on Monday said they will unveil their latest innovations at the world's leading exhibition for display panels to be held virtually this week. The two companies will take part in the Display Week 2021, organized by Society for Information Display (SID), which runs through Friday online. Samsung Display, the world's top mobile display panel maker, said its exhibitions will include a 7.2-inch display with a multi-

May 17, 2021

S. Korea's ICT exports up over 30% in April

South Korea's exports of information and communication technology (ICT) products rose more than 30 percent last month -- the sharpest rise in over 10 years -- on the back of robust global demand for chips and displays, data showed Monday. Outbound shipments of ICT products were estimated at $17.06 billion in April, the highest-ever amount for any April and a rise of 32.6 percent from a year earlier, according to data from the Ministry of Science and ICT. The latest data marked the 11th consecu

May 17, 2021

S. Korea to triple EDCF loans to fight climate change by 2025

South Korea plans to triple its low-interest rate loans for green energy projects sought after by emerging countries by 2025, the finance ministry said Monday. The country will increase the Economic Development Cooperation Fund (EDCF) in the green energy field to $600 million in 2025 from last year's $200 million, according to the Ministry of Economy and Finance. The government also plans to raise the proportion of the green-related loans to 40 percent of its total EDCF program from the curren

May 17, 2021

Budget carrier Eastar begins auction to find investor

Financially troubled budget carrier Eastar Jet said Monday it has begun an open auction to find an investor after selecting a preliminary preferred investor last week. In the open bid, Eastar Jet plans to receive letters of intent from interested companies by June 14 and select a final investor afterward, Eastar Chief Executive Kim You-sang said over the phone. On Friday, Eastar signed a contract with an unidentified local investor and obtained approval for the preliminary deal from the Seoul

May 17, 2021

LG introduces wireless charging solutions for electric scooters

LG Electronics Inc. on Monday introduced wireless charging solutions for electric scooters as the South Korean tech giant eyes to expand its presence in the mobility sector. LG said it has established electric scooter wireless charging stations in Bucheon, west of Seoul, in partnership with local electric scooter sharing services provider Kickgoing. The two will verify usability and safety of electric scooter wireless charging solutions for the next six months before they expand to cover Seo

May 17, 2021

Seoul shares open higher on eased inflation worries

South Korean shares opened higher Monday, driven by retail buying amid eased concerns over post-pandemic inflation. The benchmark Korea Composite Stock Price Index (Kospi) rose 4.57 points, or 0.14 percent, to 3,157.89 points in the first 15 minutes of trading. The local index traded higher after a slump the previous week, tracking a sharp rise on Wall Street on Friday as investors shrugged off worries over inflation and rising commodity prices. In Seoul, top cap Samsung Electronics inched up

May 17, 2021

Bithumb faces mounting criticism over repeated server errors

Bithumb, South Korea’s second-largest cryptocurrency exchange by transaction volume, is facing mounting criticism over repeated glitches on its platform, which has accumulated to at least 11 times since April. As of Sunday, there were a total of 11 server delays that Bithumb disclosed officially since April, including the latest one Friday. The figure excludes temporary suspensions in transactions due to network issues. Bithumb’s server errors, ranging from suspension in price

May 16, 2021

[Contribution] Do optimists usually win?

One of the most over-used phrases of the past decade has been “buy-on-dips.” Many market analysts, including ourselves, have often reached for this phrase when considering the best course of action amid stock market volatility. However, it raises a broader question of whether this optimism has been the right course of action. When faced with the choice of stocks or bonds, should investors have defaulted to buying equities on dips, or would they have been better served by seeking s

May 16, 2021