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

Google faces anti-trust probe over Android Auto

The South Korean government has started looking into an allegation that Google restricted applications downloaded from other app stores from accessing Android Auto, the company’s mobile operating software for in-car use. According to the industry and government sources Sunday, the Korea Communications Commission has recently opened a probe to see if Google has violated the Telecommunications Business Act here. “The commission would see if Google has unfairly limited end users&rsqu

May 16, 2021

Top 4 conglomerates eye W40tr of investments ahead of Korea-US summit

South Korea’s top four conglomerates are reviewing investments worth 40 trillion won ($35.5 billion) in the US as President Moon Jae-in prepares for his first summit with President Joe Biden on Friday. Industry watchers say that although investments from Samsung, Hyundai, SK and LG are intended to respond to Biden’s protective policies -- such as strengthening chip and battery supply chains, the Buy American policy and Green New Deal initiative -- they are likely to act as a dipl

May 16, 2021

LG Chem invests W40b into Chinese EV battery copper foil maker DeFu

LG Chem has purchased shares worth 40 billion won ($35.5 million) in Jiujiang DeFu Technology, a Chinese firm that manufactures copper foils for electric vehicle batteries, the firm said Sunday. A copper foil is a sheet of copper 15 times thinner than a strand of hair. Copper foil is where electricity flows in battery’s anodes, or the negative side. The thinner the copper foils are, the more materials can be packed inside, making batteries more powerful. DeFu is the No. 3 copper foil

May 16, 2021

Samsung BioLogics-Moderna vaccine supply deal imminent: reports

South Korean media is zeroing in on Samsung BioLogics as the most likely partner of Moderna in its COVID-19 vaccine production here, a much-anticipated deal as the country deals with a vaccine shortage. A formal announcement of the Samsung-Moderna deal will be made during South Korean President Moon Jae-in’s visit this week to the US for a summit with US President Joe Biden, a local TV station reported Friday, with a flurry of related reports coming from other media outlets over the wee

May 16, 2021

Ruling party weighs easing loan regulations for young people, newlyweds

Lawmakers have been reviewing easing loan regulations to make it easier for young people and newlyweds to buy homes, including measures that could raise their loan-to-value ratios up to 90 percent, sources close to the matter said Sunday. Several options under discussion among ruling Democratic Party lawmakers include limiting the LTV in areas designated as “overheated speculative zones” -- such as Seoul’s affluent Gangnam district -- to 40 percent, while raising the LTV for p

May 16, 2021

Inflation fears lurk in Korea as consumer prices rise

Because of rising food prices, Lee Jung-min, a 30-year-old Seoul resident, has recently turned to home gardening to substitute buying vegetables from supermarkets. One of her main crops is green onions. By slicing off the roots of leftover green onions and putting them into a pot filled with soil and compost, Lee has successfully regrown a number of green onions enough for her to eat for a month. “I was shocked by the price of green onions, which surged to nearly 6,000 won ($5.31) ear

May 16, 2021

Japan beauty firm DHC under fire again after CEO’s discriminatory comments

Japanese beauty firm DHC has come under fire once again after its chairman used discriminatory language targeting ethnic Koreans in a recent column on its official website. CEO Yoshiaki Yoshida claimed the company’s request to place an advertisement in newspapers and air a TV commercial has been rejected by multiple media outlets in Japan. The proposed ad featured names of ethnic Korean celebrities who “deserve to be despised for the benefit of Japan,” according to the post.

May 16, 2021

Gmarket kicks off ‘Mega G Festival’ for foreign shoppers

Gmarket is holding its Mega G Festival, an online shopping event targeted at foreign shoppers at home and abroad until next Tuesday, offering discounts for a wide range of items including K-pop albums, K-beauty and Korean food products. The event kicked off on the Gmarket Global Shop in conjunction with eBay Korea’s Big Smile Day, a shopping event organized by operators of multiple e-commerce platforms including Gmarket, Auction and G9. The event saw some 2.87 million items sold on its op

May 16, 2021

[Exclusive] Samsung SDI chief to visit Hungary battery plant in June

Samsung SDI President and CEO Jun Young-hyun is expected to visit Hungary next month, where the firm is currently building its second factory for electric vehicle batteries, industry sources with knowledge of the matter said Sunday. The visit would be Jun’s first overseas trip since the pandemic broke out last year. Jun has received the first jab of the two-shot vaccine regimen for the trip and will be accompanied by a vice president, according to the industry sources. In response to a

May 16, 2021

Meat analogues find way onto Korea’s fast food menus

Fake meat, or meat analogues are becoming more familiar in the South Korea’s food scene, with fast food franchises rolling out items that use plant-based meat alternatives. It was just February last year when Lotte GRS’ burger chain Lotteria became the first fast food franchise to roll out a meat analogue option. The Miracle Burger uses a specially developed patty made of wheat and beans. Since then, more fast food franchises have added options with meat alternatives to their menu

May 16, 2021