Tax revenue up W10.8tr in May amid economic recovery

South Korea's tax revenue increased 10.8 trillion won ($9.5 billion) in May from a year earlier amid an accelerating economic recovery and a boom in property and stock markets, the finance ministry said Thursday. The country collected 28.4 trillion won in taxes in May, compared with 17.6 trillion won the previous year, according to the Ministry of Economy and Finance. The government said capital gains tax income rose amid a boom in asset markets and corporate tax income also extended gains. I

July 8, 2021

Seoul stocks open higher on easing tapering woes

South Korean stocks opened higher Thursday as the US Federal Reserve's minutes signaled that the world's largest economy would not hurry its timeframe for tapering its asset purchasing program. The benchmark Korea Composite Stock Price Index (Kospi) rose 7.43 points, or 0.23 percent, to trade at 3,292.77 points as of 9:15 a.m. Overnight, the Dow Jones Industrial Average advanced 0.3 percent, with the tech-heavy Nasdaq Composite and the S&P 500 adding 0.01 percent and 0.34 percent, respecti

July 8, 2021

Samsung takes nearly half of smartphone memory market in Q1: report

Samsung Electronics Co. accounted for nearly half of the global smartphone memory market in the first quarter of the year, a report showed Thursday, as it tries to boost its presence in 5G devices. The South Korean tech giant, the world's top memory chip producer, dominated the market with a 49 percent share in the January-March period, according to a report from industry tracker Strategy Analytics. Samsung was followed by its South Korean compatriot SK hynix Inc. with a 23 percent share and U

July 8, 2021

[News Focus] Competition heats up for a share of noise-canceling earbud market

Samsung, LG, Apple and Sony usually engage in fierce competition in electronics and IT gadgets. In recent years, they’ve also shown their willingness to tap into a small device with big potential: wireless earbuds with active noise cancellation. Headphones and earphones with ANC functionality used to serve a small group of tech-savvy users and those working in environments where noise levels were too high. But this specialty label for ANC gear changed drastically in 2019, when Apple hit i

July 7, 2021

Authorities tighten grip on financial crimes using fintech platform, crypto

South Korean authorities are zeroing in on new types of financial crimes using financial technology platforms and digital assets still operating under vague legal boundaries. Seoul Main Customs, the regional office of the country’s customs agency, said Wednesday that it has discovered unlawful foreign exchange dealings in which dozens of people had tried to take advantage of the “kimchi premium.” “Kimchi premium” refers to the gap in cryptocurrency prices on dom

July 7, 2021

Huons acquires marketing rights for Sputnik Light in S. Korea

Local bio company Huons Global has secured marketing rights for Russian COVID-19 vaccine Sputnik Light in South Korea, the company announced Wednesday. Huons Global will be in charge of the authorization procedure for the Russian vaccine. Huons could also apply for emergency use authorization from Korea’s Ministry of Food and Drug Safety, the company added. A consortium led by Huons Global will begin producing Sputnik V and Sputnik Light, starting in the second half this year. Sputni

July 7, 2021

Hyundai Card rolls out credit card for Genesis owners

South Korean credit card issuer Hyundai Card said Wednesday it has launched new credit cards which offer ultimate rewards, exclusively for owners of Hyundai Motor’s premium luxury sedan Genesis. Branded as Genesis Card edition, it is subdivided into two types -- mobility service and electric vehicle service. Depending on their car models, the Genesis owners can choose which card to use.  Cardholders, who are registered at Hyundai Motor‘s membership program called Blue Member

July 7, 2021

More young people start businesses amid sluggish job market: data

As the local job market has remained in limbo due to the prolonged COVID-19 pandemic, a growing number of South Koreans in their 20s have started their own businesses, data showed Wednesday.  According to data compiled by Statistics Korea and the Ministry of SMEs and Startups, a total of 449,000 startups were launched by individuals between January and April amid a feeble employment market.  Of the total, people aged 30 and under opened 59,000 enterprises during the cited period, up

July 7, 2021

LG Electronics Q2 operating profit reaches W1.1tr, up 65.5%

LG Electronics said Wednesday its operating profit in the second quarter is estimated at 1.11 trillion won ($979.4 million), up 65.5 percent on-year. In a regulatory filing, the firm said its sales during the April-June period is likely to have reached 17.11 trillion won, an increase by 48.4 percent from a year earlier. The company’s quarterly operating profit would top 1 trillion for a second consecutive quarter, the earnings guidance showed. In the first quarter, the electronics gia

July 7, 2021

Busan tests potential as blockchain industry hub

BUSAN -- Blockchain experts gathered in Busan -- a city designated as a blockchain special zone -- on Wednesday to assess the city’s potential to become the center of a global digital information ecosystem. Introducing the city’s blockchain projects that are taking place here, Shin Chang-ho, director of the Future Industry Bureau of Busan Metropolitan City, said the blockchain technology has paved the way for the nation’s port city to transform into a financial hub and a glo

July 7, 2021

Samsung Electronics projects record W63tr in Q2 sales

Samsung Electronics expects its quarterly sales to rise to a record-breaking 63 trillion won ($55.4 billion) during the three months ending June this year, an 18.94 percent jump on-year, according to the South Korean IT giant’s earnings guidance Wednesday. The company projected 12.5 trillion won in operating profit, a whopping 53.37 percent spike in the same period, the best figure since the third quarter in 2018 when the firm enjoyed a global chip boom. Compared to the first quarter,

July 7, 2021

Seoul stocks dip amid virus woes, Kosdaq at another high

South Korean stocks closed lower Wednesday after hitting an all-time high the previous session amid growing concerns over a surge in new COVID-19 cases. The Korean won sharply fell against the US dollar on risk-averse sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.87 points, or 0.6 percent, to close at 3,285.34 points. Trading volume was moderate at about 1.1 billion shares worth some 14.3 trillion won ($12.7 billion), with losers outnumbering gainers 663 to 202. F

July 7, 2021

Hyundai Motor, Kia pledge to 100% renewable energy by 2050

South Korean carmakers Hyundai Motor and Kia will join a global clean energy initiative and will transition to 100 percent renewable energy by 2050, the firms’ parent Hyundai Motor Group said Wednesday. The automakers and three other units under the group will submit applications to become members of the RE100, a global initiative of companies and institutions committed to source 100 percent of energy it needs from renewable sources by 2050. The three others are Hyundai Mobis, Hyundai W

July 7, 2021

Samsung to switch all company cars to eco-friendly vehicles by 2030

Samsung Electronics Co. said Wednesday it plans to switch all of its company cars to environment friendly vehicles by 2030, joining South Korea's efforts to reduce emissions of greenhouse gases largely responsible for global warming. The South Korean tech giant vowed to replace around 800 corporate fleet cars, including executive sedans and logistics vehicles, with eco-friendly ones by 2030 after signing a green mobility agreement with the country's environment ministry. Samsung's partner com

July 7, 2021

Government action needed to help local firms catch up with global transition to clean energy

Carbon neutrality is likely to act as a virtual trade barrier for South Korean companies to approach global markets and the government should act more proactively to help local firms not to fall behind the global trend toward cleaner energy, a POSCO executive said Wednesday. Speaking at a forum held by the Federation of Korean Industries in Seoul, Kim Hak-dong, the head of POSCO’s steel business unit called for governmental support to help Korean companies to catch up with global competi

July 7, 2021

S&P raises Korea's growth outlook for 2021 to 4%

Credit ratings agency S&P Global Ratings revised South Korea’s economic growth outlook for 2021 by 0.4 percentage point to 4 percent Wednesday. The revision comes six months after the agency projected the Asia’s fourth-largest economy to grow 3.6 percent in January, which was then deemed more optimistic than the government’s projection. “We’ve always been optimistic about Korea’s recovery prospect. This year, we see a growth of 4 percent and next year at

July 7, 2021

S. Korea's OTC market value passes W22tr

The value of stocks traded on South Korea's over-the-counter (OTC) market has exceeded 22 trillion won ($19.3 billion) on a recent market rally, data showed Wednesday. The capitalization of the K-OTC totaled 22.1 trillion won as of end-June, up about 30 percent from six months earlier, according to the data from the Korea Financial Investment Association (KOFIA). It marks the largest market value since Nov. 13, 2014, when Samsung SDS Co., an IT service unit of Samsung Group, traded on the K-O

July 7, 2021

LG Electronics expects solid Q2 earnings on home appliance biz

LG Electronics Inc. said Wednesday it expected a solid performance in the second quarter as its home appliance business apparently continued to ride on robust demand of premium products amid the pandemic. In its earnings guidance, the South Korean tech giant projected its operating profit at 1.1 trillion won ($967 million) for the April-June period, up 65.5 percent from a year earlier. Its second-quarter operating income estimate, however, was lower than the market consensus of 1.2 trillion wo

July 7, 2021

S. Korea's REIT market grows 22% in 2020

South Korean real estate investment trusts (REITs) saw their assets jump nearly 22 percent in 2020 from a year earlier amid a robust property market, government data showed Wednesday. A total of 282 REITs had some 63 trillion won ($55.5 billion) in combined assets as of the end of December, up 21.8 percent from a year earlier, according to the data from the land ministry. The number of REITs was also up 13.7 percent from a year earlier. REITs, which can be traded on major exchanges, invest in

July 7, 2021

Economic recovery may lose steam due to spiking COVID-19 cases: KDI

The South Korean economy is on a modest recovery track, but its upward momentum may lose steam due to a resurgence in COVID-19 cases, a state-run think tank said Wednesday. Asia's fourth-largest economy is on a recovery track amid solid exports, but it also faces high economic uncertainty from the fast spread of the more contagious delta COVID-19 variant and spiking virus cases, according to a monthly economic assessment report by the Korea Development Institute (KDI). "Due to the surge i

July 7, 2021