S. Korea's ICT exports up for 6th straight month in Nov. on chips, displays

South Korea's exports of information and telecommunication products surged 15.8 percent in November from a year earlier, extending their rise for the sixth consecutive month, data showed Tuesday, on the back of robust overseas demand for memory chips and display products amid the pandemic. Outbound shipments of information communication and telecommunication (ICT) products came to $16.56 billion in November, compared with $14.3 billion posted in the previous year, according to the data compiled

Dec. 15, 2020

[Newsmaker] Tourists to S. Korea forecast to drop to 32-year low this year

The number of overseas tourists visiting South Korea is expected to slump to the lowest level in 32 years amid the new coronavirus pandemic that has practically paralyzed the global tourism sector, data showed Tuesday. The number of foreigners who visited the country in the January-October period reached 2.39 million, down 83.6 percent from the same period last year, according to the culture ministry and the state tourism office. Roughly half of the figure -- 1.27 million -- was tallied in Jan

Dec. 15, 2020

[Graphic News] Samsung ranks fourth in Q3 wearables market: report

　Samsung Electronics was the fourth-largest vendor of wearable devices in the third quarter of the year, a market report showed, amid soaring global demand for wearables. 　Samsung shipped 11.2 million units of wearable devices in the July-September period, up 32.2 percent from a year earlier, for a market share of 9 percent, according to the latest report from market tracker International Data Corp. 　Apple solidified its top position with a 33.1 percent share after shipping 41.4 million

Dec. 15, 2020

Doosan Infracore's excavator sales in China on roll this year

Sales of excavators by Doosan Infracore Co. in China are expected to reach the highest in a decade this year on strong demand in the world's No. 2 economy, industry data showed Tuesday. According to the data by the China Construction Machinery Association, Doosan Infracore sold 1,692 units of excavators in November in China. In the January-November period, the construction equipment makers' excavator sales in China came to 17,458 units. Doosan Infracore expects its excavator sales in China

Dec. 15, 2020

Seoul stocks open lower amid lockdown concerns

South Korean shares opened lower Tuesday tracking overnight Wall Street gains, as lockdown concerns in major economies offset optimism over the emergency launch of Pfizer's coronavirus vaccinations in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.22 points, or 0.48 percent, to 2,748.98 in the first 15 minutes of trading. Local large caps dipped on foreign and institutional selling, as well as on aggravating the pandemic toll in the US, Europe and Asia. So

Dec. 15, 2020

Samsung No. 1 player in foldable smartphone market this year: report

Samsung Electronics Co. took the No. 1 position in the global foldable smartphone market this year with the launch of new devices, a report showed Tuesday, as it tries to further solidify its status in the burgeoning sector. Samsung is estimated to take up an 88 percent share in this year's foldable smartphone market in terms of shipments, according to the latest report from industry tracker Display Supply Chain Consultants (DSCC). Samsung unveiled the vertically folding Galaxy Z Flip in Febr

Dec. 15, 2020

S. Korea to enjoy full tariff-free exports to New Zealand starting in 2021

South Korea said Tuesday its outbound shipments to New Zealand will be completely tariff-free starting in 2021, a move that could help local exporters penetrate deeper into the Oceania nation. The two countries agreed to abolish tariffs on all South Korean exports within seven years after launching a free trade agreement, according to the Ministry of Trade, Industry and Energy. The Seoul-Wellington free trade pact went into effect in December 2015. In 2020, around 96.2 percent of South Korean

Dec. 15, 2020

Citibank to pay partial compensation in KIKO derivative dispute

Citibank Korea on Monday said it would pay partial indemnities to local businesses that signed currency-linked derivatives sold by the bank more than a decade ago. The decision was made during a board meeting held in an apparent response to the financial watchdog’s arbitrary recommendation last year to compensate the firms that had faced losses from KIKO -- or “knock-in, knock-out” -- contracts. “Citibank Korea has been reviewing compensation for firms that have been

Dec. 14, 2020

New CEOs take office in CJ Group companies

CJ Group's core units named new CEOs on Monday. As part of a group-wide C-level reshuffle announced Friday, new chief executives began their terms at CJ Cheiljedang, CJ Logistics and CJ ENM, the South Korean retail and entertainment giant said. Choi Eun-seok assumed the top job at CJ Cheiljedang, replacing Kang Sin-ho, who moved to CJ Logistics as CEO. Choi, 53, was formerly the head of CJ Corp.’s management strategy office. Kang Ho-seong, formerly the head of management support at C

Dec. 14, 2020

FSC chief says too early to discuss expanding access to short-selling

South Korea’s top financial regulator said Monday it is premature to discuss plans on opening individual investors‘ access to short-selling activities of Korean shares, stressing the danger of small investors taking potentially massive risks. “Considering potential financial damage from short-selling, I personally hope ordinary retail investors don’t participate in it,” said the FSC Chairman Eun Sung-soo during a press conference held online due to the COVID-19 r

Dec. 14, 2020

Revised Commercial Act weigh on firms ahead of shareholders meeting season

South Korea’s listed companies are under growing pressure to overhaul their audit systems in time for their regular shareholders meetings, slated for February and March next year, due to a new set of corporate regulations set to take effect soon. As the new rules restrict the voting power of owner families in the appointment of auditors, conglomerates will focus on defending their managerial authority from external influence while smaller businesses are likely to struggle to attract qual

Dec. 14, 2020

UK becomes biggest net buyer in S. Korean stock market in Nov.

Investors from the UK became the biggest net buyers in the South Korean stock market, as they bought shares worth 2.2 trillion won ($2.02 billion) in November, which accounted for nearly 36 percent of stocks purchased by foreign investors in the month, according to data Monday. The data from the nation’s watchdog Financial Supervisory Service showed that foreign investors net purchased shares worth some 6.1 trillion won in November, the highest monthly purchase since September 2013, whe

Dec. 14, 2020

Hyundai Rotem completes manufacturing facility for hydrogen extractors

Hyundai Rotem said Monday its manufacturing plant for machines to extract hydrogen from natural gas will begin full operations starting this month. The locomotive and rolling stock unit of Hyundai Motor Group renovated a part of its existing plant for electrical parts in Uiwang, Gyeonggi Province, into one that can produce 20 hydrogen extractors per year in response to a growing number of hydrogen charging stations in South Korea. “Twenty hydrogen extractors can generate 4,700 metric

Dec. 14, 2020

Krafton suffers bug issue in new game Elyon, punishes abusers

Krafton, which is preparing an initial public offering next year, suffered a hiccup in its newly released massively multiplayer online role-playing game Elyon. Developed by Krafton and published by Kakao Games, Elyon exposed a bug that compromised its in-game economy, triggering a fierce backlash from users as the bug appeared just three days after the game’s release on Thursday. When a user of an attacking squad hunted down a monster at a specific field and picked up an item the mon

Dec. 14, 2020

Seoul stocks slump amid spiking COVID-19 cases

South Korean stocks finished lower Monday as investors remained wary of the country's spiking new coronavirus outbreaks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 7.86 points, or 0.28 percent, to close at 2,762.2 points. Trading volume was moderate at about 1.1 billion shares worth some 16.8 trillion won ($15.4 billion), with losers outnumbering gainers 577 to 276. Foreigners sold a net 360 billion won, while retail investors

Dec. 14, 2020

Retail investors rush to buy soaring Samsung Electronics shares

South Korean retail investors last week injected over 1.2 trillion won ($1.1 billion) to buy Samsung Electronics shares that touched the 70,000 won mark for the first time earlier this month, data showed Monday. During the five trading sessions, small domestic investors scooped up nearly 1.26 trillion won of the blue chip shares, while foreign and institutional investors offloaded a net 1.07 trillion won and 286.4 billion won worth of the shares, respectively, according to the Korea Exchange da

Dec. 14, 2020

US expressed concerns over S. Korea’s efforts to curb Google: lawmaker

The US government has expressed worries over South Korean lawmakers’ move to block a new pricing policy of US platform giant Google, a lawmaker claimed Monday. According to Rep. Jeon Jae-soo of the ruling Democratic Party of Korea, multiple government ministries and agencies received a letter from the Korean Embassy in the US that summarized a phone conversation between the embassy’s official and the deputy United States trade representative. The discussion, classified as confid

Dec. 14, 2020

LG CNS wins W100b project digitalizing Indonesia’s tax system

LG CNS has clenched a contract worth 100 billion won ($92 million) to digitize Indonesia’s national tax administration system, the information and communication technology solutions provider said Monday. LG CNS, a LG Group company, was the only South Korean firm among the seven bidders for the project, which included IBM and Nippon Telegraph and Telephone. Under the deal, LG CNS will digitize Indonesia‘s tax administration system, used by the nation’s 42 million taxpayers

Dec. 14, 2020

NH-Amundi's ESG-oriented equity fund raises W100b

NH-Amundi Asset Management said Monday that its equity fund dedicated to environmental, social and governance factors in investment decisions has surpassed 100 billion won ($91.7 million) by the size of assets it was managing, indicating South Korean retail investors’ appetite for the green theme. The product, dubbed NH-Amundi Century Enterprise Green Korea Equity Fund, was launched on Sept. 3. It has attracted 60 billion won worth of retail investment, while 40 billion won stemmed from

Dec. 14, 2020

'Decentralization to unfold in Seoul office market'

South Korea is expected to witness a decentralization of the office market in its capital city Seoul over the next few years as major tenants are planning to relocate and new submarkets emerge, a report showed Monday. Chaebol tenants such as Samsung, Doosan, Hyundai Heavy, LG are planning relocations within the Greater Seoul area, while banking group Hana Financial Group and public institutions are considering moving out of Seoul, leading to a “great reshuffling” of the Seoul offic

Dec. 14, 2020