Most Popular
-
1
Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
-
2
Key suspects grilled over alleged abuse of power in Marine death inquiry
-
3
S. Korean children, teens grow taller, mature faster than before: study
-
4
Army takes group action against Hybe for neglecting BTS
-
5
Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
-
6
[Graphic News] Number of coffee franchises in S. Korea rises 13%
-
7
Some junior doctors are returning: Health Ministry
-
8
Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
-
9
Naver will consider company benefits in deciding on selling Line shares: CEO
-
10
Woman dangling from power lines rescued by residents holding blanket
-
[Newsmaker] Family, business community mourns KCC honorary chairman
Local business leaders paid tribute on Sunday to KCC’s Honorary Chairman Chung Sang-young, who died Saturday at the age of 84. The youngest brother of the late Hyundai Group Honorary Chairman Chung Ju-young, the KCC chief suffered from a chronic illness and had been hospitalized recently after his health deteriorated. He was the only surviving member of his generation within the legendary Chung family that built South Korea’s big companies, including Hyundai, in postwar Korea. M
Jan. 31, 2021
-
Number of overdraft accounts on rise amid bull market
The number of new credit loans via overdraft accounts has been on a sharp rise as South Korean retail investors are scrambling to borrow money for stock investment, fueled by a recent market bull run, industry data showed Sunday. The five major banks here -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- saw their customers open a total of 43,143 overdraft accounts between Jan.1-28, which equates to a combined average of nearly 2,000 daily. The overdraft balance surged by 1.21 trillion w
Jan. 31, 2021
-
No. of airport passengers in S. Korea falls for 1st time in 12 years amid pandemic
The number of passengers using South Korean airports fell sharply last year due to the fallout of the new coronavirus outbreak, marking the first drop in 12 years, data showed Sunday. The number of people using 15 airports across the nation came to 65 million last year, down 58.8 percent from a year earlier, according to the data compiled by Statistics Korea. It marked the first time that the number of airport passengers declined since 2008, when the country was in the midst of the global fina
Jan. 31, 2021
-
S. Korea's exports of EVs shoot up 66% in 2020: KITA
South Korea's exports of electric vehicles (EVs) advanced nearly 66 percent on-year in 2020, data showed Sunday, despite the overall slump in the automobile industry amid the COVID-19 pandemic. Outbound shipments of EVs came to $3.9 billion in 2020, marking the first time for the volume to surpass that of hybrid cars, whose exports came to $2.5 billion last year, according to the data compiled by the Korea International Trade Association. EVs accounted for more than half of the combined outbou
Jan. 31, 2021
-
S. Korean retail investors buy net W26tr worth of stocks in Jan.
South Korean retail investors snapped up a net 25.8 trillion won ($23 billion) worth of local stocks in January alone, data showed Sunday, in the latest sign of their relentless buying spree. Individual investors bought a net 22.3 trillion won worth of stocks in the main market and a net 3.5 trillion won of shares in the secondary-KOSDAQ market in January, according to the data compiled by the bourse operator Korea Exchange. The figure amounted to 40 percent of their total net stock purchases,
Jan. 31, 2021
-
Telcos bolster teleconference services amid pandemic
South Korean telecom operators are redoubling efforts to support teleconference and virtual education services as the prolonged pandemic limits in-person contact and encourages work-from-home practices. Last week, major telecom operator KT Corp. said it will launch a new cloud-based video meeting platform, KT BizMeet, targeting businesses and education services. KT said the platform can host large online seminars, supporting up to 5,000 users in a single online meeting. The move follows the l
Jan. 31, 2021
-
[Weekender] Inside Korea’s interior design boom amid pandemic
From #OurHome #HomeDecorating to #OnlineHousewarming, Instagram lately is filled with hashtags and posts from users showcasing their homes and stylish interior design ideas. “May I know where you got the bookcase?” one comment read in response to a post showing a well-lit, nearly all-white room. Dambi, an author and blogger, who shared the original post on Instagram replied that it was from furniture company Basic Gagu. These types of interactions are fairly common in the online sp
Jan. 30, 2021
-
DRAM, NAND flash to be 2 fastest growing chips this year: report
DRAM and NAND flash are expected to be the two semiconductor products that outshine this year, a report showed Saturday, boding well for South Korean chipmakers that dominate the world's memory chip market. Sales growth for DRAM and NAND flash were projected to be 18 percent and 17 percent, respectively, making them the two sharpest-growing chips among the 33 integrated circuit products in 2021, according to the McClean Report released by market tracker IC Insights. DRAM, or dynamic random-a
Jan. 30, 2021
-
Steelmakers in talks with shipbuilders over prices
South Korean steelmakers have launched talks with shipbuilders over prices of thick steel plates, which are mainly used for shipbuilding, people familiar with the matter said Saturday. Posco, the country's largest steelmaker, said it is pushing to raise prices of thick steel plates -- a key material that accounts for about one-fifth of shipbuilding costs -- by up to 15 percent. The move is meant to reflect increased costs of iron ore, one of the main raw materials used in steel production. A h
Jan. 30, 2021
-
Seoul stocks tipped to remain under selling pressure next week
South Korean stocks are likely to come under selling pressure next week following this week's choppy trading, as market volatility is expected to remain high over massive foreign selling and profit-taking. The benchmark Korea Composite Stock Price Index closed at 2,976.21 points Friday, down 5.24 percent from a week ago. The index crashed below the 3,000-point level for the first time since surpassing the psychologically important threshold on Jan. 7. The fall was largely attributed to for
Jan. 30, 2021
-
Short sellers under siege everywhere have it really bad in Korea
Retail investors hell-bent on watching stocks go up have made life miserable for short sellers around the world. In South Korea, the government is piling on too. Lawmakers who oversee the country’s $2 trillion stock market are discussing plans to extend one of the world’s longest bans on short selling, amid pressure from mom-and-pop punters who drive more than two thirds of daily trading. Calls to make the 10-month ban permanent are mounting. More than 203,000 people have signed a
Jan. 30, 2021
-
Stock markets decline for four straight sessions on foreign sellout
South Korea’s stock markets fell for four consecutive sessions on Friday, driven by foreign investors‘ sellout. The benchmark Korea Composite Stock Price Index began the day in positive territory but fell below 3,000 points for the first time since Jan. 6 when it recorded 2,976.21 points. The index plunged 3.03 percent, or 92.84 points, to 2,976.21 points on Friday, marking the largest daily decline since Aug. 20, 2020. Foreign and institutional investors sold a net of 1.43 tri
Jan. 29, 2021
-
Mirae Asset Daewoo logs over W1tr in operating profit
South Korean brokerage firm Mirae Asset Daewoo said Friday its consolidated operating profit exceeded 1 trillion won last year, making it the first Korean financial company to reach the milestone Its consolidated group operating profit surged by 52 percent to 1,104 trillion won ($988 million) in 2020, while its profit before tax increased 26 percent to 1.12 trillion won. It posted 818.3 billion won in net profit, a 23 percent on-year increase. The company said it ushered in an era of over 1
Jan. 29, 2021
-
KNOC to unload North Sea assets: reports
State-run Korea National Oil Corp. is seeking to sell off its stakes in oil and gas fields in the British, Dutch and Danish North Sea, according to foreign media reports. The KNOC, whose debt ratio stood at 3,415.5 percent in 2019, is attempting to dispose of parts or all of its North Sea subsidiary Dana Petroleum to secure liquidity. Dana Petroleum is a British oil company acquired 100 percent by the KNOC. Dana Petroleum in January launched a process to sell a 10 percent stake in the Gre
Jan. 29, 2021
-
Doosan’s W1tr coal-fired power plants in Vietnam connected to grid
Doosan Heavy Industries’ two coal-fired plants worth 1 trillion won ($896.7 million) in Vietnam have been connected to the country’s electricity grid, according to foreign media reports. In 2015, Doosan won Song Hau 1 project that consists of two 600-megawatt thermal power plants from the Vietnam Oil and Gas Group. The plant No. 1 was synchronized in November, and plant No. 2 was synchronized Wednesday. When a power plant is synchronized, its means the plant is successfully est
Jan. 29, 2021
-
SK Innovation bleeds W2.5tr in operating losses as revenue shrinks 30%
SK Innovation’s revenue fell to 34.16 trillion won ($34.16 billion) last year, a 30.7 percent plunge from 49.87 trillion won on-year, as the pandemic dealt a massive blow to its petrochemical business. According to the South Korean battery-to-petrochemical giant’s regulatory filing on Friday, the company posted an operating loss worth 2.5 trillion won, swinging to red from an operating profit 1.2 trillion won in 2019. The revenue of SK Innovation’ petrochemical business,
Jan. 29, 2021
-
SsangYong Motor Q4 loss widens amid pandemic
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Friday its fourth-quarter net losses widened from a year earlier due to weak sales amid the coronavirus pandemic. For the three months ended December, net losses deepened to 173.6 billion won ($155 million) from 155.9 billion won in the year-ago period, the company said in a statement. "Weaker sales and tougher competition with rivals weighed on the quarterly results as the COVID-19 pandemic p
Jan. 29, 2021
-
LG International’s operating profit jumps 18.5% on-year in 2020
LG International, the trading arm of LG Group, saw its operating profit climb 18.5 percent on-year in 2020, on the back of the improved profitability in logistics, the company said Friday in a regulatory filing. Data showed that the company’s yearly sales came to 11.28 trillion won ($10.06 billion), up 7.1 percent from a year earlier, and its operating profit reached 159.8 billion won, up 18.5 percent during the same period. The operating profit marked a visible expansion during the
Jan. 29, 2021
-
Kospi dips by 3% to below 3,000 on foreign dumping
The South Korean benchmark stock index plunged below the 3,000-point threshold Friday on massive foreign dumping, largely generated by valuation concerns over local stocks and a liquidity squeeze in China. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 92.84 points, or 3.03 percent, to close at 2,976.21 points, registering the largest daily loss since Aug. 20 last year. Trading volume was high at about 972 million shares worth some 23.8
Jan. 29, 2021
-
Startup incubator D.camp generates ripple effect worth W6.7tr, 32,000 jobs
D.Camp, a non-profit foundation established by 19 banks to foster startups, said on Thursday it has created a trickle-down effect worth 6.7 trillion won ($6.01 billion) in the past three years. The foundation spent a total of 188.7 billion won to support the startup ecosystem for three years from 2018, with a total investment of 2.43 trillion won from the private sector, said Park Nam-gyoo, a business administration professor at Seoul National University at an online press conference. Park,
Jan. 29, 2021