Exports of instant noodle, kimchi on rise amid pandemic

South Korea's exports of instant noodles and kimchi products rose sharply in the first nine months of the year on the back of rising demand for ready-to-eat meals and healthy foodstuffs amid the new coronavirus pandemic, data showed Monday. Outbound shipments of instant noodles jumped 36.3 percent on-year to $456 million during the January-September period, while those of kimchi jumped 38.5 percent to $109 million over the cited period, according to the data compiled by the Ministry of Agricult

Nov. 2, 2020

[Monitor] Korea aims to see over 1M EVs by 2025

The Korean government on Friday announced the national strategy for future automobile proliferation and market domination, at Hyundai Motor’s factory in Ulsan. With Deputy Prime Minister Hong Nam-ki and officials from the Ministries of Trade, Environment, Transport in attendance, President Moon Jae-in pledged innovation in convenience, price and demand for future automobiles, aiming for 1.13 million electric vehicles and 200,000 hydrogen vehicles on the road by 2025. (khnews@heraldcorp

Nov. 2, 2020

Celltrion inks supply agreement for COVID-19 test kit in US

South Korean biopharmaceutical giant Celltrion Inc. said Monday it has signed an agreement worth 210 billion won ($185 million) to supply a diagnostic kit for the novel coronavirus in the United States. Under the agreement, Celltrion's rapid antigen kit, Sampinute, will be distributed by Prime Healthcare Distributors in the US The kit was co-developed by local health care firm BBB. Sampinute won an emergency approval by the US Food and Drug Administration for commercialization late last month

Nov. 2, 2020

Apple's ECG monitoring app available in S. Korea

Apple Inc. said Monday its electrocardiogram (ECG) monitoring app on Apple Watch is now available in South Korea as the US tech giant tries to expand its presence in the wearables market here with upgraded health-related features. Apple said local consumers who have Apple Watch Series 4 or later can use its ECG app through software updates after it recently secured an approval from South Korea's Ministry of Food and Drug Safety. Apple's ECG app records a person's heartbeat and rhythm using se

Nov. 2, 2020

SK Telecom pilots AI program for dementia diagnosis

SK Telecom Co., South Korea's largest mobile carrier, said Monday it has started testing an artificial intelligence (AI) program that can detect dementia by listening to patients' speech. The carrier said it partnered with Seoul National University College of Medicine last year to develop the program to allow early diagnosis of the disease. The two will start testing the program at major hospitals and the country's dementia centers this month to improve the program's accuracy. The AI program

Nov. 2, 2020

24 added to antitrust watch list in Aug.-Oct. period

The number of companies affiliated with major conglomerates under tight restrictions increased in the August-October period, data showed Monday, as they increased investment in financial or content firms. The total number of affiliates under such restrictions reached 2,325 as of the end of October, up 24 firms from three months earlier, according to the Fair Trade Commission (FTC). Major business groups newly launched or acquired 56 new affiliates, while offloading 32 others. Under South Ko

Nov. 2, 2020

[Graphic News] Korea’s beer exports more than halve this year on virus

　South Korea’s beer exports more than halved in the first nine months of the year in the wake of the coronavirus pandemic, data showed. 　Overseas shipments of Korean beer stood at $54.1 million in the January-September period, about 46 percent of last year’s $117.3 million, according to the Korea Agro-Fisheries & Food Trade Corp. 　Exports to China fell by a third to $20.3 million from $67.6 million over the cited period. Shipments to Hong Kong sank 27.3 percent, and those t

Nov. 2, 2020

Number of int'l travel firms hits 4-year low on pandemic

The number of agencies for overseas trips in South Korea sank to a near four-year low this year due to travel restrictions caused by the coronavirus pandemic, data showed Monday. South Korea had 8,963 international travel agencies as of the end of September, down 5.3 percent, or 503, from the end of December, according to the data from the Korea Tourism Association. It represents the lowest tally since the 8,948 recorded in December 2016. After peaking at 9,732, the number had been on a stead

Nov. 2, 2020

Seoul stocks open higher ahead of US election, FOMC meeting

Seoul stocks opened higher Monday ahead of the upcoming US presidential election and the Federal Open Market Committee (FOMC) meeting. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.37 points, or 0.33 percent, to reach 2,274.52 in the first 15 minutes of trading. Stocks got off to a strong start after the previous session's 2.56 percent plunge. Amid the global COVID-19 resurgence and the US election uncertainties, investors pinned hopes for a dovish signal from the FOMC, whic

Nov. 2, 2020

Apple recalls AirPods Pro for faulty sound issues

Apple Inc. has announced a global recall of AirPods Pro wireless earbuds for faulty sound issues, such as crackling or static sounds. Apple said it has determined that a small percentage of AirPods Pro may experience sound issues, adding that affected units were manufactured before October 2020. The US tech giant said problems of an affected AirPods Pro included crackling or static sounds that increase in loud environments, with exercise or while talking on the phone. It also said active nois

Nov. 2, 2020

SKT has best 5G availability, LG U+ fastest 5G download speed: UK research institute

Among Korean communications firms, SK Telecom has the best 5G availability in the capital areas of Seoul and Incheon, while LG U+ has the fastest 5G download speed, according to UK market research institute Open Signal on Sunday. “Korea’s 5G experience continues to improve with more users opting for a 5G handset,” said Open Signal, “The 5G network connection was faster in Seoul, Incheon and Busan than elsewhere in the country.” According to Open Signal in researc

Nov. 1, 2020

Samsung silently marks anniversary

Samsung Electronics on Sunday marked the 51st anniversary of its foundation in silence, in the first memorial day under scion Lee Jae-yong just one week after Chairman Lee Kun-hee’s death. There was no official remark from Samsung regarding the anniversary, but the conglomerate was set to hold a ceremony Monday. Whether Vice Chairman Lee Jae-yong would release a message was not confirmed. Industry watchers are paying attention to what a new Samsung with heir Lee officially at the he

Nov. 1, 2020

Jeonse supply measures stall amid housing market turbulence

The South Korean government is apparently caught in a real estate dilemma, as its aspiration to ease the supply shortage of “jeonse” apartments will likely contradict its efforts to cool the heated housing market. While policymakers are struggling for a breakthrough, the announcement of jeonse-related measures will probably not take place within this week, according to multiple officials of the Ministry of Economy and Finance and the Ministry of Land, Infrastructure, and Transpo

Nov. 1, 2020

Korea Sale Festa and more sales events kick off amid pandemic

South Korea’s annual nationwide shopping festival Korea Sale FESTA kicked off Sunday with over 1,600 companies, the largest scale to date. The two-week festival takes place until Nov. 15 this year with the support of the central governments and the 17 metropolitan and provincial authorities, though many parts of the event will go online. During an online opening ceremony on Saturday, Prime Minister Chung Sye-kyun said this year’s event would “contribute greatly to the recover

Nov. 1, 2020

HiteJinro launches sour candy-flavored soju

South Korean liquor maker HiteJinro has released a new low-alcohol sour candy-flavored soju. The latest addition is a collaboration with Korean confectionery company Orion’s popular sour candy Aisher. Similar to the snack, the flavor has been described as “super sour.” The Aisher soju marks the fourth in the liquor maker’s fruity flavored soju series, following grapefruit, green grape and plum favors. The company said the new flavor reflects a recent trend among young

Nov. 1, 2020

8 units of SK Group to join global renewable energy campaign

Eight units of South Korea's third-largest conglomerate SK Group will participate in a global renewable energy campaign also joined by Google Inc. and Apple Inc., the group said Sunday. The SK firms will be the first South Korean companies to take part in the RE100 campaign that calls for companies to meet their entire electricity demand with renewable energy such as wind power and solar power by 2050. About 260 companies, including Google Inc., Apple Inc. and Ikea, have already joined the c

Nov. 1, 2020

Former presidential economy secretary tapped as FSC vice chairman

President Moon Jae-in’s former secretary for economic policy, Doh Kyu-sang has been tapped as new vice chairman of the Financial Services Commission, Cheong Wa Dae said Sunday. Doh, a 53-year-old veteran bureaucrat, is well known for his career and expertise in economic policymaking. He joined the Ministry of Economy and Finance in 1991 after passing the civil servant exam and built his career both at the ministry and the FSC while taking key roles. Doh served as the main spokesperson

Nov. 1, 2020

COVID-19 irony: Banking groups set to break records in pandemic

While the global economy seems to be largely struggling under coronavirus woes, South Korea’s major banking groups are projected to see record-high earnings for this year, analysts said Sunday. “There has been an increase in core interest revenues due to a growth in won-denominated loans and a narrow on-quarter decline of the banking groups’ net interest margins by 0.01 percentage point,” a recent note released by local brokerage BNK Securities said. “Their brok

Nov. 1, 2020

[From the scene] Getting on a ‘flight to nowhere’

On a Saturday morning in October, an Asiana Airlines flight carrying 250 passengers took off at Incheon Airport in the midst of a pandemic. The destination? Nowhere, although it flew over Gangneung, Pohang, Gimhae and Jeju Island during the nearly two-hour flight. As odd as it may sound to those who dread the idea of going to the airport, the destination-less flights, or “flights to nowhere” have become a hit of some sort with avid flyers in 2020 -- a year when commercial flying ha

Nov. 1, 2020

Kospi records first monthly fall after March

South Korea’s main bourse Kospi saw a monthly dip in October, discontinuing its winning streak following March, when the market hit its rock bottom over market fears on the coronavirus and started a seven-month rebound. Despite the index heading south, retail investors have flocked to high-risk leveraged exchange-traded funds, betting on the local stocks’ recovery, data showed Sunday. According to the nation’s sole securities exchange operator Korea Exchange, Kospi closed at 2

Nov. 1, 2020