[Monitor] Business sentiment improves on eased restrictions

Businesses in South Korea gave a slightly more optimistic outlook for November amid the COVID-19 pandemic as local consumption appeared to increase on eased social distancing measures, the Korea Economic Research Institute said. The business survey index came to 99.5 for next month, up from 84.6 for October. Figures below 100 mean pessimists outnumber optimists. The think tank said, however, that this doesn’t mean the economy is showing signs of recovering. Uncertainties remain ahead of

Oct. 29, 2020

BOK again extends special lending program amid pandemic

The Bank of Korea (BOK) said Thursday it will again extend a special loan scheme for financial institutions by three months to help them stem a possible funding squeeze amid the coronavirus pandemic. The central bank said its decision-making monetary policy board decided to extend the special loan facility, originally set to expire on Nov. 3, until Feb. 3. It marks the second extension since the program's inception in May. In August, the BOK extended the special loan program by three months.

Oct. 29, 2020

Samsung's research group signs partnership with local IT service firm on AI tech

Samsung Electronics Co. said Thursday its experimental research group has signed a partnership with a local IT service firm on artificial intelligence (AI) technologies as the South Korean tech giant tries to expand its presence in human-like algorithm solutions.  Samsung Technology and Advanced Research Labs, better known as STAR Labs, inked a deal with CJ OliveNetworks Co., to develop services using their AI technologies. For their first project, the two sides will create an "inf

Oct. 29, 2020

Daewoo E&C Q3 net up 17.9% on decreased costs

Daewoo Engineering & Construction Co., a major South Korean construction company, said Thursday its third-quarter net profit rose 17.9 percent from a year earlier due to decreased costs. In the three months ending Sept. 30, Daewoo E&C posted a net profit of 56 billion won ($49 million), compared with a profit of 47.5 billion won a year earlier, the company said in a regulatory filing. The company said selling, general and administrative costs fell in the third quarter from a year earli

Oct. 29, 2020

Hyundai unveils design of Genesis GV70 SUV

Hyundai Motor Co. on Thursday unveiled the design of the GV70 SUV under its independent Genesis brand as it strives to gain a share in the high-end vehicle market. The midsized GV70 is the second SUV model with the Genesis badge following the launch of the GV80 SUV in January. Hyundai applied its "athletic elegance" design language to the GV70 following the similar aesthetic of the GV80 SUV and G80 sedan. The GV70 comes with Signature Genesis design elements that include a deep cr

Oct. 29, 2020

Seoul stocks open sharply lower on Wall Street plunge

South Korean shares opened sharply lower Thursday on an overnight Wall Street plunge, as the new coronavirus outbreaks in the major global economies continued to surge at an alarming rate. The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.96 points, or 1.11 percent, to 2,319.3 in the first 15 minutes of trading. Investor sentiment grew risk-averse, as a resurgence in virus cases in the United States and Europe raised concerns that the worsening pandemic may deliver heavy damage

Oct. 29, 2020

Duty-free sales inch up in Sept. on brisk foreign spending

Duty-free sales in South Korea edged up in September on increased purchases by Chinese vendors, industry data showed Thursday. Combined sales at duty-free shops in Asia's fourth-largest economy came to 1.48 trillion won ($1.31 billion) last month, up about 40 billion won from the previous month, according to the Korea Duty Free Shops Association. It marked the fifth straight month of gains since April when sales fell below the 1 trillion-won threshold for the first time in four years. Despite

Oct. 29, 2020

Naver's Q3 net triples on record sales amid pandemic

South Korea's top internet portal operator Naver Corp. said Thursday its net profit nearly tripled in the third quarter from a year earlier on the back of booming online goods transactions on its platform amid the pandemic. Net profit reached 235.3 billion won ($207.5 million) in the July-September period, up 176 percent from 85.3 billion won a year earlier, the company said in a regulatory filing. Operating income reached 291.7 billion won in the third quarter, up 1.8 percent from the previou

Oct. 29, 2020

Samsung expects profit decline after strong Q3 results

Samsung Electronics Co. on Thursday expected its profitability to worsen in the fourth quarter after delivering a forecast-beating performance in the third quarter on its better-than-expected chip business and demand for its mobile and home appliance products amid the pandemic. The world's largest memory chip and smartphone vendor said its net profit amounted to 9.36 trillion won ($8.3 billion) in the third quarter, up 48.9 percent from a year earlier. Operating profit jumped 58.8 percent on-y

Oct. 29, 2020

Hyundai Capital reshaping COVID-hit volleyball scene

The monthslong coronavirus pandemic has affected much of South Korean society, and the sports sector is one of many that has felt the brunt of the crisis. Athletes in nearly all sports play in empty stadiums, while others have had their seasons canceled.  Aiming to reignite fans’ passion for volleyball amid the pandemic, the Hyundai Capital Skywalkers, owned by auto financing firm Hyundai Capital, recently organized an online event to show fans around the team’s locker room a

Oct. 29, 2020

FCA Korea releases limited All-New Wrangler Willys edition

Fiat Chrysler Automobiles Korea said Wednesday that it is releasing the All-New Wrangler Willys edition, presenting just 100 units here. According to the company, the All-New Wrangler Willys edition was inspired by the Willys Overland CJ-3A -- the “father” of modern recreational vehicles, which was introduced around the end of 1948. The four-door off-roader has a hood that displays a decal exclusive to the Willys and a black seven-slot grille that hints at the original Willys, t

Oct. 29, 2020

Amorepacific Q3 net down 93% on tepid sales amid pandemic

Amorepacific Corp. said Wednesday its third-quarter net profit declined 93.1 percent from a year earlier as sales of its cosmetics at offline channels were hit by the new coronavirus outbreak. Net income came to 7 billion won ($6.2 million) in the July-September period, compared with 102.3 billion won a year earlier, South Korea's largest cosmetics maker said in a regulatory filing. From three months earlier, net profit rose 4.6 percent. Operating profit declined 48 percent on-year to 56 bill

Oct. 28, 2020

KT announces vision to become telecom-IT firm

KT, South Korea‘s leading telecommunications firm, announced its corporate vision Wednesday to strengthen its non-telecommunications businesses. The company also introduced a new corporate brand KT Enterprise as part of its efforts to increase investment in services powered by artificial intelligence, big data and cloud technology. KT CEO Ku Hyeon-mo stressed that the company will increase its investment in up-and-coming platform sectors to secure future growth during a press conference

Oct. 28, 2020

ULikeKorea’s calf biocapsule certified as animal medical device in Korea, Japan

ULikeKorea’s LiveCare calf biocapsule was acknowledged in Korea and Japan as an animal medical device, the company said Wednesday. ULikeKorea’s LiveCare is a monitoring tracker that, once swallowed, lodges inside the cow’s first stomach and stays there for its life span of some five years. The capsule contains an information and communication technology device that picks up on the cow’s body temperature, range of activity, mating season and 40 types of animal diseases. T

Oct. 28, 2020

Merck to bulk up OLED capacity with investment in Gyeonggi, Pyeongtaek

　Merck will invest 20 million euros ($23.6 million) in and around Pyeongtaek, Gyeonggi Province, to increase its organic light-emitting diode manufacturing capabilities, the company said Wednesday. 　The 20 million euros will be used to establish a modular production system for an additional OLED sublimation purification facility, and expand its OLED manufacturing facility in the neighboring county of Poseung-eup. 　OLED sublimation purification is a key step that ensures top-level OLED quality

Oct. 28, 2020

GC LabCell posts record-breaking Q3 performance

GC LabCell tentatively filed a record-breaking third-quarter business performance, on the back of increased swab sample analysis and biologics distribution. From July to September, GC LabCell made a 2.9 billion won ($2.5 million). Its revenue increased 64 percent on-year to 23.9 billion won -- the highest figure GC LabCell has ever made in a quarter. Accumulated revenue from the first quarter through third quarter reached 59.1 billion won, surpassing 2019’s yearly accumulated revenue of

Oct. 28, 2020

Hong vows deregulation for nonspeculative home buyers

Responding to continuing public complaints that the latest and forthcoming real estate policies impose excessive burdens upon nonspeculative end users, the South Korean government is set to lowering the tax rate for budget residences, the nation’s fiscal chief said Wednesday. He also rolled out a “phased” housing system that would allow prospective homebuyers with limited credit to eventually own a residential home by accumulating stake in the given property throughout the

Oct. 28, 2020

NPS says no to LG Chem’s battery split-off, but can it stop it?

South Korea’s National Pension Service said Tuesday it will vote against LG Chem’s plan to carve out its battery business into a wholly-owned subsidiary LG Energy Solution, though the state pension fund’s opposition is unlikely to hinder the move. The split-off, which awaits a final approval at a shareholders’ meeting set for Friday, requires support from more than two-thirds of shareholders in attendance and one-third of outstanding shares. The NPS is the second-large

Oct. 28, 2020

Korea Post tests autonomous mail delivery vehicles

Korea Post said Wednesday it has tested a self-driving mail delivery vehicle, joining the country's race to introduce unmanned delivery services. The agency said it tested the vehicle, developed by PostCube Co., a local automatic postal service developer, at the Korea University Sejong Campus in the central city of Sejong, 120 kilometers south of Seoul, delivering a package to a student on campus. The unmanned vehicle, which serves as a standalone post office, has a digital kiosk inside that a

Oct. 28, 2020

Seoul stocks snap 2-day losing streak on tech gains

South Korean shares ended their two-day losing streak Wednesday, helped by a tech rally, amid intensifying woes over the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.42 points, or 0.62 percent, to close at 2,345.26. Trading volume was moderate at about 695 million shares worth some 8.8 trillion won ($7.8 billion), with gainers outnumbering losers 615 to 237. Foreigners bought a net 15 billion won, with retail investors pu

Oct. 28, 2020