Seoul stocks tumble almost 1% over virus scare

South Korean shares dipped nearly 1 percent Wednesday as a new coronavirus cluster infection threatened hopes for quick economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 22.67 points, or 0.94 percent, to close at 2,380.48. Trading volume was moderate at about 880 million shares worth some 10.5 trillion won ($9.2 billion), with losers outnumbering gainers 638 to 227. Foreigners sold a net 38 billion won and institutions o

Oct. 14, 2020

Starbucks Korea kicks off 2nd round of support for middle-aged entrepreneurs

Starbucks Coffee Korea is accepting applications for the second round of its program to support people in their 40s or older who are looking for opportunities to reopen their stores. Starbucks Coffee Korea‘s support program is a joint project with the Ministry of Startups and SMEs and the Small Enterprise And Market Service, dedicated to supporting troubled small business owners who have recently closed their businesses. Applicants accepted to the program will go through 16 hours of b

Oct. 14, 2020

High-income earners dodge national pension subscription

The amount of national pension premiums unpaid by high income-earners in South Korea totaled nearly 1 trillion won ($871 million) as of June this year, data showed Wednesday. According to a report from the National Pension Service submitted to the ruling Democratic Party Rep. Jung Choun-sook, a total of 198,399 high earners left their subscription fees to the state-run pension program unpaid, up around 20,000 from six months earlier. Of the accumulated amount, only 6.5 percent, or 71.33 billi

Oct. 14, 2020

BOK keeps interest rate unchanged

South Korea’s central bank on Wednesday kept its benchmark interest rate anchored near 0.5 percent, hinting that it is treading cautious steps not to further aggravate the nation’s loan and housing markets, amid the coronavirus pandemic. The Bank of Korea’s seven-member monetary policy board unanimously voted to hold the base rate at a record low rate, maintaining the decision it had made in late May. The board slashed the rate by a whopping 0.5 of a percentage point to 0.75

Oct. 14, 2020

Air quality improves in Korea during China lockdown: lawmaker

South Korea saw a 25 percent decline in airborne nitrogen dioxide levels between January and May from the previous three-year average, a lawmaker said Wednesday, attributing the decline to coronavirus lockdowns in China. Rep. Jang Chul-min of the Democratic Party cited Korea Environment Corp. data available on AirKorea that showed Korea’s average concentrations of nitrogen dioxide, a key air pollutant, during the first five months of this year reached 0.017 parts per million, 25.4 percen

Oct. 14, 2020

KB, SC Bank, Mirae Asset Daewoo get top grades in governance, ESG

    Standard Chartered Bank Korea, KB Financial Group and Mirae Asset Daewoo were recognized for their best practices in corporate governance and ESG management, respectively, the companies said Wednesday.  SC Bank Korea, wholly owned by London-based Standard Chartered Bank, received the “A+” rating for a second consecutive year in the Korea Corporate Governance Service‘s corporate governance evaluation on companies‘ shareholder-friendly approach an

Oct. 14, 2020

S. Korea continues efforts to stabilize FX markets

SEJONG -- South Korea's vice finance minister said Wednesday that the government has continued efforts to stabilize foreign exchange markets, citing the "relatively speedy" strength of the Korean currency against the US dollar. Vice Finance Minister Kim Yong-beom made the remarks at a policy meeting, as the won has been recently trading at a level of 1,140 won against the US dollar, compared with a level of 1,180 won in mid-September. "The won's strength appears to be relative

Oct. 14, 2020

LG expands washer-dryer combo lineup with bigger products

LG Electronics Inc., a major South Korean home appliance maker, said Wednesday it will expand its washer-dryer combo lineup with large capacity products to better meet consumer demand. LG WashTower is a washer-dryer combo that combines a front-loading washing machine and a dryer into a single laundry appliance. The product is currently sold with a 21-kilogram washer at the bottom and a 16-kilogram dryer at the top, but the new model will have a 24-kilogram washer and a 17-kilogram dryer, the c

Oct. 14, 2020

More than half of card loan users juggle multiple debts

More than a half of credit card loan users in South Korea pay debts with cash withdrawn from multiple financial institutions, data showed Monday, indicating that both credit card issuers and commercial banks are facing a growing default risk. About 56 percent of the country’s 2.6 million holders of credit card loans were found to have received loans from more than three financial service companies, including credit card issuers and banks, between January and June, said Rep. Jeon Jae-su fr

Oct. 14, 2020

SK Telecom to develop 5G-based smart ports

SK Telecom Co., South Korea's largest mobile carrier, said Wednesday it will develop smart ports using 5G network services by partnering with the Ministry of Oceans and Fisheries and the Busan Port Terminal Corp. Under the memorandum of understanding signed between the three parties, they will develop a test bed for a smart port that uses 5G-powered services. A smart port refers to ports that use Internet of Things (IoT) devices to track and analyze the movement of cargo and workers to improve

Oct. 14, 2020

Chung Euisun officially takes helm of Hyundai Motor Group

Chung Euisun became the official chairman of Hyundai Motor Group on Wednesday, seizing full control at a critical juncture when the manufacturing mammoth is positioning itself as a mobility solutions leader. The group said Hyundai Motor, Kia Motors and Hyundai Mobis had held an extraordinary board meeting in the morning and unanimously approved Chung’s appointment as chairman. His father -- outgoing Chairman Chung Mong-koo, under whose leadership Hyundai Motor Group has grown into the w

Oct. 14, 2020

Samsung introduces new SD cards for first time in 5 years

Samsung Electronics Co. on Wednesday unveiled two news lines of SD cards boasting fast speeds and enhanced durability as the South Korean tech giant targets content creators and consumers who need high-performance memory cards in shooting videos and photos. Samsung's PRO Plus and EVO Plus SD cards come with four storage capacity options -- 32-gigabyte (GB), 64GB, 128GB and 256GB. This is the first time since 2015 that Samsung introduced new SD card products. The PRO Plus offers sequential rea

Oct. 14, 2020

Samsung heir returns home after meeting with ASML officials in Netherlands

Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of South Korea's top conglomerate, returned home Wednesday after meeting with top executives from ASML Holding NV, the world's leading photolithography equipment maker, in the Netherlands. Lee met with ASML CEO Peter Wennink and ASML Chief Technology Officer Martin van den Brink at ASML headquarters in Eindhoven, the Netherlands, on Tuesday before returning to South Korea, Samsung said. Lee departed for Europe last Thursday,

Oct. 14, 2020

S. Korea to hold population census this week amid pandemic

SEJONG -- South Korea will hold a national census this week, the statistics agency said Wednesday, amid the coronavirus pandemic. Statistics Korea asked people to use mobile phones, fixed-line telephones and computers to register their personal, family and other information in a move to stop the spread of COVID-19. The agency said about 27,000 census workers will carry out door-to-door visits from Nov. 1 to Nov. 18 for those who fail to respond to the non-contact survey from Oct. 15 to 31. So

Oct. 14, 2020

[Monitor] Scouting of foreign experts dwindles

Recruitment by South Korean firms of foreign experts in various fields dropped to 153 as of the first nine months of this year, according to data submitted by the Korea Trade-Investment Promotion Agency to Rep. Lee Joo-hwan. The number is one-quarter of the 615 recruited in 2016.  (khnews@heraldcorp.com) 　

Oct. 14, 2020

‘Seoul needs more global talents to become a tech hub’

Wcoding, which provides coding education in English, says that Seoul needs to bring in more global talents and businesses to turn the metropolitan city into a regional tech hub. “We believe Seoul is an ideal place for tech-related ventures in Asia, and that’s why we’re helping our students find their true potential and also help them realize their dream.” said Kim Kyung-dong, co-founder of Wcoding.   “To bridge Korea and the rest of the world and become a ste

Oct. 14, 2020

Apple to launch iPhone 12 in S. Korea on Oct. 30

Apple Inc. said Wednesday it will launch its new smartphone, the iPhone 12, in South Korea later this month as the US tech giant aims to attract more consumers here with its first 5G-supporting handset. Apple on Tuesday (local time) unveiled four models of the iPhone 12 series -- the 5.4-inch iPhone 12 Mini, the 6.1-inch iPhone 12, the 6.1-inch iPhone 12 Pro and the 6.7-inch iPhone 12 Pro Max. Of them, Apple said the iPhone 12 and the iPhone 12 Pro will go on sale in South Korea on Oct. 30, o

Oct. 14, 2020

Seoul stocks open lower on US stimulus deadlock, vaccine worries

South Korean shares opened lower Wednesday, as investor sentiment weakened over a deadlock in US fiscal stimulus plans and slow progress in new coronavirus vaccine development. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.77 point, or 0.03 percent, to 2,402.38 in the first 15 minutes of trading. Stocks traded bearish, taking a cue from Wall Street losses that stemmed from worries that the new US stimulus plan is losing steam ahead of the November presidential election. Inve

Oct. 14, 2020

BOK freezes key rate amid virus fallout and growing household debt

South Korea's central bank froze its key interest rate at a record low Wednesday amid heightened economic uncertainties over the protracted coronavirus outbreak and rising housing prices. The Bank of Korea (BOK) also voiced concerns about the fast growth of household debt as asset markets, such as the housing market, could become unstable due to excessive household loans. In a unanimous decision, the BOK's monetary policy board kept steady the benchmark seven-day repo rate, called the base rat

Oct. 14, 2020

KT gets boost in top pay TV status via cable unit's acquisition

South Korean telecom giant KT Corp. is set to strengthen its top pay TV operator position in the local market after its satellite broadcasting unit clinched a deal to acquire a local cable TV operator. In a regulatory filing late Tuesday, KT Skylife Co. said it will acquire Hyundai HCN Co.'s broadcasting business for 491.1 billion won ($427.4 million) by July 30, 2021. Currently, Hyundai HCN is in the process of spinning off its broadcasting division, which will retain the original name, as a

Oct. 14, 2020