Service output in major cities, provinces dips in Q3 on virus fallout

Combined service output in major cities and provinces declined 1.7 percent on-year in the third quarter as the new coronavirus outbreak hit the service sector involving face-to-face contact, data showed Tuesday. Service output in six cities and nine provinces retreated in the July-September period, with Incheon, west of Seoul, suffering the biggest on-year fall with an 11.6 percent decline, according to the data from Statistics Korea. "Service output contracted on-year in the third quarte

Nov. 17, 2020

No. of multiple home owners grows by more than 90,000 over past year

The number of multiple home owners in South Korea grew by more than 90,000 over the past year, data showed Tuesday, amid the government's efforts to curb rising home prices. The number of multiple home owners reached 2.28 million as of Nov. 1, 2019, up 92,000 from 2.19 million in the same period of last year, according to Statistics Korea. The tally picked up from a rise of 73,000 posted in the one-year period that ended on Nov. 1, 2018. The portion of people who have more than two houses acc

Nov. 17, 2020

Korea Shipbuilding bags W986b in orders from Oceania

Korea Shipbuilding & Offshore Engineering Co. said Tuesday that it has signed a combined 986 billion won ($890.5 million) worth of orders to build 10 very large crude-oil carriers (VLCCs). Three VLCCs will be built by its unit Hyundai Samho Heavy Industries Co. and seven VLCCs will be built by its unit Hyundai Heavy Industries Co., Korea Shipbuilding said in a regulatory filing. The 300,000-ton vessels will be delivered by March 2023 to unidentified customers, the company said. With th

Nov. 17, 2020

[Monitor] Bus fare jumps 120-fold in 50 years

Korea Price Information Corp. on Monday released data that showed how the basic prices for major items used in the daily lives of Seoul residents has changed over the past five decades. According to the report, the basic bus fare for a one-way trip in Seoul cost 10 won in 1970. It has since increased to 1,200 won as of this year, a 120-fold jump. The basic fare for a taxi increased from 60 won 50 years ago to 2,800 won in 2020.  (khnews@heraldcorp.com)

Nov. 17, 2020

Chipmakers rally on recovery hopes, foreign buying: analysts

Share prices in South Korean chipmakers are expected to rise further as investors bet on a recovery in the memory chip market next year, analysts here said Tuesday. South Korea's two largest chipmakers -- Samsung Electronics Co. and SK hynix Inc. -- have been skyrocketing in recent weeks with foreigners' buying spree. SK hynix continued its rally on Tuesday after touching a nine-month high on the previous day. It climbed 0.1 percent to 98,100 won ($88), extending its winning streak to six str

Nov. 17, 2020

Samsung Heavy wins W195b order from Oceania

Samsung Heavy Industries Co. said Tuesday that it has signed a 195 billion-won order ($176 million) to build three oil tankers from Oceania. The S-Max oil tankers will be delivered by January 2023, the company said in a regulatory filing. The deal has an option to build two additional oil tankers, it said. Samsung Heavy has a 46 percent share of the global S-Max oil tanker market, clinching orders to build 12 out of 26 oil tankers that have been ordered globally so far this year. S-Max, o

Nov. 17, 2020

Samsung Biologics inks COVID-19 drug manufacturing deal with Eli Lilly

South Korean pharmaceutical firm Samsung Biologics Co. said Tuesday it has signed a long-term agreement with US pharmaceutical firm Eli Lilly and Company to manufacture a novel coronavirus-neutralizing antibody. Under the contract manufacturing organization (CMO) agreement, Samsung Biologics will provide Eli Lilly's investigational neutralizing antibody for the treatment of COVID-19 patients. Earlier this month, the US Food and Drug Administration granted emergency use authorization for the in

Nov. 17, 2020

Seoul stocks open flat on valuation pressure

South Korean shares opened flat Tuesday after hitting a nearly three-year high the previous session, as valuation pressure offset optimism over Moderna's experimental COVID-19 vaccine. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.1 point to 2,542.93 in the first 15 minutes of trading. Stocks traded choppy after a 1.97 percent gain the previous session. Valuation pressure, along with the unrelenting coronavirus toll, increased investor caution. Market bellwether Samsung Elec

Nov. 17, 2020

Late Samsung chief's stock value tops W20tr

The stock value of Lee Kun-hee, the late chief of South Korea's top conglomerate Samsung Group, has surpassed the 20 trillion won mark for the first time thanks largely to a surge in shares of tech giant Samsung Electronics Co., data showed Tuesday. The value of stocks held by Lee, who died on Oct. 25 after being bedridden following a heart attack in 2014, totaled 20.08 trillion won ($18.1 billion) as of Monday, according to the data from market researcher Chaebol.com. It was up about 14 perce

Nov. 17, 2020

Amazon taps into Korea by investing in 11st

Amazon is partnering with Korean e-commerce platform 11st to avail purchase of its goods to Korean customers, 11st operator SK Telecom said Monday. According to SKT, which is SK Group’s mobile carrier that operates online shopping platform 11st, the two made an agreement for Amazon’s equity participation in 11st. Amazon is reportedly expected to purchase up to 30 percent of 11st’s company shares. Depending on 11st’s performance, which includes the company’s plan

Nov. 16, 2020

Samsung's R&D spending continues to rise in Q3; employment at record high

Samsung Electronics Co. said Monday its research and development (R&D) spending for the first nine months of the year hit a record high of 15.89 trillion won ($14.3 billion) amid the novel coronavirus pandemic. The figure represented a 600 billion-won increase from a year earlier, and is a more than 5 trillion won increase from its R&D investment tally in the first half of the year, according to the company's third-quarter business report. Samsung's R&D investment was equivalent to

Nov. 16, 2020

[News Focus] Korean Air’s acquisition of Asiana to create global top 10 airline

South Korea will have a mega carrier ranking as one of the world’s top 10 by fleet, following the country’s No. 1 carrier Korean Air’s decision to acquire its close rival Asiana Airlines on Monday. In the past months, Kumho Industrial struggled to find a new owner for Asiana, the country’s second biggest carrier. Most recently, its attempt to sell it to HDC Hyundai Development, a local property developer, collapsed amid the COVID-19 pandemic. On Monday, Korean Air an

Nov. 16, 2020

Daewoo Shipbuilding's Q3 loss narrows on strong operating profit

South Korea's Daewoo Shipbuilding & Marine Engineering Co. said Monday that its net losses narrowed in the third quarter from a year earlier on the back of its strong operating profit. Net losses shrank to 29.2 billion won ($26.3 million) in the July-September period from a loss of 296.4 billion won a year earlier, the company said in an emailed statement. Operating profit came to 33.6 billion won in the period, a turnaround from an operating loss of 256.3 billion won, while sales fell 2

Nov. 16, 2020

Korean flag carriers eye tie-up as policy lender backs W1.8tr deal

South Korea’s two flag carriers Korean Air Lines and Asiana Airlines are anticipating a tie-up, as the nation’s policy lender Korea Development Bank vowed to finance the 1.8 trillion won ($1.62 billion) megadeal. Announcing a plan to help Korean Air Lines acquire a majority stake in its longtime rival, KDB said Monday that the merger is indispensable in keeping the nation’s struggling aviation industry afloat. “The new integrated Korean flag carrier will rise to one of

Nov. 16, 2020

Seoul stocks hit almost 3-year high on chip rally, vaccine hopes

South Korean stocks surged to a nearly three-year high Monday despite the spreading coronavirus woes, buoyed by a rally in chipmakers and vaccine hopes that fueled investor appetite for risky assets. The Korean won rose to the highest in nearly two years against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 49.16 points, or 1.97 percent, to close at 2,543.03. The reading marks the highest closing since 2,568.54 points on Feb. 1, 2018. Trading volume was high at a

Nov. 16, 2020

S-Oil recognized by Dow Jones Sustainability Indices for 11 consecutive years

S-Oil said Monday it has made the Dow Jones Sustainability Indices World, the list of world’s most sustainable companies, this year. According to the South Korean refinery, it has been included in the DJSI World list for 11 consecutive years. In the Oil & Gas category, S-Oil is the first and the only refinery in the Asia-Pacific region to be included on the list for 11 years straight, the company said. Co-operated by global index providers S&P Dow Jones Indices and RobecoSAM,

Nov. 16, 2020

[Advertorial] LG Chem bolsters CSR activities under new slogan, ‘Green Connector’

LG Chem recently announced its new corporate social responsibility slogan, “Green Connector,” in response to global climate change and is focusing its efforts on four major fields: ecology, education, energy and the economy. To boost its corporate social responsibility activities for ecology, the South Korean chemical-to-battery giant joined hands with the Korean Federation for Environmental Movements last month, forming a team of 20 university students and supporting them in stu

Nov. 16, 2020

LG Electronics’ OLED TV production in full throttle in Mexico ahead of holidays

LG Electronics said Monday it has ramped up the production of its organic light-emitting diode TVs in Mexico by more than 30 percent to respond to a surge in demand anticipated for the upcoming holidays. According to the South Korean consumer electronics giant, its OLED TV plant in Reynosa, Tamaulipas, Northeastern Mexico, has increased its production by more than 30 percent to prepare for Black Friday and Christmas season. All OLED TVs manufactured in the Reynosa plant are shipped througho

Nov. 16, 2020

S. Korea likely to give conditional OK to Delivery Hero's acquisition of Woowa

SEJONG -- South Korea's antitrust regulator is likely to give conditional approval to a $4 billion deal by Germany's Delivery Hero to acquire the nation's top food delivery app operator, Woowa Brothers, Delivery Hero officials said Monday. Delivery Hero officials in South Korea said the Korea Fair Trade Commission (KFTC) informed them that it would grant permission for the deal on the condition that the German firm sells its food delivery affiliate here, Yogiyo. Officials at the KFTC were not

Nov. 16, 2020

Korea to roll out plans to stabilize soaring rents after long deliberation

After a series of meetings among ministers and high-ranking officials earlier this month, the South Korean government is expected to roll out another package of measures to address issues linked to the soaring cost of housing offered through “jeonse” contracts. Jeonse is a two-year housing rental agreement that involves a large lump-sum deposit in lieu of monthly rent. The new measures are expected to include supplying more than 100,000 subsidized homes for low- and middle-incom

Nov. 16, 2020