Amorepacific plans voluntary retirement

Amorepacific is planning to cut its headcount through offering voluntary retirement in the wake of the pandemic. According to news reports on Friday, the cosmetics giant announced through an internal notice that it would accept applicants for voluntary retirement from employees who have worked for the company for more than 15 years. “We posted an announcement this afternoon that the firm would accept applicants for voluntary retirement. We have not decided on the number of people yet,&

Nov. 13, 2020

Korean Air seeking to buy Asiana Airlines

Korean Air is seeking to acquire Asiana Airlines with the support of the Korea Development Bank, according to the airline industry on Friday. Industry sources said Asiana Airlines’ creditor KDB is considering mergers and acquisitions of the two nation’s largest airlines in a way to support Hanjin Group, which owns Korean Air. The most likely option is that the KDB invests in Hanjin Kal, the holding company of Hanjin Group, through a paid-in capital increase method allocated to a th

Nov. 13, 2020

Hyundai Motor wins CSR list in China for 5th consecutive year

Hyundai Motor Group has been ranked first among carmakers operating in China in a corporate social responsibility index reported by the Chinese Academy of Social Sciences, the company announced Friday. The company has topped the list measuring carmakers’ corporate social responsibility activities since 2016, the company added. The South Korean automaker was especially recognized for the efforts it made earlier this year in China to help people fight COVID-19, the company explained. H

Nov. 13, 2020

S. Korea to stabilize kimchi-making costs

South Korea‘s vice finance minister said Friday the government will stabilize the cost to make kimchi by expanding supplies of major vegetables and ingredients.  “We are planning to extend the supply of vegetables in the market by employing either the government’s hoarded stocks for gimjang or those already purchased by local companies from agricultural farms under contract,” Kim Yong-beom, first vice minister of finance, said in a meeting with related officials to

Nov. 13, 2020

Asiana Airlines stocks rally on possible takeover by Hanjin Group

Stocks of Asiana Airlines’s key affiliates sharply rose Friday following news report saying Korea’s Hanjin Group, parent of the nation’s largest airline Korean Air Lines Co Ltd, is in talks with the state-run Korea Development Bank to acquire the cash-strapped airline.  Shares of Asiana Airlines, the country’s No. 2 carrier, rose by 19.1 percent to 4,745 won ($4.25) in the early morning trading session, while its low-cost carrier unit Air Busan jumped 16.1 percent t

Nov. 13, 2020

Regulator to tighten rules on overdrafts

Financial authorities will tighten rules on unsecured loans from later this month, as they seek to prevent people from borrowing excessively to buy homes or invest in stocks, officials said Friday. Effective Nov. 30, the Financial Services Commission (FSC) will stiffen loan limits for a home buyer to 40 percent of a property's value if the buyer's annual income exceeds 80 million won ($71,748) and holds unsecured loans worth more than 100 million won. If a person buys a home in a regulated a

Nov. 13, 2020

A drone show illuminates the sky above Seoul Olympic Park

A drone show, displaying the symbols of a hopeful Korea, illuminated the autumn night sky at Seoul Olympic Park on Friday from 6:30 p.m., officials said. The Ministry of Land, Infrastructure and Transport said a drone show on the themes of “Korean New Deal” and “Memory and Feeling of Victory” was held to deliver a message of gratitude to Korean citizens who are overcoming the COVID-19 crisis. The ministry said 315 drones brightened up the autumn sky, demonstrating Ko

Nov. 13, 2020

Daewoo Shipbuilding bags W73b order from Europe

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. said Friday that it has secured a 72.26 billion won ($64.8 million) order to build six container carriers from a European company. The vessels are slated to be delivered by Jan. 31, 2023, Daewoo Shipbuilding said in a regulatory filing. The order has an option for the European company to cancel an order for a maximum of two carriers, the shipbuilder said. Daewoo Shipbuilding did not reveal the name of the European co

Nov. 13, 2020

S. Korea's money supply grows at fast clip in September

South Korea's money supply continued to grow quickly in September as firms rushed to secure funds amid the coronavirus pandemic, central bank data showed Friday. The country's M2 stood at 3,115.8 trillion won ($2.8 trillion) as of end-September, up 0.5 percent from August, according to preliminary data by the Bank of Korea (BOK). From a year earlier, M2 surged 9.2 percent, the BOK said. A key economic indicator closely monitored by authorities, M2 is a measure of the money supply that count

Nov. 13, 2020

S. Korea eyes $2tr in trade by 2030

South Korea will seek to raise the value of its trade to $2 trillion by 2030 by pushing for the digitalization of its trade infrastructure, the industry ministry said Friday. South Korea, Asia's fourth-largest economy, will also push to hike the number of small and medium-sized exporting companies to 200,000 by that year. The ministry unveiled the ambitious plan during an expanded trade strategy coordination meeting chaired by Prime Minister Chung Sye-kyun. "A structural innovation is ne

Nov. 13, 2020

[Monitor] Alibaba posts record-breaking Singles Day sales of $56.26 billion

China’s largest e-commerce platform, Alibaba, posted an increase in its annual Singles Day sales this year. While Alibaba had revealed daily sales figures for every Nov. 11 each year, this year its data included Nov. 1-10 presales figures, which reached 372.3 billion yuan ($56.26 billion). Presales combined with Nov. 11 sales totaled 498.2 billion yuan. What began as a celebration of singlehood in the country has become the world’s biggest one-day online sales event, with Alibaba s

Nov. 13, 2020

Economic uncertainty persists amid global flare-up in coronavirus cases: finance ministry

SEJONG-- The South Korean economy is on a recovery path, but it faces lingering uncertainty amid a global resurgence in new coronavirus cases, the finance ministry said Friday. The Ministry of Economy and Finance said South Korea's exports are on a mild recovery track and the country's production, consumption and investment are improving. "While the service sector and the job market have seen recovery momentum being capped, the Korean economy faces continuing uncertainty amid the fast spr

Nov. 13, 2020

[Time to Play] Fuser, NCSoft’s bold challenge into Western console gaming market

For someone who doesn’t understand games, NCSoft’s Fuser might seem like just another rhythm game. But for those more familiar, they’ll notice that Fuser is the South Korean game industry’s bold knock on the door of the Western console gaming market. For too long NCSoft has relied on its 12-year-old role-playing Lineage series PC games, which took up 85 percent of its revenue in the first quarter of this year. At a time when change was desperately needed, NCSoft h

Nov. 13, 2020

[Graphic News] Hyundai, Kia rank 4th in electrified car sales in 2019

　Hyundai Motor and its affiliate Kia Motors ranked fourth in global electrified vehicle sales last year, helped by increased exports, industry data showed. 　Hyundai and Kia sold a combined 350,000 electrified models in global markets in 2019, up 25 percent from a year earlier, the Korea Automobile Manufacturers Association said in a statement. 　Toyota, Tesla and Honda claimed the top three places in global electrified car sales rankings, it said. 　Electrified models include hybrid elec

Nov. 13, 2020

Seoul stocks open a tad higher on chip gains amid concerns over COVID-19

South Korean stocks opened a tad higher Friday on chip gains, despite concerns over the spread of the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.31 points, or 0.13 percent, to 2,478.93 in the first 15 minutes of trading. Stocks traded choppy, with investors paying keen attention to the COVID-19  circumstances in global financial markets, particularly in the United States. Federal Reserve Chair Jerome Powell said the world's largest economy is on

Nov. 13, 2020

Apple, S. Korean mobile carriers start preorders for new iPhones

Apple Inc. and three South Korean mobile carriers began taking preorders Friday for the iPhone 12 mini and the 12 Pro Max. The US tech giant said the smallest and the largest versions of its latest generation smartphone will go on sale in South Korea starting Nov. 20. The iPhone 12 mini is the smallest of Apple's new smartphones, with a 5.4-inch screen, compared with the standard model's 6.1-inch display. It, however, has the same dual-camera setup on the back as the 12 model. The 12 Pro Max

Nov. 13, 2020

Owner of Korean Air in talks to acquire Asiana Airlines: sources

Hanjin Group, which owns South Korea's top flag carrier Korean Air Lines, is mulling acquiring the country's No. 2 carrier Asiana Airlines Inc., sources here said Thursday. Hanjin Group is in talks with the state-run Korea Development Bank, the main creditor of Asiana, to buy the debt-ridden carrier, the sources said. "The KDB first came up with the idea, and they have been negotiating for about two months," a source familiar with the matter said. A KDB official said a deal with

Nov. 12, 2020

Samsung heir returns to business after father's death, convenes design strategy meeting

Samsung Electronics Vice Chairman Lee Jae-yong convened a design strategy meeting Thursday in his first business activity since his father's death last month. Lee and high-ranking executives discussed the tech giant's future design plans during the meeting at its research center in Seoul, the company said. It was the first time that the 52-year-old tycoon led a company event since the passing of his father and longtime Samsung Group chief Lee Kun-hee, who died at age 78 on Oct. 25. Lee, the

Nov. 12, 2020

Sartorius to invest $100m in Songdo targeting Samsung Biologics, Celltrion

Sartorius, a German life sciences company with 170 years of history, announced Thursday it will invest $100 million in South Korea’s bio cluster of Songdo in Incheon to build a manufacturing facility for biologics plant parts. Sartorius’ decision is largely attributable to Korean bio companies: Samsung Biologics and Celltrion. Samsung Biologics and Celltrion have been Sartorius’ clients for a number of years, and their growing roles in the bio industry were a factor Sartoriu

Nov. 12, 2020

LIG Nex1 unveils remote support system for maritime vessels

LIG Nex1 introduced a remote management system for maritime vessels at the 2020 Korea Ocean Expo held Wednesday at Songdo Convensia in Incheon. According to LIG Nex1, the new system will enable trained experts to monitor and maintain a vessel in a quick and effective real-time manner, even when the ship is out operating at sea, by incorporating elements of the internet of things, prognostics and health management and augmented reality technologies. LIG Nex1 explained that internet of things se

Nov. 12, 2020