11 logistics firms fined W5.45b over price collusion

South Korea's antitrust regulator said Sunday it has decided to fine 11 logistics firms a combined 5.45 billion won ($4.98 million) for colluding to fix their bidding prices for transportation of imported agricultural products. Leading logistics firms CJ Logistics, its rival Lotte Global Logistics and 10 other firms colluded to fix their quotations in 2006-2018 for 60 rounds of bidding over distributions of imported agricultural goods, according to the Korea Fair Trade Commission (KFTC). They

Dec. 6, 2020

Q1 exports outlook rosy: poll

A majority of South Korean exporters expect their business conditions to improve in the first quarter of next year on the back of the growing hope over the post-pandemic economic recovery, a survey showed Sunday. The country's export business survey index (EBSI) for the January-March period in 2021 came to 112.1, according to a survey carried out by the Korea International Trade Association (KITA). It marks the first time since 2017 that the EBSI has exceeded 110. A reading above 100 means op

Dec. 6, 2020

Poongsan Group Chairman Ryu Jin joins CSIS Board of Trustees

Poongsan Group Chairman and CEO Ryu Roy Jin joined the CSIS Board of Trustees, Friday. The Center for Strategic and International Studies is a Washington-based think tank. “I am delighted to welcome Roy to our Board of Trustees,” said CSIS President and CEO John J. Hamre. “CSIS will benefit tremendously from his global vision and innovative spirit.” Since 1998, Ryu has served as chairman and CEO of Poongsan Group, one of the largest manufacturers of copper products a

Dec. 6, 2020

Korea to tighten grip on global internet giants amid service complaints

A law revision set to take effect next week will tighten rules for data-hungry internet giants, such as Netflix Inc., amid growing calls for stable services. Earlier this week, the Cabinet passed an amendment to the ordinance of the Telecommunication Business Act, stipulating that online content service providers are responsible for providing stable services to users. The new rules set to take effect Dec. 10 apply to large online service companies, which account for 1 percent or more of the co

Dec. 5, 2020

Seoul shares likely to move in tight range next week

South Korean stocks are likely to move in a tight range next week after a continued rally this week as investors take a breather. Despite a surge in new daily COVID-19 cases, the Korea Composite Stock Price Index (KOSPI) closed at an all-time high of 2,633.45 points Friday, up 3.72 percent from a week ago. The KOSPI exceed the 2,700-point mark for the first time Friday on extended foreign buying, buoyed by vaccine hopes and expectations of better earnings for exporters, particularly the chipma

Dec. 5, 2020

Japan's Uniqlo to close main outlet in S. Korea amid pandemic

Japanese fashion retailer Uniqlo will close its outlet in Seoul's popular shopping district next month, after a sharp fall in sales stemming from the new coronavirus outbreak and a trade dispute between Seoul and Tokyo. Uniqlo said on its website recently in Korean that its global flagship store in Myeongdong, central Seoul, will stop operating Jan. 31. The outlet is the second biggest in the world after one in New York.    The closure came as online shopping has gained tra

Dec. 5, 2020

Court rules in favor of late Lotte chairman in gift tax case

A Seoul court ruled Friday in favor of Shin Kyuk-ho, the late founder of retail giant Lotte Group, in a lawsuit he filed against the tax authority over hundreds of billions of won of gift taxes. The Seoul Administrative Court ordered a district tax office to revoke 212.6 billion won (US$196 million) of gift taxes imposed on the honorary chairman of the nation's fifth-largest conglomerate, who died in January at the age of 99. The taxes were levied after the prosecution charged Shin with tax e

Dec. 4, 2020

Hyundai Card’s Dive culture app bags top mobile award

South Korean credit card issuer Hyundai Card announced Friday that Dive, Hyundai Card’s culture app, had won a high-profile app award two years in a row. Hosted by the Korea Internet Professionals Association, a nonprofit body that supports the local internet industry, the Smart App Award is one of the most prestigious contests for apps developed by local companies and government agencies. Its annual awards go to the best smartphone apps in six categories -- visual design, user interfa

Dec. 4, 2020

Current account surplus rises to three-year high in Oct.

South Korea’s current account surplus, a key barometer of the nation’s trade, surpassed $10 billion for two consecutive months and hit a three-year high in October, the central bank said Friday. The surplus increased 48.9 percent on-year to $11.6 billion in October on the back of recovering exports, despite the coronavirus pandemic, according to the Bank of Korea. It marked the largest surplus since September 2017, when the corresponding figure stood at $12.3 billion, and the t

Dec. 4, 2020

Kospi tops 2,700-point mark for the first time on foreign buying

South Korea’s main bourse, Kospi, topped the 2,700-point mark for the first time on Friday with a continued rally by giant chipmakers. The local currency’s value against the US greenback also rose further after reaching its highest point in 30 months a day earlier. As soon as trading began, the Kospi surpassed its previous record of 2,696.22 set a day earlier and soared to 2,705.34, up 9.12 points or 0.34 percent. Buoyed by foreign investors’ buying binge to the tune of 766.6

Dec. 4, 2020

Popeyes to pack up after 26 years

Popeyes, a US-based fried chicken franchise, said Friday that it would cease to operate in South Korea, 26 years after it opened its first outlet in 1994. The Korean operator, TS Food & System, said its franchise contract with the US headquarters is set to end at the end of this year. Popeyes, which at one time owned over 200 outlets here, has been struggling against poor sales. With the COVID-19 pandemic the business faced even more difficulties, and the number of stores was reduced t

Dec. 4, 2020

SK Chairman says ESG governance will help overcome environmental crisis

SK Group Chairman Chey Tae-won said Thursday that it was important to embrace environmental, social and corporate governance and nurture empathy to overcome the current environmental crisis. Speaking at Tokyo Forum 2020, an event held jointly by the Chey Institute for Advanced Studies and the University of Tokyo, he said people are now living in the Anthropocene Epoch, a time when human activity has begun having a major impact on the environment. Chey said the “world is in urgent need&r

Dec. 4, 2020

Korea Ginseng teams up with International Vaccine Institute to develop immune booster

South Korea’s leading ginseng manufacturer, Korea Ginseng, has signed a memorandum of understanding with the International Vaccine Institute to develop an adjuvant -- an agent that can improve the performance of a vaccine. The two will work together to develop an adjuvant using Korea Ginseng’s popular red ginseng brand CheongKwanJang, the company said Friday. Korea Ginseng will provide 12 types of ginsenosides while the institute, a nonprofit organization that is working with vacci

Dec. 4, 2020

Samsung conducts biggest personnel reshuffle in 3 years

Samsung Electronics on Friday announced a large-scale personnel reshuffle, the biggest in three years, owing to a strong performance this year despite the COVID-19 impact. The tech giant promoted a total of 214 executives, the largest number since 2017. “In spite of difficulty amid the global spread of COVID-19, the company timely responded to demand and raised efficiency in operations, which led to improved earnings from last year,” the company said in a statement. In the thir

Dec. 4, 2020

Korea’s exports of COVID-19 diagnostic reagents notch W2.5tr

South Korea has a new export item. COVID-19 diagnostic reagents notched a 2.5 trillion won ($2.3 billion) performance up to end-November. Diagnostic reagents are among the most fundamental components of diagnostic testing assays. Simply put, it is critical to have a well-functioning reagent to accurately discern a COVID-19 infection. According to the Ministry of Food and Drug Safety and the Korea Customs Service on Friday, Korea had exported enough COVID-19 diagnostic reagents to cover 496.8

Dec. 4, 2020

No. of working moms with underage children dips by most amid pandemic

The number of working mothers with underage children fell by the most during the six-month period ending in April as the job market remained sluggish amid the new coronavirus outbreak, data showed Friday. The number of working mothers with children aged under 18 reached 2.67 million as of end-April, down 5.5 percent from a year earlier, according to the data by Statistics Korea. It marked the sharpest decline since 2016, when the statistics agency began compiling related data. The fall was ma

Dec. 4, 2020

Samsung Electronics conducts reshuffle after strong Q3 results

Samsung Electronics Co., the world's leading smartphone and chipmaker, on Friday conducted a large-scale personnel reshuffle to reward employees after reporting robust third-quarter results. Samsung Electronics has promoted a total of 214 officials to higher positions to reflect their contributions to the company's stellar performance in the July-September period, the company said in a statement. In the first and biggest personnel changes in three years, 111 general managers were promoted as

Dec. 4, 2020

[Monitor] Lease prices for Seoul apartments soar

According to real estate prices tracked by KB Kookmin Liiv On, the average jeonse price of apartments in Seoul reached 560.69 million won ($509,829) as of November, up 23.91 million won from the previous month. Jeonse refers to South Korea‘s common lease system in which the downpayment is guaranteed for an average of two years. The rise in average jeonse price broke the 500 million mark in August following the government’s reinforced regulations aimed to protect the leasers, as we

Dec. 4, 2020

S. Korea's currency again touches 30-month high on US stimulus talks

South Korea's currency rose to a fresh 30-month high against the US dollar on Friday, propelled by signs of progress in US stimulus talks and the development of coronavirus vaccines. The won closed at 1,082.10 won per US dollar, sharply up 14.9 won from the previous session's close. It marked the strongest level since June 14, 2018, when the won closed at 1,083.10 won per US dollar. The won's rally was encouraged by prospects over a big US economic stimulus measure and breakthroughs in COVID-

Dec. 4, 2020

[Graphic News] Some 84 percent of newspapers, magazines in crisis due to pandemic: survey

　Around 84 percent of local newspapers and magazines have experienced severe business difficulties due to the new coronavirus pandemic, a recent survey showed. 　According to the survey published by the Korea Press Foundation, 33.4 percent of newspaper and magazine companies said the management crisis was very severe, while 50.8 percent answered it was somewhat severe. 　Only 13.3 percent of respondents said the crisis was not that severe, while a mere 2.5 percent, most of which identified a

Dec. 4, 2020