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The Korea Herald

Market Now

August 11, 2022
[Newsmaker] Samsung foldables to get chipset upgrade

Samsung Electronics, a chips-to-smartphones company, said Wednesday it plans to roll out its clamshell Galaxy Z Flip 4 and foldable Galaxy Z Fold 4 on Aug. 26 in South Korea, the United States and Europe. Both the Z Flip 4, a more affordable version of the Samsung premium phone that would deploy f...
August 11, 2022
[MARKET EYE] Insurers brace for bumper bill on growing reports of flooded cars

Insurance companies face costly claims for damage coverage for nearly 8,000 flooded cars -- among which at least 2,500 are from luxury brands -- after heavy rain battered Seoul and Gyeonggi Province this week. According to the General Insurance Association of Korea, 12 automobile damage insurance ...
August 11, 2022
FSC starts work on crypto framework

South Korea’s Financial Services Commission said Monday that efforts to set up a framework for digital assets like bitcoin were underway as part of its larger deregulation initiative to help companies start new businesses without having to worry about regulatory uncertainty. At a meeting with Pre...
August 11, 2022
Samsung suffers heavier taxes, hiring costs than TSMC: think tank

The heavier burden of corporate taxes and cost per hire are weighing on South Korean chipmaking giants like Samsung Electronics, indicating the unfavorable conditions leave them behind competitors like Taiwan-based TSMC amid intensifying semiconductor competition worldwide, according to a local thi...
August 11, 2022
Korean team develops own colorless film for foldable displays

Researchers at the Korea Institute of Production Technology said Wednesday that they have succeeded in developing a fluorine-based polyimide film, opening a leeway to produce the material without having to rely on imports from Japan. The film is a crucial part of foldable displays, as it gets rid o...
August 11, 2022
Household borrowing dips on higher rates and tighter curbs

Bank loans to households in South Korea fell for the first time in four months in July, as rising interest rates and tighter loan curbs prompt Koreans to refinance their budget without banks’ help, Bank of Korea data showed Wednesday. As of July, loans stood at an estimated 1,060.5 trillion won (...
August 11, 2022
70m Pokemon bread sales provide record Q2 revenue for SPC Samlip

South Korean confectionery company SPC Samlip said Wednesday that it had posted an all-time high sales record of over 800 billion won ($611.4 million) in the second quarter, driven by the popularity of its Pokemon Bread, of which the company sold 70 million packs for the last six months. The compa...
August 10, 2022
Floods ravage Seoul area shopping malls, hospitals

The heaviest rainstorms in 115 years have flooded hospitals, shopping malls, convenience stores and office buildings in Seoul, leaving the capital city in chaos overnight. Gangnam Severance Hospital in Gangnam-gu, one of the largest hospitals in Seoul, was submerged last night, with water cascadin...
August 10, 2022
Nearly 5,000 vehicles flooded due to heavy rain

Insurance companies are expected to face costly claims for flooded cars as a result of the heavy rain that has inundated Seoul’s Gangnam area since Monday night. Twelve automobile damage insurance companies received more than 4,791 claims for flooded cars overnight, according to the General Insur...
August 10, 2022
Korea’s trade deficit with China to persist: KCCI

South Korea’s trade deficit with China is likely to persist for the time being, unless Korea strives to achieve supply chain independence from China, according to a report by lobby group Korea Chamber of Commerce and Industry on Tuesday. The growing reliance on China over key materials used for K...
August 10, 2022
Korean battery makers keep close tabs on US Inflation Reduction Act

South Korean lithium-ion battery cell makers are expected to be beneficiaries once the Inflation Reduction Act comes into force in the United States, as the bill is likely to induce US electric vehicle makers to cut their reliance on Chinese battery components. But at the same time, Korean battery...
August 10, 2022
Avikus bags 1st autonomous navigation orders

Avikus, an in-house venture under Hyundai Heavy Industries Group, became the first autonomous navigation software company to sell Level 2 autonomous navigation solutions in the world. Avikus signed order contracts with two South Korean shipping companies, SK Shipping and Sinokor Merchant Marine, t...
August 10, 2022
Korean regulators to probe Apple, Google on alleged violation of local law

The Korea Communications Commission will look into whether app market operators -- Apple, Google and One Store -- are in violation of a Korean law that bans forcing certain in-app payment methods among app developers, the regulatory agency said Tuesday. The fact-checking investigation will begin f...
August 10, 2022
[Herald Interview] MetLife‘s 360Health app to cater to South Korea’s aging society

South Korea has been an aging society since 2000 and is now on track to become a super-aged society within five years when older people make up 20 percent of its 50 million population. With the people across Asia now expecting longer life spans, helping them build a healthier lifestyle through adv...
August 10, 2022
‘Don’t touch batteries of flooded EVs’: experts

The possibility of getting an electric shock from a submerged electric vehicle is low, but drivers should never touch the battery of flooded cars, experts warned Tuesday. According to the Korea Transport Institute, EV batteries are designed to automatically cut off outgoing electricity if any wate...

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