South Korea's exports of biopharmaceutical products more than doubled in 2020 from a year earlier on the back of the growing demand for pharmaceutical products amid the COVID-19 pandemic, a report showed Monday. Outbound shipments of high-end biopharmaceutical products came to $5.1 billion in 2020, compared with around $2.1 billion tallied the previous year, according to the Korea International Trade Association (KITA). Asia's fourth-largest economy stood in seventh place in terms of exports i

South Korea's instant noodle exports touched an all-time high in the first half of the year amid the coronavirus pandemic, data showed Monday. Asia's fourth-largest economy exported $319.68 million worth of instant noodles, or "ramyeon" in Korean, in the January-June period, up 5.8 percent from a year earlier, according to the data from the Korea Customs Service. The amount was above the previous first-half record of $302.08 million set a year earlier. Yet the first-half growth rate

Through PPS’ coordination, high-quality masks, known as KF94 and test kits tap into global markets; agency seeks growth via digitalization

The interest income of South Korea's five major financial groups likely jumped 11 percent in the first half from a year earlier on extended loan growth amid low market rates, industry sources said Sunday. KB, Hana, Shinhan, Woori and NH Nonghyup are expected to report a combined 20.38 trillion won ($17.7 billion) worth of interest income from January to June, up from 18.43 trillion won in the same period of last year, it said. KB, Hana, Woori and NH Nonghyup posted interest income of 5.41 tr

The head of US-based vehicle importer HAAH Automotive Holdings Inc. has said the company is set to submit its letter of intent this week to acquire SsangYong Motor Co., industry sources said Sunday. HAAH Automotive Holdings founder Duke Hale said HAAH is the optimal company to acquire financially troubled SsangYong and will submit an LOI by Friday, a person familiar with the matter said over the phone. SsangYong's Indian parent Mahindra & Mahindra Ltd. had been in talks with HAAH to sell i

South Korea is planning to float up to $1.5 billion worth of overseas bonds during the second half of the year to capitalize on favorable funding conditions, financial sources said Sunday. According to the sources, the finance ministry has recently completed the process to pick a lead manager for the planned debt sale. The ministry's move came as ratings on Asia's fourth-largest economy remain high in the face of the pandemic. Last year, major global rating agencies, such as Fitch, did not lo

South Korea plans to begin a pilot operation of a mobile driver's license in January next year in a bid to help people verify their identities more conveniently, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon said if introduced, mobile driver's licenses will be easily used at offline and online settings. To ease concerns about a possible infringement on privacy, the government plans to use blockchain technology to strengthen the protection of personal inform

South Korea's state energy bourse said Friday the country is expected to maintain a stable supply of electricity despite the sweltering summer heat, although growing demand from the industry sector may lead to lower power reserves. "On Friday, South Korea's peak energy demand is expected to reach around 90.3 gigawatts (GW)," the Korea Power Exchange said in a statement. "The power reserve ratio is expected to stand at 10.1 percent, maintaining the stable supply of energy."

Price rise may slow down amid proliferation of virus infections

But looming regulations on crypto assets might change landscape, experts say at webinar co-hosted by The Investor and ANN

South Korea's overall wealth grew at a slightly slower pace in 2020 on-year, central bank data showed Thursday, amid the COVID-19 pandemic that took a heavy toll on the nation's economy. The country's national assets came to 17,772.2 trillion won ($15.45 trillion) as of the end of last year, up 6.6 percent from a year earlier, according to the national balance sheet from the Bank of Korea (BOK). The rise marks a slight slowdown from a 6.7 percent on-year increase in 2019. The sluggish growth

SEJONG -- Finance Minister Hong Nam-ki said Thursday the government will provide financial and taxation support for key technologies in semiconductors, batteries and vaccines. Unveiling a list of 65 technologies in the three industrial sectors, Hong said the government will funnel 2 trillion won ($1.7 billion) in funds by 2023 to help companies develop such technologies. The government will hike taxation support if companies spend money to build facilities for such technologies, Hong said. Ea

South Korea's antitrust regulator said Thursday it extended the deadline for the sale of Delivery Hero's food delivery affiliate here, Yogiyo, until Jan. 2 next year, as the German company is facing difficulty in finding a potential investor. In December last year, the Korea Fair Trade Commission (KFTC) ordered Delivery Hero to sell Yogiyo, South Korea's No. 2 food delivery app, if it wants to buy the country's top food delivery app operator, Woowa Brothers. Delivery Hero had been required to

Global credit appraiser Fitch Ratings said Thursday it has maintained South Korea's credit rating at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level of the agency's sovereign ratings, since 2012. "Korea's rating balances robust external finances, resilient macroeconomic performance and modest fiscal headroom against geopolitical risks related to North Korea and medium-term structural challenges from an ageing population. The str

South Korea's top internet portal operator Naver Corp. said Thursday its net profit jumped nearly six times in the second quarter from a year earlier largely due to a stellar performance of its fintech and commerce businesses amid the new coronavirus pandemic. Net profit reached 540.6 billion won ($468.5 million) in the April-June period, compared with a profit of 90.7 billion won a year earlier, the company said in a press release. Operating income reached a quarterly high of 335.6 billion wo