Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Auto exports sink over 20% on pandemic in 2020
South Korea's auto exports sank 21.4 percent on-year in 2020 as the new coronavirus pandemic disrupted global supply chains and sapped demand, data showed on Thursday. The country's shipments of cars reached 1.89 million units last year, compared with 2.4 million units posted in 2019, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports also moved down 13 percent to reach $37.4 billion. The number of cars shipped surrendered 33.9 percent on-
Jan. 14, 2021
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SK hynix raises $2.5b via sale of foreign debts
SK hynix Inc., South Korea's second-largest chipmaker, on Thursday said it has raised $2.5 billion by selling debts overseas, which includes its first-ever green note, as it eyes to use funds to bolster its presence in the memory sector. SK hynix said it sold a 10-year green bond worth $1 billion to accelerate its environmental, social and governance (ESG) management, claiming it is the first among global semiconductor memory manufacturers to sell such a bond. A green bond is a special-purpose
Jan. 14, 2021
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Seoul stocks open nearly flat amid valuation pressure
South Korean stocks opened almost flat Thursday on increased valuation pressure after the key index closed at a near all-time high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.27 points, or 0.07 percent, to 3,150.56 in the first 20 minutes of trading. The main index started on a muted tone as foreigners and institutions are set to lock in gains after the key index's recent bullish run. Most large caps in Seoul traded mixed. Market bellwether Samsung El
Jan. 14, 2021
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Retail investors' funds soar amid stock market rally
Retail investors' stock-related funds have risen by nearly 20 trillion ($18.2 billion) this year on the back of a surging stock market, industry data showed Thursday. Individuals' stock funds increased by 19.6 trillion won for eight sessions from Jan. 4-13, amounting to nearly 20 percent of last year's total. Those funds refer to money that retail investors use to buy stocks or deposit at securities companies to purchase shares. Over the cited period, individuals bought 10.8 trillion won wort
Jan. 14, 2021
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S. Korea's export prices down for 5th straight month in December
South Korea's export prices fell for the fifth consecutive month in December last year as the local currency continued to strengthen against the US dollar, central bank data showed Thursday. The country's export price index, in terms of the local currency, declined 0.1 percent in December from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the fifth consecutive month of on-month decline after the index rose for the third month in a row in
Jan. 14, 2021
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Samsung Biologics’ new CEO lays out vision for next decade
Samsung Biologics’ newly appointed CEO John Rim presented a multidimensional vision for the company’s next 10 years at the virtual JP Morgan Healthcare Conference 2021 on Wednesday. Key takeaways from Rim’s presentation involved more overseas facilities, early contract lock-ins for its fourth production base, which will complete construction in 2023, and capacity for new modalities such as vaccine and cell-gene therapies. “Our next decade will be marked by increased bu
Jan. 13, 2021
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Moon to invest W50m in Korean New Deal funds: Cheong Wa Dae
President Moon Jae-in will invest a total of 50 million won ($45,600) into new major funds intended to support the government's Korean-version New Deal project, his office said Wednesday. The president plans to sign up on Friday for five funds to be operated by as many local asset managers, according to Cheong Wa Dae spokesman Kang Min-seok. Moon will use profits from his investment in a separate fund that was created in 2019 to foster South Korea's parts and materials production industry agai
Jan. 13, 2021
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S. Korea to allow commercial breaks for terrestrial broadcasters
South Korea's media regulator said Wednesday it will ease rules to allow commercial breaks during TV programs for terrestrial broadcasters in a move to boost the country's slumping broadcast industry. Local terrestrial broadcasters are currently prohibited from airing commercial breaks to ensure viewer rights. Broadcasters, however, have skirted rules by dividing programs in two parts and airing commercials in between amid declining sales. The Korea Communications Commission said it will chan
Jan. 13, 2021
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Eastar to file for court receivership this month
Financially troubled budget carrier Eastar Jet said Wednesday it plans to file for court receivership this month to find a new investor amid the COVID-19 pandemic. Eastar Jet has had difficulties in finding a strategic investor since July when Jeju Air scrapped its plan to acquire the low-cost carrier. In the same month, Eastar's creditor banks withdrew their plan to extend loans to Jeju Air to help it take over Eastar. "Eastar aims to find a new investor through a court-led rehabilit
Jan. 13, 2021
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Celltrion's COVID-19 treatment reports clinical improvement of 54%
A coronavirus antibody treatment under development by local drugmaker Celltrion has shown a clinical improvement rate of 54 percent among mild and moderate COVID-19 cases, the company announced Wednesday. The immediate reaction from the industry was that a 54 percent improvement rate is too low to be considered a treatment. However, antibody treatments are meant to only alleviate, not cure, some were quick to add. Celltrion's treatment will require early detection of an infection. If found ea
Jan. 13, 2021
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[CES 2021] Tech boundaries crushed as innovations rush in
A notable trend at this year’s CES is that the boundaries between different sectors of technology are not just being blurred, but crushed, as the pandemic accelerates the pace of innovation. With the all-digital CES 2021 heading into its third day, many viewers have been taken by surprise by unexpected presentations from major companies, such as conventional automaker General Motors, auto parts maker Bosch and camera company Canon. GM Chairman and CEO Mary Barra proclaimed during her
Jan. 13, 2021
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Netherlands-based brokerage to start business in S. Korea
South Korea‘s top financial regulator said Wednesday it has granted preliminary approval for Netherlands-based brokerage house IMC to operate its financial investment and brokerage business in the country. The move came after the Dutch firm had requested the Financial Services Commission’s approval in June last year. The brokerage obtained the authority‘s final nod on the condition that its Seoul-based subsidiary serves as a market maker -- a member of an exchange comm
Jan. 13, 2021
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7 injured by chemical leak at LG Display plant
A toxic chemical leak at LG Display Co.'s plant in South Korea left seven workers injured, local authorities said Wednesday. An ammonium-type chemical substance was leaked at around 2:20 p.m. at LG Display's factory in Paju, just north of Seoul, according to them. Of the injured workers, two received cardiopulmonary resuscitation after they collapsed, the authorities said. The leaked chemical is believed to be tetra methyl ammonium hydroxide (TMAH) that is known to be used as a solvent in chi
Jan. 13, 2021
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Retail traders hold record-high deposits of W72tr: data
Retail investors’ deposits for stock investments reached a record 72.3 trillion won ($66 billion) as of Monday, according to the Korea Financial Investment Association, a self-regulatory organization for the financial sector, Wednesday. It is the first time that the outstanding deposits for stock investment crossed the 70 trillion won mark since related data started to be compiled in 1998. The outstanding balance, which came in at 67.5 trillion won last Friday, added a whopping 4.8 tril
Jan. 13, 2021
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South Korean job losses hit 22-year high amid pandemic
South Korea’s economy last year suffered its worst year for job losses in 22 years, as companies of all sizes struggled to keep employees in the face of the prolonged pandemic, data showed Wednesday. According to Statistics Korea, the number of employed people here came to 26.9 million last year, down 218,000 from a year earlier, as hotels and restaurants slashed employment. The largest annual job loss on record was 1.27 million jobs in 1998, when the 1997-98 Asian financial crisis took
Jan. 13, 2021
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Chaebol kids reach C-suite within 5 years: data
Family members of chaebol owners are climbing the corporate ladder visibly faster than their peers, reaching the C-suite within a mere five years, industry data showed Wednesday. According to an analysis by corporate tracker CEO Score, it took an average of 4.8 years for chaebol owner family members to be promoted to executive positions. The study was based on 43 family-controlled conglomerates in which both the owner parents and children participated in management. The chaebol offspring join
Jan. 13, 2021
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Hyundai unveils teaser of BEV Ioniq 5
Hyundai Motor on Wednesday released the teaser for the upcoming Ioniq 5, the first purely electric model based on its electric vehicle platform. The Ioniq 5 mid-sized crossover vehicle is marked with the electric-global modular platform, or E-GMP, which offers a driving range of up to 500 kilometers on a single charge, as well as an ultrahigh-speed 800-volt charger that can charge 80 percent of battery capacity within 18 minutes. The model’s key design features include the Parametric Pi
Jan. 13, 2021
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Kia, Kakao Mobility sign MOU to expand electric taxis here
Kia and Kakao Mobility have established a partnership to expand the supply of eco-friendly electric vehicles here, officials said Wednesday. Officials of both companies met Tuesday at Kia’s headquarters in southern Seoul’s Apgujeong-dong and signed a memorandum of understanding to promote electric vehicle supplies. The strategic orientation of the MOU is to combine Kia’s automobile infrastructure and Kakao’s mobility platform, seeking to advance the convenience of both
Jan. 13, 2021
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[CES 2021] Auto parts players aim high for future mobility
As the auto industry shifts to electric and self-driving cars, auto parts makers are no longer mere suppliers. They have become a key driving force behind market innovations. In this transition, South Korean companies are coming out of the shadows of compatriot brands Hyundai and Kia to become global players, taking aim at the worldwide automotive parts and components market which is expected to reach $2.4 trillion in 2024 from last year’s $1.9 trillion. This year’s all-d
Jan. 13, 2021
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LG Energy Solution batteries set to power Amazon cargo trucks
Some of Amazon’s planned 100,000-strong fleet of electric delivery vehicles will likely be powered by LG Energy Solution batteries, according to a recently-revealed deal between the US e-commerce giant and a Canadian EV maker. In its recent filing with the US Securities and Exchange Commission, Lion Electric said it has a framework agreement with Amazon Logistics in place since summer last year to reserve production facilities for 500 Lion 6 and 8 electric trucks per year from 2021 and 20
Jan. 13, 2021