Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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AMRO ups 2021 growth outlook for S. Korean economy to 3.9%
The ASEAN-sponsored economic research agency on Monday raised its 2021 growth forecast for the South Korean economy to 3.9 percent, citing solid recovery in exports and facility investment. The projection by the ASEAN+3 Macroeconomic Research Office (AMRO) marks an increase from its March estimate of 3.2 percent. The agency forecast Asia's fourth-largest economy would expand 3 percent next year. The Singapore-based organization was established in 2011 to promote macroeconomic and financial sta
Aug. 23, 2021
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Seoul stocks open higher on strong export data
South Korean stocks opened higher Monday, helped by robust economic data that fueled optimism for a quick economic rebound from the pandemic. The benchmark Korea Composite Stock Price Index (Kospi) rose 19.61 points, or 0.64 percent, to 3,080.12 points in the first 15 minutes of trading. Stocks got off to a bullish start as South Korea's exports jumped 40.9 percent on-year in the first 20 days of August on high demand for chips, autos and petroleum goods. Top cap Samsung Electronics added 0.6
Aug. 23, 2021
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Samsung Heavy wins W461b order for 2 LNG carriers
Samsung Heavy Industries Co. said Monday it has signed a 461 billion won ($392 million) order to construct two liquefied natural gas (LNG) carriers. Under the deal with an Oceanian shipper, Samsung Heavy will deliver the vessels by September 2024, the shipbuilder said. With the latest order, the shipbuilder has attained 78 percent of its annual order target of $9.1 billion won, winning orders for 54 ships worth $7.1 billion won. The shipbuilder narrowed its net loss in the second quarter from
Aug. 23, 2021
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Exports soar 41% in first 20 days of August
South Korea's exports jumped 40.9 percent on-year in the first 20 days of August on the back of robust demand for chips, autos and petroleum products, customs data showed Monday. The country's outbound shipments stood at $32.2 billion in the Aug. 1-20 period, compared with $22.9 billion a year earlier, according to the data from the Korea Customs Service. Imports soared 52.1 percent on-year to $35.8 billion, resulting in a trade deficit of $3.5 billion during the cited period, the data showed.
Aug. 23, 2021
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Kyobo Life minority shareholders deny collusion with accountants
Minority shareholders of Kyobo Life Insurance denied having colluded with the company’s accountants to influence the pricing of shares as they sought to exit the company after its failed attempt to go public, one of its shareholders, Affinity Equity Partners, said Sunday. Legal representatives of the investor consortium led by the Hong Kong-based private equity firm argued in a statement that it abided by South Korea’s rules when estimating the strike price with the accounting firm
Aug. 22, 2021
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[Advertorial] LG Energy Solution continues to focus on research
Building on its leadership in lithium-ion batteries, widely used in cars, phones and other electronic devices, LG Energy Solution is accelerating its research for next-generation cells, with an aim of debuting solid-state batteries and lithium-sulfur batteries by 2027. The company said Sunday it also will increase its presence in the global battery market via expanding overseas manufacturing facilities. A wholly owned subsidiary of LG Chem in South Korea, the battery maker has been researchi
Aug. 22, 2021
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KH Group vows to turn Alpensia resort into global attraction
KH Group, which last week signed a deal to take over the alpine resort Alpensia, vowed to turn the main venue of the 2018 Winter Olympics into a bustling global tourist attraction by building new facilities. “The due diligence and term negotiations went smoothly and we finally inked the asset takeover deal,” said Han Woo-geun, CEO of KH Gangwon Development, a special-purpose company created for the bid. “On top of the existing resort facilities, we will build new multiuse c
Aug. 22, 2021
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Specter of labor strike grows at HMM
Unionized longshore workers at South Korea’s largest shipper, HMM, began voting Sunday on whether to go on strike after three rounds of wage negotiations failed. Should they vote in favor of the collection action, it will mark the first strike at the shipper since its establishment in 1796. The longshore workers’ union has around 450 members. Results are scheduled to come out Monday afternoon. The motion is likely to pass, according to local media reports, as the labor union an
Aug. 22, 2021
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Cash-rich Hyundai Engineering makes case for IPO at W10tr valuation: analysis
South Korean builder Hyundai Engineering’s anticipated initial public offering will bring its equity value to over 10 trillion won ($8.5 billion), as its market debut plan is considered a critical step for a full-fledged family business succession in Hyundai Motor Group. A booming housing construction market coupled with its net cash -- amounting to 2.3 trillion won as of end-June -- make the case for the 10 trillion-won mark in equity value of the company, analysts said. The company, d
Aug. 22, 2021
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[ESG Talk] Embedding ESG into M&A strategy for post-COVID era
The year 2021 is seen as a period of transition as markets recover in the post-COVID rebound. Among the areas that will see an economic boost is the mergers and acquisitions market. What companies must recognize is that the M&A market in the post-COVID era is likely to unfold a slightly different reality than in the past. There will be a more explicit and extensive embodiment of environmental, social, and governance values in M&A deals. ESG and its impact on M&A The COVID-19 pande
Aug. 22, 2021
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Foreigners’ net sale of Seoul stocks worth W31tr so far in 2021
While foreign investors extended their selling spree of South Korean stocks, the amount of massively offloaded shares by them so far in 2021 has already surpassed last year’s figure during the pandemic-hit market, data showed Sunday. Offshore investors sold a net 30.73 trillion won ($26.15 billion) worth of local stocks from the calendar year to Friday, according to data compiled by the Korea Exchange. It marked nearly a 25 percent increase from 24.71 trillion won in net selling for the
Aug. 22, 2021
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Floating solar power to quadruple by 2025: report
The global market for floating solar panels is set to more than quadruple by 2025, a recent report has revealed. The report published by Korea Energy Economics Institute on Sunday estimates that the total power generation capacity of floating solar farms around the globe had surpassed 3 gigawatts as of October 2020. By 2025, the volume will grow by another 10 GW, the institute said, citing data from market researcher Fitch Solutions. The findings come as the Korean government announced the G
Aug. 22, 2021
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Korean companies more vulnerable to ESG risks: report
South Korean companies, many of them in the manufacturing industry, face bigger environmental, social and corporate governance risks than their service-heavy European counterparts, the Federation of Korean Industries warned on Sunday. Compared to companies located in countries like France or the UK, those based in South Korea, China, and India are more vulnerable to risks stemming from global ESG trends, the FKI said in a report. ESG first gained traction among risk-conscious investors and are
Aug. 22, 2021
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Samsung’s new foldable phones draw strong preorders: reports
Samsung’s new smartphone models -- Galaxy Z Fold3 and Galaxy Z Flip3 -- have not been launched yet but preorder figures suggest they are likely to be a super hit. The two models are estimated to have logged a combined 450,000 preorders as of Sunday, according to local media reports that cited unnamed industry sources. Advance orders, which began Aug. 17, are to end Monday. Total preorders could reach at least 600,000 units, they said. If sales of unlocked phones, or phones not locked
Aug. 22, 2021
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Second-tier banks urged to tighten lending amid soaring household debt
South Korea’s financial watchdog has called on second-tier banks to tighten lending standards on their extension of personal unsecured loans, as part of a move to curb ballooning household debt, industry sources said Sunday. The Financial Supervisory Service had sent a message to the Korea Federation of Savings Banks on Friday urging its member companies, including savings banks and mutual financial cooperatives, to keep the maximum amount of credit loans allowed for individuals below th
Aug. 22, 2021
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Container cargo volume at seaports up 7.2% in July
The volume of container cargo processed at South Korea's seaports rose 7.2 percent in July from a year earlier, data showed Sunday, as trade increased amid the global economic recovery. Container cargo processed at the seaports reached 2.58 million twenty-foot-equivalent units (TEUs) last month, compared with 2.4 million TEUs the previous year, according to the Ministry of Oceans and Fisheries. The ministry attributed the increase to an accelerating global economic recovery from the fallout of
Aug. 22, 2021
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Fashion powerhouse Handsome launches high-end beauty brand oera
South Korean fashion company Handsome Corp. said Sunday it will launch a cosmetics brand for the first time. Handsome, an affiliate of Hyundai Department Store Group, said high-end skin care brand oera will open its first store at the department store's Apgujeong outlet in southern Seoul. The skin-care line with lotion, skin, serum and cream are all manufactured in Switzerland, Handsome said, adding it will add more beauty products to the lineup later this year. Major products come with a hef
Aug. 22, 2021
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Foreign investors sell W31tr of Korean stocks in 2021
Foreign investors have been on a selling spree of South Korean stocks so far this year, selling nearly 31 trillion won ($26 billion) of local shares, data showed Sunday. Offshore investors sold a net 30.72 trillion won between Jan. 1 and Friday, compared with net selling of 24.7 trillion won for the whole year of 2020, according to the data compiled by the bourse operator, the Korea Exchange (KRX). Offshore investors have been net sellers of local shares for seven straight months this year, ex
Aug. 22, 2021
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GM to recall another 73,000 Bolt EVs over fire risks
American automaker General Motors said it will expand the recall of Chevy Bolt electric vehicles equipped with South Korean supplier LG's batteries over fire risks, which is expected to additionally cost about US$1 billion. The latest recall covers 73,000 Bolt EVs and EUVs from model years 2019 through 2022 sold in the United States and Canada to replace the defective battery modules. It is on top of about 69,000 Bolt EVs from 2017-2019 model years included in the previous recall in July over
Aug. 21, 2021
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Incheon airport's passenger traffic hits high for 2021 in early Aug.
The number of daily passengers at Incheon International Airport, South Korea's main gateway, rose to the highest point this year in early August as more people traveled during the summer holiday season amid the vaccination drive, data showed Saturday. An average of 10,987 passengers used the Incheon airport a day from Aug. 1-19, up 47 percent from the same period a year earlier, according to the data by the Incheon International Airport Corp. On Aug. 13, two days ahead of Liberation Day, 15,55
Aug. 21, 2021