Most Popular
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Yoon sorry for shortcomings but insists policies were right
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S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
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US 'incredibly concerned' about suspected NK-Iran military ties
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1 in 3 Koreans live alone, family types becoming diverse
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Korean won weakens amid heightened uncertainty
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Sewol victims commemorated on tragedy's 10th anniversary
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Seoul says will cut power to porn festival planned on Han River
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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Chanel, Louis Vuitton see muted growth in Korea
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Conservative bloc divided over Han’s role in election defeat
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LG Uplus teams up with Japan's KDDI to develop 5G, 6G tech
LG Uplus Corp., a major South Korean telecom operator, said Thursday it has signed a memorandum of understanding with Japan's largest mobile carrier KDDI to find new business applications for 5G network technology and strengthen cooperation to prepare for future 6G networks. Under the agreement, the two aim to share their network technology and solutions in 5G and find more applications of the latest generation network, LG Uplus said in a statement. The South Korean telecom operator has recent
July 15, 2021
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Seoul stocks open higher on Fed's reassuring comments
South Korean stocks opened higher Thursday, tracking gains on Wall Street as investors are relieved by the US Federal Reserve's reiteration of its dovish stance. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.48 points, or 0.2 percent, to 3,271.29 points in the first 15 minutes of trading. Stocks traded higher, taking a cue from Fed Chairman Jerome Powell's reassurance that that the time is not ripe for an early tapering of accommodative policies. Overnight, the Dow Jones I
July 15, 2021
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Amicogen to raise W22.3b via stock sale
Amicogen Inc. on Thursday announced that it will sell stocks to raise 22.3 billion won The proceeds from the stock offering will be used primarily to finance its facilities. According to a regulatory filing, the company will issue 532,198 common shares at a price of 41,850 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)
July 15, 2021
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IMM PE to acquire stake in Korea’s top furniture company
IMM Private Equity, the third-largest private equity firm in Seoul, with $5.4 billion assets under management, is in talks to become the largest shareholder of South Korea’s largest kitchen and interior furniture goods manufacturer Hanssem, a filing showed Wednesday. The proposed strategic investor and the seller group has signed a memorandum of understanding regarding the transaction. Hanssem did not disclose the proposed acquisition price. This gives IMM PE the exclusive rights to nego
July 14, 2021
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Korea Herald's The Investor to co-host webinar on digital currencies in Asia
The Investor, the financial news platform run by The Korea Herald, is to jointly hold a webinar on government-backed digital currencies and the future of cryptocurrencies next week. As a co-host, The Investor joins with the Asia News Network, an alliance of 23 national media outlets in 20 Asian countries, to discuss the prospect of digital currencies and their role in decentralized finance in the post-COVID era. The Star of Malaysia, also an ANN member, participates as a co-host of the virtu
July 14, 2021
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Korea to add W60tr more to tackle economic polarization by 2025
South Korea will scale up its “Korean New Deal” stimulus package by making additional investments worth 60 trillion won ($52.2 billion) to nurture human talents for future industries, and improve ill-functioning employment and the social safety net, the government said Wednesday. Marking the first anniversary of the launch of the Korean New Deal initiative, President Moon Jae-in unveiled an upgraded version focusing on responses to deepening social inequality and economic polar
July 14, 2021
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Seoul stocks snap two-day winning streak on inflation woes
South Korean stocks edged down Wednesday, snapping a two-day winning streak as US losses amid renewed inflationary pressure weakened investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) dropped 6.57 points, or 0.2 percent, to close at 3,264.81 points. Trading volume was moderate at about 896 million shares worth some 12.8 trillion won ($11.1 billion), with losers outnumbering gainers 514 to 334. Foreigners sold a net 273 billio
July 14, 2021
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Revived Cyworld to feature immersive metaverse shops
Cyworld Z, the 2021 revival of the once-popular homegrown social networking service of the same name, will feature immersive virtual shops, utilizing its metaverse platform, in partnership with local retail giant GS Retail. GS Retail signed a business agreement with Cyworld Z at the GS Group headquarters in Seoul on Wednesday for the project. Cyworld Z is a consortium of five firms including Kosdaq-listed Intromedic and Sky E&M, which purchased Cyworld in January this year, in hopes of
July 14, 2021
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Hyundai Motor unveils Avante N, instills motorsports spirit in daily driving
Hyundai Motor unveiled its high-performance Avante N on Wednesday, expanding its N product lineup to present how the motorsports experience can be enjoyed in daily driving. The Avante N has been redesigned from the entry-level sedan Avante, released in April 2020, to a sports car that can be used in daily commutes and travels. Introduced under the name Elantra N for the global market, the new vehicle made its debut on the global stage in a YouTube video uploaded Wednesday morning, showing of
July 14, 2021
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Cryptocurrencies in negative territory amid growing investor fear
Cryptocurrencies remained in negative territory for a second day on Wednesday, with investor sentiment indicators hinting fear amid toughened regulations by financial watchdogs across the globe. South Korea‘s digital asset exchange Upbit operator Dunamu’s Digital Asset Fear and Greed Index -- standing at 29.76 on Wednesday, the lowest in 18 days -- showed that investors were gripped by fear for the tenth consecutive day on Wednesday. An index figure between 20 and 40 means market
July 14, 2021
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LG Chem to invest W6tr in battery materials
LG Chem on Wednesday announced plans to invest 10 trillion won ($8.6 billion) over the next four years in battery materials, eco-friendly plastics and new drug development. “LG Chem is no longer a petrochemical company. More than 30 projects including mergers and acquisitions, joint ventures and strategic investments are currently under review to reshuffle the business portfolio,” Vice Chairman Shin Hak-cheol said during an online press conference. Nearly 6 trillion won of the
July 14, 2021
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Korea’s IPO subscription rate jumps 2.7 times in 2 years amid stock market rally
The book-building competition rate of initial public offerings in South Korea has intensified lately, as scores of investors with a growing appetite for expanding financial assets and abundant liquidity have flocked to make deposits for retail subscriptions, data showed Wednesday. Fueled by a recent bull run from the pandemic-hit market, new shares for IPOs were 1,376.9 times oversubscribed on average during retail tranches in the first half of this year, compared with 509.2 times in 2019, acco
July 14, 2021
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More convenience stores close after midnight amid rising labor costs
More South Korean convenience stores are staying closed or going cashierless in the hours between midnight and early morning -- a trend industry insiders say is being pushed by a rise in labor costs. According to industry sources, the number of GS25 stores closed between midnight and 6 a.m. accounted for 16.4 percent in 2020, up 2.8 percentage points from 13.6 percent in 2018. Just over 1 in 5 7-Eleven stores are opting to remain closed in the early hours, an increase from 2018 when the figure
July 14, 2021
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Daewoo Shipbuilding wins W725b order for offshore platform
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Wednesday it has secured a 725 billion-won ($630 million) order to build a fixed offshore facility from Qatar's oil and natural gas company North Oil Co. The fixed platform, a type of offshore platform used for the production of oil and gas, will be used to increase the production of oil in the Middle Eastern country's largest oil field, Al-Shaheen, Daewoo Shipbuilding said in an emailed statement. The shipbuilder plans to deliver th
July 14, 2021
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Banks' household loans swing to upturn in June
South Korean banks' household loans swung to an upturn in June following the previous month's one-off decline, central bank data showed Thursday. Outstanding bank loans to local households came to 1,030.4 trillion won ($896 billion) as of end-June, up 6.3 trillion won from a month earlier, according to the data from the Bank of Korea (BOK). It marks a turnaround from the 1.6 trillion-won on-month decline in May, which was attributed to repayments of loans by customers after the initial public
July 14, 2021
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HanmiGlobal, Hewlett Packard Enterprise join forces to bring data centers to Korea
Construction project management firm HanmiGlobal will work with Hewlett Packard Enterprise, a cloud service provider, to promote South Korea as the next data center hub of Asia, the two firms announced Wednesday. The two companies signed a memorandum of understanding on the marketing and management of data center construction projects, as political uncertainties in Hong Kong are prompting foreign companies to consider relocating their data centers in Asia. Under the agreement, HanmiGlobal w
July 14, 2021
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S. Korea to expand investment in New Deal initiative, eyes more job creation
South Korea said Wednesday it plans to expand its investment in its signature New Deal policy projects in a bid to create more jobs and better prepare for the post-pandemic era. Under the "New Deal 2.0" initiative, the government will invest 220 trillion won ($191 billion) in pushing for digital and green energy projects and promoting inclusive economic growth by 2025, up from its earlier investment plan of 160 trillion won. It is an upgraded version of the New Deal 1.0 drive unveile
July 14, 2021
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SKT unveils new metaverse platform Ifland
South Korean mobile carrier SK Telecom on Wednesday launched a new metaverse platform dubbed “Ifland,” kick-starting its 5G virtual service business. The name signifies a virtual world where users can be anyone they wish, meet anyone they want to and make so many possibilities real. The platform is launched for Android devices first and will later be open to iOS and other virtual reality devices. With a goal of growing Ifland into a leading metaverse platform by drawing mille
July 14, 2021
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Banks' loan delinquency rate rises for 2nd month in May
The delinquency rate for South Korean banks' won-denominated loans rose for the second straight month in May due to an increase in overdue corporate and household loans, the financial watchdog said Wednesday. The rate for bank loans more than 30 days overdue stood at 0.32 percent at the end of May, up from 0.3 percent the previous month, according to the Financial Supervisory Service (FSS). Banks' loan delinquency rate hit a record low of 0.28 percent in March. Compared with a year earlier, t
July 14, 2021
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Korea Shipbuilding wins W910b in orders for 4 LNG carriers
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Wednesday that it has signed deals worth a combined 911 billion won ($792 million) to build four LNG carriers. A 454 billion-won deal with a Bermudian company calls for Hyundai Heavy Industries Co., a unit of KSOE, to build and deliver two LNG carriers by September 2025, KSOE said in a regulatory filing. Under a 458 billion-won deal with a European company, Hyundai Samho Heavy Industries Co., another subsidiary of KSOE, will build a
July 14, 2021