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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[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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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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Mirae Asset picked as lead manager of pension fund investment pool
South Korean asset management firm Mirae Asset Global Investments is poised to become a lead manager of the state-supervised investment pool of 63 Korean pension funds, according to the government on Wednesday. The pension fund investment pool has been under the monitoring of the Ministry of Economy and Finance since it was established in December 2001 on the basis of the National Finance Act. Mirae Asset will take the place of one of the current lead managers, Korea Investment Management, wh
Jan. 20, 2021
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Kwon Chil-seung nominated to be minister of SMEs and Startups
Two-term Democratic Party of Korea lawmaker Kwon Chil-seung was named President Moon Jae-in’s nominee for minister of Small and Medium-sized Enterprises and Startups on Wednesday. If confirmed, he will take over the role previously held by Park Young-sun since April 2019 and will oversee the organization to strengthen competitiveness and support innovation of SMEs and micro enterprises. Park resigned from her position early on Wednesday amid speculation that she will soon announce her bi
Jan. 20, 2021
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GC Pharma to apply for COVID-19 plasma therapy EUA in April
Drug maker GC Pharma will apply to expedite the use of its plasma-derived COVID-19 treatment in April in Korea, the company said on Wednesday. The plasma therapy, GC5131A, which uses donated blood plasma from recovered COVID-19 patients, targets those infected who display serious symptoms. In the previous year, the company had said on multiple occasions that it anticipates to release the drug in the market within the first quarter of 2021. The company only wrapped up administration of the the
Jan. 20, 2021
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KB Asset closes W220b ESG bond fund
Seoul-based investment firm KB Asset Management said Wednesday it had closed a 220 billion won ($200 million) bond-investing private fund in order to embolden its focus on environmental, social and governance factors. The new private fund -- the largest of its kind in Korea -- will deploy at least 70 percent of its cash to certified South Korean green, social and sustainability bonds or issuers that received integrated ESG rating of “B+” or higher from evaluator Korea Corporate Gove
Jan. 20, 2021
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LG Electronics to further expand smart factory scheme
LG Electronics Inc. on Wednesday said it plans to promote its smart factory push as the home appliance maker targets improving its productivity. LG announced it will spend 50 billion won ($45 million) from February to set up a new home appliance product testing facility at its second factory in Changwon, some 400 kilometers south of Seoul. The new facility will integrate all existing testing labs at the factory, according to LG. The South Korean tech giant said the forthcoming facility will a
Jan. 20, 2021
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S. Korea to enhance monitoring of non-bank institutions' FX liquidity
South Korea plans to monitor foreign exchange liquidity conditions for non-banking institutions on a monthly basis in a bid to ease potential market jitters caused by their dollar crunch, the finance ministry said Wednesday. The Ministry of Economy and Finance unveiled a set of measures to reduce non-bank institutions' FX liquidity risks as a market rout caused by the COVID-19 pandemic brought to the fore their vulnerability to external shocks. "The government drew up measures to manage F
Jan. 20, 2021
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S. Korea to remove import duties on egg products amid supply shortage
South Korea's agricultural ministry said Wednesday it plans to temporarily remove tariffs on imported egg products to resolve a supply shortage sparked by the outbreak of highly pathogenic bird flu here. The move, which is set to be finalized next week, would allow local companies to import up to a combined 50,000 tons of fresh eggs and seven other types of egg products without tariffs until the end of June, according to the Ministry of Agriculture, Food and Rural Affairs. This will mark a sha
Jan. 20, 2021
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Public sector's job additions largest-ever in 2019
Jobs offered by the government and state-run companies grew by the largest-ever in 2019 on the back of a state policy to increase hiring in the public sector, data showed Wednesday. A total of 2.6 million people were employed in 2019 by the public sector, up 151,000, or 6.1 percent, from the previous year, according to the data from Statistics Korea. Jobs offered by the public sector are positions in central and provincial governments and state-run firms. The tally marked the largest on-year
Jan. 20, 2021
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Number of registered vehicles gains 2.9% in 2020
The number of registered vehicles in South Korea grew nearly 3 percent in 2020 from a year earlier, with that of green cars exceeding the 800,000 mark, government data showed Wednesday. The total number of car registrations came to 24,365,979 units at the end of last year, up 2.9 percent from the previous year, according to the data from the Ministry of Land, Infrastructure and Transport. The number translates into one vehicle for every 2.13 people living in Asia's fourth-largest economy. Las
Jan. 20, 2021
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Daewoo Shipbuilding teams up with Kepco E&C for offshore substation
Daewoo Shipbuilding & Marine Engineering Co. said Wednesday that it has signed a deal with power plant builder Kepco Engineering & Construction Co. to develop offshore substations. The two South Korean companies plan to make inroads into the overseas offshore substation market, Daewoo Shipbuilding said. An offshore substation refers to equipment that transfers electricity generated at offshore wind farms to land. The government is pushing ahead with its plan to be one of the world's f
Jan. 20, 2021
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Samsung's chip R&D spending 2nd-largest in 2020: report
Samsung Electronics Co. was the industry's second-largest spender on semiconductor research and development (R&D) last year, a report showed Wednesday, as the South Korean tech giant tries to beef up its presence in the non-memory sector. Samsung, the world's top memory chipmaker, spent $5.6 billion on chip-related R&D in 2020, up 19 percent from a year earlier, according to the McClean Report released by industry tracker IC Insights. Samsung's sharp increase in chip R&D spending w
Jan. 20, 2021
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Naver to acquire storytelling platform for W653.3b
South Korea's internet conglomerate Naver Corp. said Wednesday that it will acquire Canadian entertainment platform operator Wattpad Corp. in a stock transaction valued at 653.3 billion won ($593.6 million). The Toronto-based storytelling platform provides stories through its flagship app. It is a community of more than 90 million people globally who spend over 23 billion minutes a month engaged in original stories. Naver said the acquisition is aimed at "strengthening its North American
Jan. 20, 2021
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Doosan Infracore wins large-scale excavator order from French firm
Top construction equipment maker Doosan Infracore Co. said Wednesday that it has won an order for 221 excavators from French construction equipment rental company Beaulock. Doosan Infracore will provide 12 kinds of excavators, including a 22-ton one, it said, but the company did not reveal the amount of the order. The latest order will help Doosan Infracore expand its presence in the European construction equipment market, the company said. Beaulock bought a total of 250 excavators from Doosa
Jan. 20, 2021
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Seoul stocks open higher on tech, auto gains
South Korean stocks opened higher Wednesday as auto and tech stocks continued to rebound. The benchmark Korea Composite Stock Price Index rose 33.11 points, or 1.07 percent, to 3,125.77 in the first 15 minutes of trading. The KOSPI traded bullish after the key index rallied 2.61 percent the previous session. Investor sentiment also lifted on overnight comments by US Treasury Secretary nominee Janet Yellen backing a large-scale fiscal relief package to reinvigorate the world's largest economy
Jan. 20, 2021
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Samsung Electro-Mechanics develops slim 3-socket MLCC for 5G smartphones
Samsung Electro-Mechanics Co., a major electronic components maker in South Korea, said Wednesday it has developed an ultra-slim multilayer ceramic capacitor (MLCC) with a three-socket structure that can be used in 5G smartphones as the company targets to increase sales from global smartphone makers. Samsung Electro-Mechanics said it began to supply the 0.65-millimeter slim three-socket MLCC, which is 18 percent thinner than its previous products, to smartphone manufacturers. MLCC is a core co
Jan. 20, 2021
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S. Korea wins top ESG rating by Moody’s
South Korea received a top rating in an environment, social and governance assessment conducted by US credit rating agency Moody’s Investors Service, according to the Ministry of Economy and Finance on Tuesday. Moody’s has recently announced a list of 144 countries assessing their capabilities in handling ESG issues, with five classifications, including “positive” at the top and “very highly negative” at the bottom. Korea was one of 11 nations who rated &ldq
Jan. 19, 2021
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Ruane, Cunniff & Goldfarb unloads stake in Shinyoung Securities
US-based investment adviser Ruane, Cunniff & Goldfarb has unloaded a 5.5 percent stake in Korea‘s brokerage house Shinyoung Securities, a regulatory filing showed Tuesday. The New York-based firm’s sales proceeds came to 30.4 billion won ($27.6 million) following decades of transactions involving its mutual funds, according to the filing. Ruane, Cunniff & Goldfarb’s ownership was reduced to 2.11 percent as of December 2020, making it no longer obliged to disclose itse
Jan. 19, 2021
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AmCham expresses regret over Samsung chief’s jailing
The American Chamber of Commerce in Korea expressed its discomfort over the recent detention of Lee Jae-yong, the chief of the country’s top conglomerate, Samsung Group. While respecting the court’s decision to put Lee behind bars for bribery, the business association cited the case as an example of a “Korea-unique” business hurdle for global business entities here. “Samsung is an important company with significant global leadership, which was why we were sad
Jan. 19, 2021
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Lee jailing puts Samsung back in emergency mode
Samsung Electronics and its affiliates returned to an emergency posture on Tuesday, a day after an appellate court sentenced the conglomerate’s leader Lee Jae-yong to two years and six months in jail. Multiple sources at the country’s largest business group spoke of a somber mood, with many expressing regrets about the court’s decision and worries about the tech giant’s mid-term strategies. “Aside from day-to-day operations, the leader’s vacancy literally
Jan. 19, 2021
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Hyundai, Kia Q4 operating profit jumps despite pandemic
Hyundai Motor Co. and affiliate Kia Corp. are expected to post double-digit growth in their fourth-quarter operating profit, helped by robust domestic sales despite the coronavirus pandemic. Strong local demand for their vehicles helped Hyundai Motor and Kia offset their weak overseas sales in the October-December period, analysts said. Hyundai, the country's biggest carmaker, likely posted an operating profit of 1.71 trillion won ($1.55 billion) in the fourth quarter, up 37 percent from 1.24
Jan. 19, 2021