Memory prices up sharply, boding well for S. Korean chipmakers

Memory chip prices are rising sharply amid a global semiconductor shortage, industry data showed Friday, boding well for South Korean chipmakers that dominate the sector. The contract price of 8-gigabit DDR4 DRAM, which is widely used in personal computers, reached $3.80 for this month, up 26.67 percent from the previous month, according to TrendForce. It marks the largest monthly increase since January 2017, when the contract price of the product soared 35.8 percent. The contract price had b

April 30, 2021

Lotte E&C wins $110m order from Singapore

Lotte Engineering & Construction Co. said Friday that its joint venture has won a $146.9 million ($110.7 million) deal to build a transport hub in Singapore in the first entry into the city state. Under the deal with the Singapore Land Transport Authority, Lotte E&C and its Singaporean partner Bintai Kindenko Pte Ltd. will be responsible for design and installation of mechanical and electrical works for the Jurong East integrated transport hub. The project comprises community and civic

April 30, 2021

S. Korea allowed to catch over 41,000 tons of fish in Russian EEZ this year

South Korea's oceans ministry said Friday it has secured the right to catch 41,260 tons of fish in Russian waters this year, while fixing the fish fee unchanged for the third consecutive year. Under the agreement, South Korea can catch 28,400 tons of pollack and 5,050 tons of cod in the Russian exclusive economic zone (EEZ) this year, according to the Ministry of Oceans and Fisheries. The volume also includes 3,000 tons of Pacific saury and 4,000 tons of squid, the ministry said. The combined

April 30, 2021

[Exclusive] Posco to launch new entity to recycle LGES batteries

South Korea’s leading steelmaker Posco has set up a new entity in Europe and will launch another one in Korea to recycle LG Energy Solution’s electric vehicle batteries, according to industry officials. “The new entity has been established in Poland recently and we are in the process of forming another one in Gwangyang, South Jeolla Province, which is currently awaiting approval,” a Posco official said Friday. The new entity in Poland will collect defective batteries f

April 30, 2021

Daewoo Shipbuilding wins W184.5b order for 2 LPG carriers

Daewoo Shipbuilding & Marine Engineering Co. said Friday that it has signed a 184.5 billion won ($166.5 million) deal to build two liquefied petroleum gas (LPG) carriers. Under the deal with local shipper Hyundai LNG Shipping Co., Daewoo Shipbuilding will deliver the vessels by the fourth quarter of 2023, the shipbuilder said. Hyundai LNG Shipping is a local shipper specialized in liquefied natural gas (LNG) transportation. Daewoo Shipbuilding has won orders of 24 ships, including 11 oil

April 30, 2021

Samsung ranks 2nd in Q1 smartphone revenue: report

Samsung Electronics Co. was the runner-up in the first-quarter smartphone market in terms of revenue, a report showed Friday, though it was the top vendor by volume. The South Korean tech titan logged a revenue share of 17.5 percent in the January-March period, down from 20.2 percent a year earlier, according to market tracker Counterpoint Research. Samsung was the only brand among the top five to see its revenue share decline as others expanded their presence. Apple Inc. defended its top s

April 30, 2021

Samsung maintains 2nd spot in tablet market in Q1: report

Samsung Electronics Co. remained the world's second-largest tablet computer vendor in the first quarter of the year, a report showed Friday, amid the market's robust growth driven by the stay-at-home economy. The South Korean giant logged a market share of 20 percent in the January-March period, after shipping 8 million Galaxy Tab tablets, up 60.8 percent from a year ago, according to market researcher International Data Corp. (IDC). Apple Inc. defended its top position with a 31.7 percent sha

April 30, 2021

Seoul stocks open lower on virus woes

South Korean stocks opened lower Thursday amid concerns of the spreading new coronavirus cases. The benchmark Korea Composite Stock Price Index (Kospi) fell 5.82 points, or 0.18 percent, to 3,168.25 points in the first 15 minutes of trading. Stocks got off to a muted start as the country's social distancing scheme will be extended by three more weeks ahead of holidays next month. South Korea's industrial output increased 0.8 percent in March on-month, slowing from a 2.1 percent growth in F

April 30, 2021

GM to recall Bolt EVs to update battery software

US automaker General Motors Co. said Friday it will recall Chevrolet Bolt electric vehicles equipped with batteries produced in LG Energy Solution Ltd.'s South Korean factory to update its battery software and ease fire risks. The recall covers about 69,000 Bolt EVs for the 2017-2019 model years, installed with LG's batteries made from its factory in Ochang, 120 kilometers south of Seoul. About 9,500 units were sold in South Korea, the Korean unit of GM said. Dealers will install "advan

April 30, 2021

Samsung slips to 4th in 5G smartphone market in Q1: report

Samsung Electronics Co. lost its leading position in the global 5G smartphone market to rank fourth in the first quarter of the year, a report showed Friday, as Apple Inc. and Chinese makers expanded their presence with new devices. Samsung's share in the 5G smartphone market stood at 12.7 percent in the January-March period, down from 34.6 percent a year ago, according to market researcher Strategy Analytics. The South Korean tech giant shipped 17 million 5G smartphones in the first three mon

April 30, 2021

S. Korea's functional food market growing rapidly amid pandemic

The South Korean market of functional foods is growing fast amid greater awareness of health amid the coronavirus pandemic, a report showed Friday. Sales of red ginseng and other health functional foods came to 4.9 trillion won ($4.42 billion) in 2020, up 40 percent from four years earlier, according to the report by MezzoMedia, a local digital marketing solution company. Red ginseng was the top-selling product with sales of 1.43 trillion won, followed by probiotics with 885.6 billion won and

April 30, 2021

Industrial output grows for 2nd month in March amid recovery hopes

South Korea's industrial output grew for the second straight month in March, data showed Friday, in the latest sign that Asia's fourth-largest economy is on a recovery path. The industrial output increased 0.8 percent in March from the previous month, slowing from a 2.1 percent on-month gain in February, according to the data compiled by Statistics Korea. From a year earlier, it also rose 5.8 percent. But output in the mining, manufacturing, gas and electricity industries declined 0.8 percen

April 30, 2021

S. Korea calls for free movement of data at G-7 digital ministers meeting

South Korea called for the free movement of data to vitalize the digital economy on Thursday in this year's Group of Seven (G-7) meeting of digital and technology ministers. South Korea took part in the intergovernmental ministerial meeting virtually after being invited to this year's G-7 meeting set to be held in the United Kingdom in June. Minister of Science and ICT Choi Ki-young said at the meeting that the movement of data as well as electronic transferable records and internet security a

April 29, 2021

Retail investors pump up W81tr into SK unit’s IPO

South Korea’s amateur investors poured out record amounts of cash -- nearly 81 trillion won ($73.1 billion) -- to obtain new shares of SK ie technology, a wholly owned battery materials subsidiary under SK Innovation, in its two-day public subscription for an initial public offering. According to data compiled by underwriters, small domestic traders had placed some 80.9 trillion won in deposits by the deadline of 4 p.m. on Thursday, setting a record in stock market history here. SK Group

April 29, 2021

BC Card takes over Vietnamese POS firm

South Korean credit card issuer BC Card said Thursday that it has acquired a 100 percent stake of Vietnamese point of sale terminal firm Wirecard Vietnam in a bid to increase its foothold in the Southeast Asian market. The newly acquired company, the largest POS system supplier in Vietnam, offers payment terminals to 40 banks and payment services firms operating locally. As the company has software development units under its wing, it can offer tailored payment systems to its customers, whi

April 29, 2021

Watchdog views Coupang as 'conglomerate'

South Korea’s antitrust regulator on Thursday included Coupang on its list of “large business groups,” henceforth imposing heavier corporate disclosure and compliance obligations on the e-commerce operator that had previously remained in the startup arena. The platform’s founder and chief Kim Bom-suk, however, was not deemed the de facto controlling shareholder on the basis of his US citizenship, rekindling skepticism on the validity of the current regulatory framework.

April 29, 2021

S. Korea to tighten mortgage rules to rein in household debt

South Korea unveiled Thursday a set of measures aimed at mitigating risks from the growing household debt burden and bringing the debt growth rate down to levels comparable to before the coronavirus hit the country. “In the course of responding to the COVID-19 crisis last year, the increase in household debt has inevitably expanded. We will manage to revert the household debt growth rate to pre-coronavirus levels,” Finance Minister Hong Nam-ki said while presiding over an emergen

April 29, 2021

Posco to increase social contributions, strengthen ESG drive

Posco has pledged to increase its social contributions while embracing the emerging trend of environmental, social and corporate governance, or ESG, management around the globe, the company said Thursday. South Korea’s leading steelmaker in 2018 launched its management initiative called “corporate citizenship” and pledged to expand its support for the betterment of society. Celebrating the fourth year since the company started its support in a wide range of sectors, Posco h

April 29, 2021

[Feature] Can Korea ditch Xinjiang polysilicon over forced labor?

Mounting allegations of forced labor in the Chinese region of Xinjiang have posed a conundrum for the global solar industry, and some say they could also drag down South Korea’s ambitious solar plans. Located in China’s far northwest, the region rife with allegations of human rights abuses is home to four of the world’s top five producers of polysilicon, a key raw material for most solar panels. Together, those four plants account for 40 percent of the global supply. In Ja

April 29, 2021

Seoul stocks down for 3rd day on profit-taking

South Korean stocks slumped for the third consecutive day Thursday as investors sold stocks to lock in gains despite the US Federal Reserve's soothing comments. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.4 points, or 0.23 percent, to close at 3,174.07 points. Trading volume was moderate at about 1.2 billion shares worth some 18.8 trillion won ($17 billion), with losers outnumbering gainers 472 to 381. Foreigners sold a net 14 bill

April 29, 2021