[KH Finance Forum] World Bank Korea to establish platform for Korean startups to participate in global projects

World Bank Group Korea Office plans to launch a platform that connects local startups with global projects designed and operated by the international financial institution, special representative to World Bank Group Korea Office said Wednesday. “We plan to establish an ‘Innovation Fund’ to connect global Bank projects and clients with Korean and East Asia Pacific suppliers of innovative and technology enabled solutions,” Soh Hoon Sahib said during the Korea Herald

EconomyNov. 4, 2020

Renault Samsung sponsors ECCK’s fundraising race contest with Twizy

Renault Samsung Motors said Wednesday it had started a race contest with the European Chamber of Commerce in Korea involving its electric vehicle Twizy, to encourage donations from ECCK member firms. The automaker said it is participating in the event hosted by the ECCK, as the main sponsor to provide five units of its ultracompact model, Twizy. For the four-day event, the five Twizy cars departed from Seoul and will stop at Daejeon and Daegu before arriving in Busan on Friday. The fundrai

MobilityNov. 4, 2020

Korea asks Vietnam for fair anti-dumping probe into corn syrup

The government said Wednesday it has called for Vietnam to conduct a fair and objective investigation into an anti-dumping case related to high-fructose corn syrup from Korea and pledged to discuss “essential facts” with the country before a final decision is made. Essential facts are crucial facts that form the basis of the investigating authority’s decision to apply anti-dumping duties. According to the Ministry of Trade, Industry and Energy, it held a video conference

IndustryNov. 4, 2020

Kepco issues ESG bonds worth W200b for 2 consecutive years

Korea Power Corp. said Wednesday that it has become the first South Korean energy company to issue environmental, social and governance bonds worth 200 billion won ($176 million) for two consecutive years. According to the state-run utility, the bonds comprise two-year bonds worth 30 billion won, three-year bonds worth 100 billion won and five-year bonds worth 70 billion won. “Kepco issued the ESG bonds at the lowest interest rate out of all ESG bonds that have been issued by public

IndustryNov. 4, 2020

[KH Finance Forum] S. Korea to level playing field for financial companies, tech rivals

  South Korea is slated to unveil policy packages to promote fair competition between traditional financial giants and emerging tech players as the pandemic accelerates the digital transformation in the local finance industry, a senior official said Wednesday. Responding to the rise of tech giants in the sector, the Financial Services Commission will construct a legal framework to supervise those firms’ presence in the finance market and ease regulatory imbalances between convention

MarketNov. 4, 2020

Foreign Company Day awards 44 firms for economic contribution

A total of 44 medals were awarded to foreign-invested companies and related organizations who contributed to the Korean economy, at the 2020 Foreign Company Day held on Tuesday in Seoul, according to the Korea Foreign Company Association, or FORCA. Inaugurated in 2001, the Foreign Company Day marks its 20th anniversary this year. The ceremony is held annually under the auspices of the Ministry of Trade, Industry and Energy and FORCA. At the event, medals were given to a total of 44 investm

IndustryNov. 4, 2020

[Photo News] SsangYong unveils brand new version of mid-size SUV Rexton

Automaker SsangYong Motor unveiled its brand new mid-size SUV Rexton at a showcase event on Wednesday in Seoul. The event was attended by former national football team goalkeeper Kim Byung-ji (far left), presenter Lee Hye-sung (second from left), popular trot singer Lim Young-woong (second from right), who is the carmaker’s brand ambassador, and racecar driver Seo Ju-won. With a 2.2-liter diesel engine, the new SUV model boasts the horsepower of 202 and the maximum torque of 45 kilogram-m

IndustryNov. 4, 2020

Seoul shares close higher amid US election vote count

South Korean shares closed higher Wednesday as investors kept a watchful eye on the ongoing vote count of the US presidential election. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.01 points, or 0.6 percent, to close at 2,357.32. Trading volume was high at about 972.9 million shares worth some 14.7 trillion won ($12.9 billion), with gainers outnumbering losers 441 to 377. Foreigners offloaded a net 218.3 billion won of local stocks

MarketNov. 4, 2020

[Herald Interview] Secret behind Danish COVID-19 response: Health tech solutions

A survey in August showed that people in Denmark were happier than people from any other advanced economy about their government’s handling of the coronavirus crisis. They were more satisfied than South Koreans. 　 Some 95 percent of Danes believed their government was doing a good job of handling the pandemic, while 86 percent of Koreans felt the same way about their government, according to a survey by the Pew Research Center. 　 Though Denmark is also grappling with a resurgence of COVI

TechnologyNov. 4, 2020

COVID-19 a fork in the road for Korean pharmas’ conflicting Q3 report

　South Korean pharmaceuticals and biologics companies produced conflicting third-quarter reports, some of them boosted by their involvement in COVID-19-related pipelines. 　GC Pharma, Chong Kun Dang Pharmaceutical, Boryung Pharmaceutical, Daewoong Pharmaceutical and Yuhan Corp. reported stellar performances, while Dong-A ST and Hanmi Pharm saw their figures falter. 　 　The companies that fared better than the others had flu vaccines and treatments for chronic illnesses in their portfolios. Both

IndustryNov. 4, 2020

Hyundai signs MOUs to supply 4,000 hydrogen trucks to China by 2025

Hyundai Motor Co., South Korea's biggest carmaker by sales, said Wednesday it has signed two separate initial deals with Chinese companies to supply 4,000 hydrogen trucks by 2025 in a move to enter the Chinese hydrogen commercial vehicle market. Hyundai signed a memorandum of understanding (MOU) with Shanghai Electric Power Co., Shanghai Sunwise Energy Systems Co., and Shanghai Ronghe Electric Technology Financial Leasing Co. to supply 3,000 hydrogen fuel-cell electric trucks in the next five y

IndustryNov. 4, 2020

SK hynix reaps 175% growth in Q3 operating profit despite price falls

SK hynix, the world’s second-largest memory provider, achieved a 175 percent on-year growth in its operating profit in the third quarter of this year, despite adverse market conditions including declines in prices and the COVID-19 pandemic. According to its earnings results announced Wednesday, the chipmaker posted 8.13 trillion won ($7.2 billion) in revenue, while obtaining 1.3 trillion won in operating profit during the period between July and September. Revenue and operating profi

TechnologyNov. 4, 2020

Nongshim expects record overseas sales with flagship instant noodles

Nongshim, a South Korean food company, said Wednesday that it expects record-high overseas sales of $990 million this year with its flagship instant noodle brand Shin Ramyun. According to Nongshim, the overseas sales forecast is up about 24 percent on-year, as the demand for instant noodles jumped across the world in the wake of COVID-19. By year-end, sales of Shin Ramyun will reach about $390 million, Nongshim said. Shin Ramyun has been chosen as one of the world’s best instant noodl

ConsumerNov. 4, 2020

Online shopping hits new high in Sept. on virus, Chuseok holiday

SEJONG -- Online shopping in South Korea soared to a new high in September due to the coronavirus pandemic and the Chuseok holiday, data showed Monday, The value of online transactions stood at 14.72 trillion won ($12.9 billion) in the month, up 30.7 percent from a year earlier, according to the data from Statistics Korea. It was also the largest monthly amount since the agency began tracking related data in 2001. The surge was attributed largely to the pandemic that prompted more shoppers t

EconomyNov. 4, 2020

Hyundai’s US retail sales up 10% in October

Hyundai Motor and Kia Motors saw their retail sales rise in the US market last month, according to the automaker’s US units Wednesday. In the performance data released on the website of Hyundai Motor America, total sales in October recorded 57,395 units, up one percent from the same month last year. Retail sales reached 52,117 units, up 10 percent year-on-year. HMA said sales of sport utility vehicles, which accounted for 68 percent of total retail sales, increased 23 percent. Sales vo

MobilityNov. 4, 2020

Imported car sales rise 9.8% in Oct. amid pandemic

Sales of imported vehicles in South Korea rose 9.8 percent in October from a year earlier due to strong demand for German cars, an industry association said Wednesday. The number of newly registered foreign vehicles climbed to 24,257 units last month from 22,101 a year earlier despite the COVID-19 pandemic, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models were the Volkswagen Tiguan 2.0 TDI SUV, Volvo XC40 B4 AWD SUV and BM

EconomyNov. 4, 2020

Finance minister pledges utmost efforts to do his job after resignation offer was rejected

Finance Minister Hong Nam-ki vowed Wednesday he will do his best to perform his duties in sync with the president after his resignation offer over a taxation issue was rejected. "In conformity with the intention of the personnel authority, I will do my utmost to do my official duties as a deputy prime minister," Hong said during the parliamentary budget and accounts committee's interpellation session. "As parliament kicks off its review of the (2021) budget bill, I will do my b

EconomyNov. 4, 2020

[Monitor] Contrasting sales performance of Korean carmakers

Korea’s five finished automobile companies showed contrasting sales performance results in October compared to their respective reports in the same month last year. Amid the COVID-19 pandemic’s crippling effects on the global economy and consumer reception toward newly launched vehicle models, Kia Motors’ sales picked up both overseas and domestically, while Renault Samsung’s sales more than halved. (khnews@heraldcorp.com)

IndustryNov. 4, 2020

Hankook Tire supplies tires for Audi RS models

Hankook Tire & Technology Co., the world's seventh-largest tiremaker by sales, said Wednesday it has been supplying tires for Audi RS models this year. Hankook Tire has supplied the high-performance Ventus S1 evo 3 and Winter i*cept evo2 tires for Audi's RS 7 Sportback sedan and RS6 Avante wagon since early this year, the company said in a statement. The company didn't provide an exact time frame for the supply deal or the value of the deal. The tiremaker has supplied original equipment

MobilityNov. 4, 2020

Hyundai, Kia's US sales rise 6% on SUV models

Hyundai Motor Co. and its affiliate Kia Motors Corp. said Wednesday their US sales rose 6 percent last month from a year earlier on strong demand for their SUV models.  In October, Hyundai and Kia sold a combined 113,489 vehicles in the United States, up from 107,101 units in the same month of last year, the companies said in separate statements.   Hyundai's US sales gained 1 percent to 57,395 units last month from 57,094 a year ago, while Kia's jumped 12 percent to 56,094 fro

IndustryNov. 4, 2020