[Monitor] SK hynix restores 30% share in DRAM market

SK hynix, the world’s second-largest memory provider, restored its share in the global DRAM market with over 30 percent for the first time since the fourth quarter of 2018. According to data from TrendForce, more than half of the DRAM market was occupied by Korean chipmakers Samsung Electronics and SK hynix in the second quarter of 2020. Samsung cemented its solid lead with 43.5 percent, followed by SK hynix with 30.1 percent. SK hynix’s presence in the DRAM market was redu

TechnologyAug. 21, 2020

Seoul stocks open sharply higher on Wall Street gains

South Korean shares opened sharply higher Friday on overnight tech gains on Wall Street, bucking concerns over the recent hike in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.36 points, or 1.42 percent, to 2,306.58 in the first 15 minutes of trading. The index got off to a strong start after a 3.66 percent plunge in the previous session. The Nasdaq Composite soared 1.06 percent to 11,264.95 points on Thursday (New York time), led by gains in top

MarketAug. 21, 2020

BOK names new senior deputy governor

The Bank of Korea promoted Deputy Gov. Lee Seung-heon to replace Senior Deputy Gov. Yoon Myun-shik, whose three-year term in office just ended, officials said Thursday. Lee will henceforth be the No. 2 decision-maker in South Korea’s central bank, next to Gov. Lee Ju-yeol. “During recent years, Lee has successfully displayed capacities in key management agendas such as the establishment of the BOK’s financial network and the construction of the bank’s annex,” the

MarketAug. 20, 2020

Shinhan inks W73b deal to buy Doosan‘s investment arm

Shinhan Financial Group signed a deal to acquire a controlling stake in Neoplux, Doosan’s investment arm, for 73 billion won ($61.4 million), a filing showed Thursday. The transaction between Shinhan and the conglomerate‘s holding firm Doosan Co. is set to close by Sept. 29. As a result, Shinhan will control a 96.77 percent stake in Neoplux. The news comes a month after Shinhan was picked as the preferred bidder for the takeover in late July. Neoplux was founded in 2000, and ha

MarketAug. 20, 2020

KDB proposes meeting with HDC chairman over shaky Asiana-HDC deal

Korea Development Bank said Thursday it has proposed a meeting between its Chairman Lee Dong-gull and HDC Chairman Chung Mong-gyu over the delayed Asiana Airlines’ acquisition deal. The policy bank, main creditor bank of the airline, said it has suggested top-level talks to “alleviate uncertainties” regarding the purchase plan by the construction firm. The proposal came on the same day the CEOs of Kumho Industrial and HDC Hyundai Development Co. met at an und

IndustryAug. 20, 2020

WeWork pledges to stay committed to Korean biz

WeWork said Thursday it would continue to push forward with its Korean business, as the local branch showed signs of resilience in its local operation despite the coronavirus fallout. According to WeWork Korea, which operates 20 shared working space locations in Seoul and Busan, its space-as-a-service platforms here logged their highest figures in monthly membership renewals and sales in July. The company also said that it saw a 7 percent increase in membership from February to July, though i

MarketAug. 20, 2020

SeAH Steel to supply key parts for wind power project in UK

SeAH Steel Holdings said Thursday it will participate in Britain’s state-led offshore wind power project to supply key parts. The South Korean steel firm said it has signed a memorandum of understanding with the UK’s Department for Business, Energy and Industrial Strategy to construct the world’s biggest monopile production facility. A monopile is a simple structure consisting of a steel pipe driven into the seabed, providing a fixed foundation for an offshore wind turbine

IndustryAug. 20, 2020

Samsung Biologics’ market cap ranking leaps to No. 2 on Kospi

South Korean biopharma company Samsung Biologics on Thursday saw its market capitalization ranking climb to No. 2 on the nation’s main bourse Kospi, beating the world’s No. 2 memory chipmaker SK hynix. The market fluctuation came amid the prolonged COVID-19 pandemic, which weighed upon several of the conventional manufacturing champions and empowered other sectors such as pharmaceuticals and digital technology. Shares of Samsung Biologics closed at 794,000 won ($669.33) -- down 15

MarketAug. 20, 2020

S. Korean startups shine amid coronavirus recession

While nearly all industries have been affected by the lingering coronavirus pandemic, South Korea’s startup scene is showing resilience with local startups successfully attracting funds. Superbin, a startup that develops solutions for recycling plastic debris, announced this week that it raised 20 billion won ($16.8 million) in Series B funding recently. Investors participating in the funding round included portal giant Naver-backed investment firm TBT and set-top box maker Humax, bo

MarketAug. 20, 2020

HAAH Automotive preparing to bid for SsangYong Motor: reports

US automotive distributor HAAH Automotive Holdings is preparing to submit a binding offer to invest in SsangYong Motor, according to media reports here Thursday. Experiencing a liquidity crisis, SsangYong Motor’s major stakeholder, India’s Mahindra Group, announced it will lower its stake from the current 75 percent to less than 50 percent, and that it is willing to give up its top shareholder position if it finds a new investor. A bidder makes a binding offer to acquire a compa

MobilityAug. 20, 2020

Instant noodle market marks record-high sales of W1.13tr in H1

The instant noodle market recorded all-time high sales of 1.13 trillion won ($952.2 million) in the first half of this year, largely affected by the COVID-19 pandemic, data showed Thursday. Releasing the data from Nielsen Korea, Nongshim, a South Korean food company, said the industry grew 7.2 percent from the same period last year, with its highest-ever semiannual sales. According to the data, sales of instant noodles in the first half of 2019 amounted to 1.05 trillion won, and annual sales

ConsumerAug. 20, 2020

Seoul stocks dip over 3% on rising COVID-19 fears, recovery concerns

South Korean stocks tumbled more than 3 percent Thursday amid growing concerns over the fast-spreading new coronavirus infections in the country and uncertainties over the recovery of the US economy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 86.32 points, or 3.66 percent, to close at 2,274.22. Trading volume was high at about 891 million shares worth some 16.9 trillion won ($14.2 billion), with losers outnumbering gainers 823 to 73.

MarketAug. 20, 2020

Will Tesla’s batteries hurt Korean battery makers?

Electric vehicle pioneer Tesla wants to make its own batteries, as they account for more than 40 percent of auto parts. Its ambition became official after Joerg Steinbach, economy minister for the state of Brandenburg in Germany, confirmed that Tesla will manufacture powerful batteries with “completely new technology” at Gigafactory Berlin. So here’s the question: When Tesla starts producing its own batteries and even sells them to other automakers, will it hurt Korean ba

IndustryAug. 20, 2020

Amazon Games to publish Smilegate games exclusively in Europe, North America

Smilegate said Thursday its games will be published in the European and North American markets exclusively by Amazon Games. According to the Korean game company, its subsidiary Smilegate RPG signed an exclusive publishing contract with Amazon Games and will publish one of its most popular titles in both markets by next year. “Amazon Games is the most suitable partner to help Smilegate enter European and North American markets, as Amazon is equipped with its own streaming platform Twit

IndustryAug. 20, 2020

S. Korea to set aside W20tr of 2021 budget for ‘New Deal’

South Korea has decided to set aside 20 trillion won ($16.8 billion) from next year’s budget to finance its “New Deal,” a policy package designed to boost the economy in the post-coronavirus era through digital transformation, the finance minister said Thursday. It also vowed to establish and operate an exclusive fund worth 400 billion won until 2024 to back up digital and tech startups. “Full execution of the 4.8 trillion won fund from the third supplementary budget wi

EconomyAug. 20, 2020

Companies on alert as COVID-19 cases surge

As the coronavirus has resurged rapidly in the Greater Seoul area in recent days, industries are on alert again, fearing their business could face another bout of shutdowns. Many major companies resumed their remote work policies, or have flexible working hours to protect their workplace. Most large firms, including Samsung, LG, SK, KT, Posco and Hyundai Motor have a painful history of closing down their plants and office buildings due to coronavirus patients when the pandemic peaked in spr

IndustryAug. 20, 2020

State-backed W8.6tr fund adds to Korea‘s post-COVID growth capital

South Korea’s signature “Growth Support Fund,” a state-backed financing program for venture firms, raised a combined 8.6 trillion won ($7.2 billion) in commitments as of July, one of the fund backers, Korea Development Bank, said Thursday. Given the higher-than-anticipated matchmaking activities for subfunds by external partners, the Growth Support Fund’s total commitments for growth equities is expected to reach the mark of 9 trillion won by this year, KDB added. This

MarketAug. 20, 2020

S. Korea to share economic progress with global community

South Korea will share its 20-year economic development history of overcoming the middle-income trap, government officials said Thursday. According to the Ministry of Economy and Finance, the World Bank Korea office and state-run Korea Development Institute will publish a collaborative research paper titled “Korea: Connecting Innovation and Technology to Development” early next year.  The move came as the World Bank Group has requested the Korean government to share its hist

EconomyAug. 20, 2020

Kia Motors loses nine-year wage lawsuit

Kia Motors has lost a nine-year wage lawsuit filed by workers as the Supreme Court ruled in favor of the employees on Thursday. The automaker has to pay about 50 billion won ($42 million) to its 3,521 union members. In 2011, about 27,000 employees of Kia Motors filed a lawsuit claiming that overtime, night, holiday and annual leave allowances should be recalculated after including regular bonuses, daily expenses and lunch expenses in ordinary wages. The workers claimed around 1 trillion won

MobilityAug. 20, 2020

[News Focus] Since 2017, nearly 70 percent spike seen at some Gangnam apartments

SEJONG -- Some apartment complexes in Seoul were found to have renewed all-time high prices despite the measures introduced by the government on June 17 to cool the market. The record-breaking prices are have risen particularly in the wealthy Gangnam area, which comprises Gangnam-gu and Seocho-gu, two of the 25 administrative districts in Seoul. According to the data held by the Land Ministry, an 84-square-meter apartment in the Acro Riverpark complex in Banpo-dong, Seocho-gu, traded at 3.57

EconomyAug. 20, 2020