[Herald Interview] Cargo ships are floating coal plants and hydrogen is the answer

A giant container ship that was knocked off by strong winds and blocked Egypt’s Suez Canal in 2021 was mounted with an 85-megawatt engine. Powered by fossil fuels, the engine is a miniature coal power plant that generates massive energy to maneuver the 200,000-ton ship the length of four football fields. South Korea, the world‘s No. 1 shipbuilder, last year bagged 88 percent of global orders to build such huge container ships powered by internal combustion engines. Like it or not,

IndustryFeb. 1, 2022

South Korea suffers trade deficit 2 months straight in 14 years

South Korea witnessed a trade deficit for two consecutive months for the first time since the global financial crisis in 2008, due to rising prices of energy and raw materials. According to the Ministry of Trade, Industry and Energy, Asia’s No. 4 economy saw its exports increase 15.2 percent on-year to $55.3 billion in February, while its imports surged 35.5 percent to $60.2 billion, resulting in a trade deficit of $4.8 billion. This is the first two-month trade deficit since the four

IndustryFeb. 1, 2022

[Newsmaker] How far have chips come to emulate human brain?

JEONGSEON, Gangwon Province -- New chip technologies could advance to the degree that chips in the future could emulate the human brain in terms of computing speed, density and efficiency, experts said during keynote speeches at the 29th Korean Conference on Semiconductors held in Jeongseon, Gangwon Province Tuesday. However, a technology breakthrough to break the mold is crucial, as achieving large processing capacity and energy efficiency simultaneously is becoming more elusive on the convent

TechnologyJan. 31, 2022

Number of full-time workers shrinks amid prolonged pandemic

　 The employment rate of the nation’s full-time employees working 40 hours a week has remained in the 50 percent rage for two consecutive years, raising concerns over deteriorating labor market amid the prolonged COVID-19 pandemic, a lawmaker said Monday.  The “full-time equivalent” employment rate for 2021 posted 58.8 percent, nearly unchanged from 58.6 percent estimated a year earlier, according to Rep. Yoo Gyeong-joon of the main opposition People Power Party, citing

EconomyJan. 31, 2022

Korean instant noodle exports hit new high in 2021

Exports of South Korean instant noodles hit a record high of over $670 million, the highest figure to date. Last year’s exports stood at $674.41 million, data from the Korea Customs Service and the food industry showed on Sunday. Exports of instant noodles, also known as “ramyeon” in Korea, have risen for seven consecutive years. When broken down by country, China was the biggest market for South Korean instant noodle makers, followed by the US, Japan and Taiwan. Instant no

ConsumerJan. 30, 2022

Kyobo Life asks US accounting oversight board to punish Deloitte Anjin accountants

South Korea’s Kyobo Life Insurance has taken its battle with Deloitte Anjin to overseas, asking a US nonprofit audit watchdog to investigate and punish three accountants suspected of inflating the prices of a put option that one of its strategic investors exercised years earlier. One of the top life insurers here filed a complaint with the Public Company Accounting Oversight Board, requesting them to “take actions for a strong sanction” against the accountants, including the o

MarketJan. 28, 2022

[Test Drive] With the all-new Kia Niro, Kia steps closer to sustainable mobility

The design of the all-new Kia Niro did it all to captivate young drivers, not to mention its fuel efficiency and comfortable driving experience. Looking very much like Kia’s concept car HabaNiro, the all-new Kia Niro infused its ‘Opposites United’ design philosophy into the environmentally friendly SUV by making the body two-toned with a bold boomerang-shaped Aero C-Pillar at the rear that completes the futuristic design of the car. During its four-day long preorder, a total

MobilityJan. 28, 2022

Top financial regulator reassures investors over latest Kospi dip

South Korea’s top financial regulator attempted to calm local investors Friday over the latest dip in the Kospi following the US Federal Reserve’s March rate hike signal. “It is true that the Kospi dip has an excessive aspect to it,” Financial Services Commission Chairman Koh Seung-beom said in a meeting on the financial market. “It would not be appropriate for investors to be overly dampened or concerned,” he added. The nation’s benchmark Kospi f

MarketJan. 28, 2022

Slowdown forecast after brisk 2021

SEJONG -- The nation’s growth in industrial output marked the highest in 11 years in 2021 on the back of both economic recovery and the base effect, or rapid bounce-back from sagging performance in the pandemic-hit 2020, Statistics Korea data showed Friday But indexes unveiled by the state-run agency suggest possible slowdown in the growth of production, retail sales and facilities investment for the coming months in 2022. Korea saw industrial output grow 4.8 percent on-year in 2021, the

EconomyJan. 28, 2022

Samsung Biologics to acquire Biogen’s stake in Samsung Bioepis for $2.3 billion

Samsung Biologics has reached an agreement with Biogen to buy out the US biotechnology firm’s stake in Samsung Bioepis for $2.3 billion (2.7 trillion won), the company said Friday. Biogen secured a 15 percent stake when Samsung Bioepis was established as a joint venture in 2012. The US company exercised its right in June 2018 to buy up to one share less of Samsung Bioepis’ 50 percent stock. The payment for the 10,341,852 shares will be carried out over the next two years and full

IndustryJan. 28, 2022

Bank mortgage rates hit highest in 7 1/2 years in December

South Korean banks' mortgage rates hit the highest level in about 7 1/2 years in December amid rising borrowing costs, central bank data showed Friday. Banks' mortgage loan rate averaged 3.63 percent a year in December, 0.12 percentage point higher from a month earlier and the highest since May 2014, according to the data by the Bank of Korea (BOK). Mortgage rates have been on the rise as the BOK has raised the policy rate in recent months as part of efforts to tighten its long accommodative p

EconomyJan. 28, 2022

LG Uplus turns to black in Q4 on 5G user growth, logs record annual operating profit

LG Uplus Corp., South Korea's third-largest mobile carrier, said Friday it shifted to black in the fourth quarter from a year earlier on the back of growth in 5G network subscriptions. Net income for the October-December period stood at 101.8 billion won ($84.5 million), marking a turnaround from a loss of 224.7 billion won the previous year, the company said in a regulatory filing. The company's operating profit dipped 9.8 percent on-year to 158.2 billion won while sales rose 2.7 percent on-y

IndustryJan. 28, 2022

SK hynix logs record revenue of W43tr in 2021

South Korean chipmaker SK hynix announced Friday that its annual revenue surged 35 percent to 42.9 trillion won ($35.6 billion) on-year, a record figure for the company. Operating profit spiked 148 percent to 12.4 trillion won. The record performance was propelled by the robust demand in IT gadgets amid a non-face-to-face trend despite uncertainties posed by supply chain risks, the company explained. The previous record was 40.4 trillion won of revenue in 2018, when the firm benefited from a

TechnologyJan. 28, 2022

Inflationary pressure could further rise on Russia-Ukraine tension: official

South Korea's consumer prices could be further under upward pressure as oil prices have spiked amid increased geopolitical tensions between Russia and Ukraine, a senior government official said Friday. The government will step up its monitoring of prices of petroleum products and consider whether to extend fuel tax cuts, depending on oil price movements, according to Vice First Finance Minister Lee Eog-weon. "A spike in oil prices, caused by Russia-Ukraine tensions and risks from oil prod

EconomyJan. 28, 2022

Samsung Card logs 169.1% rise in Q4 net on rebounding spending

Samsung Card Co., a major South Korean card issuer, on Friday reported a 169.1 percent rise in its fourth-quarter earnings as consumption rebounded from a pandemic-caused slowdown. Net income in the October-December quarter came to 129.4 billion won ($107.4 million) on a consolidated basis, up from 48.1 billion won a year earlier, the company said in a regulatory filing. Fourth-quarter operating profit also surged 179.6 percent to 175.8 billion won, while sales declined 3.1 percent to 886.4 bi

IndustryJan. 28, 2022

SK Innovation shifts to black in Q4 on strong petrochem, EV battery sales

SK Innovation Co., the energy and chemical affiliate of South Korean conglomerate SK Group, said Friday it swung to the black in the fourth quarter from a year earlier on strong petrochemical demand and electric vehicle (EV) battery sales. Net income came to 163.4 billion won ($135.7 million) in the October-December period, a turnaround from a loss of 232.6 billion won a year earlier, the company said in a regulatory filing. It continued to post an operating loss of 47.3 billion won but far le

IndustryJan. 28, 2022

Shareholders OK Posco's plan to create holding firm

Shareholders of Posco, South Korea's top steelmaker, approved the company's plan to transform into a holding company by splitting it into two business entities, the steelmaker said Friday. After the breakup, the steelmaking group's holding company, tentatively named Posco Holdings, will focus on charting out future business, research and development, and investment. The steelmaking business will be dubbed Posco, which will be wholly owned by Posco Holdings and remain unlisted. The steelmaker'

IndustryJan. 28, 2022

Imports of leisure goods up 36.5% last year amid pandemic

South Korea's imports of leisure goods rose 36.5 percent last year from a year earlier as the COVID-19 pandemic boosted demand for indoor activities, customs data showed Friday. Imports of goods used for leisure activities, including tablets and TVs, came to $9.56 billion last year, compared with $7 billion a year earlier, according to the data from the Korea Customs Service. The 2021 reading accelerated from a 17.3 percent on-year gain in 2020. Compared with 2019, the value of imports almost

EconomyJan. 28, 2022

Kyobo Life requests US watchdog to punish Deloitte Anjin accountants for collusion

Kyobo Life Insurance, a major South Korean life insurer, said Friday that it has requested a US nonprofit watchdog to punish three accountants of Deloitte Anjin for colluding to inflate the prices of a put option exercised by one of its investors. Kyobo Life Insurance filed the petition with the Public Company Accounting Oversight Board, asking for their "strong punishment," according to the company. The board is a nonprofit watchdog established by US Congress to oversee the audits of

IndustryJan. 28, 2022

S. Korea activates task force for emergency economic responses over Ukraine tension

South Korea has launched a task force to prepare for potential economic impacts of ongoing tensions between Russia and Ukraine on the local economy and the financial market, the finance ministry said Friday. Tensions have escalated near Ukraine's border areas as the United States and its European allies have failed to reach an agreement with Russia to avert a potential military conflict. Finance Minister Hong Nam-ki held a meeting with related ministers to assess the situation Friday, and anno

EconomyJan. 28, 2022