FTC fines SK Inc. and SK Group Chairman W1.6b over SK Siltron case

South Korea’s antitrust watchdog announced Wednesday that it would fine SK Inc. and SK Group Chairman Chey Tae-won 1.6 billion won ($1.3 million) over allegations that his personal purchase in LG Siltron shares back in 2017 had violated the law. The decision was made a week after Chey had attended the Fair Trade Commission’s full-member session in person. Chey’s attendance was rare as the watchdog does not require the person involved to be present. Chey, in the session, claime

IndustryDec. 22, 2021

Korea, Vietnam agree to enhance ties on trade, development projects

SEJONG -- South Korea and Vietnam agreed to bolster coordination on trade and development projects during a ministerial meeting in Seoul, Wednesday, the Ministry of Trade, Industry and Energy said. At the meeting, Korea’s Minister of Trade, Industry and Energy Moon Sung-wook signed a memorandum of understanding with Vietnam’s Minister of Industry and Trade Nguyen Hong Dien on urea supply. Under the deal, Korea will import up to 120,000 metric tons of urea from Vietnam per annum ov

IndustryDec. 22, 2021

Seoul stocks up for 2nd session amid tech gains, easing virus scare

South Korean stocks closed up for the second straight session Wednesday, led by chipmaker gains and easing fear about the omicron variant of the new coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 9.45 points, or 0.32 percent, to close at 2,984.48 points. Trading volume was moderate at about 453 million shares worth some 8.6 trillion won ($7.2 billion), with gainers outnumbering losers 486 to 357. Foreigners bought a net 30

MarketDec. 22, 2021

'Detox' required for computer chips, EV batteries

The world is full of irony. Electric vehicles, which are supposed to be eco-friendly modes of transportation, are mounted with chips and batteries that generate polluting gases in the manufacturing process. To make semiconductors, harmful gases are required, such as CF4, C2F6, SF6 and NF3. These ozone-destroying greenhouse gases take up to 50,000 years to decompose in the atmosphere, and are far more potent than carbon dioxide, which takes 50-200 years to break down. As calls for environmen

IndustryDec. 22, 2021

Samsung takes ‘personalization of technology’ as key CES theme

Samsung Electronics Vice Chairman and CEO Han Jong-hee said Thursday that the global tech giant will unveil innovative technologies centered on customization, seamlessness and sustainability at the 2022 Consumer Electronics Show. In his editorial posted on Samsung Newsroom, the head of Samsung Electronics’ device experience division underscored that the “one-size-fits-all” strategy can no longer apply in the consumer electronics market as users are seeking more personalized,

IndustryDec. 22, 2021

GS Caltex to use oil extracted from plastic waste as clean feedstock

GS Caltex said Wednesday it will utilize oil extracted from plastic waste as a feedstock to manufacture petrochemical products to bolster its environmental, social and governance efforts. According to the South Korean total energy company, it will begin pilot production of petrochemical products with 500,000 tons of plastic waste oil at the firm’s plant located in Yeosu, South Jeolla Province. “If the pilot project proves successful, GS Caltex will review new investments for buil

IndustryDec. 22, 2021

Finance ministry to prioritize stabilizing inflation next year

South Korea's finance ministry said Wednesday it will put the top priority on stabilizing consumer inflation next year as the country faces a buildup in price pressure amid rising prices of raw materials and farm products and the economic recovery. The government plans to beef up the monitoring of the supply of key farm produce closely linked to people's livelihoods and freeze public utility bills in the first quarter of next year. The Ministry of Economy and Finance picked measures to stabili

EconomyDec. 22, 2021

Financial watchdog to seek 'soft landing' for household debt, bring debt increase under pre-pandemic levels

South Korea's financial watchdog said Wednesday that it will continue to prioritize a "soft landing" for soaring household debt and bringing debt growth down to pre-pandemic levels next year. In a report laying out its policy goals for next year, the Financial Services Commission (FSC) also said that it will "preemptively" manage vulnerability risks facing the financial sector amid worries that snowballing corporate and household debt and rising interest rates could hurt the

EconomyDec. 22, 2021

SsangYong signs MOU with BYD for EV battery development

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Wednesday it has signed an initial pact with Chinese electric vehicle maker BYD Auto Co. for EV battery development.SsangYong Motor on Tuesday signed a memorandum of understanding with BYD Auto to develop car batteries and produce battery packs for its models, the company said in a statement. "The partnership with BYD will pave the way for the company's plan to transform itself into an EV maker

IndustryDec. 22, 2021

S. Korea's seaport cargo down 1.9% in Nov.

The volume of cargo processed at South Korean seaports fell nearly 2 percent in November due to delayed handling at major ports, government data showed Wednesday. Cargo handled at the country's ports stood at 128.5 million tons last month, down 1.9 percent from a year earlier, according to the data by the Ministry of Oceans and Fisheries. Handling of export-import cargo also declined 1.9 on-year to 108.8 million tons. Container cargo decreased 7.4 percent on-year to 2.39 million twenty-foot-e

EconomyDec. 22, 2021

S. Korea unveils measures to prevent foreigners' illegal property transactions

Finance Minister Hong Nam-ki said Wednesday the government will closely monitor foreigners' real estate transactions in a bid to prevent cross-border flows of illegal funds and crack down on dubious deals. The government unveiled a set of measures to prevent foreigners from illegally buying real estate as some non-residents are found to have taken undue profits from property transactions. To monitor any illegal money flows, the Bank of Korea (BOK) and the Korea Customs Service will set up an i

EconomyDec. 22, 2021

Seoul stocks open steeply higher on US stock rallies

South Korean stocks opened steeply higher Wednesday, tracking overnight rallies on Wall Street that stemmed from easing fears about the impact of the omicron variant on the global economy. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.95 points, or 0.64 percent, to trade at 2,993.98 points in the first 15 minutes of trading. The KOSPI got off to a bullish start, led by tech and auto advances. Overnight, the tech-heavy Nasdaq composite jumped 2.4 percent and the Dow Jones

MarketDec. 22, 2021

6 companies to recall over 34,000 vehicles over faulty parts

Hyundai Motor Co., Mercedes-Benz Korea and four other companies will voluntarily recall more than 34,000 vehicles to fix faulty components, the transport ministry said Wednesday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The six companies, including Hyundai's smaller affiliate Kia Corp., Toyota Motors Corp. and Stellantis Korea, are recalling a combined 34,639 units of 13 different models, the Ministry of Land, In

IndustryDec. 22, 2021

Corporate direct financing rises 1.6% in November

Corporate direct financing by firms in South Korea grew 1.6 percent in November from a month earlier due to an increase in bond sales, data showed Wednesday. Local companies raised a combined 19.45 trillion won ($16.3 billion) by selling stocks and bonds last month, up 300.3 billion won from the previous month, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and other fi

EconomyDec. 22, 2021

Posco International to invest W162b in Mexico EV parts factory

In a bid to penetrate the US electric vehicle market, Posco International said Tuesday it is opening a Mexico office to oversee the production plant of a core component. The component, the rotor motor core, is used to generate electricity in electric motors. The decision has been approved by the board, the trading arm of Korea’s leading steelmaker said. Some 52 billion won ($43.6 million) will be invested in building the facility, of which 80 percent will be funded by Posco Internat

IndustryDec. 22, 2021

Hanwha to inject W338b for caustic soda production

Hanwha Solutions said Tuesday it will spend 338 billion won ($283.3 million) to add 270,000 tons of production capacity of caustic soda, a key raw material for electric vehicle batteries. According to the chemical and energy unit of South Korean conglomerate Hanwha Group, the investment will allow the company to ramp up the annual production capacity of caustic soda at its petrochemical plant in Yeosu, South Jeolla Province, to 1.11 million tons from the current 840,000 tons. “Hanwha

IndustryDec. 21, 2021

4 in 5 foreign employees paid less than W3m

SEJONG -- Almost 4 in every 5 foreign salaried workers in South Korea were found to be earning less than 3 million won ($2,500) a month, state data showed Tuesday. According to Statistics Korea and the Korea Immigration Service, around 811,000 foreigners were employed here this year, up 0.9 percentage point compared to the previous year. Of them, the portion of foreign employees whose monthly wage stayed under 3 million won reached 78.1 percent, or 633,000 people, this year. While 52.2 perce

MarketDec. 21, 2021

Incheon Airport forges W600b deal with Indonesian airport

Incheon International Airport Corp. has inked a 600 billion won ($503 million) deal to operate and develop Hang Nadim International Airport in Indonesia for 25 years starting next year, officials said Tuesday. It is the first overseas airport operation and development project Incheon International Airport Corp. has undertaken, they added. The deal was signed by Incheon International Airport Corp. and Batam Indonesia Free Zone Authority to operate and develop the Indonesian airport in Batam, Ri

IndustryDec. 21, 2021

Kyobo Life submits preliminary IPO application

Kyobo Life Insurance, the No. 3 life insurer in South Korea, has applied for a preliminary approval to list its shares on the country's main bourse, the stock market operator said Tuesday. Kyobo Life Insurance submitted the application with the Korea Exchange (KRX) for an initial public offering (IPO) and picked NH Investment and Securities Co. as the lead manager for the envisioned stock listing, according to the operator. Other details were not disclosed. In November, Kyobo Life Insurance s

IndustryDec. 21, 2021

GS E&C completes New Selander Bridge project in Tanzania

South Korean builder GS E&C has completed its construction of New Selander Bridge in Tanzania, the largest development project funded by the South Korean government in Africa. New Selander Bridge is also the first bridge project GS E&C has worked on in Tanzania. It will officially open for use on Dec. 27. Located in Dar es Salaam, the largest city and financial hub of Tanzania, the New Selander Bridge is 670 meters long. It is a new type of bridge that has combined the characteristics

IndustryDec. 21, 2021