S. Korea to expand financial support for builders' overseas orders

South Korea said Monday it will expand financial support measures for local builders as their overseas orders are expected to fall short of last year's records amid the protracted pandemic. Korean construction firms clinched combined overseas orders worth $24.3 billion between Jan. 1 and Dec. 10, down 21 percent from a yer earlier, according to the government. Last year, local builders secured overseas orders worth $35.1 billion last year, but their combined orders for this year may be around

EconomyDec. 13, 2021

Seoul stocks open higher on tech, auto gains

South Korean stocks opened higher Monday, led by advances of tech and auto stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.09 points, or 0.47 percent, to trade at 3,024.32 points in the first 15 minutes of trading. Stocks climbed despite a high number of coronavirus cases, with investors keeping an eye on the Federal Reserve for signals about the tapering of stimulus measures. The Fed is set to announce its two-day meeting results Wednesday (US time). In Seoul, market

MarketDec. 13, 2021

Exports rise 20.4% in first 10 days of Dec.

South Korea's exports grew 20.4 percent on-year in the first 10 days of December on the back of solid demand for chips and petroleum products, customs data showed Monday. The country's outbound shipments stood at $19.5 billion in the Dec. 1-10 period, compared with $16.2 billion a year earlier, according to the data from the Korea Customs Service. (Yonhap)

EconomyDec. 13, 2021

Nearly half of big S. Korean firms have yet to unveil investment plans for 2022: poll

Nearly half of South Korea's large companies have yet to come up with their investment plans for next year due mainly to high economic uncertainty, a poll showed Monday. The survey of 101 big firms out of the country's top 500 companies showed 49.5 percent having no investment plans for 2022 or having not decided on their investments. The poll was commissioned by the Korea Economic Research Institute, the research arm of South Korea's conglomerate lobby Federation of Korean Industries. Nearly

IndustryDec. 13, 2021

Kia outpaces Tesla in Swedish EV sales

Kia Motors, the nation’s second-biggest carmaker, has claimed the No. 2 spot in EV sales in Sweden this year, outpacing its US rival Tesla. According to market tracker EU-EVs on Sunday, Kia sold a total of 6,018 EVs in the January-November period this year, becoming the second highest-selling EV brand with a 12.7 percent market share. At the top of the list was Volkswagen, which sold 9,296 vehicles for a 19.6 percent market share. During the same period, Tesla sold 5,666 EVs, claiming

MobilityDec. 12, 2021

Posco International to beef up gas reserves with Senex deal

Posco International, the trading arm of the country’s leading steelmaker, said Sunday it was accelerating its business expansion into global natural gas exploration and production by acquiring Australian natural gas producer Senex Energy. The company said it had signed a joint investment deal with Hancock Energy, an Australian partner, to acquire a 50.1 percent stake in Senex Energy. The deal is expected to be finalized sometime in March as soon as it gets approval from Senex’s shar

IndustryDec. 12, 2021

[Battery+] Two recall risks hanging over LG Energy Solution after IPO

With LG Energy Solution about to go public in January, investors are asking two vital questions. One is, “Should I buy its stocks?” The other is, “But what if there’s another recall?” These questions are perfectly legitimate, considering the hundreds of millions or billions of dollars LG Energy Solution had to cough up to compensate automakers every time its batteries exploded. But whether LG Energy Solution is capable of containing recall risks is the wrong qu

IndustryDec. 12, 2021

SK chief to attend antitrust hearing over stock purchase

SK Group Chairman Chey Tae-won himself will personally explain to South Korea’s antitrust watchdog his reasons why his 253.3 billion won ($214.4 million) stock purchase four years ago was legitimate, and not a sweetheart deal. According to the Fair Trade Commission Sunday, the head of the nation’s third-largest conglomerate is scheduled to voluntarily appear before the antitrust regulator on Wednesday. The 61-year-old tycoon is expected to deliver his defense over allegations tha

IndustryDec. 12, 2021

BNY Mellon downsizing Korea operations

BNY Mellon, one of the oldest US banks, plans to downsize its South Korean operations and withdraw its financial investment business, sources said Sunday. It is one of many foreign financial institutions that have lost interest in Asia’s fourth-largest economy in recent years. According to industry sources, Korea’s policymaking Financial Services Commission recently approved BNY Mellon Seoul branch’s request to pull the plug on its financial investment business and trust serv

MarketDec. 12, 2021

CJ Olive Young to speed up online push ahead of IPO next year

Health and beauty store chain CJ Olive Young plans to go beyond brick-and-mortar retail and transform itself into an “omnichannel platform” that connects e-commerce with offline retail, ahead of its plans to go public next year. “No one inside the company defines Olive Young as a health and beauty store. We see our brand as an omnichannel platform,” Olive Young CEO Koo Chang-geun said at a press event at Dongdaemun Design Plaza in Seoul on Friday. The renewed push to

ConsumerDec. 12, 2021

S. Korean economy forecast to grow 2.8% in 2022: think tank

The South Korean economy is expected to expand 2.8 percent on-year in 2022, slower than this year's projected 3.9 percent growth, amid weaker private consumption and global demand, a local think tank said Sunday. The projection by the LG Economic Research Institute (LGERI) is lower than that by the International Monetary Fund (IMF) of 3.3 percent and the 3.0 percent estimate by both the Organization for Economic Cooperation and Development (OECD) and the Bank of Korea. "The export-led gro

EconomyDec. 12, 2021

Seoul stocks likely to face volatility next week on FOMC, virus concerns

  South Korean stocks are likely to undergo volatility next week due to uncertainty about the US Federal Reserve's monetary policy meeting and the latest spike in COVID-19 cases, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,010.23 points Friday, up 1.41 percent from 2,968.33 points a week ago. The key stock index gained for the seventh straight session Thursday amid expectations of chip price hikes and eased concerns about the new omicron

MarketDec. 11, 2021

New members elected to AMCHAM Korea’s boardroom

The American Chamber of Commerce in Korea elected a new board chair and three new members to lead the group next year, the organization said Friday. Following the annual election, the AMCHAM Board of Governors is now made up of 41 members, including seven women. This is the largest and most diverse group in the organization’s history, it said. Henry An, Senior Partner at Samil PricewaterhouseCoopers, was elected chairman of the board. He will replace former Chairman Jeffrey Jones who

IndustryDec. 10, 2021

Korea closed schools longer than US, Japan amid pandemic: data

SEJONG -- South Korea was found to have conducted longer closures of on-the-spot classes at schools than other countries amid the pandemic situation, a state-run statistics agency said Friday. According to Statistics Korea, Korea closed elementary, middle and high schools for 68 weeks (77.3 percent) of the 88 weeks from March 2020 to October 2021. The closure includes partial or full-fledged (all schools nationwide) shutdown of offline classes. “This is longer than the 62-week closure (7

EconomyDec. 10, 2021

Hyundai Motor, GM Korea concerned over return of hardline union leaders

Carmakers in South Korea -- Hyundai Motor and GM Korea -- appear to be concerned as hardline union leader came back to negotiation tables, amid prevailing uncertainties at manufacturing facilities hit by the pandemic and supply crunch woes.  According to Hyundai Motor branch of Korean Metal Workers’ Union, Ahn Hyun-ho has received 53.3 percent of approval from some 48,000 member union to reign over the country’s one of the most powerful unions from next year for two years. In 1

IndustryDec. 10, 2021

[Interactive] Gangnam's wealth hides in shabby homes

EconomyDec. 10, 2021

Seoul stocks snap 7-day winning streak on virus woes

South Korean stocks ended their seven-session winning streak on Friday as investor sentiment was hurt by concerns that the latest spike in COVID-19 cases could sap an economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 19.34 points, or 0.64 percent, to close at 3,010.23 points. Trading volume was moderate at about 444 million shares worth some 8.1 trillion won ($6.9 billion), with gainers outnumbering losers 418 to 4

MarketDec. 10, 2021

Five Hyundai Motor Group affiliates listed on Dow Jones Sustainability Index

Five of Hyundai Motor Group’s affiliates have been listed on the Dow Jones Sustainability Index, three of which were added for the first time.  Hyundai Engineering & Construction and Hyundai Steel have been recognized on the world’s first sustainability index for 12 and four consecutive years, respectively.  Hyundai Motor, auto parts maker Hyundai Mobis and logistics company Hyundai Glovis were newly added this year. DJSI picks the top 2,544 listed companies based on

IndustryDec. 10, 2021

Posco’s holding company scheme gets board approval

South Korean steelmaker Posco Group’s plan to set up a holding company, Posco Holdings, was approved by the board Friday, buoying expectations that the steelmaker will extend its business areas to hydrogen fuel cells, advanced materials and renewable energy.  Under the plan, the group’s steelmaking arm will be physically split off and will be placed under the planned holding company. The envisioned holding company is expected to hold a 100 percent stake in the steelmaking

IndustryDec. 10, 2021

'PUBG: Battlegrounds' to be free to play in Jan.

Krafton Inc., a South Korean gaming giant, said Friday that its global smash hit "PUBG: Battlegrounds" will be going free to play starting next month. The game will start a free-to-play mode on all platforms, including computers and consoles, on Jan. 12, 2022, to enable more people to enjoy the battle royale style game, Krafton said. The global-hit game, in which users fight to remain the last person alive, launched in 2017 as a paid game. It has quickly gained global popularity, s

TechnologyDec. 10, 2021