SK Gas invests in US hydrogen startup in push for clean energy transition

SK Gas Co., a key energy unit of South Korea's No. 3 conglomerate SK Group, said Wednesday it has invested in a US startup that has the original decarbonizing technology to produce clean hydrogen, as part of efforts to advance its transition to clean energy. SK Gas did not disclose the value of the investment in C-Zero, a California-based tech company, citing the terms of the contract. C-Zero is known for its methane pyrolysis technology that uses high temperatures to break methane in natural

IndustryDec. 8, 2021

8 aluminum alloy makers fined W21b for price fixing

South Korea's antitrust regulator said Wednesday it has decided to impose a combined 20.7 billion won ($17.6 million) in fines on eight makers of aluminum alloy products for colluding to fix bidding prices. Altechno Metal and seven other firms colluded to fix their quotations between 2011 and 2021 for bids on aluminum alloy products by the country's largest carmaker Hyundai Motor Co. and its affiliate Kia Corp., according to the Fair Trade Commission (FTC). Prior to the bidding, the companies

IndustryDec. 8, 2021

Banks' household loans grow at slower pace in November amid tight lending rules

South Korean banks' loans to households grew at a slower pace in November amid the government's stepped-up control on home-backed loans and other lending, central bank data showed Wednesday. According to the data from the Bank of Korea, banks' household loans stood at 1,060.9 trillion won ($901.2 billion) as of end-November, up 3 trillion won from a month earlier. The on-month growth decelerated from a 5.2 trillion won growth in October. Of household loans, mortgage loans grew 2.4 trillion wo

EconomyDec. 8, 2021

Hyundai Doosan Infracore wins preorders for 100 excavators from N. America

Construction machinery manufacturer Hyundai Doosan Infracore Co. said Wednesday that it has won preorders for 100 excavators from North America. Under the deals with dealers in North America, Hyundai Doosan Infracore will deliver the 10-ton excavators during the third quarter of next year, the company said. The South Korea's top construction equipment maker, however, did not reveal the value of the deals. Hyundai Doosan Infracore released its 10-ton excavators for the first time at a meeting

IndustryDec. 8, 2021

2022 economic policy centers on support for merchants, economic recovery: minister

South Korea's top economic policymaker said Wednesday the 2022 economic policy will be focused on supporting pandemic-hit small merchants and helping the country's economy pull off a full recovery. Finance Minister Hong Nam-ki made the remarks at a meeting with heads of major economic institutes and experts from investment banks over the government's economic policy for next year. "Next year, we should make efforts to help the Korean economy pull off a complete recovery and put it on an u

EconomyDec. 8, 2021

S. Korea seeks Russia's cooperation on stable supply of urea and grain amid export quota

South Korea has asked for Russia's cooperation to ensure the stable supply of urea, grain and other major items amid Russia's export quotas, Seoul's finance ministry said Wednesday. Finance Minister Hong Nam-ki made the request Tuesday during a virtual South Korea-Russia joint committee meeting on the economy, science and technology with Yury Trutnev, Russia's deputy prime minister and presidential envoy to the Far Eastern Federal District. During the video conference, Hong asked for the smoot

EconomyDec. 8, 2021

Seoul stocks open higher on US gains

South Korean stocks opened steeply higher Wednesday, tracking overnight gains on Wall Street that stemmed from easing concerns about the omicron variant. The benchmark Korea Composite Stock Price Index (Kospi) rose 25.72 points, or 0.86 percent, to trade at 3,017.44 in the first 15 minutes of trading. The Kospi got off to a bullish start, backed by comments by Anthony Fauci, top medical adviser to the US president, that the symptoms of the omicron variant are most likely lighter than other var

MarketDec. 8, 2021

Housing prices have markedly stabilized: finance minister

South Korea's top economic policymaker said Wednesday housing prices have markedly stabilized on the back of housing supply measures, the central bank's rate hike and tougher rules on household loans. Finance Minister Hong Nam-ki said prices of apartments in some areas of Seoul have stabilized to a level before possible decline. "The government will make efforts to help housing prices further stabilize by increasing home supplies in a way that exceeds the market's expectations and by acti

EconomyDec. 8, 2021

M&As by large companies jump this year

Corporate mergers and acquisitions (M&As) by big South Korean firms rose sharply in the first nine months of this year as they revved up efforts to find new growth engines, data showed Wednesday. The country's top 500 companies spent a combined 28.8 trillion won ($24.4 billion) on M&As in the January-September period, more than double last year's spending of 12.6 trillion won, according to the data from corporate tracker CEO Score. The number of M&A cases came to 126 in the nine-mo

EconomyDec. 8, 2021

Unionized Chanel cosmetics workers threaten strike

Cosmetic store workers of Chanel Korea said Tuesday they would walk off from their jobs for an indefinite period from Dec. 17 if the French luxury brand fails to pay overdue wages and take steps to prevent sexual harassment in the workplace.  Union members representing 390 store workers at 85 cosmetics boutiques of Chanel held a press conference Tuesday in front of the firm’s office in Jung-gu, central Seoul.  The members are part of the Korea Confederation of Trade Unions, a

ConsumerDec. 7, 2021

LG Energy Solution submits registration for IPO

LG Energy Solution said Tuesday it has entered an official stage to go public in January, amid market expectation that the company will join the top five on the list with a valuation of a whopping 70.2 trillion won ($59.5 billion). According to South Korea’s leading battery firm, it submitted a registration statement to the Financial Services Commission to be listed on the nation’s main bourse Kospi. The company seeks to raise up to 12.75 trillion won by offering 42.5 million sh

IndustryDec. 7, 2021

Mercedes-Benz dealer holds service skills contest

　Han Sung Motor, the official dealership of Mercedes-Benz Korea, last month held a biennial automotive service skills contest in a bid to foster technical specialists. 　Of some 760 applicants, 56 finalists who passed the preliminary round of the seventh Han Sung Skill Contest took the test based on standards proposed by the German carmaker. 　The top three scorers in seven fields, including system, body, paint and components, were awarded on Nov. 20 at the Seoul campus of the Korea Polytechnic

IndustryDec. 7, 2021

Manufacturers see inventories surge: KDI

SEJONG -- The nation’s economy has faced downside risks in the wake of global industrial output and trade scaling back amid the ongoing pandemic, a state-funded research agency said Tuesday, casting concerns over a recent surge in manufacturers’ inventories. According to a report from the Korea Development Institute, the South Korean economy has been facing uncertainty with negative factors such as the spread of COVID-19 variants worldwide emerging despite a modest recovery earlier

EconomyDec. 7, 2021

Can electric, hydrogen vehicles be charged at same time? Doosan says yes

Electric vehicle chargers can’t fuel hydrogen vehicles and hydrogen chargers can’t juice up electric vehicles. But what if there’s a solution to charge both at the same time? Che Hoo-seok, chief operating officer at Doosan Fuel Cell, the hydrogen business unit of South Korean conglomerate Doosan Group, says the infrastructure conundrum can be addressed with a breakthrough “triple” energy generation technology. “With natural gas, Doosan Fuel Cell’s

IndustryDec. 7, 2021

Seoul stocks up for 5th session on tech, auto gains

South Korean stocks extended their winning streak to a fifth session Tuesday after choppy trading, led by advances in tech and auto shares. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 18.47 points, or 0.62 percent, to close at 2,991.72 points. Trading volume was moderate at about 528 million shares worth some 9.9 trillion won ($8.4 billion), with gainers outnumbering losers 586 to 268. Foreigners bought a net 207 billion won, whi

MarketDec. 7, 2021

Leaving Lee Jae-yong's position unchanged, Samsung Electronics replaces CEOs

Samsung Electronics has replaced all its CEOs and combined its mobile and home appliance business divisions in a surprise move, ditching the decade-old system that landed the South Korean tech giant in the top position in smartphones, TVs and semiconductors. In a year-end leadership reshuffle announced Tuesday, the company said it was reorganizing its operational structure, which will now consist of a consumer business unit called the SET division and a chip business unit called the device solu

IndustryDec. 7, 2021

Krafton to lead W13b investment in Middle East mobile game publisher

South Korea’s Krafton, the company behind megahit video game PlayerUnknown’s Battlegrounds, said Tuesday it would help secure investment of 13 billion won ($11 million) for Tamatem, a leading mobile game publisher in the Middle East and North Africa. The Korean game developer, which has already invested 7 billion won in the Jordan-based publisher, will work with investors like Venture Souq and Endeavor Catalyst to deliver the funding. Tamatem is one of the three major publishers in

IndustryDec. 7, 2021

[Herald Interview] 'Korea has potential to play key role in global bio market'

Led by major biopharmaceutical companies in Celltrion and Samsung Biologics, South Korea is poised to make a bigger impact on the global market, according to German science and technology group Merck. “Executives at Merck headquarters think the Korean government’s vision to turn the country into a global vaccine hub by 2025 is impressive. There were suggestions to actively cooperate with the Korean government and support its strategic efforts to foster the bio industry,” said

IndustryDec. 7, 2021

Trade Week provides export chances for Seoul SMEs

Trade Week 2021 -- the Seoul Business Agency’s global trade conference, established to offer export opportunities for small and medium-sized enterprises in Seoul -- began its four-day run Tuesday. The SBA, a city-run agency that supports SMEs in the capital, said a total of 300 companies will participate in more than 1,200 online export consultations with 500 foreign buyers from more than 20 countries. The participating companies work mainly in the categories of beauty, lifestyle, food,

IndustryDec. 7, 2021

Woori Bank opens Hungary office

South Korea’s Woori Bank opened its first representative office in Budapest, Hungary, after financial authorities there last week granted the license to operate, the firm said Tuesday. Woori said it plans to finance both Korean businesses that have entered the market and Hungarian businesses through the new office. Hungary has grown as a key destination for Korean businesses seeking to launch electric vehicle battery plants or auto parts manufacturing factories in recent years. Woori&r

MarketDec. 7, 2021