Insurers' earnings soar 37.3% in Jan.-Sept.

South Korean insurance firms' earnings jumped more than 37 percent in the first nine months of this year amid the coronavirus pandemic and a bullish stock market, data showed Thursday. The combined net profit of insurance companies operating in South Korea came to 7.63 trillion won ($6.4 billion) in the January-September period, up 37.3 percent from a year earlier, according to the preliminary data from the Financial Supervisory Service (FSS). Life insurers saw their combined net profit expand

EconomyNov. 25, 2021

2 transport firms fined W340m for bid rigging

South Korea's antitrust regulator said Thursday it has decided to impose a combined fine of 340 million won ($285,000) on two transport companies for rigging bids to win three projects by the country's major shipbuilder, Daewoo Shipbuilding & Marine Engineering Co. In 2014, Sebang Co. and Dongbang Transport Logistics Co. colluded to fix their price quotations on a transport project to make sure Saebang won the deal. After winning the bidding, Sebang assigned part of the order to Dongbang Tr

IndustryNov. 25, 2021

BOK raises rate to 1% amid inflation concerns

South Korea’s central bank on Thursday raised its benchmark interest rate by 25 basis points, returning to the 1 percent rate range after 20 months, while upgrading this year’s inflation target. In a largely expected move, the Bank of Korea carried out a rate hike as a result of the last monetary policy meeting of the year. The central bank stood pat on its base rate in the previous rate-setting meeting last month, after carrying out a rate hike of 25 basis points to 0.75 percent i

EconomyNov. 25, 2021

Seoul stocks open lower on profit-taking

South Korean stocks opened lower Thursday as investors attempted to cash in gains from the recent rally. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.35 points, or 0.25 percent, to 2,986.94 points in the first 15 minutes of trading. The KOSPI got off to a lackluster start, apparently on the back of losses in tech heavyweights. Top cap Samsung Electronics fell 0.53 percent, and No. 2 chipmaker SK hynix lost 0.42 percent. Leading chemical firm LG Chem shed 1.2 percent and

MarketNov. 25, 2021

S. Korea's tax competitiveness ranks 26th worldwide: report

South Korea's international tax competitiveness has fallen nine notches over the past five years, a report said Thursday, pointing to a need to lower tax rates and simplify its tax system. The country's tax competitiveness ranks 26th in the world in 2021, compared with 17th five years earlier, according to the report from the Korea Economic Research Institute (KERI). It marks the sharpest drop among the Group of Five major economies, as well as 37 members of the Organization for Economic Coope

EconomyNov. 25, 2021

Mercedes-Benz Korea to beef up EV lineup

Mercedes-Benz Korea said Thursday it will add an all-electric sedan this year to its EV lineup amid a growing appetite for zero-emission vehicles.  The German carmaker introduced the new EQS, the first pure electric sedan built on its dedicated electric modular architecture, during the media day of the 2021 Seoul Motor Show. Under its all-electric brand Mercedes-EQ, the new EQS 450+ AMG Line and EQS 450+ AMG Line Launch Edition models will go on sale in the Korean market within this year

IndustryNov. 25, 2021

3 companies to recall over 220,000 vehicles over faulty parts

BMW Korea, GM Asia-Pacific Regional headquarters and Mercedes-Benz Korea will voluntarily recall more than 220,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The three carmakers are recalling a combined 223,330 units in 84 kinds of models, the Ministry of Land, Infrastructure and Transport said in a statement. For instance, BMW plans to gradua

IndustryNov. 25, 2021

S. Korea to increase stockpile of rare metals to ensure stable supply

South Korea plans to increase its stockpile of rare metals and expand the list of such items for strategic reserves, the country's finance minister said Wednesday. The move aimed at ensuring stable supply of such materials came in the wake of a recent supply shortage of aqueous urea solution, a key additive for diesel vehicles. The government plans to swiftly boost the stockpile of rare metals to a maximum of 180 days of use from the current 100 days, according to Finance Minister Hong Nam-ki.

IndustryNov. 24, 2021

S. Korean economy to grow 3.2% in 2022: think tank

South Korea’s economy will grow 3.2 percent next year on consumer spending and strong exports, with pandemic restrictions expected to have eased, a local think tank said Wednesday. The benchmark Kospi will also maintain its growth momentum and hit a record high, it added. “We will see a clear surge in consumer spending early next year as the coronavirus curbs are eased. … Exports will be strong, propped up by a global economic recovery,” said Jang Geun-hyuk, a seni

EconomyNov. 24, 2021

S. Korea to double low-rate loan ceiling to Indonesia over next 5 years

South Korea said Wednesday it plans to more than double the ceiling on the country's low-interest rate loans to Indonesia over the next five years in a bid to strengthen bilateral cooperation. Under the agreement between the two nations, the Economic Development Cooperation Fund (EDCF) will be expanded to US$1.5 billion in 2022-2026 from the existing $600 million set aside for 2016-2021, according to Seoul's finance ministry. South Korea launched the EDCF program in 1987 in an effort to suppor

EconomyNov. 24, 2021

Lee Jae-yong’s ‘New Samsung’ vision taking shape

Samsung Electronics Vice Chairman Lee Jae-yong has returned home after a packed North American trip, with his vision for the “New Samsung” taking shape and putting a renewed emphasis on chip business. During his 10-day visit to the US and Canada, Lee held a series of meetings with prospective clients, partners and political leaders and finalized the tech giant’s $17 billion US fab investment. Upon his arrival in Seoul on Wednesday afternoon, the tycoon said the responsibili

TechnologyNov. 24, 2021

[Newsmaker] Over 1 million face comprehensive real estate tax

SEJONG -- The tally of those subject to the comprehensive real estate holding tax -- individuals or corporations -- exceeded 1 million this year for the first time since the nation introduced the tax in June 2005. According to the National Tax Service, almost 1.03 million individuals and corporations are supposed to pay comprehensive real estate taxes in 2021. The figure consists of 947,000 homeowners and 79,600 landowners. This shows that the number of comprehensive real estate holding tax ta

MarketNov. 24, 2021

Posco Chemical builds new refractory factory in S. Korea

Posco Chemical Co., a unit of South Korean steel giant Posco, said Wednesday it has completed the construction of a new refractory plant in the southern city of Pohang as part of its efforts to boost production of basic industrial materials. The 49.2 billion won ($41.5 million) plant has an annual production capacity of some 21,700 tons of unfired refractory materials, which will boost the company's combined annual production capacity of the materials by 14 percent to 52,500 tons, it added. Refr

IndustryNov. 24, 2021

Hyundai Heavy to set up guidance for offshore green hydrogen plant

Global shipbuilding conglomerate Hyundai Heavy Industries Group said Wednesday it will establish the world's first technical guidance for offshore green hydrogen plants To that end, the group's affiliates -- Korea Shipbuilding & Offshore Engineering Co. (KSOE) and its subsidiary Hyundai Heavy Industries Co. -- have signed a preliminary deal with ABS, a US ship quality assurance and risk management company. The deal is aimed at setting up the world's first guideline for the design of offsho

IndustryNov. 24, 2021

Naver lays out new future with metaverse, AI

South Korean internet giant Naver on Wednesday unveiled its latest technology to expand its business in the metaverse, the fast-emerging platform connecting virtual communities. “We will soon launch Arcverse, a metaverse ecosystem, that connects the virtual world and real world. In Arcverse, users will be able to use the data and services from both worlds at the same time,” said Seok Sang-ok, CEO of Naver Labs, during Deview 2021, Naver’s 14th developer conference. For insta

TechnologyNov. 24, 2021

[Market Eye] What Samsung's $17b chip investment means to chip industry

Samsung Electronics will invest $17 billion into its foundry sector, a business that makes money by manufacturing chips clients have designed. But some experts say that despite the staggering size of the investment, the South Korean tech giant is unlikely to challenge the global foundry race led by TSMC. Instead of splurging cash, a structural change must occur to catch up with TSMC, a No. 1 foundry player with a global market share of 58 percent as of second quarter this year, they said. &ld

IndustryNov. 24, 2021

Hanwha invests $100m in Lancium to address excess renewable energy in Texas

Hanwha Solutions said Wednesday it has invested $100 million in a Houston-based tech company Lancium, which aims to build bitcoin mines across Texas that will run on renewable energy. According to the solar-to-hydrogen business unit of South Korean conglomerate Hanwha Group, Lancium has purchased 9.5 square kilometers of land in Texas and plans to establish over 2,000 megawatts of generating capacity across multiple sites. Lancium develops software and technology that connects bitcoin mines

IndustryNov. 24, 2021

Seoul stocks down ahead of BOK meeting

South Korean stocks closed slightly lower Wednesday as investors took to the sidelines ahead of the central bank's monetary policy meeting. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 3.04 points, or 0.1 percent, to close at 2,994.29 points. Trading volume was moderate at about 540 million shares worth some 10.7 trillion won ($9 billion), with losers outnumbering gainers 477 to 373. Institutions sold a net 592 billion won, while f

MarketNov. 24, 2021

KAI invests in AI company for future technologies

Korea Aerospace Industries announced Wednesday that it will acquire a 10 percent stake in Konan Technology, a company specialized in AI and big data. This investment in shares comes as an effort to acquire future industry-related technology by implementing AI, big data and deep learning into the aviation and defense sectors. KAI and Konan Technology will work together on developing an AI-based prognostics and health management system that can be used on Korean Utility Helicopter, KF-21, FA-50,

IndustryNov. 24, 2021

Seoul Mobility Show to showcase 18 new cars

The Seoul Mobility Show, the only official motor show in South Korea, will kick off this Friday simultaneously at Kintex in Goyang and Paju in Gyeonggi Province as well as Seoul, showcasing 18 new cars. According to the organizer for the show, the exhibition will continue until Dec. 5 with over 100 automobile and mobility companies from six different countries taking part. The main exhibition at Kintex includes vehicles from Kia, Maserati, Mercedes-Benz, Mini, BMW, Audi, Isuzu, Genesis, Porsch

MobilityNov. 24, 2021