With tax surplus, finance ministry allocates W10tr to support micro businesses

SEJONG -- The Finance Ministry has unveiled its plan to support microbusiness owners, including the self-employed, in use of tax revenue surplus and the national budget. This is regarded as a sort of bailout for small businesses, which were severely hit by the pandemic in terms of sales and financial conditions. While they will have the opportunity of taking out state-led loans on low rates, the government’s support package does not include cash grants. “The support scale would rea

EconomyNov. 23, 2021

Samsung looks to add 2nd US foundry chip plant in Texas

South Korean tech giant Samsung Electronics is looking to add a second site for its foundry semiconductor chip manufacturing plant in Texas, according to reports Tuesday. Texas Gov. Greg Abbott is scheduled to make an “economic announcement” concerning Samsung Electronics’ plan to build a new chip plant in Williamson County, near the city of Taylor, Texas, which will involve $17 billion of capital expenditure, Wall Street Journal reported. A Samsung Electronics spokesperson s

TechnologyNov. 23, 2021

[Hydrogen Korea] Korea Shipbuilding looks to turn hydrogen leaks to power source

Chill hydrogen to liquid at minus 253 degrees Celsius and the volume shrinks to one-eight-hundredth of its size. As hydrogen is too bulky as a gas, liquidating it is being looked at for transportation. But there is a problem: Under normal storage, liquid hydrogen boils off at the rate of 2-3 percent a day. By the time it arrives at Korean shores, as much as 20-30 percent of the tank would be empty. For South Korea, the evaporation issue is a major one, as the Asia’s No. 4 economy pla

IndustryNov. 23, 2021

LG Electronics chief expected to be promoted to vice chairman

Kwon Bong-seok, the CEO of LG Electronics, is likely to be promoted as the new vice chairman of LG Corp., the holdings firm of South Korean conglomerate LG Group. According to LG Group on Tuesday, LG Electronics and LG Corp. are scheduled to hold their respective board meetings Thursday and finalize the executive reshuffle. Kwon Bong-seok is expected to fill in the shoes of Kwon Young-soo, who was appointed in October as the new CEO of LG Energy Solution, the battery unit of LG Group. The

IndustryNov. 23, 2021

[Advertorial] LG Chem underscores 5 win-win growth strategies

LG Chem Vice Chairman Shin Hak-cheol on Tuesday emphasized five inclusive growth strategies to bolster the transparency and competitiveness of its suppliers. According to South Korea’s leading chemical company, the five principles are creating a fair trade culture; providing financial support and improving payment conditions; pursuing mutual growth through safe environments and eco-friendly business; building the capacity of suppliers; and sharing information and exchanging ideas. To

IndustryNov. 23, 2021

CJ CheilJedang spins off health supplement biz

In a move to expand its footprint in the health care sector, CJ CheilJedang will spin off its health and wellness business, the Korean food maker said Tuesday. Set to be launched on Jan. 1, the new subsidiary CJ Wellcare will be entirely controlled by CJ CheilJedang. The move comes after CJ Group Chairman Lee Jay-hyun in early November pledged to invest 10 trillion won ($8.41 billion) over the next three years to boost four growth engines -- one of which is the health and wellness sector.

ConsumerNov. 23, 2021

Hyundai Motor affirms EV production in US but why the delay?

Hyundai Motor Group Chairman Chung Euisun made it official for the first time that the company plans to manufacture electric vehicles in the US, but questions are being raised over why the South Korean auto giant is not moving fast to do so. “Not starting next year, but we are planning to (make EVs in the US), so still looking for a timing,” said Chung, crossing a line against market speculation that the automaker’s EV production in its US factories is imminent.  “

IndustryNov. 23, 2021

Emro Q3 net profit jumps 21% on business expansion

Emro, a supply chain management software company in Korea, said Monday its third-quarter net profit rose 21 percent from a year ago on expansion of clients and business. According to the company’s regulatory filing, its net profit stood at 3.98 billion won ($3.3 million) in the July-September period. Its operating income jumped 42 percent on-year to 4.04 billion won, and revenue expanded 11 percent to 11.2 billion won in the cited period. Emro said its net profit grew thanks to the incr

MarketNov. 23, 2021

BMW to strengthen EV lineup in S. Korea

BMW said Tuesday it will strengthen its electric vehicle lineup in South Korea to meet growing demand for environment friendly vehicles. This week, BMW added the all-electric iX flagship SUV and the iX3 midsized SUV to its existing EV lineup composed of the pure electric i3 subcompact car and the plug-in hybrid i8 sedan. "The company will continue to beef up its EV lineup by adding electrified models to each segment to satisfy customers' demands," BMW Korea said in a statement. BM

IndustryNov. 23, 2021

S. Korea to scale down state bond sale for Dec. to stabilize market

South Korea said Tuesday it plans to sell smaller-than-planned state bonds for next month in a bid to help stabilize the bond market and improve fiscal soundness. To that end, the finance ministry plans to use excess tax revenue of 2.5 trillion won ($2.1 billion) for the shortfall of the planned sale of Treasurys. This means the ministry will issue state bonds that are around 2.5 trillion won less than its planned sale for next month. The government sold Treasurys worth 164 trillion won in th

EconomyNov. 23, 2021

Most bond experts eye rate hike in Nov.: poll

An absolute majority of bond mavens in South Korea predict the country's central bank to raise its key interest for November in an effort to curb rising inflation and household debt, a poll showed Tuesday. According to the survey of 100 bond experts by the Korea Financial Investment Association, 90 of the respondents forecast the Bank of Korea (BOK) to jack up its policy rate at a rate-setting meeting slated for Thursday. The number of experts expecting a rate increase was up from 13 percent r

EconomyNov. 23, 2021

Ship carrying Chinese urea set to arrive in S. Korea

A first shipment of urea is set to arrive in South Korea from China later Tuesday, which is expected to help address a supply crunch of urea solution, a key fluid needed in diesel cars to cut emissions. A ship carrying 300 tons of urea will arrive in the southeastern city of Ulsan around 9 p.m. Tuesday after leaving from the Chinese eastern city of Tianjin on Saturday, officials said. The government said it plans to accelerate necessary procedures to enable the urea to be used to produce urea

EconomyNov. 23, 2021

[Graphic News] Carmakers’ sales fall 22% amid chip shortages

  South Korean carmakers’ sales fell 22 percent last month from a year earlier as an extended global chip shortage and the COVID-19 pandemic continued to weigh on vehicle production and sales, industry data showed. The country’s five carmakers - Hyundai Motor, Kia, GM Korea, Renault Samsung Motors and SsangYong Motor - sold a combined 548,192 vehicles in October, down from 705,047 units a year ago, according to data from the companies. Their domestic sales declined 21 percent

BusinessNov. 23, 2021

Seoul stocks open lower on profit-taking

South Korean stocks opened lower Tuesday as investors attempted to lock in gains from the recent tech rally. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.54 points, or 0.22 percent, to 3.006.71 points in the first 15 minutes of trading. The KOSPI got off to a lackluster start amid losses in most large caps. Overnight, the tech-heavy Nasdaq composite lost 1.26 percent amid lingering inflation concerns. The Dow Jones Industrial Average edged up 0.05 percent Top cap Samsung

MarketNov. 23, 2021

S. Korea to draw up additional W12.7tr scheme for merchants, vulnerable people

South Korea plans to chart out around 12.7 trillion won ($10.7 billion) worth of support measures for pandemic-hit small merchants and vulnerable people with excess tax revenue and the state budget, the country's finance minister said Tuesday. The government will unveil a package of measures to support small merchants, including low interest rate loans and cuts in electricity bills, according to Finance Minister Hong Nam-ki. The measures will also include ways to stabilize inflation and back qu

EconomyNov. 23, 2021

Large S. Korean firms cut jobs amid coronavirus pandemic

Large South Korean companies have cut their combined workforce by more than 1 percent over the past two years amid the coronavirus pandemic, a corporate tracker said Tuesday. The number of workers hired by 313 out of the country's top 500 firms by sales came to 1.24 million as of end-September this year, down 1.02 percent, or around 12,800, from two years earlier, according to the Leaders Index. These companies removed some 18,200 regular jobs over the cited period, while increasing the number

IndustryNov. 23, 2021

EU resumes antitrust probe into Hyundai-Daewoo combination

The European Union antitrust regulator said Tuesday it has resumed its investigation into the proposed combination of two major South Korean shipbuilders 16 months after it suspended the probe. The European Commission plans to finalize the probe by Jan. 20, it said on its website. "The probe was able to be resumed as we fully answered questions by the EU antitrust regulator," said an official at Korea Shipbuilding & Offshore Engineering Co. (KSOE). KSOE is the subholding compan

IndustryNov. 23, 2021

Biz sentiment deteriorates for Dec. amid pandemic: poll

South Korea's business sentiment deteriorated for December due to raw materials and parts supply disruptions from China in the manufacturing sector, a local think tank said Tuesday. The business survey index (BSI) of the country's top 600 companies by sales fell to 100.3 for next month, down from 100.6 for November, the Korea Economic Research Institute (KERI) said in a statement. The business outlook stayed above 100 for a fourth straight month. The actual BSI stood at 102.2 in November, up

EconomyNov. 23, 2021

Corporate direct financing down in Oct. as bond sales decline

South Korea's corporate direct financing shrank in October from a month earlier due to a reduction in bond sales, data showed Tuesday. Local companies raised a combined 19.15 trillion won ($16.2 billion) by selling stocks and bonds last month, down 473.6 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 financial institutions.

EconomyNov. 23, 2021

US' restriction on SK hynix plan in China 'legitimate': US trade chief

The United States' recent restriction on South Korean chipmaker SK hynix's plan to bring advanced equipment to a Chinese factory was made out of "legitimate concerns," and more such moves could be possible, Washington's top trade official has said.    US Trade Representative (USTR) Katherine Tai made the remarks in her recent radio interview with CBS, a Seoul-based broadcaster, which aired on Monday. She visited South Korea for a four-day run from Thursday.    &q

IndustryNov. 22, 2021