Exports up 27.6% in first 20 days of Nov.

South Korea's exports grew 27.6 percent on-year in the first 20 days of November on the back of robust demand for chips, ships and petroleum products, customs data showed Monday. The country's outbound shipments stood at $39.9 billion in the Nov. 1-20 period, compared with $31.2 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 41.9 percent on-year to $39.8 billion, resulting in a trade deficit of $73 million during the cited period, the data showed.

EconomyNov. 22, 2021

Operating margins of top 100 firms exceed 10% in Q3

Third-quarter operating margins of South Korea's top 100 companies topped the 10 percent mark for the first time in three years amid the local economy's recovery from the coronavirus pandemic fallout, data showed Monday. Their average operating margin of the leading companies by sales, excluding financial and state corporations, stood at 10.74 percent in the July-September period, up 1.98 points from the prior quarter, according to the data compiled by Yonhap News and the Federation of Korean I

IndustryNov. 22, 2021

S. Korea's whisky imports jump over 70% this year

South Korea's imports of whisky soared more than 70 percent in the first 10 months of the year as more people drank at home amid the coronavirus pandemic, data showed Monday. The value of whisky imports came to $93.21 million in the January-October period, up 73.1 percent from a year earlier, according to the data from the Korea Customs Service and the local liquor industry. It represents the first on-year increase in the country's whisky imports since 2014. Industry sources attributed the su

EconomyNov. 22, 2021

Hyundai Motor chief to offer 40,000 youth jobs during PM’s visit

Hyundai Motor Group Chairman Chung Euisun is likely to address the company’s plan to create some 40,000 jobs for young people during his meeting with Prime Minister Kim Boo-kyum scheduled for Monday. The prime minister plans to visit Hyundai Motor Studio in Goyang, Gyeonggi Province, as part of the government’s youth support campaign. The meeting is also to be attended by Employment and Labor Minister An Kyung-duk, Minister for Government Policy Coordination Koo Yun-cheol and Hyu

MobilityNov. 21, 2021

[Herald Interview] Meet CEOs on metaverse -- how doing business can work via virtual world

Metaverse, the fast-emerging digital platform of interconnecting virtual communities, will provide new business opportunities for budding Korean companies seeking investors for corporate growth and the complete commercialization of their products and services. In an interview jointly hosted by The Korea Herald and Hyundai Futurenet, CEOs of three companies -- Warpsolution, Digisonic and Citylabs -- said they are working on ways to develop both physical and virtual technologies to enhance the me

IndustryNov. 21, 2021

Wemade founder joins game billionaire list

Park Kwan-ho, the chairman of game developer Wemade, joined South Korea’s game billionaires last week as the company’s valuation soared following the growing popularity of its new game, which is based on the blockchain technology. Park, 49, saw his stock value reaching 3.3 trillion won ($2.77 billion) as of Thursday, which makes him the 10th richest man among individuals owning stocks in domestic listed companies, according to local market data provider FnGuide. Park, the largest

MarketNov. 21, 2021

Samsung’s $17b foundry investment plan in US imminent

Samsung Electronics is reportedly planning to unveil its $17 billion foundry investment plan in the US this week, as its leader Vice Chairman Lee Jae-yong returns home after a series of high-profile meetings with White House officials and key lawmakers that might have finalized the plan. According to Samsung Electronics Sunday, the vice chairman was invited to the White House on Friday, US time, and met with top officials to discuss how the South Korean tech giant could help resolve the globa

IndustryNov. 21, 2021

BOK likely to raise interest rate to 1% amid inflationary pressure

South Korea’s central bank is expected to carry out its second rate hike in the pandemic era this week, and is likely to raise it by 25 basis points to 1 percent, experts said Sunday. The Bank of Korea in August raised its base rate to 0.75 percent from a record-low 0.5 percent, which it had slashed to in May 2020 to cushion the market from COVID-19 woes. It kept the rate anchored at 0.75 percent in the following meeting held in October. In the last monetary policy meeting of the year sc

EconomyNov. 21, 2021

[Exclusive] Doosan to develop hydrogen power pack for cars

Doosan Group said Sunday it will develop a hydrogen power pack for commercial vehicles, signaling its entry into the hydrogen bus and truck markets. “We will develop a hydrogen power pack for land vehicles. We are also reviewing a total charging solution at bus depots that can charge both hydrogen and electric buses,” an executive at Doosan Fuel Cell, a hydrogen business unit of Doosan, told The Korea Herald while declining to be named. A hydrogen power pack is a type of generat

IndustryNov. 21, 2021

Korean investors still wary of risky private debt

Although private debt has grown in profile as an investment option, South Korean investors are reluctant to adopt strategies that capitalize on debt mispricing, saying they prefer a conservative portfolio that protects investors against losses. Instead, they are looking to increase safety of investment with a focus on diversification and recession-proof sectors. “We will continue to invest in defensive sectors and construct a well-diversified portfolio, as we prefer an all-weather strat

MarketNov. 21, 2021

KOGAS transforms into hydrogen platform business

Korea Gas Corp. is undergoing a paradigm shift from a fossil fuel resource developer to a hydrogen-based eco-friendly company by pushing forward its hydrogen as well as natural gas businesses. Established in 1983 with a mission for safe and stable supply of natural gas, KOGAS owns 74 storage tanks with a total capacity of 11.56 million kiloliters at five production sites in Pyeongtaek, Incheon, Tongyeong, Samcheok and Jeju; 4,945 kilometers of natural gas pipelines nationwide; and 413 supply ma

IndustryNov. 21, 2021

Netflix's monthly active users hit record high in S. Korea on 'Squid Game'

The number of Netflix's monthly active users (MAU) in South Korea hit a record high in September from a month earlier helped by the Korean-made mega hit "Squid Game," a market research firm said Sunday. The US streaming giant's monthly active users in South Korea reached 9.48 million in September, up 9.8 percent from the previous month's 8.63 million, according to Nielsen KoreanClick. September tally marked the highest since Netflix launched its streaming service in South Korea in 201

IndustryNov. 21, 2021

Korea Airports Corporation close to signing a deal to operate airport in Ecuador

Korea Airports Corporation said Friday that it is close to signing a business deal with the Ecuadorian government to operate Manta Airport. A negotiation team is currently visiting Ecuador for talks to finalize the deal, the corporation said. The deal, which is estimated to be worth 40 billion won ($33.76 million), will see the corporation acquire a 100 percent stake and operate the airport until 2051. A local corporation will be set up to manage and operate the airport’s facilities, in

MobilityNov. 19, 2021

LG Electronics ships out over 10 million OLED TVs since 2013

Market data showed Friday that LG Electronics has shipped out over 10 million of its premium OLED TV shipments since the launch in 2013, doubling from just a year ago amid a rapidly expanding market. The Korean TV maker shipped 899,000 TVs in the third quarter, a sharp rise by 80 percent on-year, and the most in a quarter, according to the data from market analysis company Omdia. LG said it expects this year’s total number of OLED TV shipments to surpass 4 million, double that of last y

IndustryNov. 19, 2021

[Newsmaker] Hite Jinro to see sales boom under ‘living with COVID-19’: analyst

Hite Jinro, the country’s biggest beer and soju maker in terms of market share, is expected to become the “main beneficiary” of the liquor industry as the country shifts back to normal under its “living with COVID-19” scheme, an industry analyst said Friday.  “With the resumption of entertainment facilities operating under the ‘living with COVID-19’ scheme, the recovery of related sectors in the metropolitan area is a sign of upward momentum

IndustryNov. 19, 2021

Carlyle Group fund acquires A Twosome Place coffee chain

Global investment firm Carlyle Group’s buyout fund Carlyle Asia Partners V has inked a deal to acquire 100 percent ownership of South Korea’s No. 2 coffee chain, A Twosome Place, officials said Friday. The final agreement followed negotiations between Carlyle and Hong Kong-based Anchor Equity Partners, which owned the franchise. The exact value of the takeover deal has not been revealed but investment banking sources estimate that it is worth between 700 billion won ($592 million) a

MarketNov. 19, 2021

Singapore Airlines celebrates first flight for vaccinated travel lane with Korea

Singapore Airlines celebrated the kickoff of the vaccinated travel lane between South Korea and Singapore with Flight 601 during a commemorative ceremony earlier this week. The event was held Tuesday in front of Gate 23 of Incheon International Airport’s Terminal 1. The ceremony was attended by Eric Teo, Singaporean ambassador to Korea; Jeon Hyoung-wook, vice president of the operations division at Incheon International Airport Corporation; Xavier Ho, general manager at Singapore Airline

MobilityNov. 19, 2021

Korean consortium to embark on construction of new airport in Peru

A groundbreaking ceremony will take place on Friday for a new international airport in Cusco, Peru, which will serve as a gateway for visitors to Machu Picchu, the Korea Airports Corporation said Friday. The event will be attended by Peruvian President Pedro Castillo, Peruvian Minister of Transport Juan Francisco Silva, Korea Airports Corporation CEO Son Chang-wan, and officials from South Korea’s Transport Ministry and Hyundai Engineering & Construction. As part of the government-to

IndustryNov. 19, 2021

Seoul stocks rebound on bargain hunting

South Korean stocks snapped their three-day losing streak Friday, as investors sought to buy oversold stocks after the recent fall in the local stocks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.64 points, or 0.8 percent, to close at 2,971.02 points. Trading volume was moderate at about 649 million shares worth some 10.9 trillion won ($9.2 billion), with gainers outnumbering losers 431 to 403. Foreigners bought a net 231 billion

MarketNov. 19, 2021

FSS asks banks to determine lending rates based on 'best practice'

A senior official of South Korea's financial regulator on Friday urged major banks to determine their lending rates based on "best practice" and make improvements in relevant procedures if necessary. Lee Chan-woo, first senior deputy governor of the Financial Supervisory Service (FSS), made the remark in a meeting with officials of eight banks handling credit affairs in Seoul amid growing worries that the recent steep hike in loan rates could add to the financial burden on households

EconomyNov. 19, 2021