[KH Biz Forum] ‘Alternative energy alone won’t solve climate problem’

The world is talking about green energy to slash emissions and curb climate change. But without a drastic cut in the consumption of plastic and other waste, a net-zero economy just won’t happen, an environmental expert urged Tuesday. Speaking at the fourth Korea Herald Biz Forum on Tuesday, Hong Su-yeol, head of Resource Recycle Consulting, said the world needs to transition to a circular economy in which resources are used again and again in a closed loop and create no waste at all. &

IndustryOct. 26, 2021

S. Korea’s economy sees slower-than-expected growth in Q3

South Korea’s economy has expanded at a slower-than-expected pace in the July-September period due to lackluster private consumption despite recovery in exports, central bank data showed Tuesday. The economy grew 0.3 percent in the third quarter, compared with a 0.8 percent growth in the second quarter and the corresponding figure of 1.7 percent in the first quarter, preliminary data released by the Bank of Korea showed. The third quarter reading falls short of the BOK’s Se

EconomyOct. 26, 2021

[KH Biz Forum] Tech sovereignty ‘crucial’ in post-pandemic era

Technology plays a key role in a nation’s economic security, which is gaining ground as a new force behind the shifting world order, Seoul National University professor Lee Jeong-dong said Tuesday. “Defending a country was the basic concept of military security. However, with supply chains spanning across the globe now, it is only possible with economic security. And at the core of economic security is technological sovereignty,” said Lee, speaking at the fourth Korea Herald

IndustryOct. 26, 2021

Income-based lending rules to be toughened amid snowballing household debt

South Korea’s top financial regulator on Tuesday said it will implement stricter lending calculations for mortgage loans, called the “debt-service ratio,” or DSR, months earlier than expected as part of additional debt control measures.  The DSR gauges how much borrowers pay for principal and interest in proportion to yearly income.  Since July, a 40 percent DSR has been applied to borrowers seeking to receive loans for buying properties valued at over 600 million w

MarketOct. 26, 2021

S. Korea's yearly trade volume tops $1tr at fastest pace ever

South Korea's trade volume for this year surpassed the $1 trillion mark Tuesday on the back of solid export growth amid the global recovery from the pandemic, reaching the milestone at the fastest pace ever, the trade ministry said. The country's accumulated exports and imports totaled $1 trillion so far this year, with outbound shipments coming to $512.2 billion, according to the data by the Ministry of Trade, Industry and Energy. South Korea made the achievement within the shortest period of

EconomyOct. 26, 2021

Teachers' fund denies rumor of bitcoin ETF investment

The Korea Teachers’ Credit Union, an institutional investor responsible for 40 trillion won ($34.3 billion) of assets as of end-June, denied Tuesday rumors that it was considering exposure to bitcoin, the world’s largest cryptocurrency, through an exchange-traded fund created by a Korean external partner. “The KTCU has never reviewed an investment in a bitcoin-related ETF, and will never have a plan to do so,” KTCU said in a statement. The remark came after it was rep

MarketOct. 26, 2021

ADT Caps renamed SK shieldus

ADT Caps Co., a security subsidiary of SK Telecom, said Tuesday it has changed its name to SK shieldus as it seeks to transform into a "life care platform" beyond a physical security service provider. CEO Park Jin-hyo said at an online conference that the company's goal is to increase sales in new growth industries, such as cloud computing and artificial intelligence, by fivefold by 2025. Park added that the firm aims to "change the existing business structure currently focused

IndustryOct. 26, 2021

Biz leaders of S. Korea, Japan to hold conference on economic cooperation

Business leaders of South Korea and Japan will hold an annual conference next week to discuss economic cooperation amid the prolonged chill in bilateral relations of the two countries. The 53rd conference, to be hosted by the Korea-Japan Economic Association, will take place via video links in Seoul and Tokyo next Tuesday, under the theme of "a future that Korea and Japan create together," according to the association. The event has been held every year since 1969 to discuss efforts

IndustryOct. 26, 2021

Exports tipped to grow 26% in Oct. on chips, autos: poll

South Korea's exports are expected to rise over 26 percent on-year this month on the back of robust demand for chips and automobiles, a poll showed Tuesday. Exports are forecast to reach $54.18 billion in October, marking a 26.14 percent on-year growth, according to the survey of six brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency. Imports are anticipated to advance 38.59 percent on-year in October to $54.18 billion, resulting in a trade surplus of $2.36 billio

EconomyOct. 26, 2021

Non-regular workers rise to over 38% of total amid pandemic

The proportion of temporary workers in South Korea rose to over 38 percent of all salaried workers in August in the wake of the fallout from the pandemic, data showed Tuesday. The number of non-regular workers, including part-timers and outsourced laborers, came to 8.07 million as of August, up 640,000, or 8.6 percent, from the previous year, according to the data by Statistics Korea. They accounted for 38.4 percent of the country's 20.99 million salaried workers. The percentage was up from 36

EconomyOct. 26, 2021

S. Korean oil refiners log increase in exports on reviving global demand

South Korean oil refiners posted the first on-year, third-quarter increase in exports in about 18 months, data showed Tuesday, on the back of reviving global demand amid an easing of COVID-19 pandemic curbs. The combined shipments of oil and petroleum products by SK Energy Co., GS Caltex Co. S-Oil Corp. and Hyundai Oilbank Co., reached 111.8 million barrels in the July-September period, up 0.6 percent from a year earlier, according to a report by the Korea Petroleum Association. This marked a

IndustryOct. 26, 2021

Hyundai Doosan Infracore enjoys brisk sales in S. America

South Korean construction equipment maker Hyundai Doosan Infracore Co. said Tuesday it has won orders for 138 units of construction equipment from South America. Under a deal with Chilean wood maker Arauco, Hyundai Doosan Infracore will provide 60 excavators, the company said in an emailed statement. Another deal with Chile's major mining and construction company Besalco calls for Hyundai Doosan Infracore to ship 28 units of construction equipment, including excavators and wheel loaders. Hyun

IndustryOct. 26, 2021

S. Korea, Chile to hold 6th round of talks on amending FTA

South Korea and Chile will hold their sixth round of negotiations this week on updating their bilateral free trade agreement (FTA) that went into effect in 2004, Seoul's trade ministry said Tuesday. The three-day talks, set to begin later in the day via teleconferencing, will focus on expanding the scope of free trade and updating terms of the 15-year-old FTA to better reflect changing trade and economic circumstances, according to the Ministry of Trade, Industry and Energy. The two sides will

EconomyOct. 26, 2021

S. Korea to resume discount coupon program to spur spending

South Korea said Tuesday it plans to resume discount coupon programs aimed at boosting domestic demand as the country is preparing to move into a phase of "living with COVID-19" in early November. The country has suspended the coupon programs in six sectors, including sports, accommodations, tourism and cultural performances, due to the resurgence of virus cases. Only online use of some discount coupons, such as food delivery and agricultural products, has been allowed. Finance Minis

EconomyOct. 26, 2021

S. Korea to speed up enforcement of stricter income-based lending rules to rein in household debt

South Korea said Tuesday it will enforce stricter lending rules based on borrowers' repayment capability at an earlier date than initially scheduled to curb soaring household debt that has emerged as one of the most serious potential risks on the economy. Loans for home rentals, however, will not be subject to the government's tightened lending rules until the end of this year as part of efforts to supply credit for those in actual need of borrowing. Those are part of a string of measures the

EconomyOct. 26, 2021

Imported commercial car sales rise 14% in Sept.

Sales of imported commercial vehicles in South Korea rose 14 percent in September from a year earlier on recovering demand amid the extended coronavirus pandemic, an industry association said Tuesday. The number of newly registered imported commercial vehicles climbed to 412 units last month from 363 a year earlier, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Sales of all imported commercial vehicles increased last month on rising sales of MAN, Merc

IndustryOct. 26, 2021

S. Korea, Cambodia ink free trade deal for deeper economic ties

South Korea and Cambodia officially signed a free trade agreement (FTA) Tuesday in a move to deepen their economic ties, Seoul's industry ministry said. Trade Minister Yeo Han-koo and his Cambodian counterpart, Pan Sorasak, officially signed the pact during a virtual ceremony earlier in the day, according to the Ministry of Trade, Industry and Energy. South Korea struck the deal with Cambodia in February this year and wrapped up domestic procedures, including parliamentary approval. Under the

EconomyOct. 26, 2021

Samsung Card net income gains 8.9% in Q3

Major South Korean credit card issuer Samsung Card Co. said Tuesday its net profit climbed nearly 9 percent in the third quarter of the year on a recovery in consumer spending. Consolidated net income stood at 139.5 billion won ($119.5 million) in the July-September period, up 8.9 percent from a year earlier, the company said in a regulatory filing. Operating profit swelled 11.5 percent on-year to 193.4 billion won, with sales soaring 21.8 percent to 940.3 billion won. The operating profit wa

IndustryOct. 26, 2021

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street that stemmed from expectations for strong corporate earnings. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.33 points, or 0.47 percent, to 3,034.87 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 0.9 percent, and the Dow Jones Industrial Average gained 0.18 percent. Market bellwether Samsung Electronics added 0.43 percent to 70,500 won, and No. 2 chipmaker

MarketOct. 26, 2021

SK hynix delivers solid Q3 performance on rising memory prices

SK hynix Inc., South Korea's No. 2 chipmaker, reported strong third-quarter earnings Tuesday on the back of solid memory chip demand and rising prices. Net profit for the three months that ended in September leaped by 205.7 percent from a year earlier to 3.31 trillion won ($2.8 billion). Operating profit came to 4.17 trillion won, the highest since the fourth quarter of 2018. Sales increased 45.2 percent to a record of 11.8 trillion won during the same period, marking the second consecutive qu

IndustryOct. 26, 2021