[News Focus] Gasoline prices reach 82-month high in Korea

SEJONG -- South Korea’s gasoline prices climbed to the highest in almost seven years, in line with a spike in international crude prices over the past month amid steeply rising demand for petroleum worldwide. The situation, which could worsen further, is expected to pose a tough burden to some manufacturers and households, as long as oil producers choose not to increase output. According the Korea National Oil Corp., gasoline prices reached 1,695.98 won ($1.42) per liter on Thursday. Th

EconomyOct. 14, 2021

[Herald Design Forum 2021] Sustainability the new trend for Gen Z, industrial designers say

Sustainability is a key trend in industrial design as Generation Z consumers prioritize conscious and valuable consumption when it comes to making purchases. The latest trend for those born between 1997 and the early 2010s, is not about being trendy, but about creating designs that people do not get sick of for a long period of time and thus leaving a smaller carbon footprint, said experts in industrial design who took part in the Herald Design Forum 2021 on Thursday. Benjamin Hubert, a Londo

IndustryOct. 14, 2021

New global digital tax will push up Korea’s tax revenue: minister

The implementation of the new global digital tax regime will lead to a small increase in tax revenue for the South Korean government, the country’s finance minister said Thursday. The two-pillar tax proposal on taxing the digital economy and ushering in a global minimum tax rate, spearheaded by the Organization for Economic Cooperation and Development, was endorsed by 136 countries Friday. Pillar one aims to reallocate some tax revenue from where multinationals post profit to where the

EconomyOct. 14, 2021

5 startups spin out from Samsung

Five in-house startups that have built business models upon the COVID-19 pandemic will spin out from Samsung Electronics, said the tech giant Thursday. Samsung said the five new spin-outs are the outcome of Samsung employees’ efforts to develop solutions for the post-pandemic era, raising growth prospects of the startups. One of them is DiaVision, a group of employees from Samsung’s medical equipment business, which has developed a quick COVID-19 diagnosis kit based on image reco

TechnologyOct. 14, 2021

Seoul stocks jump on stabilizing currency market, move to ease supply bottleneck

South Korean stocks advanced for a second straight session Thursday, as investors were relieved by the stable currency rate and Washington's move to ease supply chain disruptions. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 44.23 points, or 1.5 percent, to close at 2,988.64 points. Trading volume was moderate at about 607 million shares worth some 11.9 trillion won ($10 billion), with gainers outnumbering losers 745 to 130. Foreigne

MarketOct. 14, 2021

[Exclusive] Alceon raises Korean capital for debt strategies in Australia

Sydney-based investment manager Alceon has raised a combined 55 billion won ($46.3 million) of capital from a South Korean institutional investor for its nonbank loan strategies designed to finance Australian real estate development projects. Alceon‘s senior debt vehicle, named Alceon Australian Real Estate Corporate Senior Loan Fund, received capital from Korean allocator ABL Life Insurance from last year until September, bringing its fund under management to A$383 million ($283 million)

MarketOct. 14, 2021

[Photo News] Flying in Seoul, controlled in California

A pair of Hogreen Air’s hydrogen drones fly across the sky at a park in Gwangju, Thursday, remotely controlled by operators 9,042 kilometers away in California’s Silicon Valley using the 5G network.  Hogreen Air said that with Thursday‘s experiment, it became the world’s first drone company to succeed in remote control of a drone over such a long distance.

IndustryOct. 14, 2021

Posco chairman picked to lead World Steel Association

Posco Chairman Choi Jeong-woo has been chosen to lead the executive board of directors for the World Steel Association, the South Korean steelmaker said Thursday. Choi, who is a member of the association’s executive committee, was appointed to lead the entity along with two other board members, during the annual conference held online on Wednesday, Posco said. The World Steel Association is one of the largest industry associations in the world, representing global steel producers, natio

IndustryOct. 14, 2021

Toss Bank halts loan services on authorities’ debt limit

Toss Bank, South Korea’s third internet-only bank, said on Thursday that it will suspend new loans until the end of this year, Toss Bank, South Korea’s third internet-only bank, said on Thursday that it will suspend new loans through the end of this year, after financial authorities declined to increase the new bank’s lending limit. The banking arm of fintech giant Viva Republica said its loan limit of 500 billion won ($422 million) had been exhaus

EconomyOct. 14, 2021

BOK to join move for setting global standards for stablecoin

South Korea’s central bank said Thursday it has decided to join a global movement of financial regulators to set up standards for stablecoins, saying it would adopt the rules to the local market once they are introduced. Stablecoins are a form of cryptocurrency designed to have a stable value tied to traditional government-backed currencies, or to a commodity such as gold, to dodge the volatilities that bitcoin and other cryptocurrencies have. The Bank of Korea’s announcement com

MarketOct. 14, 2021

JPMorgan expands commercial banking in South Korea

Global investment bank JPMorgan said Thursday it has decided to expand its commercial banking business in South Korea by launching a new team focused on financing midcap companies. The banking giant has appointed Kim Min-sik, former head of the global corporate division at Standard Chartered Bank Korea, to lead its newly established corporate client banking & specialized industries team. In Korea, businesses with total assets between 500 billion won ($421.1 million) and 10 trillion w

MarketOct. 14, 2021

Hyundai Engineering to build e-learning infrastructure in Indonesia

Hyundai Engineering said on Thursday it has launched a new project to build e-learning infrastructure in the city of Balikpapan in Indonesia. The three-year Hello E-Dream Project will see the company team up with the Indonesian government and non-government organization Good Neighbors to improve the educational environment in the city. Marking the 11th project from Hyundai Engineering’s series of social contribution activities known as New Hope School, the latest move will focus on build

IndustryOct. 14, 2021

Loan rules for home rentals to be eased: financial regulator

South Korea will ease tight regulations on loans taken out for home rentals as part of efforts to protect people in actual need of borrowing as financial authorities are set to unveil additional measures to rein in household debt this month, the head of the country's financial regulator said Thursday. In a brief meeting with reporters, Koh Seung-beom, the chief of the Financial Services Commission (FSC), said that controls on such loans for the "jeonse" arrangement will be managed in

EconomyOct. 14, 2021

Jeju Air to raise W127b via stock sale for post-pandemic biz

Jeju Air Co., South Korea's biggest budget carrier, said Thursday it will raise 127 billion won ($107 million) by selling stocks in preparation for the post-coronavirus era.  Jeju Air plans to issue 11.26 million shares at 18,350 won per share to employees and existing shareholders from Oct. 18-19 and list the stocks on the main Korea Exchange (KRX) on Nov. 19, the company said in a regulatory filing. "The planned rights issue is to secure operating capital as the country aims to g

IndustryOct. 14, 2021

S. Korea, UAE agree to push for free trade deal

South Korea and the United Arab Emirates (UAE) announced Thursday that they will launch official talks toward a bilateral free trade agreement, Seoul's trade ministry said. Trade Minister Yeon Han-koo met his UAE counterpart, Thani Ahmed Al Zeyoudi, in Dubai, and issued a joint statement that calls for pushing to forge a Comprehensive Economic Partnership Agreement (CEPA), according to the Ministry of Trade, Industry and Energy. The CEPA is a type of free trade agreement that emphasizes a bro

EconomyOct. 14, 2021

Seoul stocks open higher on stabilizing currency market

South Korean stocks opened higher Thursday, as investors were relieved by the stable currency rate. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.39 points, or 0.86 percent, to 2,969.8 in the first 15 minutes of trading. Stocks came off to a bullish start, as the Korean won advanced against the US dollar, after depreciating sharply against the greenback over the past few days. The local currency was trading at 1,188.25 won against the US dollar, up 5.55 won from the previous

MarketOct. 14, 2021

Wine imports almost double this year amid pandemic

South Korea's wine imports nearly doubled in the first eight months of 2021 from a year earlier as more people enjoyed drinking at home and alone amid the coronavirus pandemic, data showed Thursday. Asia's fourth-largest economy imported $370.5 million worth of wine in the January-August period, up 96.5 percent from a year earlier, according to the data by the Korea Customs Service and industry sources. The figure surpassed last year's imports worth about $330 million and exceeded those of bee

EconomyOct. 14, 2021

Seoul will take steps if necessary to stabilize FX market: finance minister

WASHINGTON -- The South Korean government will take market-stabilization steps should there be increased volatility in the foreign exchange market caused by abnormal factors, such as speculation, Finance Minister Hong Nam-ki said Wednesday. Hong, however, noted the recent fluctuations in the local FX market were largely due to external economic risks. "When it comes to the foreign exchange, the government cannot but accept changes caused by the market supply and demand, but it is closely

EconomyOct. 14, 2021

Export prices up for 10th straight month in September

South Korea's export prices gained for the 10th straight month in September, driven by price hikes of energy and chemical products, central bank data showed Thursday. The country's export price index stood at 114.18 in September, up 1 percent from the previous month, according to the preliminary data from the Bank of Korea (BOK). The figure represented the 10th straight month of an on-month rise. From a year earlier, the index jumped 20.2 percent, the eighth consecutive on-year growth, the dat

EconomyOct. 14, 2021

At G-20 meeting, Korea‘s fiscal chief stresses expansionary policy

South Korea’s Economy and Financial Minister Hong Nam-ki has said that the government will keep expansionary policies next year as the country eyes an economy recovery and return to “normal life” out of the COVID-19 pandemic. “We’re gradually preparing to go back to normalcy by increasing the vaccination rate and the country’s central bank is gradually adjusting its accommodative monetary policy,” Hong, who also doubles Deputy Prime Minister, told Kr

EconomyOct. 13, 2021