[KH Finance Forum] S. Korea to promote ESG policies with support, not regulation: finance minister

South Korea’s chief economic policymaker vowed Tuesday to pursue environmental, social and governance-related policies with support, not regulations, to build a stronger cornerstone for the nation’s sustainable growth. Deputy Prime Minister and Finance Minister Hong Nam-ki, in his congratulatory speech at the second Korea Herald Finance and Investment Forum, said that the government will make various efforts such as helping industries establish a market-oriented system, creating ne

EconomySept. 28, 2021

[Exclusive] Seoul may raise chip disclosure issue with Washington: minister

South Korea may bring the US’ request for data disclosures by local chipmakers up for discussion at a working-level bilateral dialogue, South Korean Minister of Trade, Industry and Energy Moon Sung-wook said Tuesday, amid growing unease here over the impact of the US’ strategic interest in the chip industry. “The industry is taking this very sensitively, so the government would discuss the matter (with the US side), if needed, to verify,” the minister told The Korea Her

TechnologySept. 28, 2021

[KH Finance Forum] Experts, policymakers discuss blueprint for S. Korea’s revolutionary road toward ESG

The global movement to adopt environmental, social and governance values has pushed South Korea’s financial sector to commit to the ideals, but stronger efforts should be made to bring actual changes in Asia’s fourth-largest economy aiming to become an advanced market, experts and policymakers gathered at The Korea Herald’s second finance and investment forum said Tuesday. Attending the forum -- held under the tagline “Korea’s ESG revolution: Green shoots after the

EconomySept. 28, 2021

Seoul stocks skid over 1% on tech losses

South Korean stocks fell more than 1 percent Tuesday as investors offloaded tech shares amid concerns of surging virus cases. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 35.72 points, or 1.14 percent, to close at 3,097.92 points. Trading volume was moderate at about 881.95 million shares worth 14.38 trillion won ($12.1 billion), with losers outnumbering gainers 711 to 193. Institutions offloaded a net 555.2 billion won, while re

MarketSept. 28, 2021

[KH Finance Forum] Seoul reignites drive to become world‘s top 5 financial hub

The Seoul Metropolitan Government will launch its own investment organization next year dedicated to attracting foreign investment to foster startups here, as part of its goal to turn the capital city into one of the world’s top five financial hubs by 2030, Seoul mayor Oh Se-hoon said Tuesday. “Based on the premise that financial competitiveness is crucial to improving a city’s global attractiveness, the Seoul city government will push for measures to turn Yeouido into a speci

EconomySept. 28, 2021

[KH Finance Forum] ‘Integrated strategy, bold investment key to digital transformation success’

Successful digital transformation requires not only technological change but also digital capabilities ranging from creating a strong customer experience to reinventing business models, the chief strategist for Shinhan Financial Group’s digitalization said Tuesday. “One of the key factors that causes setbacks is an unintegrated digital business transformation strategy that leads to an ambiguous vision and goal setting,” said Sunny Yi, chief digital officer of Shinhan Financial

MarketSept. 28, 2021

Controversial workplace disaster law to take effect in Jan

A new law aimed at improving safety and protection for employees from industrial accidents by punishing those responsible has been endorsed by the Cabinet on Tuesday, despite criticisms from both employer and employee groups. President Moon Jae-in and his Cabinet members approved the enforcement decree for the so-called workplace disaster law, paving the way for its effectuation in January. The law itself passed the National Assembly in January. It seeks to enhance safety management by incre

IndustrySept. 28, 2021

[KH Finance Forum] NPS looks to exercise institutional power in Korea’s ESG push

The National Pension Service, the world’s third-largest pension fund which is based in South Korea, has stressed its unwavering stance in the adoption of environmental, social and governance factors across its investments. Kim Yong-jin, chairman and chief executive officer of the NPS, pledged to motivate companies it has invested in and external partners, to which NPS deploys capital, to adapt to NPS’ responsible investing strategies. The move will allow companies to get ahead of t

MarketSept. 28, 2021

Daesung chief pins hope on microbes to turn waste into biodegradable plastic

Daesung Group Chairman Younghoon David Kim on Tuesday presented his vision for a waste-free world by harnessing the power of living microorganisms. Speaking to The Korea Herald at the 2021 Daesung Haegang Microbes Forum in Seoul, he said his energy conglomerate is investing to transform methane emitted from garbage buried inside landfills into useful resources such as biodegradable plastic. “Until now, we have utilized resources made of dead microorganisms, such as oil. It’s ti

IndustrySept. 28, 2021

With Ford, SK Innovation aims to become top battery supplier in US

SK Innovation and Ford will inject $11.4 billion and create nearly 11,000 new jobs at three new battery factories in Tennessee and Kentucky to produce electric vehicles and batteries. BlueOvalSK, a joint venture between the South Korean battery firm and the US automaker, will establish a twin lithium-ion battery plants in central Kentucky to power a new lineup of Ford and Lincoln EVs. Another one will be set up in west Tennessee, where Ford workers will build next-generation electric F-series

TechnologySept. 28, 2021

[Newsmaker] Transport ministry lays out plans for ‘flying taxis’ in 2025

Urban air mobility, which has been described as ‘flying taxis,’ is on course to become a reality in Korea in 2025 as the Transport Ministry outlined the timeline in a white paper released on Tuesday. According to the paper, an air corridor will be built for drone taxis to fly between Seoul and the outskirts of the city, including Incheon International Airport, during the early stages of the project. The UAM aircraft will be allowed to fly at an altitude of 450 meters with a margin

MobilitySept. 28, 2021

SsangYong to select preferred bidder next month

SsangYong Motor Co. and its lead manager said Tuesday they will select a preferred bidder and a secondary preferred bidder for the financially troubled carmaker by mid-October. SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., and the bankruptcy court-appointed lead manager EY Hanyoung accounting firm were originally planning to pick the preferred and secondary bidders by the end of this month. "We are planning to announce the selection of a preferred b

IndustrySept. 28, 2021

Number of farmers, fishermen continues to fall in S. Korea

The number of South Koreans in the agrofisheries sector is continuing to fall because of a rapid aging and urbanization trend in the country, government data showed Tuesday. Households engaging in the farming business totaled 1.03 million last year, down 4.9 percent from 1.08 million tallied in 2015, according to the data compiled by Statistics Korea. The number of farmers also fell to 2.34 million in 2020, compared with 2.56 million tallied in 2015. In the fishing sector, the number of families

IndustrySept. 28, 2021

1 in 5 Korean companies unable to meet interest obligations in 2020: survey

One out of 5 companies in South Korea could not meet its debt obligations for the past three years, a report showed Tuesday. According to an analysis by the Korea Federation of Industries, Korea ranked fourth among 25 member nations of the Organization for Economic Cooperation and Development, with 18.9 percent of its large companies classified as “marginal” as of 2020. A company is categorized as being marginal when its operating profit fails to cover interest payment obligation

IndustrySept. 28, 2021

Guatemala eyes joining S. Korea-Central America FTA

South Korea's trade ministry said Tuesday it is currently under negotiations with Guatemala to invite the Central American country to a multilateral trade pact that fully went into effect this year. Trade Minister Yeo Han-koo met his Guatemalan counterpart, Antonio Malouf, in Seoul to discuss Guatemala's entry into the free trade agreement (FTA) between Asia's No. 4 economy and a group of Central American nations. South Korea and five Central American nations -- Costa Rica, El Salvador, Panama,

IndustrySept. 28, 2021

S. Korea, Italy to join deeper ties in biotechnology, green energy sectors

South Korea's trade ministry said Tuesday it is seeking to forge a deeper partnership with Italy in the biotechnology and eco-friendly energy segments to brace for the post-pandemic recovery and seek sustainable economic growth. South Korea and Italy plan to hold their first round of the strategic meetings for bilateral cooperation in industry and energy in Rome on Tuesday (Italy time), according to the Ministry of Trade, Industry and Energy. The meeting comes as South Korea and Italy agreed to

IndustrySept. 28, 2021

[Graphic News] Luxury imported car sales soar 65.5% this year

　Sales of high-end imported cars spiked nearly 66 percent in the first eight months of the year amid the popularity of big-ticket eco-friendly models among local motorists and a post-lockdown shopping spree, industry data showed. 　A total of 45,042 imported vehicles with price tags of 100 million won ($85,700) or higher were sold in South Korea in the January-August period, up 65.5 percent from a year earlier, according to the data from the Korea Automobile Importers and Distributors Associ

BusinessSept. 28, 2021

Seoul stocks open lower on Wall Street losses

South Korea's exports are anticipated to rise 15 percent on-year in September on the back of robust demand for chips and automobiles, although the overall growth might slow due to fewer working days in the month, a poll showed Tuesday. Exports are expected to reach Imports are estimated to have gone up 26.5 percent on-year in September to $49.8 billion, resulting in a trade surplus of $5.3 billion. South Korea will release its official trade data Friday. In August, South Korea's exports have ext

EconomySept. 28, 2021

Exports expected to rise 15% in Sept. on chips, autos: poll

South Korea's exports are anticipated to rise 15 percent on-year in September on the back of robust demand for chips and automobiles, although the overall growth might slow due to fewer working days in the month, a poll showed Tuesday. Exports are expected to reach Imports are estimated to have gone up 26.5 percent on-year in September to $49.8 billion, resulting in a trade surplus of $5.3 billion. South Korea will release its official trade data Friday. In August, South Korea's exports have ext

EconomySept. 28, 2021

[Herald Interview] Improving R&D productivity crucial amid growing tech competition: IP agency chief

In this time of escalating rivalry for technology hegemony, it is crucial for countries to stake claims on advanced technologies in core industries in order to survive the patent war, South Korea’s intellectual property agency chief said Monday. As for South Korea, the country should work on improving research and development productivity, and also utilize big data analytics for patent protection, Kim Yong-rae, commissioner of the Korean Intellectual Property Office, said in an interview

IndustrySept. 28, 2021