Money supply continues to grow in May

South Korea's money supply continued to grow in May, as loans to households and firms grew amid the COVID-19 pandemic, central bank data showed Tuesday. The country's M2 stood at 3,385 trillion won ($2.95 trillion) as of end-May, up 0.6 percent from a month earlier, according to preliminary data from the Bank of Korea (BOK). From a year earlier, M2 jumped 11 percent, the BOK said. A key economic indicator closely monitored by authorities, M2 is a measure of the money supply that counts cas

EconomyJuly 13, 2021

Hyundai, Kia expected to log sharp rebound in Q2 earnings

Hyundai Motor Co. and its affiliate Kia Corp. are set to report a sharp rebound in operating profit for the second quarter on strong demand for their vehicles that offset output disruptions by semiconductor shortages, analysts said Tuesday. Hyundai and Kia, which together form the world's fifth-biggest carmaker by sales, are expected to have posted operating profits of 1.86 trillion won ($1.6 billion) and 1.34 trillion won, respectively, for the quarter ended June 30, according to a median for

MobilityJuly 13, 2021

Most bond experts eye rate freeze in July: poll

A majority of bond mavens in South Korea predict the central bank to hold its key interest steady for July amid the prolonged coronavirus fallout, a poll showed Tuesday. According to the survey of 200 bond experts by the Korea Financial Investment Association, 89 percent of the 100 respondents said the Bank of Korea (BOK) will likely freeze its policy rate at a rate-setting meeting slated for Thursday. The number of standpatters was down nine from the previous month. In contrast, 11 experts, u

EconomyJuly 13, 2021

[Exclusive] Samsung SDI, LG Energy Solution complete development of 4680 cell samples, eye Tesla orders

Samsung SDI and LG Energy Solution have finished developing samples of larger and more powerful “4680” battery cells, a type first presented by Tesla last year, in an apparent effort to win contracts from the global electric vehicle leader, a source said Tuesday. “Samsung SDI and LG Energy Solution have developed samples of cylindrical 4680 cells and are currently conducting various tests at their facilities to verify their structural integrity. Also, they have provided spe

IndustryJuly 13, 2021

DH asks regulator to extend deadline for Yogiyo sale

South Korea's antitrust regulator said Tuesday that Delivery Hero (DH) has asked it to extend the deadline for the sale of its food delivery affiliate here, Yogiyo, as the German company is facing difficulty in finding a potential investor. In December, the Korea Fair Trade Commission (KFTC) ordered DH to sell Yogiyo, South Korea's No. 2 food delivery app, if it wants to buy the country's top food delivery app operator, Woowa Brothers. DH has to sell Yogiyo by Aug. 3. Details on DH's request a

EconomyJuly 13, 2021

Samsung releases new automotive image sensor

Samsung Electronics Co. on Tuesday released a new automotive image sensor as the tech giant eyes to expand its presence beyond the mobile sector. The ISOCELL Auto 4AC will be used for rear-view cameras and surround-view monitors of a vehicle and offer high-definition resolution images. Samsung's latest image sensor comes in an optical format of 1/3.7-inch with 1.2 million 3.0-micrometer pixels. Samsung said it applied CornerPixel technology for the first time, which will help reduce blind ar

TechnologyJuly 13, 2021

S. Korea expands shipping service for farms goods

South Korea said Tuesday it has agreed with HMM Co., the country's largest shipper, to provide shipping services to North America for agricultural exporters amid rising demand for cargo services that stemmed from the global economic recovery. Under the agreement, HMM will offer 265 TEUs of cargo space for agricultural and fishery products every month, according to the Ministry of Agriculture, Food and Rural Affairs. TEU, or twenty-foot equivalent unit, refers to the unit of the capacity of a c

EconomyJuly 13, 2021

Lotte Chemical to invest W4.4tr in hydrogen business by 2030

Lotte Chemical Co., a major South Korean petrochemical company, said Tuesday it will invest 4.4 trillion won ($3.8 billion) in the hydrogen business by 2030 to cut its carbon emissions and foster the new growth driver. The petrochemical unit of Lotte Group said it aims to generate 3 trillion won in annual sales and achieve 10 percent of its operating profits from the hydrogen business over the next decade. Lotte Chemical said it will pump out about 600,000 tons of clean hydrogen using its eco

IndustryJuly 13, 2021

KT to unveil mmWave 5G services at baseball stadium

KT Corp., a South Korean telecom giant, said Tuesday it will make millimeter wave (mmWave) 5G services available at a baseball stadium in a move to step up efforts to commercialize the technology. Although local mobile carriers offer 5G networks on the mid-band spectrum, they have yet to commercialize services on the high-band spectrum, also known as mmWave, which unlocks the fastest speeds on 5G. KT said it will showcase a range of 5G services that use the technology at KT Wiz Park in Suwon,

TechnologyJuly 13, 2021

LG Electronics unveils indoor-outdoor delivery robot

LG Electronics Inc. on Tuesday unveiled a new delivery robot that can serve both indoor and outdoor environments as the South Korean tech giant tries to expand its competitiveness in the robotics sector. LG introduced its indoor-outdoor delivery robot at the 18th International Conference on Ubiquitous Robots in Gangneung, some 240 kilometers east of Seoul. The four-wheel robot boasts enhanced mobility as it can self-adapt to terrain changes. The company plans to test run the latest robot at

TechnologyJuly 13, 2021

Seoul stocks open higher on US rallies

South Korean stocks opened higher Tuesday, tracking overnight rallies on Wall Street that stemmed from optimism for strong corporate earnings in the second quarter. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.14 points, or 0.62 percent, to trade at 3,266.61 points in the first 15 minutes of trading. The KOSPI got off to a bullish start despite concerns about the toughened social distancing measures in the greater Seoul area. Strong earnings reports by US financial giant

MarketJuly 13, 2021

LG Electronics' TV factory in South Africa burns down after riots

LG Electronics Inc. said Tuesday its TV factory in South Africa has burned down as rioters turned violent there. LG said its TV manufacturing and distribution facilities in Durban, eastern South Africa, were plundered Monday (local time) by protestors who are against the imprisonment of former President Jacob Zuma. "We've notified the South Korean Embassy and requested local authorities to mobilize their forces to extinguish the fire," a LG official said. "But we were told it is

IndustryJuly 13, 2021

S. Korea vigilant over market volatility from virus resurge: official

South Korea will closely monitor the financial market as a flare-up in COVID-19 cases and the spread of more contagious virus variants could increase market volatility, a senior government official said Tuesday. First Vice Finance Minister Lee Eog-weon said the government will beef up the monitoring of financial risks as the global economic recovery could be slowed due to the spread of the more transmissible delta variant, first identified in India. "As (economic) uncertainty, such as COV

EconomyJuly 13, 2021

Insurers see jump in mortgage loans

Major South Korean insurers saw their mortgage loans grow at a fast clip over the past year on rising demand, industry data showed Tuesday. Mortgage lending by top life insurer Samsung Life Insurance surged 17.2 percent on-year to 21.3 trillion won ($18.6 billion) at the end of March this year. In the first quarter of the year alone, its home-backed loans surged by more than 1 trillion won. No. 2 industry player Hanwha Life Insurance saw its mortgage loans jump 17.3 percent on-year to 4.9 tril

EconomyJuly 13, 2021

Korea signs 20-year LNG procurement deal with Qatar

South Korea’s state-run Korea Gas Corp. has signed an agreement with Qatar to purchase an additional 2 million metric tons of liquefied natural gas for 20 years starting from 2025, the Ministry of Trade, Industry and Energy said Monday. Qatar supplies 9 million tons of LNG to Korea annually through multiple long-term deals with Kogas, the country’s sole LNG wholesaler. In 2024, contracts worth 4.9 million tons will end. The new deal starting from 2025 will make up for some of tho

IndustryJuly 12, 2021

[News Focus] Korea to curb malicious reviews on food delivery apps

South Korea plans to introduce a set of policy measures aimed at protecting restaurant owners against malicious food app reviewers, amid a rapid increase of online food orders due to the COVID-19 pandemic, the country’s top telecom regulator said. The Korea Communications Commission said Sunday it would push for new guidelines to prevent malicious reviews on food delivery apps and step up monitoring of major platform operators involved. “Now that people carry out many activities

TechnologyJuly 12, 2021

Kospi faces short-term volatility in face of 4th wave

Now that the government has placed the Greater Seoul area under Level 4 social distancing rules, the toughest level there is, South Korean stocks are likely to face increased volatility, according to market watchers Monday. Despite investor sentiment worsening, they say the impact on the market will be limited amid hopes for strong second-quarter corporate earnings and promising economic indicators. Major brokerage houses foresee the Kospi falling within the range of 3,220 and 3,350 points this

MarketJuly 12, 2021

Auto chip shortage expected through 2022, reliance on TSMC to surge: report

A global shortage of automotive chips is expected to last through next year, while efforts to localize production are not advancing fast enough, a local auto industry think tank said Monday. The Seoul-based Korea Automotive Technology Institute, in a report, predicted the situation will slowly get better for automakers, starting in the second half of this year. But, the supply will remain constrained by 2022. A global lack of chips has forced many automakers to suspend car production, includ

TechnologyJuly 12, 2021

LG Group in Vietnam left out from COVID-19 vaccine support despite donation

LG Group affiliates operating in Vietnam have yet to receive any COVID-19 vaccines despite donating billions of won to help the Southeast Asian country secure the jabs, Korean media outlets reported Monday. Citing sources in Vietnam, the reports said LG Group employees working at the home appliance plants in Haiphong City have not received any vaccines. The parent group has contributed 1.55 billion won ($1.4 million) to Vietnam’s national vaccine fund. This is in stark contrast to oth

IndustryJuly 12, 2021

Executives at top Korean conglomerates getting younger

One in 4 executives at South Korea’s top conglomerates is 50 or younger, according to a report released Monday. According to local market analysis company Leaders Index, the number of executives under 51 increased to 3,360 at 334 companies that reported financial results in the first quarter of the year. They made up 24.7 percent of the total, an increase of 1 percentage point on-year. The 334 firms are among the country’s top 500 companies. The proportion of executives under 5

IndustryJuly 12, 2021