Kospi renews record high closing above 3,305 points

South Korea’s benchmark stock index refreshed its record high closing on Tuesday, backed by foreigners and institutional investors’ extending buying sprees for two days. The Kospi index closed at 3,305.21, up 12 points or 0.36 percent, from the previous session’s close. It broke the previous record of 3,302.84 from June 25 but failed to reach as high as its all-time high of 3,316.08 set during intraday trading on the same day. Offshore investors and institutions purchased a

MarketJuly 6, 2021

‘More than 50 imported EV models to be unveiled in S. Korea by 2023’

Foreign car brands will introduce at least 54 electric vehicle models here by 2023, South Korea’s imported car association said Tuesday. New executives and board members of the Korea Automobile Importers & Distributors Association noted a clear shift of the industry paradigm toward electrification at their first press conference since their inauguration last year, saying foreign players will be adding momentum to that by presenting more electricity-powered vehicles. “For me

MobilityJuly 6, 2021

Korean automakers face tough road ahead as workers plan for strike

As South Korean automakers move to embrace the trend shift for eco-friendly vehicles, they face difficulties in narrowing differences with labor unions seeking wage increase and job protection. The labor union of Hyundai Motor, the country’s leading automaker, said it is set to vote to strike Wednesday, after failing to reduce the gap in this year’s collective bargaining negotiations. In the 13th round of negotiations held this year, Hyundai Motor management suggested a proposal

MobilityJuly 6, 2021

Hyundai Pharm seeks approval for abortion pill

Hyundai Pharmaceutical announced Tuesday that it had filed an application for authorization to market an abortion pill in South Korea. Mifegymiso consists of one tablet of mifepristone and four tablets of misoprostol. Mifepristone, formerly RU-486, is known by the brand name Mifegyne in Korea. In March this year, Hyundai Pharm signed an exclusive agreement with Linepharma International to sell Mifegyne in the Korean market. If approved, Mifegymiso would become the first legal abortion pill

TechnologyJuly 6, 2021

[Newsmaker] Self-made man behind Jungheung’s surprise bid for Daewoo

Behind the surprise bid of Jungheung for the control of a much-larger rival, Daewoo Engineering & Construction, is a self-made entrepreneur little known outside the construction field: Jung Chang-sun, the chairman and founder of Jungheung Group. Jungheung, founded in the southern city of Gwangju, grabbed headlines on Tuesday after it was selected as the preferred bidder of Daewoo E&C, the nation’s sixth-largest builder with a proud but checkered history. Local media put Jungheung

IndustryJuly 6, 2021

[News Focus] Critics call time on ‘shutdown law’

Disputes are raging across online communities and political circles in South Korea over the controversial “shutdown law” that purportedly protects children from excessive gaming. Last week, an online petition was filed to the presidential office of Cheong Wa Dae, claiming that the “Cinderella law” is denying access to the child-friendly game Minecraft. Popular YouTubers who play the global hit game for younger audiences, also criticized the regulation, saying they are

TechnologyJuly 6, 2021

LG Innotek wins nod from GM for four consecutive years

LG Group’s material and components maker LG Innotek has been recognized for the quality of its auto parts supplied to General Motors, the company said Tuesday. The South Korean firm received the 2020 GM Supplier Quality Excellence Award, marking its fourth consecutive win dating to 2017. GM recognizes partners that meet standards of zero quality defects and strict quality control for automotive components with the award, as quality control is directly related to the safety of drivers,

MobilityJuly 6, 2021

Korea will strengthen debt management efforts, fiscal chief tells Fitch

South Korea will take preemptive actions to manage its sovereign debt to maintain sound fiscal health, the country’s top economic policy maker said during an annual consultation meeting with global rating agency Fitch Ratings on Tuesday. Finance Minister Hong Nam-ki said the ratio of national debt to gross domestic product is expected to fare better than projected earlier. The government drew up this year’s second supplementary budget without a debt sale and had paid some debts o

EconomyJuly 6, 2021

S. Korea mulls normalizing eased rules on banks' FX derivative positions

South Korea said Tuesday it plans to consider normalizing eased rules on banks' foreign exchange (FX) derivative positions as FX liquidity conditions have improved amid the global economic recovery. In March 2020, the country relaxed rules on banks' FX forward positions after the country's FX and swap markets suffered a severe dollar crunch caused by market routs over the pandemic. Last year, the country raised the cap on the holding of local banks' FX forward positions to 50 percent of their

EconomyJuly 6, 2021

Kospi at renewed record high amid earnings hope

South Korean stocks advanced for the second consecutive day to close at a fresh record high Tuesday as hopes for strong second-quarter corporate earnings drove up tech stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) increased 12 points, or 0.36 percent, to close at 3,305.21 points. Trading volume was moderate at about 1 billion shares worth some 14.5 trillion won ($12.8 billion), with gainers outnumbering losers 476 to 344. Foreigners

MarketJuly 6, 2021

Korea kicks off standardization of next-gen EV technologies

The Ministry of Industry, Trade and Energy on Tuesday launched an electric vehicle standardization forum to establish ground rules for five industries based on future technology, including wireless charging and water-cooled rapid chargers. Formed by the Korean Agency for Technology and Standards under the Industry Ministry, the industry-academia-research cooperation platform will also lead standardization efforts in vehicle-to-grid technology, electric motorcycles and solid-state batteries.

IndustryJuly 6, 2021

Nuclear energy essential for Korea‘s decarbonization goal: FKI

South Korea needs nuclear energy to achieve its decarbonization goal and go in tandem with the global low-carbon drive, as the country has conditions unfavorable to rely mainly on renewables, the Federation of Korean Industries said Tuesday. In a statement, the nation’s major business lobbying group cited the World Economic Forum’s energy transition index -- which benchmarks 115 economies on the current performance of their energy systems across various aspects -- to highlight Ko

IndustryJuly 6, 2021

Brazilian fintech used for KakaoBank, Kakao Pay's value evaluation

KakaoBank and Kakao Pay, which are set to go public only seven days apart, each compared themselves to a Brazilian financial technology firm for their valuations, their initial public offering applications showed Tuesday. The companies last week submitted their applications to Korea Exchange, the country’s stock market operator. KakaoBank said it plans to go public on Aug. 5 while Kakao Pay set its IPO date for Aug. 12. In their IPO applications, KakaoBank compared itself to four over

MarketJuly 6, 2021

[News Focus] Home prices in 9 major regions up 26% in a year

SEJONG - House prices rose an average of more than 25 percent in the last 12 months in South Korea’s nine major areas, including Seoul and Gyeonggi Province. According to KB Kookmin Bank and Naver.com, the average on-year growth in housing prices in the nine areas reached 26.7 percent during July 2020-July 2021 period. The other seven of the nine are Busan, Incheon, Daegu, Daejeon, Gwangju, Ulsan and Sejong. Seoul saw the average trading price of homes come to 37.38 m

EconomyJuly 6, 2021

For Korean brokerages, investors, metaverse is new growth engine

South Korean brokerage firms and asset management companies are keeping a close eye on a new virtual world convergence of cutting-edge technologies, amid market expectations of the emerging sector propelling greater growth. The metaverse -- a combination of “meta” and “universe” -- refers to a virtual world shared by people in the real world. It has rapidly emerged as a major trend for companies around the world. According to industry watchers Tuesday, two Seoul-based

MarketJuly 6, 2021

Wealthy S. Koreans expect summer stock market rally: survey

More than half of South Koreans whose financial assets exceed 1 billion won ($893,000) believe that the local stock market may rally this summer on hopes of an economic rebound, a recent survey showed Tuesday.  According to the survey conducted by Samsung Securities, some 64 percent of the company’s 782 high net worth customers, said they look forward to a summer rally in the stock market. Among them, 68 percent forecast the country’s key stock index Kospi would hover around

MarketJuly 6, 2021

Hyundai Rotem wins W335.4b deal in Tanzania

Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Tuesday it has received a 335.4 billion-won ($297 million) order for electric locomotives and electric multiple units in Tanzania. Hyundai Rotem will supply 80 electric locomotives and 17 electric multiple units to the Tanzanian railway corporation by 2024, the company said in a statement. It is the first time for the company to win an order in Tanzania. Hyundai Rotem expects to win further deals as the local gove

IndustryJuly 6, 2021

Finance minister, BOK chief to attend G-20 meeting of top financial, economic officials

South Korea's top economic policymaker and the head of the central bank will attend a Group of 20 (G-20) meeting of finance ministers and top central bankers this week, the finance ministry and the Bank of Korea (BOK) said Tuesday. Finance Minister Hong Nam-ki and BOK Gov. Lee Ju-yeol will head to Venice, Italy, on Wednesday to attend the G-20 Finance Ministers and Central Bank Governors' meeting set for Friday and Saturday, according to the ministry and the BOK. The meeting will center on eco

EconomyJuly 6, 2021

Jungheung looks to advance Daewoo E&C’s property development prowess

Jungheung Group said Tuesday it would advance the real estate development prowess of Daewoo Engineering & Construction, as the conglomerate aims to complete the acquisition of the South Korea‘s sixth-largest construction company within this year. Once the proposed acquisition is complete, the Gwangju-based builder dedicated to housing construction, civil engineering and real estate development, will help Daewoo E&C diversify its business portfolio by strengthening the pillar of r

MarketJuly 6, 2021

Imported carmakers to bring 53 all-electric models to S. Korea by 2023

Imported carmakers are planning to introduce 53 all-electric models in South Korea by 2023 as they quickly move toward future vehicle technologies amid toughened regulations, the chief of a trade association of foreign automakers here said Tuesday. They also plan to launch 46 mild hybrid electric vehicles, as well as 32 hybrid and plug-in hybrid electric vehicles, for the next three years, Rene Koneberg, chairman of the Korea Automobile Importers and Distributors Association (KAIDA), said in a

IndustryJuly 6, 2021