Seoul stocks rebound on hopes of gradual tapering

South Korean stocks rebounded Tuesday as investors speculate that the Fed's tapering timeline may be slower than expected. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 23.09 points, or 0.71 percent, to close at 3,263.88 points. Trading volume was moderate at about 1.6 billion shares worth some 15.2 trillion won ($13.4 billion), with gainers outnumbering losers 582 to 270. Foreigners bought a net 319 billion won, while retail inves

MarketJune 22, 2021

Coupang faces biggest backlash yet as criticism mounts over working conditions

In March, Coupang made history as the first South Korean startup to make its debut on the New York Stock Exchange in the US, becoming a subject of both awe and envy among entrepreneurs here. But a few months later, it now faces growing criticism, with many suggesting the company achieved stellar growth by sacrificing the safety and well-being of its workers. A series of deaths among its workers and a fire at one of its distribution centers last week seem to have reinforced that view. Outside

ConsumerJune 22, 2021

Ex-President Park Geun-hye’s house to be auctioned off

Impeached former President Park Geun-hye’s house in Naegok-dong, southern Seoul, will be put up for sale in August at a public auction, according to local real estate auction information provider GG Auction on Tuesday. The state-run Korea Asset Management Corp. will kick off the first round of bidding on Aug. 9. If the property does not sell during the three-day bidding period, Kamco will lower the price by 10 percent and hold a second round of bidding the following week, officials sai

MarketJune 22, 2021

Moody’s ups NH NongHyup Bank’s rating from stable to positive

Global ratings firm Moody’s on Tuesday raised its rating outlook for South Korean lender NH NongHyup Bank from stable to positive, while maintaining the firm’s ratings at A1.  “The upgrade reflects our expectation that the bank’s asset soundness and capital adequacy as well as improved profitability will remain solid over the next 12-18 months,” Moody’s said in a statement.  Meanwhile, Moody’s revised up the ratings of NH Investment & S

MarketJune 22, 2021

No. of double-income households dips by most in 3 years amid pandemic

The number of double-income households in South Korea declined the most in three years last year as the job market took a beating from the pandemic, data showed Tuesday. The number of double-income households came to 5.59 million as of October last year, down 69,000 from the previous year, according to the data from Statistics Korea. This accounted for 45.6 percent of all married couple households. It marked the largest on-year decline since 2017, when the number of such households fell by 89,

EconomyJune 22, 2021

Daewoo Shipbuilding to form global R&D alliance for cutting-edge shipbuilding technologies

Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Tuesday that it plans to set up a global research and development alliance to develop state-of-the-art shipbuilding technologies. To sharpen its competitive edge in the construction of eco-friendly ships and smart ships amid their growing demand, DSME will establish the R&D alliance, along with four universities, five ship quality assurance and risk management companies, and five research institutes, the shipbuilder said. The fou

IndustryJune 22, 2021

Container cargo volume at seaports up 11.2% in May

The volume of container cargo processed at South Korea's seaports jumped 11.2 percent in May from a year earlier, data showed Tuesday, in yet another sign of a recovery in trade from the economic fallout of the new coronavirus pandemic. Container cargo processed at the seaports reached 2.63 million twenty-foot-equivalent units (TEUs) in May, compared with 2.37 million TEUs in the previous year, according to the Ministry of Oceans and Fisheries. The ministry attributed the growth to the COVID-

EconomyJune 22, 2021

S. Korea's financial market stable but imbalance remains worry: BOK

South Korea's financial market continues to be stable, but a build-up of financial imbalance remains worrisome, the Bank of Korea (BOK) said Tuesday. In a regular report on financial stability, the BOK also called for vigilance against a rise in debt of households and companies amid the COVID-19 pandemic. The nation's financial stability index shot up to 22.3 in April last year, breaching the lower boundary for a crisis warning, but it has since come down to 1.8. At the end of March, outsta

EconomyJune 22, 2021

SsangYong Motor's biz partners to receive additional financial help

Subcontractors of financially troubled SsangYong Motor Co. will receive additional financial help as the automaker is in search of a new investor. The state-run Korea Credit Guarantee Fund will provide 25 billion won ($22 million) for SsangYong's subcontractors, raising such help to 75 billion won in total, according to the Ministry of Trade, Industry and Energy. The move is aimed at maintaining the supply chain for the financially troubled carmaker to support its normalization. In December,

IndustryJune 22, 2021

BOK plans to issue 3-year monetary stabilization bonds

The Bank of Korea (BOK) said Tuesday it has decided to issue three-year monetary stabilization bonds, in an effort to better control liquidity. The BOK said it will significantly reduce the amount of two-year monetary stabilization bonds to reduce volatility in bond markets in the wake of the sales of longer-term bonds. At the end of last month, about 80 percent of outstanding monetary stabilization bonds had maturities of two years, a BOK official said. The three-year bonds are expected t

EconomyJune 22, 2021

LG Electronics unveils AI-equipped digital X-ray detector

LG Electronics Inc. on Tuesday unveiled a digital X-ray detector (DXD) with artificial intelligence (AI) solutions as the South Korean tech giant eyes to expand its presence in the medical equipment field. LG's latest DXD was introduced at Arab Health 2021, the largest medical equipment expo in the Middle East, which will run through Thursday in Dubai. The company plans to launch its new DXD in global markets, including South Korea and the United States, in the near future. The product is co

TechnologyJune 22, 2021

S. Korea extends temporary removal of import duties on eggs to year-end

South Korea said Tuesday it will extend a temporary removal of tariffs on imported eggs by six months until the end of the year in a bid to stabilize their high prices. The Cabinet approved a revised regulation that will allow local firms to import 36,000 tons of fresh eggs and other egg products without tariffs until Dec. 31. In January, the government removed import tariffs on 50,000 tons of egg products by the end of June in a bid to ease a supply shortage caused by the outbreak of bird flu

EconomyJune 22, 2021

Hyundai unveils Avante N performance model

Hyundai Motor Co. on Tuesday unveiled the Avante N high-performance model as it strives to strengthen its high-end product lineup. The Avante N is the first sedan to be launched under the carmaker's high-performance N brand. The sporty sedan comes with side skirts, which minimize the amount of air that goes under the car from the sides and a wing-type spoiler that helps reduce sound and air resistance, Hyundai said in a statement. The latest performance model's prices and other details will

MobilityJune 22, 2021

Hanon Systems receives preliminary bids for controlling stake from foreign firms

French automotive parts maker Valeo and three other foreign firms have submitted preliminary bids for a controlling stake in automotive thermal management systems and automotive parts maker Hanon Systems, while local players have decided against the move, sources said Tuesday. Valeo, a key rival of Hanon Systems, and German automotive parts maker Mahle have reportedly submitted a preliminary bid for the 70 percent stake in Hanon Systems worth 6.6 trillion won ($5.8 billion) as of Tuesday, while

IndustryJune 22, 2021

S. Korea, Chile hold meeting to improve trade pact

South Korea said Tuesday it has launched the fifth round of talks with Chile to reflect the latest industry trends into their 17-year-old free trade agreement (FTA). During the three-day virtual meeting, the two countries plan to discuss a wide array of issues ranging from labor and the environment to intellectual rights, according to the Ministry of Trade, Industry and Energy. Seoul and Santiago will also share ideas on ways to promote the digital trade. South Korea implemented its first-ev

EconomyJune 22, 2021

Producer prices up for 7th month in May

South Korea's producer prices gained 0.4 percent on-month in May due to a modest rise in food and energy prices, extending their monthly gains for the seventh straight month, central bank data showed Tuesday. The producer price index, a barometer of future consumer inflation, stood at 108.50 in May, compared with 108.06 a month earlier, according to the Bank of Korea (BOK). The May index advanced 6.4 percent from the previous year, the BOK data showed. The prices of agricultural goods fell

EconomyJune 22, 2021

Seoul stocks open higher on US gains

South Korean stocks opened higher Tuesday, tracking an overnight US stock rebound that stemmed from investors' speculation that the Fed's tapering timeline may be more gradual than expected. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.95 points, or 0.68 percent, to trade at 3,262.74 points in the first 15 minutes of trading. The stock index rebounded after dipping 0.83 percent the previous session over the Fed's hawkish pivot last week that increased market worries about

BusinessJune 22, 2021

Hyundai Motor buys US robotics firm from Softbank for $880m

Hyundai Motor Group said Monday its three affiliates and its chief have acquired a controlling stake in US-based robotics firm Boston Dynamics for $880 million. The investment is part of the South Korean automaking group‘s broader plans to strengthen its competitiveness in future mobility solutions. In December, the board of directors at the three affiliates -- Hyundai Motor Co., Hyundai Mobis Co. and Hyundai Glovis Co. -- approved the plan to acquire a combined 80 percent stake in Bosto

IndustryJune 21, 2021

Coway aims to go net-zero by 2050

Coway, a South Korean home appliance rental firm, will gradually reduce its greenhouse gas emissions and go net-zero by 2050, the company said Monday. Reiterating its commitment to its environmental, social and corporate governance initiative, the firm said it aimed to cut its emissions in half by 2030. By 2050, the company plans to operate entirely on renewable energy sources. To that end, Coway is using solar power at its three factories and one distribution center, with plans to invest f

ConsumerJune 21, 2021

S. Korea's exports of cosmetics products ranked third in the world last year

South Korea’s combined exports of cosmetics products increased 16.1 percent to 8.28 trillion won ($7.28 billion) in 2020, ranking third in the world, following France and the US, data showed Monday. According to the data released by the Ministry of Food and Drug Safety, China was the biggest importer of South Korean cosmetic products last year at $3.8 billion, followed by Hong Kong with $714 million, the United States with $640 million and Japan with $639 million. Vietnam’s imports

IndustryJune 21, 2021