Barogo attracts W80b in series C

Delivery platform operator Barogo has secured 80 billion won ($71.7 million) through its series C funding round, the company said Thursday. The amount of the newly raised funds surpassed the firm’s initial target of 50 billion won, showing the increasing interest of investors in the booming delivery businesses. E-commerce firm 11st and retail conglomerate CJ Group have joined the funding round as strategic investors. 11st invested 25 billion won in the latest scheme, while CJ Group&rs

MarketJune 10, 2021

Tycoons to push for launch of CEO-level hydrogen coalition

Leaders of four South Korean conglomerates -- Hyundai Motor, SK, Posco and Hyosung -- have agreed to launch a CEO-level consultation body for the local hydrogen economy. According to officials from the business groups on Thursday, Hyundai Motor Group Chairman Chung Euisun, SK Group Chairman Chey Tae-won, Posco Group Chairman Choi Jeong-woo and Hyosung Group Chairman Cho Hyun-joon met at a Hyundai Motor’s research and development center early Thursday morning, where they agreed to forge

IndustryJune 10, 2021

‘FSC approval of digital insurance to boost innovation, but intensify race’

An official green light given to the insurance unit of Kakao Pay and three peer-to-peer companies will pave the way for the country’s innovation in finance, industry experts said Thursday.  The Financial Services Commission has given a preliminary approval of Kakao Pay’s insurance subsidiary as an online-only insurance firm, the regulator announced on Thursday. Kakao Pay will become the country’s first digital-only general insurance company. A digital-focused insurance

MarketJune 10, 2021

Seoul stocks rebound on tech gains, foreign buying

South Korean stocks rebounded Thursday on the quadruple expiration day of options and futures, buoyed by strong advances in tech stocks and massive foreign buying. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.46 points, or 0.26 percent, to close at 3,224.64 points. Trading volume was high at about 1.9 billion shares worth some 18.8 trillion won ($16.8 billion), with losers outnumbering gainers 426 to 418. Foreigners scooped a net 71

MarketJune 10, 2021

SsangYong Motor to send off half of workforce on unpaid leave

South Korea’s financially ailing carmaker SsangYong Motor set to sending its factory workers on rotating unpaid leave for up to two years, in a desperate move to save costs and minimize layoffs under a new buyer. The company and labor union are under talks to shape up the detailed action plan, following the unionists’ recent consent to having half of the workforce on rotating unpaid leave, officials said Thursday. The plausible scenario is to divide the workers according to their

IndustryJune 10, 2021

[#WeFACE] RE100, Orsted, Amorepacific chiefs say green transition is a matter of will

For 221 of the world’s major companies to source 100 percent of electricity from renewable sources by 2030, they’ll have to spend $98 billion. But make no mistake. These members of Renewable Energy 100 -- a global initiative to use electricity generated exclusively from renewable energy -- are not burning their cash just for the greater good of saving the Earth. They’re doing this for their own good, Sam Kimmins, head of the Climate Group’s RE100 campaign, said at th

IndustryJune 10, 2021

[Exclusive] Hyundai Motor prepares ‘hydrogen’ robot taxi business in S. Korea

Hyundai Motor Group is developing a hydrogen robot taxi with the aim of launching a commercial service within the next few years. According to the nation’s top automaker, the self-driving taxi will be based on the Nexo, the company’s hydrogen fuel cell-powered SUV. “The hydrogen robot taxi is currently in the design stage. The exterior currently has cameras and sensors protruding from it, so we’re working on it. The model will be ready for mass production in one to tw

IndustryJune 10, 2021

NH Financial sets up W150b ESG fund tied to Green New Deal

South Korea’s NH Financial Group said Thursday it has created an environmental, social and governance fund worth 150 billion won ($134 million) to finance projects tied to the Green New Deal initiative. According to NH, the “NH-Amundi Green New Deal Infra ESG Fund” will offer an alternative investment portfolio that focuses on exposure to both up-and-coming and less risky assets. Investments on hydrogen, fuel cell-related projects alongside solar and wind energies will be inc

MarketJune 10, 2021

Market watchers positive on SKT spinoff decision

On SK Telecom’s key decision of spinning off a new investment company, market watchers have painted a rosy outlook for South Korea’s top wireless carrier on Thursday. “The spinoff plan will boost (SK Telecom’s) corporate value. Under the spinoff to a telecom-focused investment holding firm with stable cash flow and dividends, its affiliated companies that were undervalued will likely be reevaluated,” said Ahn Jae-min, an analyst at NH Investment & Securities.

MarketJune 10, 2021

Koramco to buy green office building in eastern Seoul

Koramco REITs & Trust said Thursday that it has been selected as the preferred bidder to buy an eco-friendly office building in eastern Seoul through its new blind pool fund. The investment target, East Central Tower, is a 42-story building with six underground floors and 100,422 square meters of gross floor space. The 4-year-old building houses tenants including Samsung Electronics, Samsung Construction & Trading, Samsung Medison and Fila Holdings. The prime office building has empl

MarketJune 10, 2021

Korea's ‘misery index’ worst in 10 years

South Koreans are experiencing greater economic pain in recent months, largely due to soaring consumer prices and higher unemployment rates amid the prolonged COVID-19 pandemic, data showed Thursday.  The nation’s so-called misery perceptions index, calculated by adding the seasonally adjusted jobless rate to the annual inflation rate, stood at 6.6 in May, sharply up from 4.2 estimated a year earlier. The latest figure marked the highest since May 2011 when it hit 7.1, said Rep. Choo

EconomyJune 10, 2021

Hyundai halts some assembly lines in S. Korea on parts shortage

Hyundai Motor Co. said Thursday it has suspended some assembly lines of its mainstay plants here due to parts supply disruptions following COVID-19 infections at a key parts supplier. Hyundai Motor suspended four out of five plants in Ulsan, 414 kilometers southeast of Seoul, on Thursday afternoon due to lack of auto components from Hyundai Mobis Co., a company spokesman said over the phone. "Several Hyundai Mobis workers were infected with COVID-19, and disrupted supplies of cockpit modu

IndustryJune 10, 2021

[Exclusive] Hanhwa eyes flying car booking service with No.1 local ride-hailing app

Hanwha Systems is seeking partnership deals with ride-hailing apps, including the industry’s biggest Kakao T, to include flying taxis on the platforms, the company said Thursday. Hanwha Systems, a defense business unit of South Korea Hanwha Group, is racing to debut a flying car by 2024 and Kakao T is one of multiple ground mobility platforms being considered as a reservation service partner. Kakao T, operated by Kakao Mobility, is South Korea’s most popular taxi hailing platfor

IndustryJune 10, 2021

Housing biz sentiment for June stays above par for 2nd month

South Korea's housing market sentiment remained above the benchmark for the second straight month in June amid rising hopes of business improvements, a poll showed Thursday. The Korea Housing Institute said that its housing business sentiment index (HBSI), based on a survey of about 500 construction firms, came to 113 for this month, up 11.8 points from the previous month. A reading above 100 means the number of companies forecasting better business is larger than the number expecting worse ti

EconomyJune 10, 2021

S. Korea to foster parts suppliers for next-generation cars

South Korea's top economic policymaker said Thursday the government plans to provide support to help around 1,000 auto parts makers transform into key suppliers of next-generation automobiles by 2030. Finance Minister Hong Nam-ki said the country plans to create a 500-billion won (US$448 million) fund to support research and development and facility investment in the next-generation vehicle sector. "It is very necessary to take the lead in the next-generation vehicle and related parts mar

EconomyJune 10, 2021

No. of holding companies down in Q4

The number of holding companies in South Korea declined in the fourth quarter despite the government's efforts to encourage firms to have a more transparent governance structure, the corporate watchdog said Thursday. The Korea Fair Trade Commission said a total of 164 holding companies were registered with the antitrust regulator as of end-December last year, down from 167 three months earlier. The registered holding companies consist of 154 general holding firms and 10 financial ones. The fa

IndustryJune 10, 2021

Banks' household loan growth decelerates in May

South Korean banks' household loans decelerated in May, mainly due to a sharp decline in non-mortgage loans, central bank data showed Thursday. The aggregate outstanding bank loans to local households came to 1,024.1 trillion won ($917.2 billion) as of end-May, down 1.6 trillion won from the previous month, according to the data from the Bank of Korea (BOK). The BOK said the slight decline in bank lending was mainly attributable to repayments of loans by customers after the initial public offe

EconomyJune 10, 2021

BOK vows to meet inflation target in medium term

South Korea's central bank said Thursday it will make efforts to achieve its inflation target of 2 percent for this year in the medium term, as it hinted an exit from record-low interest rates amid signs of a strong recovery from the COVID-19 pandemic. In a regular monetary report, however, the Bank of Korea (BOK) said it will maintain the current easing of monetary policy "for the time being" to support an economy recovery. "Monetary policy will stay accommodative for the time

EconomyJune 10, 2021

S. Korea regains No. 1 spot in May shipbuilding orders

South Korean shipbuilders outpaced their Chinese rivals to regain the top spot in global new orders of ships in May, industry data showed Thursday. South Korea lost their No. 1 ranking to China in April, nine months after grabbing the top ranking in July 2020. South Korean shipbuilders led by Hyundai Heavy Industries Co. obtained new orders of 40 ships, or 1.42 million compensated gross tons (CGTs), beating their Chinese rivals with 37 ships, or 880,000 CGTs, according to the order book data p

IndustryJune 10, 2021

Telcos to show off mobility projects at expo

South Korean telecom operators will feature new mobility technology, from flying cars to autonomous vehicles, at the Seoul Smart Mobility Expo 2021, which kicked off at the Oil Tank Culture Park in western Seoul on Thursday. SK Telecom said it will unveil the latest developments of its unmanned aerial mobility (UAM) service project in partnership with local defense company Hanwha Systems Co., Korea Airports Corp. and the Korea Transport Institute at the three-day event. The wireless carrier sa

IndustryJune 10, 2021