Samsung Card Q1 net up 23.4% amid rising consumption

Major South Korean credit card issuer Samsung Card Co. said Tuesday its net profit soared nearly 23 percent in the first quarter of the year on a rebound in consumer confidence. Net profit stood at 138.4 billion won ($124.7 million) in the January-March period, up 23.4 percent from a year earlier, the company said in a regulatory filing. Operating profit jumped 23.1 percent on-year to 185.3 billion won, with sales rising 0.6 percent to 918.1 billion won. Samsung Card attributed its stellar fi

IndustryApril 27, 2021

Korean refiners' Q1 exports hit 10-year low

South Korean refiners' exports fell to the lowest level in 10 years in the first quarter of the year as global oil demand remained low amid the prolonged COVID-19 pandemic, industry data showed Tuesday. Oil and petrochemical products shipped by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 90.94 million barrels in the first quarter of the year, down 27.4 percent from a year earlier, according to the data compiled by the Korea Petroleum Association. The t

EconomyApril 27, 2021

Seoul stocks open lower ahead of US FOMC meeting

South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.75 points, or 0.15 percent, to 3,212.78 points in the first 15 minutes of trading. Stocks got off to a lackluster start on increased valuation pressure, as investors wondered whether to sell stocks for profit after the KOSPI's three-day gains. Concerns about early post-pandemic inflation re

MarketApril 27, 2021

[Newsmaker] Biz community joins calls for pardon of Samsung heir

South Korea's major business lobby groups on Tuesday said they have submitted a petition for the pardon of Lee Jae-yong, the imprisoned de facto leader of Samsung Group, to the presidential office for the sake of the national economy amid a global semiconductor shortage. The five major lobby groups -- the Korea Chamber of Commerce and Industry, the Korea Enterprises Federation, the Korea Federation of SMEs, the Korea International Trade Association and the Federation of Middle Market Enterprise

IndustryApril 27, 2021

Sales of derivatives-tied securities dip in 2020

Sales of derivatives-linked securities in South Korea dropped 30.3 percent on year in 2020, partly due lower demand following the misselling of derivatives-linked funds, data showed Tuesday. The combined value of equity-linked securities (ELS) and derivatives-linked securities (DLS) issued last year came to 91.3 trillion won ($82 billion), down 39.7 trillion won from a year ago, according to the data from the Financial Supervisory Service. The products are structured to track the performance o

EconomyApril 27, 2021

S. Korea's OTC market value tops W20tr

The value of stocks traded on South Korea's over-the-counter (OTC) market has surpassed the 20 trillion-won mark ($18 billion) for the first time in over six years on a recent market rally, data showed Tuesday. The capitalization of the K-OTC totaled 20.07 trillion won as of Monday, up some 215 billion won from the previous session, according to the data from the Korea Financial Investment Association (KOFIA). It marks the first time since Nov. 13, 2014, that the K-OTC's market value has excee

MarketApril 27, 2021

S. Korea's economy grows faster than expected in Q1, heralding rebound this year

South Korea's economy expanded at a faster-than-expected pace in the first quarter, buoyed by a modest recovery of exports and fiscal policy support, amid signs that the economy is inching closer to pre-pandemic levels, the Bank of Korea (BOK) said Tuesday. Gross domestic product expanded 1.8 percent in the three months ended March 31 from a year ago, the BOK said. On a quarterly basis, Asia's fourth-largest economy expanded 1.6 percent, accelerating from a 1.2 percent expansion in the final qu

EconomyApril 27, 2021

SKIET’s blockbuster IPO busts Korean book building records

Amid expectations of surging global demand in the battery separators market, SK ie technology has gained keen attention from investors both at home and abroad ahead of its market debut next month, setting a record Monday in South Korean initial public offering market history. The battery materials subsidiary under SK Innovation wrapped up its two-day book building process Friday. While institutional investors placed bids for new shares for the IPO, a total of 1,734 domestic and foreign institu

MarketApril 26, 2021

[Advertorial] Mercedes-Benz Korea stands as major donator among imported car brands

Mercedes-Benz Korea is steadily growing its social outreach programs to support local communities here, cementing its position as a corporate social responsibility leader among imported car brands. In the past six years following the launch of the programs in 2014, the Korean unit of the German automaker has donated a total of 30.1 billion won ($27 million), it said. That is among the top donations made by an imported car brand here, the company added. In 2020, Mercedes-Benz Korea donated ab

MobilityApril 26, 2021

Mind the gap: Navigating regional varieties in APAC private debt investing

While the demand for private debt investments in the Asia-Pacific region is expected to continue to soar, private credit investors -- which offer nonbank financing to companies or development projects there -- should take advantage of opportunities and be mindful of gaps in between countries, experts said. During the two-day PDI APAC Summit Virtual Experience 2021 that ended Thursday, international investors, asset managers and other investment professionals flocked to discuss opportunities tha

MarketApril 26, 2021

[Behind the Wheel] Ioniq 5, a safe and pleasant interior space on the road

For Hyundai Motor, the Ioniq 5 is not only the first all-electric vehicle adopting its exclusive electric vehicle platform, but also a key indicator of the company’s business outlook in the fast-growing battery-operated vehicles space. Vying against global competitors such as Tesla, the automaker chose to optimize user experience through high-end interior materials, user-friendly interface and, most of all, an unrivaled, ultrafast charging system. The Korea Herald has recently take

IndustryApril 26, 2021

FSC head’s Bitcoin warning backfires, prompts calls to resign

A warning from the head of the nation’s financial regulator about the risks of investing in crypto assets has sparked criticism from traders of virtual coins, who reject his opinion that digital tokens are speculative tools. Financial Services Commission Chairman Eun Sung-soo on Thursday voiced concern about the recent crypto frenzy, saying “cryptocurrencies, which have no intrinsic value, are not a real currency,” during a meeting of the National Assembly’s National P

MarketApril 26, 2021

Celltrion reports progress in phase 3 trial of COVID-19 drug candidate

Celltrion has completed administration of an experimental COVID-19 antibody treatment to a total of 1,300 people participating in its phase 3 clinical trial, the company announced Monday. The final stage of human tests of the drug candidate, known as Regkirona or CT-P59, is being conducted in 13 countries, including Korea, the US, Spain and Romania, the firm added. The treatment has cleared an emergency use authorization in Korea in February. The Seoul-based drug developer, specializing in

IndustryApril 26, 2021

Local company develops smart livestock management solution for pigs

South Korean livestock health management firm uLikeKorea announced the launch of an information and communication technology-based solution to detect symptoms of swine diseases, including African swine fever. Kim Hee-jin, CEO of uLikeKorea, claimed it is the world’s first and only such solution developed for pig farming. According to the firm’s press release, it uses a device that is inserted in a pig’s uterus to keep track of its activities, hormone levels and body temper

TechnologyApril 26, 2021

SK E&C to ramp up efforts to secure emission rights

South Korean construction company SK E&C is speeding up the process to secure certified emission reduction credits in Korea and Vietnam, paving the way for potential renewable business opportunities in the future, the firm said Monday. The Seoul-based builder has so far committed to two Programs of Activities, one that is a modality of project development under the Clean Development Mechanism of the United Nations Framework Convention on Climate Change and the other organized by the Enviro

IndustryApril 26, 2021

KT, Samsung Electronics launch world’s 1st nationwide emergency telecom network

Mobile carrier KT teamed up with Samsung Electronics to launch the world’s first emergency telecommunications network that covers the whole nation, KT said Monday. The system, based on wireless LTE technology, integrates the networks of 335 state institutes, such as the police, railway defense and firefighting agencies, and is available anywhere in Korean territory -- land or sea -- allowing for a swifter, coordinated response against major natural disasters and accidents. “The

IndustryApril 26, 2021

Seoul stocks up for 3rd day on recovery hopes, vaccination campaign

South Korean stocks closed up for a third consecutive session Monday, as progress in the local vaccination campaign and strong US economic data fueled hopes of a quick economic rebound from the pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.43 points, or 0.99 percent, to close at 3,217.53 points. Trading volume was moderate at about 1.3 billion shares worth some 15.4 trillion won ($13.8 billion), with gainers outnumbering lo

MarketApril 26, 2021

Assessment system for ESG lacks consistency: FKI

Appraisals for ESG -- the management trend that focuses on environmental, social and governance factors -- tend to lack consistency as different rating agencies apply different standards, a major business representation here said Monday. According to a report by the Federation of Korean Industries, about 40 percent of businesses witnessed a conspicuous variation in the ESG ratings they have received from key evaluation agencies. The given study included 55 companies among the nation&rsquo

IndustryApril 26, 2021

Shinhan’s green fund invests in wind farm project

Shinhan Financial Group said Monday it has dedicated its first chunk of a 240 billion-won fund ($215 million) into a wind turbine project, as part of an ongoing initiative to support the government’s New Deal programs. The Shinhan Green New Deal Fund was designed to double down investments in the renewable energy sector for the country to achieve sustainable development after the COVID-19 pandemic. Affiliates of Shinhan Financial Group including Shinhan Bank and Shinhan Life Insurance

MarketApril 26, 2021

Kakao Pay heads to Kospi

Kakao Pay, the financial technology arm of mobile giant Kakao, is finally heading to the country’s main stock board, defying market expectations that it was considering the tech-heavy secondary market or even overseas listings. The company filed for a preliminary review for its listing to KRX , the stock market exchange, on Monday, a regulatory filing showed. According the the disclosure, the IPO is expected to be priced between 73,700 won ($66.32)and 96,300 won per

MarketApril 26, 2021