Korean shipbuilders bask in robust new orders in Q1

South Korean shipbuilders clinched orders in the first quarter worth ten times more than the total orders logged for 2020, as the shipyard industry is recovering from the fallout of the pandemic, data showed Sunday. Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders for 126 ships or 5.32 million compensated gross tons (CGTs) in the January-March period, according to the data provided by global market researcher Clarkson Research Service. The tally compared with orders for 5

IndustryApril 4, 2021

Petroleum consumption at 5-year low in 2020 amid pandemic

South Korea's consumption of petroleum declined to a five-year low last year amid the pandemic, data showed Sunday. The country's consumption of petroleum reached 878 million barrels last year, down 5.8 percent from the previous year, according to Korea National Oil Corp. The tally marked the lowest since 2015, when the country consumed 856 million barrels. It also marked the first time in five years that such consumption dipped below 900 million barrels. The consumption of jet fuel declined

EconomyApril 4, 2021

[Weekender] New era opens for frozen mandu

Dumplings have long been one of the popular staples Koreans have in their daily meals. Served steamed, fried or boiled, the dish, called mandu here, would make for a good snack, or a tasty and filling meal. Yet there was also nothing spectacular about the humble dish of chopped meat, seafood or vegetables wrapped in dough. That is until food companies began to rediscover the potential of frozen mandu, propelling it into a new heyday with growing global recognition. According to data from Ni

ConsumerApril 3, 2021

Seoul stocks tipped to see gains next week on US stimulus hopes

South Korean stocks are likely to see gains next week as optimism for a massive infrastructure project by the United States is expected to continue to sway local financial markets, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,112.8 points Friday, up 2.36 percent from a week ago. The KOSPI finished the week at its highest level since Feb. 17, backed by an increase in foreign buying that was spurred by the US president's unveiling of a US$2.25 trill

EconomyApril 3, 2021

Genesis to launch sedan, SUV in China

Genesis, the independent luxury brand of Hyundai Motor Co., said Friday it will debut its flagship sedan and sports utility vehicle (SUV) in China to target the high-end segment in the world's largest vehicle market. Genesis showcased G80 sedan and GV80 SUV in a media event in Shanghai, which will be the first duo to enter the Chinese market this year. "Genesis will bolster its luxury brand image to target the young generation, a key customer group in the fast-rising Chinese luxury car m

IndustryApril 2, 2021

Hanjin KAL management feud comes to rest as KCGI-led alliance disbands

The power struggle over Hanjin KAL, the holding company of Hanjin Group, seemed to settle at last as the three-way alliance of an estranged sister of the Korean Air chairman, an activist fund and a builder officially disbanded, industry data showed Friday. In a regulatory filing, Grace Holdings, which is a special purpose firm of the activist fund Korea Corporate Government Improvement, Bando Engineering and Construction and Cho Hyun-ah said they have ended their agreement for joint ownership

MobilityApril 2, 2021

Watchdog vows to ramp up ESG oversight of Korean financial firms

Yoon Suk-heun, chief of South Korea‘s financial watchdog, pledged on Friday to beef up its oversight to prevent a spillover of risks associated with environmental, social and governance factors in the Korean finance industry. In a keynote speech at a seminar held in Seoul on Friday, the Financial Supervisory Service governor pledged to shape up a framework to gauge climate risks that could undermine the health of financial companies, in the nation where such standardized framework is pra

MarketApril 2, 2021

Consumer price growth hits 14-month high in March

South Korea’s consumer prices grew at the fastest clip in 14 months in March, since the coronavirus pandemic dealt a serious blow to the nation’s economy early last year, according to a report Friday. The price for spring onion, in particular, grew by more than 300 percent over the course of a year, marking the steepest growth in 26 years and 11 months. The surging price of scallion is thought to be one of the main reasons behind the soaring prices of agricultural products. The

MarketApril 2, 2021

SK Telecom-Sinclair joint venture to commercialize next-generation broadcast solution this year

Cast.era, a media technology joint venture between South Korea's top wireless carrier SK Telecom Co. and US media giant Sinclair Broadcast Group Inc., will launch a next-generation broadcast solution that boosts television content quality this year, the South Korean company said Friday. The telecom operator said Cast.era has completed testing of the 5G-ATSC3.0 platform, which boosts broadcast quality using SK Telecom's 5G cloud and artificial intelligence (AI) technology. Cast.era is planning

IndustryApril 2, 2021

Hanwha to set up US office for space biz expansion

Hanwha Systems, the affiliate spearheading Hanwha Group’s space and defense IT business, will set up its first US office, according to industry sources Friday. At its board meeting held March 23, the company decided to establish the US office within this year to add momentum to its space business. Candidate locations include Connecticut, where Hanwha Systems’ parent company Hanwha Aerospace has an office, and the state of Washington, where local satellite companies are clustered.

IndustryApril 2, 2021

Seoul stocks hit six-week high on US stimulus hopes

South Korea's benchmark stock index closed at the highest point in six weeks Friday on strong foreign and instutional buying amid hopes for a massive infrastructure project in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.4 points, or 0.82 percent, to close at 3,112.8 points, the highest number since Feb. 17. Trading volume was moderate at about 781 million shares worth some 13.2 trillion won ($11.7 billion), with

MarketApril 2, 2021

Weathering COVID-19 crisis, institutional investors seek more alternative exposure to curb risks

South Korea‘s institutional investors were seen averting the COVID-19 crisis to take decent returns, and pledged to increase their exposure to alternative assets to control the latent volatility risks. The Korean Teachers’ Credit Union said Friday it reaped a windfall in 2020 by taking advantage of the stock market rebound following the depths of the COVID-19 crisis. The KTCU, Korea‘s second-largest institutional investor, said it has returned 10 percent for 2020, or 3.3 tri

MarketApril 2, 2021

Nexon founder richest man in Korea with $14.1b in asset

Kim Jung-ju, CEO of gaming firm Nexon’s holding company NXC, is Korea’s richest businessman, with assets valued at $14.1 billion, according to a report from a US think tank. Kim was ranked 144th on a list of the world’s billionaires that showed Jeff Bezos, CEO of e-commerce behemoth Amazon, topping the list with assets totaling $178 billion. The CEO of luxury products behemoth LVMH Moet Hennessy, Bernard Arnault, and his family, were second on the list, with $162.6 billion.

MarketApril 2, 2021

Insurers' lending grows 7.8% in 2020

Loans extended by insurance companies in South Korea rose 7.8 percent on-year last year, led by increases in home-backed lending and corporate loans, the financial watchdog said Friday. Insurers' outstanding loans totaled 253 trillion won ($224.4 billion) as of end-December, compared with 234.7 trillion won the previous year, according to the Financial Supervisory Service (FSS). Their loans to households rose 2 trillion won on-year to 123.1 trillion won last year as the extension of home-backe

EconomyApril 2, 2021

Hyundai Motor denies partnership with Google

South Korea’s top automaker Hyundai Motor on Friday denied a rumor that it is about to establish a joint venture with US tech giant Google to develop a self-driving service. “The corresponding (rumor) is unfounded,” said an official of the company, denying the reports by a local news outlet. “Hyundai Motor will initially spin off one of its departments, in which Google will invest to establish a joint venture,” the report claimed, adding that the new organization

IndustryApril 2, 2021

Court-led restructuring set to begin for SsangYong Motor

A court-led restructuring process for SsangYong Motor Co. is set to begin as early as next week as a sole potential investor didn't submit a letter of intent to acquire the financially troubled carmaker, industry sources said Friday. SsangYong Motor's Indian parent Mahindra & Mahindra Ltd. has been in talks with US vehicle importer HAAH Automotive Holdings Inc. to sell its majority stake in the Korean unit as part of its global reorganization plan amid the COVID-19 pandemic. The talks come

IndustryApril 2, 2021

ITC dismisses LG’s request to drop SK’s patent violation suit

The United States International Trade Commission on Friday dismissed a request made by LG Energy Solution to sanction SK Innovation’s lawsuit that accused LG of infringing on patents. The ITC dismissal came just one day after the US government agency ruled in favor of SK in another patent case filed by LG against SK. The latest denial involves SK’s complaint that accused LG of infringing on its patents in September 2019, a separate case from the two archrivals’ dispute abou

TechnologyApril 2, 2021

Hyundai, Kia US sales jump 76% on SUVs in March

Hyundai Motor Co. and affiliate Kia Corp., South Korea's two biggest carmakers, said Friday their combined US sales jumped 76 percent in March from a year earlier on robust demand for their SUV models. Hyundai and Kia sold a total 141,926 vehicles in the United States last month from 80,531 units a year ago, according to the companies' sales data. "Strong consumer confidence, stable inventory, a compelling lineup, attention-grabbing advertising and the efforts of our dealer partners all c

MobilityApril 2, 2021

Seoul stocks open steeply higher on US stimulus project

South Korean stocks opened higher Friday on the back of a massive infrastructure project by the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.08 points, or 0.97 percent, to 3,117.48 points in the first 15 minutes of trading. Stocks traded bullish due to market optimism over a $2.25 trillion infrastructure proposal in the US, which local investors hailed as a sign of rising global demand. Auto and tech shares got off to a strong start, taking a cue from the ove

MarketApril 2, 2021

LG's rollable TV hits overseas markets

LG Electronics Inc. said Friday it has begun selling its rollable TV in foreign markets as the South Korean tech giant eyes to expand its presence in the high-end TV market. LG started overseas sales of the SIGNATURE OLED R TV through its global website Thursday. The industry's first rollable TV is currently available in 15 countries, including the United States, Russia, Germany and France. Due to the novel coronavirus pandemic, LG said it plans to focus on online sales rather than offline mar

IndustryApril 2, 2021