Bank mortgage loans rise at solid pace in March

South Korea's major banks saw their mortgage loans grow at a brisk pace in March despite higher lending rates, industry data showed Friday. The nation's five major lenders -- KB Kookmin, Shinhan, Woori, Hana and Nonghyup -- had 483.2 trillion won ($427 billion) in outstanding home-backed loans as of end-March, up 3.4 trillion won from the previous month. March marks the second consecutive month that their combined mortgage lending has climbed by a number in the 3 trillion-won range. February s

EconomyApril 2, 2021

Consumer price growth at 14-month high in March amid economic recovery

South Korea's consumer prices grew at the fastest pace in 14 months in March on higher prices of farm and oil products, data showed Friday, in the latest sign that inflationary pressure is building up amid an accelerating economic recovery. The consumer price index rose 1.5 percent on-year in March, accelerating from a 1.1 percent on-year gain in the previous month, according to the data compiled by Statistics Korea. The index grew 0.1 percent on-month. It marked the fastest on-year rise since

EconomyApril 2, 2021

Carmakers' March sales rise 12% on robust overseas demand

South Korean carmakers' sales rose 12 percent last month from a year earlier helped by robust overseas demand for SUVs amid the COVID-19 pandemic, industry data showed Thursday. The five carmakers -- Hyundai Motor, Kia, GM Korea, Renault Samsung Motors and SsangYong Motor -- sold a combined 672,643 vehicles in March, up from 601,082 units a year ago, according to data from the companies. Their domestic sales fell 6.7 percent to 140,971 units last month from 151,025 a year ago. But overseas sal

IndustryApril 1, 2021

Fiscal chief says global economy on track for steep recovery

The global economy is poised to make a strong rebound on the back of a revival in manufacturing and the coronavirus vaccine rollout, said Finance Minister Hong Nam-ki on Thursday. “The upturn in the global economy will be steeper than expected,” he said at a meeting with government officials on innovative growth. His remark came as Asia’s fourth-largest economy showed signs of recovery supported by exports. “Exports are the core driving force of an economic recovery.

EconomyApril 1, 2021

Brokerages among highest-paying firms in S. Korea

South Korean stock brokerage firms were among highest-paying companies across all industries last year with an average annual salary of more than 120 million won ($106,288), data showed on Thursday. According to data compiled by recruitment firm Job Korea, employees at Korea’s top 100 listed companies were paid an average annual pay of 83.2 million won. Claiming the top spot of the list for the highest-paying workplaces here, stock trading firm Samsung Securities, paid 131 million won

MarketApril 1, 2021

SK didn’t infringe on LG’s battery patents: ITC

The US International Trade Commission on Thursday ruled in favor of SK Innovation in its battery patent case against LG Energy Solution, in an unexpected twist in the legal battle. In its preliminary decision, the ITC said SK had not infringed on any of LGES’ four battery patents in a case that was filed by LGES in September 2019. This is separate from the battery trade theft case, in which the ITC sided with LGES and slapped SKI with a “devastating” 10-year business ban in t

IndustryApril 1, 2021

Kia's March sales jump 19% on SUV popularity

Kia Corp., South Korea's second-largest automaker, said Thursday its sales gained 19 percent last month from a year earlier on solid demand for SUVs. Kia sold 251,362 vehicles in March, up from 231,543 units a year ago, the company said in a statement. Domestic sales reached 51,011 units last month, nearly the same level from a year earlier. Overseas sales rose 11 percent on-year to 200,351 units due to the low base effect from last year when the COVID-19 pandemic hit the automotive industry, it

MobilityApril 1, 2021

[Herald Interview] Brewery serves up sparkling makgeolli in blend of tradition and modernity

Makgeolli, a centuries-old traditional Korean rice wine, is enjoying its new life as a trendy and premium drink as of late. Easily found at convenience stores and casual dining restaurants in Korea, it was once thought to be an “old man’s drink” over its affordability and stereotypes surrounding it. But one man’s journey to revolutionize makgeolli and give it a more youthful and upscale makeover seems to have paid off in triggering a trend in recent year. The Korea Agro

ConsumerApril 1, 2021

S. Korean pharmas eye Nasdaq after Coupang success

South Korea’s pharmaceutical and biopharma companies are ramping up efforts to get listed on the Nasdaq market, hoping to follow in the footsteps of Korean e-commerce giant Coupang with their US market debut. According to industry sources Thursday, CoImmune, a joint venture between SCM LifeScience and Genexine, is preparing for an initial public offering on the tech-heavy Nasdaq Composite. CoImmune’s appointment of biotechnology and finance expert Dr. Edgardo Baracchini to the co

TechnologyApril 1, 2021

Investors flock to unlisted stock markets in search of ‘next Coupang’

On the heels of e-commerce platform Coupang’s listing on the New York Stock Exchange last month, which saw a valuation of over $100 billion, retail investors are seeking out similar opportunities with emerging companies on their way to market debuts. Booming interest in unlisted companies such as Viva Republica, Kurly and Krafton is stimulating support for platforms such as Stockplus Unlisted and Seoul Exchange, which link buyers and sellers of privately held companies’ stocks, ac

MarketApril 1, 2021

Hyundai's March sales rise 22% on SUV demand

Hyundai Motor Co. said Thursday its sales jumped 22 percent last month from a year earlier on robust demand for its SUV models despite the COVID-19 pandemic. The country's biggest carmaker sold 375,924 vehicles in March, up from 307,176 units a year earlier, helped by strong demand for the Palisade SUV, the Nexo hydrogen fuel-cell electric vehicle, the Genesis GV70 and GV80 SUVs, the company said in a statement. Domestic sales climbed 2.3 percent to 73,810 units from 72,180 during the same per

MobilityApril 1, 2021

Renault Samsung's March sales tumble 43% on weak domestic demand

Renault Samsung Motors Corp. said Thursday its sales plunged 43.2 percent last month from a year earlier due to weak domestic deman. The South Korean unit of Renault S.A. sold 8,572 vehicles in March, down from 15,100 units a year earlier, the company said in a statement. Domestic sales tumbled 52.7 percent on-year to 5,695 units last month, and exports slid 6.8 percent to 2,877 units over the cited period, the company said. A total of 102 Renault Zoes, its supermini electric car, were sold i

MobilityApril 1, 2021

Seoul stocks hit 2-month high on US stimulus plan

South Korea's benchmark stock index closed at the highest in two months Thursday amid hopes for a massive infrastructure project by the United States. The Korean won slightly fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.98 points, or 0.85 percent, to close at 3,087.4 points, the highest since Feb. 4. Trading volume was moderate at about 910 million shares worth some 13.8 trillion won ($12.2 billion), with losers outnumbering gainers 420 to 419. F

MarketApril 1, 2021

SsangYong Motor driven into corner as US investor dithers

The fate of SsangYong Motor, the cash-strapped Korean affiliate of Indian carmaker Mahindra & Mahindra, hung in the balance Thursday, as it failed to secure a letter of intent from its likely investor, US-based HAAH Automotive. With the “prepackaged plan” scenario practically eliminated, the SUV-focused automaker now faces the worst risk of market delisting and liquidation. Financial authorities, however, maintained a prudent stance over the issue, leaving room for a last-min

IndustryApril 1, 2021

[Behind the Wheel] Ford Ranger Raptor, Wildtrak can stand on some of toughest terrains

In South Korea, where a great portion of the population is concentrated in urban areas, pickup trucks are not the most popular vehicle types. But with the rising trend of outdoor activities, and as more adventure enthusiasts find fun in driving through the mountainous terrains of the country, interest in pickup trucks is increasing. According to the Korea Automobile Manufacturers Association, the pickup truck market had hovered around 20,000 units in annual sales, but that number has grown,

MobilityApril 1, 2021

GM Korea's March sales dip 21.8% amid pandemic slump

GM Korea Co. said Thursday its sales decreased 21.8 percent last month from a year earlier on weak demand at home and abroad. The South Korean unit of General Motors Co. sold 29,633 vehicles in March, down from 37,981 units the previous year, the company said in a statement. Domestic sales sank 31.4 percent on-year to 6,149 units, and exports declined 18.9 percent to 23,484 autos over the cited period, it said. The Detroit carmaker has three Korean plants -- two in Bupyeong and one in Changwo

MobilityApril 1, 2021

US expected to maintain trade barriers under Biden: KITA

The new US administration is expected to largely maintain its protectionist policies against imported goods, including South Korean products, a report said Thursday, despite President Joe Biden's vision on rebuilding multilateralism. The number of new antidumping investigations rolled out by the US came to 89 in 2020, rising sharply from 55 posted in 2017, according to a report compiled by the Korea International Trade Association (KITA). The number of new investigations against South Korean p

EconomyApril 1, 2021

S. Korean retail investors’ stock holdings inch closer to foreign ownership

Stocks held by Korean individuals jumped by 58 percent last year, getting closer to be on par with that of foreigners amid an equity investment craze, data showed Thursday. The local investors’ ownership accounted for 28 percent of the total market capitalization as of end-2020, up 3.6 percentage points on-year, according to data compiled by the Korea Securities Depository. Their holdings were worth around 662 trillion won ($584.89 billion), soaring 58 percent from a year earlier. In

MarketApril 1, 2021

JB Financial sets up overseas business unit

JB Financial Group, the holding group of Jeonbuk Bank and Kwangju Bank, said Thursday it has launched a new division in charge of overseas business activities to expand its global presence.  The banking giant appointed its incumbent senior executive officer, Yim Young-taick, formerly CEO of the group’s North Jeolla Province-based Jeonbuk Bank, to lead the newly launched global business division.  Yim, 70, served as Jeonbuk Bank CEO since 2014 until his retirement in March.&nb

MarketApril 1, 2021

Kakao Mobility attracts $50m investment from Google

Kakao Mobility, Korea’s digital transportation service app operator, said Thursday the company will explore new business opportunities together with Google. Under their partnership, Kakao has attracted investment of $50 million from the US tech giant, which is to be paid completely by April 22, according to the company’s regulatory filing. With the investment, Kakao and Google will work together on advancement of artificial intelligence technologies based on the cloud, create s

TechnologyApril 1, 2021