Samsung Card issues asset-backed securities for ESG

South Korean credit card company Samsung Card said Tuesday that it had issued foreign currency asset-backed securities linked to environment, social and governance projects. The new securities with an average of five-year maturity total $300 million in value. French banking firm BNP Paribas is one of the main investors. Capital raised through the latest securities issuance will be utilized to beef up ESG-based business operations, the card issuer said. The card business arm of Samsung Group h

MarketMarch 30, 2021

Samsung, LG TVs support faster connectivity with Wi-Fi 6E

Newest TV models by Samsung Electronics and LG Electronics have been certified for Wi-Fi 6E technologies, the first in the global TV industry, according to the companies on Tuesday. Samsung said its 2021 Neo QLED 8K TV models have earned the world’s first Wi-Fi 6E certification from the Wi-Fi Alliance. Wi-Fi 6E, a new standard in connected technology, offers four times faster connectivity based on stable and reliable data transfers – even when multiple devices are connected t

TechnologyMarch 30, 2021

Kia fully unveils EV6, the first EV launch since rebranding

Kia Corp., South Korea’s second-largest carmaker and an affiliate of Hyundai Motor Group, on Tuesday held the digital world premiere of the EV6, its first all-electric model built on the group’s exclusive electric vehicle platform. Being the first electric vehicle to be launched since Kia Motors changed its name to Kia Corp. earlier this year, the EV6 is expected to signal a new chapter for the carmaker in light of the fast-growing mobility market. In terms of functions, the new

IndustryMarch 30, 2021

Bill Hwang: Pioneer of Wall Street's Asia investing and culprit behind Archegos blowup

Bill Hwang, the Korean American trader behind US market unrest involving lossmaking trades of New York-based Archegos Capital Management, was said to be one of the first Wall Street trailblazers in equity investing in East Asia including South Korea, until his fall from grace. The South Korean-born hedge fund trader is said to have played a role in bringing his mentor and investment guru Julian Robertson’s attention to the crisis-battered East Asian market in the late 1990s, including his

MarketMarch 30, 2021

S. Korea's state budget likely to exceed W600tr next year

The government will keep its expansionary fiscal policy stance next year to support the recovery of the coronavirus-hit economy, the government said, hinting at another mega budget exceeding 600 trillion won ($529.2 billion). The Cabinet approved Tuesday the 2022 budget guidelines, drafted by the Ministry of Economy and Finance to revive the sluggish economy. It focuses on fiscal inputs on boosting employment and domestic consumption and boosting investment in innovative technologies. Such

EconomyMarch 30, 2021

Coway wins global nod for ESG, corporate transparency

Coway, a South Korean home appliances rental firm, has been honored at this year’s Business Integrity Society summit for its continuous commitment to a framework for environmental, social and governance, or ESG, standards as well as corporate transparency, the company said Tuesday. It was chosen as an “Excellent Anti-Corruption Company” at the BIS Summit 2021 Anti-Corruption Awards held last week by the UN Global Compact and the Korea Social Responsible Investment Forum. &l

ConsumerMarch 30, 2021

Hyundai E&C set to begin presales of housing units in Daegu

Hyundai Engineering & Construction, the company behind South Korea’s top apartment brand, Hillstate, is starting presales of units in a high-rise mixed-use apartment complex in the southeastern city of Daegu, the company said Tuesday. Slated for completion in the summer of 2024, the complex, dubbed HillState Dalseong Park Station, comprises three buildings with 392 housing units each measuring 84 square meters. Of the 392 units, 72 are what locals call “residential officetel&rdq

IndustryMarch 30, 2021

[News Focus] Most age groups skeptical on economy

SEJONG – Over the economic conditions in the coming year, a pessimistic stance was found to be dominant in most age groups in South Korea, with the only exception being people aged 40-49, a recent poll showed. According to a survey released Saturday by Gallup Korea, gloomy predictions on the economy outnumbered positive predictions among people in their 20s, 30s, 50s and 60s or older. Optimists outnumbered pessimists only among those in their 40s. By age group, 40 percent of those aged

EconomyMarch 30, 2021

Hyundai Mobis presents HLED as innovative rear lamp material

Hyundai Mobis, the auto parts affiliate of Hyundai Motor Group, is expanding its presence in the global auto lamp market with its series of unique rear lamp technology, officials said Tuesday. After two years of joint research with LG Innotek, the parts maker has recently come up with HLED, a thin film-like material that can be flexibly bent and that emits light in all conditions. Due to its delicate light control, the product may be applied to both the stop lamp and the tail lamp with a mere

IndustryMarch 30, 2021

GS Caltex among oil majors behind launch of a new oil exchange

South Korean energy company GS Caltex was among the companies behind the launch of a new oil exchange in Abu Dhabi, United Arab Emirates, to help secure a more stable and transparent supply of Middle East crude. Launched Monday, the new International Exchange Futures Abu Dhabi, or IFAD, has listed the Middle Eastern nation’s flagship Murban crude and started trading Murban crude futures. GS Caltex joined global oil majors BP, Total, Inpex, Vitol, Shell, PetroChina to support its incepti

IndustryMarch 30, 2021

Hanwha Q Cells takes Chinese solar companies to court in Germany, France

Hanwha Q Cells said Tuesday it has filed a patent infringement lawsuit against Chinese solar company Astronergy in Germany. The lawsuit, filed on March 12 with German court, accuses Astronergy of stealing Hanwha’s patented technology that enhances the efficiency of solar cells. The legal action is the latest from Hanwha against Chinese competitors. Previously it sued three firms -- Jinko Solar, LONGi Solar and REC -- in March 2019. Last June, Germany’s Dusseldorf District Court r

IndustryMarch 30, 2021

Bitcoin price resurges despite coin delisting risks

Bitcoin is reaching 70 million-won mark again Tuesday amid a global credit company’s digital coin endorsement. According to local crypto exchange Upbit, Bitcoin price rose above 69 million won ($60,860) as of 1:50 p.m., after falling as low as 62 million won on March 25. Tuesday’s Bitcoin rally came after Visa Card announced Monday that it would accept cryptocurrencies for credit card bills. In its pilot program, Visa Card will allow settlement of transactions in USD Coin, a st

MarketMarch 30, 2021

Seoul stocks advance on hopes of global economic rebound

South Korean stocks advanced more than 1 percent Tuesday on strong foreign and institutional buying, aided by expectations of a quick global economic recovery from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.96 points, or 1.12 percent, to close at 3,070.0 points. Trading volume was moderate at about 1 billion shares worth some 13.9 trillion won ($12.3 billion), with gainers outnumbering losers 531 to 307. Foreigners

MarketMarch 30, 2021

Samsung C&T-led consortium wins $1.56b deal from Taiwan

Samsung C&T Corp., the construction unit of Samsung Group, said Tuesday its consortium has clinched a $1.56 billion project to build a terminal at Taiwan Taoyuan International Airport. Under the deal with Taoyuan International Airport Corp., the Samsung C&T-led consortium will build Terminal 3 that can have an annual customs clearance processing capacity of 45 million passengers. Samsung C&T said it will take 60 months to complete the project. Samsung C&T said its stake is wor

IndustryMarch 30, 2021

Fila stays silent after Chinese unit vows to continue using Xinjiang cotton

Fila Korea is staying silent on the ongoing controversy surrounding Xinjiang cotton after its Chinese unit vowed to continue using the fabric. When asked about Fila China’s statement on Chinese social media platform Weibo last week confirming its support for Xinjiang cotton, a representative of the company acknowledged the existence of backlash but refused to comment. In a statement on Weibo last week, FILA China said it “has always purchased and used cotton produced in China inclu

ConsumerMarch 30, 2021

[Newsmaker] Korea pins high hopes on ‘K-syringes’

Despite taking an early leadership in COVID-19 diagnosis and epidemic response, South Korea has been months behind in the global race to either develop vaccines or secure jabs already developed and inoculate its citizens. While playing catch-up, the government is hoping to draw attention to its achievements elsewhere -- their syringes. Low dead-space syringes, which local firm PoongLim Pharmatech developed in partnership with the government, has allowed the country to inoculate 1,880 more p

TechnologyMarch 30, 2021

Celltrion’s sales of COVID-19 treatment to reach W1.2tr: report

Sales of Celltrion’s COVID-19 treatment could reach 1.2 trillion won ($1.06 billion) this year, a local securities firm said Monday. According to a report from Hana Financial Investment, sales of Celltrion’s COVID-19 antibody treatment CT-P59 are expected to increase since Celltrion received a positive scientific opinion from the European Medicines Agency last week for its monoclonal antibody treatment candidate. But the report said Celltrion’s production capacity for the d

TechnologyMarch 30, 2021

Samsung's Texas chip plant returning to normal levels

Samsung Electronics Co.'s chip production at its US plant is approaching normal levels, an official from the company said Tuesday, following a monthlong shutdown caused by a power outage in the region. "Our plant in Austin, Texas, has entered the normal stage of production from last week," a Samsung official said. "We are currently ramping up operations to reach the level we had before the shutdown." Industry insiders now expect that Samsung's Austin plant may resume produc

IndustryMarch 30, 2021

Hyundai to suspend Ioniq 5 production on chip shortage

Hyundai Motor Co. said Tuesday it will suspend production at a domestic plant that produces the Ioniq 5 all-electric model due to a chip shortage. Hyundai plans to halt the operation of the No. 1 plant in Ulsan, 414 kilometers southeast of Seoul, which also produces the Kona subcompact SUV, due to lack of parts from April 7-14, a company spokesman said over the phone. The decision comes amid a lack of semiconductor parts used in the Kona's front vehicle camera system and a problem in Hyundai M

MobilityMarch 30, 2021

Daewoo E&C continues to strengthen CSR activities

Construction company Daewoo E&C continues to strengthen its corporate social responsibility activities, operating various volunteer work programs for its employees, the company said Tuesday. Since 2007, Daewoo E&C staff have taken part in various volunteer programs. Rather than one-off events or one-time donations, their activities have been focused on contributing their talent to improving the living environments for the underprivileged, the company explained. In 2018, the company a

IndustryMarch 30, 2021