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

Lending rate cap to be lowered to 20% from July

South Korea’s maximum legal interest rate that private lenders can charge customers will be lowered to 20 percent per annum from July, the nation’s top financial regulator said Tuesday. A revised enforcement ordinance to cut the maximum lending rate suggested by the policymaking Financial Services Commission in November was approved during a Cabinet meeting earlier in the day, officials said in a statement. The move is aimed at easing interest rate burdens on beleaguered debtors.

EconomyMarch 30, 2021

Sales of top food delivery app Baemin nearly double in 2020 on pandemic

South Korea's top food delivery app Baedal Minjok, or Baemin, saw its sales nearly double in 2020 from a year earlier amid the coronavirus pandemic, its operator said Tuesda. Baemin's top line stood at 1.09 trillion won ($960 million) last year, up 94.4 percent from a year earlier, according to Woowa Brothers Corp. It is the first time that Baemin's sales have exceeded the 1 trillion won mark since its market debut in 2010. Woowa Brothers attributed the sales jump to greater demand for food d

IndustryMarch 30, 2021

SK hynix to focus on improving profitability in NAND biz: CEO

SK hynix Inc. will focus on improving profitability of its NAND business following its deal to buy Intel Corp.'s non-volatile memory unit, its chief executive officer said Tuesday. Lee Seok-hee told shareholders that SK hynix is committed to becoming the global leader in the NAND industry with the acquisition of Intel's NAND business and its 2018 investment in Japan's Kioxia Corp. Last October, SK hynix, also the world's No. 2 DRAM maker, signed an agreement to buy Intel's non-volatile memory

IndustryMarch 30, 2021

KAIST unveils deepfake-detecting mobile app

The Korea Advanced Institute of Science and Technology (KAIST) said Tuesday its research team launched the country's first mobile app that detects deepfakes -- images or videos digitally manipulated with artificial intelligence (AI) -- to curb misinformation and prevent potential harm to victims targeted by the technology. The software, named KaiCatch, can accurately detect deepfakes by using AI technology that recognizes abnormal distortions in a subject's face in images, according to KAIST, S

TechnologyMarch 30, 2021

Savings banks' profit rises 10% in 2020 on interest income

South Korean savings banks reported 10 percent growth in their combined net profit for 2020, thanks to a modest rise in interest income, data showed Tuesday. The combined net income of the 79 savings banks stood at 1.4 trillion won ($1.24 billion) last year, compared with a profit of 1.3 trillion won a year ago, according to the data from the Financial Supervisory Service (FSS). Their interest income rose 8.7 percent on-year to 6.5 trillion won, while loan-loss provisions jumped 30.7 percent o

EconomyMarch 30, 2021

Rice production costs up 6.5% last year

Rice production costs in South Korea rose 6.5 percent last year as rice output fell due to a record-long rainy season and typhoons, data showed Tuesday. Farmers spent 31,082 won ($27) to produce 20 kilograms of rice last year, compared with 29,172 won the previous year, according to the data compiled by Statistics Korea. The rise in costs came as a long rainy season and typhoons reduced the number of sunny days last year, reducing rice output to a 52-year low, according to the statistics agenc

EconomyMarch 30, 2021

Banks' lending rates edge up in February

South Korean banks' lending rates inched up in February amid a slight decline in deposit rates, central bank data showed Tuesday. The average interest rate charged on new bank loans came to 2.74 percent in February, up 0.02 percentage point from the previous month, according to preliminary data from the Bank of Korea (BOK). The BOK cut the key interest rate to a record low of 0.5 percent in May last year after delivering an emergency rate cut of half a percentage point in March to cushion the

EconomyMarch 30, 2021

SK E&S to invest W1.6tr in gas field off Australia

SK E&S Co., the natural gas provider under SK Group, said it will invest 1.6 trillion won ($1.4 billion won) over the next five years to develop an Australian gas field for the stable supply of liquefied natural gas (LNG). SK E&S said it approved the investment plan to kick-start the $3.7 billion development of Barossa gas field off Australia's northern coast. The Korean company, which holds a 37.5 percent stake in the project, said it will invest 762.8 billion won in its Australian su

IndustryMarch 30, 2021

LG Electronics teams up with local partners to develop renewable energy tech

LG Electronics Inc. said Tuesday it has joined hands with local partners to develop renewable energy technology and achieve carbon neutrality. Under the partnership with Korea Water Resources Corporation and POSCO, the country's largest steelmaker, LG will collaborate in building a renewable energy cluster here. The three will work together to develop a seawater heating and cooling system dedicated to the environment of the Yellow Sea, the country's western sea, and building integrated photovo

IndustryMarch 30, 2021

S. Korea aims to cement recovery, curb debt growth in 2022 budget

South Korea said Tuesday it plans to maintain an expansionary fiscal policy next year to underpin an economic recovery from the pandemic, but it will also seek to enhance fiscal soundness amid mounting national debt. Under the 2022 budget guidelines, approved by the Cabinet, the country aims to prop up the economy and invest in key policy initiatives for the post-pandemic era, while improving fiscal efficiency, according to the Ministry of Economy and Finance. The South Korean economy contract

EconomyMarch 30, 2021

S. Korea to increase tax incentives W3tr this year amid pandemic

Tax exemptions and incentives are expected to rise almost 3 trillion won ($2.6 billion) on-year this year as the country seeks to help vulnerable people cope with the fallout of the pandemic. The value of the country's subsidies offered via tax exemptions and credit is estimated at 56.8 trillion won this year, up from last year's 53.9 trillion won, according to the Ministry of Economy and Finance. The percentage of tax subsidies against total tax revenue is likely to reach 15.9 percent this ye

EconomyMarch 30, 2021

[Graphic News] Residents' foreign currency deposits rise in Feb.

　Foreign currency deposits at banks in South Korea rose in February, mainly due to a gain in corporate holdings of US dollar deposits, central bank data showed. 　Outstanding foreign currency-denominated deposits held by residents amounted to $90.03 billion as of end-February, up $650 million from the previous month, according to the data from the Bank of Korea. 　Residents include local citizens and foreigners staying here for more than six months, as well as foreign companies. The data ex

BusinessMarch 30, 2021

Seoul stocks open higher on hopes of global economic rebound

South Korean stocks opened higher Tuesday, tracking the Dow's overnight gains that stemmed from expectations of a quick global economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index rose 14.74 points, or 0.49 percent, to 3,050.78 points in the first 15 minutes of trading. Investor sentiment was boosted after the Dow Jones Industrial Average set another record overnight over the progress in the US vaccine rollout. Advances by auto and financial shares led the KOSP

MarketMarch 30, 2021

Samsung, LG TVs earn advanced Wi-Fi tech certification

South Korea's two largest TV makers -- Samsung Electronics Co. and LG Electronics Inc. -- said Tuesday their premium TVs have obtained a certification for advanced Wi-Fi technology that enables them to deliver faster and more stable connectivity. Samsung said two Neo QLED TV models -- QN900A and QN800A -- became the industry's first TVs to get Wi-Fi 6E (6th Generation Extended) certification from the Wi-Fi Alliance (WFA), the global organization with more than 850 members driving Wi-Fi adoption

IndustryMarch 30, 2021

Hyundai mulls suspension of local plant on chip shortage

South Korea's Hyundai Motor Co. said Monday it is considering suspending production at a domestic plant next month due to a global semiconductor chip shortage. Hyundai Motor mulls halting the operation of the No. 1 plant in Ulsan, 414 kilometers southeast of Seoul, which produces the Kona subcompact SUV and the IONIQ 5 all-electric model due to parts shortage, a company official said over the phone. The possible suspension comes amid a lack of semiconductor parts used in the Kona's front ve

IndustryMarch 29, 2021

IMM PE to exit from Taihan Electric Wire for W251.8b

IMM Private Equity has agreed to sell a 40 percent stake in Taihan Electric Wire to Hoban E&C for 251.8 billion won ($222.2 million) to exit from the industrial wire maker, a filing showed Monday. This will mark the first exit announced this year by South Korea’s third-largest private equity firm that has $5.4 billion-worth of assets under management. The deal involving Taihan’s 342.6 million common shares is scheduled to close on May 31. Hoban E&C will become Taihan&rsquo

MarketMarch 29, 2021

Magnachip to be sold to Chinese fund

Magnachip, spun off from South Korea’s SK hynix and listed on the US stock market, has been sold to a Chinese private equity fund, according to industry sources Monday. The chipmaker will be acquired by China’s Wise Road Capital for 1.6 trillion won ($1.4 billion) according to the company announcement. All of the shares will be sold to the Chinese fund at $29 per share with a 75 percent premium, which is estimated to be $1.4 billion. “The latest deal will not only bring

TechnologyMarch 29, 2021

[News Analysis] S. Korea’s longest serving finance minister burdened with recovery, real estate tasks

Finance Minister Hong Nam-ki is set to become the longest serving fiscal chief in South Korean history, but his leadership is facing public pressure for the revival of an economy battered by the COVID-19 pandemic and to appease discontent on job creation and real estate policies. By Thursday, Hong will pull ahead of Yoon Jeung-hyun -- who served for 842 days under the Lee Myung-bak administration -- as the nation’s most durable chief economic policymaker and deputy prime minister. He has

EconomyMarch 29, 2021

GS launches ESG committee for sustainable business management

South Korean conglomerate GS Group kicked off the first meeting of its ESG committee for sustainable business management, the company said Monday. The committee for environment, social and corporate governance, commonly referred to as ESG, will help accelerate their planned initiatives, the company said. Under the auspices of the company’s board of directors, the committee is led by former Minister of Economy and Finance Hyun Oh-seok, who has been reappointed as an outside director, th

IndustryMarch 29, 2021