S. Korea eyes next-generation power chips

South Korea will nurture the local industry for next-generation power chips as a new strategic investment for future chip leadership, the government said Thursday. At the seventh meeting on innovative growth, the Ministry of Trade, Industry and Energy unveiled a blueprint that contains measures to establish an ecosystem for next-generation power chips ranging from key technologies to product development and mass production. Built to handle high voltages and large currents without damage, p

IndustryMarch 25, 2021

[News Focus] Household debt risks mount as banks halt interest discounts

SEJONG -- South Korea’s benchmark interest rate has been set at an all-time low of 0.5 percent per annum for 10 months since May last year, as the central bank tries to prop up a lackluster economy that has faltered in the wake of the novel coronavirus. The record-low rate could benefit many households and micro-business owners who resort to financial loans in this unexpected situation. But the Bank of Korea will have no choice but to conduct rate hikes eventually on a mid-term basis, g

EconomyMarch 25, 2021

Seoul stocks rebound on eased valuation pressure, virus woes

South Korean stocks snapped their four-day losing streak Thursday as investors bought undervalued shares on expectations of a rebound amid eased virus concerns. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.98 points, or 0.4 percent, to close at 3,008.33 points. Trading volume was moderate at about 922 million shares worth some 13.1 trillion won ($11.6 billion), with gainers outnumbering losers 460 to 374. Foreigners sold a net 82 b

MarketMarch 25, 2021

[#WeFACE] Korea's fledgling market for ESG investment faces 'greenwashing' concerns

This article is part of analysis and interviews by The Korea Herald‘s finance desk staff exploring South Korea’s budding ESG investment market, as well as its potential, impact and challenges. -- Ed. The sprouting demand for responsible investing options is reshaping the capital market landscape in South Korea, as financial products associated with environmental, social and governance factors are showing fast-paced growth. The sharp upsurge in both demand and supply, on the other

MarketMarch 25, 2021

Hyundai Glovis open for break-bulk transport

Hyundai Glovis is expanding its cargo business to use its pure car and truck carriers for break-bulk transport to diversify its business portfolio, the company said Thursday. As freight owners are experiencing shortage of shipping containers, Hyundai Glovis seeks to utilize its car and truck carriers, the vehicle delivery arm of South Korea’s Hyundai Motor Group, explained. Break-bulk shipping is transporting cargo or goods that cannot fit in standard-size shipping containers or cargo

MobilityMarch 25, 2021

S-Oil donates W100m for burn victims from single-parent families

S-Oil donated 100 million won ($88,200) in total for 10 single-parent households with members who had suffered burn injuries. According to the South Korean refinery, it delivered the donation to the Hallym Burn Foundation at a ceremony at the Hallym University Medical Center on Thursday. Each of the 10 households will receive 10 million won. This is the first donation S-Oil has made to assist burn victims. Established in 2008, the Hallym Burn Foundation helps burn patients with medical and r

IndustryMarch 25, 2021

Eximbank CEO named richest public servant in finance

The state-run Export-Import Bank of Korea CEO Bang Moon-kyu was named the richest public official in a financial institution, with net worth amounting to some 5.9 billion won ($5.2 million) as of end-2020, data by the public service ethics committee here showed Thursday. The data disclosed by the committee under the Ministry of Personnel Management also took assets owned by the officials’ family members into account. The value of Bang’s net assets, including real estate, gained 8

MarketMarch 25, 2021

Female stock investors double in number in just 4 years

Amid the stock investment boom, the number of women investing in stocks in South Korea has doubled over the past four years, according to data compiled by the Korea Securities Depository on Thursday. While the number of stock investors in Asia’s fourth-largest economy recorded 9.19 million, the number of female stock traders came to 3.88 million as of the end of December last year, up from 1.94 million four years earlier, the data showed. The growth rate for female stock investors, 77.8

MarketMarch 25, 2021

Shinsegae Department Store’s fruit subscription service proves popular

Shinsegae Department Store’s fruit subscription service is enjoying a surge in popularity as the number of subscribers jumped threefold in 10 months. The service, which began at the retailer‘s Gangnam branch, will be extended to its main store in Myeongdong, the department store said. Those subscribing to the service for a monthly fee of 220,000 won ($194) can have a selection of seasonal fruits worth 260,000 won delivered to their doorstep on a weekly basis. Tips on how to pick,

ConsumerMarch 25, 2021

Real estate investment firm Mastern launches US arm

Seoul-based real estate investment firm Mastern Investment Management said on Thursday that its subsidiary in the United States, Mastern America, began operation earlier this week. The launch will help Mastern, which was overseeing 21.7 trillion won ($19.1 billion) worth of assets as of March, to streamline its onsite due diligence for its outbound investment into the US market, enhance its capability for deal-sourcing and portfolio property management in the US and foster partnerships with US

MarketMarch 25, 2021

SK Telecom eyes governance improvement to boost shareholder value

SK Telecom Co., South Korea's largest wireless carrier, said Thursday it will revamp its governance structure this year in a way that boosts shareholder value. CEO Park Jung-ho told shareholders that the company will announce changes to its governance structure "soon," admitting its share price has remained largely lackluster despite its strong earnings last year. "Our market cap does not properly reflect the value of our subsidiaries and businesses," Park said in an annual

TechnologyMarch 25, 2021

Midsized firms' Q2 biz outlook recovers to pre-pandemic level

South Korean midsized companies' business outlook for the second quarter has recovered to pre-pandemic levels amid a recovery in automaking and related sectors, a poll showed Thursday. The Federation of Middle Market Enterprises of Korea said its business survey index (BSI) of the country's top 500 midsized firms stood at 89.5 for the April-June period, up 5 points from three months earlier. It marks the first time for their outlook reading to surpass the pre-coronavirus level of last year's f

IndustryMarch 25, 2021

Construction contracts surge 18.7% in Q4

SEJONG -- The value of construction contracts in South Korea jumped nearly 19 percent in the fourth quarter of 2020 thanks to increased private and public projects, government data showed Thursday. The value of civilian and public works contracts stood at 82.4 trillion won ($72.7 billion) in the October-December period, up 18.7 percent from the same period a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. Public sector contracts swelled 24.9 percent on-

EconomyMarch 25, 2021

Doosan Mobility teams up with POSCO unit for hydrogen fuel cell parts

Doosan Mobility Innovation (DMI), a producer of portable fuel cell power packs, said Thursday that it has joined hands with Posco SPS, a steel processing company, to develop a key component for hydrogen fuel cell power packs for drones. Under a preliminary deal with Posco SPS, a unit of Posco International Corp., DMI will develop metal plates, 20 micrometers in thickness, to be used for hydrogen fuel cell power packs for drones. DMI, an unlisted unit of Doosan Corp., the holding company of Doo

IndustryMarch 25, 2021

[Newsmaker] Coupang says deceased courier new on the job and had health problems

Local e-commerce giant Coupang Inc. said Thursday that its parcel delivery worker who died the previous day while working was suffering from heart-related abnormalities and was only on his second day on duty. The 43-year-old Coupang courier, whose identity was withheld, was found unconscious at a residential area in Incheon, 40 kilometers west of Seoul, at 12:57 p.m. Wednesday and pronounced dead while being transferred to a hospital. The courier's death immediately triggered speculation that

IndustryMarch 25, 2021

BOK to extend financial support for pandemic-hit small merchants, SMEs

South Korea's central bank said Thursday it will extend financial support for smaller merchants and firms by six months to help them ease a funding squeeze amid the COVID-19 pandemic. The financial support of low-rate loans worth 16 trillion won ($14.1 billion) had been scheduled to end this month, but the Bank of Korea (BOK) said the scheme will be put in place by September. Under the scheme, the BOK provides funds to local banks at an interest rate of 0.25 percent to encourage them to exte

EconomyMarch 25, 2021

Samsung rolls out Micro LED TV in Southeast Asia

Samsung Electronics Co. said Thursday it began to sell the company's first Micro LED TV in Southeast Asian countries as the world's largest TV maker plans to boost premium TV sales amid the pandemic-induced stay-at-home trend. Samsung said its 2021 TV lineup, including the Neo QLED TV, which uses Quantum Mini LEDs that are just 1/40th the size of conventional LEDs, was launched in Singapore on Wednesday and will be available in other Southeast Asian countries next month. Before Singapore, Sa

TechnologyMarch 25, 2021

LG Electronics expanding investment in auto parts biz for future

LG Electronics Inc. has invested more than 4 trillion won ($3.5 billion) in its automotive business in the recent five years, its report showed Thursday, as the South Korean tech giant eyes beefing up its future growth engine. The investment from LG's vehicle component solutions (VS) division was 587.8 billion won in 2017, 1.7 trillion won in 2018, 629.3 billion won in 2019 and 472.1 billion won in 2020, according to the company's business report. It plans to spend 613.8 billion won in 2021.

TechnologyMarch 25, 2021

Number of female stock investors doubles in 4 years

The number of South Korean women investing in stocks has doubled over the past four years amid an equity investment craze, data showed Thursday. Asia's fourth-largest economy had 3.88 million female stock investors as of the end of December last year, compared with 1.94 million four years earlier, according to the data from the Korea Securities Depository (KSD). The growth rate is much higher than the 77.8 percent increase in the number of male stock investors to 5.21 million from 2.93 millio

MarketMarch 25, 2021

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Thursday after four days of losses as investors bought on expectations of stock price hikes. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.38 points, or 0.28 percent, to 3,004.73 points in the first 15 minutes of trading amid foreign buying. Stocks rebounded to positive terrain after the first five minutes, as impacts from news reports that North Korea launched two projectiles into the East Sea rapidly subsided. Market kingpin Samsung Elect

MarketMarch 25, 2021