Korea Shipbuilding wins w823b in orders for 10 ships

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has bagged orders worth a combined 823 billion won ($725 million) to build 10 vessels. Under a deal with an African company, three 91,000-cubic meter liquefied petroleum gas (LPG) carriers to be built by Hyundai Samho Heavy Industries Co., a unit of KSOE, will start being delivered in the second half of 2022, KSOE said. In a separate deal with an Oceanian company, Hyundai Mipo Dockyard Co., another unit of KSOE, will const

IndustryMarch 15, 2021

Kepco starts injecting fuel rods into UAE's second nuclear reactor

South Korea's state-run utility Korea Electric Power Corp. (Kepco) said Monday it has started a process to insert fuel rods into the second reactor in the Barakah nuclear plant of the United Arab Emirates (UAE). Kepco and the Emirates Nuclear Energy Corp. (ENEC) said they kicked off the process starting last week. South Korea completed the insertion of fuel rods into the first reactor in March last year. The fuel rod injection came after the UAE issued an operating license for the second unit

IndustryMarch 15, 2021

Auto exports jump 35% on eased pandemic jitters

South Korea's exports of automobiles advanced 35 percent on-year in February, data showed Monday, as major trading partners gradually normalized their economic activities amid the virus pandemic. The country's outbound shipments of automobiles reached 161,886 units in February, compared with 123,022 units posted a year earlier, according to the Ministry of Trade, Industry and Energy. In terms of value, exports also soared 47 percent to reach $3.5 billion. Over the first two months of 2020, th

EconomyMarch 15, 2021

ICT exports up over 10% in Feb. on robust chip demand

South Korea's exports of information and communication technology (ICT) products jumped 11.5 percent on-year in February, rising for the ninth consecutive month on the back of strong overseas demand for chips and displays, data showed Monday. Outbound shipments of ICT goods stood at $15.28 billion last month, the second-highest amount ever for February on record, according to the data compiled by the Ministry of Science and ICT. The country reached a record $15.68 billion in ICT exports for th

EconomyMarch 15, 2021

S. Korea to focus on stabilizing markets amid rising US bond yields

South Korea said Monday it will pump up efforts to smooth out volatility of the foreign exchange market and flows of foreign capital as rising US bond yields could increase market fluctuations. The country also saw the limited possibility of an acute outflow of foreign capital as its government bonds still offer higher returns than those of US Treasurys, according to the Ministry of Economy and Finance. The finance ministry said the country's FX market and foreign currency liquidity conditions

MarketMarch 15, 2021

Asiana extends mileage expiration dates amid pandemic

Asiana Airlines Inc., South Korea's second-biggest carrier, said Monday it will extend the expiration dates of its mileage that will expire at the end of this year by one year to 2022 amid the COVID-19 pandemic. Asiana Airlines already extended mileage points due to expire at the end of 2020 by one year to 2021 as travel demand dried up due to the pandemic. In January, its bigger rival Korean Air Lines Co. said it will extend mileage points that expired at end-2020 and mileage that expires at

MobilityMarch 15, 2021

S. Korea estimated to have ranked 10th in 2020 global GDP rankings

South Korea's economy is estimated to have ranked 10th in the world in 2020 despite the coronavirus pandemic, data showed Monday. The nominal GDP of Asia's fourth-largest economy was estimated at $1.62 trillion last year, according to the data by the Organization for Economic Cooperation (OECD). The amount is larger than Russia's $1.40 trillion, Brazil's $1.39 billion and Australia's $1.33 trillion. The estimated 2020 GDP ranking is up two notches from a year earlier. South Korea's economy al

EconomyMarch 15, 2021

Seoul stocks open tad lower on inflation worries

South Korean stocks opened slightly lower Monday as rising bond yields continued to stoke concerns of earlier-than-expected post-pandemic inflation. The benchmark Korea Composite Stock Price Index fell 4.24 points, or 0.14 percent, to 3,050.15 points in the first 15 minutes of trading. Auto and financial stocks got off to a strong start, while techs slumped. Top cap Samsung Electronics lost 0.48 percent, but No. 2 chipmaker SK hynix gained 0.71 percent. Giant internet portal operator Naver t

MarketMarch 15, 2021

Posco International to issue ESG bonds worth W80b

Posco International will sell green bonds worth 80 billion won ($70 million) to finance its efforts on the environmental, social and corporate governance (ESG) fronts, the company said Sunday. The ESG bond issue is part of the firm’s plan to raise 150 billion won in the debt market. The rest, 70 billion won, is to be raised through regular bond offerings. 　 The volume of bond sales could be even greater, the trading arm of steelmaker Posco said, as institutional investors demanded as m

IndustryMarch 15, 2021

[HERALD INTERVIEW] Indonesia’s $5b infra project opportunity for S. Korean battery makers: ambassador

South Korean companies, from startups to big companies, could benefit from Indonesia’s latest infrastructure initiatives and trade deals, the country’s ambassador to South Korea told The Korea Herald in a recent interview. The ambassador was referring to Indonesia’s first sovereign wealth fund worth $5 billion, to be managed by Indonesia Investment Authority. The first phase of the fund’s investment will focus on toll roads, airports and seaports, but the focus will b

EconomyMarch 14, 2021

[#WeFACE] LG Chem CTO says ESG is survival of the fittest

The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their response to environmental, social and corporate governance (ESG) issues, which have become central factors globally in measuring the sustainability of an investment or business decision. – Ed.  Even for South Korea’s leading petrochemical company LG Chem, the global environmental, social and governance drive means the survival of the fittest -- those who

IndustryMarch 14, 2021

LG tops best home appliance lists in US

South Korea’s LG Electronics has grabbed the top spots in home appliance rankings by US-based nonprofit organization Consumer Reports. LG’s organic light-emitting diode TV model 65CX scored 87 and was ranked the best TV among 227 products in the US organization’s latest rankings report for 2021. For LG, it reclaimed its position at the top of the TV list in two years. Of the top 10 TV models, seven were by LG, suggesting a consumer preference for the Korean-made TVs. Th

TechnologyMarch 14, 2021

Samsung Brush chairman donates W20bn worth real estate for KAIST

 Jang Seong-hwan, 92-year-old South Korean businessman, and his wife decided to donate a real estate worth 20 billion won to the Korea Advanced Institute of Technology, the institution said Sunday. KAIST held a ceremony to mark Jang’s donation at a hotel in Seoul on Saturday, it said. The donation includes a six-floor building with two basement floors on a landmass of 580 square meters in Nonhyun-dong, southern Seoul. Jang is a son of a North Korean family, who crossed the borde

TechnologyMarch 14, 2021

Samsung affiliates to start full-scale recruitment this week

Samsung Electronics and its affiliates are set to announce an open recruitment of college graduates and soon-to-be graduates this week, maintaining a large-scale hiring of entry-level workers amid the pandemic in South Korea. According to industry sources on Sunday, Samsung Electronics and three other affiliates – Samsung Display, Samsung SDI and Samsung Electro-Mechanics – will release their recruitment announcements soon. Some of the affiliates are holding online job fairs am

TechnologyMarch 14, 2021

[News Focus] Weak Korean currency adds uncertainty over economy

SEJONG -- The Korean currency has lost its value against the US dollar, in another phase of the fluctuations that have occurred since COVID-19 started hitting the world a year ago. The pandemic situation has increased volatility in the won-dollar foreign exchange rates, which has become a factor aggravating difficulties, held by a large portion of local businesses. The dollar, which traded at 1,082 won during the first trading session (Jan. 4) of the year, climbed 5 percent in only two months

EconomyMarch 14, 2021

‘LH officials will only be allowed to acquire land for actual use’

In the wake of a massive property speculation scandal involving former and incumbent officials at the Korea Land & Housing Corp., the government is expected to start the discussion on ways to reform the scandal-plagued state housing developer, this week. In a ministerial-level meeting on Sunday, Prime Minister Chung Sye-kyun pledged a complete overhaul of the LH in order to prevent its officials from engaging in misconducts such as real estate speculation. “We will come up with an

IndustryMarch 14, 2021

Bitcoin breaks W70m mark

Continuing its formidable rally, Bitcoin, the world’s largest cryptocurrency, surpassed the 70 million won ($61,593) mark for the first time on Sunday. The value of a single bitcoin reached an all-time high of 71.45 million won on the day, according to local cryptocurrency exchange Upbit. The crypto coin has also reached a record high on other crypto trading platforms here and abroad. It topped 71.2 million won on Bithumb and 71.02 million on Coinone while surpassing $60,000 on US crypt

MarketMarch 14, 2021

[Newsmaker] Investors flock to unicorns after Coupang's IPO jackpot

The race to bid for unlisted companies‘ next initial public offering bonanza among South Korean investors is intensifying, data showed Sunday, as the recent high-profile deals including Coupang’s $4.6 billion US IPO whet investor appetite. Krafton, which develops and publishes battle royale game PlayerUnknown’s Battlegrounds, saw its trading price spike on over-the-counter platforms here. The game developer is the country’s largest unicorn -- a term used to describe a

MarketMarch 14, 2021

Coway hires BTS as new model

Coway has hired the BTS as the new model for global promotion of the company, the Korean home appliances rental company said Sunday. Signing the contract with BTS’ management agency Big Hit Entertainment, Coway said it seeks to raise brand awareness and increase its consumer base in the global market. Under the contract, BTS will be promoting the company image and its services, including lease of various appliances such as water and air purifiers and mattress rentals, Coway said. Adve

ConsumerMarch 14, 2021

Hyundai E&C bags W158b order from Peru

Hyundai Engineering & Construction Co., a major builder in South Korea, said Sunday it has secured an order worth 158.2 billion won (US$139 million) in Peru for a site preparation of the country's new airport.  Hyundai E&C said it beat rivals from Spain, Portugal and China to win the land preparation work for the Chinchero International Airport in Cusco, Peru, after forming a joint venture with local builder HV Constratistas. The Peruvian government hopes the Chinchero Internati

IndustryMarch 14, 2021