Mirae Asset Daewoo looks to launch in-house ESG committee

South Korean brokerage firm Mirae Asset Daewoo said Friday that it plans to set up an in-house committee focused on environmental, social and corporate governance. The brokerage house’s new agenda will be put to a vote at the upcoming shareholders meeting set for March 24. The decision came to reinforce the company’s practices in ESG management. To take the lead in being a socially responsible firm, the committee will handle decisions related to ESG issues and open the results to

MarketFeb. 26, 2021

Banks' lending rates inch down in January

South Korean banks' lending rates edged down in January amid a slight decline in deposit rates, central bank data showed Friday. The average interest rate charged on new bank loans came to 2.72 percent in January, down 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

EconomyFeb. 26, 2021

Institutions' investment in foreign securities up 12.8% in 2020

South Korean institutions' investment in foreign securities rose 12.8 percent on year in 2020 as global stocks rallied amid the coronavirus pandemic, central bank data showed Friday. The combined value of foreign securities held by institutional investors came to $369.3 billion as of end-December last year, up $41.8 billion from a year ago, according to the Bank of Korea (BOK). The tally rebounded from a $9.5 billion fall in the first quarter when global financial markets were hit by the fallo

EconomyFeb. 26, 2021

Finance minister hopes for economic recovery with COVID-19 vaccination

South Korea's finance minister voiced hope on Friday that the start of the country's COVID-19 vaccine program will help people return to normal lives and give a boost to an economic recovery. Earlier in the day, more than 5,000 health care workers and patients aged under 65 at some 5,800 long-term care facilities across the nation began receiving the first doses of novel coronavirus vaccines. "I believe that the onset of the COVID-19 inoculation will give a precious boost to helping peopl

EconomyFeb. 26, 2021

Walt Disney Korea appoints new chief Tom Oh

Walt Disney said Friday it has appointed Tom Oh as chief of its Korean branch to bolster its presence in the country. Tom Oh, whose previous post was the head of direct-to-consumer business division of Walt Disney Korea, has been promoted to the general manager and representative director. Oh will spearhead Disney’s strategies and overall business in Korea. Kim So-youn, who has worked for Disney for 14 years after joining the company in 2007, will fill in Kim’s previous post. O

IndustryFeb. 26, 2021

Imported commercial car sales rise 15% in January

Sales of imported commercial vehicles in South Korea rose 15 percent in January from a year earlier on improved demand despite the coronavirus pandemic, an industry association said Friday. The number of newly registered imported commercial vehicles rose to 436 units last month from 379 a year earlier, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Robust demand for tractors, dump trucks and special-purpose trucks gave a boost to the monthly result, i

EconomyFeb. 26, 2021

BOK to purchase as much as W7tr worth of state bonds in H1

The Bank of Korea (BOK) said Friday it plans to purchase as much as 7 trillion won ($6.2 billion) worth of government bonds in the first half of this year as it seeks to stabilize bond markets. The plan is aimed at easing volatility of bond yields because the government's issuance of bonds is expected to significantly increase, the BOK said in a statement. The minimum size of the bond purchase plan will be 5 trillion won, the BOK said. South Korea has increased sales of state debts to cushi

EconomyFeb. 26, 2021

Hyundai IONIQ 5 set to log solid sales

Hyundai Motor Co.'s IONIQ 5 all-electric model is receiving strong responses in the domestic market, with its first-day preorders exceeding 23,000 units, the country's top automaker said Friday. Hyundai started receiving orders for the IONIQ 5 midsize crossover utility vehicle Thursday well ahead of the model's launch in the domestic market in the second quarter, the company said in a statement. Preorders for the IONIQ 5, the first model embedded with Hyundai Motor Group's own EV-only electri

MobilityFeb. 26, 2021

Samsung's R&D spending ranks 4th in 2019: report

Samsung Electronics Co. was the world's fourth-largest spender on research and development (R&D) activities in 2019, a report showed Friday, trailing behind US and Chinese tech titans. Samsung, the world's largest memory chip and smartphone producer, invested 15.5 billion euros ($18.8 billion) in 2019 to rank fourth among global firms in R&D spending, according to the Korea Institute for Advancement of Technology which cited data from the 2020 European Union Industrial R&D Investme

IndustryFeb. 26, 2021

Seoul stocks open steeply lower on US inflation woes

South Korean stocks opened steeply lower Friday, tracking an overnight Wall Street plunge that was spurred by a bond yields hike. The benchmark Korea Composite Stock Price Index fell 84.03 points, or 2.71 percent, to 3,015.66 points in the first 15 minutes of trading. Stocks deepened losses as investor worries grew globally over post-pandemic inflation, heralded by a bond yields hike. Overnight, the tech-heavy Nasdaq Composite tumbled 3.52 percent, with the S&P 500 and the Dow Jones Ind

MarketFeb. 26, 2021

Kakao founder says Bill Gates is his role model

Kim Beom-su, the founder of South Korea's top mobile messenger operator Kakao Corp., said Thursday that his role model is Bill Gates and that he wants to further benchmark the steps of the US business magnate following his donation pledge. In an online conference with employees, Kim, who recently pledged to donate more than half of his assets worth over 10 trillion won ($9 billion), shared his ideas of donation and the company's future. "My role model for solving social problems is Bill G

TechnologyFeb. 25, 2021

9 companies to recall over 470,000 vehicles over defective parts

  Mercedes-Benz Korea, Hyundai Motor and seven other companies will voluntarily recall over 470,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers operating in South Korea and vehicle importers due to problems with vehicle components. The nine companies, including Honda Motor, Audi-Volkswagen Korea and Kia, are recalling a combined 478,371 units due to faulty components in 171 models, the Ministry of Land,

IndustryFeb. 25, 2021

Jeep to launch drive-through event to celebrate 80th anniversary

SUV brand Jeep said on Thursday it will launch a drive-thru event next month to celebrate the company’s 80th anniversary. The American carmaker, founded in 1941, will kick off the event on March 3 along with a limited-edition release of six of its models to mark the occasion. The brand’s signature vehicles will also be put on display for 10 days in the Seongsu-dong neighborhood in Seoul. During the event, customers will have a chance to enjoy consultation services as well as partic

MobilityFeb. 25, 2021

[Herald Interview] NYSE hopes to see more Korean firms listing in US

E-commerce giant Coupang’s application this month to list on the New York Stock Exchange has given hope to Korean firms dreaming of listing on the “big board.” If Coupang’s initial public offering is successful, it will be the first Korean direct listing on the NYSE, and its attempt, often headlined as “the largest IPO by a foreign company after Alibaba,” has been drawing attention around the world. 　 But the NYSE does not want to stop at Coupang. Alexandre

MarketFeb. 25, 2021

T'way Air's net losses widen in 2020 on pandemic

T'way Air, a South Korean low-cost carrier, on Thursday reported widened losses last year due to the coronavirus' impact on the airline industry. Net losses deepened to 137.87 billion won ($124 million) in 2020 from 43.21 billion won a year earlier, the company said in a regulatory filing. Operating losses also widened to 174.31 billion won last year from 19.24 billion won the previous year. Sales fell 66 percent to 269.22 billion won from 810.45 billion won over the cited period, it said.

MobilityFeb. 25, 2021

Krafton now highest-paying gaming firm in Korea

Krafton said Thursday it has raised the salary of new and existing employees by as much as 20 million won ($18,000), becoming the best-paying gaming firm in South Korea. According to the publisher of globally popular shooting game PlayerUnknown’s Battlegrounds, entry-level game developers and other staff members joining the company this year will earn 60 million won and 50 million won a year, respectively. For existing employees, the company granted a raise of 20 million won to develop

IndustryFeb. 25, 2021

Korean battery makers' premium strategy faces challenge

South Korean battery giants’ strategy for the electric vehicle market has been to go for premium, high-performance batteries, but the recent strides of Chinese makers with cheaper and less powerful batteries have brought that into question. According to a report released by industry analysis firm Adamas Intelligence on Monday, shipments of lithium iron phosphate batteries for EVs has increased more than sixfold on year in the second half of 2020, signaling the advance of entry-level, low

IndustryFeb. 25, 2021

Science journal Nature highlights Korea’s next-gen solar cell on front page

A next-generation solar cell developed by South Korean research team made the cover of leading science journal Nature, according to the Korea Research Institute of Chemical Technology on Thursday. The institute’s research team led by Seo Jang-won developed a perovskite solar cell that demonstrates an efficiency rate of 25.2 percent. The efficiency rate indicates the proportion of solar energy converted into usable energy. Perovskites are easily synthesized compounds with an orthorhombic

TechnologyFeb. 25, 2021

Trade minister says government is 'ready' for partnership with Eastern Europe in green business

South Korea’s trade minister said on Thursday that the government is poised to cooperate with Eastern European countries in green business, including the development of low carbon energy. Speaking at the KOREA-V4 Economic Cooperation Forum, Minister for Trade Yoo Myung-hee said the government is ready for economic cooperation with V4 countries -- Poland, Hungry, the Czech Republic and Slovakia -- who are “shifting to renewable energy.” “Eastern European countries are m

IndustryFeb. 25, 2021

SK teams up with Plug Power to branch out into hydrogen market in Asia

SK Holdings said on Thursday that it is teaming up with US hydrogen company Plug Power to branch out into the hydrogen market in Asia. The partnership comes after the South Korean conglomerate invested 1.85 trillion won and acquired some 10 percent of shares in Plug Power, becoming the largest shareholder of the hydrogen giant. An online deal closing ceremony was held Thursday and was attended by executives of both companies including CEO of SK Holdings Jang Dong-hyun, Vice Chairman of SK E&a

IndustryFeb. 25, 2021