Samsung Heavy, Brazilian authorities reach $149m settlement in bribery probe

Samsung Heavy Industries Co. said Tuesday that it has reached a settlement with Brazilian state prosecutors and auditors over a graft probe surrounding drillship orders by the company. The company said in a regulatory filing that it has agreed to pay 812 million reais ($149 million) in a leniency deal with Brazil’s Office of the Comptroller General, Office of the Attorney General and the Federal Prosecutor’s Office, accepting the results of an investigation into a criminal case inv

IndustryFeb. 23, 2021

Samsung SDI to inject W1tr into Hungary battery plant

Samsung SDI said Tuesday it will inject 1 trillion won ($900 million) into its battery plant in Goed, 30 kilometers north of Budapest, Hungary. In a regulatory filing, the battery maker said its European subsidiary Samsung SDI Hungary issued rights worth 403.8 billion won. Samsung SDI will also guarantee debt worth 538.4 billion won for the subsidiary, the company said. Samsung SDI explained that the rights offering is intended to shore up funds for expansion, including the construction of t

IndustryFeb. 23, 2021

Once-hot P2P lending industry faces tough road ahead

Peer-to-peer lending platforms that were once the talk of the town are facing a myriad of challenges amid ongoing litigation and tougher regulations, highlighted by a lawsuit against Tera Funding, experts said on Tuesday. Tera Funding is facing another class action from investors who are unhappy with delayed payments and loss of investments. This is the second time the company has had to deal with a lawsuit since August 2020 when a group of 500 investors took the company to the court, alleging

MarketFeb. 23, 2021

Korean experts advise Pfizer vaccine for 16 and older

The first of the three-part evaluation of Pfizer’s COVID-19 vaccine here has shown the vaccine to be 95 percent effective and eligible for use on those aged 16 and older, South Korea’s Drug Ministry announced Tuesday. The panel of seven, comprising virologists, medical professionals and statistics experts, confirmed that all 36,523 candidates given two shots of the Pfizer vaccine in clinical trials experienced quadrupled antibodies in their system. The panel assessed that the tria

IndustryFeb. 23, 2021

S. Korean authorities raise red flag over crypto frenzy

South Korea’s top financial authorities sounded warning bells about the absence of underlying value that digital coins hold, as speculative fever has been sweeping cryptocurrency markets in recent months. Market liquidity backed by stimulus packages and accommodative monetary policy may have attracted investors‘ attention to cryptocurrency, but they should stay cautious as the digital asset shows sharp price fluctuations, authorities said. Attending a briefing of the National Asse

EconomyFeb. 23, 2021

Incheon Airport to roll out rapid coronavirus tests

Incheon Airport will roll out speedy coronavirus tests from next month, cutting down the process from seven hours to two or four hours. The new loop-mediated isothermal amplification -- or LAMP-type -- rapid PCR tests, which have been approved by the Ministry of Food and Drug Safety, can take as little as two hours to show the result and have been recommended for passengers with no symptoms traveling abroad, the Incheon International Airport Corp. said Tuesday. Negative results from rapid PCR

MobilityFeb. 23, 2021

Chey Tae-won named as incoming KCCI chief

SK Group Chairman Chey Tae-won, 60, is set to be officially sworn in as the new chief of the Korea Chamber of Commerce and Industry, after being named on Tuesday as the first among the nation’s “Big Four” conglomerate chiefs to head the Seoul branch of the business chamber. His rise to the role came while SK Group is facing a number of challenges in the arena, including its battery and energy affiliate SK Innovation’s recent defeat in the yearslong legal battle against

IndustryFeb. 23, 2021

Hyundai Motor makes a splash with the all-electric Ioniq 5

Hyundai Motor unveiled the all-electric midsized sport utility vehicle Ioniq 5 on Tuesday. It is the first model to use the automaker’s own electric vehicle platform, the Electric-Global Modular Platform or E-GMP. In an online press conference, Hyundai Motor President Chang Jae-hoon and executives presented the Ioniq 5, highlighting how the new car would set the standard for an electric mobility lifestyle with sustainable and innovative features. “Electrification is the major foc

MobilityFeb. 23, 2021

[Herald Interview] How a Korean pizza parlor aims to become a global fast food franchise

How did McDonald’s and Starbucks expand their businesses into global franchise giants? For Lim Jae-won, the answer was clear: giving customers what they want at a consistent quality wherever they are. So Lim started single-serving pizza parlor Gopizza in 2016 to offer quick, tasty and affordable pizza served for one, using tech to help ensure stores offer a consistent product. And the approach has proven effective. With his “smart” kitchen that can bake six single-serve pi

IndustryFeb. 23, 2021

Texas blackout: A harsh lesson for Korea’s wind power industry?

The recent Texas ice storm, which froze wind turbines and caused massive blackouts, sparked a heated debate on the efficacy of wind power in the United States -- a debate that has spilled over to South Korea as it plans to build the biggest wind farm in the world. Last week, the ice storm in Texas left millions of people without power after wind turbines froze. Vital equipment at gas wells and nuclear power plants was also affected. According to the Electric Reliability Council of Texas, w

IndustryFeb. 23, 2021

SK Innovation to liquidate 49% of SK Global Chemical for green transition

SK Innovation said Tuesday that it would sell off 49 percent of its petrochemical subsidiary, SK Global Chemical, as part of a strategy to unload carbon-intensive assets and focus its investments on green businesses. SK Innovation currently controls 100 percent of SK Global Chemical. According to the South Korean battery and petrochemical giant, it selected JP Morgan as a financial adviser in November before making the decision. “SK Global Chemical is reviewing a partnership with glob

IndustryFeb. 23, 2021

[Time to Play] JBL Quantum One, for those willing to spend extra to win

Here’s the deal. The JBL Quantum series are decent headphones, but are they worth the price? Launched under the slogan “Sound is Survival,” the Quantum series are JBL’s first-ever headsets, designed exclusively for hardcore gamers to outlast opponents especially in first-point shooter games. After testing active noise-cancelling Quantum One -- priced at 299,000 won ($270) -- and comparing it them over Lunar New Year holidays with Sennheiser HD 4.50 BTNC headset avai

IndustryFeb. 23, 2021

FSC chief urges local insurers to join ESG trend

Financial Services Commission Chairman Eun Sung-soo said Tuesday that the emerging environmental, social and governance trend could provide local insurance firms with new business opportunities. “The insurance segment, which often handles long-term services and investment, is closely related to ESG management, which is aimed at achieving long-term sustainability,” Eun said at an event for the CEOs of local insurance companies in Seoul. “ESG-driven management could become a

MarketFeb. 23, 2021

Seoul stocks slump for 2nd day on US inflation concerns

South Korean stocks slumped Tuesday for a second day amid lingering inflation concerns, with major tech and bio stocks coming under heavy selling pressure. The Korean won fell against the US dollar. After veering in and out negative terrain, the benchmark Korea Composite Stock Price Index (KOSPI) fell 9.66 points, or 0.31 percent, to close at 3,070.09 points. Trading volume was moderate at about 2.2 billion shares worth some 17.3 trillion won ($15.6 billion), with losers outnumbering gainers

MarketFeb. 23, 2021

Big Hit's 2020 net soars amid unrelenting BTS popularity

Big Hit Entertainment Co., the management agency behind global superstars BTS, said Tuesday its net profit rose 19 percent last year from the previous year amid the growing popularity of its flagship K-pop group. Net profit stood at 86.2 billion won ($77.6 million) in 2020 on a consolidated basis, compared with 72.4 billion won the previous year, the company said in a regulatory filing. Annual operating profit jumped 44.2 percent on-year to 142.4 billion won, while sales rose 35.6 percent to 7

IndustryFeb. 23, 2021

Eximbank to create W200b global ESG fund

The Export-Import Bank of Korea said Monday it plans to set up a global environmental, social and governance-related fund worth at least $200 billion won ($180 million) to support local firms seeking to expand businesses overseas. The size of the fund could be expanded and the state-run bank will invest a combined 50 billion won in the fund. Once the manager of the fund is determined, it would focus on supporting the global forays of businesses under seven areas tied to the Green New Deal an

MarketFeb. 23, 2021

SK Bioscience seeks up to W1.5tr in blockbuster IPO

SK Bioscience, the vaccines unit of South Korea’s No. 3 conglomerate SK Group, said Tuesday it looks to raise up to some 1.49 trillion won ($1.34 billion) in fresh funds via an initial public offering on the nation’s benchmark Kospi bourse. While its market debut is scheduled for next month, the vaccine producer seeks to issue 22.95 million shares in a price band of 49,000-65,000 won. The exact share price will be determined after the book building process before retail investors ca

MarketFeb. 23, 2021

Audio social media app Clubhouse takes off in S. Korea

Clubhouse, an audio social media app that has generated buzz worldwide, has been gaining popularity in South Korea as popular celebrity users, from K-pop artists to politicians, join the invitation-only platform. The iPhone social media app, in which users enter rooms to chat with one another by voice, reached 195,000 downloads in South Korea as of Feb. 16, according to mobile analytics company App Annie on Tuesday. While the app, developed by US-based startup Alpha Exploration Co., ranked at

TechnologyFeb. 23, 2021

[News Focus] Korea’s household debt grows second-fastest in OECD

SEJONG -- In 2016, South Korea saw collective household debt to net disposable income reach 174.52 percent, according to the research by the Organization for Economic Cooperation and Development. The figure grew further to 181.81 percent in 2017, 184.99 percent in 2018 and 190.59 percent in 2019 amid a continuous climb in financial services firms’ outstanding loans, such as mortgages and credit-based lending, issued to the household sector. The 16.07 percentage point increase of Korea d

EconomyFeb. 23, 2021

Samsung Electronics gets first homemade ultrathin copper foils

Iljin Materials said Tuesday it has shipped the first batch of domestically produced ultrathin copper foils to be used for semiconductor packing to Samsung Electronics. According to the electronic material producer of Iljin Group, it became the first South Korean company to commercialize the ultrathin copper foils, which had been produced exclusively in Japan. “When the Great East Japan Earthquake broke out in 2011, Samsung Electronics experienced difficulties importing the copper foi

IndustryFeb. 23, 2021