Bond yields gather pace on hopes of economic recovery

Bond yields in South Korea are climbing at a fast pace on hopes of an economic recovery and more stimulus measures in major economies, analysts said Tuesday. The final offer rate on 10-year Treasurys came to an annual 1.871 percent on the local bond market Monday, the highest return in 21 months. The yield was close to levels months before the outbreak of the new coronavirus in South Korea in January last year. Rising bond yields means falling prices, which reflect investors' weaker appetite

EconomyFeb. 16, 2021

S. Korea's export prices up for 2nd month in January

South Korea's export prices rose in January, marking the second straight monthly gain, supported by a modest recovery in exports and a slight decline in the Korean currency's value against the US dollar, central bank data showed Tuesday. The country's export price index, in terms of the local currency, gained 1.8 percent in January from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the second consecutive month of on-month rise. In Decemb

EconomyFeb. 16, 2021

Netflix's subscriber numbers surge in Korea due mainly to pandemic

Global streaming giant Netflix saw its subscriber numbers soar in South Korea last year due to changes in people's media usage patterns caused by the coronavirus pandemic, a report said Monday. According to the report by market research firm Nielsen Korea, the monthly unique visitors to Netflix in South Korea in November last year surged 64.2 percent, compared with January of the same year. Netflix also ranked second after YouTube in the ranking of mobile video operators. The US-based company

TechnologyFeb. 15, 2021

Hyundai-Tesla battle looms in EV market

Tension is escalating in the fast-growing all-electric vehicle market this year, as Hyundai Motor unveiled Monday the interior design of its Ioniq 5 model. Market eyes were especially fixed on the South Korean automaker’s pricing strategy as the teaser release came in the wake of US competitor Tesla’s recent product launch and apparent penetration price policy to meet the government’s subsidy requirements. With the Ioniq 5 model set to be unveiled in full via an online wor

IndustryFeb. 15, 2021

Local research team develops human cochlea-like acoustic sensor

South Korean researchers have developed an artificial intelligence-based acoustic sensor that resembles the human cochlea, the Korea Advanced Institute of Science and Technology said Monday. The research team, led by KAIST professors Lee Keon-jae and Wang Hee-seung, said they used an ultrathin piezoelectric membrane to mimic the basilar membrane in the cochlea, which acts as an analyzer to translate frequency of sounds. Equipped with machine learning-based speaker recognition, the new acoust

TechnologyFeb. 15, 2021

Hyperconnect deal hints another record year for Korean VCs

Korea’s venture capital firms are expected to see another strong year, following a record performance in 2020, amid a rise in the valuations of domestic startups and increased options for an investment exit. Hyperconnect, the operator of the video chatting app Azar, last week signed a deal to sell to Match Group, a US tech company that owns a slew of dating apps including Tinder and OkCupid. The deal valued at $1.7 billion will bestow handsome returns to domestic venture capital firms li

MarketFeb. 15, 2021

Local stock brokers’ profits rise thanks to 2020 bull run

Local brokerage firms benefited from recent stock market rallies after a March plunge in 2020 as the companies’ profits jumped sharply, data showed Monday. The combined operating profit of South Korea’s 20 local stock brokers, including Mirae Asset Daewoo and Korea Investment & Securities came in at 7.85 trillion won ($7.1 billion) last year, up 36.7 percent from 5.74 trillion won posted in the previous year, according to data compiled by state regulator Financial Supervisory S

MarketFeb. 15, 2021

Civic group suggests cutting down old trees to tackle climate change

Preserving trees isn’t always the answer to climate change, a local environmental group said Monday. South Korea needs to cut down old trees and plant new ones to help maintain local forests’ carbon-absorbing capacity, the Seoul-based Climate Change Center said. It cited a report written by the Gyeonggi Research Institute that said old forests can’t properly absorb carbon. “South Korea successfully turned barren mountains into forests by planting trees after the Kor

IndustryFeb. 15, 2021

Seoul stocks jump 1.5% on tech gains

South Korean stocks jumped 1.5 percent Monday on strong advances by tech stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 46.42 points to close at 3,147.0 points. Trading volume was moderate at about 1.6 billion shares worth some 16.6 trillion won ($15.1 billion), with gainers outnumbering losers 569 to 278. Foreigners bought a net 728 billion won, while retail investors sold a net 347 billion won. Institutions offloaded a net 421

MarketFeb. 15, 2021

Foldable phone market starts to take shape

Expectations are high on the foldable smartphone market’s growth as multiple new models are scheduled to be rolled out this year from some of tech‘s biggest names -- including Apple. According to industry sources on Monday, the world’s three biggest smartphone vendors – Samsung Electronics, Apple and Huawei – are preparing to debut new foldable gadgets that feature advancements from initial foldable devices. Huawei will unveil its third foldable smartphone, the

TechnologyFeb. 15, 2021

Celltrion’s Humira biosimilar gains European sales approval

Celltrion’s Yuflyma, an adalimumab biosimilar for autoimmune diseases, has been given the green light by the European Commission on Feb. 11, allowing for it to be sold in the European market, Celltrion announced Monday. Yuflyma is the world’s first Humira biosimilar that is high-concentrate and citrate-free, just the way the original drug was updated and where the rest of the market is headed, Celltrion said. The removal of citrate reduces the pain experienced by patients immediate

IndustryFeb. 15, 2021

Xinjiang polysilicon boycott opens window for OCI

Following reports that polysilicon produced in the Chinese region of Xinjiang is linked with forced labor of detained Muslim minorities, solar companies in the US and Europe are seeking to exclude the region from their supply chains, opening a window of opportunity for South Korean firms to gain foothold in the market. A recent report by the consultancy Horizon Advisory suggests that Xinjiang’s production of polysilicon -- an essential raw material used in manufacturing most solar pane

IndustryFeb. 15, 2021

LG Chem raises W820b in ESG bonds

LG Chem has raised 820 billion won ($744.1 million) through sales of environment, social and governance bonds to make aggressive investments into new growth engines -- carbon neutrality, battery materials, new drugs and sustainable growth, the company said Monday. According to South Korea’s leading chemical company, it issued bonds totaling 1.2 trillion won -- 820 billion won in ESG bonds and 380 billion won in general corporate bonds -- breaking records previously held by Hyundai Stee

IndustryFeb. 15, 2021

LG Chem to issue corporate bonds worth W1.2tr

LG Chem Ltd., South Korea's largest chemical firm, said Monday it will issue corporate bonds worth 1.2 trillion won ($1.1 billion) to fund its new growth drivers, including renewable energy and battery businesses. LG Chem said it will issue 820 billion worth ESG (environmental, social and governance) bond and corporate bond worth 380 billion won, the largest amount to be raised by a local company. The parent of LG Energy Solution Ltd., which supplies electric vehicle batteries to Tesla and a n

IndustryFeb. 15, 2021

Brand X Corp. posts major sales jump amid leggings boom

Brand X Corp., a company behind fitness wear brand Xexymix, reported a whopping 113 percent on-year increase in sales last year, thanks to the popularity of leggings during the coronavirus pandemic. The social commerce startup posted a revenue of 139.8 billion won ($126.8 million) in 2020, while racking up 8.4 billion won in operating profit and 7.2 billion won in net profit, the company said in a tentative earnings report released on Monday. The firm’s full-year sales marked a two-fold i

ConsumerFeb. 15, 2021

KB Asset bets on hydrogen supply chain in new equity fund

South Korea‘s fund manager KB Asset Management said Monday it has launched an equity fund to target companies at home and abroad dedicated to hydrogen supply chain. The instrument will become the first fund product publicly sold to investors in Korea’s fund management industry to bet on the growth of the global hydrogen mobility ecosystem. The equity fund will invest in companies devoted to production, storage, transportation and distribution of hydrogen, as well as hydrogen-power

MarketFeb. 15, 2021

Hankook Tire to double US production on local demand

Hankook Tire & Technology Co., the world's seventh-largest tiremaker by sales, said Monday it plans to expand its US plant to meet demand from local carmakers. Hankook Tire plans to initially inject 100 billion won ($91 million) this year to double the production at its plant in Tennessee by the first half of 2024, a company spokesman said over the phone. The Tennessee plant will have an annual output capacity of 11 million tires, up from the current 5.5 million units, if the expansion is

IndustryFeb. 15, 2021

Coupang’s NYSE listing plan boosts related stocks

South Korean listed companies that have business ties with Coupang have seen their shares spike, backed by expectations of benefits from the local e-commerce giant’s mega US initial public offering. Dongbang, a logistics firm that handles Coupang’s delivery services, saw its shares jump by a daily permissible limit of 29.99 percent to reach 9,970 won ($9.03) at the closing bell on Monday. After the shares gained for the fourth straight session on the nation’s benchmark Kospi

MarketFeb. 15, 2021

S. Korea’s property tax-to-GDP 3rd highest among OECD nations: data

South Korea’s property tax rate compared with its gross domestic product was the third highest among 37 Organization for Economic Cooperation and Development members in 2018, data showed Monday. The data compiled by Rep. Yoo Gyeong-joon of the main opposition People Power Party came amid growing concerns that the Moon Jae-in administration’s set of real estate measures -- focused on tightening loan regulations and levying heavier taxes on multiple homeowners -- failed to cool down t

EconomyFeb. 15, 2021

MMAA names former NSC deputy director as new CEO

The Military Mutual Aid Association has named Kim You-geun, former deputy director of South Korea‘s National Security Council, as its new chief executive officer of the institutional investor, officials said Monday. Kim, retired Korean Army Lt. Gen., became the 15th president of the institution dedicated to providing financial welfare to the Korean military community. He replaced the predecessor Kim Do-ho after receiving final approval from Defense Minister Suh Wook. Kim called for tra

MarketFeb. 15, 2021