M&As in semiconductor industry set record high value in 2020

The total value of mergers and acquisitions in the semiconductor industry set an all-time high of $118 billion in 2020, according to a report by semiconductor market research firm IC Insights. The report pointed to five mega-agreements, along with more than a dozen smaller deals, that pushed the total M&A value over the previous record of $107.7 billion set in 2015. Announced in July, September and October, the five deals had a combined value of $94 billion to take up about 80 percent of

IndustryJan. 14, 2021

Banks' loan delinquency rate remains unchanged in Nov.

The delinquency rate for South Korean banks' won-denominated loans remained flat in November from the previous month, the financial regulator said Thursday. The rate for bank loans more than 30 days overdue stood at 0.34 percent at the end of November, unchanged from the previous month, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the bank loan delinquency rate was down 0.14 percentage point. Banks' loan delinquency rate remains stable mainly because the

EconomyJan. 14, 2021

Bond, CD issuance in S. Korea surges 16% in 2020

Sales of bonds and certificates of deposits (CDs) in South Korea swelled more than 16 percent in 2020 from a year earlier, data showed Thursday. The value of those debt instruments issued last year came to 454.4 trillion won ($414 billion), up 16.2 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). Bond sales surged 19 percent on-year to 429.9 trillion won, while CD issuance sank 20 percent to 24.5 trillion won. Sales of special bonds floated by sta

EconomyJan. 14, 2021

Auto exports sink over 20% on pandemic in 2020

South Korea's auto exports sank 21.4 percent on-year in 2020 as the new coronavirus pandemic disrupted global supply chains and sapped demand, data showed on Thursday. The country's shipments of cars reached 1.89 million units last year, compared with 2.4 million units posted in 2019, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports also moved down 13 percent to reach $37.4 billion. The number of cars shipped surrendered 33.9 percent on-

MobilityJan. 14, 2021

SK hynix raises $2.5b via sale of foreign debts

SK hynix Inc., South Korea's second-largest chipmaker, on Thursday said it has raised $2.5 billion by selling debts overseas, which includes its first-ever green note, as it eyes to use funds to bolster its presence in the memory sector. SK hynix said it sold a 10-year green bond worth $1 billion to accelerate its environmental, social and governance (ESG) management, claiming it is the first among global semiconductor memory manufacturers to sell such a bond. A green bond is a special-purpose

IndustryJan. 14, 2021

Seoul stocks open nearly flat amid valuation pressure

South Korean stocks opened almost flat Thursday on increased valuation pressure after the key index closed at a near all-time high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.27 points, or 0.07 percent, to 3,150.56 in the first 20 minutes of trading. The main index started on a muted tone as foreigners and institutions are set to lock in gains after the key index's recent bullish run. Most large caps in Seoul traded mixed. Market bellwether Samsung El

MarketJan. 14, 2021

Retail investors' funds soar amid stock market rally

Retail investors' stock-related funds have risen by nearly 20 trillion ($18.2 billion) this year on the back of a surging stock market, industry data showed Thursday. Individuals' stock funds increased by 19.6 trillion won for eight sessions from Jan. 4-13, amounting to nearly 20 percent of last year's total. Those funds refer to money that retail investors use to buy stocks or deposit at securities companies to purchase shares. Over the cited period, individuals bought 10.8 trillion won wort

MarketJan. 14, 2021

S. Korea's export prices down for 5th straight month in December

South Korea's export prices fell for the fifth consecutive month in December last year as the local currency continued to strengthen against the US dollar, central bank data showed Thursday. The country's export price index, in terms of the local currency, declined 0.1 percent in December from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the fifth consecutive month of on-month decline after the index rose for the third month in a row in

EconomyJan. 14, 2021

Samsung Biologics’ new CEO lays out vision for next decade

Samsung Biologics’ newly appointed CEO John Rim presented a multidimensional vision for the company’s next 10 years at the virtual JP Morgan Healthcare Conference 2021 on Wednesday. Key takeaways from Rim’s presentation involved more overseas facilities, early contract lock-ins for its fourth production base, which will complete construction in 2023, and capacity for new modalities such as vaccine and cell-gene therapies. “Our next decade will be marked by increased bu

IndustryJan. 13, 2021

Moon to invest W50m in Korean New Deal funds: Cheong Wa Dae

President Moon Jae-in will invest a total of 50 million won ($45,600) into new major funds intended to support the government's Korean-version New Deal project, his office said Wednesday. The president plans to sign up on Friday for five funds to be operated by as many local asset managers, according to Cheong Wa Dae spokesman Kang Min-seok. Moon will use profits from his investment in a separate fund that was created in 2019 to foster South Korea's parts and materials production industry agai

MarketJan. 13, 2021

S. Korea to allow commercial breaks for terrestrial broadcasters

South Korea's media regulator said Wednesday it will ease rules to allow commercial breaks during TV programs for terrestrial broadcasters in a move to boost the country's slumping broadcast industry. Local terrestrial broadcasters are currently prohibited from airing commercial breaks to ensure viewer rights. Broadcasters, however, have skirted rules by dividing programs in two parts and airing commercials in between amid declining sales. The Korea Communications Commission said it will chan

TechnologyJan. 13, 2021

Eastar to file for court receivership this month

Financially troubled budget carrier Eastar Jet said Wednesday it plans to file for court receivership this month to find a new investor amid the COVID-19 pandemic. Eastar Jet has had difficulties in finding a strategic investor since July when Jeju Air scrapped its plan to acquire the low-cost carrier. In the same month, Eastar's creditor banks withdrew their plan to extend loans to Jeju Air to help it take over Eastar. "Eastar aims to find a new investor through a court-led rehabilit

MobilityJan. 13, 2021

Celltrion's COVID-19 treatment reports clinical improvement of 54%

A coronavirus antibody treatment under development by local drugmaker Celltrion has shown a clinical improvement rate of 54 percent among mild and moderate COVID-19 cases, the company announced Wednesday. The immediate reaction from the industry was that a 54 percent improvement rate is too low to be considered a treatment. However, antibody treatments are meant to only alleviate, not cure, some were quick to add. Celltrion's treatment will require early detection of an infection. If found ea

TechnologyJan. 13, 2021

[CES 2021] Tech boundaries crushed as innovations rush in

A notable trend at this year’s CES is that the boundaries between different sectors of technology are not just being blurred, but crushed, as the pandemic accelerates the pace of innovation. With the all-digital CES 2021 heading into its third day, many viewers have been taken by surprise by unexpected presentations from major companies, such as conventional automaker General Motors, auto parts maker Bosch and camera company Canon. GM Chairman and CEO Mary Barra proclaimed during her

TechnologyJan. 13, 2021

Netherlands-based brokerage to start business in S. Korea

South Korea‘s top financial regulator said Wednesday it has granted preliminary approval for Netherlands-based brokerage house IMC to operate its financial investment and brokerage business in the country.  The move came after the Dutch firm had requested the Financial Services Commission’s approval in June last year. The brokerage obtained the authority‘s final nod on the condition that its Seoul-based subsidiary serves as a market maker -- a member of an exchange comm

MarketJan. 13, 2021

7 injured by chemical leak at LG Display plant

A toxic chemical leak at LG Display Co.'s plant in South Korea left seven workers injured, local authorities said Wednesday. An ammonium-type chemical substance was leaked at around 2:20 p.m. at LG Display's factory in Paju, just north of Seoul, according to them. Of the injured workers, two received cardiopulmonary resuscitation after they collapsed, the authorities said. The leaked chemical is believed to be tetra methyl ammonium hydroxide (TMAH) that is known to be used as a solvent in chi

IndustryJan. 13, 2021

Retail traders hold record-high deposits of W72tr: data

Retail investors’ deposits for stock investments reached a record 72.3 trillion won ($66 billion) as of Monday, according to the Korea Financial Investment Association, a self-regulatory organization for the financial sector, Wednesday. It is the first time that the outstanding deposits for stock investment crossed the 70 trillion won mark since related data started to be compiled in 1998. The outstanding balance, which came in at 67.5 trillion won last Friday, added a whopping 4.8 tril

MarketJan. 13, 2021

South Korean job losses hit 22-year high amid pandemic

South Korea’s economy last year suffered its worst year for job losses in 22 years, as companies of all sizes struggled to keep employees in the face of the prolonged pandemic, data showed Wednesday. According to Statistics Korea, the number of employed people here came to 26.9 million last year, down 218,000 from a year earlier, as hotels and restaurants slashed employment. The largest annual job loss on record was 1.27 million jobs in 1998, when the 1997-98 Asian financial crisis took

EconomyJan. 13, 2021

Chaebol kids reach C-suite within 5 years: data

Family members of chaebol owners are climbing the corporate ladder visibly faster than their peers, reaching the C-suite within a mere five years, industry data showed Wednesday. According to an analysis by corporate tracker CEO Score, it took an average of 4.8 years for chaebol owner family members to be promoted to executive positions. The study was based on 43 family-controlled conglomerates in which both the owner parents and children participated in management. The chaebol offspring join

IndustryJan. 13, 2021

Hyundai unveils teaser of BEV Ioniq 5

Hyundai Motor on Wednesday released the teaser for the upcoming Ioniq 5, the first purely electric model based on its electric vehicle platform. The Ioniq 5 mid-sized crossover vehicle is marked with the electric-global modular platform, or E-GMP, which offers a driving range of up to 500 kilometers on a single charge, as well as an ultrahigh-speed 800-volt charger that can charge 80 percent of battery capacity within 18 minutes. The model’s key design features include the Parametric Pi

IndustryJan. 13, 2021