Seoul stocks jump almost 1% to another record high on vaccine hopes

South Korean stocks gained nearly 1 percent to a fresh all-time high Friday, as hopes for new coronavirus vaccinations boosted investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.6 points, or 0.86 percent, to close at 2,770.06. Trading volume was high at about 1.1 billion shares worth some 18 trillion won ($16.5 billion), with gainers outnumbering losers 659 to 192. Foreigners bought a net 163 billion won, while retail

MarketDec. 11, 2020

ICT Ministry to commit W16b to digital media startups

The Ministry of Science and ICT said Friday it plans to commit 16 billion won ($14.7 million) to Seoul-based venture capital house K & Investment Partners as part of the government-led initiative to foster the domestic digital media ecosystem. The commitment from its fund-of-funds, managed by Korea Venture Investment Corp., will be used to create a 26 billion-won fund by March next year. K & has been selected as the ICT Ministry’s only external partner to manage the fund out of 1

MarketDec. 11, 2020

Woori Financial chief buys back group shares to show confidence in future business

Woori Financial Group said Friday its Chairman Sohn Tae-seung recently bought back 5,000 company shares to show his confidence in the banking group’s future growth. Sohn’s stock buyback marks the fifth time this year, following his earlier buying in January, March, April and August. He now holds 88,127 shares in Woori Financial.  “By purchasing the firm’s shares in the wake of the COVID-19 crisis, he aimed to build market confidence in the group’s corporate f

MarketDec. 11, 2020

Audi Volkswagen Korea to launch 8 EV models over 3 years

Audi Volkswagen Group has unveiled its electrification strategy and business plans in the Korean market over the next years. The group said in a digital press conference Friday its four affiliated brands -- Audi, Volkswagen, Lamborghini and Bentley -- will release more than 20 new models next year and eight electric car models within three years in the Korean market. The German automaker plans to increase the proportion of electric vehicle sales in Korea to 11 percent of the total sales b

MobilityDec. 11, 2020

S. Korean govt. to forge W26b fund to help digital content market

The South Korean government will create a fund worth 26 billion won ($23.9 million) by March next year to invest in local startups and small firms producing over-the-top solutions and digital content, the Ministry of Science and ICT‘s announced Friday. The government will inject around 16 billion won into the fund, while the remaining 10 billion won will be raised from private investors. About 60 percent of the fund will be spent to support media productions by local companies and hel

TechnologyDec. 11, 2020

HHI Group chosen as preferred bidder for Doosan Infracore takeover

Hyundai Heavy Industries Group has been selected as the preferred bidder to acquire a controlling stake in Doosan Infracore, Doosan Group’s engineering unit, HHI Group confirmed Friday. A consortium of Hyundai Heavy Industries Holdings, HHI Group‘s holdings company, and private equity firm KDB Investment beat out local construction materials firm Eugene Corp. in the takeover race. It offered about 800 billion won ($735 million) for a 35.41 percent stake in the firm. The equity

IndustryDec. 11, 2020

[Herald Interview] Wizbiosolutions thrives in pandemic

Wizbiosolutions started in 2010 as a one-man company. A decade of research and development down the road, it has encountered the ultimate stressor that has catapulted its growth -- the global COVID-19 pandemic. Wizbiosolutions’ portable diagnostics system, which enables field diagnostic test at airports and harbors, as well as room temperature storable reagent for polymerase chain reaction, have been key to the company’s successful Series A funding amounting to $10 million in Octobe

IndustryDec. 11, 2020

Samsung's share in wireless earphone phone market down in Q3: report

Samsung Electronics Co.'s share in the global wireless earphone market dropped slightly in the third quarter of the year, a report showed Friday, as more consumers lean toward cheaper products amid the pandemic. Samsung accounted for 5 percent of the global truly wireless stereo (TWS) product shipments in the July-September period, down 1 percentage point from the previous three months, according to market tracer Counterpoint Research. Apple Inc. remained the top wireless earphone vendor in

IndustryDec. 11, 2020

Seoul stocks open sharply higher on vaccine hopes

South Korea's benchmark stock index opened sharply higher Friday, as optimism over new coronavirus vaccinations gained ground in the financial markets. The Korea Composite Stock Price Index rose 25.87 points, or 0.94 percent, to 2,772.33 in the first 15 minutes of trading. Local stocks traded bullish, as vaccine hopes offset concerns over increasing COVID-19 cases at home and disappointing jobless data in the United States. Investor sentiment was boosted following a US government advisory p

MarketDec. 11, 2020

S. Korea's exports spike 27% in first 10 days of Dec.

South Korea's exports rose 26.9 percent on-year in the first 10 days of December on the back of robust shipments of chips and autos amid the new coronavirus outbreak, customs data showed Friday. The country's outbound shipments stood at $16.3 billion in the Dec. 1-10 period, compared with $12.9 billion a year earlier, according to the data from the Korea Customs Service. Per-day exports gained 11.9 percent on-year during the cited period. Imports increased 7.9 percent on-year to $15.4 billion

EconomyDec. 11, 2020

GM Korea union OKs 2nd tentative wage deal

GM Korea Co. and its union have reached a second tentative wage deal after union members rejected the first deal early this month, the company said Friday. In a vote held from Nov. 30 to Dec. 1, GM Korea workers turned down the first tentative wage agreement as they were not satisfied with the company's proposals on wages and collective agreement terms. Under the initial agreement, GM Korea offered to provide 4 million won ($3,600) per worker in performance-based pay and bonuses for the year

EconomyDec. 11, 2020

Hyundai Heavy picked as preferred bidder for Doosan Infracore

South Korea's power plant builder Doosan Heavy Industries & Construction said Thursday that it has tapped a consortium led by Hyundai Heavy Industries Holdings (HHIH) as the preferred bidder for the sale of its 35.4 percent stake in Doosan Infracore. Doosan Heavy Industries & Construction said in an emailed statement it will conclude the deal with the consortium led by HHIH to sell its entire stake in Doosan Infracore. It did not provide a specific time frame. "We will do our bes

EconomyDec. 10, 2020

[Women in Finance 2] Coffee errands, parenting, golf: How Korean women are kept from climbing the ladder

   The Korea Herald is publishing a series of special reports on the glass ceiling in the financial industry, focusing on South Korea’s market compared to other major economies. Funded by The Korea Press Foundation, the series will evaluate where Asia’s fourth-largest economy stands in terms of gender equality, will reflect on changes being made and will explore ways to boost inclusion in the sector. -- Ed. Kim Ji-youn was filled with her own expectations of building a

MarketDec. 10, 2020

Virus-hit Jeju Air to receive state funding for survival

South Korea will inject 32.1 billion won (US$29 million) into the virus-hit budget carrier Jeju Air Co. to help it stay afloat amid the prolonged COVID-19 pandemic, a state lender said Thursday. The Key Industry Stabilization Fund will extend 25.7 billion won in loans to Jeju Air and invest 6.4 billion won in the carrier's convertible bonds, the state-run Korea Development Bank, which operates the fund, said in a statement. Jeju Air, the country's biggest low-cost carrier, is required to tak

MobilityDec. 10, 2020

Camper van: Renault Master vs Hyundai Porest

The coronavirus pandemic has upended the world of travel, as people become more reluctant to take public transport or stay at guest lodgings. That has provided a golden opportunity for the local camper van market, which has enjoyed solid growth over the past few years. According to government data, the number of camping vehicles registered in South Korea reached 24,869 in 2019, marking a 20-fold increase from 1,300 in 2011. Industry officials expect the number to further grow, as the govern

IndustryDec. 10, 2020

Seoul stocks close lower on foreign selling spree amid volatility

South Korean stocks closed lower Thursday, roiled by an overnight Wall Street tech plunge and vaccine concerns amid uncertainties over the quadruple expiration of key stock derivatives. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 9.01 points, or 0.33 percent, to close at 2,746.46. Trading volume was high at about 1.2 billion shares worth some 20.3 trillion won ($18.6 billion), with gainers outnumbering losers 65

MarketDec. 10, 2020

Decision on LG-SK battery lawsuit delayed again to February

The final ruling on the battery patent lawsuit between LG Energy Solution and SK Innovation has been postponed to Feb. 10, the third delay in the US court case. The US International Trade Commission announced the delay on Thursday, without providing specific reasons. The court was originally scheduled to rule on Oct. 5, then the decision was delayed to Oct. 26 and then again to Thursday. The two Korean battery makers released official statements regarding the holdup, but with different int

IndustryDec. 10, 2020

GS Caltex’s biobutanol sales explode 1,000%

GS Caltex said Thursday its biobutanol sales have jumped more than tenfold on-year in the first 11 months of this year, due to growing demand for eco-friendly raw materials. The 2,3-butanediol chemical compound is a 100 percent natural substance easily found in nature including in soil, animals and fermented food. Thanks to its superb moisturizing and preservation effects, the substance is widely used as a raw material for cosmetics and personal care products. However, as 2,3-butanediol is

IndustryDec. 10, 2020

Shinhan wins CDP Leadership A for 7th year

Shinhan Financial Group has won the top grade recognition in climate change leadership from Carbon Disclosure Project, becoming the first South Korean financial institute to maintain the honor for seven years straight. The Korean banking group has received Leadership A, the top notch prize in the CDP Climate Change criteria this year, marking the seventh consecutive year of such achievement, officials said in a release Thursday. Also, based on the CDP report issued in April, the CDP’s

MarketDec. 10, 2020

Korean GDP to grow 3.6%, Kospi to hit 2,850 in 2021: Nomura

Driven by the development of COVID-19 vaccines and their eventual distribution, South Korea’s economy will steadily recover in 2021, growing at 3.6 percent followed by a 0.8 percent contraction this year, according to Japan’s Nomura Securities on Thursday. “Amid the global capex (capital expenditures) recovery, current IT export products and new export products such as electric vehicles and biohealth will play a leading role in driving South Korea’s economic recovery ne

MarketDec. 10, 2020