Hyosung to build world’s largest liquid hydrogen plant in Ulsan

South Korean textile and chemical conglomerate Hyosung Group announced Tuesday its plan to build the world’s largest liquid hydrogen plant in Ulsan in cooperation with global chemical company Linde. Hyosung Group’s Chairman Cho Hyun-joon and Linde Korea’s Sung Baek-seok signed a memorandum Tuesday, agreeing to invest 300 billion won ($244 million) until 2022, to establish a comprehensive value chain for liquid hydrogen production, delivery and facility operation. The two co

IndustryApril 28, 2020

SK Broadband ups support for online classes amid pandemic

Korean internet network operator SK Broadband has been continuing support for online classes upon sudden demand during the novel coronavirus pandemic, the firm said Tuesday. SK Broadband is currently the content delivery network provider for Educational Broadcasting System, a public broadcasting organization that provides online classes. SK Broadband previously increased the network capacity for EBS from 300 megabits per second to 1 terabit per second. Recently, the company added 2 Tbps to th

TechnologyApril 28, 2020

Korean telecom firms’ operating profits to drop in Q1: report

Korean telecom firms are expected to see decreases in their operating profits in the first quarter this year, according to a market report on Tuesday. The report by FnGuide said that the operating profits of the three major telecom companies are likely to decline due to the sluggish economy amid the COVID-19 outbreak, though they avoided major damage from it. Their sales, however, are expected to increase, backed by a sales increase in media units, as well as revenues from 5G network subscribe

TechnologyApril 28, 2020

[Feature] Coronavirus gives bargaining power to EV battery makers

The novel coronavirus outbreak has disrupted the power dynamics of the trade relationship between European automakers and South Korean battery makers, according to industry sources and market watchers. Though electric vehicle battery manufacturers are typically in a position to lure orders from automakers, the recent shortage of battery supplies exacerbated by the coronavirus outbreak has given Korean battery giants -- LG Chem, Samsung SDI and SK Innovation -- more bargaining power at the neg

IndustryApril 28, 2020

LG Chem goes into black in Q1 on improved core business performance

South Korean chemical and battery firm LG Chem on Tuesday reported a swing to operating profit of 236.5 billion won ($192.7 million) in the first quarter by minimizing losses in its battery business. The Korean battery manufacturer cut its operating loss in the battery business by 80 percent to 51.8 billion won in the first quarter from 249.6 billion in the fourth quarter last year despite factory shutdowns from automaker clients amid the coronavirus epidemic. “Though the effects of

IndustryApril 28, 2020

SK hynix, LG, KB Financial recognized for climate change efforts

The South Korean division of the Carbon Disclosure Project awarded prizes to local companies in recognition of their efforts to fight climate change, at a ceremony held Tuesday.  The 2019 CDP Korea Award recipients included SK hynix, LG Electronics and KB Financial Group.  SK hynix received the grand prize, granted to a company rated “Leadership A” in the area of water security.  The award is for companies making top-class efforts to recycle and conserve water reso

MarketApril 28, 2020

[Photo News] SK Group Chairman gives pep talk to coronavirus vaccine team from distance

SK Group Chairman Chey Tae-won took to an online video meeting encourage SK Bioscience’s scientists working on a SARS-CoV-2 vaccine, the group said Tuesday. “All this attention directed on the vaccine development may come across as a burden, but don’t let that deter you from making your best efforts,” Chey told the researchers. In order to develop a vaccine, SK Bioscience scientists are travelling to areas with high numbers of confirmed COVID-19 patients. SK Bioscience

IndustryApril 28, 2020

Seoul stocks up for 2nd day on hopes for economic rebound

South Korean stocks closed higher for the second straight day Tuesday amid hopes for an economic rebound, offsetting concerns over the fallout from the novel coronavirus outbreak. The Korean won gained ground against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) gained 11.32 points, or 0.59 percent, to close at 1,934.09. Trade volume was heavy at 1.16 billion shares worth 10.3 trillion won ($8.4 billion), with gainers outnumbering losers 487 to

MarketApril 28, 2020

KGCCI calls for applications for innovation awards

The Korean-German Chamber of Commerce and Industry is calling for innovative companies in Korea to apply for the “6th KGCCI Innovation Awards” until May 31, the organization said Tuesday. “Companies of all industries and sizes located in Korea can apply for the award by submitting their applications through the official awards homepage,” KGCCI said. “Not only innovations made in Korea but also innovations made in Germany that have add value in the Korean market c

IndustryApril 28, 2020

Seoul, Beijing agree on fast-track system: ambassador

  With South Korean businesses in China suffering from low business sentiment and depressed sales amid the coronavirus pandemic, the Chinese ambassador to Korea said Tuesday that Seoul and Beijing had agreed on a fast-track system to guarantee efficient business travel between the two countries. In a keynote speech at a meeting hosted by the Federation of Korean Industries, Chinese Ambassador Xing Haiming said Korea and China had agreed on the plan and that details of their consultations

IndustryApril 28, 2020

LG Velvet to hit Korean smartphone market on May 15

LG Electronics will release its new flagship smartphone Velvet on May 15 in the Korean market only, the company announced Tuesday. Nicknamed the “water droplet phone,” the LG Velvet marks a design departure for the firm. The triple camera module on the rear, including the 48 million-pixel lens, has been designed to resemble water droplets. The new device also features a 6.8-inch organic light-emitting diode display trademarked as FullVision with a 20.5:9 aspect ratio, Qualcomm&rs

TechnologyApril 28, 2020

Corporate direct financing down 6% in March

South Korean companies’ stock and bond sales fell 6 percent in March from a month earlier due to a decline in sales of corporate debt, data showed Tuesday. Local companies raised a combined 16.11 trillion won ($13.1 billion) by selling stocks and bonds in March, down 1.02 trillion won since February, according to the data from the Financial Supervisory Service. The decline is attributable to the 7.4 percent on-month fall in debt offerings to 15.64 trillion won, the FSS said. Last month,

EconomyApril 28, 2020

Brokerages' Q1 earnings tumble on market rout

Major South Korean securities companies racked up weak earnings in the first quarter mainly due to the market rout caused by the coronavirus outbreak, industry data showed Tuesday. Of the major brokerage houses, KB Securities Co. posted an operating loss of 20.8 billion won ($17 million) in the January-March period, swinging from last year's operating profit of 117.6 billion won. The firm logged a net loss of 14.7 billion won, compared with a profit of 87.3 billion won a year ago. Shinhan In

EconomyApril 28, 2020

S. Korea needs additional W4.6tr to give relief handouts to every household

SEJONG -- South Korea needs an additional 4.6 trillion won ($3.8 billion) to give coronavirus relief handouts to every household, Finance Minister Hong Nam-ki said Tuesday, as part of the government's plans to ease the economic fallout from the coronavirus pandemic. South Korea had originally planned to give relief handouts to households that rank in the bottom 70 percent of gross income, but it changed the plans to provide the handouts to every household. Hong told a parliamentary meeting

EconomyApril 28, 2020

Korea's consumer sentiment hits over decade low in April

South Korea's consumer sentiment hit the lowest in more than a decade in April, central bank data showed Tuesday, amid concerns over the new coronavirus. The country's composite consumer sentiment index came to 70.8 in the month, down 7.6 points from a month earlier, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. The reading for April marks the lowest since December 2008, but the rate of drop slowed from an 18.5-point on-month pl

EconomyApril 28, 2020

Foreign stock ownership hits 43-month low due to coronavirus

Foreign ownership of South Korean stocks dipped to a 43-month low in March due to their massive sell-off and a market rout amid the coronavirus impact, data showed Tuesday. Foreign investors held 468.7 trillion won ($382 billion) worth of local stocks and other stock-related instruments as of end-March, down 76 trillion won from the prior month, according to the data from the Financial Supervisory Service. The amount was the lowest since the end of August 2016, when it came to 467.6 trillion

MarketApril 28, 2020

[News Focus] South Korea outstrips Japan in 2019 per capita GDP: OECD

SEJONG -- South Korea’s per capita gross domestic product as of 2019, assessed by the Organization for Economic Cooperation and Development, is drawing attention in terms of gauging the current level of ordinary Koreans’ purchasing power on the global stage. The France-based organization has estimated that the nation’s per capita GDP reached $43,426 (50.59 million won, based on the 2019 average exchange rate against the US dollar) last year, which far exceeds the “nomi

EconomyApril 28, 2020

Seoul stocks open higher on Wall Street rally

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street, despite falling oil prices. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.45 points, or 0.65 percent, to 1,935.22 in the first 15 minutes of trading. On Monday (local time), US stocks ended higher as investor sentiment was boosted by efforts to normalize economic activities. The Dow Jones Industrial Average rose 1.51 percent, the S&P 500 added 1.47 percent, and the Nasdaq composite index

MarketApril 28, 2020

Local grain supplies stable amid global fear on trade suspension: report

South Korea has maintained stable supplies of grains amid growing uncertainties about the global trade of grains caused by massive lockdowns imposed across borders to combat the spread of the novel coronavirus, industry data showed Monday.  As the deepening coronavirus pandemic sparked border closures and strict lockdowns, governments across the globe embarked on restrictions of grain exports to prevent a potential food shortage. Countries including Russia, Ukraine, Cambodia and Kazakhsta

MarketApril 28, 2020

Finance minister holds meeting with heads of economic organizations

Finance Minister Hong Nam-ki held a meeting with heads of economic organizations on Monday to discuss economic relief packages for companies hit by the coronavirus pandemic, the finance ministry said Monday. The meeting is aimed at hearing opinions from experts as South Korea seeks to stimulate economic growth after apparently bringing the coronavirus outbreak under control. Heads of economic organizations called for the government to swiftly implement financial aid programs for virus-hit bu

EconomyApril 27, 2020