BOK sells net $3.5 billion in market-smoothing operations in Q3

The Bank of Korea said Friday it sold a net $3.5 billion in the third-quarter of this year to help ease the decline of the local currency against the US dollar. The third-quarter dollar selling marks the ninth straight quarter of dollar selling for market-smoothing operations since the third quarter of 2021, according to the central bank. The third-quarter dollar selling marks a fall from the previous quarter's $5.97 billion. (Yonhap)

EconomyDec. 29, 2023

Government vows more cash to cushion Taeyoung E&C fallout

The South Korean government said Friday that it will put utmost efforts into minimizing the fallout from Taeyoung Engineering and Construction's debt-restructuring program, amid growing concerns that it could lead to liquidity constraints across the industry. “The creditors, led by the main lender, Korea Development Bank, plan to discuss ways to normalize Taeyoung E&C's business while adhering to strict restructuring principles based on Taeyoung Group's intense self-resc

IndustryDec. 29, 2023

Daewoo E&C opens winter theme park on Phu Quoc, Vietnam

Daewoo Engineering & Construction said Friday it has officially opened its digital theme park, Ice Jungle, on Phu Quoc, a tropical island in Vietnam known for water sports and recreation. The 13,000-square-meter theme park is located at Meyhomes Capital Phu Quoc, a residential complex constructed in partnership with Daewoo E&C, near Truong Beach. While some 700 visitors joined the opening ceremony held on Dec. 16, Ice Jungle officially opened to the public on Christmas Day. The park is t

IndustryDec. 29, 2023

Posco Group tries to dispel NPS concerns over chair appointment

Posco Group announced Friday that the group would make public its chair appointment process, dispelling the National Pension Service’s concerns. The group also refuted suspected use of unfair methods to reappoint incumbent Chairman Choi Jeong-woo. “Regardless of the incumbent chairman’s decision (to seek a third term at Posco Group), our committee will review all candidates without bias for the sake of Posco’s future and its shareholders,” Seoul National University&

IndustryDec. 29, 2023

Winners and losers at year-end bonus season

Employees at major South Korean firms are set to receive different amounts of year-end bonuses, ranging from nothing at all to 30 percent of their annual salaries, depending on the performance of the industrial sector for 2023. Workers in Samsung Electronics’ device solutions division, which is in charge of the company’s chip business, are expected to receive no incentives next year, due to the weak performance of the chip sector, according to industry sources Friday. Over the past

IndustryDec. 29, 2023

How much have Korea's food delivery fees risen this year?

The cost of ordering food by delivery in December rose by about 4 percent on-year, higher than the on-year rise in the cost of daily necessities at 3.9 percent, data showed Friday. According to a report released by Statistics Korea, this month’s delivery cost showed a 4.3 percent increase from the figure in November 2022. The figure also marks an increase of 0.4 percent from November this year. The report was based on a monthly survey of eateries across the country from November 2022 thr

EconomyDec. 29, 2023

Tax revenue falls W49tr through Nov. on weak corporate performance

South Korea's tax revenue fell 49.4 trillion won ($38.41 billion) during the first 11 months of 2023 compared with a year earlier due mainly to weak corporate activities and the prolonged slump in the property market, the finance ministry said Friday. But the shortfall had decreased for the second month in a row thanks to the increase in last month's tax revenue. Tax revenue came to 324.2 trillion won during the January-November period, down 13.45 percent, or 49.4 trillion won, from th

EconomyDec. 29, 2023

Consumer prices grow 3.6% in 2023 amid high inflationary pressure

South Korea has continued to experience high inflationary pressure this year following the highest price growth in decades the previous year, but inflation in December ticked down for a second consecutive month in signs that price pressure is easing, data showed Friday. Consumer prices, a key gauge of inflation, rose 3.6 percent on-year in 2023, slowing from a 5.1 percent gain in 2022, according to the Statistics Korea. Last year's figure marked the steepest on-year rise since 1998, when co

EconomyDec. 29, 2023

Taeyoung E&C files for debt workout, government urges self-rescue efforts

The South Korean government said Thursday that it will seek to normalize the business of Taeyoung Engineering and Construction, which applied for a debt-restructuring program on the same day, under the premise of the construction firm’s intense self-rescue efforts. Earlier in the day, Taeyoung E&C, the 16th-largest builder in the country in terms of construction capacity, applied for a debt workout with its main lender, the state-owned Korea Development Bank. The company has been suffe

CompaniesDec. 28, 2023

DSF L&I wins top ESG award for reusable container return system

Korean logistics company DSF L&I said Thursday that it has won this year’s top ESG award in the small manufacturing enterprise sector for successfully implementing a return system that collects reusable containers. The ceremony, held at the National Assembly Building in Seoul on Tuesday, was hosted by the Korean ESG Association and the National Assembly ESG Forum, and sponsored by various entities including the Korean Automobile Environmental Association. The award aims to recognize

IndustryDec. 28, 2023

[Photo News] Last trading day

Hana Bank's dealers monitor stock markets at the bank's headquarters in Seoul on Thursday. The benchmark Korea Composite Stock Price Index closed at 2,655.28, up by 41.78 points, or 1.6 percent, from the previous day. (Yonhap)

EconomyDec. 28, 2023

[KH explains] Why vaccination rate remains low despite surge in flu patients

The number of suspected influenza cases in South Korea has surged to a five-year high, but the immunization rate has remained relatively unchanged. The rate of patients showing symptoms suggestive of influenza per 1,000 outpatients for the second week of December stood at 61.3 – the highest figure since 2019, according to the Korea Disease Control and Prevention Agency. The immunization rate as of Dec. 15, however, stood at 76.2 percent, slightly above 76.1 percent last year. “Despit

IndustryDec. 28, 2023

Han Sung Motor takes new approach to ESG practices

Han Sung Motor, the largest Mercedes-Benz car dealer in Korea, is proactively making meaningful contributions to society by pushing for diverse corporate social responsibility activities. Since 2012, the car dealer has been running its flagship art scholarship program titled the Dream Gream project, which sponsors middle and high schoolers talented in the arts until their graduation. “Gream” comes from the Korean word “geurim,” which means “painting” in Korean

IndustryDec. 28, 2023

[Photo News] Samsung AI vacuum cleaner

Samsung Electronics said Thursday it will unveil a new vacuum cleaner lineup with advanced artificial intelligence at the CES 2024 in January. The Bespoke Jet Bot Combo, a robot vacuum and mop cleaner, and Bespoke Jet AI will showcase enhanced AI features and steam cleaning to foster an easier cleaning experience for users, the company said. (Samsung Electronics)

IndustryDec. 28, 2023

Korea to invest W100b in chips, displays, batteries in 2024

The Ministry of Science and ICT said Thursday that the Korean government will invest 100 billion won ($77.6 million) to accelerate research and development efforts in the three major technology sectors -- semiconductors, displays and secondary batteries -- next year to secure key technologies and create new markets. “It is very important to secure original technologies in the three major technologies of semiconductors, displays and secondary batteries as the future growth engines of our ec

IndustryDec. 28, 2023

[Herald Interview] Palliser CIO skeptical of Samsung C&T stock cancellation plan

British activist investor Palliser Capital founder said Samsung C&T’s five-year treasury stock retirement plan won’t be helpful to shore up its stock price, urging swift action to resolve investors’ concerns over its governance structure. “Cancellation of treasury shares has been mischaracterized as a shareholder return by the company,” Palliser Capital founder and Chief Investment Officer James Smith told The Korea Herald in an email interview. “Managemen

MarketDec. 28, 2023

Shinhan Card secures W31b funding from Kazakhstan's Aster

Shinhan Card announced Thursday that its Kazakhstan unit, Shinhan Finance, secured about 31 billion won ($24 million) from Aster, a leading automobile dealer in the Central Asian country, for a new joint venture, becoming the first Korean card company to win investment from an overseas entity. The two companies agreed to set up a joint venture worth 62 billion won to seek synergy in Kazakhstan’s burgeoning microfinance market. Under the partnership, Aster will invest 31 billion won into Sh

IndustryDec. 28, 2023

Industrial output rebounds in November on rising chip production

South Korea's industrial output inched up in November on a solid increase in the production of the semiconductor sector, data showed Thursday. Industrial production rose 0.5 percent on-month last month after a 1.8 percent decline logged a month earlier, according to the data compiled by Statistics Korea. Compared with a year earlier, industrial output rose 2.5 percent last month. November's increase came as the production of the semiconductor sector advanced 12.8 percent on-month in No

EconomyDec. 28, 2023

[Graphic News] Transportation industry sales up 20% on travel demand surge

Sales of South Korea’s transportation industry rose nearly 20 percent in 2022 driven by a rising demand for travel after the COVID-19 pandemic, data showed. Sales came to 232.5 trillion won ($177.7 billion) last year, up 19.8 percent from the previous year, according to the data from Statistics Korea. The growth came as sales of the air transport sector surged 57.9 percent on-year to 23.4 trillion won, with more people taking trips as the COVID-19 situation stabilized. Sales of the water t

IndustryDec. 28, 2023

LegoChem CEO expects $1.72b deal to give traction to ADC development

LegoChem Biosciences will leverage its $1.72 billion out-licensing deal with Janssen Pharmaceuticals for the development of its subsequent antibody-drug conjugate pipelines, the Korean biopharmaceutical firm's CEO said on Wednesday. On Tuesday, the Kosdaq-listed LegoChem signed a technology transfer agreement with Janssen Pharmaceuticals for the development and commercialization of antibody-drug conjugate candidate LCB84. The deal, potentially worth over $1.72 billion, is the largest licens

IndustryDec. 27, 2023