Citibank Korea shares currency solutions for corporate clients

Citigroup’s Korean unit Citibank Korea shared its foreign exchange solutions and outlook on the global economy at the Economic Outlook and Market Solutions Seminar held in Seoul on Wednesday. The seminar aimed to have specialists give their latest outlook on the volatile global economy and foreign exchange markets to improve its corporate clients using its global market platforms. Some 20 chief executive officers and finance heads of major multinational companies participated in the ev

IndustryJuly 24, 2022

Rice consumption cut in half over 30 years

The phrase “Have you eaten rice today?” has long been considered equivalent to “How are you?” in South Korea. But it might not be the case much longer, with rice consumption shrinking amid changing eating habits, especially among younger generations. According to data from Statistics Korea, the average rice consumption per person was 56.9 kilograms in 2021, a 17.3 percent fall over the past 10 years. Compared to 30 years ago, rice consumption was almost cut in half.

ConsumerJuly 24, 2022

Hyundai Motor Group to get hefty incentives for Georgia EV plant

Hyundai Motor Group will receive benefits worth 2.4 trillion won ($1.8 billion) in tax exemptions and incentives from the US state of Georgia in exchange for building its first dedicated electric vehicles manufacturing plant there. The subsidy package of property and income tax exemptions, as well as other incentives in land, infrastructure and equipment purchases, is the largest-ever offered by the US state. According to the signed deal disclosed on Saturday, the Korean automaker will get a ta

MobilityJuly 24, 2022

China’s BYD eyes foray into Korean EV market

BYD, the world’s largest electric vehicle maker, is getting ready for EV sales in the South Korean market, going head to head against the country’s top automaker Hyundai Motor Group with lower price tags and better performing cars. Industry sources said Sunday that BYD recently inked a deal to rent an office near Seoul Station in central Seoul and started recruiting personnel, including those for vehicle registration, after-sales services and marketing activities.  Since the

MobilityJuly 24, 2022

Hana, SKT ink partnership in ESG, digital financing

South Korea’s Hana Financial Group and SK Telecom signed a share-swap deal worth some 400 billion won ($305.3 million) to set up a new environmental, social and governance model, officials said Sunday. “We have signed a strategic partnership with SK Telecom on Friday to build a new cooperative agreement based on ICT innovation,” Hana said in a statement. Under the deal between the nation’s banking and telecommunications giants, SK Telecom will acquire a 3.1 percent sta

MarketJuly 24, 2022

Posco shifts to emergency mode over potential global recession

South Korean steel giant Posco Group has put itself on an emergency management footing, its holding company said Sunday, as business units across the group brace for weaker profits amid an expected slowdown of the global economy. The decision came in a Thursday meeting of Chairman Choi Jeong-woo and other top executives of Posco Group, Posco Holdings Inc. said. Posco Holdings said the group's top executives reviewed risk factors for each major businesses unit, such as steel, infrastructure,

IndustryJuly 24, 2022

Hyundai, Kia record robust sales growth in Vietnam, Indonesia in H1: associations

Hyundai Motor Co. and its affiliate Kia Corp. recorded robust on-year sales growth in Vietnam and Indonesia in the first half of 2022, delivering strong performances in the markets traditionally dominated by Japanese automakers, local industry associations' data showed Sunday. The combined sales of Hyundai Thanh Cong Manufacturing Vietnam and THACO Kia -- the South Korean automakers' joint ventures in Vietnam -- reached 71,882 in the January-June period, up 29.3 percent from a year ago

IndustryJuly 24, 2022

Asiana resumes Incheon-Beijing route after 2 years

  Asiana Airlines Inc., South Korea's second-biggest carrier, resumed its Incheon-Beijing route Saturday after suspending it for more than two years due to the COVID-19 pandemic. An Asiana plane carrying 141 passengers left Incheon International Airport in the morning and arrived at Beijing Capital International Airport, the company said. Before the pandemic, the Incheon-Beijing route was a key route between the two countries used by some 1.1 million passengers annually. It was suspended

IndustryJuly 23, 2022

Exporters should brace for advancement of Chinese industries: vice minister

SEJONG -- South Korea needs to brace for a change in trade relations with China, as industries in the global economic powerhouse are undergoing rapid development, First Vice Finance Minister Bang Ki-sun said Friday. At an economy-related vice ministerial meeting in Seoul, Bang said China’s industrial structure has showed “advancement in technologies,” adding that this has been bringing about a change in bilateral trade structure with Korea. The government will spare no effort

EconomyJuly 22, 2022

AmCham welcomes Yoon’s policy to expand corporate tax breaks

The American Chamber of Commerce in Korea on Friday welcomed the Yoon Suk-yeol administration’s policy to expand corporate tax breaks, which are aimed at promoting active investments and job creation. “AmCham greatly appreciates the willingness of the Korean Government to listen and promptly respond to the concerns and recommendations of AmCham and the foreign business community,” Chairman and CEO of AmCham Korea James Kim said in a statement. “I also appreciate that th

IndustryJuly 22, 2022

DSME creditor warns of bankruptcy over shipyard strike

Daewoo Shipbuilding & Marine Engineering may face a court-ordered rehabilitation process unless action is taken on a monthlong strike there, the company’s main creditor Korea Development Bank said Friday. “It would be more difficult for DSME to repay its debts as the strike drags on … we’re not going to help the builder unless it gets back to work,” an executive at the state-run bank said, suggesting that the country’s third-largest shipbuilder would hav

IndustryJuly 22, 2022

SK On, Ford, ECOPRO to jointly invest in US cathode facility

South Korean battery maker SK On Co. said Friday it has partnered with Ford Motor Co. and a domestic cathode firm to jointly invest in a cathode materials production facility in the United States. SK On said it has recently signed a letter of intent with Ford and ECOPRO BM Co. to start the construction of the plant in late 2023. The three companies have yet to decide on the ratio of their investments and the plant site. The cathode materials to be produced in the plant will be supplied to BlueOv

IndustryJuly 22, 2022

LG Energy Solution to supply more batteries to Ford

South Korean battery maker LG Energy Solution is poised to bolster business cooperation with US carmaker Ford. LG Energy Solution said Friday that it would provide more batteries for Ford, which has recently seen growing demand for its electric vehicles, such as the Mustang Mach-E and E-Transit. The battery maker has been supplying batteries for these two models since the second half of 2020. To supply more batteries to Ford, the battery maker will double its battery assembly lines in its bat

IndustryJuly 22, 2022

Barenbliss works with Korean experts to create skin brightening products

South Korean cosmetics brand Barenbliss said Friday that it has been working with top researchers to launch its new product line, “Meta Glow Series,” last month. Barenbliss has been operating its own research center, Barenbliss Skinlab, which has the necessary analytical facilities to test product safety and efficacy, the company said. The lab is headed by Yoon Myeong-seok, a professor of chemical and bio-engineering at Gachon University, and the Vice President of Cosmax R&I

ConsumerJuly 22, 2022

Samsung weighs building 11 more chip plants in US over next two decades

Samsung Electronics Co. floated an idea of investing nearly $200 billion to build 11 more chip plants in the United States over the next two decades, documents filed with the state of Texas showed Friday. The proposed investment is described in South Korean tech giant's applications filed with the Taylor and Manor school districts, seeking tax breaks for the potential construction of 11 new chip fabrication facilities in the state -- nine in Taylor and two in Austin. Samsung already has a g

IndustryJuly 22, 2022

Tale of 2 tournaments for S. Korea at East Asian football competition

After only one match each, the ongoing East Asian football competition has been a tale of two tournaments for the South Korean men's and women's teams. The women's team, coached by Colin Bell, suffered a 2-1 loss to Japan to open the East Asian Football Federation (EAFF) E-1 Football Championship in Japan on Tuesday. With that, hopes of ending a 17-year title drought at the EAFF event all but evaporated. The men's side, with Paulo Bento in charge, blanked China 3-0 in their f

IndustryJuly 22, 2022

Shinhan Financial Group Q2 net income up 4.8% to W1.33tr

Shinhan Financial Group Co. on Friday reported its second-quarter net profit of 1.33 trillion won ($1 billion), up 4.8 percent from a year earlier. Operating income for the April-June period was 1.74 trillion won, up 3.3 percent from a year ago, the company said in a regulatory filing. Sales rose 123.1 percent to 18.66 trillion won. The earnings beat market expectations. The average estimate of net profit by analysts stood at 1.28 trillion won, according to the survey by Yonhap Infomax, the fina

EconomyJuly 22, 2022

Hyundai Mobis Q2 net income up 15% to W769.7b

Hyundai Mobis Co., South Korea's leading auto parts maker, said Friday its second-quarter net profit rose 15 percent from a year earlier on shareholding gains from its affiliates. Net profit for the three months ended in June climbed to 769.7 billion won ($587 million) from 669.6 billion won in the same period of last year, the company said in a statement. "Equity gains from affiliate Hyundai Motor Co. gave a boost to the bottom line in this past quarter," a company spokesman said

IndustryJuly 22, 2022

Seoul shares open slightly higher on US gains

South Korean shares opened slightly higher Friday, following overnight Wall Street gains, amid lingering concerns over a global economic recession. The benchmark Korea Composite Stock Price Index added 2.09 points, or 0.09 percent, to trade at 2,411.25 points in the first 15 minutes of trading. Foreigners and retail investors went on a buying mode, while institutions sold shares. Overnight, US stocks rose on the back of tech gains. The Dow Jones Industrial Average rose 0.51 percent, and the tech

MarketJuly 22, 2022

Producer prices grow for 6th month in June on high energy, service costs

South Korea's producer prices gained for the sixth straight month in June, driven by rising prices of oil, coal and services, central bank data showed Friday. The producer price index, a major barometer of consumer inflation, stood at 120.04 last month, up 0.5 percent from the previous month, according to the preliminary data from the Bank of Korea (BOK). From a year earlier, the index spiked 9.9 percent, marking the 19th consecutive month of on-year rises. Energy and raw material prices re

EconomyJuly 22, 2022