Matica Biotechnology aims to reach W1tr annual sales by 2030

Matica Biotechnology, local firm Cha Biotech’s US subsidiary, has set out a goal of posting 1 trillion won ($761 million) in annual sales to become a global top five contract development and manufacturing organization business in cell and gene therapy by 2030, the company said Thursday. “The global cell and gene therapy CDMO market is expected to reach 25 trillion won by 2030 with a compound annual growth rate of over 20 percent,” said Song Yun-jeong, CEO of Matica Biotechnol

TechnologyJuly 21, 2022

SK Inc. to provide interim dividend for 5th consecutive year

SK Inc., the investment arm of SK Group, on Thursday, said it has decided to give interim dividends for the fifth year in a row, showing its continued commitment to its shareholders. According to SK Inc., the board of directors agreed to pay interim dividends of 1,500 won ($1) per share, the same amount as the last year. The total amount of the interim dividends payout is estimated at 85 billion won. The company said it has steadily increased the annual dividend payment amount from 208.7 bil

MarketJuly 21, 2022

Home prices drive household wealth

South Korean household wealth jumped 8 percent on-year, with net worth per household estimated at 544.7 million won ($415,593) thanks to a surge in house prices, a Bank of Korea report showed Thursday. Real estate made up 75 percent of household wealth. The net worth of households, nonprofit organizations, financial and nonfinancial companies and the government came to 19,000 trillion won, up 2,030 trillion won, or 11.4 percent, from the previous year. That is the biggest annual increase since

EconomyJuly 21, 2022

NCSoft’s Universe attracts with its exclusivity

Online game developer NCSoft’s K-pop fan community platform Universe is garnering attention with its exclusivity and communicative functions, the company said Thursday. Launched last January, Universe is currently functioning as a global K-pop fandom platform where fans can watch original content starring their favorite artists and communicate directly with them. Universe provides a variety of exclusive features such as web entertainment shows, music videos and audio for its users. As o

IndustryJuly 21, 2022

Seoul shares up for 2nd day on US rallies, tech gains

South Korean stocks ended higher Thursday, as US rallies and eased concerns over high global energy prices boosted investor sentiment. The Korean won gained ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 22.31 points, or 0.93 percent, to close at 2,409.16, extending the winning streak to the second consecutive session. It is the highest figure since June 28, when the KOSPI closed at 2,422.09. Trading volume was small at 290.45 million shares worth 6.19 trillion

MarketJuly 21, 2022

Yoon to expand tax breaks for companies, salaried workers

SEJONG -- The Yoon Suk-yeol administration on Thursday unveiled a new batch of measures aimed at revamping the taxation system, including expanding corporate tax breaks and relieving the tax burden on individuals. It is the first time in 15 years for the government to push to cut income taxes to support middle- and low-income people. To encourage companies to invest and create more jobs, the government plans to slash the corporate tax ceiling to 22 percent of earnings from the current 25 percen

EconomyJuly 21, 2022

Samsung SDI to invest W1.7tr in 2nd plant in Malaysia

Samsung SDI held a ground-breaking ceremony on Thursday for its new cylindrical battery-making plant in Malaysia. The company will invest 1.7 trillion won ($1.3 billion) in the new battery factory to have its construction finished by 2025 in response to the growing demand for cylindrical batteries. Starting from 2024, a year before the factory’s scheduled completion, the battery maker will manufacture cylindrical batteries known as 21700, which are a 21-millimeter-wide and 70-millimeter-

IndustryJuly 21, 2022

Hyundai Oilbank ditches IPO

Hyundai Heavy Industries Group’s refining affiliate Hyundai Oilbank has withdrawn its application for an initial public offering with local bourse operator Korea Exchange, the firm said Thursday. The decision, which was reached Wednesday, comes after a general evaluation of the recent stock market conditions and stock price trend of other refineries, according to Hyundai Oilbank. “In the current market situation where it is difficult to be recognized properly by our excellent perfo

IndustryJuly 21, 2022

S. Korea targets W340tr investment for chip supremacy

The South Korean government on Thursday vowed financial and regulatory support to pave the way for the chip industry’s investment of 340 trillion won ($259 billion) over the next five years and nurturing more than 150,000 skilled workers in the field. As chips are increasingly being perceived as key economic security assets around the world, South Korea -- home to the world’s top two memory chipmakers, Samsung Electronics and SK hynix -- has also come up with a more comprehensive r

IndustryJuly 21, 2022

‘No-spend challenge,’ a growing trend in S. Korea

Kim Ji-yeon, a 29-year-old elementary school teacher, stopped eating out during weekdays and started to eat lunch at a school canteen. Instead of going to cafes after lunch, Kim drinks instant coffee in her office. It has been two weeks since she has not spent any money during weekdays. “I first heard about the ‘no-spend challenge’ on Instagram, and thought it was a good way to save money. I was able to save around 200,000 won ($153) in two weeks.” Kim is one of the gr

ConsumerJuly 21, 2022

[Photo News] Return to work

Flight attendants are seen at Incheon Airport Terminal 2 on Thursday, as the gradual increase in the number of international flights has prompted airline employees to return to work. According to the aviation industry, Korean Air employees’ leave of absence rate this month recorded less than 20 percent. Flight attendants all over the airport industry have been on extended leave due to a pandemic-induced hiatus, but employees have been sequentially coming back since the beginning of this ye

July 21, 2022

KB Financial Group releases sustainability report highlighting green financing

South Korea’s KB Financial Group on Thursday released its annual sustainability report for 2021 sharing its achievements in and insights on environmental, social and corporate governance. The report includes KB’s experience in dealing with key ESG issues such as climate change, green financing and diversity alongside the firm’s stance on corporate governance, ESG management and social responsibility. In October 2021, KB was officially endorsed by the Science Based Targets

MarketJuly 21, 2022

Borrowers in their 40s, 50s face higher loan default risk

South Koreans in their 40s and 50s now face higher chances of loan default and delinquency, with those who took out loans from more than one financial institution increasing by nearly 100,000 from last year, data showed Thursday. This has spurred concerns that a significant number of borrowers in those age groups could be taking out additional money to repay existing debts, with aggressive rate hikes in recent months requiring them to pay more in interest. Borrowers in their 40s and 50s who

EconomyJuly 21, 2022

Hyundai Motor logs best-ever quarterly profit

South Korean automaker Hyundai Motor on Thursday reported its best-ever quarterly result for the April-June period, with operating profits surging 58 percent to nearly 3 trillion won ($2.2 billion) on the back of increased luxury vehicle sales and the weak Korean won. The carmaker’s operating profit jumped to 2.97 trillion won with the rate of operating profit reaching 8.3 percent. The last time the company recorded operating profit above 2 trillion won was in the second quarter of 2014

MobilityJuly 21, 2022

Samsung foldable smartphones to hit 10 million in shipments

Ahead of the global unveiling event for Samsung Electronics’ newest mobile lineup, the Z Fold 4 and Z Flip 4, next month, the company’s mobile business chief said Thursday that its foldable series is having its moment with shipments of foldables nearing the 10 million mark. “Last year, we saw almost 10 million foldable smartphones shipped worldwide. That’s an industry increase of more than 300 percent from 2020, and I predict this fast-paced growth will continue,”

TechnologyJuly 21, 2022

LG Chem exports 1st plant-based phenol, acetone to German firm

LG Chem is exporting its first bio-balanced phenol and acetone products to Germany, the company said Thursday. According to LG Chem, the exports that were made from biomaterials such as waste vegetable oil are eco-friendly products certified by the International Sustainability and Carbon Certification PLUS. The total amounts of exported phenol and acetone are 4,000 tons and 1,200 tons, respectively, to mark the largest single-export volume that have been certified by the ISCC PLUS. The produ

IndustryJuly 21, 2022

JB Financial renames venture investing biz as JB Investment

JB Financial Group, a Jeonju-based financial holding company, said Thursday it has renamed its subsidiary Mega Investment to JB Investment. The finance company inked a deal to take over Mega Investment from South Korean online educational service provider MegaStudy in May for 48 billion won ($36.5 million). The deal was signed as part of the regional bank’s efforts in diversifying its business portfolio, said JB Financial Group. The newly named JB Investment is a venture investment firm

MarketJuly 21, 2022

FDI in free economic zones soars 164% in H1: data

SEOUL, July 21 (Yonhap) -- Foreign direct investment (FDI) pledged to South Korea's free economic zones (FEZs) more than doubled in the first half of this year to hit a three-year high amid post-pandemic economic recovery, data showed Thursday. The country's nine FEZs received $560 million worth of FDI commitment during the January-June period, up 164 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It is the highest figure si

EconomyJuly 21, 2022

S. Korea's seaport cargo down 5.1% in Q2 amid Ukraine crisis

Cargo processed at South Korean seaports fell 5.1 percent on-year in the second quarter of this year amid global supply disruptions due to the prolonged crisis in Ukraine and China's lockdown of major cities over the COVID-19 pandemic, the oceans ministry said Thursday. Cargo handled at the country's ports came to 373.98 million tons in the April-June period, compared with 394.17 million tons a year earlier, according to the Ministry of Oceans and Fisheries. Handling of export-import c

EconomyJuly 21, 2022

Exports up 14.5% during first 20 days of July

South Korea's exports rose 14.5 percent in the first 20 days of July from a year earlier, but the country suffered a trade deficit on higher global energy costs, customs data showed Thursday. The country's outbound shipments stood at $37.25 billion in the July 1-20 period, compared with $32.52 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 25.4 percent on-year to $45.35 billion during the cited period, resulting in a trade deficit of $8.12

EconomyJuly 21, 2022