Women empowerment, net-zero: Hana Financial bolsters ESG efforts

South Korea‘s Hana Financial Group announced Monday its support for the Women’s Empowerment Principles (WEPs) and said that it has joined the Net-Zero Banking Alliance, as part of its efforts to bolster ESG value in its management. The WEPs is a joint initiative by UN Women and UN Global Compact to promote women’s empowerment in the workplace and community. Hana said it will expand gender equality in its workplace by providing additional promotion and education opportunities f

MarketMay 16, 2022

BOK chief says ‘big-step’ rate hike still on the table

South Korea has yet to arrive at a stage where the option of a “big step” or half a percentage point rate hike can be completely ruled out, with the possibility of higher inflationary pressure looming over the economy, the nation’s central bank chief said Monday. Following his breakfast meeting with Finance Minister Choo Kyung-ho, Bank of Korea Gov. Rhee Chang-yong told reporters the uncertainties surrounding Korea’s inflation is keeping the central bank from taking the

EconomyMay 16, 2022

[Herald Interview] ‘BTS’ military service will have limited impact on KPOP ETF’

When Psy’s supercharged “Gangnam Style” rose to No. 2 on the Billboard Hot 100 in 2012, nobody expected it to spark K-pop’s long-running, global popularity. Exactly a decade later, an Oklahoma-based exchange-traded fund issuer has decided to bring the idea of investing in K-pop-related businesses to the US. “The K-pop movement is still growing here in the US, and we think it is well known enough now that US investors will find this intriguing,” J. Garrett

MarketMay 16, 2022

Motorola phones back in Korea after 9-year hiatus

A South Korean budget mobile carrier said on Monday it will introduce two 5G Motorola smartphone models, nine years after the American brand pulled out the mobile business here. Bookings for the new phones, which will be released at the end of this month, can be made at the online mall of LG Hello Mobile. Motorola left the Korean mobile market in December 2012. The new models Edge 20 Lite 5G and Moto G50 5G are priced at 399,000 won and 349,000 won, respectively. The midrange smartphones sup

TechnologyMay 16, 2022

Stock market's trading volume dips amid growing uncertainty

South Korea's main stock market saw its trading volume shrink more than 16 percent this month from a year earlier, data showed Monday, as investors remained on the sidelines amid inflation worries and other negatives. The daily trading volume of the country's main bourse averaged 940 million shares during 10 sessions between May 2 and Friday, down 16.4 percent from a year ago, according to the data from the Korea Exchange. In particular, the average daily trading volume of the top 10 caps, exclu

MarketMay 16, 2022

Seoul shares open higher amid woes over sharp rate hikes

Seoul shares opened higher Monday amid woes over high inflation, rake hikes and an economic slowdown. The Korea Composite Stock Price Index (KOSPI) rose 13.52 points, or 0.52 percent, to 2,617.76 in the first 15 minutes of trading. On Friday, Seoul shares bounced back to snap an eight-session losing streak, as investors scooped up large-cap stocks on bargain hunting. US stocks also closed higher after Federal Reserve Chair Jerome Powell reiterated the Fed was not "actively considering"

MarketMay 16, 2022

Govt. to prioritize stabilization of rising product prices

　 Finance Minister Choo Kyung-ho said Sunday the government will make it a top priority to stabilize rising product prices fueled by the Russia-Ukraine war and other external uncertainties. 　The government will set up measures for price stabilization through consultations with related ministries as quickly as possible, the finance minister said in a meeting in Seoul. 　 　“South Korea stands at a serious and urgent stage as the prolonged Russia-Ukraine war, major economies‘ monetary ti

EconomyMay 15, 2022

After 100 days, 7 out of 10 firms not yet ready for safety law

Even 100 days after South Korea’s new industrial safety law has come into effect, almost 7 out of 10 companies here say they still cannot fully understand the law and face difficulty complying with it, a survey showed Sunday. According to a survey on 930 local companies by the Korea Chamber of Commerce and Industry, 68.7 percent said they still have a hard time coming up with countermeasures to respond to the new law aimed at better protecting workers from fatal industrial accidents. On

IndustryMay 15, 2022

Hyundai Motor unveils Korean ‘ondol’-inspired mobility concept

Hyundai Motor Group on Sunday unveiled its latest mobility concept inspired by the Korean traditional floor heating system “ondol” that allows passengers to take rest inside or even sleep with a specially designed multifunctional blanket.  According to the carmaker, its new mobility concept, Mobility Ondol, has no driver’s seat, since it was designed based on the fully autonomous driving system. The seats are arranged to face each other, putting the communication of the

MobilityMay 15, 2022

Air carriers resuming outbound routes ahead of holiday season

Following the government’s eased rules on COVID-19 testing for travelers, air carriers are bracing for the summer holiday season as they reopen suspended international routes and refurbish cargo planes to carry passengers.  On Sunday, the country’s largest flag carrier Korean Air announced that it is adding more than 30 flights per week to Europe and US routes from next month.  The number of flights to popular destinations such as San Francisco, Vancouver, London, Amster

IndustryMay 15, 2022

Samsung Electronics to roll out Muziktiger edition for Galaxy Z Fold3

South Korean tech giant Samsung Electronics Co. said Sunday it will launch a limited edition of the Galaxy Z Fold3 handset in collaboration with homegrown design brand Muziktiger. The Muziktiger edition, to go on sale from Monday, is priced at 1,280,400 won (US$997). The new edition comes with the handset device, a clear cover and Muziktiger accessories, including a key ring and a pop socket. The Muziktiger edition will be available on Samsung Electronic's website, Galaxy Campus Store, and local

IndustryMay 15, 2022

[Weekender] Planting for peace of mind

For Kim Yoo-jun, a 31-year-old firefighter, farming is a newfound hobby -- not necessarily to put fresh vegetables on his table, but to regain strength to continue his mission of saving lives. Looking back at the last three years, Kim realized that he was under a lot of stress at his high-risk job. He realized that he desperately needed to do something other than taking pills or counseling to manage his stress. “I run my own little farm near my mother’s house. It’s as small

IndustryMay 14, 2022

Court picks KG consortium as preliminary bidder for SsangYong Motor

A Seoul court on Friday selected a local consortium led by chemical-to-steel firm KG Group as the preliminary bidder for SsangYong Motor ahead of the auction beginning later this month to find a new investor for the carmaker. The new auction comes two months after local electric bus maker Edison Motors Co. failed to make a full payment of 304.8 billion won (US$249 million) for the debt-laden SsangYong Motor by the March 25 deadline. SsangYong and its lead manager EY Hanyoung accounting firm ac

MobilityMay 13, 2022

Samsung considers raising chip prices by 20%: report

Samsung Electronics Co. is considering raising chipmaking prices by up to 20 percent, a news report said Friday. Bloomberg reported the South Korean chipmaker is in talks with foundry clients to hike the contract chipmaking prices. Samsung spokespersons, contacted by Yonhap, said they could not officially comment on the matter. Samsung is the world's largest memory chip maker and second largest contract chip manufacturers after Taiwan's TSMC. Samsung's foundry business achieved its highest q

IndustryMay 13, 2022

KG Group picked as preferred bidder for SsangYong Motor

A Seoul court said Friday that it picked chemical conglomerate KG Group as the preferred bidder to acquire SsangYong Motor, a debt-ridden carmaker whose recent takeover by a local electric automaker fell apart. “We’ve looked at whether the bidder could really deliver the cash promised, given the fiasco months ago when the deal fell apart because of that,” SsangYong Motor said. The KG Group-led consortium, which includes Pavilion Private Equity, has enough cash to make the pur

MarketMay 13, 2022

Samsung says 6G critical to XR, hologram, digital replica

While 5G penetration is still largely underway worldwide, it does not mean progress to build a faster wireless network globally has peaked. In order to offer users a full-fledged immersive experience, 6G will inevitably replace 5G networks, experts said in the first Samsung 6G Forum hosted virtually by tech giant Samsung Electronics Friday. Given that it takes about a decade to enable the next generation wireless network, and the world is seeing more applications that require massive data pro

TechnologyMay 13, 2022

[Market Eye] What's behind Hyundai Motor's $7b EV plant plan in US?

On news reports that South Korea’s auto giant Hyundai Motor is set to announce a $7 billion investment plan in US, market experts said Friday that the carmaker appears to have done the math: lucrative state incentives, tax benefits, growing demand for electric vehicles and perhaps, proximity of battery supply from its fellow South Korean company SK Innovation. The world’s fifth-largest carmaker will unveil the plan to build an EV plant during US president Joe Biden’s state vis

MobilityMay 13, 2022

Seoul shares sharply rebound on bargain hunting; inflation woes remain

Seoul shares bounced back to end higher on Friday, snapping an eight-session losing streak, as investors scooped up large-cap stocks on bargain hunting amid inflation concerns. The South Korean won rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 54.16 points, or 2.12 percent, to 2,604.24. The main index shed 5.4 percent over the past eight sessions through Thursday. The KOSPI had continued to fall as investors expect the Federal Reserve to deliver a series of big-s

MarketMay 13, 2022

Korea Electric Power reports record loss in Q1 over high fuel prices

South Korea's state power firm Korea Electric Power Corp. (KEPCO) on Friday reported a record-high operating loss in the first quarter of this year due to high global energy costs and the freeze in electricity rates. Operating loss for the January-March period hit an all-time quarterly high of 7.78 trillion won ($6.06 billion), compared with the operating profit of 565.6 billion won from a year earlier, the state-run firm said in its regulatory filing. The figure is even larger than the company'

EconomyMay 13, 2022

LG H&H opens microbiome cosmetic R&D center in Hokkaido

LG Household & Health Care (H&H) Ltd., a major South Korean producer of cosmetic and health care products, said Friday it has opened a new research and development (R&D) center in Hokkaido, Japan, focusing on microbiome beauty products. LG H&H said Hokkaido provides the optimal environment for conducting research on useful strains of microbiomes -- which refers to the collection of bacteria, fungi and other microbes that naturally live on the human body -- and is equipped with in

IndustryMay 13, 2022