S. Korea set to jack up natural gas prices in April

Prices of liquefied natural gas (LNG) in South Korea will increase nearly 2 percent in April due to rising international energy prices, the industry ministry said Thursday. LNG rates for households, restaurants, hotels and other commercial users will go up by an average 1.8 percent on April 1, according to the ministry. With the rate increase, households are expected to pay 860 won ($0.71) more per month, with the burden for commercial users likely to rise by the same amount. The rate hike comes

EconomyMarch 31, 2022

S. Korea reviewing whether to further cut fuel taxes

South Korea is reviewing whether to further cut fuel taxes as inflationary pressure has built up amid surging energy costs, the finance minister said Thursday. The government is considering whether to lower fuel taxes by 30 percent from the current 20 percent as oil prices have spiked amid Russia's invasion of Ukraine. Early this month, the country decided to extend fuel tax cuts by three months until end-July in an effort to curb inflation. "We are in the final stage of reviewing whether t

EconomyMarch 31, 2022

Industrial output falls for 2nd month in Feb.

South Korea's industrial output fell for the second straight month in February as economic uncertainty has heightened amid the upsurge in COVID-19 cases and surging energy costs driven by the Ukraine crisis, data showed Thursday. Industrial output declined 0.2 percent in February from the previous month, compared with a 0.3 percent on-month fall in January, according to the data compiled by Statistics Korea. Compared with a year earlier, industrial output rose 4.3 percent. Retail sales, a gau

IndustryMarch 31, 2022

Citibank Korea spent W1.2tr won on voluntary retirement last year

Citibank Korea Inc., the Korean unit of US banking giant Citigroup, said Wednesday it spent a total of 1.2 trillion won ($991 billion) on its voluntary retirement programs last year. Early-retiring employees were paid in advance the salaries that they would have earned until the legal retirement day, with an upper limit of 700 million won, the bank said. According to its regulatory filing, the bank registered a net loss of 796 billion won in 2021, compared with a net profit of 187.8 billion

MarketMarch 30, 2022

Hyundai E&C start sales of Hillstate apartment in Geomdan

Hyundai Engineering & Construction, the construction arm of Hyundai Motor Group, said on March 22 that it started sales of its new Hillstate apartment complex in Geomdan New Town, Incheon. The apartment complex comprises 13 buildings and a total 1,535 units that range in size from 74 to 125 square meters. Since the Hillstate complex was partially built as public housing, it is subject to a price cap that is expected to push down sales prices compared to average market prices. Notably, apart

IndustryMarch 30, 2022

[Herald Interview] US envoy says 10-year-old KORUS FTA is foundation for a new trade platform

The Korea-US Free Trade Agreement (KORUS FTA) will play a crucial role in taking bilateral trade ties to a new level through a new trade platform designed to tackle challenges stemming from a rapidly changing market environment, a senior US envoy in Seoul said. The KORUS FTA, which marked its 10th year this month, has been the most comprehensive and high-standard trade agreement in the region. “The KORUS represents a turning point in the US-Korea relationship building from our initial sec

IndustryMarch 30, 2022

Seoul stocks up for 2nd day on hope for Ukraine-Russia peace talks

South Korean shares closed a tad higher Wednesday, as investors focused on the recent round of Ukraine-Russia peace talks that ended earlier in the day. The Korean won steeply rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 5.67 points, or 0.21 percent, to close at 2,746.74 points. Trading volume was moderate at about 825 million shares worth some 10.9 trillion won ($9 billion), with losers outnumbering gainers 432 to 416. Institutions bought a net 160 billio

MarketMarch 30, 2022

Nongshim launches bakery snack brand Petit Paris

Nongshim Co. said it launched a “bakery snack” brand named Petit Paris, starting with a bread roll snack that tastes like French toast. The largest instant noodle and snack company in South Korea said it will introduce more products under the new brand as it pioneers the market for snacks with a soft texture and taste similar to that of bakery products. “As there is high consumer demand for bread, cakes and cookies, we expect Petit Paris bakery snacks to be popular as well. T

ConsumerMarch 30, 2022

Hyundai Mobis bolsters software prowess for future mobility

Hyundai Mobis, the parts-making unit of Hyundai Motor Group, said Wednesday it aims to bolster its software prowess in preparation for the future of transportation where software will enrich driver and passenger experiences. As part of its efforts, the firm has launched a four-week training course called “Mobis SW Academy,” which focuses on automotive software engineering and embedded software technology crucial for developing automotive parts. Job seekers can join the program, a

IndustryMarch 30, 2022

Korea mulls bigger tax cut on fuel

SEJONG -- Economic policymakers are reportedly mapping out measures to ease the burden of households and microbusiness owners, as the nation’s gasoline and diesel prices have surged in the wake of spiking international crude oil prices. A core interest in the market is whether the Ministry of Economy and Finance will decide to expand the rate of tax cut on fuel from the current discount. A Finance Ministry official was quoted by a news provider on Wednesday as saying that the government

EconomyMarch 30, 2022

SK hynix mulls consortium for Arm acquisition

SK hynix, the world’s second-largest memory chip maker, is considering coinvesting in the acquisition of United Kingdom-based semiconductor design firm Arm by taking part in a consortium, its co-chief executive officer Park Jung-ho told reporters Wednesday. “We are considering coinvesting in Arm with other companies,” Park said in a briefing. “Arm plays a very important role in the international semiconductor ecosystem, and the ecosystem will not allow a single entity t

TechnologyMarch 30, 2022

KT to debut disinfection robots in April

South Korean telecom carrier KT, having already launched several robots for hotels and restaurants, is now posed to debut new robots fighting virus infections, laying a basis for its foray into the service robot and rental services business. During a media event held Wednesday, the company said it plans to sell or rent up to 4,000 disinfection robots from April until the end of this year, targeting hospitals, government buildings and welfare facilities. Its autonomous robots, which come in t

TechnologyMarch 30, 2022

'AI technology to halve new drug development period'

The technology of artificial intelligence will be used in every step of developing drugs to cut the time it takes to discover a new drug in half, the newly appointed leader of the Korea AI Center for Drug Discovery and Development said Wednesday. “Starting from designing candidate substances, AI technology can set up clinical trials based on biometric data and minimize uncertainty, time and cost by deriving the optimal patient group,” said Kim Woo-youn, head of KAICD at the Korea P

TechnologyMarch 30, 2022

Cha Medical to build world’s largest CGT manufacturing facility

Cha Medical and Bio Group has officially begun the construction of Cell Gene Biobank, which is expected to be world’s largest single facility in the business of contract development and manufacturing organization for cell and gene therapy, the company said Wednesday. According to the company, it has invested 300 billion won ($248 million) into building CGB that features 10 stories above ground and four below ground to cover a total floor area of 66,115 square meters in Pangyo, Gyeonggi P

IndustryMarch 30, 2022

Hanmi Global wins plant operation deal from SK Nexilis

South Korean construction management firm Hanmi Global said Wednesday that it has won an order from SK Nexilis to manage the copper foil making unit of SKC Group’s new plant in Poland that has an annual production capacity of 50,000 tons.  Located in an industrial complex in Stalowa Wola, southeastern Poland, the plant will start mass production of copper foils – a key material for anode of electric vehicle batteries – from as early as 2014.  Under the deal, Hanmi

IndustryMarch 30, 2022

Hyundai Glovis introduces firefighting system for vehicles onboard cargo ships

Hyundai Glovis, a logistics arm of Hyundai Motor Group, said Wednesday that it has established a firefighting plan for vehicles that are transported on cargo ships, a customized system to prevent risk of fire caught on electric vehicles on board a vessel. According to the company, it will place special equipment such as fire cover and water mist nozzle at all of its car-carrying ships. By putting this specially-coated cloth on a vehicle caught fire, the flow of oxygen will instantly stop and

IndustryMarch 30, 2022

Regulator OKs SK hynix's acquisition of Key Foundry

South Korea's antitrust regulator said Wednesday it has decided to approve the deal by the country's major chipmaker SK hynix Inc. to buy a local foundry firm, Key Foundry. In October, SK hynix said it inked a deal to acquire a 100 percent stake in the 8-inch wafer foundry manufacturer for 575.8 billion won ($474.85 million) in a move to boost its presence in the non-memory sector. The Fair Trade Commission (FTC) said it has approved the deal, as the takeover is not expected to hamper competitio

IndustryMarch 30, 2022

GM to add Tahoe SUV to S. Korean lineup next month

GM Korea Co., the South Korean unit of General Motors Co., said Wednesday it will add the Tahoe full-size SUV to its lineup next month to meet a rising demand for SUVs amid the extended COVID-19 pandemic. GM Korea will begin the delivery of the Chevrolet Tahoe SUV to South Korean customers in April, making Chevrolet the first brand in South Korea among domestic and imported brands with an SUV portfolio that ranges from the small to extra-large segments, the company said in a statement. The all-w

IndustryMarch 30, 2022

Asset managers' net up 67.1% on increased commission revenue

Asset management firms in South Korea saw their 2021 combined net earnings jump 67.1 percent from a year earlier thanks to a rise in commission revenue, data showed Wednesday. The combined net income of 348 firms came to 2.16 trillion won ($2.01 billion) last year compared with 1.3 trillion won a year earlier, according to the preliminary data compiled by the Financial Supervisory Service (FSS). The rise came mostly from an increase in commission revenue from their fund management and investment

EconomyMarch 30, 2022

Seoul stocks open higher on US gains

South Korean shares opened higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index had increased 13.99 points, or 0.51 percent, to reach 2,755.06 as of 9:17 a.m. Overnight, the tech-heavy Nasdaq climbed 1.84 percent and the Dow Jones Industrial Average advanced 0.97 percent, as investors pulled hopes of easing geopolitical tensions amid the Ukraine-Russia peace talks. In Seoul, market bellwether Samsung Electronics went up 0.28 percent, and No.

MarketMarch 30, 2022