Foreign currency deposits grow in Feb. on increased corporate savings

Foreign currency deposits at banks in South Korea grew for the first time in three months in February thanks to increased corporate savings, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits reached $98.14 billion as of end-February, up $4.97 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data exclud

MarketMarch 21, 2022

Construction contracts gain 10.5% in 2021

The value of construction contracts in South Korea gained more than 10 percent in 2021 thanks to more private projects, government data showed Monday. The value of civilian and public works contracts in Asia's fourth-largest economy stood at 288.9 trillion won ($238 billion) last year, up 10.5 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Private deals surged 15.9 percent on-year to 226.9 trillion won, while public-sector contracts co

IndustryMarch 21, 2022

Hyundai Motor Group's key overseas units turn profit in 2021

ajor overseas units of South Korean automaking titan Hyundai Motor Group were profitable in 2021 on brisk sales of eco-friendly vehicles and increased capacity utilization, company data showed Monday. Hyundai Motor Co., the group's flagship, said its US production unit swung to a net profit of 237 billion won ($195 million) from a net loss of slightly over 1 trillion won the previous year. It represented the subsidiary's first black ink in three years. Its net loss came to 228.2 billion won in 2

IndustryMarch 21, 2022

Seoul stocks open nearly flat amid Ukraine uncertainties

South Korean stocks opened nearly flat Monday as investors keep a close eye on ongoing diplomatic efforts over the Ukraine-Russia tensions. The benchmark Korea Composite Stock Price Index had inched down 0.4 points, or 0.01 percent, to trade at 2,706.62 points as of 9:15 a.m. Stocks traded bearish as investors took a wait-and-see mode after a three-day gain that stemmed from hopes of progress in the Ukraine-Russia peace talks. Large caps traded mixed. Market bellwether Samsung Electronics lost 0

MarketMarch 21, 2022

Exports grow 10% in first 20 days of March

South Korea's exports rose 10.1 percent in the first 20 days of March from a year earlier on the back of demand for chips and petroleum products, customs data showed Monday. The country's outbound shipments stood at $37.3 billion in the March 1-20 period, compared with $33.8 billion a year earlier, according to the data from the Korea Customs Service. Imports gained 18.9 percent on-year to $39.3 billion, resulting in a trade deficit of $2.08 billion during the cited period, the data showed. B

EconomyMarch 21, 2022

S. Korea's coffee imports hit new high in 2021

South Korea's imports of coffee surged more than 24 percent to hit a new all-time high in 2021 on its growing popularity here, data showed Monday. The value of the country's coffee imports stood at $916.5 million last year, up 24.2 percent from the previous year, according to the data from the Korea Customs Service and industry sources. It marks the first time that South Korea's coffee imports have exceeded the 1 trillion-won ($823 million) level in terms of the local currency. Last year's amoun

EconomyMarch 21, 2022

Celltrion USA sales skyrocket 36 times on-year in 2021

The US subsidiary of South Korean biopharmaceutical company Celltrion Inc. logged record high sales in the US market last year on the back of robust sales of its self-diagnostic kit for COVID-19, officials said Monday. The annual revenue of Celltrion USA, Inc., the wholly owned subsidiary of Celltrion, reached 84.6 billion won ($69.6 million) in 2021, sharply up from 2.36 billion won a year earlier. The Celltrion DiaTrust COVID-19 Ag Home Test, co-developed by Humasis Co., received the US Food a

IndustryMarch 21, 2022

Market jitters dampen appetite for e-commerce IPOs

After the blockbuster stock debut of Coupang last year, expectations had been growing for upcoming listings of the nation’s popular e-commerce platforms like SSG.com and Market Kurly until early this year. But uncertainties surrounding Russia’s invasion of Ukraine and its economic impact are prompting the firms to put their plans to go public on ice. SSG.com, the digital shopping platform owned by retail giant Shinsegae Group, is one of the hottest market debuts planned this year

ConsumerMarch 20, 2022

[Newsmaker] Hana Financial Group joins $2.6b bid to buy Chelsea FC

South Korea’s Hana Financial Group has recently submitted a bid of $2.6 billion to buy Premier football club Chelsea, in a consortium led by UK property magnate Nick Candy. Local reports on Saturday said that the consortium of Candy, Hana Financial Group and Korean sports management firm C&P Sports -- dubbed “The Blue Football Consortium” -- have become one of several bidders who expressed their interest in buying Chelsea from its current Russian owner Roman Abramovich by

MarketMarch 20, 2022

Carmakers gearing up to reshape used car market

After the Ministry of SMEs and Startups greenlighted the large automotive companies’ entry to the secondhand car market, carmakers here have been quick to announce their plans to launch secondhand services within the year.  Their entry could bring huge change to the used car market here, which has been protected by the government until recently for microenterprises. Lotte Rental, which operates a rent-a-car business, announced Friday that it would also enter the used car market in

MobilityMarch 20, 2022

Average pay at Korea's top 4 banks exceeds W100m for first time

The average annual salary at South Korea’s top four banks exceeded 100 million won ($82,500) for the first time last year, backed by a surge in interest and fee revenue, data showed Sunday. Bankers under the four commercial banks here -- KB Kookmin, Shinhan, Hana and Woori -- received an average 105.5 million won last year, 7.6 percent up from the previous year, according to their annual reports. The figure includes the employees’ base salary, performance pay and bonuses. The aver

MarketMarch 20, 2022

Hyundai Motor, Beijing BAIC Motor to inject W1.2tr into joint venture in China amid falling sales

South Korea's top carmaker Hyundai Motor Co. and China's Beijing BAIC Motor will inject over 1 trillion won ($825 million) into their joint venture to enhance the competitiveness of its electric car making amid sluggish sales, company officials said Sunday. They will increase the capital stock of Beijing Hyundai Motor by about 1.2 trillion won, with each shouldering half of the planned investment into the 50-50 joint venture, according to the officials. Half of the planned investment will be c

IndustryMarch 20, 2022

LG suspends shipments to Russia due to logistics plight

South Korean tech giant LG Electronics Inc. said Sunday it has suspended shipments to Russia due to difficulties in the global offshore logistics. LG said in a statement that it is "suspending all shipments to Russia and will continue to keep a close watch on the situation as it unfolds." "We are deeply concerned for the health and safety of all people, and LG remains committed to supporting humanitarian relief efforts." The suspension came as the world's major marine shipper

IndustryMarch 20, 2022

Hyundai's Genesis tops 700,000 in global sales

South Korean leading carmaker Hyundai Motor Co. said Sunday that its independent Genesis brand surpassed 700,000 units in accumulative global sales, thanks to the rising popularity of its brand power. The premium brand's global sales totaled 700,612 units from its launch in November 2015 to end-February 2022, 30.5 percent of which were sold overseas, according to Hyundai Motor's investor relations data. Genesis' global sales jumped by 100,000 units in the past three months, backed by fast-growin

IndustryMarch 20, 2022

Seoul stocks likely to advance next week on eased Fed, Ukraine woes

South Korean stock markets are expected to gain ground next week, as investors are likely to snap up oversold stocks amid eased uncertainty about the U.S. monetary policy and optimism for the Russia-Ukraine peace talks, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,707.02 points Friday, down 1.72 percent from a week ago. The key stock index started weak this week as investors turned cautious ahead of the U.S. Federal Reserve's policy meeting. But

MarketMarch 19, 2022

Banks use AI to enhance customer experience

South Korean banks are embracing artificial intelligence to better understand customers and enable them to take advantage of services more easily, as local financial institutions step up efforts to digitalize their operations. Hana Bank, one of the five major banks here, said Friday that it would use artificial intelligence to look through customer reviews in real-time so as to expand communication between customers and staff. “We see change every day in the banking industry. Getting imm

EconomyMarch 18, 2022

Index signals Seoul property market gaining vitality

SEJONG -- Recent indices are signaling a possible vitalization of the real estate market later this year, with expectations growing over deregulations, which had been pledged by President-elect Yoon Suk-yeol. A major property index showed Friday that the gap between the number of people, who want to purchase homes and those, who want to sell homes has somewhat narrowed. But the potential sellers still outnumbered potential buyers. According to the Korea Real Estate Board, the index for trading

EconomyMarch 18, 2022

Sport trucks, supercars go electric: InterBattery shows EV era draws near

The 10th annual secondary battery event InterBattery gave visitors a glimpse of how close the world is to the era where electric vehicles go mainstream. Cars showcased in the three-day event at Coex in Seoul beginning Thursday indicated room for wider applications of batteries, even to the degree of reincarnating the gas-guzzling cars that were once declared dead, and of having exotic cars and luxury cars keep their performance afloat while run on electric batteries. US carmaker General Motor&

TechnologyMarch 18, 2022

Seoul stocks up for 3rd day amid hope for Ukraine peace talks

South Korean stocks extended their winning streak to a third session Friday after choppy trading, as investors eye the ongoing Ukraine-Russia peace talks after eased Fed uncertainties. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.51 points, or 0.46 percent, to close at 2,707.02 points. Trading volume was moderate at about 634 million shares worth some 11.3 trillion won ($9.3 billion), with gainers outnumbering losers 547 to 303. Reta

MarketMarch 18, 2022

[Test Drive] Electrified GV70 proves smooth EV shift in Genesis series

Genesis, Hyundai Motor’s standalone luxury brand, proved that it not only makes great combustion engine cars but also premium electric cars by introducing the Genesis Electrified GV70. The luxury electric SUV has inherited much of the exterior and interior design of the original GV70 which had been praised by many car lovers for its sophisticated design. But some changes here and there helped the electrified model look much more dynamic and athletic than its previous model. For instance

MobilityMarch 18, 2022