Possibility of strike looms at Samsung as gov't wage arbitration fails

The state labor relations commission decided Monday to stop mediating wage negotiations between management and unionists at Samsung Electronics Co., raising the possibility of a walkout for the first time at the nation's largest conglomerate. The National Labor Relations Commission failed to successfully bring the two parties to an agreement following two arbitration efforts in less than a week. With the decision, the unions can go ahead with a walkout if their members vote for it. If that h

IndustryFeb. 14, 2022

Goldman Sachs expects market index upgrade for S. Korea in 2024

Morgan Stanley Capital International, the world’s largest index provider, could reclassify South Korea as a developed market from the current emerging market status as early as 2024, if Seoul works to internationalize currency markets, Goldman Sachs said Monday in a report. “If Korea addresses MSCI market accessibility concerns, it could be placed on the annual review watchlist this June,” the report said, referring to a necessary step before Korea can be officially included i

MarketFeb. 14, 2022

January ICT exports hit record high

SEJONG -- The nation’s exports of information and communication technology products enjoyed their best January on record last month, state data showed Monday. 　 The record was driven by growths in exports to five major destinations for ICT products -- China, Vietnam, the US, EU, and Japan. According to the Ministry of Science and ICT, Korea’s outbound shipments of ICT products recorded $19.6 billion last month, up 20.7 percent from $16.2 billion in January 2021 amid robust export p

EconomyFeb. 14, 2022

[Herald Interview] Volvo out to attract women to logistics while leading switch to electric trucks

Volvo Truck Korea is looking beyond numbers as it plans to deliver Korea’s first large-size electric truck.  Park Gang-serk, Managing Director of the Swedish commercial vehicle brand's Korean office, said the company wants to add diversity to the commercial vehicle industry by having more women drivers and mechanics. “The existing cargo, logistics industry has been considered the world of men. Volvo Truck Korea will change such perceptions and invite more women professio

MobilityFeb. 14, 2022

Seoul stocks down for 2nd day on US-Russia tensions

South Korean stocks closed sharply lower Monday, tracking a plunge on Wall Street last week amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 43.23 points, or 1.57 percent, to close at 2,704.48 points. Trading volume was moderate at about 606 million shares worth some 11.3 trillion won ($9.4 billion), with losers outnumbering gainers 787 to 117. Reta

MarketFeb. 14, 2022

Chemical firms on high alert for toughened safety law

South Korean petrochemical firms are bolstering safety measures to avoid violating a new workplace disaster law, which sends CEOs to prison in case of fatal accidents. According to industry sources Monday, petrochemical firms are on edge after an explosion killed four workers and injured four others at Yeochun NCC’s factory in Yeosu, South Jeolla Province on Friday. Due to the accident, Yeochun NCC is likely to become the first petrochemical firm to be punished by the controversial w

IndustryFeb. 14, 2022

Financial watchdog to step up crackdown on Big Tech

South Korea’s financial watchdog pledged Monday to announce its own monitoring measures for Big Tech firms’ financial services. As part of its annual plan for this year, the Financial Supervisory Service said it would prepare “Korean-type Big Tech monitoring measures to stimulate competition and innovation from Big Tech’s foray into the finance sector and to achieve financial stability and customer protection.” The purpose of the measures is to establish systemat

MarketFeb. 14, 2022

Korean Air to fly first 737 Max aircraft in March

Korean Air said Monday that it will start operating its first Boeing 737 Max aircraft from March following the plane’s arrival in Seoul Sunday. The upcoming launch comes as airlines around the world are bringing the Boeing jet back into service almost two years after a system failure led to two fatal crashes. Boeing has said it has drastically improved the plane’s flight stabilizing program while enhancing pilot training. With its enhanced safety features, airlines resumed flying

MobilityFeb. 14, 2022

Samsung, LG among top 5 international patent filers

South Korea’s tech giants Samsung Electronics and LG Electronics were among the five largest patent cooperation treaty (PCT) filers worldwide, the Korean Intellectual Property Office said Monday. A PCT is a global filing service that protects inventions, allowing applicants to seek international protection for an intellectual property simultaneously in over 150 countries with a single filing. Under the mechanism devised by World Intellectual Property Organization, a United Nations agency

TechnologyFeb. 14, 2022

Foreigners net sellers of Korean stocks in Jan.

Foreigners were net sellers of Korean shares in January, ending their buying spree in December last year as investor appetite soured on signals from the US Federal Reserve that it was accelerating its policy tightening measures, data showed Monday. In January, foreigners offloaded a net 1.6 trillion won ($1.3 billion) in shares, having bought 629 billion won in the benchmark Kospi market while shedding 2.3 trillion won in the junior Kosdaq. They purchased bonds of 3.6 trillion won in the same p

MarketFeb. 14, 2022

GM Korea adds Traverse High Country model to its SUV lineup

GM Korea Co., the South Korean unit of General Motors Co., said Monday it has added the Traverse High Country sport utility vehicle to its lineup to boost sales amid the extended COVID-19 pandemic. The Traverse SUV's top trim model is being manufactured in GM's Lansing Delta Township plant in Michigan and has been shipped to Korea for local sales. In 2019, GM Korea introduced the Traverse's US-built lower-trim models to strengthen its imported SUV lineup, separately from the locally assembled mo

MobilityFeb. 14, 2022

SK Bioscience secures $31m chickenpox vaccine deal with Pan-America

SK Bioscience has signed a $31 million (37 billion won) order to ship out its chickenpox vaccine Sky Varicella to the Pan American Health Organization, the company said Monday. The PAHO, along with the UNICEF, has one of the largest demand for vaccines in the world as it is responsible for supplying mass-scale vaccines on behalf of countries in the central and southern American regions. According to SK Bioscience, the order marked the first time the company succeeded in winning a bid with PAHO

IndustryFeb. 14, 2022

Watchdog to intensify oversight of foreign currency liquidity, real estate lending

South Korea's financial watchdog vowed Monday to keep closer tabs on financial institutions' management of foreign currency liquidity and real estate lending this year in a move to better respond to potential risks amid growing market uncertainties. The Financial Supervisory Service (FSS) made the plan for the new year amid major countries' monetary tightening to rein in inflation pressure, the prolonged pandemic and concerns over the instability of the Chinese property market. According to the

EconomyFeb. 14, 2022

[Graphic News] Exports of red pepper paste surge 63% in 4 years on K-pop popularity

　South Korean exports of red pepper paste soared nearly 63 percent in the past four years thanks to the global popularity of Korean pop culture, data showed. 　Overseas shipments of red pepper paste, called “gochujang” in Korean, came to $50.93 million in 2020, up 62.6 percent compared with 2016 and 35.2 percent from 2019, according to the data from Korea Agro-Fisheries & Food Trade Corp. and the Agriculture Ministry. 　Exports of red pepper paste seem to have soared in recent y

BusinessFeb. 14, 2022

Foreigners turn net sellers of S. Korean stocks in Jan.

Foreign investors turned net sellers of South Korean stocks in January, but their net investment in local bonds continued to expand, data showed Monday. Foreigners sold a net 1.68 trillion won ($1.4 billion) worth of local stocks last month, compared with their net purchase of 4.36 trillion won in December, according to the data from the Financial Supervisory Service (FSS). It represented offshore investors' first net selling of South Korean stocks in three months. Investors from the United Stat

MarketFeb. 14, 2022

Bank holding firms' interest income soars 15% in 2021 amid rising rates

Four financial holding firms in South Korea saw their interest income surge nearly 15 percent in 2021 thanks to rising lending rates, industry data showed Monday. The combined interest income of the four holding companies -- KB Financial Group Inc., Shinhan Financial Group Co., Hana Financial Group Inc. and Woori Financial Group Inc. -- came to some 32.3 trillion won ($26.9 billion) last year, up 14.9 percent from a year earlier. KB Financial led the pack with an interest income of slightly over

EconomyFeb. 14, 2022

Celltrion's Remsima logs record high sales in US in 2021

Sales of the biosimilar Remsima by Celltrion Inc. reached an all-time high last year in the United States, the company said Monday. Sales of the biosimilar drug to treat autoimmune diseases jumped 13 percent on-year to $385 million in 2021, Celltrion Healthcare said, citing industry data. Remsima references Janssen Biotech Inc.'s Remicade and is effective in treating various diseases, from rheumatoid arthritis to Crohn's disease. Pharmaceutical giant Pfizer Inc. is responsible for sales of the b

IndustryFeb. 14, 2022

[Market Eye] SoftBank-backed Naver, Coupang sparkle in Japan

Japan has long remained an untapped market for Korean firms, where even the likes of Samsung Electronics and Hyundai Motor have almost no presence. Currently, Samsung, the world’s largest smartphone maker, has a tiny 5 percent market share there. Not to mention the soured relationship between Seoul and Tokyo over wartime history and trade disputes in recent years. Japanese consumers have remained loyal to local brands such as Sony and Toyota that compete head-on with their Korean rivals

IndustryFeb. 13, 2022

S. Korean car exports to Australia shows recovery

South Korean car exports to Australia are booming with the Australian economy, thanks to Australia’s recovery course from COVID-19, and companies’ local marketing strategies. According to the Korea Automobile Manufacturers Association on Sunday, a total of 137,547 domestic cars were exported to Australia last year, showing a 19.3 percent increase from 2020. By brand, Hyundai Motor’s exports increased by 11.1 percent on-year to 66,846 units in 2021, and Kia’s increased b

MobilityFeb. 13, 2022

[Newsmaker] Hana eyes stronger earnings, shareholder value under new leadership

South Korea’s Hana Financial Group announced a record annual net income of 3.5 trillion won ($2.9 billion) for 2021 last week, citing successful portfolio diversification as a driving force behind the banking group’s robust profit. Exceeding market expectations, Hana’s annual net income gained 33.7 percent on-year, driven by a noteworthy increase in earnings of its nonbanking businesses, a regulatory filing showed Thursday. Brokerage arm Hana Financial Investment’s net

MarketFeb. 13, 2022