Hyundai Mobis Q4 net up 0.4% amid chip shortages

Hyundai Mobis Co., South Korea's biggest auto parts maker, said Wednesday its fourth-quarter net profit edged up 0.4 percent from a year earlier amid global chip shortage. Net profit for the three months ended in December climbed to 553.98 billion won ($463 million) from 551.97 billion won during the same period of last year, the company said in a statement. "Increased sales of high-end parts for electric vehicles and SUVs helped offset the impact of the COVID-19 pandemic and semiconducto

IndustryJan. 26, 2022

[Graphic News] S. Korea‘s kimchi exports hit new high in 2021

　South Korea’s exports of kimchi hit an all-time high last year thanks to its growing popularity, data showed. 　Outbound shipments of the spicy Korean traditional side dish came to a record $159.9 million in 2021, resulting in a trade surplus of $19.2 million in the sector, according to the data from the Ministry of Agriculture, Food and Rural Affairs. 　It is the first time in 12 years that South Korea registered a surplus in the kimchi trade. 　Kimchi is a traditional Korean side dish

BusinessJan. 26, 2022

Seoul stocks open higher on technical rebound

South Korean stocks opened higher Wednesday as investors sought to buy oversold stocks after the recent stock plunge. The benchmark Korea Composite Stock Price Index (Kospi) rose 18.01 points, or 0.66 percent, to 2,738.4 in the first 15 minutes of trading. On Tuesday, the key stock index closed at an almost 14-month low amid lingering uncertainties about the ongoing US Federal Reserve meeting. Overnight, the tech-heavy Nasdaq composite plunged 2.58 percent amid expectations of the Fed's hawki

MarketJan. 26, 2022

Biz sentiment for Feb. stays below par for 2nd month: poll

South Korea's business sentiment edged up for February but remained below par for the second consecutive month amid high raw material prices and global supply chain disruptions, a poll showed Wednesday. The business survey index (BSI) of the country's top 600 companies by sales came to 99.7 for next month, up 3.2 points from January, the Federation of Korean Industries (FKI) said. Yet February represents the second month in a row that the monthly yardstick of business sentiment has been below

EconomyJan. 26, 2022

Consumer sentiment up in January amid toughened virus curbs

South Korea's consumer sentiment improved in January as health authorities' tough antivirus rules mitigated worries over the spread of the coronavirus, the central bank said Wednesday. The composite consumer sentiment index (CCSI) came to 104.4 in January, up 0.6 point from the previous month, according to data from the Bank of Korea. The rise followed a 3.8 point on-month decline tallied in December. A reading above 100 means optimists outnumber pessimists. The rise is ascribed to health aut

EconomyJan. 26, 2022

S. Korea remains committed to nuclear phaseout scheme: energy minister

South Korea remains committed to its policy of phasing out nuclear power plants as part of efforts to achieve carbon neutrality, the country‘s energy minister said Tuesday. 　Moon Sung-wook, minister of trade, industry and energy, reaffirmed there will be no change in the Moon Jae-in government’s nuclear phaseout policy hours after main opposition presidential candidate Yoon Suk-yeol said he will scrap the plan if elected and seek to increase nuclear power generation. 　“The

IndustryJan. 25, 2022

Hyundai Motor to reenter Japan with green cars

South Korean carmaker Hyundai Motor is set to return to Japan’s passenger car market within the first half of the year, according to industry sources and reports Tuesday.　 Hyundai’s reentry to Japan comes 13 years after its withdrawal from the market dominated by domestic carmakers. With its enhanced eco-friendly technology, Hyundai believes that it has achieved a competitive edge to tap into the neighboring country. The carmaker will return with its electronic car lineup, includ

MobilityJan. 25, 2022

Minor domestic carmakers to face fines over lack of green car sales

Domestic carmakers that lack green car models such as Renault Samsung, SsangYong and GM Korea are expected to face heavier pressure from the government to increase supply of more sustainable cars this year. According to the Ministry of Environment on Tuesday, it will impose fines on automakers that have not been able to fulfill a certain percentage of car sales with more environmentally friendly cars, including electric and hydrogen vehicles, this year. Carmakers that have sold an annual avera

MobilityJan. 25, 2022

Hyosung bets W1tr for green hydrogen

Hyosung said Wednesday it will invest 1 trillion won ($834.5 million) to invest in green hydrogen in South Jeolla Province. According to the South Korean conglomerate, the investments will produce 200,000 metric tons of green hydrogen per year in the region, which will create 300,000 jobs. To accomplish the goal, Hyosung will this year break ground on a 10-megawatt facility that splits water into oxygen and hydrogen. Once completed, it will be the biggest one in Korea, according to the comp

IndustryJan. 25, 2022

KRX chief vows investor protection over Kakao stock options row

The Korea Exchange will work to bring about a transparent market that affords retail investors better protection from market abusers and helps companies find the support they need to go public and compete with global peers, the bourse operator’s chief said Monday. “We see rebuilding market trust as key to that mission. This is an unprecedented time in that we have so much attention drawn to us,” Chairman and CEO Sohn Byung-doo said at a press conference, referring to recent ro

MarketJan. 25, 2022

SK to open mega R&D center ‘SK Green Techno Campus’

SK Group said Tuesday it will establish a giant research and development center dedicated to green technologies. According to the third-largest South Korean conglomerate, the R&D facility, tentatively named “SK Green Techno Campus,” will break ground in 2025 in Bucheon, adjacent to Seoul in Gyeonggi Province, and reach completion in 2027. The facility, on a 198,000-square-meter site, will house some 3,000 R&D personnel from the group’s seven affiliates -- SK Energy, S

IndustryJan. 25, 2022

Korea seeks longer FX trading hours to win developed status from MSCI

SEJONG -- South Korea’s chief economic policymaker on Tuesday has confirmed the government’s intention to come up with measures to win developed market status from Morgan Stanley Capital International. The government has pushed for continuous attempts to campaign for Korea’s capital market -- such as stock and foreign exchange markets -- to be included in MSCI’s Developed Markets Indexes. Deputy Prime Minister and Finance Minister Hong Nam-ki commented on investors&rsquo

MarketJan. 25, 2022

Korean retailers jump into NFT craze

Nonfungible tokens, once monopolized by cryptocurrency exchanges and auction houses, are creeping into the retail industry, where top players are desperate to seek a new growth engine in a quickly saturating market. NFTs are digital tokens of physical or digital assets, mostly of music or art, that guarantee ownership through blockchain technology. Korean retail channels are also set to expand their footing into the burgeoning NFT business by selling art and fashion items. CJ Olive Networks

ConsumerJan. 25, 2022

HiteJinro launches wine gift packages for Lunar New Year

South Korean distiller HiteJinro said Tuesday it has launched its 2022 Lunar New Year gift packages consisting of 67 bundles of import wine collections. The gift set comes at a time when more people are opting to drink alone at home amid the protracted coronavirus pandemic. HiteJinro said it is targeting both beginners and devotees, and those in between. The holiday lineup includes Gernard Bertrand’s Art de Vivre red and white wine, released last year. The company noted that it feature

IndustryJan. 25, 2022

LG innotek moves up payment schedule ahead of Lunar New Year holiday

LG innotek will pay a combined 144.5 billion won ($120.5 million) of payments to its suppliers weeks earlier than scheduled to support small- and mid-size businesses reeling from the pandemic, the company said Tuesday. The materials arm of LG aims to improve cash flow for partner companies struggling to operate their businesses, invest in facilities, and develop material components in the grip of an economic downturn. By the end of last year, LG innotek already moved up the payment timeline f

IndustryJan. 25, 2022

S. Korea’s GDP growth hits 11-year high in 2021

South Korea’s economy grew at an estimated 4 percent on-year in 2021, posting the highest growth rate in 11 years despite omicron woes, central bank data showed Tuesday. The export-reliant economy’s strong recovery in outbound shipments, stable private consumption amid the COVID-19 pandemic, the government’s eased quarantine rules and supplementary budgets drawn up to cushion the blow to the economy worked as key catalysts, Hwang Sang-pil, head of the economic statistics burea

EconomyJan. 25, 2022

Mercedes-Benz Korea to add more EVs, bolster online shop service this year

Mercedes-Benz Korea will focus on launching electric models to complete its EV-lineup in all segments this year, as well as bolstering the supply chain via its online shop, the company said Tuesday. After launching the full-change C-class model in the first quarter, the new EQB will be launched in the second quarter. It is the second compact SUV model following the new EQA. By year-end, the new EQE will be launched, the second model to be based on the modular architecture for premium EV after t

MobilityJan. 25, 2022

More recycled chemical wastes seep into daily lives

Recycled materials are no longer expensive products for a niche market as major South Korean chemical firms roll up their sleeves to introduce them into the daily lives of average consumers. According to LG Chem Tuesday, it has completed the first shipment of a coating material made of bio raw materials such as waste cooking oil and palm residues. The material, named neopentyl glycol, or NPG, is used to coat cars, consumer electronics and drink cans. LG Chem’s eco-friendly NPG, manufac

IndustryJan. 25, 2022

Korea’s virtual asset market to reach W1,000tr by 2026: report

Korea’s virtual asset market will reach 1,000 trillion won ($835 billion) by 2026, Boston Consulting Group Korea said Tuesday in its report Future of Asset 2022. According to the report, the country’s virtual asset market already surpassed 300 trillion won by the end of last year to take up 10 percent of the global market. With an average annual growth of 20 percent over the next five years, the virtual asset market will also create 40,000 jobs in the process, BCG Korea said. The

MarketJan. 25, 2022

SK Broadband rolls out new all-in-one OTT platform

SK Broadband Co., a major South Korean internet service provider (ISP), on Tuesday launched a new all-in-one platform that offers content from five streaming services, including Apple TV+. The company's latest PlayZ platform allows users to search and watch media content from five over-the-top services, including homegrown players Wavve, Tving and Watcha, as well as Apple TV+ and Amazon Prime Video. Users must be subscribed to each streaming service to get access to the content. Streaming gia

IndustryJan. 25, 2022