Korean firms supply core auto parts of Rivian’s initial models

South Korean manufacturers are seeking to expand their presence in the electric vehicle market through a partnership with Rivian, the burgeoning US electric vehicle maker that has been in the global spotlight for its potential to become the next Tesla. According to the industry, Posco International is supplying some 145 billion won ($122 million) of half shafts for 340,000 vehicles produced by Rivian. Domestic partner Erae AMS will work alongside it to begin delivering the ordered amount next

IndustryNov. 24, 2021

S. Korea seeks int'l cooperation for urea solution supply during ODA meeting

South Korea on Wednesday sought international cooperation on its efforts to secure a stable supply of urea solution following a recent supply crunch, the industry ministry said. Trade Minister Yeo Han-koo made the request during a "networking day" event for official development assistance (ODA), which brought together ambassadors and charge d'affaires from 27 developing countries in Asia, South America, the Middle East and Africa, according to the Ministry of Trade, Industry and Energ

EconomyNov. 24, 2021

Hyundai Doosan Infracore ties up with SK Ecoplant for smart construction technologies

Construction equipment maker Hyundai Doosan Infracore Co. said Wednesday it has signed a deal with local builder SK Ecoplant to improve digital technologies related to construction site management. Under the deal, Hyundai Doosan Infracore will develop new technologies using its cloud-based construction site management platform XiteCloud, which will be demonstrated on the construction sites of SK Ecoplant, the company said. Thanks to growing demand for the construction technology digitalization

IndustryNov. 24, 2021

Population mobility falls for 10th month in Oct.

The number of South Koreans who moved to different residences in the country declined for the 10th straight month in October amid decreased housing transactions, data showed Wednesday. The number of people who changed their residences fell 10.7 percent on-year to 540,000 last month, according to the data compiled by Statistics Korea. It marked the 10th consecutive month the number has dropped and represented the sharpest on-year decline since a 10.9 percent fall in June 2019. The decline was

EconomyNov. 24, 2021

Trade terms decline for 7th straight month in October

South Korea's terms of trade fell for the seventh consecutive month in October as prices of imports grew at a faster pace than export prices, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- stood at 91.26 last month, down 6.7 percent from a year earlier, according to the preliminary data from the Bank of Korea (BOK). The figure is calculated by dividing the index for export prices by that for import prices. It shows the a

EconomyNov. 24, 2021

S. Korean economy forecast to grow 3.2% in 2022

The South Korean economy is likely to expand 3.2 percent on-year in 2022 on the back of a recovery in private consumption and brisk exports, a local think tank said Wednesday. The Korea Capital Market Institute (KCMI) also forecast the gross domestic product of Asia's fourth-largest economy to increase 4 percent this year from a year earlier. "Private consumption is expected to show a marked upturn in the first half of next year thanks to a shift in anti-coronavirus measures and improving

EconomyNov. 24, 2021

Imported commercial car sales fall 26% in Oct.

Sales of imported commercial vehicles in South Korea fell 26 percent in October from a year earlier amid the extended COVID-19 pandemic, an industry association said Wednesday. The number of newly registered imported commercial vehicles declined to 336 units last month from 452 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Decreased sales of Mercedes-Benz, Volvo and Scania trucks weighed on the monthly result, KAIDA said. From January to

IndustryNov. 24, 2021

S. Korea, Costa Rica vow to boost trade, investment during ministerial talks

The top trade officials of South Korea and Costa Rica met in Seoul on Wednesday and discussed ways to further boost bilateral trade and investment, Seoul's industry ministry said. During the meeting, Seoul's Trade Minister Yeo Han-koo and Costa Rica's foreign trade minister, Andres Valenciano Yamuni, checked the implementation of the South Korea-Central America Free Trade Agreement and agreed to work more closely to further facilitate bilateral trade and investment, according to the Ministry of

EconomyNov. 24, 2021

Imports of golf equipment at record high in first 10 months of this year

South Korea's imports of golf equipment rose to a record high in the first 10 months of this year on the back of strong demand amid the pandemic, customs data showed Wednesday. The imports of golf clubs and other related equipment reached $601 million in the January-October period, up 29.3 percent from the previous year, according to the data from the Korea Customs Service. The reading hit an all-time high for any first 10 month period of the year. It was also higher than the yearly imports of

IndustryNov. 24, 2021

Seoul stocks open higher on tech, financial advance

South Korean stocks opened higher Wednesday on advances in tech and financial shares. The benchmark Korea Composite Stock Price Index (Kospi) added 16.47 points, or 0.55 percent, to 3,013.8 points in the first 15 minutes of trading. Bank and insurance shares went up amid expectations the Bank of Korea might raise the key interest rate Thursday. Market bellwether Samsung Electronics gained 0.53 percent, and No. 2 chipmaker SK hynix increased 0.84 percent. Internet portal operator Naver slippe

MarketNov. 24, 2021

Big firms' donations sink 37.1% amid pandemic

Large South Korean companies' social contributions plunged nearly 37 percent in the first nine months of the year amid the coronavirus pandemic, a corporate tracker said Wednesday. CEO Score, which tracks corporate management, said 255 out of the country's top 500 firms by sales donated a combined 1.01 trillion won ($850 million) to charities during the January-September period, down 37.1 percent from a year ago. CEO Score said the tumble came amid the new coronavirus pandemic, though those co

EconomyNov. 24, 2021

Samsung says new Texas chip plant to open new chapter

A $17 billion investment to build Samsung Electronics’ second fabrication plant in the US will open a “new chapter” and contribute to stabilizing the global chip supply chain, the South Korean tech giant said Wednesday as it made an official announcement of the plan. The new foundry will enable production of chips equipped with cutting-edge technologies suitable for fifth-generation networks, high-performance computing and artificial intelligence, Samsung said. &ldqu

TechnologyNov. 24, 2021

Dunamu launches beta service for NFT platform

Dunamu, the operator of cryptocurrency exchange Upbit, said Tuesday that it has launched a new trading platform for nonfungible tokens, further expanding its footprint in the virtual asset space. NFTs are blockchain-based digital counterparts of real-world assets, mostly in the areas of visual arts or music. The blockchain company opened its Upbit NFT Beta service on Upbit’s website, where its users can sell and purchase NFTs at auction. Using the “Drops” function, users ca

MarketNov. 23, 2021

Dutch asset manager bets on market rebound

Companies across the globe will see their earnings return to pre-pandemic levels next year and European equity markets in particular could offer good investment opportunities, Dutch insurer NN Group’s asset management arm said Tuesday. Marco Willner, head of investment strategy at NN Investment Partners, said inflation fears, along with supply disruptions and a potential energy crisis triggered by the pandemic, still pose challenges, but inflation is transitory and the global economy has

MarketNov. 23, 2021

JB Financial gets ‘A+’ ESG rating from KCGS for 2nd straight year

South Korea’s JB Financial Group received an overall “A plus” rating for the firm’s environmental, sustainable and governance values by the nation’s leading proxy advisory institution for the second consecutive year. JB Financial said Monday it has received the second highest level of a seven-tier ESG rating from the Korea Corporate Governance Service, citing the firm’s recent progress in adopting ESG values in management. This year, KCGS’ ESG rating

MarketNov. 23, 2021

Sales of Volkswagen T-Roc show steady growth

Sales of Volkswagen’s small sport utility vehicle T-Roc have been steadily growing since its launch in South Korea in January, the company said Tuesday. The T-Roc version 2022 boasts enhanced features such as a two-color design with a black roof, a new audio system and a new engine. Offered at a reasonable price around 20 million won ($16,800), T-Roc sales stand strong in the domestic small SUV market. The 2022 version comes in six body colors with a black roof and black side mirrors c

MobilityNov. 23, 2021

Foreign companies discuss resolving intergenerational tension in workplace

The American Chamber of Commerce in Korea and Morgan Phillips Korea co-hosted a webinar Tuesday to discuss generational disparity in the workplace with four CEOs of leading global companies. Speakers across different generations included O.H. Kwon, president of Qualcomm APAC, Robert Wilkinson, managing director of Colliers, Oh Ji-won, country chair of Shell Companies in Korea, and Tyler Joo, marketing director of global brands at AB InBbev. The moderator of the conversation, Christina Ahn, ma

IndustryNov. 23, 2021

SKC, Daesang, LX Int‘l forge JV to produce biodegradable plastic

SK Group’s chemical unit SKC, food company Daesang and trading company LX International have forged a joint venture to develop and distribute a petroleum-based biodegradable plastic called PBAT, the companies said Tuesday. SKC will contribute 104 billion won ($87.5 million), while Daesang and LX will provide 40 billion won and 36 billion won, respectively, for the joint venture. Once commercialization starts, the joint venture will become the second-largest manufacturer of the material

IndustryNov. 23, 2021

Financial regulator hints taxation on NFTs

South Korea’s financial regulator said Tuesday it might impose tax on nonfungible tokens, adding fuel to controversy surrounding virtual asset taxation in the country. NFTs refer to the digital counterparts of real-world assets, mostly of visual art or music, that guarantee ownership through the blockchain technology. Financial Services Commission Vice Chairman Doh Kyu-sang recently said that the government could collect taxes on NFTs under the current Act on the Specified Financial Tran

MarketNov. 23, 2021

480,000 Seoulites to pay comprehensive real estate tax this year

Comprehensive real estate taxes have been levied on nearly half a million homeowners in Seoul this year, up more than 20 percent from last year, as housing prices and tax rates surged. Seoul homeowners collectively faced 2.8 trillion won ($2.35 billion) in comprehensive real estate taxes, 2.3 times the amount levied last year. The sharp increase in the property holding tax could affect the market as some homeowners may choose to sell their homes to reduce the tax burden, thereby bringing down

ConsumerNov. 23, 2021