[ESG Talk] Aftermath of COP26: Do you have a net zero strategy?

For the 26th United Nations Climate Change Conference -- or COP26 -- world leaders gathered for two weeks in Glasgow to check the progress of the nationally determined contributions and reaffirm their commitments for climate change transition. Although there are equivocal attitudes to its outcome and some unsatisfied groups, the global leaders in public and private sectors have made leaping progress if we recall how Kyoto Protocol rolled out in the end. The COP26 will be remembered as the most i

EconomyNov. 22, 2021

Renault Samsung says QM6 offers convenient winter drive

Renault Samsung Motors’ sport utility vehicle QM6 is becoming a popular choice for winter travel, as it offers a silent and convenient driving experience to drivers and leaves less of a carbon footprint, the company said Monday. The SUV, powered by gasoline or liquefied petroleum gas, has been the bestselling vehicle in its category. The gasoline-powered QM6 model first introduced in 2017 recorded top sales among midsized gasoline SUVs after just a year. Gas-powered SUVs were previously

MobilityNov. 22, 2021

Food prices rise from pandemic, set to hit lower earners hard

Prices are rising for ramyeon, milk, and other everyday foods and drinks, as the pandemic has disrupted supply chains and pushed up the prices of agricultural goods. According to data from the Bank of Korea released Monday, consumer prices in the third quarter rose 2.6 percent from the same period last year. It was the steepest on-year increase in nine years, the institution said. First to feel the impact was South Korea’s No. 1 fried chicken franchise, Kyochon F&B. The company on

ConsumerNov. 22, 2021

Trade minister urges US to begin talks on steel import restrictions

Trade Minister Yeo Han-koo said on Monday that he called on the US to begin talks on revising restrictions on steel imports from South Korea during last week‘s meeting with his US counterpart. “As the US has recently reached an agreement on or has begun negotiations with the European Union and Japan, we strongly conveyed (to the US) that they should begin talks with South Korea, their ally which is competing with the EU and Japan in the US market,” Yeo said in a press briefing

IndustryNov. 22, 2021

Seoul stocks soar 1.5% on Samsung, SK hynix

South Korean stocks rallied by some 1.5 percent Monday as a surge in chip heavyweights, such as Samsung Electronics, led the market gain. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 42.23 points, or 1.42 percent, to close at 3,013.25 points. Trading volume was moderate at about 524 million shares worth some 12.8 trillion won ($10.8 billion), with gainers outnumbering losers 490 to 372. Foreigners bought a net 796 billion won and in

MarketNov. 22, 2021

KITA to bolster monitoring on key materials

The Korea International Trade Association said Monday that it will bolster the monitoring of supply chains for key materials in close cooperation with government agencies and the trading units of conglomerates, amid the protracted urea solution supply crunch. According to a recent study by the trade lobby, South Korea is heavily dependent on single countries for its supplies of 3,911 materials, with China making up almost half the total. Over the past 10 months, Korea relied on imports from

IndustryNov. 22, 2021

Chip shares surge on recovery signs of memory chip, metaverse wave

Shares of South Korean semiconductor firms rose sharply Monday over market prospects on recovery of memory chip price on intensifying global race to adopt metaverse technology. Memory chips are a critical component in the metaverse, in which users interact with each other in digital worlds, which could offset the bearish forecast for memory chip prices.　 Samsung Electronics -- the tech giant with interests in semiconductors, electronic devices and handsets -- surged 5.2 percent Monday. Another

TechnologyNov. 22, 2021

Tough backlash expected over real estate tax burden

SEJONG -- The government’s move to levy comprehensive real estate taxes on a certain portion of homeowners is likely to face severe backlash, amid the growing tax burden of households in proportion to high growth in apartment prices. According to the Ministry of Economy and Finance, those subject to the comprehensive real estate tax are people owning two homes or more -- whose collective property value, assessed by the Land Ministry, surpasses 600 million won ($506,000). Homeowners will

MarketNov. 22, 2021

Samsung Life, Korea Post launch W400b investment fund

Samsung Life Insurance said Monday that it will launch a joint fund with Korea Post to invest 400 billion won ($336 million) in foreign blue chip companies over the next 10 years, expanding cooperation in alternative investments like private equity and real estate. The country’s top insurer and the state-owned postal insurance will make investments under the recommendations of an asset management firm. A Samsung Life Insurance official declined to reveal details about the asset manager.

EconomyNov. 22, 2021

[Newsmaker] Woori Financial Group fully privatized after 23 years: FSC

Woori Financial Group’s decadeslong journey toward privatization neared its final stage Monday, as financial authorities said the banking group is now “technically fully privatized,” greenlighting five investors in acquiring most of the remaining stake in the firm owned by the government. The Public Fund Oversight Committee under the Financial Services Commission sold a combined 9.3 percent stake in Woori Financial of the 15.13 percent owned by the state-run Korea Deposit Ins

MarketNov. 22, 2021

Hyundai Motor vows 46,000 jobs for youth in next 3 years

Hyundai Motor Group, the country’s second-largest group by assets, on Monday pledged to hire 46,000 youths over the next three years. “It is our group’s duty to expand our business to create more jobs so the young people can make use of their talent,” said Hyundai Motor Group Chairman Chung Euisun during a meeting with Prime Minister Kim Boo-kyum. “We will put a lot more effort to allow youths to execute their capabilities through collaborative projects involving

IndustryNov. 22, 2021

Coway launches premium built-in water purifier

Coway, a South Korean home appliance maker, said Monday that it has launched a premium built-in water purifier that replaces the previous high-end model it introduced 10 years ago, with the aim of leading the trend toward built-in appliances. Coway’s Noble built-in water purifier features an under-sink filtration system, which is more commonly used abroad than in Korea, according to the company. For domestic customers who aren’t familiar with built-in water purifiers, Coway develop

ConsumerNov. 22, 2021

S. Korea breaks ground for AI complex in Gwangju

South Korea broke ground Monday for an artificial intelligence complex in the southwestern city of Gwangju to foster the related industry, the science ministry said. The groundbreaking ceremony was held in Gwangju, 330 kilometers south of Seoul, for a major construction project to create an AI complex center, including data centers and facilities in automobiles and energy sectors. A total of 393.9 billion won ($332 million) will be spent from 2020 to 2024 for the project, according to the mini

TechnologyNov. 22, 2021

Korea’s bio technology exports nears $10b

The total value of South Korean biotech and pharmaceutical companies’ technology exports is expected to reach $10 billion for the first time this year, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. The country’s biotech and pharmaceutical companies’ technology exports amounted to 11.4 trillion won ($9.6 billion) as of Nov. 17, the KPBMA said Monday. As there were deals that did not disclose their contract values, the KPBMA expected the total

IndustryNov. 22, 2021

Celltrion's COVID-19 antibody treatment wins emergency approval in Peru

South Korean pharmaceutical giant Celltrion Inc. said Monday its COVID-19 antibody treatment has won an emergency approval from Peruvian authorities. The drug authority in the South American country granted the approval for an emergency application of Rekirona to adult COVID-19 patients. The approval was based on recent top-line results from a global phase three clinical study of Rekirona, a pivotal part of the study to obtain more comprehensive safety and efficacy results. Rekirona is a mono

IndustryNov. 22, 2021

SK hynix to 'wisely' deal with risks associated with US-China trade tension: CEO

SK hynix CEO Lee Seok-hee said Monday that the company will respond "wisely" to the US-China trade tension that could cloud the chipmaker's plan to upgrade its Chinese plant. "The fourth-generation DRAM chips have been produced in South Korea since July and it is still a long way to go before we can apply the same technology in our Chinese plant," he told reporters on the sidelines of an annual event of Semiconductor Day. He referred to the most advanced 10nm chips produce

IndustryNov. 22, 2021

S. Korea's exports predicted to hit record high in 2021

South Korea's exports are expected to touch an all-time high in 2021 on brisk overseas demand for key products amid the global economic recovery, with their growth momentum likely to continue next year, a report said Monday. The country's overseas shipments are projected to swell 24.1 percent from a year earlier to $636.2 billion this year, according to the report from the Korea International Trade Association (KITA). Imports by Asia's fourth-largest economy are likely to amount to $605.7 bill

EconomyNov. 22, 2021

More people subject to comprehensive real estate tax on rising home prices

The number of people who are subject to the so-called comprehensive real estate tax rose 42 percent this year from the previous year amid skyrocketing home prices and hikes in the tax rates, the finance ministry said Monday. A total of 947,000 people are subject to the comprehensive real estate taxes this year, compared with the 667,000 people tallied for last year, according to the ministry. The 2021 numbers accounted for 1.8 percent of the country's 52 million population. Such people are fo

EconomyNov. 22, 2021

Seoul stocks open higher on strong export data

South Korean stocks opened higher Monday, helped by robust economic data that fueled optimism for a quick economic rebound from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.6 points, or 0.73 percent, to 2,992.62 points in the first 15 minutes of trading. Stocks got off to a bullish start as South Korea's exports jumped 27.6 percent on-year in the first 20 days of November on high demand for chips, autos and petroleum goods. Tech gains led the KOSPI's hike. To

MarketNov. 22, 2021

Asiana to resume Guam route next month

Asiana Airlines Inc., South Korea's second-biggest carrier, said Monday it will resume flights to Guam late next month to preemptively respond to pent-up travel demand amid rising vaccinations and eased virus curbs. Asiana plans to run a 188-seat A321NEO plane and operate two flights a week on the Incheon-Guam route from Dec. 23, the company said in a statement. "The company decided to reopen the Guam route after 18 years, as it has a couple of destinations to fly at the moment due to a

IndustryNov. 22, 2021