Samsung Heavy raises W1.28t via new share sale

Samsung Heavy Industries Co. said Monday that it has raised 1.28 trillion won ($1.1 billion) through the sale of its new shares. The shipbuilder's 250 million new shares were oversubscribed by existing shareholders and its workers, Samsung Heavy said in an emailed statement. The subscription rate was 103.3 percent, while the common shares oversubscribed by the existing shareholders and the workers numbered 17.82 million shares, Samsung Heavy said. Samsung Heavy will offer to the public 73,317

IndustryNov. 1, 2021

Vehicle registration gains 1.7% this year

The number of registered vehicles in South Korea grew nearly 2 percent this year to near 25 million, with that of eco-friendly cars topping 1 million units, government data showed Monday. Car registrations came to 24.78 million units as of end-September, up 1.7 percent from the end of last year, according to the data from the Ministry of Land, Infrastructure and Transport. The figure is also up 0.5 percent from three months earlier, with the number expected to exceed 25 million during the firs

EconomyNov. 1, 2021

LG Vice Chairman Kwon appointed new CEO of LG Energy Solution

Kwon Young-soo, previously the vice chairman of LG Corp., was appointed Monday as the new CEO of LG Energy Solution Ltd. after getting the nod from its shareholders, the company said. Last week, LG Energy's board tapped Kwon as its new CEO, a decision largely seen as a replacement in the wake of the battery recalls in General Motors Co.'s Bolt electric vehicles (EV). LG Energy and LG Electronics have set aside 1.4 trillion won ($1.2 billion) to repay GM for the recalls of Bolt EVs caused by ba

IndustryNov. 1, 2021

SK Telecom names new CEO following non-telecom spinoff

SK Telecom Co. on Monday named the former head of its mobile network operations division Ryu Young-sang as its new CEO following the launch of its non-telecom spinoff SK Square. Ryu has been working for SK Telecom since 2000 and is known for his expertise in mergers and acquisitions, as well as finding new business sectors, the company said. On Monday, South Korea's largest mobile carrier split into two, spinning off the new investment company SK Square, in the latest move to make aggressive i

IndustryNov. 1, 2021

SKC expands battery materials biz with investment in British manufacture

SKC Co., a chemical unit of South Korea's No. 3 conglomerate SK Group, said Monday it will invest $33 million in a British battery materials maker with two private equity funds and other investors in a bid to tap into the fast-growing sector. SKC will form a consortium with BNW Investment and SJL Partners to invest a combined 80 million won in Nexeon Ltd, with the rest to be invested by SJL Partners and a pool of other investors, the company said in a statement released after the board's approv

IndustryNov. 1, 2021

[Graphic News] Exports of seaweed robust amid popularity of Korean culture

　South Korean exports of seaweed products moved up 13 percent on-year over the first nine months of 2021, data showed, on the back of the growing popularity of Korean culture abroad. 　Outbound shipments of seaweed products came to $507 million in the January-September period, compared to the $448 million tallied a year earlier, according to the data compiled by the Ministry of Oceans and Fisheries. 　The amount marked a sharp rise from just $100 million posted for all of 2010, the ministry sa

BusinessNov. 1, 2021

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Monday, as investors seek to buy oversold stocks after the key index's three straight days of losses. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.03 points, or 0.49 percent, to 2,984.71 in the first 15 minutes of trading. Stocks rose on institutional buying, led by bio and tech stocks. Market bellwether Samsung Electronics Co. added 0.57 percent to 70,200 won, No. 2 chipmaker SK hynix Inc. increased 1.46 percent to 104,500 won, and top aut

MarketNov. 1, 2021

SK Networks CEO Choi steps down amid embezzlement trial

Choi Shin-won, CEO and chairman of SK Networks Co., has stepped down from his post, the company said Monday, amid an ongoing trial against him over embezzlement and other charges. The resignation came six months after Choi, a son of the late founder of South Korea's No. 3 conglomerate SK Group, was indicted, and he has been standing trial for alleged embezzlement of some 223.5 billion won ($190.3 million) and breach of trust and other charges. Choi has denied any wrongdoing. "As of Oct. 2

IndustryNov. 1, 2021

Largest-ever Korea Sale Festa kicks off amid pandemic

South Korea kicked off its annual nationwide shopping event Monday in the latest effort to boost private spending amid the prolonged pandemic. The Ministry of Trade, Industry and Energy said 2,053 companies will offer big bargains both online and in stores during the Korea Sale Festa -- the Korean equivalent of Black Friday -- that will run through Nov. 15. This year's run is the largest since the event was launched in 2016, according to the ministry. The central and 17 local governments also

ConsumerNov. 1, 2021

October's inflation growth estimated at 3.2%: poll

South Korea's consumer prices are estimated to have grown more than 3 percent for the first time in nearly 10 years in October due to last year's low base and surging oil prices, a poll showed Monday. The country's consumer inflation is projected to have risen 3.2 percent in October from a year earlier, accelerating from a 2.5 percent on-year gain in September, according to the poll on six brokerage houses. If the forecast is right, the inflation rate will stay in the 3 percent range for the f

EconomyNov. 1, 2021

Exports up 24% on-year in Oct. to second-largest monthly figure of $55.55b

South Korea's exports spiked 24 percent in October from a year earlier to reach the second-largest monthly figure of $55.55 billion on the back of strong global demand for chips and petroproducts, data showed Monday. Outbound shipment is just shy of the record monthly figure of $55.83 billion reported the previous month, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the 12th straight month that the country's exports have extended gains. Imports surged

EconomyNov. 1, 2021

High raw material costs feared to erode corporate earnings

Soaring international raw material costs are feared to eat into South Korean companies' earnings and drive up consumer prices down the road, a report showed Monday. Stung by fast-rising oil and other material prices, the operating margin of local companies is expected to reach 3.4 percent this year, down 1.8 percentage points from the average 5.2 percent between 2015 and 2019, according to the report from the Korea Economic Research Institute (KERI). The operating margin of large businesses is

EconomyNov. 1, 2021

Small merchants' sentiment improves for Nov. on eased pandemic restrictions

South Korean small merchants' business confidence took a turn for the better for November on hopes that relaxed anti-coronavirus restrictions may boost their sales, a poll showed Monday. The Small Enterprise and Market Service said its business survey index (BSI) for small merchants came to a 10-month high of 87.6 this month, up 9.5 points from the previous month. November marks the third straight month that the small merchants' BSI has climbed from the prior month. Despite the increase that

EconomyNov. 1, 2021

Local COVID-19 treatment developers at a crossroads

South Korean drugmakers are at a crossroads on whether or not to continue developing COVID-19 treatments, as vaccination rates rise across the world and the first drug from global pharmaceutical Merck is set to debut soon. Some have already given up. Merck’s recent decision to give away patents related to molnupiravir, which would become the world’s first COVID-19 pill, for developing countries to produce generic drugs, could prompt latecomers to drop out of the race, industry sou

TechnologyOct. 31, 2021

SKT split-off to launch, paves way for chip investment

SK Telecom’s nontelecom split-off SK Square will officially launch on Monday, with a focus on semiconductor and new tech businesses, SK Telecom, the world’s largest telecommunication company said Sunday. The split-off will allow the SK Group company to better respond to changing dynamics in the chip sector through strategic investments, which were partly limited under the fair trade law here. Under the restructuring, the first since SKT Telecom was founded in 1984, SK Square will

TechnologyOct. 31, 2021

[Battery+] Solid-state batteries will give new life to petrochemical waste: Solid Power CEO

Petrochemical companies generate waste called hydrogen sulfide at their facilities and even pay money to dispose of the highly toxic gas. But what if this unwanted byproduct could be converted into a raw material for green energy? Doug Campbell, co-founder and CEO of Solid Power, one of the world’s most promising advanced battery developers, suggests that solid-state batteries will give new purpose to materials that had been neglected before.   “A company like SK (Innovati

IndustryOct. 31, 2021

GS E&C begins work on W2.7tr road project in Australia

An international consortium including GS Engineering & Construction has been chosen as the winner of Australia’s major road project, worth 3.1 billion Australian dollars (2.7 trillion won), the Korean builder said Sunday. The project is to build a 6.5 kilometer road connecting the Metropolitan Ring Road and the Eastern Freeway in Melbourne, including major bridges and interchanges. Ground was broken for the project on Oct. 28, a GS E&C official said Sunday. It is the Korean

IndustryOct. 31, 2021

Korean Air receives grade A for ESG from KCGS

Korean Air has received an “integrated A grade” for its ESG efforts from the nonprofit ESG rating agency Korea Corporate Governance Service.　 The national flag carrier achieved the marks for the second year running, a recent ESG rating report by KCGS revealed. When broken down by category, the airline received an A for corporate governance, an improvement from last year. The higher score was thanks to the separation of the CEO and the board of directors, appointment of a woman ou

MobilityOct. 31, 2021

Banks urged to prevent loan bottleneck amid toughened lending rules

  South Korea’s financial authorities have called on local banks to take action to ensure a stable supply of credit loans and tighter supervision of household debts, officials said Sunday.  The policymaking Financial Services Commission and the market watchdog Financial Supervisory Service reportedly advised the nation’s commercial banks to submit the action plans, which can be either monthly or quarterly, for personal unsecured loans. The authorities also ur

MarketOct. 31, 2021

Pay gap between occupations widens amid pandemic

Pay gaps between occupations grew wider amid the COVID-19 pandemic as wages in the tech and TV broadcasting industries saw some of the biggest growth while workers in the aviation and tourism sectors took a hit, new data has revealed. According to new data released Sunday by the Korea Economic Research Institute, jobs at web portal, data processing and web hosting companies saw their pay grow by 9 million won ($7,666) on average to 37.9 million won during the first half of this year compared wi

IndustryOct. 31, 2021