Bumpy road lies ahead of top bidder to take over SsangYong Motor

A new shareholder group led by South Korea’s electric bus manufacturer Edison Motors has unveiled its capital procurement plan for its proposed acquisition of India-based Mahindra & Mahindra‘s embattled South Korean arm SsangYong Motor. But the plan was later countered by the state-run lender, Korea Development Bank, one of the major creditors of the ailing sports utility vehicle maker, signaling a rocky road ahead of the top bidder. On Friday, KDB said it is “inappropr

MarketOct. 24, 2021

S. Korea alarmed by surging fuel prices, inflationary pressure

South Korea has been alarmed by rising inflation due to surging fuel prices and is likely to cut taxes on oil and liquefied natural gas by 15 percent and 2 percent, respectively, to ease some upward pressure, sources said Sunday. The government has been reviewing various measures to alleviate inflationary pressure after the nation’s central bank said that producer prices in September saw the largest on-year gain in a decade. The producer price index, a barometer of future consumer inflat

EconomyOct. 24, 2021

Regulator takes action against Nissan, Porsche over false emissions info

SEJONG -- South Korea's antitrust regulator said Sunday it has decided to order Nissan Motor Corp., Porsche AG and their two Korean units to take corrective steps for falsified information over gas emissions of their diesel cars. Nissan Motor, Nissan Korea, Porsche and Porsche Korea are alleged to have stated false information about gas emissions of their diesel vehicles imported for sale in South Korea, according to the Korea Fair Trade Commission (KFTC). The KFTC also decided to impose a fin

IndustryOct. 24, 2021

S. Korea's seaport cargo up 8.1% in Q3 amid global rebound

Cargo processed at South Korean seaports advanced 8.1 percent in the third quarter of this year as trade gained traction amid the global economic recovery from the pandemic, the oceans ministry said Sunday. Cargo handled at the country's ports came to 393.03 million tons during the July-September period, up from 363.53 million tons a year earlier, according to the data by the Ministry of Oceans and Fisheries. Handling of export-import cargo surged 8.6 percent on-year to 338.85 million tons in

EconomyOct. 24, 2021

[Photo News] Eco-friendly vehicles highlighted at DIFA Expo

Marking its 5th anniversary, the Daegu International Future Auto, or DIFA, Expo kicked off on Thursday at EXCO, a convention center in Daegu, where local and global automotive firms show off their technology for eco-friendly vehicles and electric car batteries. Hyundai Motor Group displayed its new electric vehicle IONIC5 along with a model of its E-pit station, which can charge 80 percent of the vehicle’s EV battery capacity within 18 minutes.  The photo above shows NEXO, Hyu

IndustryOct. 23, 2021

[Weekender] How many tumblers do we need? The greenwashing dilemma

For years, Starbucks Korea enjoyed a boost in sales from its seasonal merchandise such as tumblers -- one of the franchise’s more popular items, often seen as an eco-friendly substitute for single-use cups. But when the coffeehouse chain unveiled a new range of Halloween-inspired items on social media earlier this month, the mood appeared to have shifted. “Introducing the Halloween merchandise mysteriously enchanted and kept in a wizard’s secret room,” a tweet from the

ConsumerOct. 23, 2021

Kakao Pay’s IPO price set at top end of 90,000 won

South Korean mobile payment app operator Kakao Pay has priced its initial public offering at 90,000 won ($76.60) per share, at the top end of its indicative price range of 60,000-90,000 won, the company said in a regulatory filing Friday. Kakao Pay, a 55:45 joint venture of internet giant Kakao Corp. and China’s Ant Group, wrapped up its book building on Thursday. While institutional investors placed their bids to obtain new shares for the IPO, a total of 1,545 domestic and overseas insti

MarketOct. 22, 2021

Dear U aims to launch K-pop metaverse platform via IPO

Dear U, a company under S.M. Entertainment that provides a platform service connecting K-pop stars and their fans, is looking to launch a metaverse platform with funds to be raised through its initial public offering. “We are looking forward to establishing a solid foothold as the No. 1 global communication platform provider through listing on the country’s secondary Kosdaq market. We are planning on expanding our services such as a metaverse platform,” Dear U Vice President L

MarketOct. 22, 2021

Edison Motors seeks to borrow W700b from KDB for SsangYong acquisition

Edison Motors will ask for a loan of some 700 billion to 800 billion won ($596 million-$681 million) from Korea Development Bank to acquire the troubled SsangYong Motor, its chief executive officer said Friday. The electric bus maker-led consortium looks set to be chosen as the preferred bidder for the debt-ridden SsangYong, after a bankruptcy court eliminated its strong contender from the competition, citing doubts over its funding capability. Holding an online press conference, Edison Moto

MobilityOct. 22, 2021

Korean Air partners with Boeing subsidiary for UAV

Korean Air said on Friday it has signed a memorandum of understanding with Insitu, a Boeing subsidiary, for technical cooperation to develop a lightweight and modularized tactical vertical takeoff and landing aircraft, also known as a VTOL. The cooperation will see the companies combine their core technologies -- Korean Air’s expertise in unmanned aerial vehicle development and production and Insitu’s state-of-the-art UAV technologies including high-performance mission equipment, sy

MobilityOct. 22, 2021

Seoul stocks close with little change amid China's Evergrande risk

South Korean stocks closed nearly flat Friday as investors took a wait-and-see mode over the debt crisis of Evergrande Group, a leading Chinese property developer. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 1.17 points, or 0.04 percent, to close at 3,006.16 points. Trading volume was moderate at about 684 million shares worth some 8.9 trillion won ($7.6 billion), with losers outnumbering gainers 546 to 296. Foreigners sold a net 107

MarketOct. 22, 2021

Celltrion begins phase 1 clinical trial of inhalable COVID treatment in Australia

South Korean pharmaceutical giant Celltrion has started a phase 1 clinical trial of an inhalable form of COVID-19 treatment Regkirona in Australia, according to industry sources Friday. The sources said Celltrion’s US-based partner, Inhalon Biopharma, started administering the drug this month, following a regulatory approval from Australian authorities in August. In the first-stage study, 24 volunteers will be given a nebulized form of Regkirona, which can be inhaled through a mouthpiece

TechnologyOct. 22, 2021

BOK likely to raise rate twice next year amid sound recovery, spiking household debt: analyst

South Korea's central bank will likely raise its policy rate at least twice next year as it will continue to normalize its eased monetary policy intended to prop up the pandemic-stricken economy, an analyst said Friday. Last week, the Bank of Korea kept the rate unchanged at 0.75 percent for October after conducting a quarter-percentage hike in August from 0.5 percent, a record low level put in place for years to bolster the economy under heavy strain from the coronavirus pandemic. Gov. Lee Ju

EconomyOct. 22, 2021

Hydrogen yacht maker Vinssen aims to develop ammonia-powered ships

Vinssen, a South Korean company that manufactures hydrogen powertrains for ships, said Friday it has joined hands with local partners to utilize liquid ammonia to power ships. The company, which unveiled the country’s first commercialized hydrogen electric boat at Busan International Boat Show this year, will collaborate with the Korea Institute of Energy Research and domestic engineering firm CES to develop technologies and equipment to break ammonia into hydrogen, which then can be uti

IndustryOct. 22, 2021

‘Jeonse’ loans taken out by those in 20s, 30s soar W60tr

The amount of “jeonse” loans for homes extended to Koreans in their 20s and 30s surged by nearly 60 trillion won ($50.9 billion) in the last five years, raising alarm over the growing household debt burden among young borrowers, a lawmaker said Friday.  Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract. The outstanding balance of jeonse loans at five major lenders here -- KB Kookmin Bank, Shin

MarketOct. 22, 2021

Samsung SDI inks deal with Stellantis for joint battery factory in US

Samsung SDI announced Friday a joint venture with the world’s No. 4 automaker Stellantis to build an electric battery production plant in the United States. The two inked a memorandum of understanding on Friday, the Korean firm said. Stellantis is the first global automaker that Samsung SDI has forged a joint venture with. Samsung did not elaborate on further details of the joint entity. “We are happy to form a joint venture with Stellantis. We will do our best to satisfy custom

MobilityOct. 22, 2021

Posco International Q3 net up 25.4% on brisk sales

Posco International Corp. said Friday its third-quarter earnings swelled more than 25 percent from a year ago on strong sales stemming from rising material costs. Its consolidated net income came to 69 billion won ($58.5 million) in the July-September period, up 25.4 percent from a year earlier, the trading arm of top steelmaker Posco said in a regulatory filing. Operating profit also soared 38.7 percent on-year to 148.5 billion won in the three-month period, with sales spiking 80.6 percent to 9

IndustryOct. 22, 2021

Starbucks Korea to stop using disposable cups in Jeju

Starbucks Coffee Korea said Friday it will stop using disposable cups at all of its stores on South Korea's southern resort island of Jeju within this year in the latest move to protect the environment. Starbucks said it eliminated all single-use cups at four of its stores on Jeju in July during a trial run before applying the policy to all of its 23 operations on the island. The four stores only use multiuse cups, both for drinking inside the shops and for take-out. Customers are asked to pay

ConsumerOct. 22, 2021

[Newsmaker] S. Korea to impose temporary fuel tax cut amid gas price hike

South Korea will temporarily cut fuel taxes to soften the blow of skyrocketing gasoline prices, which put upward pressure on inflation, First Vice Finance Minister Lee Eog-weon said Friday.  “The government will temporarily lower fuel taxes. We’ll finalize further details, including the extent of fuel tax cuts and when the envisioned measure will take effect, as soon as possible,” Lee said, adding that the formal announcement will be made during a government meeting nex

EconomyOct. 22, 2021

The silent pandemic of antimicrobial resistance deserves everyone’s attention

It happened back in 2014 when I was in Geneva, Switzerland, serving as a delegate of Permanent Mission of the Republic of Korea. I had a skin rash so I visited a local hospital, where they tested my antimicrobial susceptibility before giving me any treatment. The hospital ran this test to see if there were any antibiotics that my body was resistant to. Little did I know before I got tested that there were not many effective antibiotics left for me. Fewer antibiotic options meant fewer treatm

TechnologyOct. 22, 2021