Seoul stocks open lower amid virus woes

South Korean stocks opened lower Tuesday as investors took to the sidelines amid the country's protracted fight against its worst wave of the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.03 points, or 0.13 percent, to trade at 3,140.16 points in the first 15 minutes of trading. South Korea's fight with the current wave of the pandemic weighed on investor sentiment as health authorities struggle to flatten the virus curve ahead of the Chuseok holiday next month. In

MarketAug. 31, 2021

S. Korea wary of potential market volatility from Fed's tapering issue: official

Talks about the Federal Reserve's tapering of asset purchases have had limited impacts on South Korea's financial market, but the country will monitor the situation with "extra" vigilance, a senior government official said Tuesday. Fed Chairman Jerome Powell said in a Jackson Hole speech Friday (U.S. time) that the Fed may begin to taper bond purchases this year, but he took a cautious stance about an early tapering of asset buying or a hike in interest rates. First Vice Finance Mini

EconomyAug. 31, 2021

Home transactions sink 37% in July

Home transactions in South Korea tumbled 37 percent in July amid government efforts to rein in soaring housing prices, government data showed Tuesday. The number of homes changing hands nationwide stood at 88,937 last month, down 37.1 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. The July reading was little changed from the 88,922 deals registered in the prior month. The number of home transactions in the South Korean capital of S

EconomyAug. 31, 2021

Industrial output down in July amid toughened virus curbs

South Korea's industrial output decreased in July from the previous month in the latest sign that the country's economic recovery momentum slowed amid the fourth wave of the pandemic, data showed Tuesday. Industrial output fell 0.5 percent in July from the previous month, a turnaround from a 1.6 percent on-month gain in June, according to the data compiled by Statistics Korea. From a year earlier, it increased 4.7 percent. Retail sales, a gauge of private spending, declined 0.6 percent in July

EconomyAug. 31, 2021

Hahn & Co. sues Namyang Dairy for breach of contract

Seoul-based buyout firm Hahn & Co. has filed a lawsuit against Namyang Dairy Products shareholders for failing to abide by a binding contract to sell their controlling shares to them, the nation’s second-largest private equity fund said Monday. The lawsuit, submitted to the Seoul Central District Court on Aug. 23, is meant to urge shareholders, including Namyang Dairy Chairman Hong Won-sik, to implement the sales deal signed on May 27 as planned, Hahn & Co. said in a statement.

MarketAug. 30, 2021

Korean gamers take action against NCSoft’s ‘misleading’ marketing

On Thursday, two South Korean game developers had sharply contrasting fortunes on the local stock market: NCSoft’s shares plunged 15.29 percent, while Pearl Abyss shares skyrocketed 25.57 percent. The share price moves of both companies were affected by reactions to their new game titles -- NCSoft’s newly launched mobile role-playing game Blade & Soul 2 and Pearl Abyss’ trailer video for DokeV, an open-world game, whose release date is yet to be announced.  The dr

TechnologyAug. 30, 2021

Ruling on Woori chief signals clemency to CEOs for misselling scandal

A court ruling that nullified a penalty for Woori Financial Group Chairman and Chief Executive Officer Sohn Tae-seung signals clemency for other chiefs of banks and other financial institutions who have been blamed for their role in a series of private fund misselling scandals, industry sources said Monday. The ruling by the Seoul Administrative Court Friday was in favor of Sohn, rescinding a “reprimand” warning on the banking group chiefs by the Financial Supervisory Service. The

MarketAug. 30, 2021

Home presales set to begin for Hyundai E&C’s Hillstate Namsan

Hyundai Engineering & Construction’s premium apartment brand Hillstate is to give Seoul another landmark at the heart of the capital city with the construction of Hillstate Namsan. Located at Mukjeong-dong, Jung-gu district, near the office-heavy Gwanghwamun downtown area, the complex comprises two buildings, with three floors underground and nine above. The size of the 282 residential units up for sale range between 21 square meters and 49 square meters. Two floors underground wi

IndustryAug. 30, 2021

LG Chem to turn artificial marble waste into translucent plastic

LG Chem said Monday that it would reuse artificial marble waste to produce translucent industrial plastic -- widely used in making pipes, auto body parts and helmets. According to South Korea’s leading chemical company, it has joined hands with Veolia R&E, which has a patented technology to extract a liquid material called methyl methacrylate, or MMA, from artificial marble waste. Through the partnership, LG Chem will secure a stable supply of recycled MMA and use it to manufacture

IndustryAug. 30, 2021

SK Energy, Logisquare seek green transition of cargo trucks

Leading oil refinery and gas station operator SK Energy said Monday it has partnered up with the nation’s largest logistics firm Logisquare to accelerate the green transition of cargo trucks. Under the partnership, Logisquare, which operates 16 logistics hubs nationwide and processes 60,000 units of cargo from some 1,000 clients, will gradually shift its registered cargo trucks to electric and hydrogen vehicles. SK Energy, which runs 22 NeTruck Houses -- one-stop filling stations that

IndustryAug. 30, 2021

State spending on strategic industries to surge 43% next year

South Korea will ramp up spending on the next-generation automobile, chip and bio-health sectors next year in an effort to nurture homegrown companies into leading players in the global market, the finance minister said Monday. Under a budget proposal for the 2022 fiscal year drawn up by the government, spending on the “Big 3” industries will increase to 6.3 trillion won ($5.41 billion), up 43 percent from the amount allocated this year. The budget plan will be presented to the pa

EconomyAug. 30, 2021

Seoul stocks gain for 2nd day on US Fed's cautious signal

South Korean stocks gained for a second consecutive session Monday as investors remained optimistic about the US Federal Reserve's cautious stance on withdrawing its ultra-easing monetary policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 10.29 points, or 0.33 percent, to close at 3,144.19 points. Trading volume was moderate at about 595 million shares worth some 11.6 trillion won ($9.9 billion), with gainers outnumbering losers

MarketAug. 30, 2021

Every South Korean to face W100m of national debt in 2038: study

South Korea’s national debt per person is expected to grow at a fast clip to reach 100 million won ($85,800) in 2038 as a result of government’s expansionary spending to keep its economic growth in line with an aging population, a study showed Monday. Illustrating 2038 as the year when a newborn this year graduates from high school, the Korea Economic Research Institute, a local think tank, warned that future generations will be placed with a heavy financial burden even before th

EconomyAug. 30, 2021

Kia, union sign 1st wage deal without strike in 10 years

Kia Corp. and its labor union on Monday signed a wage agreement for 2021 without an industrial action occurring for the first time in a decade. On Friday, 68 percent of 26,945 Kia workers voted in favor of wage offers that include an increase of 75,000 won ($64.30) in basic monthly pay, two months of wages in performance-based pay and cash bonuses worth 5.8 million won. More than 1,600 out of the 28,604-member union abstained. But the company rejected the union's demand to extend the retiremen

IndustryAug. 30, 2021

Major burdens for companies: COVID-19, raw material prices, interest rates

The resurgence of the coronavirus virus, increases in raw material prices and interest rates were the biggest concerns of companies here, a survey showed Monday. The Korea Chamber of Commerce and Industry conducted a survey on 310 companies -- 104 conglomerates and 206 small- and midsize firms -- and found that those three factors were the major burdens affecting them and the economy. In the survey, 81.6 percent of the companies chose the rise in raw material prices as a major concern, and

IndustryAug. 30, 2021

Hyundai Oil Bank rolls out beer inspired by premium gasoline brand

Hyundai Oil Bank has rolled out an IPA beer in collaboration with CU, a leading convenience store franchise here, to offer an exciting experience to the MZ generation, the Korean oil company said Monday. The beer, named “Premium IPA,” hit the shelves last month, Hyundai Oil Bank said. It took inspiration from Kazen, Hyundai Oil Bank’s premium gasoline brand that had undergone an overhaul last year, the oil refinery said. Kazen, a portmanteau of the words “Kaizer&rdquo

IndustryAug. 30, 2021

Samsung researchers get two more seats in global consortium

Two researchers from Samsung Electronics will serve as vice presidents of working groups within a global mobile telecommunication standards organization, the company announced Monday. With the latest appointments, Samsung now has two chairs and five vice-chairs in the Third-Generation Partnership Project, a consortium of seven regional telecommunication standards organizations established to develop a universal standard for mobile telecommunications.  It is the largest number of seats

IndustryAug. 30, 2021

Incheon Airport to offer 24-hour unmanned currency exchange service

Incheon International Airport is planning to start offering an unmanned currency exchange service beginning in February 2022. Dubbed the “unmanned currency exchange zone,” currency exchange machines will be installed in the airport’s Terminal 2 and will be in service 24 hours a day, officials at Incheon International Airport Corporation said on Monday. IIAC is currently in talks with major banks to introduce the service. Shinhan Bank is on board with the move, according to on

MobilityAug. 30, 2021

Online orders flood in for Jincheon store after county accepts Afghan evacuees

A Jincheon-based online store has temporarily suspended taking new orders after a drastic surge in orders following the county’s decision to accept Afghan evacuees. In a statement released on the website Sunday, JC Mall said its order volume had jumped “more than twentyfold” since Friday, compared with other weekends. Its increased popularity comes after hundreds of evacuees from Afghanistan were admitted to the Leadership Campus of the National Human Resources Development I

ConsumerAug. 30, 2021

Standard Chartered launches blockchain trade finance platform

Standard Chartered said Monday it has launched a blockchain-based digital trade finance platform through a joint venture with Chinese supply chain financial technology firm Linklogis. The platform named Olea will be operated by the joint venture headquartered in Singapore, with a goal of bringing together “institutional investors seeking opportunities in an alternative asset class with businesses requiring supply chain financing." Amelia Ng, an official from SC Ventures, the fintec

MarketAug. 30, 2021