[Herald Interview] Korea Forest Service on keeping the country green

Forestry body chief talks multiple green projects and goals during his tenure Amid the prolonged coronavirus pandemic, more South Koreans are rediscovering the joy of immersing themselves in nature, heading out to rugged mountains away from crowded cities. With some 63 percent of its land covered in forest, as opposed to the global average of 30 percent, Korea is indeed a country for hikers, with mountaineering being one of the favorite hobbies of many. While more people are reconnecting

IndustryAug. 24, 2021

Corporate direct financing falls 3% in July

South Korea's corporate direct financing fell 3 percent on month in July due to a decline in sales of bonds, data showed Tuesday. Local companies raised a combined 21 trillion won ($17.9 billion) by selling stocks and bonds in July, down 657.6 billion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales soared 73.3 percent to 4.05 trillion won, with the value of initial public offerings jumping to 3.08 trillion won. Local businesses

EconomyAug. 24, 2021

[Newsmaker] HMM workers vote for strike; governments drawing up measures

The South Korean government said Monday that it was taking measures to cope with any potential disruptions in maritime shipping as a labor strike loomed at the country’s largest shipper, HMM. Earlier in the day, nearly 88 percent of the 453 unionized longshore workers at HMM voted in favor of the collective action, as their wage negotiations with the company management remained deadlocked. If realized, it would be the first labor strike at the company. It is unclear when the union pl

IndustryAug. 23, 2021

China surpasses Korea in major economic figures: FKI

China has been outperforming South Korea in several competitiveness rankings, a report published by the Federation of Korea Industries showed Monday, having already overtaken its neighbor in several other measures. In the 2021 IMD Competitiveness Ranking. South Korea rose nine ranks from 32nd place in 1994 to 23rd in 2021, while China shot up from 34th in 1994 to 16th this year. In the Competitive Industrial Performance list, created by the United Nations Industrial Development Organization

IndustryAug. 23, 2021

Forestry agency earns carbon credits from overseas efforts

As climate change requires attention both locally and globally, green and healthy forests have proven to be beneficial not just in the immediate areas where they are located, but also entire regions and across the whole planet. The Korea Forest Service’s work, therefore, goes beyond the country’s borders. It has for years been making efforts to enhance sustainable management of forests in developing countries, the state-run agency said Monday. Such efforts are in line with the

IndustryAug. 23, 2021

'Korean economy may lose steam due to household debts'

South Korea’s economy will grow 3.9 percent this year, an Asian regional macroeconomic surveillance organization said Monday, presenting a more pessimistic outlook than what the government forecast citing growing household debts. The ASEAN+3 Macroeconomic Research Office said Asia’s fourth-largest economy continues its strong rebound in 2021 buoyed by a sustained global recovery and robust demand for electronics and autos. But it warned that the country’s growing household d

EconomyAug. 23, 2021

Samsung, SK hynix face mixed outlooks for DRAM chips

Last week, foreign investors sold a net 6.3 trillion won ($5.36 billion) worth of Samsung Electronics shares and 2.4 trillion won of SK hynix shares on the local stock market, amid concerns about a drop in DRAM, or dynamic random access memory, chips in the coming months. The continued sell-offs of Samsung and SK hynix by foreign investors weakened their share prices. Samsung’s share price ended at 72,500 won Friday, down 12.9 percent from a recent high of 83,300 won recorded on Aug. 5.

TechnologyAug. 23, 2021

Celltrion’s anti-COVID drug set for US, EU rollout: report

Celltrion’s COVID-19 antibody treatment, the world’s third therapy to be developed for the coronavirus, is likely to enter the US and European markets later this year, a local brokerage said in a report Monday. According to Lee Dong-geon of Shinhan Investment, the South Korean pharmaceutical firm is likely to soon apply for the US Food and Drug Administration’s emergency use authorization for Regkirona, or CT-P59, based on the advisory meetings that the firm previously had w

TechnologyAug. 23, 2021

HMM's sailors vote in favor of first-ever strike

Unionized sailors and other sea-based workers of South Korea's largest shipper HMM Co. have voted in favor of staging their first-ever strike after wage negotiations with the company reached a deadlock, industry sources said Monday. Around 92 percent of the seafarers who have participated in the vote supported the proposed walkout, and they plan to hand in letters of resignation to the management Wednesday, according to the sources. The union added it is still open to reach a last-minute agree

IndustryAug. 23, 2021

Seoul stocks rise nearly 1% on strong exports, eased tapering woes

South Korean stocks steeply rebounded Monday, rising nearly 1 percent, helped by robust economic data and easing concerns about the US Fed's tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 29.7 points, or 0.97 percent, to close at 3,090.21 points. Trading volume was moderate at about 564 million shares worth some 13.2 trillion won ($11.2 billion), with gainers outnumbering losers 788 to 94. Foreigners sold a net 31 bi

MarketAug. 23, 2021

Workforce aging could hurt Korea’s manufacturing: report

A rapidly aging population is a cause of great concern for South Korea already, but a report released Monday gave another reason to worry about: It would hurt the locomotive of the local economy -- manufacturing. According to the Seoul-based Korea Economic Research Institute, the sector will suffer a severe blow from the graying of the workforce. Its analysis of the demographic trends of the manufacturing workforce over the last 10 years shows that the proportion of workers in their 50s and a

IndustryAug. 23, 2021

Samsung Bioepis gets nod for sale of ophthalmology biosimilar drug in Europe

South Korean biopharmaceutical firm Samsung Bioepis Co. said Monday it has won approval from European authorities for the sale of its ophthalmology biosimilar, Byooviz. The European Commission granted the marketing authorization on ranibizumab biosimilar, previously known as SB11, which references Swiss pharmaceutical giant Novartis' blockbuster medication Lucentis. It is the first biosimilar referencing Lucentis to be commercialized in the European Union. The Novartis product registered $1.93

IndustryAug. 23, 2021

LG Chem's shares tumble on GM EV recall

Shares of South Korean chemical firm LG Chem Ltd. plunged in the Seoul bourse Monday, following American automaker General Motors' decision to additionally recall Bolt electric vehicles equipped with its subsidiary's batteries over fire risks. LG Chem, which wholly owns battery maker LG Energy Solution Ltd., saw its shares tumble about 10 percent as of 2 p.m., after GM said Friday it will recall about 73,000 Bolt EVs from model years 2019 through 2022, which is expected to cost about US$1 billi

IndustryAug. 23, 2021

Bottom 20% hit hardest by food price hikes

Soaring food prices have pushed South Korea’s low-income families to spend more on food, fueling an increase in the number of households running a deficit, data showed Monday.  According to data from the Korean Statistical Information Service, monthly expenditures on food and nonalcoholic beverages by households in the lowest income quintile, or the bottom 20 percent, stood at 244,000 won ($208) on average, during the second fiscal quarter, up 12 percent from a year earlier. 

EconomyAug. 23, 2021

Yanolja wins suit against rival over data theft

Accommodation booking app Yanolja won a compensation suit it filed against a local rival for stealing confidential company information, according to a regional court Monday. The Seoul Central District Court ordered Good Choice Company, the firm behind the accommodation booking platform of the same name, to pay 1 billion won ($852,300) to Yanolja as compensation for its theft of Yanolja’s business data. The court said Good Choice gained profit from using information gathered from Yanol

IndustryAug. 23, 2021

Google or Apple? ONE Store emerges as cheaper 3rd option

South Korea’s own app market operator ONE Store said Monday it will go global in 2022 and challenge the dual hegemony of Google and Apple by charging commissions up to one-third cheaper. During an online press conference, CEO Lee Jae-hwan announced that the firm has teamed up with Blizzard, Microsoft and Tencent to expand beyond the Korean market and launch a global version of the ONE Store in 2022. “Due to the recent monopoly issue in the app market, ONE Store is getting incre

IndustryAug. 23, 2021

Han Sung Motor donates Dream Gream online store profits to youth shelters

Han Sung Motor has donated 20 million won ($17,028) earned from running Dream Gream online merch store and more to 10 youth shelters around the country, the official Mercedes-Benz dealer said Monday. The auto dealership opened the online store offering merchandise made by students participating in its Dream Gream art scholarship program in June. As part of its social outreach efforts, Han Sung Motor has been supporting middle and high school students with artistic talents through the progra

MobilityAug. 23, 2021

Market in wait-and-see mode over BOK’s rate-setting, US Fed meeting

With South Korea’s benchmark Kospi plunging below the 3,100-point level last week over the US tapering jitters, the market is closely watching the outcomes of the upcoming monetary meetings at the Korean central bank and the US Federal Reserve this week. The Bank of Korea is widely expected to raise its key rate by 25 basis points to 0.75 percent after its upcoming rate-setting meeting on Thursday. The decision will be undertaken in an effort by the central bank to maintain financial stab

MarketAug. 23, 2021

S. Korea receives additional reserve assets from IMF under SDRs allocation

South Korea said Monday it has received Special Drawing Rights (SDRs) worth of some $11.7 billion from the International Monetary Fund (IMF) in line with the international organization's move to allocate its new asset reserves to member countries. In early August, the board of IMF governors approved a $650 billion expansion of its reserve assets, called SDRs, to allocate to IMF member countries in accordance with their existing quotas. The move is aimed at helping countries cope with the fallo

MarketAug. 23, 2021

More Kospi200 firms set up ESG committees

Almost 40 percent of South Korea’s top 200 listed companies have established committees to deal with environmental, social and corporate governance issues, with a majority of them having caught on to the trend this year, a report from consulting firm Samjong KPMG showed Monday. Out of the Kospi200 companies, which make up 93 percent of the total market of the country’s main bourse, 76 companies or 38 percent have set up ESG committees, including one that has two councils. Out of t

EconomyAug. 23, 2021