[News Focus] Korea ranks 12th of 15 OECD members in Q2 growth

SEJONG -- South Korea’s economy underperformed in the second quarter of this year compared with those of major countries, recent GDP growth data showed. Korea posted 0.7 percent GDP growth in the second quarter of 2021, which placed the country 12th out of the 15 members -- including the US, Germany, France and Italy -- of the Organization for Economic Cooperation and Development. Though the OECD has yet to compile the corresponding figures for the other 22 of the total&n

EconomyAug. 19, 2021

Household income falls in Q2 on higher base effect

South Korean household income declined in the second quarter from a year earlier due to last year's high base after the government doled out massive pandemic relief funds to all households the previous year, data showed Thursday. The average household earned 4.29 million won ($3,600) per month in the April-June period, down 0.7 percent from the previous year, according to the data from Statistics Korea. It marked the first on-year fall since the second quarter of 2017, when household income di

EconomyAug. 19, 2021

Tax probe underway for property-related tax evasion involving minors

South Korea's tax agency said Thursday it has launched probes into suspected tax evasion by 97 young people who acquired houses through undue wealth transfers from their parents. The National Tax Service (NTS) said it has conducted a crackdown on underaged people who own expensive apartments and houses even though they have no ability to earn money. The probe came as cases of house acquisition by people aged under 20 markedly increased despite an overall decline in housing transactions. Amid

EconomyAug. 19, 2021

LG Chem to invest W2.6 tr by 2028 to build 10 factories in S. Korea

LG Chem Ltd., South Korea's leading chemical firm, said Thursday it will invest 2.6 trillion won ($2.2 billion) by 2028 to step up its domestic manufacturing capacity for eco-friendly materials. LG Chem said it will build 10 new chemical factories in Seosan, about 140 kilometers southwest of Seoul, to produce biodegradable materials and other materials used in renewable energy. Among them are poly butylene adipate-co-terephthalate (PBAT), a biodegradable plastic used in decomposable packaging,

IndustryAug. 19, 2021

Samsung Card decides to sell its whole stake in Renault Samsung Motors

Major South Korean credit card issuer Samsung Card Co. said Thursday it has decided to sell its entire 19.9 percent stake in Renault Samsung Motors Corp. Samsung Card said it recently made the decision and selected Samsung Securities Co. as the lead manager of the stake sale. The card issuer purchased the stake for 87.6 billion won ($74.8 million) in April 2000 in line with an agreement between Samsung Group and French automaker Renault S.A. on the sale of Samsung's car unit. In a semiannual

IndustryAug. 19, 2021

Samsung tops Latin American smartphone market in Q2: report

Samsung Electronics Co. was the top smartphone vendor in Latin America in the second quarter, a report showed Thursday, although its market share dropped from a year earlier. Samsung represented 37.3 percent of smartphone shipments in Latin America in the April-June period, defending its leading status, according to market tracker Counterpoint Research. However, its second-quarter market share was down from 42.5 percent a year ago. "Samsung was the most affected due to the constraints rel

IndustryAug. 19, 2021

Samsung Heavy gets approval for basic design of ammonia-propelled ships

Samsung Heavy Industries Co. said Thursday that it has won approval in principle (AIP) for its basic design for LNG or diesel-powered oil tankers that can be revamped into ammonia-fueled ones from DNV, a Norwegian ship quality assurance and risk management company. The shipbuilder's basic design will be helpful for shippers that want to transform their LNG or diesel-powered oil tankers into ammonia-fueled ones, Samsung Heavy said. AIP for the VLCCs means a certification agency has reviewed its

IndustryAug. 19, 2021

LG successfully demos 6G data transmission using terahertz spectrum

LG Electronics Inc. on Thursday said it has successfully demonstrated 6G data transmission using the terahertz spectrum as the South Korean tech giant tries to move ahead in the next-generation communication technology. LG succeeded in sending 6G terahertz wireless communication signals 100 meters in an outdoor environment in collaboration with Fraunhofer-Gesellschaft, Europe's leading application-oriented research organization, in Berlin last week. LG said it developed a new power amplifier w

TechnologyAug. 19, 2021

Genesis unveils design of GV60 electric SUV

Genesis, the independent luxury brand of Hyundai Motor Co., on Thursday unveiled the design of its first all-electric GV60 ahead of its launch later this year. The GV60 is Genesis' first-ever EV based on the same electric-global modular platform (E-GMP) as the Hyundai IONIQ 5 and Kia EV6, and the luxury brand's third SUV following GV80 and GV70. It employs the brand's "Athletic Elegance" design language throughout, which includes signature quad light fixtures up front, matching taill

TechnologyAug. 19, 2021

Seoul stocks open lower on US tapering talks

South Korean stocks opened lower Thursday as investor sentiment weakened over the US Federal Reserve minutes that hinted at the possibility of an earlier-than-expected tapering timeline. The benchmark Korea Composite Stock Price Index (Kospi) fell 11.18 points, or 0.35 percent, to 3,147.75 points in the first 15 minutes of trading. Stocks got off to a lackluster start, tracking the overnight Wall Street stock plunge. The Dow Jones Industrial Average lost 1.08 percent as Federal Reserve minute

MarketAug. 19, 2021

[Graphic News] Hyundai beats Toyota to top FCEV market in H1

　South Korean automaker Hyundai Motor beat its Japanese rival Toyota to become the world’s largest fuel cell electric vehicle maker in the first half of the year with the release of a face-lifted model, industry data showed. 　Hyundai Motor, the maker of the NEXO SUV, sold about 4,700 units in the January-June period, up 62.7 percent from a year earlier, according to the data from SNE Research. 　Toyota’s fuel cell electric vehicle sales skyrocketed 735.1 percent on-year to 3,700

BusinessAug. 19, 2021

Complaints against financial firms decline 7% in H1

The number of consumer complaints against financial firms fell 7 percent on year in the first-half of this year, official data showed Thursday. The Financial Supervisory Service (FSS) said it received a total of 42,725 consumer complaints in the January-June period, compared with 45,922 complaints for the same period in 2020. The decline was mainly due to the base effect of last year, when financial complaints grew over the COVID-19 pandemic, the FSS said. Deceptive sales of investment produc

EconomyAug. 19, 2021

Nominee for financial regulator hints at tougher measures to curb household debt

South Korea plans to unveil additional measures to curb a sustained increase in household debt, if needed, by mobilizing all available policy means, the nominee for the financial regulator has said. Koh Seung-beom, the nominee for the Financial Service Commission, told officials Tuesday that he will "swiftly" push for "strong" measures to tackle household debt if his nomination is confirmed by parliament, according to the FSC. "It is very urgent to get rid of macroecon

EconomyAug. 18, 2021

Korean child wins Grand Prize at Toyota art contest

Children from South Korea, the Canary Islands and China won Japanese automaker Toyota’s 14th Dream Car Art Contest. Lee Jae-yul, a 7-year-old from South Korea, won the award with a piece titled “Pollution Purifying Car.” The work depicts a time-traveling car that “travels to the past” and “absorbs the polluted air, turning it into fresh air for the future,” the company said. Se Eun Hong and Heng wei Xu from the Canary Islands and China, respectively,

MobilityAug. 18, 2021

South Korean retail stock investors ‘at risk’ from foreign selling spree

The routine of South Korean retail investors picking up massively offloaded shares by foreigners has continued since last week, but experts have been raising concerns over growing risks of their buying spree if the market remains bearish for a while. According to the Korea Exchange Wednesday, offshore investors pushed for a selling spree Tuesday for a sixth consecutive session since Aug. 9 on the nation’s main bourse market, dumping a net 7.46 trillion won ($6.38 billion). They offload

MarketAug. 18, 2021

BlackRock Real Assets to acquire Korean solar power operator

BlackRock Real Assets said Wednesday it has signed an agreement to acquire an undisclosed amount of equity stake in South Korean solar aggregator and operator Brite Energy Partners. The US-based investment firm aims to inject more than $100 million capital over time to fund the acquisition and construction of solar assets of over 350 megawatts in power generation capacity. All projects developed and acquired by Brite Energy Partners are expected to be fully contracted under 20-year terms with K

MarketAug. 18, 2021

Mobile carriers attempt to expand further beyond telecom business

South Korea’s mobile carriers are adjusting their business strategy to expand their non-telecom businesses in a bid to take a share in the growing demand for digital content delivered via both mobile and fixed-line networks. SK Telecom, KT and LG U+ each witnessed an increase in the share of non-telecom business in their total revenue in the April-June period this year, as more people stayed home and spent time watching video on IPTV and mobile platforms. Top executives of the three ma

TechnologyAug. 18, 2021

Hyundai Motor kicks off US car-hailing service for disabled

Hyundai Motor’s two automotive affiliates, Hyundai Motor and Kia, started a car-hailing service for the elderly and the disabled in the United States, as part of its universal mobility project, the automaker said Wednesday. The South Korean automotive group said it has launched the service, dubbed EnableLA in Los Angeles, with wheelchair-compatible vehicles for passengers. Those who want to use the service can hire a car via a mobile app or calling, and a specially trained chauff

MobilityAug. 18, 2021

Korea Pharma's hyperlipidemia drug potentially effective against COVID-19

South Korean pharmaceutical firm Korea Pharma said Wednesday that the company’s hyperlipidemia drug could potentially be effective against the COVID-19 virus, citing a study result published in international journal Frontiers in Pharmacology. 　 According to the study conducted by Keele University and other institutions, fenofibrate and fenofibric acid, the active metabolite of fenofibrate, reduced the viral infection by up to 70 percent. Fenofibric acid is one of the core ingredients of

TechnologyAug. 18, 2021

Satrec Initiative aims to build world’s highest-resolution optical satellite

Satrec Initiative, a South Korean manufacturer of small- and medium-size observation satellites, will push for the development of an Earth mapping satellite with the world’s highest resolution imaging system, the firm said Wednesday. Named SpaceEye-T, the envisioned aircraft is a 700-kilogram satellite designed to observe the Earth offering imagery with resolution as high as 30 centimeters per pixel, precise enough to verify car models on the ground. The company plans to launch it by

TechnologyAug. 18, 2021