Private equity fund-led deals touch new high in 2020

Investment deals by South Korea's private equity funds hit a new high in 2020, but their investments were still focused on local firms, data showed Wednesday. Local private equity funds invested 18.1 trillion won ($15.6 billion) in 565 companies last year, up from 16 trillion won in 2019, according to the data from the Financial Supervisory Service (FSS). They invested 12.6 trillion won in 488 South Korean companies and 5.5 trillion won in foreign companies, the data showed. At the end of la

EconomyJuly 21, 2021

DLS sales in S. Korea decline 10.2% in H1

The issuance of derivatives-linked securities (DLS) in South Korea sank more than 10 percent in the first half of the year amid the coronavirus pandemic, data showed Wednesday. The country's DLS sales came to 9.46 trillion won ($8.23 billion) in the January-June period, down 10.2 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). The amount was also down 10.9 percent from six months earlier. DLS tracks the performance of interest rates, currency val

EconomyJuly 21, 2021

GM Korea workers to stage partial strike for higher pay

Unionized workers at GM Korea Co., the South Korean unit of General Motors Co., entered a partial strike Wednesday for higher wages amid the extended COVID-19 pandemic. GM Korea workers put down their tools in three plants -- two in Bupyeong, just west of Seoul, and one in Changwon, 400 kilometers south of the capital city, a company spokesman said over the phone. GM Korea and its union have had 13 rounds of negotiations over wages since May, but they failed to bridge their differences. The

IndustryJuly 21, 2021

S. Korea's electricity use seen to hit season high

South Korea's electricity consumption is likely to hit a season high Wednesday, as the country remains gripped by a sweltering heat dome, the power market operator said. The Korea Power Exchange said the country's maximum power consumption will likely reach 91.4 gigawatts (GW) between 4 p.m. and 5 p.m., the highest number this summer. The previous record was set last Thursday, when the maximum power demand in Asia's fourth-largest economy stood at 88.6 GW. South Korea's maximum power use post

EconomyJuly 21, 2021

Exports up 32.8% in first 20 days of July

South Korea's exports rose 32.8 percent on-year in the first 20 days of July on the back of robust demand for chips, autos and petroleum products, customs data showed Wednesday. The country's outbound shipments stood at $32.6 billion in the July 1-20 period, compared with $24.5 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 46.1 percent on-year to $36.5 billion, resulting in a trade deficit of $3.9 billion during the cited period, the data showe

EconomyJuly 21, 2021

Finance chief warns of possible fall in housing prices

South Korea's top economic policymaker on Wednesday reiterated his warning that high-flying housing prices could undergo corrections as prices of homes in the greater Seoul area have excessively risen. Finance Minister Hong Nam-ki said the government will put policy priority on expanding the supply of residential properties in a bid to curb speculative demand for homes. "A rise in housing prices in the greater Seoul area has been led by expectations for easing rules on the redevelopment o

EconomyJuly 21, 2021

Sales of top 100 unlisted firms more than quadruple over 3 years

Sales of major high-growth unlisted companies in South Korea have risen more than four times over the past three years with online distributors and bio firms posting explosive growth, a corporate tracker said Wednesday. The combined top line of the country's top 100 unlisted companies came to 20.4 trillion won ($17.8 billion) last year, up a whopping 323 percent from three years earlier, according to CEO Score. The companies, chosen from more than 11,500 businesses nationwide, don't belong to

MarketJuly 21, 2021

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Wednesday as bargain hunters sought to buy oversold stocks after the benchmark index took a breather for the past three sessions. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.67 points, or 0.33 percent, to 3,243.37 points in the first 15 minutes of trading. Stocks came to a strong start after the KOSPI retreated nearly 2 percent in the past three sessions amid rising concerns over the fourth wave of the pandemic in the country. Hopes of e

MarketJuly 21, 2021

Producer prices up for 8th month in June

South Korea's producer prices gained 0.4 percent on-month in June due to a modest rise in prices of industrial goods, extending their monthly gains for the eighth straight month, central bank data showed Wednesday. The producer price index, a barometer of future consumer inflation, stood at 109.06 in June, compared with 108.65 a month earlier, according to the Bank of Korea (BOK). The May index advanced 6.4 percent from the previous year, the BOK data showed. The prices of agricultural goo

EconomyJuly 21, 2021

4 companies to recall nearly 49,000 vehicles over faulty parts

BMW, Porsche, Kia Corp. and Nissan Motor Corp. will voluntarily recall nearly 49,000 vehicles to fix faulty components, the transport ministry said Wednesday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The companies are recalling a combined 48,939 units in 15 kinds of models, the Ministry of Land, Infrastructure and Transport said in a statement. The problems include a faulty fuel hose in BMW's MINI Coo

EconomyJuly 21, 2021

Samsung Electronics shares hit year's second-lowest mark

Samsung Electronics, which holds one-fifth of the South Korean stock market’s value, has been suffering continuous price declines in recent weeks, hitting the second lowest mark of the year on Tuesday. The stock price of the world’s largest chipmaker fell as low as 78,400 won ($68.30) earlier on Tuesday, before closing at 79,000 won, the second lowest level this year. Compared to 96,800 won six months ago, the price level is 18 percent lower. On hopes for an economic recovery, ma

MarketJuly 20, 2021

Kakao’s Ground X picked as preferred bidder for BOK’s digital currency project

South Korea’s central bank on Tuesday named Ground X, a blockchain subsidiary of the nation’s tech giant Kakao Corp., as the preferred bidder for the partner position on its pilot digital currency development program. The Bank of Korea in May uploaded posts on its website seeking businesses interested in a 10-month partnership deal as a technological supplier to develop its central bank digital currency. It plans to close the deal by the end of the month before kicking off the pi

MarketJuly 20, 2021

GC Pharma partners with Speragen to develop first in class drug for a rare disease

South Korean biopharmaceutical firm GC Pharma has partnered with US-based biotech firm Speragen to develop a cure for a rare disease, according to the company, Tuesday. According to GC Pharma, the two companies will develop an enzyme replacement therapy for a rare disease called succinic semialdehyde dehydrogenase deficiency, which currently has no treatment. The two companies aim to start preclinical studies this year and phase 1 and 2 clinical trials during the second half of 2023. Under

TechnologyJuly 20, 2021

Samsung Bioepis begins late stage clinical trial of ustekinumab biosimilar

Samsung Bioepis said Tuesday that the company has started a Phase 3 clinical trial for its ustekinumab biosimilar candidate, SB17. SB17 is the the South Korean biopharmaceutical company’s 10th biosimilar pipeline. The reference ustekinumab product is Stelara, a prescription medicine developed by Johnson & Johnson’s pharmaceutical unit Janssen, used to treat patients with plaque psoriasis, psoriatic arthritis, Crohn’s disease and ulcerative colitis. First approved in 20

TechnologyJuly 20, 2021

Korean aviation, oil industries brace for impact of EU’s green jet fuel mandate

As the European Union aims to impose a new tax on aviation fuel and require all flights within its borders to use a certain amount of sustainable aviation fuels, or SAFs, major South Korean refineries are watching closely whether the initiatives will jump-start a new market for green jet fuels. According to a climate package announced by EU last week, free emitting permits for air carriers will disappear after 2026 and a tax on kerosene -- the most common jet fuel -- will be gradually introd

IndustryJuly 20, 2021

Doosan Heavy to invest more in US NuScale Power

South Korea's top power plant builder Doosan Heavy Industries & Construction Co. said Tuesday that it has decided to invest $60 million to expand its stake in NuScale Power LLC., a US small modular reactor (SMR) maker. Doosan Heavy already invested $44 million in the unlisted SMR maker in 2019, along with other local investors, and signed a deal to provide core parts to be used for the construction of SMRs, a new type of light water reactor for nuclear power plants. Doosan Heavy, however,

IndustryJuly 20, 2021

Google delays enforcing a new in-app commission policy amid growing concerns

Google has decided to postpone the application of a 15-30 percent cut on in-app purchases of digital content via its Play Store from late September this year to March next year, amid growing complaints from independent developers and content creators. The move comes as Korean legislators are pushing for a revision to the law aimed at blocking Google from enforcing such a mandatory commission policy on all in-app purchases made by local users. It is not the first time Google has changed the s

TechnologyJuly 20, 2021

Lotte Food aims to double canned ham exports

South Korean food company Lotte Foods is expanding the exports of its canned ham products with a goal of doubling the profit from ham exports this year, the company said Tuesday. Lotte Foods said it achieved $9.4 million from exporting a total of 1,111 tons of canned ham in 2020 -- accounting for almost half of the country’s total ham exports at 2,249 tons in the year. As of June this year, the company had exported 921 tons of its canned ham products, accounting for 51 percent of the

ConsumerJuly 20, 2021

Renault Samsung Motors’ Mobilize offers convenient traveling for subscribers

As the subscription economy is expanding its scope into the automotive industry, Renault Samsung Motors’ Mobilize offers easy traveling for those planning to embark on a summer break, the automaker said Tuesday. Unlike other car rental programs, Mobilize, which is Renault Samsung’s monthly car subscription service, does not charge by mileage, and comes without an early termination fee, the automaker said. Renault Samsung said Mobilize subscribers can use its major vehicle lineup

MobilityJuly 20, 2021

KakaoBank looks to spur innovation via W2.55tr IPO

KakaoBank, South Korea’s leading mobile-only bank, said Tuesday that it aims to become the nation’s No. 1 retail bank leading innovation in finance through its market debut on the nation’s main board Kospi next month. “KakaoBank has proved business capacity of a mobile application as it secured 16.15 million users (as of first quarter this year) and turned into the black within 1 1/2 year (after establishing the firm in 2017),” Yun Ho-young, chief executive office

MarketJuly 20, 2021