[Advertorial] LG Chem reinvents recycling through door-to-door plastic retrieval service

LG Chem said Tuesday it will create an environmental, social and governance business model that encompasses the entire life cycle of plastic -- from its production and use to retrieval and recycling. According to South Korea’s leading chemicals firm, it has joined together with zero-waste packaging startup Innerbottle to establish an eco-friendly platform where residents can simply put empty plastic containers of beauty products inside a bag outside their doors and let a worker pick th

IndustryJuly 20, 2021

Despite virus resurgence, ADB revises up Korea’s GDP growth forecast to 4%

As the South Korean economy faces the grave impact of the fourth wave of COVID-19, it is also being forecast to expand 4 percent this year due to strong exports and investments, the Asian Development Bank said Tuesday, revising up its previous projection of 3.5 percent. In an updated economic forecast, the regional lender cited “facility investment that reflected expansion in the digital economy,” as well as robust “export of information technology and transport equipment&r

EconomyJuly 20, 2021

Seoul stocks down for 3rd day on virus concerns

South Korean stocks extended their losing streak to a third consecutive session Tuesday, following a US stock plunge that stemmed from concerns that the resurgence in the new coronavirus and its variants may deter economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) retreated 11.34 points, or 0.35 percent, to close at 3,232.7 points. Trading volume was moderate at about 963 million shares worth some 15.1 trillion won ($13.1 billi

MarketJuly 20, 2021

Housing price drop likely to affect consumer spending, employment: BOK

An abrupt fall in housing prices in South Korea could deal a substantial blow to the nation’s consumer spending and the job market amid high levels of household debt, a report by the central bank showed Tuesday. Consumer spending and employment rate could both plummet 4 percent in the next two years if the median housing price falls 20 percent in the same period, according to the Bank of Korea’s calculations. The calculation adopted a high loan-to-value ratio of 75 percent and ref

EconomyJuly 20, 2021

Korean Air explores satellite launches from planes

Korean Air said Tuesday it recently began a joint research project with Seoul National University, backed by the Republic of Korea Air Force, to explore the possibility of using large commercial aircraft for air launching. As part of the project, the South Korean national carrier will analyze the current technological capabilities, how to apply core technologies to the project, annual operating costs, and aircraft modification in order to develop an air-launch system with the Boeing 747-400.

MobilityJuly 20, 2021

Korea goes all-out to prevent power outages

South Korea is making all-out efforts to ensure a stable supply of electricity as the nation’s power reserve is expected to plummet to its lowest level this week, amid a record-breaking heat wave and surge in electricity consumption, government officials said Tuesday. To prevent possible power shortages, the Ministry of Trade, Industry and Energy said it will resume operations of three nuclear reactors along the southeastern coast within this month. The reactors were stopped for mainten

IndustryJuly 20, 2021

Korea Aerospace wins $240m trainer jet deal in Indonesia

Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Tuesday it has received a $240 million trainer jet deal in Indonesia. Under the deal, KAI will supply six T-50 advanced trainer jets to the Indonesian air force from Dec. 16, 2021, to Oct. 30, 2024, the company said in a regulatory filing. In 2012, KAI achieved $400 million worth of deals to supply 16 T-50 trainer jets. As of Tuesday, KAI has exported a total of 154 trainer jets worth $3.1 billion -- 70 T-50

EconomyJuly 20, 2021

SK Materials to form EV battery material JV with US-based Group 14

SK Materials Co., a semiconductor and display material subsidiary under SK Group, said Tuesday it will form a joint venture with Group 14 Technologies to tap into the lithium-ion battery material business. SK Materials said it plans to invest 60 billion won ($52 million) to hold a 75 percent stake in the joint venture with Group 14 Technologies, a US-based provider of lithium-silicon battery material designed to enhance the energy density of batteries. The joint venture will build a lithium-si

IndustryJuly 20, 2021

F&F joins TaylorMade buyout as Korean PEF switches partner

South Korean clothing company F&F is set to commit capital of $350.5 million to take part in a private equity firm-led acquisition of California-based golf equipment maker TaylorMade Golf, a filing showed Tuesday. The outfit maker, dedicated to licensed productions for brands such as MLB and Discovery, is taking the place of local rival The Nature Holdings, which on Monday withdrew from its $87.6 million commitment to the deal. According to a disclosure filed with the Financial Superviso

MarketJuly 20, 2021

Securities settlements jump 19% in H1

The amount of securities settlements in the South Korean financial market soared nearly 19 percent in the first half of the year from six months earlier, industry data showed Tuesday. Stocks and bonds worth 3,772.2 trillion won ($3.28 trillion) were delivered through the Korea Securities Depository (KSD) in the January-June period, up 18.6 percent from the second half of last year, according to data from the KSD. It was also up 10.3 percent from a year earlier and marked the largest-ever half-

EconomyJuly 20, 2021

S. Korea to create think tank for space program

South Korea's science ministry said Tuesday it will create a space policy-oriented think tank in a move to bolster its space development ambitions. The country has recently ramped up its space program, with its first homegrown space rocket set for a launch in October and a lunar orbiter program scheduled for next year. The Ministry of Science and ICT said the new think tank, tentatively named the Korea Space Policy Research Center, will conduct space-related research and analysis to offer guid

TechnologyJuly 20, 2021

S. Korea to lift tariffs on imports from Indonesia, Israel under trade deals

South Korea will gradually lift or lower tariffs on more than 95 percent of its imported products from Indonesia and Israel as it has clinched trade deals with the two nations, the finance ministry said Tuesday. The Cabinet approved a revised enforcement ordinance in preparation for implementing trade deals with Indonesia and Israel. In December last year, South Korea and Indonesia inked the comprehensive economic partnership agreement (CEPA), which is equivalent to a free trade deal but cente

EconomyJuly 20, 2021

ADB ups its 2021 growth outlook for S. Korean economy to 4%

The Asian Development Bank (ADB) on Tuesday sharply revised up its growth outlook for the South Korean economy this year, citing robust exports and an expansion in facility investment. The Manila-based bank expected Asia's fourth-largest economy to grow 4 percent this year, up from its earlier estimate in April of 3.5 percent. The ADB maintained its 2022 growth forecast for Korea at 3.1 percent. The ADB joined other organizations that have jacked up their growth estimates for the South Korean

EconomyJuly 20, 2021

Internet lender Kakao Bank to break into new areas: CEO

Kakao Bank, South Korea's largest internet-only bank, will seek to expand into new business areas and become the country's No. 1 financial platform, the company's CEO said Tuesday. "Kakao Bank will strive to emerge as the top financial platform and break into such areas as insurance, fund and asset management," CEO Daniel Yun said at a news conference to mark the lender's planned initial public offering (IPO). To that end, Kakao Bank will continue to seek the digital innovation of it

MarketJuly 20, 2021

Kia launches new Sportage to meet SUV demands

Kia Corp., South Korea's second-biggest carmaker, launched the all-new Sportage SUV in the domestic market Tuesday to meet rising demand for the vehicle type. The new Sportage comes with a 1.6-liter turbocharged gasoline hybrid engine, a 1.6 turbocharged gasoline engine or a 2.0 diesel engine, the company said in a statement. The model is equipped with a set of safety features, such as front collision avoidance, blind-spot collision-avoidance assist and rear cross-traffic collision-avoidance a

IndustryJuly 20, 2021

[Graphic News] US auto brands rank No. 2 in imported car sales in S. Korea in 2020: data

　US automakers overtook Japanese brands to take the No. 2 spot in the imported car market in South Korea last year, a report showed, taking advantage of local consumers’ boycott of Japanese products over trade and wartime legacy disputes. 　A total of 46,000 cars from US automakers were sold in South Korea last year, accounting for 15.2 percent of the overall imported car sales, according to data by the Korean Automobile Manufacturers Association. 　German brands topped the ranking wi

BusinessJuly 20, 2021

Seoul stocks open steeply lower on US stock plunge

South Korean stocks opened steeply lower Tuesday, tracking a US stock plunge that stemmed from concerns that the resurgence in the new coronavirus and its variants may hamper the ailing global economy. The benchmark Korea Composite Stock Price Index (Kospi) slumped 18.44 points, or 0.57 percent, to 3,225.6 points in the first 15 minutes of trading. Virus worries continued to pull down the Kospi after the key stock index's 1 percent retreat the previous session. Overnight, the big-three US sto

MarketJuly 20, 2021

Corporate direct financing rises 34.2% in H1

South Korea's corporate direct financing rose 34.2 percent in the first half from a year ago due to a robust rise in sales of bonds and stocks, data showed Tuesday. Local companies raised a combined 122 trillion won ($107 billion) by selling stocks and bonds in the January-June period, up 31.2 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales soared 486.9 percent to 10.4 trillion won, with the value of initial public offeri

EconomyJuly 20, 2021

Jungheung Group donates W30b to KAIST

South Korean construction firm Jungheung Group on Monday pledged to donate 30 billion won ($26.2 million) to the Korea Advanced Institute of Science and Technology, or KAIST, in the hopes of contributing to the growth of the nation’s semiconductor sector by nurturing global talent in the industry. The company will spend 20 billion won to build an education and research center in Brain City, a technology complex in Pyeongtaek, Gyeonggi Province, and donate 10 billion won in cash to the nat

IndustryJuly 19, 2021

Samsung to up the ante with new foldable phones

With the absence of a new Galaxy Note series model, Samsung Electronics is poised to steer its marketing and sales resources toward its next-generation foldable smartphones to outsmart its archrival Apple, which is set to launch a new iPhone later this year. Samsung used to release its Note series model targeting those who wanted a dedicated stylus and upscale features ahead of Apple’s annual iPhone launch. This year, however, Samsung has not rolled out a new Note due to chip shortages.

TechnologyJuly 19, 2021