Seoul stocks dip 1% over escalating virus woes

South Korean stocks slumped for the third day in a row Friday as the country decided to impose a semi-lockdown in the greater Seoul area, a hotbed for the recent spike in the new coronavirus, to rein in the fast spreading COVID-19. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 34.73 points, or 1.07 percent, to close at 3,217.95 points. Trading volume was moderate at about 1.3 billion shares worth some 16.2 trillion won ($14.1 billion

MarketJuly 9, 2021

Worst-ever pandemic prods firms to tighten antivirus measures

South Korean firms are tightening their virus prevention measures, including allowing more workers to work from home, as the country has decided to enforce the toughest social distancing rules in the greater Seoul area, the hotbed of the recent spike in new infections. South Korea's daily virus infections hit a new high with 1,316 cases, forcing the government to apply the strongest Level 4 distancing measures from Monday for two weeks. Under the Level 4 rules, private gatherings of three or m

EconomyJuly 9, 2021

Hyundai to temporarily halt local plant for EV production

Hyundai Motor Co. said Friday it will suspend one of its seven domestic plants for four weeks to prepare for the production of an electric vehicle. Hyundai plans to halt the Asan plant from Tuesday until Aug. 6 to upgrade the facilities before it begins production of the IONIQ 6 midsize sedan later this year, a company spokesman said over the phone. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. In February, the maker of the Sonata sedan and the Palisade SU

IndustryJuly 9, 2021

Banks to shorten business hours amid COVID-19 resurgence

Commercial banks in South Korea are slated to cut back on business hours in line with the highest social distancing rules of Level 4, according to the Korea Federation of Banks on Friday. Local bank branches will adjust their operating hours to between 9:30 a.m. to 3:30 p.m, from the current 9 a.m. to 4 p.m, to combat the rapid spread of the novel coronavirus and its delta variant, officials said. The recent move came after the government announced it will implement Level 4 guidelines in Se

MarketJuly 9, 2021

Hyundai Heavy workers extend walkout for another week

Unionized workers at Hyundai Heavy Industries Co., South Korea's top shipbuilder, have decided to extend their ongoing walkout for another week to up the ante in their wage negotiations with the management as the company urged them to return to work, the labor union said Friday. The unionized workers were to end the strike on the day, which started Tuesday, occupying a shipbuilding crane in Ulsan, 414 kilometers southeast of Seoul, after the wage deal fell through. In response to the walkout,

IndustryJuly 9, 2021

Power sales up 6.6% in May on economic recovery

South Korea's electricity consumption continued to rise in May amid an accelerating economic rebound, data showed Friday. Asia's fourth-largest economy used 40,842 gigawatt-hours (GWh) of power in May, up 6.6 percent from a year ago, according to the data from the Korea Electric Power Corp. (KEPCO). It marked the seventh consecutive month for the power consumption to increase on-year. By segment, power consumption of the industrial sector rebounded a whopping 10.3 percent, and that of shops a

EconomyJuly 9, 2021

Fiscal chiefs of S. Korea and Argentina share concerns over major economies’ exit from monetary easing

The finance ministers of South Korea and Argentina have shared concerns over the normalization of expansionary monetary policies by major economies, the Ministry of Economy and Finance said Friday. During a meeting ahead of the Group of 20 meeting of top finance and economic officials held in Venice, Italy, set for Friday and Saturday, Finance Minister Hong Nam-ki and his Argentine counterpart Martin Guzman raised the possibility that the withdrawal of monetary easing measures, including a i

EconomyJuly 9, 2021

POSCO's Q2 operating profit hits highest in 15 years

South Korea's leading steelmaker POSCO estimated Friday its second-quarter operating profit hit the highest point in 15 years on robust demand amid a global economic recovery from the COVID-19 pandemic. Operating profit for the April-June quarter jumped to 2.2 trillion won (US$1.9 billion) from 121.2 billion won during the same period of last year, the company said in a regulatory filing. It marked the highest quarterly operating profit since 2006, when the steelmaker reported its quarterly ea

IndustryJuly 9, 2021

Hyundai reveals Genesis G70 wagon version in Europe

Hyundai Motor Co. said Friday it has revealed the wagon version of the G70 under its independent Genesis brand in Britain ahead of its launch in other European countries later this year. Hyundai unveiled the G70 Shooting Brake at this year's Goodwood Festival of Speed, one of the biggest motoring sporting events, and will begin to sell the model there later this year, the company said in a statement. The company plans to launch the localized G70 model in other European markets to capture a sha

IndustryJuly 9, 2021

Samsung considering launching Galaxy S21 FE in US, Europe only amid chip shortages

Samsung Electronics Co. is considering launching the upcoming budget model of the Galaxy S21 smartphone in the United States and Europe only, industry sources said Friday, due to global semiconductor shortages. Samsung is reviewing a plan to release the Galaxy S21 Fan Edition (FE) in the U.S. and Europe after skipping the domestic market and other countries following the tight supply of mobile application processors, according to the sources. The Galaxy S21 FE will be reportedly powered by the

IndustryJuly 9, 2021

Samsung SDI mulls US battery investment: sources

South Korean battery maker Samsung SDI Co. is considering investment in the United States to meet growing demand for electric vehicles, industry sources said Friday, stoking speculation over potential partnership with major automakers. The battery making arm of Samsung Electronics Co. has been reviewing various options to build a new battery factory in the US to supply potential clients but has remained cautious over its plan despite rising market expectations. "We are considering US inve

IndustryJuly 9, 2021

S. Korea, Argentina hold talks on capital flows, economic cooperation

The finance ministers of South Korea and Argentina have held talks over ways to ease volatility of cross-border capital flows and strengthen economic cooperation, the finance ministry said Friday. Finance Minister Hong Nam-ki and his Argentine counterpart, Martin Guzman, held the meeting in Venice, Italy, on Thursday (local time) on the sidelines of the Group of 20 (G-20) meeting of top finance and economic officials, according to the Ministry of Economy and Finance. They shared the view that

EconomyJuly 9, 2021

Seoul stocks open lower amid virus resurgence

South Korean stocks opened lower Friday as the country decided to impose a semi-lockdown in the greater Seoul area, a hotbed for the recent spike in the new coronavirus. The benchmark Korea Composite Stock Price Index (Kospi) fell 23.3 points, or 0.72 percent, to trade at 3,229.38 points in the first 15 minutes of trading. The Kospi came off to a lackluster start, as the country decided to raise its virus restrictions in the wider Seoul area to the highest level. The announcement came after t

MarketJuly 9, 2021

[Behind the Wheel] Genesis poised to take on EV world with G80

Genesis, the luxury brand of South Korean carmaker Hyundai Motor, has debuted its first pure-electric car, aiming to take on the emerging electric vehicle mart with high-end models. With the Electrified G80, unveiled in South Korean on Wednesday, Hyundai Motor has aimed to prove that it can offer the gentle yet powerful ride of a premium sedan with electricity. On its launch day, The Korea Herald took the much-anticipated car for a test drive of about 60 kilometers, from Starfie

MobilityJuly 9, 2021

Hyundai Motor forges partnership to develop hydrogen fuel cell system for ships

Hyundai Motor will work with other firms to utilize its car-making expertise and technology for the development of a hydrogen fuel cell system for ships, the Korean automaker said Thursday. Hyundai Motor has signed a memorandum of understanding with Hyundai Global Service and the Korean Register of Shipping, a non-profit ship classification body, to jointly develop an FC system package for ships using the Polymer Electrolyte Membrane Fuel Cell that is used in cars. The partnership also aims

MobilityJuly 8, 2021

Korea pledges W40tr investment for battery leadership

South Korea on Thursday unveiled an ambitious plan to consolidate its leadership in the white-hot battery industry, which included a plan by companies to inject over 40 trillion won ($34.9 billion) by 2030 as well tax incentives and other support from the goverment. Dubbed the “K-battery strategy,” the public-private plan resembles one announced in March for the chip industry as Asia’s fourth-largest economy looks to sharpen its competitive edge in the face of growing chall

IndustryJuly 8, 2021

IBM Korea taps Won Sung-shik as new chief

IT solutions provider IBM Korea has appointed Won Sung-shik as its new general manager, the firm said Thursday. Won replaces former CEO Song Ki-hong, who has moved to supervise IBM’s ASEAN operations and IBM Korea’s global business service. Won joined IBM Korea in 1991 and served in various divisions including hardware, marketing, global technology services and finance. He spent four years working for SK Telecom, but returned to IBK Korea to lead its business in technology, co

IndustryJuly 8, 2021

Seoul to offer free hydrogen taxi rides for three days

Twenty hydrogen taxis operating in Seoul will offer free ride for three days next week, H2Korea, a private-public think tank for the hydrogen economy, said Thursday. The event, supported by the Ministry of Trade, Industry and Energy and the state-run Korea Automotive Technology Institute, is to promote the sustainable, eco-friendly hydrogen energy as well as the government’s efforts toward carbon neutrality. It will also mark the first-year anniversary of the Korean New Deal, Presiden

IndustryJuly 8, 2021

MZ generation's debt surges: data

The bank debt of millennials and Generation Z -- together including those born from the 1980s forward -- spiked as they increased investments in real estate, stocks and cryptocurrencies, data showed Thursday. According to the Financial Supervisory Service data released by Rep. Kim Han-jeong of the Democratic Party of Korea, millennial and Gen Z household debt from local banks surged to 26 trillion won ($22.7 billion) in March, up 4.47 trillion won from a year ago. Home-backed lending increased

EconomyJuly 8, 2021

GeneOne Life Science to start phase 2a clinical study of DNA vaccine

South Korean drug firm GeneOne Life Science announced Thursday that the company will begin a phase 2a clinical trial of the company‘s self-developed DNA-based COVID-19 vaccine candidate GLS-5310. The phase 1 clinical trial, conducted at Korea University Guro Hospital with 45 participants, has produced positive results and was reviewed and confirmed by a data safety monitoring board, the firm said. A DSMB is a group of independent experts who monitor patient safety and treatment efficac

TechnologyJuly 8, 2021