More young people start businesses amid sluggish job market: data

As the local job market has remained in limbo due to the prolonged COVID-19 pandemic, a growing number of South Koreans in their 20s have started their own businesses, data showed Wednesday.  According to data compiled by Statistics Korea and the Ministry of SMEs and Startups, a total of 449,000 startups were launched by individuals between January and April amid a feeble employment market.  Of the total, people aged 30 and under opened 59,000 enterprises during the cited period, up

EconomyJuly 7, 2021

LG Electronics Q2 operating profit reaches W1.1tr, up 65.5%

LG Electronics said Wednesday its operating profit in the second quarter is estimated at 1.11 trillion won ($979.4 million), up 65.5 percent on-year. In a regulatory filing, the firm said its sales during the April-June period is likely to have reached 17.11 trillion won, an increase by 48.4 percent from a year earlier. The company’s quarterly operating profit would top 1 trillion for a second consecutive quarter, the earnings guidance showed. In the first quarter, the electronics gia

TechnologyJuly 7, 2021

Busan tests potential as blockchain industry hub

BUSAN -- Blockchain experts gathered in Busan -- a city designated as a blockchain special zone -- on Wednesday to assess the city’s potential to become the center of a global digital information ecosystem. Introducing the city’s blockchain projects that are taking place here, Shin Chang-ho, director of the Future Industry Bureau of Busan Metropolitan City, said the blockchain technology has paved the way for the nation’s port city to transform into a financial hub and a glo

MarketJuly 7, 2021

Samsung Electronics projects record W63tr in Q2 sales

Samsung Electronics expects its quarterly sales to rise to a record-breaking 63 trillion won ($55.4 billion) during the three months ending June this year, an 18.94 percent jump on-year, according to the South Korean IT giant’s earnings guidance Wednesday. The company projected 12.5 trillion won in operating profit, a whopping 53.37 percent spike in the same period, the best figure since the third quarter in 2018 when the firm enjoyed a global chip boom. Compared to the first quarter,

IndustryJuly 7, 2021

Seoul stocks dip amid virus woes, Kosdaq at another high

South Korean stocks closed lower Wednesday after hitting an all-time high the previous session amid growing concerns over a surge in new COVID-19 cases. The Korean won sharply fell against the US dollar on risk-averse sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.87 points, or 0.6 percent, to close at 3,285.34 points. Trading volume was moderate at about 1.1 billion shares worth some 14.3 trillion won ($12.7 billion), with losers outnumbering gainers 663 to 202. F

MarketJuly 7, 2021

Hyundai Motor, Kia pledge to 100% renewable energy by 2050

South Korean carmakers Hyundai Motor and Kia will join a global clean energy initiative and will transition to 100 percent renewable energy by 2050, the firms’ parent Hyundai Motor Group said Wednesday. The automakers and three other units under the group will submit applications to become members of the RE100, a global initiative of companies and institutions committed to source 100 percent of energy it needs from renewable sources by 2050. The three others are Hyundai Mobis, Hyundai W

IndustryJuly 7, 2021

Samsung to switch all company cars to eco-friendly vehicles by 2030

Samsung Electronics Co. said Wednesday it plans to switch all of its company cars to environment friendly vehicles by 2030, joining South Korea's efforts to reduce emissions of greenhouse gases largely responsible for global warming. The South Korean tech giant vowed to replace around 800 corporate fleet cars, including executive sedans and logistics vehicles, with eco-friendly ones by 2030 after signing a green mobility agreement with the country's environment ministry. Samsung's partner com

IndustryJuly 7, 2021

Government action needed to help local firms catch up with global transition to clean energy

Carbon neutrality is likely to act as a virtual trade barrier for South Korean companies to approach global markets and the government should act more proactively to help local firms not to fall behind the global trend toward cleaner energy, a POSCO executive said Wednesday. Speaking at a forum held by the Federation of Korean Industries in Seoul, Kim Hak-dong, the head of POSCO’s steel business unit called for governmental support to help Korean companies to catch up with global competi

IndustryJuly 7, 2021

S&P raises Korea's growth outlook for 2021 to 4%

Credit ratings agency S&P Global Ratings revised South Korea’s economic growth outlook for 2021 by 0.4 percentage point to 4 percent Wednesday. The revision comes six months after the agency projected the Asia’s fourth-largest economy to grow 3.6 percent in January, which was then deemed more optimistic than the government’s projection. “We’ve always been optimistic about Korea’s recovery prospect. This year, we see a growth of 4 percent and next year at

EconomyJuly 7, 2021

S. Korea's OTC market value passes W22tr

The value of stocks traded on South Korea's over-the-counter (OTC) market has exceeded 22 trillion won ($19.3 billion) on a recent market rally, data showed Wednesday. The capitalization of the K-OTC totaled 22.1 trillion won as of end-June, up about 30 percent from six months earlier, according to the data from the Korea Financial Investment Association (KOFIA). It marks the largest market value since Nov. 13, 2014, when Samsung SDS Co., an IT service unit of Samsung Group, traded on the K-O

EconomyJuly 7, 2021

LG Electronics expects solid Q2 earnings on home appliance biz

LG Electronics Inc. said Wednesday it expected a solid performance in the second quarter as its home appliance business apparently continued to ride on robust demand of premium products amid the pandemic. In its earnings guidance, the South Korean tech giant projected its operating profit at 1.1 trillion won ($967 million) for the April-June period, up 65.5 percent from a year earlier. Its second-quarter operating income estimate, however, was lower than the market consensus of 1.2 trillion wo

IndustryJuly 7, 2021

S. Korea's REIT market grows 22% in 2020

South Korean real estate investment trusts (REITs) saw their assets jump nearly 22 percent in 2020 from a year earlier amid a robust property market, government data showed Wednesday. A total of 282 REITs had some 63 trillion won ($55.5 billion) in combined assets as of the end of December, up 21.8 percent from a year earlier, according to the data from the land ministry. The number of REITs was also up 13.7 percent from a year earlier. REITs, which can be traded on major exchanges, invest in

EconomyJuly 7, 2021

Economic recovery may lose steam due to spiking COVID-19 cases: KDI

The South Korean economy is on a modest recovery track, but its upward momentum may lose steam due to a resurgence in COVID-19 cases, a state-run think tank said Wednesday. Asia's fourth-largest economy is on a recovery track amid solid exports, but it also faces high economic uncertainty from the fast spread of the more contagious delta COVID-19 variant and spiking virus cases, according to a monthly economic assessment report by the Korea Development Institute (KDI). "Due to the surge i

EconomyJuly 7, 2021

FDI pledges to S. Korea soar 71.5% in H1 on economic recovery

The combined amount of foreign direct investment (FDI) pledges made to Asia's No. 4 economy shot up 71.5 percent on-year in the first half of 2021, data showed Wednesday, amid growing hopes of a post-pandemic economic recovery. Foreigners pledged to make a combined investment of $13 billion over the January-June period, compared with $76.6 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy. The investment that arrived here rose 57.3 percent over the period t

EconomyJuly 7, 2021

Genesis launches electrified G80 sedan in S. Korea

Genesis, the independent luxury brand of Hyundai Motor Co., said Wednesday it launched the electrified G80 midsize sedan in South Korea, debuting its first electric model. The luxury electric sedan looks similar to the G80, but an electric socket in the front grille gives it a distinct identity as an EV. The G80 EV packs an 87.2 kilowatt-hour battery and can travel up to 427 kilometers on a single charge, Genesis said. The sedan, only available with all-wheel drive, is capable of producing

MobilityJuly 7, 2021

Seoul stocks open lower amid growing virus woes

South Korean stocks opened lower Wednesday as a surge in new coronavirus cases weighed down investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.92 points, or 0.45 percent, to trade at 3,290.29 points in the first 15 minutes of trading. South Korean stocks got off to a weak start after health authorities said the daily virus caseload topped 1,200 to reach a record high for this year. Market kingpin Samsung Electronics, which earlier estimated better-than-expecte

MarketJuly 7, 2021

Samsung expects estimate-beating Q2 earnings on robust chip biz

Samsung Electronics Co. on Wednesday expected market estimate-beating second-quarter earnings as its semiconductor business apparently offset a tepid performance from its mobile business. In its earnings guidance, the South Korean tech giant estimated its operating profit at 12.5 trillion won ($11 billion) for the April-June period, up 53.4 percent from a year ago. Its second-quarter operating income estimate beat the market consensus of 11.2 trillion won in a survey by Yonhap Infomax, the fi

IndustryJuly 7, 2021

Current account surplus widens in May on robust exports

South Korea's current account surplus sharply widened in May as exports maintained strong growth and companies received dividends from overseas affiliates, central bank data showed Wednesday. The current account surplus reached $10.97 billion in May, widening from a surplus of $1.91 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. Since the country logged a deficit of $3.33 billion in April last year, the large

EconomyJuly 7, 2021

China deepens crypto crackdown with central bank warning

BEIJING (AFP) -- China's central bank warned companies on Tuesday against assisting cryptocurrency-related businesses as it shut down a software firm over suspected involvement in digital currency transactions. Beijing has turned a sharp eye on cryptocurrency in recent months as it widens its regulatory crackdown on the tech sector. Cryptocurrency trading is banned in China, and authorities have recently closed mines and warned banks to halt related transactions. On Tuesday, a Beijing office

MarketJuly 6, 2021

S. Korea, EU to cooperate on fighting climate change

SEJONG -- South Korea and the European Union on Tuesday agreed to work together against climate change in line with their shared target to achieve zero net emissions of carbon by 2050. Industry Minister Moon Sung-wook met Frans Timmermans, who serves as the executive vice president for the European Green Deal, in Seoul to share ideas on ways to cooperate in coping with climate change, according to the Ministry of Trade, Industry and Energy. It was the first time for a high-ranking European cli

IndustryJuly 6, 2021