Seoul stocks open higher on tech, bio gains

South Korean stocks opened higher Monday, led by gains in tech and bio shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.16 points, or 0.31 percent, to trade at 3,291.94 in the first 15 minutes of trading. Stocks got off to a solid start on speculations of improved corporate earnings. Tech large caps Samsung Electronics and LG Electronics are scheduled to report their quarterly earnings guidance this week. Concerns about the recent spread of the new coronavirus and its

MarketJuly 5, 2021

Samsung, Hanwha Q Cells join hands for home energy solutions

Samsung Electronics Co. said Monday it has signed a partnership with Hanwha Q Cells Co., a local solar power cells and modules producer, to develop home energy solutions. The two sides agreed to work together in establishing "zero energy homes," referring to homes that produce their own power with renewable energy sources to reduce carbon emissions. Their collaboration will be first available in the United States and Europe, where there is high demand for green energy, according to

BusinessJuly 5, 2021

Support measures eyed for $30b overseas construction order target

South Korea said Monday it will provide financial and policy support to local construction firms to help them achieve the $30 billion target of overseas orders this year. The government unveiled a set of comprehensive measures to support local builders as the overseas construction market is expected to rebound this year following slumps caused by the COVID-19 pandemic, according to the finance and land ministries. The global construction market is estimated at $12.4 trillion this year, up 12.2

EconomyJuly 5, 2021

[Best Brand] The enduring power of brand

The COVID-19 pandemic has had great significance for marketers around the world. In the face of the new coronavirus, consumer behavior changed drastically. The non-face-to-face trend shifted market dynamics in a way no one could have foreseen.  Yet in this time of uncertainty, some brands managed to stay strong. This is proof of the sticking power of a brand built on good products and years of honest customer relationships.  Consumer trust and loyalty are hard to come by, but once e

IndustryJuly 5, 2021

S. Korea's FX reserves fall in June as US dollar remains strong

South Korea's foreign reserves declined in June as the US dollar's strength reduced the value of non-dollar assets, central bank data showed Monday. The nation's foreign reserves came to $454.1 billion as of end-June, down $2.35 billion from the previous month, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion. The FX reserves decli

EconomyJuly 5, 2021

How do Korean asset owners brace for inflation?

As global central banks talk of tapering the huge liquidity provisions they made to cope with the fallout from the COVID-19 pandemic, South Korean asset owners are rethinking their current asset allocation strategies. The 14th Institutional Investor Week Korea, a virtual conference hosted by Hong Kong-based publication AsianInvestor from June 21-25, invited discussions of how Korean institutional investors were preparing for the possibility of increased inflation and interest rate hikes. Histo

MarketJuly 4, 2021

Kakao Pay sets IPO schedule

Kakao Pay set the date for its initial public offering for the first week of August, immediately trailing the much anticipated listings of Krafton and KakaoBank. On Friday, Kakao Pay said it had submitted its IPO application to the country’s stock operator, Korea Exchange. The financial technology arm of mobile giant Kakao said it seeks to raise up to 1.6 trillion won ($1.4 billion) when it goes public Aug. 4-5. Kakao Pay’s listing will immediately follow the mega IPO of game m

MarketJuly 4, 2021

Volvo Concept Recharge reveals what carmaker is going for with EVs

Volvo recently unveiled a concept car that shows where the automaker is going in its electrification drive. The Volvo Concept Recharge, which the firms described as “a manifesto for the next generation of all-electric Volvos,” introduces a host of improvements in car design, functionality and safety features. They include a much roomier interior made possible by the removal of the internal combustion engine and the adoption of the flat floor. By replacing a battery pack under the

MobilityJuly 4, 2021

Biomedicines, batteries and OLEDs key export drivers

Biomedicines, batteries and OLED panels are rising as key drivers of exports in South Korea, which Seoul officials see as a hopeful sign of the economy becoming more resilient and future-oriented. According to the Ministry of Trade, Infrastructure and Energy on Sunday, the first half of 2021 reinforced a continuing trend of seven product categories, identified by the government as new growth items, making bigger contributions to the country’s total exports. The seven are bio and health

IndustryJuly 4, 2021

Visang Tax, Pharos Consulting to help taxpayers get back overpaid taxes

Visang Tax and Pharos Consulting signed a memorandum of understanding to work together to help taxpayers protect their rights by checking whether they have overpaid taxes, at a ceremony held in Seoul on Thursday. The agreement involves a measure called “claim for reassessment” and the two firms plan to run a one-stop service in which clients from conglomerates, small and medium-sized enterprises and small businesses reassess their tax payment to check whether there are any errors i

MarketJuly 4, 2021

[Photo News] Art museum at home

Art is displayed on an LG Electronics’ OLED TV in this promotional image released by LG Electronics on Sunday.  The South Korean home appliance brand has collaborated with local cultural and art content provider Polestar Art to add the K-Fine Art theme on its OLED Gallery app so customers can enjoy Korean artists’ works for free, the firm said. (LG Electronics) (khnews@heraldcorp.com)

IndustryJuly 4, 2021

[Newsmaker] How Minecraft became R-rated game in S. Korea

Minecraft is a 3D computer game where players can build anything. Often described as “online Legos,” the bestselling video game of all time involves building blocks and creating structures across different environments and terrains. Rated as suitable for ages 7 and up, some schools have started to incorporate Minecraft into the classroom, as kids can naturally learn teamwork, problem-solving skills and basic programming while playing the game with friends and helping each other bu

IndustryJuly 4, 2021

Oil prices in S. Korea hit 33-month high

Retail oil prices in South Korea rose for the ninth consecutive week to reach the highest level in nearly three years amid a global oil rally, data showed Sunday. The average gasoline price nationwide was 1,600.9 won ($1.40) per liter in the fifth week of June, edging up 13.5 won from a week earlier, according to the data provided by the state-run Korea National Oil Corp. (KNOC). The gasoline price surpassed the 1,600 won level for the first time since November 2018. Diesel prices also gained

EconomyJuly 4, 2021

Coupang investigated by FTC over accusations of meddling with algorithms

South Korea’s antitrust watchdog has launched a probe into e-commerce giant Coupang over the accusation that the company has meddled with algorithms to prioritize its own products, according to multiple reports on Sunday. According to the reports, the Korea Fair Trade Commission conducted an on-the-spot inspection at Coupang’s headquarters office in Seoul late last month following accusations that it had violated the Fair Trade Act. One of the accusations claims that Coupang had me

ConsumerJuly 4, 2021

Demand for courier service soared during pandemic: study

As the coronavirus pandemic swept across Korea, courier services enjoyed a surge in popularity, a new study has revealed. The average number of times people used a courier service rose from 6.22 per month to 9.74 after the pandemic began, according to the recent study, the Korea Transport Institute said Sunday. The study was conducted by researchers at the institute with a sample of 1,153 respondents during November last year to highlight the differences in how people use delivery services in

IndustryJuly 4, 2021

FSC to decide on major Samsung Life’s shareholders

South Korea’s top financial regulator will give a ruling on whether the late Samsung Group Chairman Lee Kun-hee’s two daughters -- Hotel Shilla CEO Lee Boo-jin and Samsung Welfare Foundation chief Lee Seo-hyun -- are qualified to become major shareholders of Samsung Life Insurance. This decision is expected to go in their favor, paving their way to become the company’s largest shareholders, industry sources said on Sunday. The policymaking Financial Services Commission is sl

MarketJuly 4, 2021

[Contribution] Banks’ role as ‘catalyst for change’ to support transition to net zero economy

South Korea has been a great experience for our family since relocating here with HSBC in late 2018. Our daughter who recently turned four is happily growing up.  For those who know me, I’ve always been a big believer that one can learn a lot from kids. From the endless creativity and ever more sophisticated negotiating skills to little things they learn from school, the thought-provoking interactions often provide valuable reflections on life and how we should think about future g

MarketJuly 4, 2021

Samsung SDI's EV battery biz to swing to profit in Q2: analysts

Samsung SDI Co.'s electric vehicle (EV) battery business is expected to have turned to operating profit for the first time in the second quarter on strong demand by global automakers, analysts said Sunday. Samsung SDI Co., the battery arm of Samsung Electronics Co., was forecast to have posted 3.4 trillion won ($3 billion) in sales and 252.7 billion won in operating profit in the April-June period, according to the data from 15 local brokerage houses compiled over the past month. Samsung SDI's

IndustryJuly 4, 2021

S. Korea to offer sea radiation level via website

South Korea's oceans ministry said Sunday it plans to launch a new platform to provide the latest information on the radiation level in local seas to the public amid growing safety concerns over Tokyo's planned release of contaminated water. "We plan to minimize the public's concerns over the safety of our waters and seafood, and bolster monitoring on the radiation level of the ocean," the Ministry of Oceans and Fisheries said in a statement. In April, the Japanese government said it

TechnologyJuly 4, 2021

Hyundai, Kia's eco-friendly car sales in S. Korea surge 39% in H1

Hyundai Motor Group's eco-friendly vehicle sales in South Korea jumped nearly 40 percent in the first half of this year compared with a year earlier on strong demand for hybrid models and new electric vehicles, its sales data showed Sunday. The combined domestic sales of eco-friendly models by the Korean automotive group's two affiliates -- Hyundai Motor Co. and Kia Corp. -- stood at 94,435 units in the January-June period, up from 67,798 units a year ago, according to their sales data. Among

IndustryJuly 4, 2021