LG, Magna in final phase to launch EV powertrain joint venture

LG Electronics Inc. and Canadian auto parts maker Magna International Inc. are in the final phase of launching their electric vehicle (EV) powertrain joint venture next month, industry insiders here said Monday, as they review board member appointment plans for the new company. The South Korean tech giant is scheduled to spin off its green business in its vehicle solutions unit on July 1 to set up LG Magna e-Powertrain Co. Magna will then acquire a 49 percent stake in the new firm for $453 mil

IndustryJune 21, 2021

Over 40% of S. Korean firms plan to hire interns in H2: poll

More than 4 out of 10 South Korean companies plan to employ interns during the second half of the year mainly for the purpose of covering manpower shortages, a poll showed Monday. According to the survey of 416 companies, taken by recruiting platform Saramin, 44 percent of the respondents said they have plans to hire interns in the July-December period. The figure is higher than the percentage of intern-hiring firms a year earlier. About 33 percent of local firms employed interns during the sa

EconomyJune 21, 2021

Seoul stocks open lower on Fed's hawkish pivot

South Korean stocks opened lower Monday despite strong export data as the US Federal Reserve's hawkish pivot last week increased market worries about an early tapering of its accommodative policies. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.23 points, or 0.56 percent, to trade at 3,249.7 points in the first 15 minutes of trading. Stocks got off to a weak start in the wake of the Fed's ongoing discussions about expediting its rate hike timeline. Federal Reserve Chairman

MarketJune 21, 2021

Exports up 29.5% in first 20 days of June

South Korea's exports rose 29.5 percent on-year in the first 20 days of June on the back of robust demand for chips, autos and petroleum products, customs data showed Monday. The country's outbound shipments stood at $32.4 billion in the June 1-20 period, compared with $25 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 29.1 percent on-year to $32.1 billion, resulting in a trade surplus of $291 million during the cited period, the data showed. B

EconomyJune 21, 2021

Nearly 80% of S. Korean consumers increase online shopping amid pandemic

Nearly 8 out of 10 South Korean consumers have increased their online shopping during the coronavirus pandemic, a poll showed Monday. The survey of 1,000 local consumers, taken by the Korea Chamber of Commerce and Industry, showed 78.4 percent of the respondents saying their online purchases have risen since the outbreak of COVID-19. About 71 percent of them said they have purchased more foodstuffs and beverages online, followed by dining out and other food services (30.9 percent), kitchen and

EconomyJune 21, 2021

Kepco maintains electricity rate in Q3 amid pandemic

South Korea's state-run energy firm on Monday said it has decided to retain the electricity rate in the third quarter of 2021, in a bid to ease the financial burden on local households amid the pandemic and rising inflation. The Korea Electric Power Corp. (KEPCO) said it will maintain the electricity rate from the previous quarter during the July-September period despite the recent hike in the global price of resources. The company, however, said it may raise costs in the fourth quarter should

EconomyJune 21, 2021

[News Focus] From free air tickets to meal discounts: Vaccine marketing takes off

From free air tickets and special discounts on burgers to vaccinated-only seats at concerts, local industries are revving up their marketing efforts to target the rapidly growing number of Koreans getting their COVID-19 vaccine shots. As of Sunday, over 15 million people, or some 29.2 percent of the total population, have received at least one shot of a COVID-19 vaccine, surpassing the government’s initial goal of inoculating 13 million in the first half of this year, according to the Ko

IndustryJune 20, 2021

Korea’s IPOs to break annual records

South Korea’s domestic capital market is gearing up for a record year with a parade of initial public offerings set to eclipse a decade-old annual record of 10.1 trillion won ($8.9 billion), thanks to game developer Krafton’s expected blockbuster debut. This comes as Korean companies’ initial public offerings this year have already put their combined fundraising to a near-2020 level, according to IPO prospectuses submitted to Korean financial authorities. Through Sunday, 40

MarketJune 20, 2021

Banking groups integrate ‘lifestyle’ into financial services

Tech giants such as Naver and Kakao have penetrated the financial sector by integrating “lifestyle” into their financial services, offering all-in-one services via a single platform or close connections to their users. Kakao Corp., operator of the nation’s No. 1 mobile messenger in terms of users, for example, allows KakaoTalk users easy access to its financial services offered by KakaoBank. KakaoTalk users can use KakaoBank services at just a press of a button on the messeng

MarketJune 20, 2021

[Life, Unprepared] South Korea’s rapid financial digitalization in eyes of seniors

This is a part of a series of articles investigating financial activities of seniors during rapid digitalization of the finance industry. —Ed. Yang Kyung-soon, a 72-year-old grandma living in a small neighborhood in Uiseong, North Gyeongang Province, takes a two-hour round-trip bus journey to visit her bank. Twice a month, Yang makes the trip downtown to pay her utility bills.  She has banking service apps on her smartphone that can process the payment in a second, but she feels mo

EconomyJune 20, 2021

Hyundai’s new Avante sells over 100,000 units within one year

Hyundai Motor’s sedan Avante has sold over 100,000 units nearly one year after its release, the company revealed Sunday. The all-new Avante, which was unveiled in April last year, racked up 104,937 sales as of April, and 111,634 units as of last month. Having sold over 77,000 models within last year alone, it is the second bestselling sedan and third bestselling passenger car in the country so far this year, following Hyundai Motor’s Grandeur and Kia’s Carnival, which sold 43

MobilityJune 20, 2021

Regulatory reform boon to Korean private equity landscape: report

An anticipated regulatory change in South Korea will bolster growth of the burgeoning private equity industry led by large and reputable fund managers, a report showed Sunday. The revision of the Capital Markets Act, soon to be in effect starting October, aims to separate institutional funds and noninstitutional funds. It is largely aimed at protecting noninstitutional end-investors of private funds, as a number of misselling scandals had dented the fund industry over the past couple of years.

MarketJune 20, 2021

Naver and CJ Logistics push for next day delivery

Naver and CJ Logistics said on Sunday its “all-round” fulfillment center in Gunpo, Gyeonggi Province, had begun operation in a further push for next day delivery. The five-story warehouse, boasting a floor space of 38,400 square meters -- an equivalent of five soccer stadiums -- can store, manage, pack and ship items using the latest logistics technology including MPS and eFLEXS. Another center with a cold chain system focusing on chilled and frozen products is set to open in Yongi

ConsumerJune 20, 2021

Kakao rises to Korea’s 5th largest biz group

Kakao Group, which started off as a mobile messenger app operator and has aggressively expanded into new business territories, is now the country’s fifth-largest business group in terms of market cap, data shows. According to financial data from Korea Exchange and market researcher Infomax, the aggregate market capitalization of all Kakao firms stood at 73.9 trillion won ($65.1 billion) as of Friday. After a dizzying array of spinoffs, mergers and acquisitions in past years, Kakao ha

TechnologyJune 20, 2021

LG spurs expansion of OLED TV market with new sizes

LG Electronics, the world’s leading manufacturer of organic light-emitting diode TVs, is continuing to expand the market of self-emissive TVs by rolling out new size choices. The company is releasing in Korea and the US this month 83-inch OLED TVs, which it said will be the biggest 4K OLED TV in the world. In Korea, the new model will be available for 10.9 million won ($9,600). It is the latest addition to LG’s OLED TV lineup, which has consisted of 48 inches, 55 inches, 65 inc

TechnologyJune 20, 2021

DataStreams recognized for contributions to big data industry

DataStreams, a local big data solutions provider, has been recognized for its contributions to the development of the local big data industry by the Korea Society of Management Information Systems, the Seoul-based tech firm said Sunday. It has been chosen as the recipient of the 10th KMIS award, which recognizes and honors an outstanding corporation in information technology. DataStreams, with its persistent focus on research and development, has churned out a stream of innovative products an

TechnologyJune 20, 2021

Central American development bank to open S. Korean office in Seoul

A Central American development bank has decided to open a South Korean office in Seoul as part of efforts to strengthen ties with Asia's fourth-largest economy, the finance ministry said Sunday. The Central American Bank for Economic Integration (CABEI) has notified the Korean government and the Seoul municipality that its Seoul office will be set up in the capital's financial district of Yeouido, according to government officials. The bank has the goal of opening the office within this year.

EconomyJune 20, 2021

S. Korea picked as member of FAO's council for 12th time

South Korea's agricultural ministry said Sunday the country has been elected to the Food and Agriculture Organization (FAO) Council for the 12th time in a row. During the general conference of the FAO held virtually, South Korea was elected to the 49-member council for a three-year term, according to the Ministry of Agriculture, Food and Rural Affairs. The FAO is an intergovernmental organization with 194 member nations that works to ensure food and nutrition safety, alleviate poverty and impr

BusinessJune 20, 2021

Stock gift to BTS members balloons to W150b

Stocks gifted to members of boy band BTS have snowballed to a combined value of nearly 150 billion won ($132.5 million) over the course of about 10 months. The gift -- 478,695 common shares of BTS’ management agency Hybe that were evenly distributed to the seven members -- is now valued at the domestic stock market at 149.8 billion won, as Hybe shares notched an all-time high for five straight trading days until Friday. This means members RM, Jin, Suga, J-hope, V, Jimin and Jungkook hav

MarketJune 20, 2021

Kakao emerges as No. 5 conglomerate in terms of market cap

Kakao Corp., which operates South Korea's most popular mobile messenger Kakao Talk, emerged as the country's fifth-largest conglomerate in terms of market cap on the back of the recent gains from the main bourse, data showed Sunday. The combined market cap of Kakao and its affiliates came to 73.9 trillion won ($65.2 billion) as of Friday, according to Yonhap Infomax, the financial news arm of Yonhap News Agency. It marked a sharp rise from just 13.2 trillion won tallied in end-2019. The marke

IndustryJune 20, 2021