Hyundai Motor halts plant amid chip shortage

Weighed down by a prolonged global semiconductor shortage, South Korea’s leading carmaker Hyundai Motor is temporarily halting some of its key production lines this month. The suspension raised the alarm not only for the auto company but also for its subcontractors and local staffers.　 Hyundai Motor said Wednesday that it has suspended its No. 1 plant in Ulsan for a week until April 14, due to the lack of electric control units. The corresponding plant is where the automaker manufacture

IndustryApril 7, 2021

Hanwha to study building solar panels above crops

South Korea will launch a pilot study into dual-use solar farms where panels are installed above crops so as to maximize the use of limited land space while striving towards a renewable future. Hanwha Q Cells will join a consortium led by Yeungnam University to research and develop necessary systems and standardize the solar farm model. MDS, a local solar company, is also participating in the project. “Solar panels and crops can coexist because crops have limits in the amount of sunlig

IndustryApril 7, 2021

KOFIA chief, Vietnamese ambassador discuss cooperation

The chief of the Korea Financial Investment Association and the Vietnamese ambassador to South Korea on Wednesday discussed ways to expand investment and bolster financial cooperation between the two nations. Six local brokerages and 10 asset management companies currently have subsidiaries or offices in Vietnam. KOFIA Chairman Na Jae-chul said the organization hopes to strengthen cooperation by signing a memorandum of understanding with the State Securities Commission of Vietnam. “We&rs

MarketApril 7, 2021

Fiscal chief warns of protectionism in guise of climate change policies

South Korea’s Finance Minister Hong Nam-ki on Tuesday told global fiscal policymakers that they should refrain from using climate change policies as a tool of trade protectionism. “Climate change policies, such as the carbon border adjustment mechanism, should be prevented from being abused as trade protectionism,” Hong said during a virtual meeting of the Coalition of Finance Ministers for Climate Action. The European Commission is expected to announce a proposal for a c

EconomyApril 7, 2021

Seoul stocks up for 5th session on recovery hope

South Korean stocks rose for the fifth straight session Wednesday as foreign investors continued to scoop up local stocks amid growing hopes for global economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.33 points, or 0.33 percent, to close at 3,137.41 points. Trading volume was moderate at about 1.96 billion shares worth some 14.3 trillion won ($12.77 billion), with gainers outnumbering losers 544 to 292. Foreigners pi

MarketApril 7, 2021

[Herald Interview] Korea’s top hematologist warns against brushing off AstraZeneca blood clot link

South Korea’s top hematologist says Korea must exercise due caution with AstraZeneca vaccinations until there is a better understanding of the unusual blood clot events being reported here and elsewhere among recipients. “By caution I don’t mean vaccinations should stop, not when we don’t have other vaccines in stock. But we need to proactively monitor people receiving the vaccine and treat any suspected symptoms as though they are a blood clot case,” said Dr. Ki

TechnologyApril 7, 2021

Dior’s revenue in Korea jumps more than twofold despite pandemic

French luxury fashion house Christian Dior racked up 104.7 billion won ($93.2 million) in operating profit last year despite the coronavirus pandemic, according to data from the Financial Supervisory Service. Christian Dior Couture Korea, the operator of the brand’s South Korean unit which produces clothes, bags and makeup products, also saw its revenue rise 75.8 percent to 328.5 billion won, while its net profit jumped by 250 percent to 77.7 billion won. The figures buck the trend seen

ConsumerApril 7, 2021

HYBE shares hit a 5-month high after Ithaca acquisition announcement

The stock price for HYBE, the company behind BTS, continues to rise after it announced last week plans to purchase media company Ithaca Holdings. According to Korea Exchange, HYBE’s shares were traded at the price of 271,000 won ($242) per share at 2:08 pm Wednesday, up more than 4 percent from a previous close and extending its rising streak to a fifth day after the announcement of the surprise move. HYBE is traded on the bourse as Big Hit Entertainment, the company’s name before i

IndustryApril 7, 2021

[Top Bankers] Citigroup’s rumored plans put Korea’s first female bank chief to the test

This is part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the third installment. -- Ed. Citibank Korea CEO Yoo Myung-soon and her rise to the top made fresh headlines late last year, when she became the first female chief of a South Korean commercial bank. The news brought hopes for greater gender diversity in a finance market long dominated by men. Her vision of making the bank stand out a

MarketApril 7, 2021

NH NongHyup receives preliminary approval for Beijing branch

South Korea’s NH NongHyup Bank said Wednesday it has earned preliminary approval from China’s financial authorities to open a branch in Beijing. The nation’s sixth-largest lender by assets won the approval from the China Banking and Insurance Regulatory Commission on Friday, after lodging the application in August last year. It plans to receive the final approval by the end of the year, officials said. The opening of the branch would mark NH NongHyup’s first move to lau

MarketApril 7, 2021

SK hynix in talks with Bosch over supply of automotive memory chips: sources

SK hynix Inc., South Korea's second-largest chipmaker, is in talks with German auto parts giant Robert Bosch GmbH over a long-term supply of automotive memory semiconductors, industry sources said Wednesday. SK hynix, the world's No. 2 DRAM vendor, is reportedly seeking to supply automotive DRAM chips to Bosch for at least 10 years, the sources said. The company declined to comment on the issue. If the two sides reach an agreement, SK hynix will get its first long-term contract in the area

IndustryApril 7, 2021

SK hynix settles chip patent dispute with Netlist

SK hynix Inc., South Korea's second-largest chipmaker, said Wednesday it has reached a settlement with US-based Netlist Inc. over memory technology patents. The two sides agreed to a patent cross license covering chip technologies of both companies. Under the deal, SK hynix will gain access to Netlist's portfolio of US and foreign patents. Netlist will receive a royalty from SK hynix, a cross license to SK hynix's patent portfolio and supply of its memory and storage products. Industry obse

IndustryApril 7, 2021

Economic slump easing on improving manufacturing sector: KDI

The South Korean economy sees its slumps easing as the manufacturing sector has continued to improve on the back of robust exports, a state-run think tank said Wednesday. The service sector is still suffering from setbacks amid the pandemic, but its sluggishness somewhat moderated as the country relaxed tougher social distancing rules in February, according to a monthly economic assessment report by the Korea Development Institute (KDI). "The Korean economy is exhibiting a moderating slow

EconomyApril 7, 2021

LG Electronics launches high-efficiency solar modules

LG Electronics Inc. on Wednesday introduced its new solar modules that boast high efficiency as the South Korean tech giant aims to expand its presence in the clean energy sector. LG said its NeON H series solar modules will hit the shelves later this month starting in countries like South Korea, the United States, Germany and Australia. The latest solar modules use N-type bifacial solar cells that are used in premium solar products, according to LG. It also applied half-cut technology that l

IndustryApril 7, 2021

Naver invests $150m in Indonesian media firm

Naver Corp., South Korea's top internet portal operator, said Wednesday it has made a strategic investment of $150 million in Indonesian media giant Emtek to strengthen its foothold in the Southeast Asian market. Emtek operates broadcast channels, as well as the over-the-top service Vidio, overseeing media content production and distribution. Through the investment, the two companies aim to collaborate and find new business opportunities, such as in webcomics and cloud technology, in Indonesia

IndustryApril 7, 2021

S. Korea to temporarily lift import duties on corn to stabilize prices

South Korea plans to temporarily remove tariffs on some imported grains including corn in an effort to help rein in rising food prices, the finance minister said Wednesday. The country plans to import edible corn and some grains without tariffs until the end of this year under the quota tariff system, according to Finance Minister Hong Nam-ki. Currently, duties of 3 percent are levied on imported corn. "There is a limited chance that annual inflation will exceed (the central bank's target

EconomyApril 7, 2021

LG Electronics expects best-ever quarterly earnings in Q1

LG Electronics Inc. on Wednesday expected its best-ever quarterly performance in the first quarter as its home appliance and TV sales apparently basked in pent-up demand amid the pandemic. In its earnings guidance, the South Korean tech firm projected its operating profit at 1.51 trillion won ($1.3 billion) for the first three months of 2021, up 39.2 percent from a year earlier. Its first-quarter operating income estimate beat the market consensus of 1.27 trillion won in the survey on seven b

IndustryApril 7, 2021

Tax revenue up W8.7tr in February

South Korea's tax revenue rose 8.7 trillion won ($7.8 billion) in February from a year earlier due largely to an increase in the collection of income taxes, the finance ministry said Wednesday. The country collected 19 trillion won in taxes in February, compared with 10.3 trillion won the previous year, according to the Ministry of Economy and Finance. The tally came as capital gains tax income rose amid increased housing transactions and the payment of deferred taxes. In February, the govern

EconomyApril 7, 2021

[Graphic News] Korean automotive LED makers up presence in 2020 despite market decline

　South Korea’s two major automotive light-emitting diode makers saw their revenues increase last year despite an overall market slump amid the pandemic, a report showed. 　Seoul Semiconductor and Samsung Electronics maintained their status as the world’s fifth- and seventh-largest automotive LED suppliers, respectively, in 2020, but their market shares and sales grew, according to market researcher TrendForce. 　Seoul Semiconductor’s revenue jumped 3.2 percent to $130 mil

BusinessApril 7, 2021

Foreign investors swoop up S. Korean stocks in April

Foreign investors have been on a buying spree of South Korean stocks so far this month, picking up a net 2.2 trillion won ($1.97 billion) worth of local shares, reversing their selling trend earlier this year. Offshore investors have been net buyers of local shares for five straight sessions -- the first time this year -- from April 1 to 7, while retail investors have sold a net 1.2 trillion won over the cited period and institutions have offloaded a net 1 trillion won, according to financial i

MarketApril 7, 2021