Manufacturers' biz sentiment rises for 3rd month for April

South Korean manufacturers' business sentiment rose for the third straight month for April, but concerns about sluggish consumption remained amid the COVID-19 pandemic, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 91 for April, up from 85 for March, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber op

EconomyMarch 31, 2021

Seoul stocks open tad higher on recovery hopes

South Korean stocks opened slightly higher Wednesday on market optimism for a quick global economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index rose 3.36 points, or 0.11 percent, to 3,073.36 points in the first 15 minutes of trading. Top cap Samsung Electronics traded flat, while No. 2 chipmaker SK hynix shed 0.37 percent. Giant internet portal operator Naver increased 0.93 percent, with its rival Kakao moving up 0.41 percent. Pharmaceutical giant Samsung Biol

MarketMarch 31, 2021

Economic recovery gathers steam as industrial output growth at 8-month high in Feb.

South Korea's industrial output grew at the fastest pace in eight months in February to recover to pre-pandemic levels, data showed Wednesday, in the latest sign that the economy is on a recovery track supported by exports. The industrial output increased 2.1 percent in February from the previous month, sharply turning around from a 0.6 percent on-month decline in January, according to the data compiled by Statistics Korea. From a year earlier, it rose 0.4 percent. It marked the fastest on-mo

EconomyMarch 31, 2021

SK hynix appoints Park Jung-ho as co-CEO

SK hynix Vice Chairman Park Jung-ho, who is also the chief of SK Telecom, has been appointed as the chipmaker’s co-CEO at its board meeting Tuesday, the firm said. As co-CEO, Park will assume the role of building the corporate culture and leading establishment of long-term strategies for the chipmaker to strengthen global competitiveness and find new growth opportunities. Current CEO Lee Seok-hee will be responsible for development, investment and operation to strengthen technology and

TechnologyMarch 30, 2021

Korean investors consider buying more real estate in 2021

South Korean investors are willing to acquire more real estate assets this year than last year, as the market shows signs of recovery from the coronavirus pandemic with the expansion of vaccination programs, according to a report released by global commercial real estate services firm CBRE on Tuesday. A survey of 492 investors in the Asia-Pacific region, including 40 from Korea, showed that 53 percent of Korean investors said they would purchase more real estate this year than in 2020. The figu

MarketMarch 30, 2021

Samsung Card issues asset-backed securities for ESG

South Korean credit card company Samsung Card said Tuesday that it had issued foreign currency asset-backed securities linked to environment, social and governance projects. The new securities with an average of five-year maturity total $300 million in value. French banking firm BNP Paribas is one of the main investors. Capital raised through the latest securities issuance will be utilized to beef up ESG-based business operations, the card issuer said. The card business arm of Samsung Group h

MarketMarch 30, 2021

Samsung, LG TVs support faster connectivity with Wi-Fi 6E

Newest TV models by Samsung Electronics and LG Electronics have been certified for Wi-Fi 6E technologies, the first in the global TV industry, according to the companies on Tuesday. Samsung said its 2021 Neo QLED 8K TV models have earned the world’s first Wi-Fi 6E certification from the Wi-Fi Alliance. Wi-Fi 6E, a new standard in connected technology, offers four times faster connectivity based on stable and reliable data transfers – even when multiple devices are connected t

TechnologyMarch 30, 2021

Kia fully unveils EV6, the first EV launch since rebranding

Kia Corp., South Korea’s second-largest carmaker and an affiliate of Hyundai Motor Group, on Tuesday held the digital world premiere of the EV6, its first all-electric model built on the group’s exclusive electric vehicle platform. Being the first electric vehicle to be launched since Kia Motors changed its name to Kia Corp. earlier this year, the EV6 is expected to signal a new chapter for the carmaker in light of the fast-growing mobility market. In terms of functions, the new

IndustryMarch 30, 2021

Bill Hwang: Pioneer of Wall Street's Asia investing and culprit behind Archegos blowup

Bill Hwang, the Korean American trader behind US market unrest involving lossmaking trades of New York-based Archegos Capital Management, was said to be one of the first Wall Street trailblazers in equity investing in East Asia including South Korea, until his fall from grace. The South Korean-born hedge fund trader is said to have played a role in bringing his mentor and investment guru Julian Robertson’s attention to the crisis-battered East Asian market in the late 1990s, including his

MarketMarch 30, 2021

S. Korea's state budget likely to exceed W600tr next year

The government will keep its expansionary fiscal policy stance next year to support the recovery of the coronavirus-hit economy, the government said, hinting at another mega budget exceeding 600 trillion won ($529.2 billion). The Cabinet approved Tuesday the 2022 budget guidelines, drafted by the Ministry of Economy and Finance to revive the sluggish economy. It focuses on fiscal inputs on boosting employment and domestic consumption and boosting investment in innovative technologies. Such

EconomyMarch 30, 2021

Coway wins global nod for ESG, corporate transparency

Coway, a South Korean home appliances rental firm, has been honored at this year’s Business Integrity Society summit for its continuous commitment to a framework for environmental, social and governance, or ESG, standards as well as corporate transparency, the company said Tuesday. It was chosen as an “Excellent Anti-Corruption Company” at the BIS Summit 2021 Anti-Corruption Awards held last week by the UN Global Compact and the Korea Social Responsible Investment Forum. &l

ConsumerMarch 30, 2021

Hyundai E&C set to begin presales of housing units in Daegu

Hyundai Engineering & Construction, the company behind South Korea’s top apartment brand, Hillstate, is starting presales of units in a high-rise mixed-use apartment complex in the southeastern city of Daegu, the company said Tuesday. Slated for completion in the summer of 2024, the complex, dubbed HillState Dalseong Park Station, comprises three buildings with 392 housing units each measuring 84 square meters. Of the 392 units, 72 are what locals call “residential officetel&rdq

IndustryMarch 30, 2021

[News Focus] Most age groups skeptical on economy

SEJONG – Over the economic conditions in the coming year, a pessimistic stance was found to be dominant in most age groups in South Korea, with the only exception being people aged 40-49, a recent poll showed. According to a survey released Saturday by Gallup Korea, gloomy predictions on the economy outnumbered positive predictions among people in their 20s, 30s, 50s and 60s or older. Optimists outnumbered pessimists only among those in their 40s. By age group, 40 percent of those aged

EconomyMarch 30, 2021

Hyundai Mobis presents HLED as innovative rear lamp material

Hyundai Mobis, the auto parts affiliate of Hyundai Motor Group, is expanding its presence in the global auto lamp market with its series of unique rear lamp technology, officials said Tuesday. After two years of joint research with LG Innotek, the parts maker has recently come up with HLED, a thin film-like material that can be flexibly bent and that emits light in all conditions. Due to its delicate light control, the product may be applied to both the stop lamp and the tail lamp with a mere

IndustryMarch 30, 2021

GS Caltex among oil majors behind launch of a new oil exchange

South Korean energy company GS Caltex was among the companies behind the launch of a new oil exchange in Abu Dhabi, United Arab Emirates, to help secure a more stable and transparent supply of Middle East crude. Launched Monday, the new International Exchange Futures Abu Dhabi, or IFAD, has listed the Middle Eastern nation’s flagship Murban crude and started trading Murban crude futures. GS Caltex joined global oil majors BP, Total, Inpex, Vitol, Shell, PetroChina to support its incepti

IndustryMarch 30, 2021

Hanwha Q Cells takes Chinese solar companies to court in Germany, France

Hanwha Q Cells said Tuesday it has filed a patent infringement lawsuit against Chinese solar company Astronergy in Germany. The lawsuit, filed on March 12 with German court, accuses Astronergy of stealing Hanwha’s patented technology that enhances the efficiency of solar cells. The legal action is the latest from Hanwha against Chinese competitors. Previously it sued three firms -- Jinko Solar, LONGi Solar and REC -- in March 2019. Last June, Germany’s Dusseldorf District Court r

IndustryMarch 30, 2021

Bitcoin price resurges despite coin delisting risks

Bitcoin is reaching 70 million-won mark again Tuesday amid a global credit company’s digital coin endorsement. According to local crypto exchange Upbit, Bitcoin price rose above 69 million won ($60,860) as of 1:50 p.m., after falling as low as 62 million won on March 25. Tuesday’s Bitcoin rally came after Visa Card announced Monday that it would accept cryptocurrencies for credit card bills. In its pilot program, Visa Card will allow settlement of transactions in USD Coin, a st

MarketMarch 30, 2021

Seoul stocks advance on hopes of global economic rebound

South Korean stocks advanced more than 1 percent Tuesday on strong foreign and institutional buying, aided by expectations of a quick global economic recovery from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.96 points, or 1.12 percent, to close at 3,070.0 points. Trading volume was moderate at about 1 billion shares worth some 13.9 trillion won ($12.3 billion), with gainers outnumbering losers 531 to 307. Foreigners

MarketMarch 30, 2021

Samsung C&T-led consortium wins $1.56b deal from Taiwan

Samsung C&T Corp., the construction unit of Samsung Group, said Tuesday its consortium has clinched a $1.56 billion project to build a terminal at Taiwan Taoyuan International Airport. Under the deal with Taoyuan International Airport Corp., the Samsung C&T-led consortium will build Terminal 3 that can have an annual customs clearance processing capacity of 45 million passengers. Samsung C&T said it will take 60 months to complete the project. Samsung C&T said its stake is wor

IndustryMarch 30, 2021

Fila stays silent after Chinese unit vows to continue using Xinjiang cotton

Fila Korea is staying silent on the ongoing controversy surrounding Xinjiang cotton after its Chinese unit vowed to continue using the fabric. When asked about Fila China’s statement on Chinese social media platform Weibo last week confirming its support for Xinjiang cotton, a representative of the company acknowledged the existence of backlash but refused to comment. In a statement on Weibo last week, FILA China said it “has always purchased and used cotton produced in China inclu

ConsumerMarch 30, 2021