After Coupang, Market Kurly seeks IPO in 2021 at home or in US

South Korean e-commerce grocer Market Kurly said Friday it has decided to go public within this year and is exploring whether to make its stock market debut at home or in the United States. "We received positive statements from our accounting consultants about going public within this year," Market Kurly spokesman Song Cheol-wook said. "We are open to all options," he said, though he said the US is not a fixed destination as debuting on the New York Stock Exchange would req

ConsumerMarch 12, 2021

LH official takes life, land minister offers to resign

The massive land speculation scandal centering on a state-run corporation took a new turn Friday, when a ranking official took his own life amid alleged involvement in the case and the land minister immediately offered to resign. With the abrupt turn of events, the corruption case has now turned into a political battle between the beleaguered Moon Jae-in administration and the opposition camp, which seeks momentum in the forthcoming elections. A senior official at the state-owned Korea Land &a

IndustryMarch 12, 2021

S. Korea to accelerate post-virus recovery with intellectual property

South Korea’s plans to develop its digital intellectual property system this year will be the driving force behind the post-coronavirus pandemic recovery, the nation’s IP office said. In its 2021 policy plan announced Thursday, the Korean Intellectual Property Office revealed 10 tasks under four key strategies that would give impetus to South Korea’s road to a digital economy and recovery. The four strategies are: development of a new digital intellectual property system, exp

EconomyMarch 12, 2021

[Newsmaker] Coupang’s stellar NYSE debut hoists related stocks in Korea

The landmark debut of Coupang Inc., the parent company of South Korean e-commerce giant Coupang Corp., gave a boost to stocks that have business ties with the firm here on Friday. Following its strong first day of trading on the New York Stock Exchange on Thursday, related firms enjoyed a ripple effect as their shares surged. KEC Holdings, a company that offers business management and consulting services, saw its shares spike by the daily permissible limit of 29.96 percent to reach 1,735 won

MarketMarch 12, 2021

LG’s new US battery factories to be 3 times bigger than SK’s Georgia plants

LG Energy Solution said Friday that it will invest 5 trillion won ($4.42 billion) through 2025 to build at least two more electric vehicle battery factories in the United States. Set for completion in 2025, the new factories will offer 70 gigawatt-hours of additional annual battery production capacity in the US. LG Energy Solution currently has one local electric vehicle battery production facility in Michigan that is capable of producing 5 gigawatt-hours. “The Green New Deal in the U

IndustryMarch 12, 2021

Posco chief clinches second term in office

Choi Jung-woo, incumbent chairman of Posco Group and CEO of steelmaker Posco, extended his leadership as shareholders approved his reappointment Friday. The steelmaker held its 53rd annual proxy meeting at its headquarters in Seoul’s Gangnam-gu to vote on six major agenda topics, including the reappointment of the current chief. “I will further enhance production efficiency by maximizing the use of artificial intelligence amid challenging management situations,” Choi said

IndustryMarch 12, 2021

Hanmi's lung cancer treatment receives fast track designation from US FDA

Hanmi Pharmaceutical said Friday that its non-small cell lung cancer treatment Poziotinib has received the fast track designation from the US Food and Drug Administration. Hanmi added that its US partner Spectrum Pharmaceuticals would submit the new drug application to the FDA by the end of this year. Fast track designation from the US FDA is one of the measures designed to support development and expedite the review of drugs that show promise in treating serious and address unmet medical ne

TechnologyMarch 12, 2021

SK hynix receives approval from US foreign investment watchdog

SK hynix, South Korea‘s second-largest chipmaker, announced Friday that the company has received approval from the US foreign investment watchdog for acquiring Intel’s NAND business. Upon the approval from the Committee on Foreign Investment in the United States, SK hynix said it has completed all foreign investment screening procedures the US requires. Earlier, the company had obtained the approval of the US Federal Trade Commission, late last year. SK hynix said the company wo

TechnologyMarch 12, 2021

Hanjin Transportation to buy back w20b of its shares

Hanjin Transportation Co., a South Korean logistics company, said Friday it will buy back 20 billion won ($17.7 million) worth of its shares to improve shareholder value. Hanjin's board of directors approved the plan to buy its shares for six months ending on Sept. 12, the company said. Hanjin said the company made the decision as its shares were believed to be undervalued despite its robust earnings last year. "The parcel delivery business improved profitability thanks to a sharp hike i

MobilityMarch 12, 2021

DSME scores major oil tanker deal worth 1.1 trillion won

Daewoo Shipbuilding & Marine Engineering said Friday that it had signed orders worth 1.95 trillion won ($1.73 billion) to build 10 very large crude carriers, signaling an uptrend in the nation’s shipbuilding industry. The announcement comes nearly three months after a letter of intent was signed in December. The completed vessels will be delivered to buyers in Asia, Europe and the Americas by the second half of 2023. The dual-fueled VLCCs, which use both diesel and natural gas, joi

IndustryMarch 12, 2021

DL E&C inks deal on modernization of Russian refinery

Major South Korean builder DL E&C Co. said Friday it has signed a 327.1 billion-won ($290 million) interim deal to upgrade an oil refinery in Russia. Under the deal with Russian oil producer Gazprom Neft, DL E&C will build a plant for adding and cracking hydrogen at Gazprom Neft's refinery southeast of Moscow. Completion is scheduled for the second half of 2024, and the two sides plan to seal a formal contract within three months, DL E&C said. Gazprom Neft is a subsidiary of Russi

IndustryMarch 12, 2021

Ridi’s global webtoon app logs success in North America

South Korea’s leading content provider Ridi Corp. said Friday that its global webtoon service Manta has achieved 300,000 accumulated downloads on the back of its popular response in the North American market. The online cartoon app, which provides various genres at a set monthly price, kicked off in North America in November last year, and soon rose to become the second most popular cartoon app on the Google app store in the US. The top title was “Under the Oak Tree,” a roman

IndustryMarch 12, 2021

Posco chief wins 2nd term amid push for EV business

Posco Chairman Choi Jeong-woo won a second term to lead the South Korean steel giant for another three years, Posco said Friday. The decision at the company's annual shareholders meeting came as Posco has been pushing to boost production capacity of key components for electric vehicle batteries as part of a diversification strategy. Earlier this week, Posco International Corp. said its steel processing unit, Posco SPS, will produce 10,000 tons a year of fuel-cell bipolar plates by 2027, which

IndustryMarch 12, 2021

Woori Card issues $200m worth of ESG bonds in Taiwan

Major South Korean card issuer Woori Card Co. said Friday it has floated $200 million worth of environment, social and governance (ESG) bonds in Taiwan to help support small member stores. The five-year Formosa bonds carry an annual interest rate equal to the yield on five-year US Treasurys plus a spread of 1 percent, and will be listed simultaneously on the Singapore Exchange and the Taipei Exchange. Formosa refer to bonds issued in Taiwan but denominated in a currency other than the Taiwanes

MarketMarch 12, 2021

LG, Luxoft launch joint venture for automotive solutions

LG Electronics Inc. said Friday its joint venture with Swiss-based software firm Luxoft has been launched as the South Korean company eyes to expand its presence in automotive solutions. Their joint venture Alluto is headquartered in Santa Clara, California, and will provide solutions for digital cockpit, in-vehicle infotainment, passenger-seat entertainment and ride-hailing systems based on LG's webOS Auto platform, according to the company. LG and Luxoft, now owned by US IT service firm DXC

IndustryMarch 12, 2021

S. Korea's consumer price growth likely to pick up in Q2: official

South Korea's vice finance minister said Friday that the growth of the country's consumer prices is likely to temporarily pick up in the second quarter, affected by hikes in food and oil prices. First Vice Foreign Minister Kim Yong-beom said prices of crude oil, raw materials and grains are showing signs of rising amid a global economic recovery. "Conditions for consumer prices trends in the second quarter look tough," Kim said at a meeting with government officials on inflation. Th

EconomyMarch 12, 2021

LG Energy Solution to invest w5tr to expand US battery production capacity

LG Energy Solution Ltd. said Friday it will invest 5 trillion won ($4.5 billion) by 2025 to expand its battery production capacity in the United States to meet growing demand in the key market. The battery subsidiary wholly owned by LG Chem Ltd. said the investment will increase its US manufacturing capacity to 75 gigawatt hours (GWh) and help create 10,000 jobs, including 6,000 subcontractors. LG Energy Solution operates a lithium-ion battery factory in Michigan and is building a new factory

IndustryMarch 12, 2021

Land minister says will take responsibility for LH employees' land speculation

Land Minister Byeon Chang-heum said Friday he will come up with measures to prevent employees at public developers from making speculative land purchases and could step down if his role falls behind public expectations. Byeon made the remark after a joint investigation team found that Korea Land and Housing Corp. (LH) employees allegedly bought land for speculation in two cities, south of Seoul, before it announced a major public housing development project. The minister has faced criticism as

EconomyMarch 12, 2021

Seoul stocks open higher on US stimulus, ECB intervention

South Korean stocks opened higher Friday as investor sentiment was boosted by the passing of the$1.9 trillion US stimulus package and the European Central Bank's move to slow the early rise in long-term borrowing costs.  The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.5 points, or 1.01 percent, to 3,044.2 points in the first 15 minutes of trading. Samsung Electronics added 1.1 percent, and No. 2 chipmaker SK hynix added 2.19 percent. Top automaker Hyundai Motor moved up

MarketMarch 12, 2021

S. Korean e-commerce giant Coupang makes US debut at NYSE

WASHINGTON -- South Korean e-commerce giant Coupang Inc. made a splash in its landmark debut on the New York Stock Exchange on Thursday at an initial public offering price of $35 each. The IPO price is higher than an earlier proposed range of $32 to $34. With 130 million shares offered, Coupang raised $4.6 billion in public offering. According to Yahoo Finance data, the company's value stood at around $88.65 billion after its first closing, making it one of the most valuable startups in the Un

IndustryMarch 12, 2021