Posco International seeks to go carbon-neutral by 2050

Posco International said Sunday it will achieve its carbon neutrality goal by 2050 in pursuit of establishing its position as a global environmental company. Under the new road map recently approved by its board, the company plans to reduce carbon emissions by 37 percent by 2030 compared to its emissions level in 2021. Ultimately, the company said, it aims to achieve “net zero” by 2050. The company will reduce carbon emissions in both direct and indirect ways. While reducing greenhou

July 2, 2023

[Photo News] Accessible Kiosk

LG Electronics said Sunday it is launching a new self-service kiosk that is more accessible to people with limited vision and other physically handicapped users. The new touch-screen kiosk features a Low Vision mode displaying a clearer screen with larger letters and a Low Position mode which lowers the menu for wheelchair users. The tech giant plans to launch a Voice Assistant mode equipped with tactile keypads for use at local franchise restaurants later this year.

July 2, 2023

S. Korea swings to trade surplus in June; decline in exports eases

South Korea reported a trade surplus in June for the first time in 16 months, but its outbound shipments fell for the ninth consecutive month due mainly to weak demand for semiconductors, the industry ministry said Saturday. Outbound shipments fell 6 percent on-year to $54.24 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. The decline came as exports of semiconductors, the country's key export item, sank 28 percent on falling demand and a

July 1, 2023

Shinhan, Woori chairmen celebrate 100 days in office

Shinhan Financial Group Chairman Jin Ok-dong and Woori Financial Group Chairman Yim Jong-yong are celebrating their first 100 days in office back-to-back this week with their business focuses set on overseas operations and internal administration. While Jin has been primarily focused on global expansion, Yim's attention has been more directed toward improving overall transparency and corporate governance. Jin and Yim hit their first 100 days on Friday and Saturday, respectively. From the

June 30, 2023

BOK sells net $2.1 billion in market-smoothing operations in Q1

The Bank of Korea said Friday it sold a net $2.1 billion in the first quarter of the year to help ease the decline of the local currency against the US dollar. The first-quarter dollar selling marks the seventh straight quarter of dollar selling for market smoothing operations since the third quarter of 2021, according to the central bank. The selling of US dollars in the first quarter came as the US Federal Reserve’s rate hikes sharply depreciated the value of the local currency, accordin

June 30, 2023

Toss selected as preferred bidder for Shinsegae's payment services

South Korean retail giant Shinsegae Group said Friday it selected Viva Republica, the operator of Korean fintech unicorn Toss, as a preferred bidder to acquire the group's payment services. The entire stake of Shinsegae's mobile payment businesses SSG Pay and Smile Pay are up for sale. The two are estimated to have subscribers of 9.5 million and 16 million, respectively. Toss will conduct a due diligence on Shinsegae's SSG Pay and Smile Pay in July to have their legal and financia

June 30, 2023

SK Biopharmaceuticals acquires 60 percent stake in Proteovant Therapeutics at W62b

SK Group’s pharmaceutical arm, SK Biopharmaceuticals, said Friday that it has decided to acquire a 60 percent stake, or 40 million shares, in US biotech company Proteovant Therapeutics for 62 billion won ($47 million). This deal size is equivalent to 19.6 percent of the Korean company’s total equity capital. Established in New York in 2021, Proteovant Sciences is a 60:40 joint venture between Swiss biotech company Roivant Sciences and SK Group. SK Biopharmaceuticals expects that the

June 30, 2023

Seoul shares snap 3-day fall on improved economic data

South Korean stocks closed higher Friday after the country's economic data showed improvement in industrial output, private spending and facility investment. The benchmark Korea Composite Stock Price Index climbed 14.26 points, or 0.56 percent, to 2,564.28. Trading volume was moderate at 498.9 million shares worth 8.04 trillion won ($6.1 billion) with gainers outstripping decliners 612 to 260. The index opened lower on losses of large-cap tech stocks and investors' woes over expectatio

June 30, 2023

SKT invests $100m in Joby Aviation to ramp up UAM business

South Korean telecom giant SK Telecom announced late Thursday it will invest $100 million to acquire a 2 percent stake in US urban air mobility firm Joby Aviation. The two forged the investment agreement on Tuesday, and vowed to strengthen their partnership in the UAM business further. The Korean mobile carrier first signed a strategic collaboration agreement with Joby Aviation in February 2022, which was expanded to include TMAP, South Korea’s largest mobility platform, in May 2022. Joby

June 30, 2023

GS Caltex, Korean Air to test sustainable aviation fuel

South Korean oil refiner GS Caltex said Friday that it has teamed up with national flag carrier Korean Air to promote the demonstration of Sustainable Aviation Fuel to reduce carbon emissions in the atmosphere. Through the partnership, GS Caltex will supply SAF -- an alternative to conventional fossil aviation fuel produced with biological and nonbiological resources -- to Korean Air on international flights departing from Incheon. The two signed a memorandum of understanding at GS Tower in Gang

June 30, 2023

South Korea, Japan hold in-depth talks to strengthen bilateral trade

South Korean Trade Minister Ahn Duk-geun discussed measures to strengthen bilateral trade with his Japanese counterpart Hirohide Hirai during his visit to Seoul on Friday. The bilateral talk comes as Japan has announced to reinstate South Korea as a "Group A" country earlier this week, returning to Seoul the preferential export treatment it had enjoyed until 2019. The latest decision marked the end to a trade dispute that had dragged on for four years stemming from the issue ofKoreans

June 30, 2023

S. Korea, Slovenia seek stronger ties in EVs, logistics

South Korea and Slovenia discussed ways Friday to enhance bilateral cooperation on electric vehicles, logistics and advanced industries, Seoul's industry ministry said. During the meeting with Slovenia's economic minister, Matjaz Han, in Seoul, Seoul's Trade Minister Ahn Duk-geun pointed to the recent growth in the EV market in the European nation and voiced expectations for stronger ties in the related sectors, according to the Ministry of Trade, Industry and Energy. Ahn also ask

June 30, 2023

Tax revenue down W36.4tr through May

South Korea's tax revenue fell 36.4 trillion won ($27.6 billion) in the first five months of 2023 from a year earlier, data showed Friday, on weaker corporate performance and a slump in the local property market. Tax revenue amounted to 160.2 trillion won during the January-May period, down from 196.6 trillion won tallied a year earlier, according to the Ministry of Economy and Finance. In May alone, the government collected 26.2 trillion won in taxes, down 2.5 trillion won from the previou

June 30, 2023

S. Korea's forklift exports up 57% through May

South Korea's forklift exports jumped nearly 57 percent on-year in the first five months of 2023, data showed Friday, following a rebound in the global construction industry. Exports of forklifts reached $525 million from January to May this year, reaching a record-high amount for the period, according to the data compiled by the Korea Customs Service. The agency attributed the growth to increasing demand from construction sites worldwide, as some companies in major countries shifted their

June 30, 2023

Seoul shares turn lower on tech losses

South Korean stocks turned lower after starting marginally higher Friday, driven by a decline in big tech companies. The benchmark Korea Composite Stock Price Index lost 7.9 points, or 0.31 percent, to 2,542.12 in the first 15 minutes of trading. Overnight, major US stock indexes ended mixed as major banks cleared the Federal Reserve's annual stress test, while stronger-than-expected economic data bolstered expectations of an additional rate hike by the Fed. The Dow Jones Industrial Average

June 30, 2023

Industrial output up in May, along with private spending, facility investment

South Korea's industrial output rose 1.3 percent in May from a month earlier, data showed Friday, with retail sales and facility investment gaining ground as well. The latest growth marks a sharp turnaround from a 1.3 percent on-month drop tallied in April, according to the data from Statistics Korea. The output in the mining, manufacturing, gas and electricity industries moved up 3.2 percent over the period on the back of the robust performance of the automobile and chip segments, which ad

June 30, 2023

Yoon's office welcomes S. Korea-Japan currency swap deal

The office of President Yoon Suk Yeol welcomed the resumption of a currency swap deal between South Korea and Japan on Thursday, saying it shows the two countries' relationship is improving also in the financial sphere. The US$10 billion currency swap deal was agreed between Finance Minister Choo Kyung-ho and his Japanese counterpart, Shunichi Suzuki, in Tokyo earlier in the day, restoring an arrangement that was terminated in 2015 amid strained bilateral ties. "The resumption of the

June 29, 2023

Korea, Japan revive $10b currency swap

South Korea and Japan agreed to resume a $10 billion currency swap deal after an eight-year suspension, showing bilateral economic ties are on a path of recovery. Finance Minister Choo Kyung-ho met with his Japanese counterpart Shunichi Suzuki in Tokyo on Thursday. It was the first time since 2016 for the top finance heads of Korea and Japan to hold an official one-on-one meeting. The new currency swap program will last three years and be based on the US dollar. A currency swap deal allows the e

June 29, 2023

South Korea, US agree to work closely to address IRA, trade concerns

South Korea and the United States agreed to work closely to resolve concerns over the US' Inflation Reduction Act, discussing ways to strengthen battery supply chains, Thursday. South Korean Deputy Minister Joo Young-joon in charge of industrial policy at the Ministry Trade, Industry and Energy met with Deputy US Trade Representative Sarah Bianchi visiting Seoul. During the bilateral talks, Joo assessed that the two sides overall have smoothly managed the IRA issue, closely communicating vi

June 29, 2023

Korean Air-Asiana merger faces more delay

A planned merger of South Korea’s top two air carriers is expected to face more delay as the European antitrust authorities have temporarily halted its probe into the 1.8 trillion won ($1.37 billion) high-profile deal. Korean Air said Thursday it has requested the European Commission to extend the deadline for its final decision on the merger with its smaller rival, Asiana Airlines, saying it will come up with measures to relieve their antitrust concerns. “We have asked for a deadlin

June 29, 2023