Internet-only K-Bank reaps record profits

K-Bank, a South Korean internet-only bank, posted record-high profits last year, extending gains after it swung to black for the first time in 2021. The bank recorded a net profit of 83.6 billion won ($63.7 million) in 2022, marking a 272 percent increase from the previous year's net profit of 22.5 billion won, according to K-Bank on Thursday. K-Bank’s net profit in 2021 was a turnaround from a loss of 105.4 billion won in 2020. It was the first annual net profit that the internet-o

March 2, 2023

[Photo News] Off-road experience

Jeep has opened its first dealership with an off-road experience zone in Guri, Gyeonggi Province, Stellantis Korea said Thursday. With the latest opening, Jeep now has 21 dealerships across the country.

March 2, 2023

Siita, the world's first zero-waste company

South Korean vegan cosmetics brand Siita said Thursday that it has been recognized as one of the first zero waste companies globally by a sustainable fashion and lifestyle platform affiliated with the United Nations. The Conscious Fashion and Lifestyle Network is an UN-hosted online platform for industry stakeholders, NGOs, and governments to seek collaborations and report progress for the implementation of the Sustainable Development Goals. Siita was introduced as one of the model cases that ha

March 2, 2023

Seoul shares open higher on China data

South Korean stocks opened moderately higher Thursday, buoyed by strong manufacturing data in China that indicated it is on a path for an economic recovery. The benchmark Korea Composite Stock Price Index rose 21.75 points, or 0.9 percent, to trade at 2,434.60 won in the first 15 minutes of trading. Data released Wednesday showed that the manufacturing activity in Asia's largest economy posted its highest improvement in more than a decade in February, with the services sector also showing s

March 2, 2023

Industrial output up 0.5% in January; retail sales down for 3rd month

South Korea's industrial output edged up 0.5 percent on-month in January, while retail sales extended losses to a third month, data showed Thursday. The latest rise in the industrial production came after the figure remained unchanged the previous month, according to the data from Statistics Korea. The industrial output earlier shed 1.2 percent and 0.4 percent on-month in October and November, respectively. The rebound came as the combined output in the mining, manufacturing, gas and electr

March 2, 2023

Korea looks to grant full autonomy, flexibility for new space body

South Korea aims to establish a space agency based on a special law granting a degree of autonomy and flexibility the country’s public sector has never seen, reflecting the government’s all-out efforts to develop and support the space sector. The Ministry of Science and ICT on Thursday announced the beginning of the advanced publication of legislation for the special law on the establishment and operation of the country’s new space agency. The space agency has been tentatively

March 2, 2023

Britain OKs Korean Air-Asiana Airlines merger

Britain's antitrust regulator said Wednesday it has approved the integration of South Korea's Korean Air with its smaller local rival Asiana Airlines. Britain's Competition of Markets Authority (CMA) said in a statement that undertakings given by Korean Air are "appropriate" to remedy or mitigate a lessening of competition in the market. Korean Air proposed supporting a new Incheon-London route of British airliner Virgin Atlantic Airways, as the CMA had demanded Korean A

March 1, 2023

Booyoung donates 200 buses to Phnom Penh

South Korean construction giant Booyoung Group said Wednesday it has donated a total of 200 buses to the Cambodian capital of Phnom Penh as part of its ongoing social contribution activities in the Southeast Asian country. Booyoung Group founder and Chairman Lee Joong-keun and Phnom Penh Municipal Gov. Khuong Sreng attended the delivery ceremony held Tuesday (local time), with dozens of city and company officials and Korean residents there present. The latest donation, worth $8.83 million, aims

March 1, 2023

SK Square CEO upbeat about partnership with EQT to nurture global security firm

SK Square Vice Chairman and CEO Park Jung-ho on Tuesday showed high expectations about joint management with Sweden’s EQT Infrastructure to nurture SK Shieldus into a global security firm. In a press conference held on the sidelines of this year's Mobile World Congress in Barcelona, Spain, Park -- who also doubles as SK hynix CEO -- revealed that EQT Infrastructure will purchase a total 68 percent stake to become the top shareholder of the Korean Security firm. EQT Infrastructure is a

March 1, 2023

Coupang earnings extend winning streak in Q4 2022

South Korean e-commerce giant Coupang is extending its winning streak in earnings, posting a profit for the second consecutive quarter in the fourth quarter 2022, according to its earnings report on Wednesday. The US-listed company said it posted quarterly operating profits of $83.4 million in the September-December period, an almost 10 percent growth from $77 million in the third quarter when the company first turned a profit since launching its ultrafast Rocket Delivery service in 2014. The co

March 1, 2023

Hyundai Motor Group chief promotes Busan Expo bid

Hyundai Motor Group Executive Chair Chung Euisun underscored South Korea’s vision to host the 2030 World Expo in Busan to 12 ambassadors from countries in Africa, the Caribbean and the Pacific region, asking for their support in the country’s bid. According to Hyundai Motor Group on Wednesday, Chung met the ambassadors at the Korean Embassy in the US on Tuesday. The ambassadors represented Malawi, Mali, Mauritius, Burundi, Central African Republic, Togo, Guyana, Barbados, Bahamas, Sa

March 1, 2023

Samsung Electronics top stock pick in Feb.; SM ranks No. 4

Market bellwether Samsung Electronics was the top stock pick among investors in February, with the total trade volume of its stocks soaring to 16.17 trillion won ($12.3 billion) on the nation’s main bourse Kospi, according to data from the Korea Exchange on Wednesday. The tech giant’s daily trade volume was 808.9 billion won on average last month. Posco Chemical, a battery materials company that has recently inked a whopping 40 trillion won supply deal with Samsung SDI, had the sec

March 1, 2023

SKT to expand global presence ifland metaverse platform

South Korean telecommunication giant SK Telecom is launching its metaverse platform ifland in the United States, Europe and Southeast Asia, in cooperation with a number of global telcos, the company said Wednesday. SKT said it inked separate agreements with Germany’s Deutsche Telekom, US’ T-Mobile, Axiata, which operates in 11 countries in Southeast Asia, and Malaysia’s CelcomDigi on expanding the ifland service, on the sidelines of this year’s Mobile World Congress. &ldq

March 1, 2023

S. Korea's exports down for fifth month in Feb. on falling chip demand

South Korea's exports fell for the fifth consecutive month in February due mainly to weak global demand for semiconductors amid an economic slowdown, the industry ministry said Wednesday. Outbound shipments fell 7.5 percent on-year to $50.1 billion in February, according to the data compiled by the Ministry of Trade, Industry and Energy. Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to curb inflation. It is also the first

March 1, 2023

[Graphic News] S. Korea’s fisheries output down 6% in 2022

South Korea’s fisheries output moved down 6 percent from a year earlier in 2022, data showed, primarily due to a fall in the production of anchovies, hairtail and squid. Total fisheries output amounted to 3.6 million tons last year, down from 3.83 million tons tallied in 2021, according to Statistics Korea. The statistics agency attributed the overall decrease to the fall in output from the aquaculture, littoral and deep-sea fishing sectors. The number of boats in the deep-sea fishing indu

March 1, 2023

Duty-free retailers eye China’s reopening

South Korean duty-free retailers are expected to see a bump in profits this year with the return of Chinese tourists, according to a Bank of Korea report released Tuesday. This year the number of Chinese tourists visiting Korea is estimated to reach 2 million –10 times last year’s 200,000. The Korean government’s lifting of mandated PCR tests for Chinese tourists upon arrival and the recent resumption of short-term visa issuance for Chinese nationals were cited as key driving

Feb. 28, 2023

GC acquires Catalyst's orphan hematology disorder pipeline

GC Biopharma announced on Tuesday that it has signed an asset purchase agreement with US drug developer Catalyst Biosciences to acquire its orphan hematology disorder treatment candidates. Under the agreement, GC Biopharma will acquire three drug candidates including Marzeptacog alfa (MarzAA), a rare bleeding disorder treatment candidate, which is being tested in a phase 3 global clinical trial. With the latest agreement, GC Biopharma aims to launch a first-in-class novel drug in global markets,

Feb. 28, 2023

Seoul shares close higher amid Fed rate uncertainties

South Korean stocks closed moderately higher Tuesday amid worries the US Federal Reserve's monetary tightening may last for longer than expected. The local currency ended almost flat against the US dollar. The benchmark Korea Composite Stock Price Index rose 10.21 points, or 0.42 percent to 2,412.85. Trading volume was moderate at 518.1 million shares worth 8.9 trillion won ($6.72 billion) with gainers outnumbering decliners 504 to 362. "Investors have become quite immune to the negati

Feb. 28, 2023

Huons to export local anesthetics to Canada

Huons, a local bio company, announced Tuesday that the company received regulatory approvals from Health Canada to export the company’s local anesthetics. According to Huons, both ampoule and vial types of its lidocaine -- the most widely used local anesthetic -- have received approvals from Health Canada. The company will first send 70,000 vials of its lidocaine in the second quarter this year. Formative Pharma, a Canadian firm specializing in the registration and distribution of pharmace

Feb. 28, 2023

Schenker Korea CEO reelected as ECCK chairman

The European Chamber of Commerce in Korea announced Tuesday that Dirk Lukat, CEO of Schenker Korea, has been reelected as the chamber’s chairperson at the annual general meeting on Monday. The ECCK is an organization representing over 400 European companies operating in Korea. Board elections for the 2023-2025 mandate were also held on the same day. Per Stenius, chairman and CEO of Reddal, Lee Ga-young; managing director of Knoell Korea; Erik Roelans, CEO of ER-Marine Erik Roelans; co-CEO

Feb. 28, 2023