SC Bank, Toss mull compensation for won-dollar rate error

Standard Chartered Bank Korea and Toss Securities are discussing ways to compensate customers who suffered losses due to a faulty won-dollar exchange rate posted on their mobile trading apps, officials said Thursday. The won-dollar exchange rate on Toss Securities’ mobile trading system was frozen at 1,298 won per US dollar from 1:50 p.m. to 2:15 p.m. on Wednesday, when the actual rate hovered around 1,440 won. SC Bank Korea, the London-based financial giant’s Korean unit, which pr

Sept. 29, 2022

[Photo News] The duck returns

A giant yellow rubber duck, created by Dutch artist Florentijn Hofman, sits on Seokchon Lake in Songpa-gu, southeastern Seoul, Thursday. The art installment, which has returned to Korea after eight years, will be on public display until Oct. 31.

Sept. 29, 2022

Hyundai Motor to bring 1,700 hydrogen cars to Jeju by 2030

  Hyundai Motor Group will supply 1,700 hydrogen fuel-cell cars to Jeju Island by 2030 as part of joint efforts to build a green hydrogen ecosystem in the country's resort island. A large green hydrogen production facility is planned to be built in Jeju by 2026. This would enable operations of hydrogen-powered vehicles on the island, according to the company, adding that it is working with Trade Ministry, Jeju Special Self-Governing Province, and Korea Southern Power Co. Currently, Jeju has

Sept. 29, 2022

Corporate card spending on golf reaches W1.9tr

Corporations spent 1.9 trillion won ($1.3 billion) at golf clubs across the country last year, according to a study on company credit card spending released Thursday by the Golf Consumer Agency of Korea. The study, which was conducted based on data provided by Rep. Yun Chang-hyun’s office, revealed that 27.5 percent of all golf course sales in 2021, or 1.9 trillion won out of 6.9 trillion won, came from company credit cards. The proportion of company card payments among golf course sales h

Sept. 29, 2022

Lotte’s overseas spending exceeds W7tr this year

South Korean retail-to-chemical giant Lotte Group said Thursday its overseas investment has exceeded 7 trillion won ($4.9 billion) this year. So far, the largest overseas project is Lotte Chemical’s Line Project, a $3.9 billion megasized petrochemicals production complex in Banten, Indonesia. It aims to produce 1 million metric tons of ethylene, 520,000 tons of propylene, 250,000 tons of polypropylene and other petrochemical products by 2025. The chemicals unit also plans to build its f

Sept. 29, 2022

SK On, Global Lithium join forces for battery material supply

South Korean lithium-ion battery cell maker SK On and Australian mining company Global Lithium Resources have signed a two-year nonbinding agreement over the supply of critical materials for batteries used in electric cars. The two companies agreed to explore future business opportunities including the potential development of downstream battery-grade lithium assets for at least two years in western Australia. Under the agreement, SK On also pledged to support Global Lithium's capital rai

Sept. 29, 2022

KEF holds annual meeting with Chinese ambassador

The Korea Enterprises Federation held a meeting with Chinese Ambassador to Korea Xing Haiming at a Seoul hotel on Thursday to discuss ways to further bolster economic ties between the two countries. KEF Chairman Sohn Kyung-shik and other business leaders representing major companies, including Hanwha, Doosan and Hyundai Motor, took part in the annual meeting that was launched in 2020. “Celebrating the 30th anniversary of their bilateral ties this year, South Korea and China are crucial par

Sept. 29, 2022

Tax revenue up W41tr through August

South Korea's tax revenue increased 41 trillion won ($28.8 billion) in the first eight months of this year compared with a year earlier as the collection of corporate and income taxes rose, the finance ministry said Thursday. Tax revenue amounted to 289.3 trillion won in the January-August period, compared with 248.2 trillion won the previous year, according to the ministry. In August alone, the government collected 28.3 trillion won in tax revenue, up 3.7 trillion won from a year ago. Sout

Sept. 29, 2022

Seoul shares open higher after rout amid recession fears

Seoul stocks opened higher tracking overnight Wall Street gains, after plunging to the lowest level in more than two years the previous session on growing recession fears. The Korean won also rebounded to the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 28.66 points, or 1.32 percent, to 2,197.95 in the first 15 minutes of trading. The KOSPI ended at 2,169.29 on Wednesday, the lowest since July 20, 2020, amid combative monetary tightening policies in major economies to

Sept. 29, 2022

Korean Air involved in minor collision incident at Heathrow airport

Korean Air Lines Co., South Korea's national flag carrier, said Thursday there was a minor collision incident involving its aircraft and an Icelandair plane at London Heathrow airport. No injuries have been reported. The incident occurred during the departure of a Korean Air B777-300ER from the Heathrow airport. "During Korean Air flight KE908's taxiing operation to the runway, the aircraft's left winglet came into contact with Icelandair flight FI454 aircraft's tail rud

Sept. 29, 2022

Biz sentiment worsens for October amid high prices, economic uncertainites

South Korea's business sentiment worsened for October amid high commodity costs and aggressive policy tightening in major economies, a central bank poll showed Wednesday. The business sentiment index (BSI) came to 79 for October, down three points from the previous month, according to the survey by the Bank of Korea (BOK). The BSI for manufacturers points fell seven points on-month to 75 and the index for non-manufacturing firms also decreased 1 point to 81. The fall is largely attributed t

Sept. 29, 2022

Samsung’s SmartThings devices exceed 10 million units

Samsung Electronics’ smart home platform SmartThings has hit the 10 million mark in connecting devices and home appliances around the world as of Sept. 12, the South Korean tech giant said Wednesday. Launched in 2018, the app aims to connect small and larger appliances from refrigerators and washing machines to air purifier and dishwashers via smartphones. More recently, Samsung is increasingly teaming up with other brands to bolster connectivity. The number of connected devices has double

Sept. 28, 2022

Amid inflation bill concerns, Korea aims to take 12% in global EV market

SEJONG -- South Korea’s policymakers on Wednesday unveiled their goal of taking up 12 percent of the global auto market and expanding the country's capacity in manufacturing electric vehicles with 3.3 million units a year, expressing its confidence in tackling concerns over US' inflation reduction bill. Setting a target of becoming the world's third-largest automaker, the government will “resolve regulatory barriers” and “offer tax benefits" to help local carmakers

Sept. 28, 2022

Korea eyes world No. 3 spot in digital competitiveness by 2027

The South Korean government on Wednesday unveiled a blueprint to become a global leader in digital innovation with the goal of becoming the world's third most digitally competitive by 2027. "We will bring up our global (artificial intelligence) competitiveness to No. 3 in the world and double the data market size to 50 trillion won ($34.7 billion) or bigger," said President Yoon Suk-yeol as he chaired the eighth pangovernmental meeting on economy and people's livelihood at the Kimdaej

Sept. 28, 2022

Seoul stocks sink to over 2-year low on recession woes; Korean won at over 13-yr trough

Seoul stocks dropped to the lowest level in more than two years and the Korean won tumbled to a 13-year low Wednesday on deepening concerns over a global recession in the wake of aggressive monetary tightening in major economies. The benchmark Korea Composite Stock Price Index (KOSPI) fell by 54.57 points, or 2.45 percent, to end at 2,169.29, the lowest since July 20, 2020, when the market closed at 2,198.20. The KOSPI dived more than 3 percent on Monday before inching up 0.13 percent the

Sept. 28, 2022

Korean businesses show greater appetite for vegan foods

With fast-growing interest in eco-friendly lifestyles, South Korean food companies are expanding plant-based menu items and restaurants to cater to the growing global vegan population of some 180 million. Nongshim, the country’s leading instant noodle maker, said Thursday it has launched eight kinds of plant-based "cup rice" (rice bowl with toppings), and porridge, in partnership with vegan restaurant Doosoogobang. Instead of spicy meat, cup rice comes with toppings such as na

Sept. 28, 2022

Samsung insurers to invest $650m in Blackstone alternatives portfolio

Samsung Group’s insurance units signed a deal worth $650 million with US-based private equity firm Blackstone to expand its global alternative asset portfolio, the Korean insurers said Wednesday. Samsung Life Insurance and non-life insurer Samsung Fire ＆ Marine Insurance will invest in overseas real estate, infrastructure and private equities managed by Blackstone through the latest deal. The investment will be managed by Samsung’s asset management arms Samsung Asset Management and

Sept. 28, 2022

Posco, Apporium team up to produce blue hydrogen

Posco Group said Wednesday its two affiliates – Posco Holdings and Posco E&C – have signed a memorandum of understanding with the nation’s largest hydrogen production and sales company Approtium in a fresh push for hydrogen business. Under the agreement, the three companies will invest a combined 200 billion won ($139 million) by 2026 into establishing facilities for hydrogen production. The annual production capacity is expected to reach 40,000 tons. Approtium, based in the

Sept. 28, 2022

LG publishes 1st groupwide ESG report

South Korea's consumer electronics-to-battery conglomerate LG Group has published its first annual report that revolves around its groupwide efforts to tackle environmental, social and governance issues, a holding company LG Corp. announced Wednesday. This is in line with the group's push to disclose nonfinancial performance such as actions to fight climate change, reduce and recycle waste, offer financial supports to vendors and local communities, as well as ensure boardroom diversity

Sept. 28, 2022

Samsung Biologics earns gold status in EcoVadis' CSR rating

Samsung Biologics has scored a “Gold Sustainability Rating” from global business evaluator EcoVadis for its sustainability efforts, the South Korean contract development and manufacturing organization company said Wednesday. According to Samsung Biologics, the CDMO giant received a score of 71 out of 100, up 14 points from the silver rating it earned last year. The company was among the top 5 percent of more than 100,000 firms in 200 industries across 175 countries assessed by EcoVad

Sept. 28, 2022