KRX to unveil rules for corporate sustainability disclosures

Korea Exchange CEO Sohn Byung-doo said Thursday that the bourse operator will set out guidelines on the way listed companies should report their progress on environmental, social and governance issues. The sustainability disclosures become mandatory as early as 2025. “The ESG initiative is one of the four goals we plan to see take place. We will refer to the global guidelines,” Sohn said at a forum, held to discuss the ways Korean companies can better navigate the low-carbon transit

July 8, 2022

[Newsmaker] Korean Air ranks first in global customer satisfaction for 18th consecutive year

The country’s largest air carrier Korean Air took first place in the air passenger transportation sector of the 2022 Global Customer Satisfaction Index (GCSI) awards for the 18th time since 2005 on Thursday. The GCSI awards recognize the best Korean corporations in each category by evaluating customer satisfaction levels, global competitiveness, and customer loyalty. Korean Air was recognized for its effort to enhance customer service even during the COVID pandemic by delivering the high

July 8, 2022

Hyundai Motor redesigns Brazil-exclusive model HB20

Hyundai Motor has launched a completely redesigned HB20 in Brazil, a compact hatchback made exclusively for the Brazilian market. The 2022 facelift comes three years after Hyundai Motor launched the second generation HB20 in 2019. While most automakers update their vehicles once every five years or so, the quick update highlights Hyundai’s efforts to maintain HB20‘s position as the most popular passenger car in Brazil. From January to May this year, a total of 34,897 HB20 units we

July 8, 2022

SKC breaks ground for building Europe’s largest copper foil factory

South Korean chemicals-to-materials firm SKC said Friday that the company has kicked off construction of Europe’s largest copper foil manufacturing factory in Poland. The firm’s copper foil manufacturing and investment unit, SK Nexilis, is spending 900 billion won ($693 million) to establish a copper foil production facility in Stalowa Wola, Poland, that has an annual manufacturing volume of 50,000 metric tons. Construction is expected to be completed by the first half of 2024. The

July 8, 2022

Han Sung Motor digitalizes documents and launches NFTs for used cars

South Korean imported car dealer Han Sung Motor said Friday it has launched nonfungible tokens (NFTs), digital documents and digital warranty for its certified used car customers. The digitalization of the auto dealer’s documents is a step towards following the global trend of going online, communicating with younger generations, and creating “fandom,” said Han Sung Motor. The NFTs will contain pictures, videos and texts that certify ownership of the digital warranty for sec

July 8, 2022

Financial regulator urges savings banks to intensify asset management amid fast-rising interest rates

A top financial regulator on Friday called on savings banks in South Korea to intensify efforts to keep their asset management in good shape in the face of the rising possibility that their debt holdings could go sour amid fast-rising interest rates. Lee Bok-hyun, the head of the Financial Supervisory Service (FSS), made the remark in a meeting with CEOs of major savings banks in Seoul, the latest in a series of gatherings he has held with financial leaders since taking office last month. "

July 8, 2022

LG Chem floats $300m in green bonds

South Korea's leading chemicals maker LG Chem Ltd. said Friday it has issued global green bonds worth $300 million to help bolster the competitiveness of its battery materials business and finance more investments in eco-friendly businesses. The parent company of major battery maker LG Energy Solution Ltd. said the US dollar-denominated bonds carry a fixed interest rate of 4.436 percent. LG Chem said it will fully spend the proceeds from the debt sale in developing materials for electric ve

July 8, 2022

S. Korea's SD Biosensor agrees to acquire Meridian Bioscience of US for W2tr

SD Biosensor Inc., a South Korean developer of COVID-19 test kits, said Friday it will acquire US diagnostic kit maker Meridian Bioscience Inc. for about 2 trillion won ($1.53 billion) in an effort to bolster its overseas operations. Through a consortium formed with SJL Partners LLC, a private equity fund, SD Biosensor said it has entered into an agreement with Meridian Bioscience to acquire the Cincinnati, Ohio-based company in an all-cash transaction. SD Biosensor will own about 60 percent of

July 8, 2022

SK chief meets Mexico’s top diplomat

SK Group Chairman Chey Tae-won met with Mexico’s top diplomat at the SK headquarters in Seoul on Wednesday, where he stressed that the conglomerate will play an active role in economic cooperation between the two countries. Chey also asked for Mexico’s support of South Korea’s bid to host the 2030 World Expo in Busan. During his meeting with Mexican Secretary of Foreign Affairs Marcelo Ebrard, Chey talked about SK’s technology across such sectors as batteries, biotechno

July 8, 2022

Posco International’s Mexico plant begins construction

Posco International said Thursday that the construction of an electric vehicle parts manufacturing plant in Mexico has begun to expand its business in the fast-growing sector, the company said Thursday. Located in Ramos Arizpe in the state of Coahuila in northeastern Mexico, the plant is set to be its first factory in North America. The construction of the plant will be completed within the first half of 2023, it added. The company plans to inject about 160 billion won ($123.2 million) by 2030

July 7, 2022

Homeplus sets ‘Return’ as keyword in H1

South Korean discount chain Homeplus said Thursday that it has carried out various marketing efforts by setting “Return” as the keyword that best describes its corporate activities in the first half. “To celebrate us returning to normalcy, Homeplus prepared for the change and made large-scale investments in the first half” a Homeplus official said. Return is also a term meant to encompass the ideals of reduction, tenant, upgrade, response and niche. Each word holds signi

July 7, 2022

Not illegal but not legal: The murky landscape of abortion in Korea

Women and doctors still navigate murky legal waters when it comes to abortion in Korea, despite the practice having been decriminalized over a year ago. The ban on abortion was ruled unconstitutional in April 2019, but the National Assembly has failed to meet its deadline -- which expired on the last day of 2020 -- to make new laws to reflect the changes. As of Jan. 1 last year, abortion was no longer a crime in Korea. But the lack of laws to guide practice may be undermining women’s r

July 7, 2022

Korea’s current account surplus drops on soaring energy prices

South Korea’s current account swung back into the black in May from a deficit the previous month that snapped 23 months of surplus booked since May 2020, but the latest surplus of $3.86 million marked a fall from a year earlier, preliminary data from the Bank of Korea showed Thursday. Soaring coal, oil and gas import costs was the reason Asia’s fourth-largest economy, which heavily relies on imports for energy, posted the annual drop. The surplus in goods trade also declined to $6.6

July 7, 2022

No. of overseas travelers surges 233% in H1

The number of overseas travelers spiked to over 3.93 million in the first half of this year, surging 233.2 percent on-year, fueled by fully lifted aviation restrictions and antivirus regulations, according to Incheon Airport on Thursday. "The increase was most noticeable in May and June when the number of overseas travelers increased 44.6 percent and 34.4 percent on-month respectively. Most popular destinations were the US, Southeast Asia, and Europe,” said Kim Chang-kyu, public rela

July 7, 2022

Seoul shares rebound nearly 2% on eased recession woes; Korean won gains ground

South Korean stocks bounced back Thursday from the previous day's 20-month low as the US Federal Reserve's minutes indicated cautious optimism over the economy's long-term prospects, despite impeding rate hikes. The Korean won gained ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 42.26 points, or 1.84 percent, to close at 2,334.27. Trading volume was moderate at 333 million shares worth 7.54 trillion won ($5.89 billion) with gainers outstripping d

July 7, 2022

[Herald Interview] G70 Shooting Brake touted as brand's heritage mode

Although sales of the Genesis G70 Shooting Brake in Europe were not impressive, selling a total of 552 cars last year, Hyundai Motor is putting high hopes on the model to catch drivers’ attention in the domestic market. “The G70 Shooting Brake was a must for Genesis, not just to target the global market, but to complete a full, versatile lineup -- just as other luxury German carmakers like Porsche do with the D-segment. Such model types are not flagships, but add variety to the fam

July 7, 2022

Samsung’s upbeat earnings overshadowed by uncertain outlook

Samsung Electronics’ extraordinary win streak over the past three quarters is likely to end in the second quarter this year amid growing uncertainties surrounding the war in Ukraine, rising costs and inflation fears. In its earnings guidance released Thursday, the South Korean tech giant projected its operating profits at 14 trillion won ($10.7 billion) for the April-June period, up 11.38 percent from a year ago. Its revenue also jumped 20.94 percent to 77 trillion won, the highest figu

July 7, 2022

Korea Exchange to review Kyobo Life's IPO bid

Kyobo Life Insurance Co. on Thursday said the country's bourse operator will begin a preliminary assessment of its initial public offering (IPO). The Korea Exchange (KRX) has said it will launch a panel to review the IPO bid of South Korea's No. 2 life insurer eight months after its filing. Kyobo Life has been pushing to go public since 2018, but opposition from its shareholders has halted the process for years. Kyobo Life Chairman and the largest stakeholder Shin Chang-jae, as well as

July 7, 2022

Economic recovery momentum constrained by external uncertainty: KDI

South Korea's economic recovery momentum has been losing steam in the face of deteriorating external conditions, such as Russia's war with Ukraine and monetary tightening modes in major economies, a state-run think tank said Thursday. Led by in-person services, domestic demand improved as outdoor activities have increased on the back of the lifting of COVID-19 virus curbs, the Korea Development Institute (KDI) said in a monthly economic assessment report. "However, as manufacturin

July 7, 2022

KakaoTalk update on Google Play store suspended for week amid payment link standoff

The latest software update for KakaoTalk, South Korea's most popular mobile messaging app, remained suspended for a week on the Google Play store Thursday, following the refusal by tech giant Kakao Corp. to comply with Google's new in-app payment policy. Google turned down Kakao's submission application for the latest 9.8.6 version of KakaoTalk for Android on Google Play on June 30, citing Kakao's non-compliance with the policy, according to Kakao. The update remained unavail

July 7, 2022