GS E&C’s Elements Europe to build 23-story hotel in London

GS Engineering & Construction’s UK-based modular building pod manufacturing affiliate Elements Europe has clinched a deal to construct a 23-story hotel in London, the Korean builder said Tuesday. As the main contractor and pods and modules supplier, Elements Europe said it will start the construction within this year, targeting for the completion by second half of 2024. The building comprises of two basement floors, five floors for an office area and seven floors for a hotel. 

April 26, 2022

Palm oil incident adds uncertainty over Korea’s GDP

SEJONG -- A possible glitch in imports of palm oil is expected to further fan inflationary pressure in South Korea and constrain household consumption, which could hamper the growth of the gross domestic product. Palm oil is used for producing Korean instant noodles and snacks. Its largest producer Indonesia said it would issue a ban on exports of palm oil later this week. The Indonesian government made it clear that the decision was aimed at maintaining a stable domestic supply. As products

April 26, 2022

Seoul stocks end higher on earnings hope amid lingering rate hike woes

South Korean stocks closed higher Tuesday, snapping a two-day losing streak, on optimism over corporate earnings amid lingering concerns about the potential economic impact from the widely expected US monetary tightening. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) climbed 0.42 percent, or 11.18 points, to close at 2,668.31. Trading volume was heavy at 873 million shares worth 10.64 trillion won ($8.49 billion) with gainers outstripping decliners

April 26, 2022

McDonald’s Korea posts record-high W1tr sales

McDonald’s Korea logged a combined record high in sales of 1 trillion won ($801 million) from its directly managed stores and franchisees last year, the largest annual figure since its first store opened in the country in 1988, the global fast-food giant said Tuesday. The directly managed stores that take up about 70 percent of the total number of McDonald’s in the country posted 867.9 billion won in sales, up 9.7 percent on year, according to the company’s regulatory report.

April 26, 2022

All-new Range Rover nears market launch

Jaguar Land Rover Korea said it has received more than 2,000 advance orders for the all-new Range Rover luxury SUV slated to hit showrooms in the first half of this year. Available in five trims, the all-new Range Rover is priced between 196.87 million won ($157,800) for the Standard Wheelbase D350 Autobiography and 222.47 million won for the Long Wheelbase P530 Autobiography. The prices include a five-year service plan. Demand is especially high for the all-new Range Rover P530, fitted with a

April 26, 2022

Yoon eyes plan to raise more unicorns

The government will provide funds to help startups grow into unicorns, President-elect Yoon Suk-yeol’s transition team said Tuesday. Unicorns are privately-held startups worth at least $1 billion. In South Korea, they have long relied on foreign capital in their late-stage funding to raise their market value “This is part of broader efforts to nurture a new ecosystem for startups, where jobs are created and economic growth is guaranteed, all without interruption,” said K

April 26, 2022

Lam Research opens $100m R&D center in Korea

US chip equipment maker Lam Research on Tuesday opened a new technology center in South Korea, extending its global research network connecting the United States and Europe.  The new center, called Lam Research Technology Center, is located on a 30,000 square-meter site within an industrial complex in Yongin, some 50 kilometers southeast of Seoul. The company has spent about $100 million for the new facility.  With the completion of the new center, Lam Research said its responsivenes

April 26, 2022

SK's cybersecurity arm IPO to boost cross-border M&A: CEO

SK Shieldus, the cybersecurity service arm of South Korea’s third-largest conglomerate, is poised to use the proceeds from its imminent initial public offering to pursue cross-border mergers and acquisitions, its Chief Executive Officer Park Jin-hyo told reporters Tuesday. Cloud computing security firms would be the major target for a strategic investment, which would allow the nation‘s No. 1 security service firm to make a foray into overseas markets, Park said. “We are pr

April 26, 2022

S. Korea’s economy sees lackluster growth in Q1

South Korea’s economy expanded by a lackluster 0.7 percent in the first three months of this year, compared with the previous quarter, weighed down by the spread of the omicron variant and the risks stemming from the Ukraine crisis, central bank data showed Tuesday. Asia’s fourth-largest economy’s growth momentum nearly halved compared with the fourth quarter of 2021, when it saw a 1.2 percent expansion, preliminary data from the Bank of Korea showed. In terms of on-year growt

April 26, 2022

Korean red ginseng relieves stress, fatigue and perhaps long COVID: study

Korean red ginseng improves stress resistance and alleviates fatigue, especially effective in relieving stress among the under-energetic who experience chronic fatigue and have low blood pressure, studies showed on Tuesday, At the 2022 Spring Ginseng Conference held last week by the Korean Society of Ginseng, a series of studies showed that the regular intake of red ginseng products showed an improvement in stress and fatigue management. According to a comparative study by a local family medi

April 26, 2022

Daily FX turnover hits record high in Q1 amid increased volatility, trade

The daily foreign exchange (FX) trading by banks in South Korea hit a record high in the first quarter as currency market volatility increased and trade expanded, central bank data showed Tuesday. The daily FX turnover including trading of derivatives came to an average of $65.55 billion in the January-March period, up 14.9 percent from three months earlier, according to the data from the Bank of Korea (BOK). The amount marked the largest since 2008, when relevant statistics started to be compil

April 26, 2022

S. Korea to ramp up policy support for electric, hydrogen cars

South Korea plans to invest 397.5 billion won ($318 million) in building charging stations for electric and hydrogen-powered vehicles this year in an effort to foster the next-generation car industry, a senior government official said Tuesday. The government also plans to focus on building the infrastructure and developing technology for self-driving vehicles this year, according to First Vice Finance Minister Lee Eog-weon. "The government will continue to craft policy support for the next-

April 26, 2022

Australian firm makes $6m settlement with US over N. Korea sanctions

An Australian logistics company has agreed to pay $6.13 million to settle a potential civil liability for apparent violations of US sanctions against North Korea, Iran and Syria, according to the US Treasury Department's website Tuesday. Toll Holdings Limited, a Melbourne-based international freight forwarding firm, made the settlement with the Treasury Department's Office of Foreign Assets Control (OFAC) for nearly 3,000 apparent violations of multiple sanctions programs, the department said in

April 26, 2022

Fried chicken chain Genesis BBQ opens 6 new US shops

South Korean fried chicken chain Genesis BBQ Co. said Tuesday it has recently opened six new shops in the United States as part of efforts to tap deeper into the American market. Genesis BBQ said it launched three stores in Aurora, Denver and Inglewood in the US state of Colorado. A new shop was also opened in North Quincy, Massachusetts, with two more outlets starting operations in Walnut and Rowland Heights, California. Genesis BBQ now has 150 shops in 19 US states, up from 100 at the end of S

April 26, 2022

Seoul shares open higher on US gains, sound earnings

South Korean stocks opened higher Tuesday, led by a rise in auto and chemical companies, amid sound earnings reports and overnight gains on Wall Street. The Korea Composite Stock Price Index (KOSPI) climbed 10.69 points, or 0.4 percent, to 2,667.82 in the first 15 minutes of trading. US stocks finished higher Monday on the back of an advance in tech stocks. The Dow Jones Industrial Average rose 0.70 percent, and the Nasdaq Composite Index jumped 1.29 percent. In Seoul, techs, autos and chemicals

April 26, 2022

Lam Research opens technology center in S. Korea

US semiconductor equipment maker Lam Research Corp. opened a technology center in South Korea on Tuesday, which the company hopes will serve as a key hub of its global research and development (R&D) network. Lam Research completed its Korea technology center at an industrial site in Yongin, about 50 kilometers southeast of Seoul, in February this year after breaking ground in July 2020. Lam Research, the world's No. 3 chip equipment maker, said some 100 researchers will work at the center, w

April 26, 2022

Finance minister nominee dismisses stagflation concerns, sees high inflation

South Korea's finance minister nominee on Monday dismissed concerns that the country's economy is falling into stagflation, a mix of high prices and slumping growth, but said he expected high inflationary pressure will continue for the time being. Rep. Choo Kyung-ho, named to concurrently serve as deputy prime minister for economic affairs, made the remarks in a written reply to a lawmaker's question on economic situations as he prepares for a parliamentary confirmation hearing set for May 2.

April 25, 2022

July flight demand expected to recover 40% of pre-pandemic

The daily average of air travelers is expected to be around 81,000 in July, which is around 40 percent of air travelers from the same period in 2019, right before the pandemic hit the world, according to the operator of South Korea‘s major air gateway Incheon Airport, on Monday. After November, Incheon International Airport Corp. anticipates a 70 percent recovery of the daily average air travelers and is gearing up for normalization of its operations in phrases, officials said in a regula

April 25, 2022

Kia Q1 net falls 0.2 pct amid chip shortage

  Kia Corp., South Korea's second-biggest carmaker, said Monday its first-quarter net profit fell 0.2 percent from a year earlier due to one-off costs amid global chip shortages. Net profit for the three months ended in March fell to 1.032 trillion won (US$825 million) from 1.035 trillion won during the same period of last year, the company said in a statement. Particularly high deferred corporate taxes were factored in the bottom line in the first quarter, a company spokesman said ove

April 25, 2022

High-tech sector key to growth: transition team

Expanding the high-tech sector will be the way to ensure sustainable economic growth, and the government will ease rules to make that happen, President-elect Yoon Suk-yeol’s transition team said Monday at a press briefing amid concerns over shrinking economic growth. “Building on the high-tech sector involves two things: We help the existing industries go high-tech or go green and digital, because that leads to better products,” said Ahn Cheol-soo, the chief leading the team.

April 25, 2022