Gov't vows to support digital transformation of auto industry

The South Korean government said on Thursday it will standardize automotive data and promote intelligent manufacturing by carmakers and parts makers as part of efforts to support digital transformation of the auto industry. The aim is to turn 1,200 automotive component makers into future car companies by 2030, the Ministry of Trade, Industry and Energy said in a statement. The ministry said it will secure eight petabytes of automotive data, which is more than 10 times what is currently in stor

Jan. 13, 2022

Posco, Adani join hands to build steel mill in India

South Korea’s top steel maker Posco said Thursday that it will be working with the Indian conglomerate Adani Group to build a reduced-emissions integrated steel mill in India and carry out other projects to reduce carbon emissions. The firm said the two are currently reviewing the western state of Gujarat as the potential site for the new steel mill, with an estimated investment worth about $5 billion. “Under the latest deal, Posco’s strength in steel making technology and

Jan. 13, 2022

Daewoo E&C partners Vietnam’s NBX Green Park for industrial zone development

South Korean builder Daewoo Engineering & Construction and Vietnam’s NBX Green Park, an affiliate of YSL Group, signed a memorandum of understanding to jointly develop the Nam Binh Xuyen Green Park Industrial Zone located in Vinh Phuc, Vietnam, the companies said Thursday. The NBX Green Park Industrial zone is a large-scale real estate development project authorized by the Vietnamese government last year. The plot of land of nearly 300 hectares will include industrial and commercial

Jan. 13, 2022

Young Koreans may be left with no pension

South Koreans born after 1990 will not be able to claim their state pension if an overhaul of the current pension system is not carried out swiftly, a Seoul-based think tank said Thursday. With the nation’s state pension age remaining relatively low compared to other major economies and the lackluster amount of money being funneled into the fund, those set to receive the pension from 2055 will likely fail in claiming their contributions, a report by the Korea Economic Research Institute s

Jan. 13, 2022

Seoul stocks snap 2-day winning streak on US inflation woes

South Korean stocks retreated after a two-day increase Thursday, as investors worry rising inflation in the United States could hasten the Federal Reserve's tapering move. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.39 points, or 0.35 percent, to close at 2,962.09 points. Trading volume was moderate at about 597 million shares worth some 11.3 trillion won ($9.5 billion), with losers outnumbering gainers 449 to 412. Institutions so

Jan. 13, 2022

Korea ranks 32nd of 38 OECD members in Q3 growth

SEJONG -- South Korea was found to have lagged far behind major countries in the latest economic growth, data from the Organization for Economic Cooperation and Development showed Thursday. According to the French-based organization, Korea’s gross domestic product grew 0.3 percent -- as a provisional figure -- in the third quarter of 2021, compared to the previous quarter. This placed Asia’s fourth largest-economy at No. 32 of the total 38 OECD members in the quarterly GDP growth,

Jan. 13, 2022

Samsung Biologics to start up Plant 4 early to cement leadership

To solidify its No. 1 position in terms of production capacity, Samsung Biologics, a contract development and manufacturing organization under the Samsung empire, will begin partial operation of its fourth plant in Songdo, west of Seoul, this year, six months earlier than previously scheduled, the company’s CEO said Thursday. Touting its manufacturing capability, John Rim, CEO of Samsung Biologics, said the planned partial operation will add fresh new capacity of 60,000 liters in October

Jan. 13, 2022

[Herald Interview] Want a job? Tech skills are a must

The ongoing pandemic has brought a significant change in South Korea’s job market where technology skills such as data visualization and coding -- not necessarily academic background -- have become prime qualities that businesses look for from job seekers. “The COVID-19 pandemic has indeed brought about huge polarization in the local job market. Job seekers who majored in liberal arts or business are having hard time finding job openings, whereas IT majors get hired easily,”

Jan. 13, 2022

Gwangju seeks to exclude HDC from construction projects

The Gwangju Metropolitan Government will review legal measures to restrict Hyundai Development Company from participating in building projects in Gwangju, the city mayor said Thursday. “If legal measures allow, we will exclude HDC from participating in construction projects in the city for a fixed period,” Gwangju City Mayor Lee Yong-seop said during a briefing held on Thursday. Lee added that authorities are also reviewing whether to order HDC to demolish the collapsed apartment b

Jan. 13, 2022

Genesis ups 2022 sales target, hints at new EV

Taking last year’s momentum of Genesis expanding its global presence, Hyundai Motor’s standalone luxury brand expects to increase its sales by 10 percent this year with its new lineups and electrified versions of high-end vehicles, its chief executive said on Tuesday. “We are expected to (sell) between 215,0000 to 220,000 (in numbers) of Genesis vehicles,” Genesis CEO Chang Jae-hoon told reporters at the G90 launching event, adding that the global sales of the luxury bra

Jan. 13, 2022

Foreign purchases of Korean securities at 12-yr high in 2021

Foreign investors' net purchase of South Korean securities was the biggest in 12 years last year due largely to their buying spree of local bonds, central bank data showed Thursday. Foreigners bought a net $38.71 billion worth of Korean securities last year, sharply up from $3.47 billion the previous year, according to the data from the Bank of Korea (BOK). It marked the largest figure since 2009, when the corresponding figure came to $42.2 billion. Last year, foreigners sold Korean stocks to

Jan. 13, 2022

Delinquency ratio on banks' loans edges up in November

The delinquency ratio on loans extended by banks in South Korea inched up in November from a month earlier, the financial watchdog said Thursday. The rate for banks' won-denominated loans more than 30 days overdue stood at 0.25 percent as of end-November, up 0.01 percentage point from a month earlier, according to preliminary data from the Financial Supervisory Service (FSS). Compared with a year earlier, the November figure was down 0.09 percentage point, it showed. The ratio was measured ba

Jan. 13, 2022

Banks' household loans dip in Dec. amid rate hike, tight lending rules

South Korean banks' household loans declined in December due to the central bank's rate hike and tight lending rules, data from the Bank of Korea (BOK) showed Thursday. Outstanding bank loans to local households had come to 1,060.7 trillion won ($982 billion) as of the end of last year, down 200 billion won from the previous month, according to the BOK. The December reading compared with a 2.9 trillion-won on-month gain in November. It marked the first on-month decline for any December since

Jan. 13, 2022

S. Korea expected to become world's biggest investor in fab equipment this year: report

South Korea is expected to become the biggest investor in chip fabrication facilities this year, a global industry association said Thursday. According to SEMI, a global industry association representing the electronics manufacturing and design supply chain, South Korea is forecast to rank at the top of fab equipment spending this year, followed by Taiwan and China. Global fab equipment spending is predicted to increase 10 percent from last year to reach an all-time high of $98 billion, the SE

Jan. 13, 2022

Tax revenue rebounds in Nov.

South Korea's tax revenue rebounded in November last year from a year ago as corporate income tax increased amid the economic recovery, the finance ministry said Thursday. The government collected 16 trillion won in taxes in November, compared with 14 trillion won a year earlier, according to the Ministry of Economy and Finance. Tax revenue rebounded in the month after a fall of 6.2 trillion won in October when the government delayed the payment of some taxes by small merchants and firms hit b

Jan. 13, 2022

Seoul stocks open nearly flat on US inflation data

South Korean stocks opened nearly flat Thursday as investors digest high-flying inflation data in the United States, a factor that could hasten the Federal Reserve's tapering. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.08 points, or 0.04 percent, to 2,973.56 points in the first 15 minutes of trading. Stocks got off to a muted start as the US consumer price index showed a 7 percent increase in December, the highest on-year jump in almost four decades. Overnight, the t

Jan. 13, 2022

Genesis eyes 10% increase in global sales this year

Genesis, the luxury brand of Hyundai Motor Co., said Thursday it targets a 10 percent on-year increase in sales this year spurred by new models. Genesis aims to sell 220,000 units globally this year, up from 200,000 sold last year, Hyundai Motor President and Chief Executive Chang Jae-hoon told reporters on the sidelines of the G90 sedan's launching event.  "Helped by improved product lineup and increased SUV models, Genesis already made it to the top 10 luxury brands, beating (Hon

Jan. 13, 2022

S. Korea to spend W6.3tr for corporate investment in vaccine development

Finance Minister Hong Nam-ki said Thursday the government plans to spend 6.3 trillion won ($5.3 billion) to support corporate facility investment in vaccine development by 2024. The move is aimed at nurturing the vaccine industry as a key sector at a similar level to the semiconductor industry as South Korea seeks to foster new industries to secure engines of growth, according to the finance minister. Hong said the government will continue to support the development of homegrown COVID-19 vacci

Jan. 13, 2022

Import prices down for 2nd month in Dec. on lower oil, raw material costs

South Korea's import prices fell for the second straight month in December from a month earlier as the costs of importing oil and other raw materials declined, central bank data showed Thursday. The import price index dropped 1.9 percent last month from November, according to the preliminary data from the Bank of Korea. This marked the second on-month decline following a 1 percent contraction in November. The December decline is attributed to lower costs of purchasing energy-related products

Jan. 13, 2022

4 companies to recall more than 4,200 vehicles over faulty parts

BMW, Mercedes-Benz and two other companies will voluntarily recall more than 4,200 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The four companies, including Audi-Volkswagen Korea and Porsche Korea, are recalling a combined 4,247 units of 12 different models, the Ministry of Land, Infrastructure and Transport said in a statement. The problems i

Jan. 13, 2022