Seoul shares kick off 2022 with investor optimism

The key benchmark Kospi and junior Kosdaq opened higher on Monday after their last trading session on Thursday, amid strong retail demand and foreign buying betting on a pandemic recovery. The Kospi, which ended at 2,977.65 for its final trading session in 2021, closed at 2,988.77, while the Kosdaq ended at 1,037.83, slightly up from 1,033.98 from the previous session. The rebound was backed by retail investors and foreigners, who snatched up a net 519 billion won ($435 million) and 266 billi

Jan. 3, 2022

Manufacturers, retailers, service providers gear up for full recovery from pandemic

South Korea’s key manufacturers, retailers and service providers on Monday vowed to prepare for a full business recovery from the prolonged pandemic crisis by initiating both technological and organizational innovation to tap into markets that had already gone through tremendous changes for last two years. “The paradigm shift that was brought by the COVID-19 crisis and challenges to overcome it lie ahead of us,” Cho Won-tae, the chairman of Hanjin Group and Korean Air CEO, sa

Jan. 3, 2022

China seems to be Samsung chief’s next destination

Speculation is growing that Samsung Electronics Vice Chairman Lee Jae-yong may go on a work trip later this month possibly to China where the Korean tech giant is struggling to elevate smartphone and home appliance sales. According to industry sources on Monday, the de facto Samsung chief is expected to make another business trip during the court’s holiday recess that begins later this month. Lee has been appearing in court hearings every Thursday regarding the controversial merger deal

Jan. 3, 2022

[CES 2022] LG unveils self-driving car cabin concept turning into living spaces

LG Electronics said Monday it would introduce a new in-vehicle infotainment concept tailored to autonomous vehicles at CES 2022, indicating that its car cabins can turn into a space where passengers work, watch TV, exercise or experience camping virtually. Called LG Omnipod, the new mobility concept solution gives a glimpse of an on-the-road extension of one’s personal living space which is designed to function as a home office, entertainment center or lounge, LG Electronics said in a st

Jan. 3, 2022

Regulator warns of stern actions against online platforms' unfair biz activities

South Korea's antitrust regulator plans to take stern actions against unfair business activities by online platform operators in a bid to protect small merchants and consumers, its chief said Monday. Concerns have mounted that powerful online platform operators, such as Naver Corp. and Kakao Corp., have abused their dominant market status and engaged in unfair business practices against contractors, posing a threat to the survival of small merchants. "The Fair Trade Commission (FTC) will

Jan. 3, 2022

Hyundai Motor brings autonomous, air mobility to fore in New Year plan

Hyundai Motor Group chief said Monday that the automaker will materialize its vision of becoming a smart mobility provider in autonomous driving and urban air mobility this year, attempting a shift in its focus from manufacturing to auto software. In his New Year‘s address, Hyundai Motor Chairman Chung Euisun said the company will make no delay to its plan to mass produce the Ioniq 5 loaded with Level 4 technology by 2023. He said the Ioniq 5’s Level 4 autonomous driving will test o

Jan. 3, 2022

[CES 2022] Samsung, LG TVs clash again at CES

LAS VEGAS -- Bigger, brighter, more pixels and better contrast. Before the pandemic, who makes the better TV was largely decided by these simple standards.  But as lifestyles have changed amid the prolonged COVID-19 outbreak, particularly with the emergence of the delta and omicron variants, the definition of innovation has changed as well. Now, consumers demand more features they can enjoy in the safety and comfort of their homes. Such new customer demand has brought South Korea‘s

Jan. 3, 2022

Indonesia's coal exports ban to have limited impact on S. Korea: industry ministry

Indonesia's recent ban on coal exports is expected to have a limited impact on South Korea, the industry ministry said Monday, but the Seoul government set up a task force to closely manage the situation as a precaution. Last week, Indonesia announced it has banned exports of coal in January, citing concerns over widespread blackouts due to low supplies at its domestic power plants. Jakarta is one of the world's major exporters of thermal coal, and around 20 percent of South Korea's coal impor

Jan. 3, 2022

S. Korea's 5G users top 20m in November: data

The number of smartphone users on 5G mobile networks had topped 20 million as of November for the first time since the service was commercialized in 2019, data showed Monday. The total number of 5G users reached 20.19 million in November last year, accounting for around 28 percent of the total 72.57 million mobile subscriptions in the country, according to the data from the Ministry of Science and ICT. South Korea, which has a population of 52 million, first commercialized 5G networks in April

Jan. 3, 2022

Korea Shipbuilding targets $17.4b in 2022 orders

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it is targeting $17.4 billion in orders this year on improving demand for ships amid the prolonged pandemic. KSOE is the world's biggest shipbuilder by order backlog and has three affiliates -- Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. -- under its wing. The order target is up 19 percent from the KSOE's target of $14.9 billion last year, the company said in a regulatory fil

Jan. 3, 2022

Value of derivatives-tied securities hits near 8-yr low in Q3

The outstanding value of derivatives-tied securities issued in South Korea touched a near eight-year low in the third quarter amid a fall in Hong Kong share prices, data showed Monday. The amount of outstanding equity-linked securities (ELS) and derivatives-linked securities (DLS) came to 79.9 trillion won ($67.1 billion) as of end-September, down 300 billion won from the previous quarter, according to the data from the Financial Supervisory Service. The September tally was the lowest value si

Jan. 3, 2022

Tech firms’ rush into finance puts pressure on banks, regulators

Naver and Kakao -- Korea’s two largest online service providers -- are prompting financial companies to better meet fintech needs and regulators to write rules that are fair to both of them. Naver Financial, a key Naver fintech subsidiary, started offering loans last year to small businesses with Woori Bank. The Naver Financial CEO said last month that he was considering seeking a permit to oversee more banking services to issue insurance and credit cards. Meanwhile, Kakao Pay, a mo

Jan. 2, 2022

Despite concerns, NFT craze set to expand into fashion, entertainment

The nonfungible tokens market, which first sent the art industry into a frenzy, is expected to take a deep plunge into the fashion and entertainment world, amid fast-growing interest in making new money using the blockchain technology. NFTs are digital tokens of physical or digital assets, mostly of music or art. Through the blockchain, every NFT can be verified by an identification number or a signature of an artist or a creator. A buyer can thus hold ownership over something that is one of a

Jan. 2, 2022

[CES 2022] Korean low-carbon AI solutions, VR, robots to take limelight at CES 2022

South Korea-based exhibitors are headed for CES 2022 in Las Vegas to showcase new technology in line with the global drive to cut carbon emissions and the urge to adapt to the new normal. Artificial intelligence-based solutions for chips and batteries, and nickel-rich batteries will show paths to reducing carbon footprints, while virtual reality-inspired mobility solutions are also expected to take center stage at what is considered the world’s largest electronics show. On Sunday, SK T

Jan. 2, 2022

Age of robots nearer than you think

For Kwon Ju-hyeon, a 30-year-old freelancer living in Gyeonggi Province, the robot vacuum cleaner has become something he cannot live without after a month of using it. Kwon’s robot vacuum cleaner, approximately the size and shape of a pizza, sweeps the floor with just the push of a button on the remote control. Using sensors and drive routines, the autonomous device makes its way around the chairs, tables, couch and drawers inside the house to pick up dust and small particles on the flo

Jan. 2, 2022

[CES 2022] Samsung to unveil world's first 4K 240Hz gaming monitor

South Korean tech giant Samsung Electronics said Sunday it plans to unveil the world’s first gaming monitor with both a 4K resolution and a 240 Hz refresh rate display at the upcoming CES 2022. Thus far, gaming monitors with ultrahigh definition -- having the resolution of 3,840 pixels wide and 2,160 pixels high -- have shown a latency of up to 144 Hz display. With the new 32-inch monitor, dubbed Odyssey Neo G8, Samsung Electronics is expected to show off the technology with the unprec

Jan. 2, 2022

S. Korea's IPO market to have bumper year in 2022 with mega deals: analysts

South Korea's initial public offering (IPO) market is expected to have another bumper year in 2022 as a slew of companies, including battery maker LG Energy Solution, are planning for stock market debuts, analysts said Sunday. The amount of money raised via IPOs on the main and tech-heavy stock markets reached a record high of 20.8 trillion won ($17.5 billion) last year, according to industry data. As more firms are preparing to go public with an aim of attracting more than 1 trillion won via

Jan. 2, 2022

SK hynix gets A rating in latest MSCI ESG evaluation

South Korean chipmaker SK hynix Inc. said Sunday it has moved up a notch to receive an A in the MSCI ESG Ratings assessment. MSCI, or Morgan Stanley Capital International, is an American rating agency that measures, among other things, a company's resilience to long-term, financially relevant environmental, social and corporate governance issues (ESG) risks. Since October 2020, SK hynix had been labeled BBB on a scale of AAA-CCC in the MSCI ESG Ratings assessment. The latest upgrade put SK hy

Jan. 2, 2022

S. Korea's exports rise 25.8% in 2021 to hit all-time high

South Korea's exports rose 25.8 percent in 2021 from the previous year to reach an all-time high on the back of solid demand for chips and petroleum products amid a global economic recovery, the industry ministry said Saturday. Outbound shipments stood at US$644.54 billion last year, compared with $512.5 billion a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy. It marked the highest annual figure since the country began compiling trade related data in 1

Jan. 1, 2022

Seoul shares expected to rebound next week on optimism for 2022

  South Korean stocks are expected to gather ground next week as an optimistic mood from solid US consumer spending during the end-of-the-year holiday season and other factors will likely whet investor appetite for risky assets.  The Korea Composite Stock Price Index closed at 2,977.65 on Thursday, the last trading day for this year, down 0.68 percent from last Friday.  The stocks moved in a tight range amid a lack of fresh leads as investors took to the sidelines on the final

Jan. 1, 2022