SK, Swedish private equity chiefs discuss future industries

SK Group Chairman Chey Tae-won met with Conni Jonsson, founder and chairperson of Swedish private equity firm EQT Partners, and discussed expanding ties on future industries, such as green energy and health care, officials said Sunday. In the meeting held Friday in Seoul, Chey told Jonsson about the conglomerate’s efforts in reducing carbon emissions, improving transparency in governance and creating both economic and social values, they said. “South Korea is a leader in hydrogen

Dec. 5, 2021

Food, Beverages price grow 5% in Q3, marking 5th-steepest among OECD

Prices of groceries and nonalcoholic beverages in Korea rose 5 percent on-year in the July-September period, marking the fifth-largest increase among OECD nations, data showed Sunday. According to data from Statistics Korea and the Organization for Economic Cooperation and Development, prices of food and beverages grew even higher last month on-year at 6.1 percent on the back of strong price increases of agricultural and processed products. The quarterly price growth of food and beverages w

Dec. 5, 2021

High earners report 19% asset increase in pandemic-hit 2021

High-income households in South Korea -- those who earn between 70 million won ($59,000) and 120 million won before tax annually -- saw their assets increase by 19 percent, or 150 million won on average, from last year, a study showed Sunday. According to the study conducted by Woori Financial Research Institute, which is run by Woori Financial Group, its 4,000 clients classified as “mass affluent” saw their assets rise to 917 million won on average.  The size of debt on avera

Dec. 5, 2021

Rider shortage driving up cost of your order

Food delivery apps saw their users decline after South Korea entered the first phase of the “living with COVID-19” scheme last month. But amid growing competition and a push by delivery apps for “one order per trip” to promise a speedy service, a delivery rider shortage is likely behind the rising cost of your order, industry sources said. According to IGAWorks’ mobile index, Android phone users who used delivery apps Baemin and Yogiyo dropped by 8.9 and 7.5 perc

Dec. 5, 2021

[ESG Talk] Implant basic principles of ESG, competitiveness in 2022

Companies are facing a stricter and more standardized ESG business environment. Recently, the Korean state-run bodies have released the K-ESG guidelines, or guidelines for domestic players to abide by. As 2021 ends, reputable ESG rating agencies are publishing ESG scores in Korea. One of the most famous rankers globally is MSCI, and its ESG ratings recently added the new climate change section as part of their rating systems. The newly included ”Implied Temperature Rise“ element trac

Dec. 5, 2021

Daesang bags 2 prizes at Korea Advertising Awards

An advertisement campaign from Daesang took home two honors at the Korea Advertising Awards this year, according to the food company on Sunday. Founded in 1994, the Korea Advertising Awards are considered the most prestigious awards in the industry here. Some 2,000 advertisements are submitted for consideration each year, the organizers said. An advertisement series of Daesang’s “Anjuya” products -- ready-made side dishes to be paired with alcohol -- received two nominatio

Dec. 5, 2021

Firms delay return to office, meal kits for year-end dinners amid omicron spread

A rapidly spreading fear over the omicron variant of the coronavirus has forced big corporations in South Korea to adopt stricter in-office quarantine guidelines again and restrict overseas business trips, casting a shadow over their business plans for next year.  An increase in confirmed omicron variant infections has pushed the South Korean government to tighten its eased quarantine rules under their ‘living with COVID-19’ scheme, which kicked off Nov. 1. Starting Monday, the

Dec. 5, 2021

[Newsmaker] S. Korea to increase number of highway EV chargers to over 1,000

South Korea will increase the number of electric vehicle chargers at highway service areas nationwide to over 1,000 by the end of 2022, the transport ministry said Sunday. Currently, there are 435 EV chargers at the country's highway rest stops. The government plans to increase the number to 730 by the end of this month and then add more than 300 chargers next year, it said in a press statement. The move is meant to help meet rising demand for EVs and the charging infrastructure, as the gover

Dec. 5, 2021

FSC puts top priority on bringing household debt growth to pre-pandemic levels

The head of South Korea's top financial regulator has said he will make continued efforts to bring household debt growth down to pre-pandemic levels, as fast increasing debt has emerged as a major risk that could threaten the country's economy. Koh Seung-beom, chief of the Financial Services Commission (FSC), still noted he will use some "flexibility" in managing the debt issue by taking into consideration economic, financial market situations and minimizing hurdles for people in actu

Dec. 5, 2021

US keeps S. Korea on monitoring list for currency practices

The United States said Friday that it is keeping South Korea on its list of countries to be monitored for currency practices.    The US Treasury Department named 11 other countries, including China and Japan, on the monitoring list in its semiannual report to Congress.    It, however, said none of the countries were found to have purposefully intervened in currency markets for unfair gains.    "Pursuant to the 2015 Act, Treasury has also established a Monito

Dec. 4, 2021

Seoul stocks likely to face volatility next week on omicron scare

South Korean stocks are likely to continue to face volatility next week as investors take to the sidelines amid the spreading omicron strain of the coronavirus.    The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,968.33 points Friday, up 1.09 percent from 2,936.44 points a week ago.    The KOSPI plunged Monday and Tuesday in the wake of the first confirmed cases of the omicron variant of COVID-19 in South Korea and other countries, fanning concerns majo

Dec. 4, 2021

Seoul stocks up for 3rd day on foreign buying

South Korean stocks advanced for a third consecutive session Friday, backed by strong foreign buying. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 23.06 points, or 0.78 percent, to close at 2,968.33 points. Trading volume was moderate at about 478 million shares worth some 10.1 trillion won ($8.6 billion), with gainers outnumbering losers 807 to 95. Foreigners bought a net 157 billion won and institutions purchased 89 billion won, whi

Dec. 3, 2021

Korean testing kit makers confident they can detect omicron

Amid worries over the omicron variant of COVID-19, Korean testing kit makers showed confidence in their equipment’s ability to detect the new virus variant, pushing up their stock prices again. GreenCross Medical Science said Friday that the effectiveness of its COVID-19 testing kit has been confirmed for the new omicron variant as well. In order to assess the validity of the result from its testing equipment, GCMS conducted the ‘in-silico’ experiment, which refers to a typ

Dec. 3, 2021

Travelers, airport tighten up their guard against omicron variant of COVID-19

Silence prevailed at the departure gates of Incheon Airport on Thursday, a day after the nation reported its first cases of COVID-19’s omicron variant. People waiting to check in for their flights were seated meters apart with masks on. Some were wearing plastic gloves and face shields for extra protection. Cafes at the terminal were open but practically empty. “I mean, it’s the airport. Even my parents think working here makes me vulnerable to omicron. So I understand that

Dec. 3, 2021

Daewoo Shipbuilding wins W383b order for offshore facility

Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Friday it has signed a 383 billion-won ($325 million) deal to build a wind turbine installation vessel (WTIV). Under the deal with Monaco's Eneti Inc., the vessel will be delivered by the first half of 2023, DSME said. The latest deal was made in accordance with the 370 billion-won contract with Eneti in May, under which it has an option to place an order for an additional WTIV. The two WTIVs, which are 148 meters long and 56 meters wi

Dec. 3, 2021

IBK chief visits corporate clients, OECD headquarters in Europe

State-run Industrial Bank of Korea CEO Yoon Jong-won recently met with corporate clients and the Organization for Economic Cooperation and Development officials in Europe, while inspecting potential markets the bank is eyeing to enter, the firm said Friday. The meetings and site visits took place during his weeklong business trip to Poland, the United Kingdom and France from Nov. 23-30. In Poland, Yoon visited two factories and met with corporate clients to lend an ear to the troubles they ha

Dec. 3, 2021

Online shopping hits record high in Oct. amid COVID-19 pandemic

Online shopping in South Korea hit a record high in October on the back of solid demand for food delivery services and electronic goods amid the COVID-19 pandemic, data showed Friday, in the latest sign that a growing number of people are using computers and mobile devices to buy things, ranging from clothes to electronic goods. The value of online shopping transactions stood at 16.9 trillion won ($14.35 billion) in October, up 21.7 percent from a year earlier, according to the data from Statis

Dec. 3, 2021

Seoul stocks open lower on tightened virus curbs

South Korean stocks opened lower Friday as health authorities strengthened virus curbs amid spiking cases and the potential spread of the highly contagious omicron variant of the coronavirus. The benchmark Korea Composite Stock Price Index (Kospi) had fallen 15.16 points, or 0.51 percent, to trade at 2,930.11 points as of 9:15 a.m. Stocks got off to a lackluster start, as the government has decided to limit private gatherings to six people in the capital area and eight in other regions for fou

Dec. 3, 2021

S. Korea's foreign reserves down for 1st time in 5 months in November

South Korea's foreign reserves shrank for the first time in five months in November due to a decline in the dollar-converted value of assets denominated in other foreign currencies, central bank data showed Friday. The country's foreign reserves came to $463.91 billion as of end-November, down $5.3 billion from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the first time in five months that the foreign reserves have shrunk. The decline stemmed part

Dec. 3, 2021

New home permits soar 24.4% in Jan.-Oct.

New home permits in South Korea surged more than 24 percent in the first 10 months of the year amid high housing prices, government data showed Friday. Construction permits issued for new homes came to 405,704 units in the January-October period, up 24.4 percent from a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. New construction permits in the South Korean capital of Seoul spiked 54.7 percent to 70,578 over the cited period. New home permits issued

Dec. 3, 2021