Samsung says new Texas chip plant to open new chapter

A $17 billion investment to build Samsung Electronics’ second fabrication plant in the US will open a “new chapter” and contribute to stabilizing the global chip supply chain, the South Korean tech giant said Wednesday as it made an official announcement of the plan. The new foundry will enable production of chips equipped with cutting-edge technologies suitable for fifth-generation networks, high-performance computing and artificial intelligence, Samsung said. &ldqu

Nov. 24, 2021

Dunamu launches beta service for NFT platform

Dunamu, the operator of cryptocurrency exchange Upbit, said Tuesday that it has launched a new trading platform for nonfungible tokens, further expanding its footprint in the virtual asset space. NFTs are blockchain-based digital counterparts of real-world assets, mostly in the areas of visual arts or music. The blockchain company opened its Upbit NFT Beta service on Upbit’s website, where its users can sell and purchase NFTs at auction. Using the “Drops” function, users ca

Nov. 23, 2021

Dutch asset manager bets on market rebound

Companies across the globe will see their earnings return to pre-pandemic levels next year and European equity markets in particular could offer good investment opportunities, Dutch insurer NN Group’s asset management arm said Tuesday. Marco Willner, head of investment strategy at NN Investment Partners, said inflation fears, along with supply disruptions and a potential energy crisis triggered by the pandemic, still pose challenges, but inflation is transitory and the global economy has

Nov. 23, 2021

JB Financial gets ‘A+’ ESG rating from KCGS for 2nd straight year

South Korea’s JB Financial Group received an overall “A plus” rating for the firm’s environmental, sustainable and governance values by the nation’s leading proxy advisory institution for the second consecutive year. JB Financial said Monday it has received the second highest level of a seven-tier ESG rating from the Korea Corporate Governance Service, citing the firm’s recent progress in adopting ESG values in management. This year, KCGS’ ESG rating

Nov. 23, 2021

Sales of Volkswagen T-Roc show steady growth

Sales of Volkswagen’s small sport utility vehicle T-Roc have been steadily growing since its launch in South Korea in January, the company said Tuesday. The T-Roc version 2022 boasts enhanced features such as a two-color design with a black roof, a new audio system and a new engine. Offered at a reasonable price around 20 million won ($16,800), T-Roc sales stand strong in the domestic small SUV market. The 2022 version comes in six body colors with a black roof and black side mirrors c

Nov. 23, 2021

Foreign companies discuss resolving intergenerational tension in workplace

The American Chamber of Commerce in Korea and Morgan Phillips Korea co-hosted a webinar Tuesday to discuss generational disparity in the workplace with four CEOs of leading global companies. Speakers across different generations included O.H. Kwon, president of Qualcomm APAC, Robert Wilkinson, managing director of Colliers, Oh Ji-won, country chair of Shell Companies in Korea, and Tyler Joo, marketing director of global brands at AB InBbev. The moderator of the conversation, Christina Ahn, ma

Nov. 23, 2021

SKC, Daesang, LX Int‘l forge JV to produce biodegradable plastic

SK Group’s chemical unit SKC, food company Daesang and trading company LX International have forged a joint venture to develop and distribute a petroleum-based biodegradable plastic called PBAT, the companies said Tuesday. SKC will contribute 104 billion won ($87.5 million), while Daesang and LX will provide 40 billion won and 36 billion won, respectively, for the joint venture. Once commercialization starts, the joint venture will become the second-largest manufacturer of the material

Nov. 23, 2021

Financial regulator hints taxation on NFTs

South Korea’s financial regulator said Tuesday it might impose tax on nonfungible tokens, adding fuel to controversy surrounding virtual asset taxation in the country. NFTs refer to the digital counterparts of real-world assets, mostly of visual art or music, that guarantee ownership through the blockchain technology. Financial Services Commission Vice Chairman Doh Kyu-sang recently said that the government could collect taxes on NFTs under the current Act on the Specified Financial Tran

Nov. 23, 2021

480,000 Seoulites to pay comprehensive real estate tax this year

Comprehensive real estate taxes have been levied on nearly half a million homeowners in Seoul this year, up more than 20 percent from last year, as housing prices and tax rates surged. Seoul homeowners collectively faced 2.8 trillion won ($2.35 billion) in comprehensive real estate taxes, 2.3 times the amount levied last year. The sharp increase in the property holding tax could affect the market as some homeowners may choose to sell their homes to reduce the tax burden, thereby bringing down

Nov. 23, 2021

With tax surplus, finance ministry allocates W10tr to support micro businesses

SEJONG -- The Finance Ministry has unveiled its plan to support microbusiness owners, including the self-employed, in use of tax revenue surplus and the national budget. This is regarded as a sort of bailout for small businesses, which were severely hit by the pandemic in terms of sales and financial conditions. While they will have the opportunity of taking out state-led loans on low rates, the government’s support package does not include cash grants. “The support scale would rea

Nov. 23, 2021

Samsung looks to add 2nd US foundry chip plant in Texas

South Korean tech giant Samsung Electronics is looking to add a second site for its foundry semiconductor chip manufacturing plant in Texas, according to reports Tuesday. Texas Gov. Greg Abbott is scheduled to make an “economic announcement” concerning Samsung Electronics’ plan to build a new chip plant in Williamson County, near the city of Taylor, Texas, which will involve $17 billion of capital expenditure, Wall Street Journal reported. A Samsung Electronics spokesperson s

Nov. 23, 2021

[Hydrogen Korea] Korea Shipbuilding looks to turn hydrogen leaks to power source

Chill hydrogen to liquid at minus 253 degrees Celsius and the volume shrinks to one-eight-hundredth of its size. As hydrogen is too bulky as a gas, liquidating it is being looked at for transportation. But there is a problem: Under normal storage, liquid hydrogen boils off at the rate of 2-3 percent a day. By the time it arrives at Korean shores, as much as 20-30 percent of the tank would be empty. For South Korea, the evaporation issue is a major one, as the Asia’s No. 4 economy pla

Nov. 23, 2021

LG Electronics chief expected to be promoted to vice chairman

Kwon Bong-seok, the CEO of LG Electronics, is likely to be promoted as the new vice chairman of LG Corp., the holdings firm of South Korean conglomerate LG Group. According to LG Group on Tuesday, LG Electronics and LG Corp. are scheduled to hold their respective board meetings Thursday and finalize the executive reshuffle. Kwon Bong-seok is expected to fill in the shoes of Kwon Young-soo, who was appointed in October as the new CEO of LG Energy Solution, the battery unit of LG Group. The

Nov. 23, 2021

[Advertorial] LG Chem underscores 5 win-win growth strategies

LG Chem Vice Chairman Shin Hak-cheol on Tuesday emphasized five inclusive growth strategies to bolster the transparency and competitiveness of its suppliers. According to South Korea’s leading chemical company, the five principles are creating a fair trade culture; providing financial support and improving payment conditions; pursuing mutual growth through safe environments and eco-friendly business; building the capacity of suppliers; and sharing information and exchanging ideas. To

Nov. 23, 2021

CJ CheilJedang spins off health supplement biz

In a move to expand its footprint in the health care sector, CJ CheilJedang will spin off its health and wellness business, the Korean food maker said Tuesday. Set to be launched on Jan. 1, the new subsidiary CJ Wellcare will be entirely controlled by CJ CheilJedang. The move comes after CJ Group Chairman Lee Jay-hyun in early November pledged to invest 10 trillion won ($8.41 billion) over the next three years to boost four growth engines -- one of which is the health and wellness sector.

Nov. 23, 2021

Hyundai Motor affirms EV production in US but why the delay?

Hyundai Motor Group Chairman Chung Euisun made it official for the first time that the company plans to manufacture electric vehicles in the US, but questions are being raised over why the South Korean auto giant is not moving fast to do so. “Not starting next year, but we are planning to (make EVs in the US), so still looking for a timing,” said Chung, crossing a line against market speculation that the automaker’s EV production in its US factories is imminent.  “

Nov. 23, 2021

Emro Q3 net profit jumps 21% on business expansion

Emro, a supply chain management software company in Korea, said Monday its third-quarter net profit rose 21 percent from a year ago on expansion of clients and business. According to the company’s regulatory filing, its net profit stood at 3.98 billion won ($3.3 million) in the July-September period. Its operating income jumped 42 percent on-year to 4.04 billion won, and revenue expanded 11 percent to 11.2 billion won in the cited period. Emro said its net profit grew thanks to the incr

Nov. 23, 2021

BMW to strengthen EV lineup in S. Korea

BMW said Tuesday it will strengthen its electric vehicle lineup in South Korea to meet growing demand for environment friendly vehicles. This week, BMW added the all-electric iX flagship SUV and the iX3 midsized SUV to its existing EV lineup composed of the pure electric i3 subcompact car and the plug-in hybrid i8 sedan. "The company will continue to beef up its EV lineup by adding electrified models to each segment to satisfy customers' demands," BMW Korea said in a statement. BM

Nov. 23, 2021

S. Korea to scale down state bond sale for Dec. to stabilize market

South Korea said Tuesday it plans to sell smaller-than-planned state bonds for next month in a bid to help stabilize the bond market and improve fiscal soundness. To that end, the finance ministry plans to use excess tax revenue of 2.5 trillion won ($2.1 billion) for the shortfall of the planned sale of Treasurys. This means the ministry will issue state bonds that are around 2.5 trillion won less than its planned sale for next month. The government sold Treasurys worth 164 trillion won in th

Nov. 23, 2021

Most bond experts eye rate hike in Nov.: poll

An absolute majority of bond mavens in South Korea predict the country's central bank to raise its key interest for November in an effort to curb rising inflation and household debt, a poll showed Tuesday. According to the survey of 100 bond experts by the Korea Financial Investment Association, 90 of the respondents forecast the Bank of Korea (BOK) to jack up its policy rate at a rate-setting meeting slated for Thursday. The number of experts expecting a rate increase was up from 13 percent r

Nov. 23, 2021