[Hydrogen Korea] ‘Hydrogen steel’ is hailed as next big thing. Here’s what’s the hype is all about

Steel emits less carbon than diapers per ton of production. Due to its staggering size of production, however, steel is responsible for roughly 8 percent of the world’s carbon emissions and has been blamed as the main polluter driving up the planet’s temperature. Posco, the South Korean steelmaker, was the country’s greatest emitter of carbon last year. It discharged more carbon than it was allowed to by regulations, and even accrued debt worth 78.6 billion won ($66.4 mil

Nov. 9, 2021

Korea-US business leaders call for trade secret protection amid supply chain jitters

Business leaders in South Korea and the US have called for the protection of confidential business information and urged to ensure the autonomy of the private sector as the post-COVID global supply chain is being realigned. During the 33rd Plenary Meeting of Korea-US & US-KOREA Business Councils on Tuesday, an event jointly held by the Federation of Korean Industries and the US Chamber of Commerce, issues such as bilateral relations, climate change and building a resilient global supply cha

Nov. 9, 2021

Financial watchdog closely monitoring steeply rising loan rates

South Korea's financial watchdog is closely monitoring the recent fast-rising interest rates banks impose on loans, its head said Tuesday, amid the government's beefed-up efforts to tighten regulations on household borrowing. Jeong Eun-bo, chief of the Financial Supervisory Service (FSS), made the remarks amid complaints that some top-tier banks are imposing higher interest rates on loans than cooperative banks, an unusual reversal of borrowing costs. "Interest rates are determined by the

Nov. 9, 2021

Citigroup’s retail closure in Korea to cost max W1.8tr: reports

The US-based global banking giant Citigroup will reportedly spend up to $1.5 billion, or 1.8 trillion won, on the withdrawal of its retail business in South Korea, according to news reports Tuesday. The group said in a regulatory filing that its expenditure on severance pay for employees at the Korean subsidiary’s retail banking operations will range between $1.2 billion and $1.5 billion. It will pay the envisioned personnel costs in phases by the end of next year, the Wall Street Jour

Nov. 9, 2021

Shinsegae Q3 net soars on department store biz growth

South Korea's No. 2 retailer Shinsegae Inc. said Tuesday that its third-quarter net income steeply increased as its department store business got a boost from pent-up demand amid the extended coronavirus pandemic. Net income came to 188.9 billion won ($160.3 million) on a consolidated basis in the July-September period, sharply up from a profit of 858 million won a year ago, according to a corporate regulatory filing. Operating income rose 307.1 percent on-year to 102.4 billion won, and sales

Nov. 9, 2021

S&P ETP expert says Korean ETF market is growing in healthy way

South Korea’s exchange-traded fund market is getting very competitive and growing in a healthy way, in line with local asset management firms’ fierce competition, an executive from S&P Dow Jones Indices said Tuesday. “The Korean ETF market’s 10-year compound annual growth rate is around 25 percent, which is way above the global market’s rate of growth of 16 percent,” John Davies, global head of exchange-traded products at S&P Dow Jones Indices, said

Nov. 9, 2021

S. Korean banking groups race for global ESG approval

With carbon neutrality pledges and awareness in sustainability reshaping markets and industries around the globe, South Korean bank giants are in a fierce race to win global recognition on their respective drives designed to adopt environmental, social and governance values. KB Financial Group, the nation’s No.1 banking group by assets, said last month that it was officially endorsed by the Science Based Targets Initiative, stressing that it has become the first financial institution in A

Nov. 9, 2021

Samsung Electronics develops world’s fastest mobile DRAM

Samsung Electronics announced Tuesday that it has successfully developed the world’s first next-generation mobile DRAM LPDDR5X (Low Power Double Data Rate 5X). According to the world’s leading maker of memory chips, the 14-nanometer-based 16-gigabit LPDDR5X with enhanced speed and storage as well as less power consumption, is expected to become the optimal memory chip solution for the advanced technology industry growing exponentially with 5G, artificial intelligence and the shift t

Nov. 9, 2021

S. Korea to produce urea solution with urea secured through crackdowns

South Korea said Tuesday it has identified thousands of tons of urea held by local importers and plans to use them to produce urea water solution, a key fluid used in diesel vehicles to cut emissions, amid its supply shortage. Special inspection teams began crackdowns on hoarding of urea or its solution Monday and found local importers to have held a combined 3,000 tons of urea, according to the government. Of the 2,000 tons of urea to be used for vehicles, the government plans to send 700 ton

Nov. 9, 2021

Korea’s hydrogen focus presents investment opportunities: Deutsche Bank

South Korea’s focus on forging a complete hydrogen energy ecosystem in line with its climate pledge is presenting new investment opportunities, as the country is in dire need of a technological breakthrough to reduce the cost of green transition, a report by German investment bank Deutsche Bank showed Tuesday. The country’s ambition to increase fiscal spending to nurture hydrogen-related research and development, combined with the legal and institutional framework in the m

Nov. 9, 2021

CU exports 10,000 dalgona to Mongolia and Malaysia

Convenience store chain CU is exporting 10,000 dalgona, the traditional Korean sugar candy from “Squid Game,” to Mongolia and Malaysia, said its operator BGF Retail. Dalgona, an old-fashioned Korean candy made using sugar and baking soda, has become an overnight sensation after the success of the Netflix show. A total of 10,000 dalgona will be shipped to Mongolia and Malaysia, 5,000 to each country, BGF said. The product will feature four different shapes -- umbrella, star, heart

Nov. 9, 2021

Probes launched into suspected tax evasion

South Korea's tax agency said Tuesday it has launched probes into suspected tax evasion by 30 people who pocketed corporate profits for personal gains or handed down wealth to their children by illegal means. The National Tax Service (NTS) said it has cracked down on corporate chiefs and their family members who allegedly misused corporate profits or made illegal off-shore tax evasions and capital transactions. Of them, nine people made illegal property-related transactions or traded intangibl

Nov. 9, 2021

Manufacturers' Q3 domestic supply grows at slower pace amid auto chip shortage

South Korean manufacturers' domestic supply rose at a slower pace in the third quarter from three months earlier mainly because a shortage of auto chips dented vehicle production, data showed Tuesday. The manufacturing domestic supply index stood at 105.3 in the July-September period, up 2 percent from a year earlier, according to the data from Statistics Korea. The reading slowed from the second quarter when it grew at the fastest-ever on-year pace of 9.1 percent. The index, which measures b

Nov. 9, 2021

Family office TCK wins asset management license

Seoul-based family office Topor & Co. Korea, co-led by investment banking professional and TV celebrity Mark Tetto, said Tuesday the company has obtained an asset management license in South Korea to expand services for its client base. The move is aimed at expanding its current client offerings to include the privately placed fund business for qualified professional investors under Korean law, TCK said. In line with the move, TCK was rebranded as Topor & Co. Korea Asset Management in

Nov. 9, 2021

KT Q3 net up 47% on 5G growth

KT Corp., a South Korean telecom giant, said Tuesday its third-quarter net income rose 46.9 percent from a year earlier on the back of robust growth of 5G network subscribers as well as its media content businesses. Net income for the July-September period stood at 337.7 billion won ($286.7 million) on a consolidated basis, compared with a net profit of 229.9 billion won the previous year, according to a company statement. Operating income reached 382.4 billion won, up 30 percent over the cite

Nov. 9, 2021

S. Korean shipbuilders retake No. 1 spot in global new orders in Oct.

South Korean shipbuilders regained the No. 1 ranking from their Chinese rivals in global new orders in October, bagging more than half of the global orders, industry data showed Tuesday. Local shipbuilders led by Hyundai Heavy Industries Co. won a combined 1.12 million compensated gross tons (CGTs) in new orders last month, taking up 52 percent of 2.13 million CGT global orders, according to data provided by global market researcher Clarkson Research Service. Chinese shipbuilders, which ranked

Nov. 9, 2021

Hyundai Heavy Industries wins W636.3b order for Aegis destroyer

Hyundai Heavy Industries Co. said Tuesday that it has signed a 636.3 billion won ($ 539.7 million) deal to build an Aegis destroyer of the South Korean Navy. Under the deal with the Defense Acquisition Program Administration, Hyundai Heavy Industries will deliver the warship, which is the second of three upgraded Aegis destroyers named Gwanggaeto-III Batch II, to the Navy by 2026. Hyundai Heavy Industries is set to deliver the first of the three upgraded destroyers to the Navy by 2024. The fi

Nov. 9, 2021

Local governments log W8.7tr budget deficit in 2020 due to pandemic spending

Local governments across South Korea recorded steep budget deficits last year due to increased spending to cope with COVID-19, the interior ministry said Tuesday. According to an analysis by the ministry, the consolidated fiscal balance of 243 local governments for the fiscal year of 2020 recorded a deficit of 8.7 trillion won ($7.4 billion). Last year's deficit tally marked a sharp contrast with a budget surplus of 6 trillion won recorded in 2019. The ministry cited the local government's ex

Nov. 9, 2021

Posco named world's most competitive steelmaker for 12th year

South Korea's top steelmaker Posco said Tuesday it was named the world's most competitive steelmaker in a global industry report for the 12th consecutive year. In an annual assessment of 35 steelmakers worldwide, global steel information service provider World Steel Dynamics (WSD) gave Posco the top mark of 8.54 points out of 10, according to the South Korean company. The WSD report, which ranks the steelmakers based on 23 categories, gave top scores for Posco in eight segments, including tech

Nov. 9, 2021

S. Korea in close consultation with Mexico to resume FTA talks: ministry

South Korea and Mexico have "closely discussed" the possible resumption of negotiations for a bilateral free trade agreement, an official of Seoul's trade ministry said Tuesday. The two nations began talks on a strategic economic complementary agreement in 2006, but the negotiations have been stalled since 2008 amid opposition from businesses in the Latin American country. "The two sides have been in close consultation on whether to resume talks for the bilateral FTA," Chun

Nov. 9, 2021