Kia's Oct. sales fall 19% on chip shortage

Kia Corp., South Korea's second-largest automaker, said Monday its sales fell 19 percent last month from a year earlier as extended global chip shortages weighed on its production. Kia sold a total of 217,872 vehicles in October, down from 268,729 units a year ago, the company said in a statement. Domestic sales dropped 21 percent on-year to 37,837 units last month from 48,009, while exports fell 18 percent to 180,035 from 220,720 during the cited period, it said. Kia said the continued chip

Nov. 1, 2021

Korea's exports hit second-largest ever $55.55b in Oct

South Korea’s exports rose on-year for 12 months in a row to $55.55 billion in October, its second highest monthly figure ever, as recoveries in major markets led to strong demand for semiconductors and petrochemical products. Overseas shipments last month surged 24 percent from a year ago, marking an eighth straight month of double digit growth, the Ministry of Trade, Industry and Energy said on Monday. The largest-ever monthly exports figure was 55.83 billion in September. “Desp

Nov. 1, 2021

GeneOne Life Science wins EMA nod for phase 2 clinical study of COVID-19 treatment

GeneOne Life Science’s investigational oral drug for COVID-19 has received regulatory approvals from the European Medicines Agency and Bulgaria to conduct a phase 2 clinical trial in Bulgaria, the Korean biotech firm said Monday. The Balkan nation is among the five regions where GeneOne Life Science plans to conduct phase 2 studies of GLS-1027. It is also the last of the five to give the company a go-ahead. The four others are the US, South Korea, Puerto Rico and North Macedonia. Gene

Nov. 1, 2021

[News Focus] Korea fastest in growth of household debt in OECD

SEJONG -- South Korea has become one of the several countries among the Organization for Economic Cooperation and Development’s 38 members to see household debt exceed more than double its disposable income. Further, Korea was the fastest member in terms of growth of outstanding household debt in 2020, recent data showed, as well as the fastest for the 2016-2020 period. According to the Paris-based organization, Korea’s outstanding household debt was equal to 201 pe

Nov. 1, 2021

AI can resolve pressing global issues, says Samsung Electronics’ vice chairman

Artificial intelligence may hold the key to many of the world’s pressing issues such as climate change, said Samsung Electronics Vice Chairman Kim Ki-nam on Monday. Speaking at an annual AI forum, hosted by his company, the senior executive stressed the wide-reaching capability of AI, not just for businesses, but for the betterment of humankind. “The advancement of AI is going beyond the electronics industry and expanding to various fields, such as basic science. We expect AI to

Nov. 1, 2021

Seoul stocks snap 3-day losing streak on bargain hunting, strong exports

South Korean stocks advanced Monday after a three-day loss, largely on investors' move to cash in the recent gains and strong exports in October. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.26 points, or 0.28 percent, to close at 2,978.94 points. Trading volume was moderate at about 469 million shares worth some 9.3 trillion won ($7.9 billion), with losers outnumbering gainers 496 to 358. Foreigners sold a net 358 billion won, whil

Nov. 1, 2021

Hyundai's Oct. sales fall 21% amid chip shortage

Hyundai Motor Co., South Korea's biggest carmaker, said Monday its sales fell 21 percent last month from a year earlier due mainly to global chip shortages. Hyundai Motor sold 307,039 vehicles in October, down from 387,197 units a year earlier, the company said in a statement. Domestic sales declined 12 percent to 57,813 units from 65,669, as the lack of semiconductor parts continued to weigh on vehicle production and sales, it said. Overseas sales dropped 23 percent to 249,226 from 321,528 a

Nov. 1, 2021

Renault Samsung's Oct. sales jump 54% on exports

Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday its sales jumped 54 percent last month from a year earlier on strong exports. Renault Samsung sold 11,627 vehicles in October, up from 7,533 units a year earlier amid the extended COVID-19 pandemic, the company said in a statement. Domestic sales fell 30 percent on-year to 5,002 units from 7,141, while exports soared to 6,625 units from 392 on robust sales of its SUV models, it said. Strong overseas demand for th

Nov. 1, 2021

Irregular workers with college degrees hit record high: data

South Korea saw its number of “non-regular” workers with four-year college degrees grow to an all-time high in August, data showed Monday, sparking concerns about the quality of jobs being created. According to data from Statistics Korea, the number of workers holding degrees from four-year colleges but employed on temporary or part-time contracts stood at 2.84 million, up 320,000, or 12.7 percent from a year earlier. It marked the highest since the agency started to compile such da

Nov. 1, 2021

SsangYong's Oct. sales plunge 53% on lower demand

SsangYong Motor Co. said Monday its sales plunged 53 percent last month from a year earlier on weaker demand for its models and a prolonged chip shortage. SsangYong Motor sold 4,749 vehicles in October, down from 10,197 units a year earlier, the company said in a statement. Domestic sales dropped 57 percent to 3,279 units last month from 7,612 a year ago, while exports declined 42 percent to 1,500 units from 2,585 during the same period, it said. From January to October, sales fell 22 percent

Nov. 1, 2021

Food maker Daesang gets new 65th anniversary logo

The South Korean food company Daesang has a new logo to mark its 65th anniversary. The new logo “reflects Daesang’s ambition to use the past 65 years as a steppingstone to leap into a global company continuing on for the next 100 years,” said Daesang Holdings CEO Choi Sung-soo. The group’s name now appears in lowercase letters that form a tree branching out into the sky. The changes signify the group’s commitment to sustainability and to the health of its custom

Nov. 1, 2021

All-out effort to revive spending as ‘living with COVID-19’ begins

As South Korea began “living with COVID-19” on Monday, lifting curfews on restaurants and cafes, major shopping events and discount coupon programs also kicked off in hopes of unleashing pent-up consumer demand. This year’s annual Korea Sale Festa, supported by the central government and 17 local governments, will involve over 2,000 companies -- the largest number since the first event in 2016, according to the Ministry of Trade, Industry and Energy. Tech giants including Sa

Nov. 1, 2021

[Newsmaker] KT to pay 35-40 billion won in compensation for network fiasco

KT will pay 35 billion-40 billion won ($29 million-$33 million) to subscribers in compensation for the massive network outage last week, the country’s No. 2 telecom operator in terms of revenue said Monday.  In a press conference, executives of the firm acknowledged that the Oct. 25 incident was a human-caused disaster caused by lax oversight on its side and pledged to go “back to basics” to regain confidence from users.  “We deeply apologize for causing incon

Nov. 1, 2021

Korea Aerospace named preferred bidder in W877b reconnaissance plane bid

Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Monday it has been selected as the preferred bidder in the government's 877.5 billion won ($747 million) reconnaissance plane bid. The Defense Acquisition Program Administration is expected to sign the deal with KAI next month to push ahead with the project, a KAI spokesman said by phone. Under the deal, KAI will bring four Falcon 2000LXS business jets from French aircraft manufacturer Dassault Aviation and de

Nov. 1, 2021

Aekyung Chemical officially launches, Pyo Kyoung-won appointed as CEO

South Korean cosmetics-to-health care conglomerate Aekyung Group said Monday that it has officially launched Aekyung Chemical and appointed Pyo Kyoung-won as the inaugural CEO. Aekyung Chemical was formed by combining the group’s three chemical businesses -- Aekyung Petrochemical, AK ChemTech and the old Aekyung Chemical. In a meeting at Aekyung Tower, the group’s headquarters in Mapo-gu, western Seoul, on Monday morning, the new Aekyung Chemical’s board of directors finali

Nov. 1, 2021

[Green Paradox] Moon’s hydrogen vision is 'color-blind'

Even the best of intentions can fall flat without full attention to vital details. The Korea Herald looks into the flaws and shortcomings of Korea’s green policies. – Ed. South Korea is undoubtedly among the frontrunners in the global hydrogen race, with a sweeping and ambitious national strategy to utilize the cleanest fuel to power Asia’s fourth-largest economy. In its push for the hydrogen economy, the Moon Jae-in administration takes pride in having enacted the world&rsq

Nov. 1, 2021

New LG Energy Solution CEO touts long-term battery vision

Kwon Young-soo, the newly appointed CEO of LG Energy Solution, called for an unrelenting focus on battery technology, urging executives and staff to shake off recall fears in his inaugural speech delivered on Monday. “You must have had a lot of worries due to the recent quality issues, but there is no need to be discouraged. As the saying goes, it’s darkest before the dawn, and this is an inevitable process in the long term,” Kwon said in his first message as chief of LG En

Nov. 1, 2021

Samsung Heavy raises W1.28t via new share sale

Samsung Heavy Industries Co. said Monday that it has raised 1.28 trillion won ($1.1 billion) through the sale of its new shares. The shipbuilder's 250 million new shares were oversubscribed by existing shareholders and its workers, Samsung Heavy said in an emailed statement. The subscription rate was 103.3 percent, while the common shares oversubscribed by the existing shareholders and the workers numbered 17.82 million shares, Samsung Heavy said. Samsung Heavy will offer to the public 73,317

Nov. 1, 2021

Vehicle registration gains 1.7% this year

The number of registered vehicles in South Korea grew nearly 2 percent this year to near 25 million, with that of eco-friendly cars topping 1 million units, government data showed Monday. Car registrations came to 24.78 million units as of end-September, up 1.7 percent from the end of last year, according to the data from the Ministry of Land, Infrastructure and Transport. The figure is also up 0.5 percent from three months earlier, with the number expected to exceed 25 million during the firs

Nov. 1, 2021

LG Vice Chairman Kwon appointed new CEO of LG Energy Solution

Kwon Young-soo, previously the vice chairman of LG Corp., was appointed Monday as the new CEO of LG Energy Solution Ltd. after getting the nod from its shareholders, the company said. Last week, LG Energy's board tapped Kwon as its new CEO, a decision largely seen as a replacement in the wake of the battery recalls in General Motors Co.'s Bolt electric vehicles (EV). LG Energy and LG Electronics have set aside 1.4 trillion won ($1.2 billion) to repay GM for the recalls of Bolt EVs caused by ba

Nov. 1, 2021