Seoul stocks close with little change amid China's Evergrande risk

South Korean stocks closed nearly flat Friday as investors took a wait-and-see mode over the debt crisis of Evergrande Group, a leading Chinese property developer. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 1.17 points, or 0.04 percent, to close at 3,006.16 points. Trading volume was moderate at about 684 million shares worth some 8.9 trillion won ($7.6 billion), with losers outnumbering gainers 546 to 296. Foreigners sold a net 107

Oct. 22, 2021

Celltrion begins phase 1 clinical trial of inhalable COVID treatment in Australia

South Korean pharmaceutical giant Celltrion has started a phase 1 clinical trial of an inhalable form of COVID-19 treatment Regkirona in Australia, according to industry sources Friday. The sources said Celltrion’s US-based partner, Inhalon Biopharma, started administering the drug this month, following a regulatory approval from Australian authorities in August. In the first-stage study, 24 volunteers will be given a nebulized form of Regkirona, which can be inhaled through a mouthpiece

Oct. 22, 2021

BOK likely to raise rate twice next year amid sound recovery, spiking household debt: analyst

South Korea's central bank will likely raise its policy rate at least twice next year as it will continue to normalize its eased monetary policy intended to prop up the pandemic-stricken economy, an analyst said Friday. Last week, the Bank of Korea kept the rate unchanged at 0.75 percent for October after conducting a quarter-percentage hike in August from 0.5 percent, a record low level put in place for years to bolster the economy under heavy strain from the coronavirus pandemic. Gov. Lee Ju

Oct. 22, 2021

Hydrogen yacht maker Vinssen aims to develop ammonia-powered ships

Vinssen, a South Korean company that manufactures hydrogen powertrains for ships, said Friday it has joined hands with local partners to utilize liquid ammonia to power ships. The company, which unveiled the country’s first commercialized hydrogen electric boat at Busan International Boat Show this year, will collaborate with the Korea Institute of Energy Research and domestic engineering firm CES to develop technologies and equipment to break ammonia into hydrogen, which then can be uti

Oct. 22, 2021

‘Jeonse’ loans taken out by those in 20s, 30s soar W60tr

The amount of “jeonse” loans for homes extended to Koreans in their 20s and 30s surged by nearly 60 trillion won ($50.9 billion) in the last five years, raising alarm over the growing household debt burden among young borrowers, a lawmaker said Friday.  Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract. The outstanding balance of jeonse loans at five major lenders here -- KB Kookmin Bank, Shin

Oct. 22, 2021

Samsung SDI inks deal with Stellantis for joint battery factory in US

Samsung SDI announced Friday a joint venture with the world’s No. 4 automaker Stellantis to build an electric battery production plant in the United States. The two inked a memorandum of understanding on Friday, the Korean firm said. Stellantis is the first global automaker that Samsung SDI has forged a joint venture with. Samsung did not elaborate on further details of the joint entity. “We are happy to form a joint venture with Stellantis. We will do our best to satisfy custom

Oct. 22, 2021

Posco International Q3 net up 25.4% on brisk sales

Posco International Corp. said Friday its third-quarter earnings swelled more than 25 percent from a year ago on strong sales stemming from rising material costs. Its consolidated net income came to 69 billion won ($58.5 million) in the July-September period, up 25.4 percent from a year earlier, the trading arm of top steelmaker Posco said in a regulatory filing. Operating profit also soared 38.7 percent on-year to 148.5 billion won in the three-month period, with sales spiking 80.6 percent to 9

Oct. 22, 2021

Starbucks Korea to stop using disposable cups in Jeju

Starbucks Coffee Korea said Friday it will stop using disposable cups at all of its stores on South Korea's southern resort island of Jeju within this year in the latest move to protect the environment. Starbucks said it eliminated all single-use cups at four of its stores on Jeju in July during a trial run before applying the policy to all of its 23 operations on the island. The four stores only use multiuse cups, both for drinking inside the shops and for take-out. Customers are asked to pay

Oct. 22, 2021

[Newsmaker] S. Korea to impose temporary fuel tax cut amid gas price hike

South Korea will temporarily cut fuel taxes to soften the blow of skyrocketing gasoline prices, which put upward pressure on inflation, First Vice Finance Minister Lee Eog-weon said Friday.  “The government will temporarily lower fuel taxes. We’ll finalize further details, including the extent of fuel tax cuts and when the envisioned measure will take effect, as soon as possible,” Lee said, adding that the formal announcement will be made during a government meeting nex

Oct. 22, 2021

The silent pandemic of antimicrobial resistance deserves everyone’s attention

It happened back in 2014 when I was in Geneva, Switzerland, serving as a delegate of Permanent Mission of the Republic of Korea. I had a skin rash so I visited a local hospital, where they tested my antimicrobial susceptibility before giving me any treatment. The hospital ran this test to see if there were any antibiotics that my body was resistant to. Little did I know before I got tested that there were not many effective antibiotics left for me. Fewer antibiotic options meant fewer treatm

Oct. 22, 2021

DLS sales in S. Korea plunge 51.2% in Q3

The issuance of derivatives-linked securities (DLS) in South Korea tumbled more than 50 percent on-year in the third quarter of the year amid the coronavirus pandemic, data showed Friday. The country's DLS sales stood at slightly over 3 trillion won ($2.6 billion) in the July-September period, down 51.2 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). The amount was also down 27.7 percent from the previous quarter. DLS tracks the performance of in

Oct. 22, 2021

PM says hard-hit businesses, low-risk facilities will be first to benefit from eased virus rules

Prime Minister Kim Boo-kyum said Friday hard-hit businesses and low-risk facilities will be the first to benefit from eased COVID-19 restrictions starting next month. Kim made the remark during a meeting of a government-civilian panel overseeing the transition to life after COVID-19. "The return to normal will proceed in stages and systematically," he said. "We will take drastic and active steps to ease the virus restrictions starting with businesses and neglected groups that ha

Oct. 22, 2021

Korean Air partners with Boeing for UAV development

Korean Air Lines Co., South Korea's biggest carrier, said Friday it has partnered with Boeing to jointly develop an unmanned aerial vehicle (UAV) in preparation for future mobility demand. Korean Air signed a memorandum of understanding with Boeing's subsidiary Insitu for technical cooperation to develop a lightweight and modularized tactical vertical take-off and landing (VTOL) UAV at the 2021 Seoul International Aerospace and Defense Exhibition (ADEX), the company said in a statement. "

Oct. 22, 2021

S. Korea to temporarily cut fuel taxes amid rising oil prices

South Korea plans to temporarily cut fuel taxes in a bid to ease upward pressure on inflation amid surging oil prices, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon also said the government plans to additionally cut import tariffs on liquid natural gas (LNG), currently at 2 percent, as part of efforts to ease people's burdens on a hike in energy costs. "The government will unveil details about fuel tax cuts, including the timing and the scope, next wee

Oct. 22, 2021

Seoul stocks open tad lower on China's Evergrande risk

South Korean stocks opened slightly lower Friday amid concerns about a debt crisis of Evergrande Group, a leading Chinese property developer. The benchmark Korea Composite Stock Price Index (Kospi) slipped 3.11 points, or 0.1 percent, to 3,004.22 in the first 15 minutes of trading. Stocks got off to a weak start amid the uncertainties surrounding Evergrande, largely as the firm has to pay some $80 million worth of bond coupons by Saturday. Overnight, the tech-heavy Nasdaq composite added 0.62

Oct. 22, 2021

Incheon int'l Airport reports sharp recovery in traveler flow in past 2 mths

Incheon International Airport, the main gateway to South Korea, has seen a sharp recovery in the number of inbound and outbound travelers over the past two months amid the country's push for a "Living with COVID-19" plan. According to Incheon International Airport Corp., the state-run operator of the airport, the number of international travelers departing or landing via Incheon jumped 44 percent, compared with a year earlier, to some 338,000 in August. It was the first monthly figur

Oct. 22, 2021

Hyundai Construction Equipment to sell industrial vehicle division

Hyundai Construction Equipment Co. said Thursday it has signed a deal with its holding company Hyundai Genuine Co. to sell its industrial vehicle division for 136 billion won ($115.8 million).  The deal set to go into effect on Jan. 1, 2022, is intended to focus on the construction equipment sector by purchasing stakes in construction equipment affiliates in China and Brazil, Hyundai Construction Equipment said in a regulatory filing.  The industrial vehicles refer to forklifts and

Oct. 21, 2021

Korea sees silver lining in Nuri launch

South Korea’s first homegrown satellite launch vehicle has failed to put its payload into the targeted orbit after what appeared to be a successful liftoff, the government said Thursday. The satellite launcher, dubbed the Nuri, or Korean Space Launch Vehicle-II, lifted off from the Naro Space Center in Goheung, South Jeolla Province, Thursday at 5 p.m. According to the Korea Aerospace Research Institute, it successfully traveled into a low orbit 700 kilometers above the Earth. The liqui

Oct. 21, 2021

KB Financial‘s Q3 profit hits record high

South Korea’s KB Financial Group said Thursday its net profit in the January-September period came to 3.7 trillion won ($3.14 billion), eclipsing last year’s annual net profit. KB’s net profit in the first nine months of the year jumped 31.1 percent on-year and surpassed last year’s annual net profit of 3.4 trillion won, hitting a record high for the cited period. Onlookers said that the banking group is likely to see a record high for fiscal 2021 as well, likely surpas

Oct. 21, 2021

Blackstone-backed Simone Acc Collection pulls IPO plan

Blackstone-backed handbag maker Simone Acc Collection said Thursday it has dropped its plan to go public, dashing hopes for the New York-based private fund investor’s exit from its South Korean portfolio firm. According to the filing with the Financial Supervisory Service, Simone has canceled the upcoming plans for an IPO and listing on the Korea Exchange. Its lead underwriters were Samsung Securities and Mirae Asset Securities. The news came after its two-day book building targeting in

Oct. 21, 2021