SK E&S funds W500b for US affiliate to invest in US energy firm

SK E&S Co., the natural gas provider under SK Group, said Monday it will invest some 500 billion won ($421 million) in its US affiliate, SK E&S Americas, to buy a stake in a US renewable energy firm. In a regulatory filing, SK E&S said it will buy 505 billion won worth of shares in SK E&S Americas, in a bid to invest up to $400 million in Rev Renewable. Rev Renewable is focused on the development and operation of energy storage, as well as renewable projects. Rev Renewable, an

Oct. 18, 2021

Kakao Bank, Dell heads discuss future finance platform

Kakao Bank CEO Yoon Ho-young and Michael Dell, founder and CEO of Dell Technology, discussed further cooperation between the two companies and ways to improve competitiveness in the midst of the digital transformation, officials in Seoul said Monday. Dell provides server, network and data storage services to Korea’s largest internet-only bank. The online meeting between the two was held last month to seek cooperation in cloud and big data solutions, Kakao said, without elaborating on w

Oct. 18, 2021

[News Focus] Will Windows 11 revive PC demand in South Korea?

Windows 11, released on Oct. 5 worldwide, is expected to offer a fresh round of changes for South Korean computer users, global PC makers and distributors, but a mix of unpredictable factors such as COVID-19, the chip shortage and the launch of compatible devices could affect how the new operating system will be received in the coming months. On major online communities here, users continue to share their experiences of Microsoft’s new operating system that comes with an overhauled user

Oct. 18, 2021

Google to launch new subscription bundle

South Korea’s smartphone makers and subscription service providers are expected to face increasing competition from Google, as the tech giant is set to introduce a subscription-based bundle that includes a phone and various Google services, to lock more users into its ecosystem. According to industry sources Monday, Google is likely to launch the Pixel 6 and Pixel 6 Pro smartphones in the US on Tuesday, local time. It is also set to unveil a new subscription service, Pixel Pass, which bu

Oct. 18, 2021

LG Electronics takes part in Vogue Summit in Poland

With a common goal of achieving sustainability in the fashion industry, South Korean tech giant LG Electronics took part in an environmental conference hosted by global fashion magazine Vogue in Poland, the company said Monday. Organized by Vogue Polka with Boston Consulting Group, the Business Fashion Environment Summit was held last month for the second time, and LG participated as an official partner, highlighting its commitment for sustainability and eco-friendliness. The event took plac

Oct. 18, 2021

LG Innotek staff explore new business ideas

LG Innotek said on Monday it is running an open audition program where its employees make proposals to explore new businesses. Employees of the electronic components supplier present their ideas to “i-Lab,” short for “innovation lab,” through video conferences, and get “likes,” questions and feedback from other employees on a real time basis. The 10 ideas that get the most “likes” will be reviewed by management, including the company’s chie

Oct. 18, 2021

Gas prices in S. Korea continue to rise on strong crude rally

Gas prices in South Korea have continued to rise as oil prices hit a seven-year high amid the global economic recovery, data showed Monday. The average gasoline price nationwide stood at 1,724.7 won ($1.45) per liter Monday, marking the highest since December 2014, according to the data compiled by the state-run Korea National Oil Corp. (KNOC). The gas price in Seoul topped the 1,800 won-level per liter in the day, the data showed. Market watchers said the gas prices may climb further as glob

Oct. 18, 2021

Seoul stocks snap 3-day winning streak on profit taking

South Korean stocks retreated Monday as investors attempted to cash in gains from the key stock index's three-day advance. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 8.38 points, or 0.28 percent, to close at 3,006.68 points. Trading volume was moderate at about 912 million shares worth some 10.5 trillion won ($8.8 billion), with losers outnumbering gainers 429 to 413. Foreigners bought a net 38 billion won, while institutions sold 4

Oct. 18, 2021

GS Energy to import ADNOC’s blue hydrogen to South Korea

GS Energy said Monday it will bring blue hydrogen produced by Abu Dhabi National Oil Co., the United Arab Emirates’ biggest energy producer, to South Korea as part of its environmental, social and governance efforts towards creating a hydrogen economy. According to the energy unit of South Korean conglomerate GS Group, the blue hydrogen will be extracted from natural gas in Abu Dhabi and brought to Korea in the form of ammonia. GS Energy will then use the ammonia as a fuel to generate ele

Oct. 18, 2021

Samsung’s used phone upcycling program wins global award

The used phone upcycling program of Samsung Electronics has been chosen as an exemplary case of responsible business management. According to the mobile industry on Monday, the South Korean tech giant’s “Galaxy Upcycling at Home” program received the circular transition award at this year’s Reuters Responsible Business Awards. The award is an annual event that has been taking place since 2009 to acknowledge excellent sustainability business strategies. Samsung Electron

Oct. 18, 2021

Chaebol families borrow almost W5tr against stocks

Stock-secured borrowing by the families of South Korea’s conglomerate founders amounted to almost 5 trillion won ($4.3 billion), led by managerial transfers and business restructuring, data showed Monday.  According to local market analysis company Leaders Index, as of October the nation’s 29 family-controlled conglomerates had received a combined 4.82 trillion won worth of loans backed by stocks in the groups’ affiliates, up 92 percent from 2.5 trillion in the first half

Oct. 18, 2021

Weaker won, rising fuel price knock airlines’ confidence in recovery

Rising fuel prices and a weak local currency are dampening the mood for South Korea’s aviation industry, which has pinned hopes for recovery on travel bubbles and the easing of social distancing rules. The jet fuel price stood at $94.60 per barrel, as of Oct. 8, up 5.8 percent compared to the previous week, according to the latest data from the International Air Transport Association. Averaging $73.90 per barrel this year, the price as of early this month was also up 17.5 percent compar

Oct. 18, 2021

LG Energy Solution, Stellantis team up for joint battery factory in US

LG Energy Solution and global automaker Stellantis said Monday they will form a joint venture in the United States to target the fast-growing North American electric vehicle market. The partnership will break ground on a new EV battery manufacturing facility in the second quarter next year. Scheduled for commercial operation by the first quarter of 2024, the new factory is to churn out 40 gigawatt-hours of EV batteries annually. “The name and the location of the joint venture haven&rsq

Oct. 18, 2021

Hana partners with Hyundai, Kia for connected car financial services

South Korea’s Hana Bank on Monday said it has teamed up with the nation’s top automakers Hyundai Motor and Kia alongside fintech startup Finda to develop financial services and products tied to connected car technologies. A connected car refers to a car equipped with internet access, usually a wireless local area network. This allows the car to share internet access and data with other devices inside and outside the vehicle. Though details are currently in the works, Hana plans to

Oct. 18, 2021

247,000 self-employed people lost job in past year: report

Some 247,000 sole proprietors have lost jobs amid prolonged social distancing regulations in the wake of the COVID-19 pandemic, data showed Monday. According to Yonhap News Agency’s analysis, 247,000 people who were self-employed in mid-September last year lost their jobs and fell into the category of the unemployed and economically inactive within the past 12 months. The report defines unemployed as those who are able and willing to work and who have been in search of a job but unable

Oct. 18, 2021

[Herald Interview] Rethinking emissions as investing opportunities

The world has been witnessing deadly catastrophic events like wildfires and heat waves over the past couple of years, and climate change is considered a major culprit behind them. Such extreme weather events show no signs of abating despite decreased greenhouse gas emissions due to COVID-19 pandemic since last year, which signals that climate change is a problem of the present, not a problem of the future. Addressing the urgency of the matter, Je Hyun-joo, managing partner at impact investment

Oct. 18, 2021

Korea Shipbuilding grabs W416b order for 2 container carriers

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has signed a 416 billion-won ($350.4 million) deal to build two container carriers. Under the deal with a shipping company in the Marshall Islands, Hyundai Samho Heavy Industries Co. will build the vessels and deliver them by April 2024, the shipbuilding holding company said in a regulatory filing. KSOE, the subholding company of Hyundai Heavy Industries Holdings Co. (HHIH), has three shipbuilders -- Hyundai Heavy Industries

Oct. 18, 2021

Paris Baguette franchise to launch in Indonesia

SPC Group’s bakery chain Paris Baguette will enter Indonesia, opening its first franchise store in Jakarta next month, it said Monday. According to the South Korean food and bakery maker, it has has set up a joint venture with Indonesia’s Erajaya Group for the purpose. The joint entity will operate Paris Baguette bakeries in Indonesia. Following the November opening of the first store in the capital, more Paris Baguette stores will be added in major cities like Bali and Medan, SP

Oct. 18, 2021

Samsung Heavy wins $1.7b order for 7 shuttle tankers

Samsung Heavy Industries Co. said Monday that it has signed a $1.7 billion order to provide design, parts and blocks for seven shuttle tankers. Under the deal with a company in Eurasia, Samsung Heavy Industries will supply design, parts and blocks for the vessels by January, 2027, the company said in a regulatory filing. Shuttle tankers refer to oil tankers plying between offshore oilfields and oil plants on land to transport crude. With the latest order, the shipbuilder has won a combined $1

Oct. 18, 2021

S. Korea, Sweden to hold forum on joint responses to illegal fishing

Around 100 South Korean and Swedish maritime officials and experts will gather this week for a forum to explore ways to curb illegal fishing, South Korea's oceans ministry said Monday. During the four-day forum set to kick off Tuesday, officials from the governments and major international organizations, such as the International Maritime Organization and the Food and Agricultural Organization, and maritime experts will discuss ways to better implement international agreements on illegal, unrep

Oct. 18, 2021