Export-Import Bank signs MOU with Greek shipping company to finance new orders

The Export-Import Bank of Korea said Wednesday it signed an memorandum of understanding with Angelicoussis to provide financial assistance for South Korean shipbuilders securing fresh orders of eco-friendly fleets from the Greek shipping company. Aimed at supporting Korean shipbuilders in securing overseas orders, Korea Exim Bank Chairman Bang Moon-kyu visited Angelicoussis headquarters in Kallithea on Friday, according to officials. The financial assistance will be carried out to Korean build

Oct. 13, 2021

[From the Scene] Firms offer carbon neutrality answers

Banners reading “No photos allowed” in bold letters are clearly placed right next to prototypes of Hanwha Q Cells’ next-generation tandem solar cells. Despite the warning, visitors couldn’t resist taking out their smartphones to take photos of the black, rectangular chips slowly rotating inside glass spheres. At the Net Zero Expo, the nation’s biggest energy exhibition that kicked off at Kintex in Ilsan, Gyeonggi Province, on Wednesday, it was clear that the thi

Oct. 13, 2021

Technical regulations biggest challenge for foreign-invested firms: KCCI

Foreign-invested firms say technical regulations along with fair trade and labor laws are some of the biggest management challenges, the Korea Chamber of Commerce and Industry said on Wednesday. Nearly 1 in 2 foreign-invested firms based in South Korea said technical regulations such as certification, tests and inspection were the biggest challenge facing their business, according to a survey conducted by the KCCI with 252 foreign-invested companies. Technical regulations refer to administrati

Oct. 13, 2021

Franchise stores enjoy bump in numbers

Franchise stores grew in numbers during the coronavirus pandemic last year though sales remained nearly unchanged, a new report from corporate tracker CEO Score showed Wednesday. The number of franchise brand stores in 2020 increased by 4,559, up 4.5 percent compared to 2019, according to the report which drew data from the Fair Trade Commission. With a total of 105,837 stores operated by top franchise brands last year, the figure was a 11.1 percent jump compared to 2018 when the number stood

Oct. 13, 2021

Seoul stocks rebound on tech, auto gains

South Korean stocks advanced nearly 1 percent Wednesday as investors sought to buy oversold stocks such as tech and auto shares after a sharp plunge the previous session. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 28.03 points, or 0.96 percent, to close at 2,944.41 points. Trading volume was moderate at about 743 million shares worth some 12.1 trillion won ($10.1 billion), with gainers outnumbering losers 700 to 168. Foreigners sol

Oct. 13, 2021

S. Korea sees largest job growth in 7 years over surge in contactless services, vaccinations

South Korea’s economy added the largest number of jobs in more than seven years in September, government data showed Wednesday, with officials citing a surge in contactless services backed by digitalization of industries and high vaccination rate as key catalysts. The economy added 671,000 jobs on-year to 27.68 million in September, Statistics Korea data showed. This marked the largest job growth since March 2014, when the economy added 726,000 jobs and also the seventh consecutive month

Oct. 13, 2021

Mobility firms join hands to launch autonomous driving association

Private and public stakeholders in the development of self-driving cars have established the Korea Autonomous Industry Association on Wednesday in order to better prepare for the coming new mobility era. Some 30 government officials and company executives attended the launching ceremony held in Yeouido, Seoul, including Park Jin-kyu, the vice minister for industry, and Hwang Seong-kyu, the vice minister for transport. Aside from private firms, two state-run organizations -- the Korea Automot

Oct. 13, 2021

SK Inc. to launch ‘turquoise hydrogen’ joint venture with Monolith

SK Inc., the holdings firm of SK Group, said Wednesday it will form a joint venture in South Korea with Monolith, the world’s first company to have successfully mass-produced “turquoise hydrogen.” According to the strategic investment arm of the country’s third-largest conglomerate, the joint venture will produce hydrogen and carbon black products. The US hydrogen maker will provide necessary technology while SK Inc. will be in charge of production, sales and distributi

Oct. 13, 2021

Posco's Q3 operating income at record high on robust demand

Posco, the world's fifth-largest steelmaker by output, said Wednesday its third-quarter operating income more than quadrupled to a record high on robust demand amid the global economic recovery from the COVID-19 pandemic. Operating income for the three months that ended in September reached 3.11 trillion won ($2.6 billion) on a consolidated basis, sharply up from an operating profit of 670 billion won, the company said in a regulatory filing. The third-quarter operating income marks the highes

Oct. 13, 2021

Koreans blame short sellers for bear market

South Korean day traders are expressing frustration over the bearish domestic stock market in early October, in the belief that short selling by institutional investors is adding fuel to the market volatility. As of Wednesday, a public petition calling for a complete ban on short selling activities in Korea’s stock market had gained nearly 49,000 endorsements within a week, in another major collective action unfolding on presidential office Cheong Wa Dae’s website. The unnamed pe

Oct. 13, 2021

S. Korea to continue expansionary fiscal policy next year: finance minister

South Korea's top economic policymaker has said the government plans to maintain expansionary fiscal policy next year in a bid to prop up the economic recovery, Seoul's finance ministry said Wednesday. Finance Minister Hong Nam-ki made the remarks during his meeting with Kristalina Georgieva, managing director of the International Monetary Fund, in Washington, D.C. on Tuesday on the sidelines of the G-20 finance ministers and central bank governors meeting. Hong said South Korea's central bank

Oct. 13, 2021

S. Korea's cartoon exports surge 40.9% in 2020

South Korea's cartoon exports jumped more than 40 percent in 2020 from a year earlier amid the growing global popularity of Korean pop culture, a report said Wednesday. Outbound shipments of cartoons, including webtoons, stood at $64.82 million last year, up 40.9 percent from a year earlier, according to the report from the Korea International Trade Association (KITA). The growth rate far exceeds the 6.2 percent on-year increase in exports of the country's overall cultural content. In particu

Oct. 13, 2021

Banks' household loan growth accelerates in Sept.

South Korean banks' household loans grew at a faster pace in September from a month earlier despite the government's toughened controls on lending, central bank data showed Wednesday. According to the Bank of Korea (BOK), outstanding bank loans to households came to 1,052.7 trillion won ($877.9 billion) as of the end of September, up 6.5 trillion won from the previous month. The figure is higher than a 6.1 trillion-won increase registered in August, the data showed. The reading also marked the

Oct. 13, 2021

S. Korean shipbuilders outstripped by China in Sept. orders

South Korean shipbuilders lagged sharply behind their Chinese rivals in terms of new orders in September, losing the top position that they had maintained for the last four months. Local shipbuilders led by Hyundai Heavy Industries Co. grabbed a combined 910,000 compensated gross tons (CGTs) in new orders last month, accounting for 28 percent of 3.28 million CGTs of global orders, according to data provided by global market researcher Clarkson Research Service. Chinese shipbuilders far outpace

Oct. 13, 2021

LG units to repay GM W1.4t for Bolt EV battery recall costs

LG Electronics Inc. and LG Energy Solution said Wednesday that they will repay General Motors Co. about 1.4 trillion won ($1.2 billion) in costs for the recalls of Bolt electric vehicles due to battery defects. The two flagship units of South Korea's LG Group have reached an agreement with GM on how to cover the expenses for the recalls on some 143,000 Bolt vehicles over battery fire risks. The two LG units said they will set aside 480 billion won and 620 billion won in costs in the third qu

Oct. 13, 2021

ICT exports hit fresh monthly high in September

South Korea's exports of information and communication technology (ICT) products reached an all-time high in September on the back of solid global demand for chips and displays, data showed Wednesday. Outbound shipments of ICT products came to $21.34 billion last month, up 21.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy. The September figure marked an all-time high since the government began compiling the data in 1996, and the largest for

Oct. 13, 2021

S. Korea holds inaugural exhibition on carbon neutrality

The industry ministry launched an exhibition on carbon neutrality Wednesday to promote various zero-emission products and technologies, and to explore future policy directions for the goal, officials said. The inaugural Carbon Neutrality Expo began its three-day run at KINTEX convention center in Ilsan, northwest of Seoul, bringing together some 300 local companies, provincial governments and state-run institutions, according to the Ministry of Trade, Industry and Energy. The firms presented

Oct. 13, 2021

SK signs MOU with US hydrogen firm Monolith to set up joint venture in S. Korea

SK Inc., the holding company of South Korean conglomerate SK Group, said Wednesday it has signed an initial deal with a US hydrogen maker to set up a joint venture as part of efforts to bolster its clean energy business. The memorandum of understanding (MOU), signed with Monolith Materials Inc., aims to create a joint venture to produce green hydrogen and carbon black products in South Korea, the company said in a release. Monolith will provide the technology and training, and SK will oversee

Oct. 13, 2021

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Wednesday, as investors seek to buy oversold stocks after a sharp plunge the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.57 points, or 0.47 percent, to 2,929.95 in the first 15 minutes of trading. Stocks lifted as most tech large caps bounced back. Investor sentiment also improved on strong jobs data in September, which jumped by the largest in seven years. Market bellwether Samsung Electronics Co. edged up 0.14 percent

Oct. 13, 2021

Job additions largest in over 7 years in Sept. despite 4th wave of pandemic

South Korea reported the largest job growth in more than seven years in September in the latest sign that the country's job recovery has continued despite the fourth wave of the pandemic, data showed Wednesday. The number of employed people reached 27.68 million last month, 671,000 more than a year earlier, according to the data compiled by Statistics Korea. It marked the largest job additions since March 2014, when the number of employed people grew 726,000. It also was the seventh straight m

Oct. 13, 2021