Exports set fresh high in Sept. on solid shipments of chips

South Korea's exports have extended their gains to 11 consecutive months and set a record high level by rising 16.7 percent, data showed Friday, maintaining solid growth despite growing concerns over the spread of COVID-19 variants around the globe. Outbound shipments came to $55.8 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. The monthly figure was the highest since South Korea started compiling such data in 1956. The previous record was $55.4

Oct. 1, 2021

SK additionally invests W65b in US alternative milk maker

SK Inc., the holding firm of South Korean conglomerate SK Group, said Friday it has additionally invested 65 billion won ($55 million) in Perfect Day, a US alternative milk maker, following 54 billion won of funds last year. SK said it joined the latest round of funding for Perfect Day, which drew $350 million from several global investors, including Horizon Ventures, Temasek, CPP Investments and Bob Iger. Perfect Day, known for its animal-free dairy products, launched an ice cream brand "B

Oct. 1, 2021

Seoul stocks open lower on US inflation woes

South Korean stocks opened lower Friday, tracking overnight Wall Street losses that stemmed from concerns of an early inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 7.19 points, or 0.23 percent, to 3,061.63 points in the first 15 minutes of trading. The key stock index slumped, following rallies by the US long-term Treasury yields, which fanned concerns that the Federal Reserve might hurry to taper its stimulus to reign in the pace of inflation. The Dow Jones Industrial

Oct. 1, 2021

GM Korea to halt plant for 2 weeks next month on chip shortage

GM Korea Co., the South Korean unit of General Motors Co., said Thursday that it will suspend one of its three plants for two weeks early next month due to a chip shortage.    GM Korea said it will suspend its No. 1 plant in Incheon, 40 kilometers west of Seoul, which produces the Trailblazer SUV, from Oct. 1-15.    The carmaker has been operating only half of the No. 1 Bupyeong plant this month due to a shortage of chip parts.    The operation of the No. 2 Bup

Sept. 30, 2021

S. Korean HIV medicine to be sold in China

Korea Research Institute of Chemical Technology announced Thursday that a domestically developed HIV medicine has recently received regulatory approval for commercialization in China. This new medicine was first developed by a local research team as part of a project started in 1995, supported by the Ministry of Science and ICT. In 2006, US pharmaceutical firm Gilead Sciences joined the project and co-developed a treatment candidate in 2008. The technology was sold to local biotech firm Kain

Sept. 30, 2021

‘Korea downplays impact of liquefied natural gas on climate change’

South Korean public financing institutions have played down the impact of liquefied natural gas on climate change, according to climate activist group Solutions for Our Climate on Thursday. Greenhouse gases are being emitted throughout the liquefied natural gas supply chain -- from extraction to liquefaction, transportation, regasification and consumption -- said the climate activists during an event held in Seoul. “The threat of greenhouse gas emission from the liquefied natural

Sept. 30, 2021

Dunkin’ Donuts apologizes for unsanitary donut factory

The Korean operator of Dunkin’ Donuts, BR Korea, issued an official apology Thursday saying it will “thoroughly abide by sanitary standards,” following a video showing donuts baked in unsanitary conditions. South Korea’s public broadcaster KBS aired on Wednesday a video taken by an anonymous worker this summer showing the inside of the firm’s donut factory in Anyang, Gyeonggi Province. The footage shows dough stained with orange droplets that are presumed to ha

Sept. 30, 2021

LG Electronics supports conservation of Vincent Van Gogh‘s masterpiece

LG Electronics said Thursday that it has been supporting a Russian museum’s project to conserve Vincent Van Gogh‘s masterpiece “The Red Vineyard in Arles.” The company has been providing financial support, as well as equipment, to the Pushkin State Museum of Fine Arts in Moscow for the project which began in August. “The Red Vineyard in Arles” is a work from Van Gogh’s stay in Arles in 1888 and 1889, one of the painter’s most prolific periods.

Sept. 30, 2021

Chong Kun Dang wins first overseas approval for phase 3 trial of COVID-19 treatment

Drugmaker Chong Kun Dang said Thursday that it has received an approval from the Ministry of Health of Ukraine to conduct a phase 3 clinical trial of their COVID-19 treatment candidate, Nafabeltan. Ukraine is the first foreign country to authorize the final-stage trial of the South Korean pharmaceutical company’s self-developed COVID-19 treatment. In Korea, Chong Kun Dang received an approval from the Ministry of Food and Drug Safety in April. Ukraine is one of the seven foreign count

Sept. 30, 2021

BOK's dollar net selling, buying on par in Q2 market smoothing operations

The Bank of Korea (BOK) said Thursday its net selling and buying of the US dollar remained on par in the second quarter as part of its efforts to help ease fluctuations in the local currency market. In the first quarter, the BOK sold a net $103 million to stabilize the Korean currency's movement, compared with a net purchase of $11.5 billion three months earlier. The central bank began releasing such data in March 2019 to help boost the transparency of its market stabilization steps. A BOK offic

Sept. 30, 2021

[News Focus] Korea ranks 32nd of 36 OECD members in GDP growth

SEJONG -- South Korea lagged behind major countries in economic growth during the second quarter of the year, placing 32nd among 36 members of the Organization for Economic Cooperation and Development. Korea also ranked 37th of 46 economies, when the OECD included 10 nonmembers -- such as China and Russia -- in its analysis. According to the Paris-based organization, Korea posted a 0.8 percent growth in gross domestic product in the second quarter, compared to the previous quarter. The analys

Sept. 30, 2021

Seoul stocks end 2-day losing streak on bargain hunting

South Korean stocks rebounded Thursday after a two-day loss, as investors bought oversold stocks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.55 points, or 0.28 percent, to close at 3,068.82 points. Trading volume was moderate at about 867 million shares worth some 14.5 trillion won ($12.2 billion), with gainers outnumbering losers 542 to 316. Foreigners bought a net 35 billion won, while institutions sold 225 billion won. Retail inve

Sept. 30, 2021

Doosan forms new hydrogen R&D firm ‘Doosan H2 Innovation’

Doosan Group said Thursday it has established “Doosan H2 Innovation” to consolidate the group’s hydrogen research and development efforts currently dispersed across different affiliates. According to South Korea’s No. 15 conglomerate, the newly established company will take a central role of the group’s development of solid oxide fuel cells, or SOFCs. SOFCs are third-generation fuel cells that can offer longer life spans and greater efficiency than conventional m

Sept. 30, 2021

SK turns oil extracted from plastic waste into clean raw materials

SK Geo Centric has become the first company in South Korea to utilize oil extracted from plastic waste as a feedstock to manufacture petrochemical products, the company said Thursday. Formerly known as SK Global Chemical, the petrochemical subsidiary of SK Innovation began pumping waste plastic oil mixed together with crude oil into the production line of its plant in Ulsan to manufacture various products including gasoline, diesel, aviation fuel and naphtha. “Starting October, SK Geo C

Sept. 30, 2021

SK Broadband countersues Netflix for net fees

SK Broadband said Thursday that it had countersued Netflix for network usage fees based on a June verdict that favored the South Korean company. The SK Telecom subsidiary, one of the country’s leading broadband internet access providers, said the suit, filed with the Seoul High Court, was a follow-up measure after Netflix failed to respond to SK’s proposals. “Despite the fact that massive investments are made in maintaining the internet network every year and the fact that

Sept. 30, 2021

Genesis unveils GV60 electric SUV with facial recognition

　Hyundai Motor’s luxury brand Genesis unveiled on Thursday the GV60, its first electric car based on its exclusive EV-dedicated modular platform. 　The coupe-style crossover SUV is fitted with a 77.4 kilowatt-hour battery and can travel up to 451 kilometers on a single charge, the automaker said in a statement. 　Priced at between 60 and 70 million won ($50,570-$59,000), the GV60 comes in three types: rear-wheel drive, four-wheel drive and a four-wheel performance version. 　The GV60 is t

Sept. 30, 2021

[Newsmaker] COVID-19 cashback scheme criticized over fairness

South Korea’s new cashback scheme, designed to encourage private spending, has rather unusual criteria for coverage. Money spent at Emart Every Everyday stores is eligible for rewards, but not at Emart outlets. Businesses covered by the scheme include Ikea, Starbucks, small supermarket chains, hotels, movie theaters, restaurants as well as delivery apps. But purchases made at big supermarket chains such as Emart, Costco and Homeplus as well as department stores and duty-free stores do n

Sept. 30, 2021

Gamevil to become Coinone’s second-largest shareholder

South Korean game developer Gamevil said Thursday it will become the second-largest shareholder of Coinone by acquiring a 22 percent stake in the cryptocurrency exchange. During a board meeting Wednesday, the company, through its fully owned subsidiary Gamevil Plus, decided to buy 151,218 shares of the digital coin exchange for 53.9 billion won ($45.5 million). After the additional share purchase slated for January next year, Gamevil will hold a 38 percent stake in Coinone. 　 “The acq

Sept. 30, 2021

[Feature] Not just headsets: Gaming gear gets dedicated furniture, room

Gamers are fast becoming the latest demographic target for the retail industry as companies rush to take advantage of a recent surge in video gaming. Last week, Swedish furniture giant Ikea unveiled a lineup of furniture designed for gamers as a collaboration project with Republic of Gamers -- a gaming-focused brand by a Taiwanese computer manufacturer. Hitting the shelves next month, the company said the new range including gaming desks, chairs as well as accessories is aimed at “democr

Sept. 30, 2021

Kurly CEO calls for more domestic growth capital in Korea’s startup ecosystem

More homegrown late-stage venture capital investing is crucial to spurring South Korean startups to be able to scale up and innovative for job creation and economic development, which will ultimately lead to a windfall for investors, head of Seoul-based unicorn Kurly said Thursday. “Once a startup achieves a scale-up at a certain point, the value it can create is immense,” Sophie Kim, founder and chief executive officer, said during KDB Nextround 500, a special investor relation eve

Sept. 30, 2021