KRX's gold trading volume surges in H1

The trading volume of South Korea's gold market soared in the first half this year, largely as pandemic-incurred uncertainties boosted individuals' demand for safe assets, the local exchange said Thursday. The average daily trading volume of gold in the Korea Exchange (KRX) jumped 19.4 percent on-year to 126.2 kilograms in the January-June period, according to the bourse operator's data. Its cumulated gold trading volume in the six-month period stood at 15.5 tons. The average daily turnover in

July 15, 2021

Korea Shipbuilding achieves annual order target of $14.9b

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday that it has attained its annual order target by winning a 457.1 billion-won ($398.4 million) order for two LNG carriers. With the deal with an Asian company, KSOE has clinched orders valued at $15.2 billion in total so far this year, surpassing its annual order target of $14.9 billion ifor the year, the company said.       Hyundai Heavy Industries Co., a unit of KSOE, will build and deliver t

July 15, 2021

S. Korea to research digital treatment for depression amid pandemic

South Korea's ICT ministry said Thursday the country plans to invest nearly 30 billion won ($26.2 million) over the next three years to research digital treatment for depression in a move to find new ways to help the growing number of people suffering from the mental disorder. The number of depression patients in South Korea reached 790,000 in 2019, up 5.9 percent on-year, and the number is expected to rise as the pandemic restricts social activities and triggers economic uncertainty. Digital

July 15, 2021

Auto exports surge 28% in H1 on global economic recovery

South Korea's exports of automobiles advanced 28 percent in the first half of 2021 on the back of the global economic recovery and rising demand for premium models, data showed Thursday. Outbound shipments of automobiles reached 1,049,658 units in the January-June period, rising from 820,873 units tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports also shot up 50 percent to hit $23.6 billion. It marked the first tim

July 15, 2021

Air passenger traffic falls 29% in H1 amid pandemic

South Korea's air passenger traffic fell 29 percent in the first half from a year earlier amid the prolonged coronavirus pandemic, the transport ministry said Thursday. From January to June, the number of passengers on domestic and international routes fell to 16.67 million from 23.58 million in the year-ago period, as governments imposed entry restrictions due to the pandemic, the Ministry of Land, Infrastructure and Transport said in a statement. The number of passengers on international rou

July 15, 2021

KT commercializes standalone 5G

KT Corp., a South Korean telecom giant, said Thursday it has commercialized standalone 5G, becoming the first mobile carrier in the country to deploy the network technology. Although South Korean carriers first commercialized 5G networks in April 2019, they have been available on non-standalone mode, requiring support from 4G LTE. Standalone 5G offers network services by solely using 5G frequencies, leading to lower latency and better battery life, according to KT. The telecom operator said b

July 15, 2021

CU opens convenience stores in Mongolian int'l airport

South Korea's major convenience store chain CU said Thursday it has launched two stores in a new international airport in Mongolia as part of efforts to boost its presence in the country. CU said the company has become the first South Korean convenience store chain that has established outlets in the New Ulaanbaatar International Airport. The sole international airport in Mongolia, which opened on July 1 and is also known as Chinggis Khaan International Airport, is about 50 kilometers from the

July 15, 2021

BOK stands pat as 4th wave of outbreaks ups uncertainties

South Korea's central bank on Thursday held its benchmark policy rate unchanged at a record low of 0.5 percent amid a recent spike in COVID-19 infections but strongly hinted it may conduct its first post-pandemic rate hike by the end of this year. Bank of Korea (BOK) Gov. Lee Ju-yeol said the central bank will review whether a policy adjustment is needed at next month's rate-setting meeting, maintaining his hawkish stance on inflation and financial imbalances. The BOK "could raise its key

July 15, 2021

LG Uplus teams up with Japan's KDDI to develop 5G, 6G tech

LG Uplus Corp., a major South Korean telecom operator, said Thursday it has signed a memorandum of understanding with Japan's largest mobile carrier KDDI to find new business applications for 5G network technology and strengthen cooperation to prepare for future 6G networks. Under the agreement, the two aim to share their network technology and solutions in 5G and find more applications of the latest generation network, LG Uplus said in a statement. The South Korean telecom operator has recent

July 15, 2021

Seoul stocks open higher on Fed's reassuring comments

South Korean stocks opened higher Thursday, tracking gains on Wall Street as investors are relieved by the US Federal Reserve's reiteration of its dovish stance. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.48 points, or 0.2 percent, to 3,271.29 points in the first 15 minutes of trading. Stocks traded higher, taking a cue from Fed Chairman Jerome Powell's reassurance that that the time is not ripe for an early tapering of accommodative policies. Overnight, the Dow Jones I

July 15, 2021

Amicogen to raise W22.3b via stock sale

Amicogen Inc. on Thursday announced that it will sell stocks to raise 22.3 billion won The proceeds from the stock offering will be used primarily to finance its facilities. According to a regulatory filing, the company will issue 532,198 common shares at a price of 41,850 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)

July 15, 2021

IMM PE to acquire stake in Korea’s top furniture company

IMM Private Equity, the third-largest private equity firm in Seoul, with $5.4 billion assets under management, is in talks to become the largest shareholder of South Korea’s largest kitchen and interior furniture goods manufacturer Hanssem, a filing showed Wednesday. The proposed strategic investor and the seller group has signed a memorandum of understanding regarding the transaction. Hanssem did not disclose the proposed acquisition price. This gives IMM PE the exclusive rights to nego

July 14, 2021

Korea Herald's The Investor to co-host webinar on digital currencies in Asia

The Investor, the financial news platform run by The Korea Herald, is to jointly hold a webinar on government-backed digital currencies and the future of cryptocurrencies next week. As a co-host, The Investor joins with the Asia News Network, an alliance of 23 national media outlets in 20 Asian countries, to discuss the prospect of digital currencies and their role in decentralized finance in the post-COVID era. The Star of Malaysia, also an ANN member, participates as a co-host of the virtu

July 14, 2021

Korea to add W60tr more to tackle economic polarization by 2025

South Korea will scale up its “Korean New Deal” stimulus package by making additional investments worth 60 trillion won ($52.2 billion) to nurture human talents for future industries, and improve ill-functioning employment and the social safety net, the government said Wednesday. Marking the first anniversary of the launch of the Korean New Deal initiative, President Moon Jae-in unveiled an upgraded version focusing on responses to deepening social inequality and economic polar

July 14, 2021

Seoul stocks snap two-day winning streak on inflation woes

South Korean stocks edged down Wednesday, snapping a two-day winning streak as US losses amid renewed inflationary pressure weakened investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) dropped 6.57 points, or 0.2 percent, to close at 3,264.81 points. Trading volume was moderate at about 896 million shares worth some 12.8 trillion won ($11.1 billion), with losers outnumbering gainers 514 to 334. Foreigners sold a net 273 billio

July 14, 2021

Revived Cyworld to feature immersive metaverse shops

Cyworld Z, the 2021 revival of the once-popular homegrown social networking service of the same name, will feature immersive virtual shops, utilizing its metaverse platform, in partnership with local retail giant GS Retail. GS Retail signed a business agreement with Cyworld Z at the GS Group headquarters in Seoul on Wednesday for the project. Cyworld Z is a consortium of five firms including Kosdaq-listed Intromedic and Sky E&M, which purchased Cyworld in January this year, in hopes of

July 14, 2021

Hyundai Motor unveils Avante N, instills motorsports spirit in daily driving

Hyundai Motor unveiled its high-performance Avante N on Wednesday, expanding its N product lineup to present how the motorsports experience can be enjoyed in daily driving. The Avante N has been redesigned from the entry-level sedan Avante, released in April 2020, to a sports car that can be used in daily commutes and travels. Introduced under the name Elantra N for the global market, the new vehicle made its debut on the global stage in a YouTube video uploaded Wednesday morning, showing of

July 14, 2021

Cryptocurrencies in negative territory amid growing investor fear

Cryptocurrencies remained in negative territory for a second day on Wednesday, with investor sentiment indicators hinting fear amid toughened regulations by financial watchdogs across the globe. South Korea‘s digital asset exchange Upbit operator Dunamu’s Digital Asset Fear and Greed Index -- standing at 29.76 on Wednesday, the lowest in 18 days -- showed that investors were gripped by fear for the tenth consecutive day on Wednesday. An index figure between 20 and 40 means market

July 14, 2021

LG Chem to invest W6tr in battery materials

LG Chem on Wednesday announced plans to invest 10 trillion won ($8.6 billion) over the next four years in battery materials, eco-friendly plastics and new drug development. “LG Chem is no longer a petrochemical company. More than 30 projects including mergers and acquisitions, joint ventures and strategic investments are currently under review to reshuffle the business portfolio,” Vice Chairman Shin Hak-cheol said during an online press conference. Nearly 6 trillion won of the

July 14, 2021

Korea’s IPO subscription rate jumps 2.7 times in 2 years amid stock market rally

The book-building competition rate of initial public offerings in South Korea has intensified lately, as scores of investors with a growing appetite for expanding financial assets and abundant liquidity have flocked to make deposits for retail subscriptions, data showed Wednesday. Fueled by a recent bull run from the pandemic-hit market, new shares for IPOs were 1,376.9 times oversubscribed on average during retail tranches in the first half of this year, compared with 509.2 times in 2019, acco

July 14, 2021