President’s New Deal fund picks draw over 5% return in 6 months

President Moon Jae-in has invested 50 million won ($43,700) into major funds intended to support the government’s New Deal project since January this year. About six months later, the funds have drawn more than a 5 percent average return combined, data showed Sunday. According to financial market tracker FN Guide, the five New Deal funds operated by local asset management firms have generated a 5.26 percent return on average as of Thursday. The president, who made his investment on Jan. 1

July 11, 2021

S. Korean shipbuilders' orders hit 13-year high in H1

New orders won by South Korean shipbuilders hit a 13-year high in the first half of the year amid signs of a modest recovery in global trade from the COVID-19 pandemic, data showed Sunday. Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders worth $26.7 billion that amounted to 10.88 million compensated gross tons (CGTs) in the January-June, according to the data provided by the Ministry of Trade, Industry and Energy. Compared with a year ago, new orders skyrocketed 724 per

July 11, 2021

S. Korea's manufacturing sentiment hits 2-yr high: KIET

South Korean manufacturers' business sentiment soared to a two-year high, largely buoyed by optimism about a fast rebound of the tech industry, data showed Sunday. The business survey index (BSI), compiled based on a survey of 1,034 manufacturers, showed an overall market forecast of 97 for the April-June period, the Korea Institute for Industrial Economics and Trade (KIET) said. The corresponding number for sales stood at 100. A BSI larger than 100 means that optimists outnumber pessimists.

July 11, 2021

Foreign pilots allege mistreatment by Korean Air during pandemic

Foreign pilots have accused Korean Air of mistreating them ever since the pandemic began early last year and forcing them to leave their belongings behind in South Korea. A former B777 captain at the airline, who wished to stay anonymous, told The Korea Herald he had been placed on unpaid leave for the last 16 months and kept in the dark about his future, while his Korean colleagues had been given the choice to go on paid leave. “They obliged us, in the real sense of the word, to sign th

July 11, 2021

SsangYong Motor to sell plant site in rehabilitation efforts

SsangYong Motor, a debt-ridden automaker, decided to sell the site of its plant in Pyeongtaek as part of self-rescue efforts, the local government said Saturday.    The company has been under court receivership since April, as its Indian parent, Mahindra & Mahindra, failed to secure a buyer for its 75 percent stake in the automaker.    The city government of Pyeongtaek, 70 kilometers south of Seoul, said it has signed a memorandum of understanding with the court-appoin

July 10, 2021

Finance chiefs of South Korea, US hold talks on sidelines of G-20 meeting

Top economic policymakers of South Korea and the United States have held talks over bilateral economic cooperation and global issues, the finance ministry said Saturday.    Finance Minister Hong Nam-ki and Treasury Secretary Janet Yellen held the meeting in Venice, Italy, on Friday (local time) on the sidelines of the Group of 20 (G-20) meeting of top finance and economic officials, according to the Ministry of Economy and Finance.    They shared the need for efforts to sw

July 10, 2021

Seoul stocks likely to face volatility next week on virus woes

South Korean stocks are likely to face increased volatility next week as hopes for strong corporate earnings square off against escalating virus woes.    The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,217.95 points on Friday, down 1.94 percent from a week ago.    The key stock index started this week with gains, thanks to upbeat outlook for corporate earnings in the April-June period.    But stock prices plunged in the last three sessions,

July 10, 2021

Biz lobbies cry foul over ‘workplace disaster law’

Major business lobbies in South Korea on Friday expressed concern over a new law that would allow CEOs to be punished, even by imprisonment, for serious workplace disasters. The Korea Employers Federation called the law ambiguous, saying it would have a negative impact on companies already burdened by the prolonged COVID-19 pandemic when it takes effect early next year. “A large part of the law, including the scope of a CEO’s legal responsibility, is still ambiguous and unclear, l

July 9, 2021

Remote work returns at firms as Korea braces for worst-ever COVID-19 wave

Large corporations in South Korea are returning to full-blown pandemic mode, ordering employees to work remotely as the country braces for the fourth, and so far worst, wave of COVID-19 to hit. The government announced the strictest Level 4 distancing rules for Seoul and its surrounding areas to take effect from Monday, including a ban on gatherings of three or more persons after 6 p.m. and all schools moving online. The measure came after the country’s daily COVID-19 caseload rose to a

July 9, 2021

Seoul stocks dip 1% over escalating virus woes

South Korean stocks slumped for the third day in a row Friday as the country decided to impose a semi-lockdown in the greater Seoul area, a hotbed for the recent spike in the new coronavirus, to rein in the fast spreading COVID-19. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 34.73 points, or 1.07 percent, to close at 3,217.95 points. Trading volume was moderate at about 1.3 billion shares worth some 16.2 trillion won ($14.1 billion

July 9, 2021

Worst-ever pandemic prods firms to tighten antivirus measures

South Korean firms are tightening their virus prevention measures, including allowing more workers to work from home, as the country has decided to enforce the toughest social distancing rules in the greater Seoul area, the hotbed of the recent spike in new infections. South Korea's daily virus infections hit a new high with 1,316 cases, forcing the government to apply the strongest Level 4 distancing measures from Monday for two weeks. Under the Level 4 rules, private gatherings of three or m

July 9, 2021

Hyundai to temporarily halt local plant for EV production

Hyundai Motor Co. said Friday it will suspend one of its seven domestic plants for four weeks to prepare for the production of an electric vehicle. Hyundai plans to halt the Asan plant from Tuesday until Aug. 6 to upgrade the facilities before it begins production of the IONIQ 6 midsize sedan later this year, a company spokesman said over the phone. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. In February, the maker of the Sonata sedan and the Palisade SU

July 9, 2021

Banks to shorten business hours amid COVID-19 resurgence

Commercial banks in South Korea are slated to cut back on business hours in line with the highest social distancing rules of Level 4, according to the Korea Federation of Banks on Friday. Local bank branches will adjust their operating hours to between 9:30 a.m. to 3:30 p.m, from the current 9 a.m. to 4 p.m, to combat the rapid spread of the novel coronavirus and its delta variant, officials said. The recent move came after the government announced it will implement Level 4 guidelines in Se

July 9, 2021

Hyundai Heavy workers extend walkout for another week

Unionized workers at Hyundai Heavy Industries Co., South Korea's top shipbuilder, have decided to extend their ongoing walkout for another week to up the ante in their wage negotiations with the management as the company urged them to return to work, the labor union said Friday. The unionized workers were to end the strike on the day, which started Tuesday, occupying a shipbuilding crane in Ulsan, 414 kilometers southeast of Seoul, after the wage deal fell through. In response to the walkout,

July 9, 2021

Power sales up 6.6% in May on economic recovery

South Korea's electricity consumption continued to rise in May amid an accelerating economic rebound, data showed Friday. Asia's fourth-largest economy used 40,842 gigawatt-hours (GWh) of power in May, up 6.6 percent from a year ago, according to the data from the Korea Electric Power Corp. (KEPCO). It marked the seventh consecutive month for the power consumption to increase on-year. By segment, power consumption of the industrial sector rebounded a whopping 10.3 percent, and that of shops a

July 9, 2021

Fiscal chiefs of S. Korea and Argentina share concerns over major economies’ exit from monetary easing

The finance ministers of South Korea and Argentina have shared concerns over the normalization of expansionary monetary policies by major economies, the Ministry of Economy and Finance said Friday. During a meeting ahead of the Group of 20 meeting of top finance and economic officials held in Venice, Italy, set for Friday and Saturday, Finance Minister Hong Nam-ki and his Argentine counterpart Martin Guzman raised the possibility that the withdrawal of monetary easing measures, including a i

July 9, 2021

POSCO's Q2 operating profit hits highest in 15 years

South Korea's leading steelmaker POSCO estimated Friday its second-quarter operating profit hit the highest point in 15 years on robust demand amid a global economic recovery from the COVID-19 pandemic. Operating profit for the April-June quarter jumped to 2.2 trillion won (US$1.9 billion) from 121.2 billion won during the same period of last year, the company said in a regulatory filing. It marked the highest quarterly operating profit since 2006, when the steelmaker reported its quarterly ea

July 9, 2021

Hyundai reveals Genesis G70 wagon version in Europe

Hyundai Motor Co. said Friday it has revealed the wagon version of the G70 under its independent Genesis brand in Britain ahead of its launch in other European countries later this year. Hyundai unveiled the G70 Shooting Brake at this year's Goodwood Festival of Speed, one of the biggest motoring sporting events, and will begin to sell the model there later this year, the company said in a statement. The company plans to launch the localized G70 model in other European markets to capture a sha

July 9, 2021

Samsung considering launching Galaxy S21 FE in US, Europe only amid chip shortages

Samsung Electronics Co. is considering launching the upcoming budget model of the Galaxy S21 smartphone in the United States and Europe only, industry sources said Friday, due to global semiconductor shortages. Samsung is reviewing a plan to release the Galaxy S21 Fan Edition (FE) in the U.S. and Europe after skipping the domestic market and other countries following the tight supply of mobile application processors, according to the sources. The Galaxy S21 FE will be reportedly powered by the

July 9, 2021

Samsung SDI mulls US battery investment: sources

South Korean battery maker Samsung SDI Co. is considering investment in the United States to meet growing demand for electric vehicles, industry sources said Friday, stoking speculation over potential partnership with major automakers. The battery making arm of Samsung Electronics Co. has been reviewing various options to build a new battery factory in the US to supply potential clients but has remained cautious over its plan despite rising market expectations. "We are considering US inve

July 9, 2021