S. Korea's Q1 economic expansion faster than expected at 1.7%

South Korea's economy grew slightly faster than expected in the first quarter, thanks to a robust recovery of exports and facility investment, inching the nation's economic growth closer to the pre-pandemic level, central bank data showed Wednesday. Asia's fourth-largest economy grew 1.7 percent in the first quarter from three months earlier, 0.1 percentage point higher than earlier expected, according to preliminary data from the Bank of Korea (BOK). The country's annualized growth in the Jan

June 9, 2021

Samsung Heavy countersued by INPEX against its damage suit

South Korea's Samsung Heavy Industries Co. said Tuesday that it has been countersued by Japanese oil and developer INPEX after it filed a complaint against INPEX for not paying the rest of contract amount in April.  The $480 million countersuit will not hurt the earnings of Samsung as it set up allowances for the countersuit till the first quarter of 2021, the shipbuilder said in a regulatory filing.  Samsung completed the installation of central processing facility, one of the offsh

June 8, 2021

LG Uplus to buy back W100b worth of shares

   LG Uplus Corp., a South Korean mobile carrier, said Tuesday it has decided to repurchase 100 billion won ($88.3 million) worth of its own shares to strengthen shareholder value. The telecom operator said in a regulatory filing that its first-ever share buyback will be completed by June 8 next year. LG Uplus will also introduce an interim dividend this year in addition to its existing year-end dividend, the company said in a separate statement. The company expects the moves to s

June 8, 2021

LG Energy submits IPO application

  South Korean battery maker LG Energy Solution Ltd. said Tuesday it applied for preliminary approval to list its shares on the country's main stock market. LG Energy, the wholly owned subsidiary of LG Chem Ltd., said in a regulatory filing that it submitted the application to bourse operator Korea Exchange, as it seeks an initial public offering within this year. Market watchers said LG Energy may be able to raise around 10 trillion won ($8.9 billion) through the share sale, which is

June 8, 2021

FSC set to decide fate of Toss Bank, Kakao’s insurance unit

South Korea’s market regulator, the Financial Services Commission, is set to decide on Wednesday whether to approve the operations of banking and insurance units developed by financial technology companies, amid mixed expectations for their impact on a market long dominated by traditional institutions. At its monthly meeting, FSC will decide whether to approve Toss Bank and Kakao Pay’s digital-only insurance subsidiary. If approved, Toss Bank will become Korea’s third mobile

June 8, 2021

SK hynix denies rumor over defective products

SK hynix Inc., South Korea's No. 2 chipmaker, on Tuesday denied a rumor that it is facing damage worth 2 trillion won ($1.7 billion) over defective DRAMs, saying that it has requested a police probe into such a cyber libel.  The rumor over SK hynix's possible loss has been circulating here from Monday night, claiming that the company is dealing with DRAM defects amounting to 240,000 wafers following its clients' complaints.  In a statement, SK hynix emphasized that the rumor is not t

June 8, 2021

Prosecution seeks life imprisonment for Optimus CEO in fund scam case

The prosecution sought a life sentence on Tuesday for the CEO of Optimus Asset Management, who is at the center of a massive financial fraud. At the sentencing hearing at the Seoul Central District Court, prosecutors demanded Kim Jae-hyun, head of the scandal-ridden private equity investment firm, be put behind bars for the rest of his life on charges of fraud and embezzlement. They also asked the court to assess him a fine of 4.057 trillion won ($3.6 billion) and a forfeiture of 1.43 trillion

June 8, 2021

AMC, Doosan Heavy, HMM: Meme stocks rise in Korea

Retail investors in South Korea who are seeking short-term profit are increasingly investing in so-called meme stocks, those that see a spike in trading volume based on social media hype rather than the company’s performance. Data compiled by securities information portal SEIBro, operated by the Korea Securities Depository, showed Tuesday that small domestic investors traded US movie theater chain AMC shares the most in the overseas stock market last week. The value of AMC stock traded

June 8, 2021

[Herald Interview] LG automates vacuum cleaner dust removal

Cordless stick vacuum cleaners have made hoovering a lot more convenient, but they have a drawback: the need to empty dustbins frequently due to their small capacity. A team of engineers at LG Electronics worked to solve this problem for years and recently came up with an answer -- a new charging system integrated with automatic dustbin removal technology. Every time a user docks the vacuum cleaner in its stand to charge, the dustbin is automatically emptied. “Regardless of nationali

June 8, 2021

[#WeFACE] Right investment can save ocean: IFC

Asia has been the epicenter of the plastic crisis, as the source of the bulk of the plastic waste in the oceans. But the right investments can help reduce plastic waste -- and South Korea, Asia’s fourth-largest economy, can take a leading role, according to Alfonso Garcia Mora, the International Finance Corp.’s regional vice president, Asia & Pacific. “Korea’s shift to a net-zero economy is likely to generate a range of innovative ideas and technologies,” Gar

June 8, 2021

Posco International installs ‘green curtains’ at school

As part of its corporate social responsibility efforts, Posco International has installed “green curtains” made of perennial vines on the façade of a middle school in Incheon, the company said Tuesday. Posco International, the trade arm of the country’s leading steelmaker Posco, said it donated 30 million won ($27,000) to put up the perennial vines on the outer walls of the cafeteria and library of Neungheodae Middle School in Incheon. For the project, the company j

June 8, 2021

LIG Nex1 heads to MADEX 2021 to win Navy’s CIWS-II project

LIG Nex1 will participate in the International Maritime Defense Industry Exhibition 2021 to showcase its advanced close-in weapons system, or CIWS, specialized to the South Korean Navy. Currently, the Navy is using a Dutch CIWS called Goalkeeper, which automatically shoots thousands of bullets per minute to offer short-range defense for ships against fast-moving missiles, aircraft and surface vessels. Through its CIWS-II program, the Navy aims to develop a more advanced CIWS that has the same

June 8, 2021

Hyundai Motor under fire for worker’s death from COVID-19 caught in Kazakhstan

Anxiety is growing among employees of Hyundai Motor Group after an employee recently died, failing to recover from a COVID-19 infection contracted during a business trip to Kazakhstan.　 While staffers complained over a lack of protection from the company, management claimed that overseas business trips have been kept to a minimum in compliance with safety guidelines. According to Hyundai Motor, an employee of the overseas production technology team died of COVID-19 complications Saturday morn

June 8, 2021

LG CNS provides AI solution for public English education

LG CNS, an IT solution affiliate of LG Group, said Tuesday the company will provide artificial intelligence tutor services to support public English education at elementary through high schools in Seoul. The LG affiliate said it signed a memorandum of understanding with the Seoul Metropolitan Office of Education on Monday to cooperate on an English teaching service dubbed “AI Tutor,” which will run based on the firm’s artificial intelligence program. The memorandum will

June 8, 2021

Seoul stocks close lower under valuation pressure

South Korean stocks closed Tuesday after choppy trading, as increased valuation pressure offset hopes of a fast economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 4.29 points, or 0.13 percent, to close at 3,247.83 points. Trading volume was high at about 1.9 billion shares worth some 19.1 trillion won ($17.1 billion), with losers outnumbering gainers 464 to 376. Foreigners sold a net 206 billion won, while institutions bo

June 8, 2021

Korea's exports of computer, display panels feared to weaken later this year: FKI

South Korea’s exports of computers, display panels and home appliances could weaken later this year as a result of declining global demand and growing tensions between the US and China, a new report has warned. But other sectors -- secondary cell, automobile, semiconductor and shipbuilding industries -- would fare better and expect to enjoy an upward trend at least until next year, according to the according to the report released on Tuesday by the Federation of Korean Industries. The r

June 8, 2021

S. Korea faces dilemma between carbon neutrality, anti-nuclear policy

Minister of Trade, Industry and Energy Moon Sung-wook said Tuesday that the ministry will lead South Korea’s carbon neutrality plan, but remained vague on whether the plan includes nuclear energy. At his first press conference since taking office early last month, Moon stressed that the industrial sector emits 37 percent of the nation’s total carbon output and therefore the Industry Ministry should step up its efforts to help the country go carbon neutral by 2050. Asked whether

June 8, 2021

Duty-free sales surge by 50% on-year in April

South Korea’s duty-free industry in April marked its steepest expansion in three years, signaling a gradual recovery toward pre-coronavirus levels, government data showed Tuesday. According to Korean Statistical Information Service, the duty-free sales index climbed 51.6 percent on-year in April, marking the steepest growth since the 54.6 percent observed in May 2018. The given indicator comprises the combined monthly sales of all duty-free shops here. Sales for shoes and bags skyrocket

June 8, 2021

[News Focus] Gasoline prices rise to 16-month high in Korea

SEJONG -- Gasoline prices in South Korea have almost reached pre-pandemic levels, in the wake of a spiral in international crude prices and weak US dollar. According to the Korea National Oil Corp., gasoline prices climbed to 1,562.7 won ($1.40) per liter as of Monday, which marked the highest in 16 months since it recorded 1,563.3 won on Feb. 4, 2020. At the current pace of increase, there is a high possibility that prices will exceed 1,571.26 won -- the level recorded on Jan. 20, 2020, when

June 8, 2021

S. Korean asset managers log record net profit in Q1

South Korean asset management companies collectively earned record net profit in the first three months, according to data released by the state watchdog Financial Supervisory Service on Tuesday. The combined net profit of the 328 domestic asset management firms came in at 615 billion won ($551.74 million), up 424.7 percent from the same period last year. The growth is partly attributable to reduced operational costs, the FSS said. The figure broke the previous record of 457.5 billion won p

June 8, 2021