[News Focus] Luxury market for EVs flourishes as global rivals catch up with Tesla

For many drivers who aspire to move to eco-friendly battery electric vehicles this year, one of the key variables is the availability of government subsidies. Amounts vary depending on the market price of the car. When it comes to high-end demand, however, subsidies apparently made no difference as luxury BEVs aggressively expanded their presence, especially against global market champion Tesla, industry data showed this week. According to data compiled by the Carisyou Data Lab on vehicle regi

May 25, 2021

SK global chemical receives highest mark for eco-friendly operation

SK global chemical received the highest mark on a United Nations environment-friendly certification thanks to its plastic upcycling technology, the company said Tuesday. According to the company, it received the top score for the Guidelines for Reducing Plastic Waste & Sustainable Ocean and Climate Action Acceleration (GRP) certificate, which the Association for Supporting the Sustainable Development Goals of the UN announces every May. The GRP certificate is aimed to encourage companies

May 25, 2021

Seoul stocks snap 3-day losing streak on eased inflation worries

South Korean stocks ended their three-day losing streak Tuesday, following the US Federal Reserve's comments that helped ease concerns of early post-pandemic inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 27.02 points, or 0.86 percent, to close at 3,171.32 points. Trading volume was moderate at about 603 billion shares worth some 11.5 trillion won ($10.2 billion), with gainers outnumbering losers 618 to 224. Foreigners bought

May 25, 2021

Igis in talks to acquire Millennium Hilton for W1tr: reports

Millennium Hilton Seoul, a five-star hotel in the middle of Seoul, is reportedly in talks with asset manager Igis Asset Management to sell its luxury establishment for 1 trillion won ($891.2 million), local media reported Tuesday. CDL Hotel Korea, a Korean branch of Singaporean investment company City Developments Limited and the largest shareholder of Millennium Hilton, is planning to let Igis take over the hotel to turn it into an office building, local economic newspaper the Korea Economic

May 25, 2021

S. Korea to offer tax benefits, other support for auto chip parts makers

South Korea plans to provide tax incentives and financial support to makers of automotive chip parts and other key parts and materials, the finance minister said Tuesday. Hong Nam-ki said the country plans to offer support to corporate projects to develop eight key parts and materials, including automotive chip parts and rare-earth permanent magnets used for electric vehicles. Hong said at a meeting on the parts and material industries that the move will help attract private investments worth

May 25, 2021

Why are Korean celebrities selling their multimillion dollar properties?

For South Korean celebrities, making headlines for property investments has long been a sign of success. The global popularity of Korean movies, television and K-pop has allowed A-listers to rake in cash and purchase properties in Korea’s most coveted locations. But stars such as actors Kim Tae-hee and Ha Jung-woo have reportedly sold those properties in recent months. Industry watchers have called the offloading “profit-making moves” before the government’s stricter

May 25, 2021

IBK ordered to compensate up to 80% of Discovery fund losses

South Korea’s market watchdog Financial Supervisory Service said Tuesday it has ordered the state-run Industrial Bank of Korea to compensate up to 80 percent of the losses from the lender’s misselling of problematic funds structured by Discovery Asset Management.  The dispute arbitration committee under the FSS set the reimbursement rate for individual investors, who signed up for Discovery funds through IBK, ranging between 40-80 percent, the FSS said in a statement.  Th

May 25, 2021

Coupang to provide health care program to delivery drivers

E-commerce giant Coupang will introduce a health care program to a select group of its delivery drivers, the company said Tuesday, as the country’s online shopping boom has left delivery workers exposed to even more relentless work conditions. Dubbed as “Coupang Care,” the program will see partakers set aside from their regular assignments and instead receive education on healthy diets, exercise and disease management from experts for four weeks. The drivers, known as “

May 25, 2021

2G services in S. Korea to be terminated by June

South Korea's ICT ministry on Tuesday said it has approved LG Uplus Corp.'s plan to phase out its 2G services by the end of June, which will mark the complete termination of the country's old telecommunications network. LG Uplus, the country's third-largest mobile carrier, will begin closing its 2G network here on June 11 following the ministry's approval. SK Telecom Co., South Korea's largest wireless provider, ended its 2G services in July last year, while rival KT Corp. shut down 2G operat

May 25, 2021

SoftBank Vision Fund injects $175m in edtech startup Riiid

Educational technology startup Riiid has snapped up $175 million in fresh funding from SoftBank Vision Fund 2 to accelerate global entry of its artificial intelligence-based personalized learning experience and assessment program, the company announced Tuesday. SoftBank Vision Fund 2 was the sole investor in the latest series D round, bringing Riiid’s total funds raised to $250 million. Riiid did not disclose its post-money valuation. The deal was made 10 months after its pre-series D rou

May 25, 2021

Household credit growth slows in Q1

South Korea's household credit grew at a slower pace in the first quarter, as banks tightened rules on loans, central bank data showed Tuesday. Household credit reached a record high of 1,765 trillion won ($1.56 trillion) as of March, up 37.6 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial institutions, including commercial lenders and mutual sav

May 25, 2021

Larger firms' exports dip 7.3% last year amid pandemic

Exports of South Korean bigger companies declined 7.3 percent last year from a year earlier amid the pandemic, led by a fall in shipments of petrochemicals, data showed Tuesday. Overseas shipments by the country's conglomerates were valued at $322.5 billion last year, compared with $347.7 billion the previous year, according to Statistics Korea and the Korea Customs Service. The decline was led by the manufacturing sector, the backbone of the country's economy, the data showed. Exports of larg

May 25, 2021

Samsung tops Q1 TV market with record share: report

Samsung Electronics Co. maintained its status as the world's leading TV vendor with a record market share in the first quarter, a report showed Tuesday, as the tech giant posted robust growth on the back of its QLED and large TVs. Samsung represented 32.9 percent of the global TV market in terms of sales revenue in the January-March period, its largest share for a first quarter, according to data from industry researcher Omdia. Samsung was followed by its South Korean rival LG Electronics Inc.

May 25, 2021

Dyson launches new vacuum cleaners with dust-detecting laser technology

British home appliance maker Dyson Ltd. on Tuesday launched two new brands of vacuum cleaners equipped with dust-detecting laser technology as the company tries to expand sales here amid the pandemic-induced stay-at-home trend. Dyson's V15 Detect and V12 Detect Slim cordless vacuum cleaners will be sold in South Korea with price tags of 1.24 million won ($1,100) and 1.09 million won, respectively. The two vacuum cleaners were already launched in select markets earlier this year. Dyson said t

May 25, 2021

S. Korea's exports of kimchi up 35% in Jan.-April

South Korea's exports of kimchi advanced a whopping 35 percent on-year in the first four months of 2021, data showed Tuesday, on the growing demand for healthier foodstuffs amid the new coronavirus pandemic. Outbound shipments of kimchi reached $61.1 million over the January-April period, according to the Ministry of Agriculture, Food and Rural Affairs. Kimchi is a traditional Korean side dish normally made of fermented cabbage, salt and hot peppers and is eaten with almost all meals. The fer

May 25, 2021

Hyundai to temporarily suspend Indian plant amid spreading pandemic

Hyundai Motor Co., South Korea's biggest carmaker, said Tuesday it will temporarily suspend its Indian plant due to the rapidly spreading coronavirus pandemic. Hyundai Motor will halt the Indian plant in the southern state of Tamil Nadu for five days starting Tuesday, a company spokesman said over the phone. The decision came after two workers were infected with COVID-19 and several workers staged a sit-in at the plant Monday amid rising virus fears among workers. Tamil Nadu is one of the

May 25, 2021

SsangYong likely to pick lead manager for sale process

SsangYong Motor Co., currently under court receivership, is expected to select a lead manager as early as this week to find a new investor, industry sources said Tuesday. The carmaker didn't confirm the plan to select a lead manager. US vehicle importer HAAH Automotive Holdings Inc. reportedly remains among the potential bidders though it failed to submit a letter of intent (LOI) to a bankruptcy court to acquire the financially troubled carmaker. SsangYong's Indian parent Mahindra & Mah

May 25, 2021

Corporate direct financing up 2% in April

South Korea's corporate direct financing inched up 2 percent in April from the previous month due largely to a rise in bond sales, data showed Tuesday. Local companies raised a combined 24.9 trillion won ($22.1 billion) by selling stocks and bonds last month, up 492.7 billion won from the previous month, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales declined 96 percent on-month to 250.4 billion won in April due to the previous month's high base. In

May 25, 2021

Seoul stocks open higher on easing inflation worries

South Korean stocks opened higher Tuesday, as investor concerns over early post-pandemic inflation were eased by the soothing comments by the US Federal Reserve. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.27 points, or 0.26 percent, to reach 3,152.57 points in the first 15 minutes of trading. Overnight, the tech-laden Nasdaq gained 1.41 percent, as the Fed's key officials said the recent price hikes and supply shortages may be temporary. The Dow Industrial Average and the

May 25, 2021

Consumer sentiment hits nearly 3-year high in May amid economic recovery

South Korea's consumer sentiment rose to the highest level in almost three years in May as the country's economy is on a recovery path, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 105.2 for May, up 3 points from the previous month, according to the data from the Bank of Korea (BOK). It marked the highest level since June 2018, when the sentiment index came to 106.3. The latest reading also represented the fifth straight month of on-month gain. A

May 25, 2021