[#WeFACE] Future can’t develop like past: Hanhwa CTO

The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their response to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed.  Though expensive and difficult to make, green hydrogen is the call of the times, says Jeong Ji-won, chief technology officer at Hanwha Q Cells, a solar-to-hydrogen unit of

May 17, 2021

ETRI develops non-explosive hybrid electrolytes for EV batteries

South Korea’s state-run Electronics and Telecommunications Research Institute said Monday it has developed hybrid electrolytes for lithium-ion batteries that are free from explosions. Lithium-ion batteries are charged and discharged when lithium ions go back and forth between the positive side and the negative side. Lithium-ion batteries are filled with liquid called electrolytes, which help the ions travel. As liquid electrolytes are flammable, efforts have been made to develop solid

May 17, 2021

Hanwha, KAIST to launch intersatellite-link project

Space Hub, an aerospace task force of Hanwha Group, will form a joint space research center with the Korea Advanced Institute of Science and Technology to launch an intersatellite-link project. Hanwha and KAIST will invest 10 billion won ($8.8 million) into the space research center, the largest one formed by a private company and a university, officials said Monday. The first project will involve the development of intersatellite-link technology, which enables data transmission by shooting las

May 17, 2021

SK Chemicals buys 10% stake in Chinese recycled plastic firm

SK Chemicals said Monday that it acquired a 10 percent stake in Shuye, a Chinese firm that specializes in recycling plastic waste, to commercialize eco-friendly plastic called glycolmodified polyethylene terephthalate, or PETG. PETG is a plastic free of environmental hormone bisphenol A, an industrial chemical used to manufacture typical plastic. PETG offers the same transparency as glass but offers greater durability. PETG made by SK Chemicals is currently supplied to global cosmetics brand

May 17, 2021

[Herald Interview] Time is ripe for Korean property investors to increase risk profiles

South Korean investors have relied on core assets overseas, such as fully-tenanted commercial buildings in prime locations, but market changes and a low-interest environment across the globe mean that it’s time to change tack from such risk-averse approaches, an expert said. “Safe bets are no longer safe but expensive and scarce. Price competition is intensifying surrounding core assets because they are seeing a higher demand at home and abroad,” said Kim Jong-min, head of ove

May 17, 2021

KB Asset raises W1tr for AMP Capital’s infra debt funds

Seoul-based KB Asset Management said Monday it has fetched a total of 1 trillion won ($882.1 million) for infrastructure debt exposure in developed countries under a fund-of-funds scheme with Australia-based AMP Capital. The third-largest firm in Korea by the assets under management has raised a recent undisclosed amount of additional commitment from institutional clients for the private debt fund, reaching the milestone five years after it signed a memorandum of understanding with AMP Capital

May 17, 2021

Seoul stocks dip amid virus woes in Asia

South Korean stocks closed lower Monday as investors took caution over rising coronavirus cases in parts of Asia and assessed China's latest economic data that partially missed expectations. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 18.80 points, or 0.6 percent, to 3,134.52 points. Trading volume was moderate at about 758.87 million shares worth some 14.33 trillion won ($12.6 billion), with losers outnumbering gainers 587 to 277. Foreigner

May 17, 2021

Fashion brand Juun.J unveils uniform for Hybe’s museum staff

South Korean fashion brand Junn.J has revealed the uniform for staff at entertainment giant Hybe’s new museum. The ensemble consisting of a white T-shirt and a black wide sleeve top and a pair of black cargo jogger pants will be worn by staff at Hybe Insight, which opened last week on the two basement floors of Hybe’s new headquarters in Yongsan, central Seoul. The design took on board Hybe Insight’s image, a venue where music can be experienced in various ways and Junn. J&rs

May 17, 2021

Middle-income households see sharpest drop in spending

Responding to the economic fallout from the COVID-19 pandemic, South Korea’s middle-income households turned out to have reduced private spending more sharply than those in the upper and bottom income brackets, state-run think tank Korea Development Institute said Monday.  The nation’s middle class, which generally refers to households belonged to the third highest income quintile that earn 40 percent to 60 percent of the median income, saw its consumption expenditures shrink 6

May 17, 2021

BOK faces policy decisions amid growing inflation signs

South Korea’s central bank faces decisions in whether to maintain or raise its key interest rate as a bigger-than-expected jump in global consumer prices have heightened inflation concerns. The Bank of Korea is scheduled to hold its fourth monetary policy meeting this year on May 27, in which they are expected to decide whether to keep the national interest rate anchored at a record-low of 0.5 percent or change course. While they may have smoothly maintained a dovish stance so far, ami

May 17, 2021

Korea Airports Corp. ‘on course’ to lead airport expansion project in Laos

Korea Airports Corp. said on Monday that it is on course to lead a project worth 100 billion won ($88.2 million) to expand Luang Prabang International Airport in Laos. Once the ongoing deal is finalized, the move will see the public enterprise behind Gimpo and Jeju International Airports become a first in the country to pursue such a project in the Southeast Asian country. “Amid the prolonged coronavirus crisis and hardships surrounding it, we are honored to announce our foray into succe

May 17, 2021

Air carriers to raise fuel surcharges on int'l routes in June

South Korean airlines will raise fuel surcharges on international routes next month amid rising jet fuel prices, industry sources said Monday. Starting June 1, the surcharge for one-way tickets on international routes will range from 3,600 won ($3.20) to 20,400 won depending on the routes, according to the sources. The amount is up one level from the band of 1,200 won to 9,600 won for this month. Rising jet fuel prices prompted local air carriers to begin imposing fuel surcharges in April af

May 17, 2021

Samsung's US chip plant investment may be in offing: sources

Samsung Electronics Co. may unveil its plan later this month to build a new chip factory in the United States, industry sources said Monday, as the South Korean tech giant tries to cope with rivals' capacity expansions. Speculation has run high that Samsung would reveal its US investment upon the summit between South Korean President Moon Jae-in and US President Joe Biden to be held in Washington on Friday (local time). Samsung, the world's largest memory chip producer and No. 2 foundry firm,

May 17, 2021

SsangYong Motor Q1 net losses narrow on base effect

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday its first-quarter net losses narrowed from a year earlier on a base effect. Net losses narrowed to 86.29 billion won ($76 million) in the January-March quarter from 193.54 billion won in the same period of last year, the company said in a statement. "In the first quarter of 2020, losses involving tangible assets were reflected, but there was no such one-off factor in the past quarter,&

May 17, 2021

Number of firms with sales of over W1tr drops in 2020 amid pandemic

The number of South Korean firms with sales of 1 trillion won ($882 million) or more edged down in 2020 from a year earlier amid the coronavirus pandemic, a corporate tracker said Monday. A total of 204 local companies posted sales of 1 trillion won or more last year, down five from the previous year, according to the CXO Institute. It represents the first drop in the number in five years. The figure rose from 184 in 2016 to 187 in 2017, 199 in 2018 and 209 in 2019. Namyang Dairy Products Co.

May 17, 2021

Residents' FX deposits rise for 3rd month in April amid robust exports

Foreign currency deposits at banks in South Korea rose for the third straight month in April as exporters increased dollar holdings amid brisk overseas shipments, central bank data showed Monday. Outstanding foreign currency-denominated deposits held by residents amounted to $94.83 billion as of end-April, up $2.13 billion from the previous month, according to the Bank of Korea (BOK). The FX deposits rose for the third consecutive month in April after they declined for the first time in four m

May 17, 2021

Banks' Q1 net profit jumps on KDB's one-off gains

South Korean banks saw their first-quarter earnings jump 71 percent from a year earlier due to one-off gains from state-run Korea Development Bank (KDB), data showed Monday. The combined net profit stood at 5.5 trillion won ($4.8 billion) for the January-March period, compared with a profit of 3.2 trillion won a year earlier, the Financial Supervisory Service (FSS) said in a statement. In the first quarter, the KDB reported an unusually high net profit of 1.4 trillion won, thanks to stock inv

May 17, 2021

Service output in provinces, major cities up in Q1

Service output in eight provinces and major cities increased in the first quarter from a year earlier as production in the in-person service segment improved amid relaxed social distancing rules, data showed Monday. The country's service output rose 2.2 percent on-year in the January-March period, according to the data compiled by Statistics Korea. Of 16 provinces and cities, Seoul, three major cities and four provinces posted an on-year rise in service production in the cited period, as the f

May 17, 2021

Samsung, LG to unveil advanced displays at SID 2021

Samsung Display Co. and LG Display Co., the country's two largest display makers, on Monday said they will unveil their latest innovations at the world's leading exhibition for display panels to be held virtually this week. The two companies will take part in the Display Week 2021, organized by Society for Information Display (SID), which runs through Friday online. Samsung Display, the world's top mobile display panel maker, said its exhibitions will include a 7.2-inch display with a multi-

May 17, 2021

S. Korea's ICT exports up over 30% in April

South Korea's exports of information and communication technology (ICT) products rose more than 30 percent last month -- the sharpest rise in over 10 years -- on the back of robust global demand for chips and displays, data showed Monday. Outbound shipments of ICT products were estimated at $17.06 billion in April, the highest-ever amount for any April and a rise of 32.6 percent from a year earlier, according to data from the Ministry of Science and ICT. The latest data marked the 11th consecu

May 17, 2021