Seoul stocks at all-time high on eased tapering jitters

South Korea's stock market closed at an all-time high Monday as weaker-than-expected US jobs data quelled concerns over the rollback of easing monetary policy and other stimulus measures. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) went up 52.1 points, or 1.63 percent, to close at 3,249.3 points. The previous record closing was 3,208.99 points on April 20. Trading volume was moderate at about 996 million shares worth some 16.9 trillion won

May 10, 2021

SK hynix promises more efforts to cut carbon emissions

SK hynix, the world’s second-biggest memory provider, vowed Monday to make more efforts to cut greenhouse gas emissions. The pledge was made alongside the chipmaker’s announcement of its social value figures for 2020. Since 2019, major affiliates of SK Group have been quantifying the values they created in three areas of “indirect contribution to the economy,” “social performance,” and “social contribution.” SK hynix put its indirect con

May 10, 2021

Naver, SNU to form 100-strong AI research arm

Naver, South Korea’s largest portal site, said Monday that the company will create a joint research arm with Seoul National University to delve into the field of artificial intelligence. The two sides held an online signing ceremony, agreeing on the need for research on Korean-based AI and the establishment of the SNU-Naver Hyperscale AI center. Around 100 AI researchers from Naver and the university will take part in the project for the next three years. The cooperation aims to de

May 10, 2021

Moon’s subtle tone shift revives hopes for Samsung chief’s early release

In a subtle but noteworthy change of tone, President Moon Jae-in on Monday spoke of the mounting challenges facing South Korean chipmakers when asked about the fate of the jailed Samsung Electronics chief Lee Jae-yong. “It is a clear fact that we need to further enhance the competitiveness of our semiconductor industry, with global competition on chips intensifying,” Moon told reporters in a nationally televised press conference. He then added that he also has to consider the

May 10, 2021

Banks’ association raises red flag over growing altcoin influence

South Korea’s bank association has recently advised its members to count the number of altcoins in order to gauge the trading capacity of an exchange, in an apparent move to reduce exposure to risks the minor cryptocurrencies are witnessing, industry sources said Monday. “One of the criteria that we recommend is the safety of digital assets and that can be measured by the number of digital coins on an exchange. If an exchange deals with too many digital assets, it takes on more risk

May 10, 2021

Designer behind controversial GS25 poster, accused of ‘misandry,’ breaks silence

The designer behind a controversial image used by South Korean convenience store chain GS25 -- accused of being “misandrist” -- has apologized to customers, store owners and colleagues for the inconvenience her work caused but rejected claims that she was part of a group known for mocking men online. In a post uploaded on Blind, an anonymous forum designed for employees of a corporation to discuss internal affairs, the designer, who remains anonymous, said she was breaking her silen

May 10, 2021

Income inequality widens over women losing jobs during COVID

South Korea’s income inequality has worsened after the outbreak of the COVID-19 pandemic last year, with rising female unemployment and pay cuts widening the gap, a report from the central bank showed Monday. The average income earned by the bottom 20 percent here in the April-December period last year declined by 17.1 percent on-year, data compiled by the Bank of Korea showed. The income loss is larger than those of other income groups, such as the top 20 percent, which shed an average

May 10, 2021

SC Bank Korea launches digital wealth management platform

Standard Chartered Bank Korea said Monday it had launched a new digital platform within its mobile banking application to provide wealth management information, targeting the under-40s.  Branded as Wealth Care Lounge, the app-based information channel introduces recent investment trends, money management tips, advice from experts on financial planning and information regarding upcoming finance webinars.  The bank also set up its own KakaoTalk Channel as well as webpage on Naver Pos

May 10, 2021

Resumed short selling’s impact ‘limited’

The partial reactivation of short selling in South Korea, which kicked off last week, weakened investor sentiment among day traders, but the overall impact on the market was limited, according to industry sources on Monday.  The key stock index maintained its upward trend. Short selling is a trading tactic where investors immediately sell borrowed stocks on a bet that share prices will fall, allowing them to profit by later repurchasing the stocks and returning them to the lender. 

May 10, 2021

Transport ministry shares next-generation medium-sized satellite’s recordings of landmarks in Korea

The Ministry of Land, Infrastructure and Transport has unveiled satellite recordings of some of South Korea’s landmarks captured by the country’s next-generation medium-sized satellite, including the Government Complex in Sejong, Seoul Olympic Stadium and the easternmost islets of Dokdo. The satellite, Compact Advanced Satellite 500 or CAS500, was launched from the Baikonur Cosmodome in Kazakhstan on March 22, becoming the country’s first national land observation satellite.

May 10, 2021

Jeju Beer, first Korean craft brewer to go public

The Jeju Beer Company, based on the southern resort island of Jeju in South Korea, said Monday that it plans to become the first local craft brewer to go public. Its planned market debut on the nation’s tech-heavy Kosdaq this month is set to raise 24.2 billion won ($21.70 million) worth of fresh funds. The homegrown craft brewer seeks to issue some 8.36 million shares in a price band of 2,600-2,900 won, with Daishin Securities as the lead underwriter. “Taking the Kosdaq listing as

May 10, 2021

Bond issuance jumps in April

Bond issuance in South Korea rose sharply in April from the previous month due mainly to a surge in corporate debt sales, data showed Monday. The value of bonds sold in Asia's fourth-largest economy came to 83 trillion won ($74.1 billion) last month, up 9.3 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. April's jump represents a drastic turnaround from an on-month decline of some 720 billion won in March. Sales of corporate bonds surg

May 10, 2021

S. Korea to launch W1tr fund for corporate restructuring

South Korea's financial regulator said Monday it will set up another fund of 1 trillion won ($896 million) to help companies seeking to restructure. The fund is aimed at helping companies start their restructuring process as the nation's economy shows signs of emerging from the COVID-19 pandemic, the Financial Services Commission (FSC) said in a statement. State-run banks, including the Korea Development Bank and the Export-Import Bank of Korea, will invest a total of 451 billion won into the

May 10, 2021

S. Korean economy on modest recovery path despite spiking virus cases: KDI

The South Korean economy is on a modest recovery track despite spiking coronavirus cases as the manufacturing sector has continued to improve on robust exports, a state-run think tank said Monday. The country's exports and facility investment logged accelerated growth amid continued improvement in external demand, according to a monthly economic assessment report by the Korea Development Institute (KDI). "As retail sales, exports, and equipment investment all improved, the manufacturing i

May 10, 2021

Manufacturers' Q1 domestic supply rebounds for 1st time in 1 year

South Korean manufacturers' domestic supply rose for the first time in a year in the first quarter of 2021 as the country's economy is on a recovery track on robust exports, data showed Monday. The manufacturing domestic supply index stood at 105.6 in the January-March period, up 3.3 percent from a year earlier, according to the data from Statistics Korea. The index, which measures both locally produced goods and imports, serves as a major indicator of domestic demand trends. The quarterly in

May 10, 2021

Doosan Infracore releases prototype of battery packs for construction equipment

Construction equipment maker Doosan Infracore said Monday that it has rolled out a prototype of battery packs for construction equipment and agriculture machinery. The battery packs comprised of battery modules, battery management systems and cooling systems will enable Doosan Infracore to release 1.7-ton electric excavators by early next year, the company said. Doosan Infracore said it aims to post 500 billion won ($448 million) in sales of its battery packs in 2030. The battery packs could

May 10, 2021

Henkel Homecare Korea joins Korean Red Cross for ‘Zero Mosquito Campaign’

Henkel Homecare Korea, the manufacturer of the No.1 insecticides for home use brand, Home Keeper & Home Mat, will join together with Korean Red Cross to host ”Zero Mosquito Campaign,“ the company said. The campaign, held until August, aims to prevent mosquito infections for the well-being of the people and will focus on global warming as well as the possibility of more pests and infectious diseases as a consequence, company officials said. The campaign plans to deliver informa

May 10, 2021

Celltrion begins global supply of COVID-19 antibody treatment

South Korean pharmaceutical giant Celltrion Inc. has begun the global supply of its COVID-19 antibody treatment starting with Pakistan, according to the company's affiliate on Monday. Celltrion Healthcare, which handles Celltrion's overseas business, said it has signed a contract with a Pakistan state-run company to export 100,000 tablets of Rekirona, which is enough for 30,000 people. "Talks are also currently under way to export Rekirona to other countries in Europe and South America, a

May 10, 2021

Seoul stocks open higher on strong bio, chemical shares

South Korean stocks opened higher Monday on strong advances by bio and chemical shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.87 points, or 0.75 percent, to 3,221.07 points in the first 15 minutes of trading. The KOSPI got off to a solid start after increasing in the past three sessions. Investor sentiment remained high despite increased valuation pressure as disappointing US jobs data eased concerns about earlier-than-expected inflation. Top cap Samsung Electronics

May 10, 2021

SK IE Technology set to debut on stock market this week

SK IE Technology Co. (SKIET), a battery materials subsidiary of refinery and battery firm SK Innovation Co., is slated to debut on South Korea's main stock market Tuesday, with its post-debut price movement a focal point. Mirroring huge investor interest, SKIET drew a record 80.9 trillion won ($72.2 billion) in deposits from retail investors during the two-day subscription period that ended on April 29. The amount surpassed the previous record set by SK Bioscience Co., which drew 63.6 trillion

May 10, 2021