SsangYong Motor again under court receivership, creditors aim to find new investor

SsangYong Motor Co. was placed under court receivership once again Thursday as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and its financial status is further worsening. The Seoul Bankruptcy Court approved the debt-rescheduling process for SsangYong Motor as US vehicle importer HAAH Automotive Holdings Inc. didn't submit a letter of intent (LOI) to acquire the financially troubled carmaker. Mahindra had been in talks wit

April 15, 2021

BOK stands pat on fragile recovery as 4th wave of infections looms

South Korea's central bank on Thursday held its benchmark policy rate unchanged at a record low of 0.5 percent, as an economic recovery remained patchy and the country is at risk of being hit with another wave of COVID-19 infections. As widely expected, the monetary policy board of the Bank of Korea (BOK) voted to leave the base rate steady in this year's third rate-setting meeting. Low inflationary pressure and rising home prices also appeared to prod the BOK board to stand pat, analysts said

April 15, 2021

LG-GM joint venture to build second US battery plant in Tennessee

A joint venture between South Korean battery maker LG Energy Solution Ltd. and US automaker General Motors Corp. will build its second battery factory in Tennessee to step up production, industry sources said Thursday. Ultium Cells, a joint venture between LG and GM, has picked a site in Tennessee for their second electric vehicle (EV) battery plant, which will be similar in scope to its $2.3 billion Ohio plant, according to sources familiar with the matter. The two companies will jointly anno

April 15, 2021

Seoul stocks open nearly flat on virus concerns

South Korean stocks opened nearly flat Thursday amid lingering concerns over the pandemic. The benchmark Korea Composite Stock Price Index (Kospi) rose 1.22 point, or 0.04 percent, to 3,183.6 points in the first 15 minutes of trading. Stocks came off to a muted start after South Korean health authorities said the country may need stronger social distancing measures if daily COVID-19 cases remain high throughout the rest of the week. The country added 731 new cases Wednesday, the highest sinc

April 15, 2021

GM Korea to halt 2 plants over chip shortage next week

GM Korea Co., the South Korean unit of General Motors Co., said Thursday it will suspend two of its three plants next week due to a lack of semiconductors parts. GM Korea will halt the No. 1 and No. 2 plants in Incheon, 40 kilometers west of Seoul, from April 19-23 as the semiconductor supply continues to remain fluid globally, the company said in a statement. "We will continue to work closely with our supply base to find solutions for our suppliers' semiconductor requirements and to mit

April 15, 2021

[Newsmaker] Samsung heir Lee returns to prison after surgery

Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of Samsung Group convicted of bribery, returned to prison Thursday, about a month after an appendicitis surgery, sources said.    Lee was transferred to Samsung Medical Center in southern Seoul on March 19 to receive an emergency surgery after suffering a ruptured appendix.    The 52-year-old tycoon was supposed to return to Seoul Detention Center in Uiwang, Gyeonggi Province, last Friday but was advised

April 15, 2021

S. Korea's stock market cap hits new high

The value of stocks traded on South Korea's main bourse has reached an all-time high on the back of a recent market rally, data showed Thursday. The market capitalization of listed companies in Asia's fourth-largest economy came to a new high of 2,220.7 trillion won ($1.99 trillion) as of Wednesday, according to the data from the Korea Exchange. The amount was about 8 trillion won more than the previous record posted on Jan. 25. The country's main stock market has been bullish with the benchm

April 15, 2021

Foreign banks in S. Korea see profits rise 28.6% in 2020

Foreign bank branches in South Korea saw their combined net profit rise 28.6 percent in 2020 from a year earlier on a modest gain in interest income, data showed Thursday. The combined net income of 36 foreign lenders' local branches stood at 1.15 trillion won ($1.03 billion) last year, up 255.7 billion won from a year earlier, according to the data from the Financial Supervisory Service (FSS). The increase was mainly attributable to marked growth in their income from foreign exchange and der

April 15, 2021

SK Telecom spinoff to carve out holding company for non-mobile affiliates

SK Telecom, South Korea‘s largest mobile carrier, said Wednesday it will set up a new holding company for its non-mobile subsidiaries to boost shareholder value and accelerate growth in its businesses. The telecom operator said in a regulatory filing that it will conduct a spinoff to form the holding company, which will oversee operations of its tech affiliates and subsidiaries, such as memory chip giant SK hynix, e-commerce firm 11Street and ride-hailing company T Map Mobility, among o

April 14, 2021

Hyundai Motor rolls out rapid EV chargers at 12 rest stops

Hyundai Motor has installed its E-pit high-speed electric vehicle charging system at 12 rest stops on major expressways, as part of its efforts to expand their EV infrastructure, the company said Wednesday. The 350-kilowatt rapid chargers can charge up to 80 percent of an EV battery equipped with 800-volt system as quick as in 18 minutes. A total of 72 units, the first of its kind, have been installed on the country’s highway network, the automaker said. The stations will accommodate

April 14, 2021

Experts call for ‘effective’ national plan on chips

After witnessing US President Joe Biden hold up a silicon wafer in front of the world’s chip industry leaders, including Samsung Electronics, calls are growing in South Korea that its leader, too, should act to help safeguard Korean chipmakers from an unfolding global war for chips. Despite Korea’s unchallenged position in the global memory chip market, industry officials and pundits worry the country could fall victim to the global power struggle between the US and China, and co

April 14, 2021

FKI kicks off ESG alliance, names Samyang chief as chairman

The Federation of Korean Industries, one of the leading business representations here, said Wednesday that it has launched an organization solely dedicated to dealing with environmental, social, and governance issues. The role of the new organization, named “K-ESG Alliance,” will be to share ESG-related information with member companies and hold ESG conferences for global investors, officials said. The alliance will be led by Kim Yoon, chairman of Samyang Holdings, the holding unit

April 14, 2021

Hyundai Engineering set for IPO within year

Hyundai Engineering Co., the plant engineering affiliate of South Korea’s second-largest conglomerate in market capitalization, Hyundai Motor Group, is set for its market debut, industry officials said Wednesday. The IPO comes in line with the auto group’s continued efforts to reform its corporate structure and to realign affiliates under Chairman Chung Euisun, after officially assuming the top post in October last year. Last Friday, the company sent requests for proposals to

April 14, 2021

Namyang Dairy shares surge on COVID-fighting yogurt claim

Shares of Namyang Dairy Products, one of South Korea’s major dairy firms, soared in intraday trading on Wednesday as the company claimed that its own yogurt lineup Bulgaris can reduce the infection risk of COVID-19. The dairy company’s shares once spiked up 28.68 percent to 489,000 won ($437.39) in the early morning trading session, but plunged 5.13 percent to close at 360,500 won. Within some 20 minutes after the opening bell, its preferred stocks also shot up by a daily permiss

April 14, 2021

LG Chem expands carbon nanotube production to 1,700 tons

LG Chem said Wednesday that it had increased its production capacity of carbon nanotubes from 500 metric tons to 1,700 tons to meet growing demand for the raw material used in electric vehicle batteries. According to South Korea’s leading petrochemical company, it has begun the commercial operation of a second carbon nanotube facility with an annual production capacity of 1,200 tons in Yeosu, South Jeolla Province. “Carbon nanotubes manufactured from the plant No. 2 will be sup

April 14, 2021

Hanwha Techwin launches AI-powered security cameras to flag social-distancing violations

South Korean surveillance technology provider Hanwha Techwin on Wednesday introduced artificial intelligence-based security cameras that can detect social-distancing violations automatically. According to the security camera subsidiary under Hanwha Aerospace, the AI solution monitors whether social-distancing measures are being followed on a real time basis and send written alarms on monitors or audio alarms through speakers if it detects violations. “When users set social-distancing

April 14, 2021

Mobility firms invested by SK Holdings prepare for IPOs

SK Holdings’ equity investment in Grab, the Southeast Asian equivalent to Uber, is receiving attention as the ride-hailing app prepares for an initial public offering on the tech-heavy US bourse Nasdaq. According to the investment-focused holdings firm of SK Group, the Singapore-based startup behind the ride-hailing and food delivery app is planning a floatation via a special-purpose acquisition company, or SPAC. Grab’s market value is estimated at around $39.6 billion after it

April 14, 2021

Seoul stocks up for 3rd day on strong jobs data, eased inflation woes

South Korean stocks closed a tad higher to extend their winning streak to a third day Wednesday as investor sentiment was boosted by the country's better-than-expected jobs data, coupled with overnight rallies on Wall Street, analysts said. The Korean won rose against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) gained 13.3 points, or 0.42 percent, to finish at 3,182.38. Trading volume was moderate at 1.7 billion shares worth 15.3 trillion won ($13.7 billion), with gai

April 14, 2021

Bitcoin prices hit fresh record amid Coinbase IPO expectation

The price of a bitcoin hit another record high, both in local and global exchanges, buoyed by the expectation for the highly anticipated public listing of US crypto exchange Coinbase Global. Bitcoin prices rose to above 82 million won ($73,000) on domestic exchanges early Wednesday, while the coin’s price on overseas exchanges reached new heights at $63,742 per unit. The prices for Ethereum, the second-largest digital coin by market capitalization, also touched its highest points, risin

April 14, 2021

Posco International aims to become global food company

Posco International aims to expand its food business to become one of the world’s top 10 food trading companies, amid growing concerns over rising food prices, the South Korean trading company said Wednesday. The company cited the FAO Food Price Index, which tracks monthly changes in international prices of commonly traded food commodities. According to the food price index, the figure for March marked the 10th consecutive monthly increase, increasing 2.1 percent from the month before.

April 14, 2021