Seoul stocks open nearly flat on virus woes

South Korean stocks were little changed Monday amid lingering concerns over virus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.24 point, or 0.01 percent, to 3,132.12 points in the first 15 minutes of trading. Stocks came to a muted start after the KOSPI snapped its six-day gaining steak the previous session as valuation pressure increased ahead of the earnings report season. Over the weekend, South Korea's daily new coronavirus cases stayed in the 600s for the thi

April 12, 2021

Exports grow 24.8% in first 10 days of April

South Korea's exports rose 24.8 percent on-year in the first 10 days of April as shipments of chips and autos remained robust amid an economic recovery from the pandemic, customs data showed Monday. The country's outbound shipments stood at US$15 billion in the April 1-10 period, compared with $12 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 14.8 percent on-year to $16.7 billion, resulting in a trade deficit of $1.7 billion during the cited pe

April 12, 2021

S. Korea's 2019 tax-GDP ratio lower than major economies

South Korea's tax burden ratio remained unchanged in 2019 from a year earlier and was lower than that for other major economies, a report showed Monday. The country's tax-to-gross domestic product (GDP) ratio came to 20.1 percent in 2019, unchanged from the prior year, according to the report from the Korea Institute of Public Finance. South Korea's figure was 4.8 percentage points lower than the average for the members of the Paris-based Organization for Economic Cooperation and Development (

April 12, 2021

Foreigners remain net sellers of S. Korean stocks in March

Foreign investors unloaded more than 3.5 trillion won ($3.12 billion) worth of South Korean stocks in March to remain net sellers for the fourth consecutive month, data showed Monday. Offshore investors' net selling of local stocks came to 3.51 trillion won last month, up from 3.24 trillion won in net selling in February, according to the data from the Financial Supervisory Service. Foreigners have remained net sellers of South Korean stocks since December. Investors from Asia and the America

April 12, 2021

Mideast 'early inoculators' to recover by 2022: IMF

DUBAI (AFP) -- The economies of "early inoculating" countries in the Middle East and North Africa will bounce back to pre-pandemic levels next year, the IMF said Sunday, after raising its 2021 MENA growth forecast. The region, which includes the Arab countries and Iran, saw its real GDP growth shrink by 3.4 percent in 2020 due to lower oil prices and sweeping lockdowns to prevent the spread of the coronavirus.  But with rapid vaccination campaigns underway particularly in the Gu

April 11, 2021

SK Innovation reaches W2tr settlement in battery row with LG Energy Solution

South Korean battery rivals LG Energy Solution and SK Innovation reached a 2 trillion won ($1.78 billion) settlement in their two-year-long legal dispute over battery technologies, the two companies announced Sunday. SK will pay 1 trillion won in cash and 1 trillion in royalties to the rival as compensation for its theft of lithium-ion battery technologies. LG, in exchange, will drop all legal action against SK both in Korea and abroad. This allows SK to avert a punishment by a US court that w

April 11, 2021

Samsung invited to White House meeting on chip shortage

Samsung Electronics, South Korea’s top tech giant, is among 19 global semiconductor manufacturers invited to a White House meeting to be held virtually on Monday. The CEO summit, according to US officials, will discuss a chip supply shortage, especially for those used in vehicles. “On Monday afternoon, National Security Adviser Jake Sullivan and NEC Director Brian Deese, joined by Secretary of Commerce Gina Raimondo, will host a virtual CEO Summit on Semiconductor and Supply Chai

April 11, 2021

BNP Paribas, Shin & Kim holds ESG financing webinar

BNP Paribas South Korea said Sunday it had recently hosted a webinar to offer insight into green finance at home and abroad, as well as on law firms’ key roles in supporting companies’ environmental, social and governance management.  Co-hosted by local law firm Shin & Kim, the virtual event featured Kwon Yong-kwon, head of debt capital markets division at BNP Paribas Securities Korea, Song Soo-Young, a partner lawyer at Shin & Kim, and Lee Ji-sun, leader of Posco&rsq

April 11, 2021

[Herald Interview] Putting Korea's legal services on global map

Behind the growing number of cross-border business deals both small and large in South Korea is not only the nation’s technological competitiveness, but also its legal certainty, top lawyers here said. “As law firms and attorneys take themselves to the next level, Korea’s legal system is increasingly becoming predictable,” said Sky Yang, a managing partner and chief financial officer of Bae, Kim & Lee. That’s not to mention Korea’s civil codes influence

April 11, 2021

Regulator to probe Hyundai Motor execs for alleged insider trading

Financial authorities will launch an investigation into executives of Hyundai Motor on allegations that they used undisclosed information regarding Apple’s electric vehicle project to profit from share trading, industry sources said Sunday. The Korea Exchange has passed on the case to the Financial Services Commission to begin its own probe as early as this month and decide whether to refer the case to prosecutors, industry insiders said. The KRX investigation, launched during the last

April 11, 2021

More hot IPOs on deck as fundraising returns to pre-pandemic level

More initial public offerings of South Korean companies are on deck, as the IPO landscape here is increasingly becoming a heated battleground for investors searching for an immediate return after their listing on the stock market. Korea’s IPO market appears to have returned to the pre-pandemic level, as liquidity-driven investors are rushing to opportunities and regulators are shaping out rules to give IPO stock investors a fairer chance of allocation. In the first quarter, 14 companies

April 11, 2021

More Koreans grow ‘superrich,’ with stock assets exceeding W10b

Despite the ravages of the coronavirus pandemic, the number of South Koreans who hold stocks worth 10 billion won ($8.92 million) or more increased last year, data showed Sunday. Data compiled by the state-run Korea Securities Depository showed that the number of these “superrich” Koreans came in at 2,800 -- up 600, or 27 percent on-year, as of the end of December. Their combined stocks reached 241.5 trillion won in value, up 59.9 trillion won or 33 percent. Of all 2,800 people w

April 11, 2021

[#WeFACE] Beyond EVs, Hyundai Motor ponders true meaning of ‘sustainability’

The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their responses 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.  For Hyundai Motor Group, South Korea’s second-largest conglomerate by assets and its top automaker, the increasingly popular concept of ESG -- an emphasis on envir

April 11, 2021

5 makers of sewage pipes fined W890m over price fixing

South Korea's antitrust regulator said Sunday it has decided to fine five manufacturers of sewage pipes a combined 890 million won ($796,000) for colluding to fix prices of industrial products. Dobong Pipe and six other companies colluded to fix their quotations between 2012 and 2017 for 243 rounds of sewage pipe purchasing bids by public institutions, according to the Korea Fair Trade Commission (KFTC). The deal is valued at 27.3 billion won. Of the seven firms, the regulator decided to impo

April 11, 2021

Korean Air predicted to have turned profit on strong logistics demand

South Korea's flagship carrier Korean Air Lines Co. is expected to have turned a profit in the first quarter of 2021, data showed Sunday, as the company expanded its logistics business after the new coronavirus pandemic virtually suspended passenger travel. The country's top airline operator is expected to post an operating profit of 76.6 billion won ($68.3 million) for the January-March period, compared with a loss of 82.3 billion won posted a year earlier, according to a poll released by Yonh

April 11, 2021

Mobile carriers tipped for robust Q1 earnings on 5G growth

South Korean wireless carriers are estimated to have logged robust earnings in the first quarter on the back of sharp growth in 5G users and their non-telecom businesses, a poll showed Sunday. The combined operating profits of the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- are expected to have reached 966.5 billion won ($863.3 million) in the January-March period, up 6.8 percent from the previous year, according to the poll on six local brokerage hou

April 11, 2021

SK agrees to pay W2tr to LG to settle EV battery

SK Innovation Co. agreed to pay 2 trillion won ($1.78 billion) to settle an electric vehicle battery dispute with LG Energy Solution Ltd. and withdraw all their other pending litigations to end their two-year legal battle, the two companies said Sunday. The two Korean battery makers announced the results of their agreement, hours before a deadline for an import ban on SK. The US International Trade Commission (ITC) in February sided with LG in a trade secret case and issued a 10-year import ba

April 11, 2021

[Weekender] Starting the day with a miracle morning

  Hong Ha-hyun, an ad designer in her 30s, has an important Zoom meeting to attend at 5 a.m. every day. The meetings are not about work, but about boosting positivity in her life, she said. With 35 people she met online, Hong reads books, meditates or drinks a cup of tea before dawn. Since September, the online community Dawning Designer has given her a chance to practice “miracle morning” rituals, leaving her feeling empowered and relaxed. “I believe the daily lives o

April 10, 2021

Seoul stocks expected to gain ground next week on foreign buying

South Korean stocks are likely to continue upward movement next week as expected solid earnings reports for the first quarter are anticipated to boost foreign buying, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,131.88 points Friday, up 0.61 percent from 3,112.8 points a week ago. The index fluctuated in the narrow 3,100-3,260-point band during the week. The KOSPI rose for the sixth consecutive session Thursday, backed by strong foreign buying, bu

April 10, 2021

Industry experts urge legal embrace of digital assets

South Korea should create a legal framework to embrace up-and-rising digital assets, protect customers and support the growth of the industry, a group of experts said Friday. Gathering for a seminar on the legalization of digital assets including cryptocurrencies, experts including lawyers, a lawmaker and businessmen voiced concerns over the government’s cautious approach that could hinder the development and soaring activities of digital assets. During the seminar, Park Jong-baek, a l

April 9, 2021