Banks' lending rates edge up in February

South Korean banks' lending rates inched up in February amid a slight decline in deposit rates, central bank data showed Tuesday. The average interest rate charged on new bank loans came to 2.74 percent in February, up 0.02 percentage point from the previous month, according to preliminary data from the Bank of Korea (BOK). The BOK cut the key interest rate to a record low of 0.5 percent in May last year after delivering an emergency rate cut of half a percentage point in March to cushion the

March 30, 2021

SK E&S to invest W1.6tr in gas field off Australia

SK E&S Co., the natural gas provider under SK Group, said it will invest 1.6 trillion won ($1.4 billion won) over the next five years to develop an Australian gas field for the stable supply of liquefied natural gas (LNG). SK E&S said it approved the investment plan to kick-start the $3.7 billion development of Barossa gas field off Australia's northern coast. The Korean company, which holds a 37.5 percent stake in the project, said it will invest 762.8 billion won in its Australian su

March 30, 2021

LG Electronics teams up with local partners to develop renewable energy tech

LG Electronics Inc. said Tuesday it has joined hands with local partners to develop renewable energy technology and achieve carbon neutrality. Under the partnership with Korea Water Resources Corporation and POSCO, the country's largest steelmaker, LG will collaborate in building a renewable energy cluster here. The three will work together to develop a seawater heating and cooling system dedicated to the environment of the Yellow Sea, the country's western sea, and building integrated photovo

March 30, 2021

S. Korea aims to cement recovery, curb debt growth in 2022 budget

South Korea said Tuesday it plans to maintain an expansionary fiscal policy next year to underpin an economic recovery from the pandemic, but it will also seek to enhance fiscal soundness amid mounting national debt. Under the 2022 budget guidelines, approved by the Cabinet, the country aims to prop up the economy and invest in key policy initiatives for the post-pandemic era, while improving fiscal efficiency, according to the Ministry of Economy and Finance. The South Korean economy contract

March 30, 2021

S. Korea to increase tax incentives W3tr this year amid pandemic

Tax exemptions and incentives are expected to rise almost 3 trillion won ($2.6 billion) on-year this year as the country seeks to help vulnerable people cope with the fallout of the pandemic. The value of the country's subsidies offered via tax exemptions and credit is estimated at 56.8 trillion won this year, up from last year's 53.9 trillion won, according to the Ministry of Economy and Finance. The percentage of tax subsidies against total tax revenue is likely to reach 15.9 percent this ye

March 30, 2021

[Graphic News] Residents' foreign currency deposits rise in Feb.

　Foreign currency deposits at banks in South Korea rose in February, mainly due to a gain in corporate holdings of US dollar deposits, central bank data showed. 　Outstanding foreign currency-denominated deposits held by residents amounted to $90.03 billion as of end-February, up $650 million from the previous month, according to the data from the Bank of Korea. 　Residents include local citizens and foreigners staying here for more than six months, as well as foreign companies. The data ex

March 30, 2021

Seoul stocks open higher on hopes of global economic rebound

South Korean stocks opened higher Tuesday, tracking the Dow's overnight gains that stemmed from expectations of a quick global economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index rose 14.74 points, or 0.49 percent, to 3,050.78 points in the first 15 minutes of trading. Investor sentiment was boosted after the Dow Jones Industrial Average set another record overnight over the progress in the US vaccine rollout. Advances by auto and financial shares led the KOSP

March 30, 2021

Samsung, LG TVs earn advanced Wi-Fi tech certification

South Korea's two largest TV makers -- Samsung Electronics Co. and LG Electronics Inc. -- said Tuesday their premium TVs have obtained a certification for advanced Wi-Fi technology that enables them to deliver faster and more stable connectivity. Samsung said two Neo QLED TV models -- QN900A and QN800A -- became the industry's first TVs to get Wi-Fi 6E (6th Generation Extended) certification from the Wi-Fi Alliance (WFA), the global organization with more than 850 members driving Wi-Fi adoption

March 30, 2021

Hyundai mulls suspension of local plant on chip shortage

South Korea's Hyundai Motor Co. said Monday it is considering suspending production at a domestic plant next month due to a global semiconductor chip shortage. Hyundai Motor mulls halting the operation of the No. 1 plant in Ulsan, 414 kilometers southeast of Seoul, which produces the Kona subcompact SUV and the IONIQ 5 all-electric model due to parts shortage, a company official said over the phone. The possible suspension comes amid a lack of semiconductor parts used in the Kona's front ve

March 29, 2021

IMM PE to exit from Taihan Electric Wire for W251.8b

IMM Private Equity has agreed to sell a 40 percent stake in Taihan Electric Wire to Hoban E&C for 251.8 billion won ($222.2 million) to exit from the industrial wire maker, a filing showed Monday. This will mark the first exit announced this year by South Korea’s third-largest private equity firm that has $5.4 billion-worth of assets under management. The deal involving Taihan’s 342.6 million common shares is scheduled to close on May 31. Hoban E&C will become Taihan&rsquo

March 29, 2021

Magnachip to be sold to Chinese fund

Magnachip, spun off from South Korea’s SK hynix and listed on the US stock market, has been sold to a Chinese private equity fund, according to industry sources Monday. The chipmaker will be acquired by China’s Wise Road Capital for 1.6 trillion won ($1.4 billion) according to the company announcement. All of the shares will be sold to the Chinese fund at $29 per share with a 75 percent premium, which is estimated to be $1.4 billion. “The latest deal will not only bring

March 29, 2021

[News Analysis] S. Korea’s longest serving finance minister burdened with recovery, real estate tasks

Finance Minister Hong Nam-ki is set to become the longest serving fiscal chief in South Korean history, but his leadership is facing public pressure for the revival of an economy battered by the COVID-19 pandemic and to appease discontent on job creation and real estate policies. By Thursday, Hong will pull ahead of Yoon Jeung-hyun -- who served for 842 days under the Lee Myung-bak administration -- as the nation’s most durable chief economic policymaker and deputy prime minister. He has

March 29, 2021

GS launches ESG committee for sustainable business management

South Korean conglomerate GS Group kicked off the first meeting of its ESG committee for sustainable business management, the company said Monday. The committee for environment, social and corporate governance, commonly referred to as ESG, will help accelerate their planned initiatives, the company said. Under the auspices of the company’s board of directors, the committee is led by former Minister of Economy and Finance Hyun Oh-seok, who has been reappointed as an outside director, th

March 29, 2021

SK Innovation battery recycling tech wins US nod

SK Innovation’s battery recycling technology has been verified by Argonne National Laboratory, a research institute under the US Department of Energy, the company said Monday. According to SKI, the technology extracts metals inside used-up lithium-ion batteries for electric vehicles. Lithium retrieved with this technology emits 74 percent and 41 percent less greenhouse emissions compared to that produced from mines and salt lakes, respectively, according to Argonne National Laboratory&r

March 29, 2021

Hyundai Oilbank accelerates solar, hydrogen transition through Blue Clean campaign

Hyundai Oilbank said Monday that it will expand its Blue Clean campaign to seek solar and hydrogen transition throughout its value chain -- from logistics centers to service stations. Blue is Hyundai Oilbank’s brand color. According to the South Korean refinery, it will install solar power generation facilities at leftover spaces inside logistics centers where petrochemical products are shipped in and out. “The logistics centers consume a huge amount of electricity. Hyundai Oilb

March 29, 2021

SK Holdings changes name to SK Inc., vows to speed up sustainable investments

SK Holdings, the holding firm of SK Group, South Korea’s third-largest conglomerate in assets, said Monday that it has changed its name to SK Inc. and vowed to accelerate its sustainable investments in strategic sectors. It also established an exclusive committee dedicated to ESG -- environmental, social and governance issues -- and added a first-ever female member to its board of directors, all in line with the growing calls for nonfinancial consideration in management. “Despit

March 29, 2021

Posco to receive third dividend from Roy Hill investment

South Korea’s top steelmaker Posco will receive 150 billion won ($133 million) in dividends from Roy Hill Holdings, the developer of Australia’s largest single iron ore mine, officials said Monday. With the dividends to be paid out next month, Posco will have secured 270 billion won in total from its preemptive investment in the Australian mine. As Australia’s largest single mine, Roy Hill comprises an iron ore reserve of 2.3 billion tons and accounts for 55 million tons i

March 29, 2021

CES attendants pick S. Korea as top-tier innovator, next to US

Those attending the Consumer Electronics Show this year received the impression that South Korea is one of the most innovative players in the world, standing next to the US and outrunning Germany and Japan. Autonomous driving was picked as the most promising business sector, while LG was seen as operating the most impressive booth, unveiling new products such as rollable phones. According to a survey conducted by the Federation of Korean Industries on 80 Korean companies that participated i

March 29, 2021

NH Investment offers simulated stock shopping

Brokerage firm NH Investment & Securities said Monday it is looking to build closer ties with young customers by opening a pop-up store at Seoul’s newest department store, the Hyundai Seoul. Named NH Super Stock Market, the pop-up store is part of the brokerage house’s brand awareness project aimed at presenting its corporate vision and targeting the so-called MZ generation. The term, a combination of millennials and Generation Z, refers to those born between 1980 and the early

March 29, 2021

S. Korea gives final nod to SK hynix's W120tr project

South Korea said Monday it has granted the final approval to SK hynix Inc.'s 120 trillion-won ($106 billion) project to build a new semiconductor complex, a move that could ease supply shortages in the global market. South Korea's No. 2 chipmaker has completed all necessary administrative procedures to go ahead with the project to build the complex in Yongin, about 50 kilometers south of Seoul, according to the Ministry of Trade, Industry and Energy. The announcement came about two years after

March 29, 2021