S. Korea to unveil measures to stem property speculation by civil servants

South Korea plans to unveil a set of measures next week to root out property speculation by public officials amid a mounting public outcry over a land speculation scandal by public officials, the finance minister said Friday. Finance Minister Hong Nam-ki stressed the government is preparing to come up with measures to eradicate property speculation and illegal practices, and prevent the recurrence of similar cases. "(With the measures), the government plans to apply very strict standards

March 26, 2021

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Friday, taking a cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 13.34 points, or 0.44 percent, to 3,021.67 points in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average advanced 0.62 percent on improved jobless data, with the tech-heavy Nasdaq Composite and the S&P 500 adding 0.12 percent and 0.52 percent, respectively. In Seoul, top cap Samsung Electronics gained 0.37 percent, and N

March 26, 2021

Consumer sentiment gains for 3rd month in March

South Korea's consumer sentiment rose for a third consecutive month in March, as exports showed signs of a modest recovery amid the COVID-19 vaccine rollout, central bank data showed Friday. The composite consumer sentiment index (CCSI) came in at 100.5 for March, up 3.1 points from the previous month, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists. The latest reading marks the third on-month gain following a drop in December las

March 26, 2021

IMF sharply ups 2021 growth outlook for S. Korea to 3.6%

The International Monetary Fund (IMF) on Friday sharply raised its growth outlook for South Korea this year, citing robust exports and the country's fiscal policy support amid the pandemic. The IMF forecast the South Korean economy to grow 3.6 percent this year, up from its estimate in January of 3.1 percent. The upward revision came as the IMF issued a report on the outcome of its annual consultation with South Korea held in January. The IMF said Asia's fourth-largest economy is expected to

March 26, 2021

Implications of Intel's foundry bid on Asia: 'US is getting back its chips'

Intel’s plan to reenter the foundry business could be an indication of reshoring chip manufacturing back to the US, a key strategic move that would have ramifications on the local economy, which depends largely on chip sales. After announcing the plan to spend $20 billion on building two new fabrication plants in Arizona, Intel CEO Pat Gelsinger told BBC, “Having 80 percent of all supply in Asia simply isn’t a palatable manner for the world to have its view of the most crit

March 25, 2021

LG Chem chief vows to get due compensation from SK

Shin Hak-cheol, chief executive and vice chairman of LG Chem, on Thursday vowed to get proper compensation from SK Innovation for stealing its battery technologies. “We can’t easily let go of this case for the general good of global companies that are developing technologies on the belief of fair competition and clients who make purchases on the belief they were lawfully made,” Shin said at the company’s general shareholders meeting held at the headquarters building in

March 25, 2021

GC Wellbeing drug material for cancer cachexia shows efficacy

GC Wellbeing announced Thursday that GCWB204, its new drug material for treating cancer cachexia, has shown efficacy in preventing muscle reduction. GC Wellbeing, jointly with the convergence medical team led by professor Woo Dong-cheol of Asan Medical Center, published the results of the research in global academic journal Metabolomics, according to the company. The joint research team focused on analyzing the effects of GCWB204 on main biomarkers from animal samples that underwent muscle

March 25, 2021

[Newsmaker] ‘Imprisoned Samsung chief Lee hospitalized for burst appendix’

Samsung Electronics Vice Chairman Lee Jae-yong had part of his large intestine removed after his appendix burst, local reports said Thursday. The de facto chief of the nation’s largest conglomerate, who is currently in jail for bribing former President Park Geun-hye, had a partial colorectal resection last week, the reports said, after a case of acute appendicitis was diagnosed too late and resulted in complications. They said Lee, not wanting to draw unnecessary attention, endured th

March 25, 2021

[Exclusive] Shinhan, Hana accused of indirectly financing Myanmar military businesses

Two of South Korea’s leading banks, Shinhan and Hana, have indirectly provided loans and investments to firms with links to Myanmar’s military, data exclusively obtained by The Korea Herald showed Thursday. In September 2019, Shinhan Bank’s branch in Yangon, Myanmar’s largest city, issued loans worth 847 million won ($750,000) to Myanmar Posco C&C. The coated steel company was jointly established by Posco Group’s steel sheet-making arm Posco C&C and Myanm

March 25, 2021

[Exclusive] 'SK took CT scans of LG batteries to prove tech prowess'

SK Innovation took a CT scan of LG Energy Solution’s electric vehicle batteries in a potential attempt to use it in its legal dispute with the local rival, industry sources told The Korea Herald. SK Innovation requested a research facility in South Korea to take CT images of its own batteries and LG Energy Solution’s. This was while their battery trade secret case was ongoing in the US. “SK Innovation took the images to compare the inner structures of its pouch-type batte

March 25, 2021

S. Korea eyes next-generation power chips

South Korea will nurture the local industry for next-generation power chips as a new strategic investment for future chip leadership, the government said Thursday. At the seventh meeting on innovative growth, the Ministry of Trade, Industry and Energy unveiled a blueprint that contains measures to establish an ecosystem for next-generation power chips ranging from key technologies to product development and mass production. Built to handle high voltages and large currents without damage, p

March 25, 2021

[News Focus] Household debt risks mount as banks halt interest discounts

SEJONG -- South Korea’s benchmark interest rate has been set at an all-time low of 0.5 percent per annum for 10 months since May last year, as the central bank tries to prop up a lackluster economy that has faltered in the wake of the novel coronavirus. The record-low rate could benefit many households and micro-business owners who resort to financial loans in this unexpected situation. But the Bank of Korea will have no choice but to conduct rate hikes eventually on a mid-term basis, g

March 25, 2021

Seoul stocks rebound on eased valuation pressure, virus woes

South Korean stocks snapped their four-day losing streak Thursday as investors bought undervalued shares on expectations of a rebound amid eased virus concerns. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.98 points, or 0.4 percent, to close at 3,008.33 points. Trading volume was moderate at about 922 million shares worth some 13.1 trillion won ($11.6 billion), with gainers outnumbering losers 460 to 374. Foreigners sold a net 82 b

March 25, 2021

[#WeFACE] Korea's fledgling market for ESG investment faces 'greenwashing' concerns

This article is part of analysis and interviews by The Korea Herald‘s finance desk staff exploring South Korea’s budding ESG investment market, as well as its potential, impact and challenges. -- Ed. The sprouting demand for responsible investing options is reshaping the capital market landscape in South Korea, as financial products associated with environmental, social and governance factors are showing fast-paced growth. The sharp upsurge in both demand and supply, on the other

March 25, 2021

Hyundai Glovis open for break-bulk transport

Hyundai Glovis is expanding its cargo business to use its pure car and truck carriers for break-bulk transport to diversify its business portfolio, the company said Thursday. As freight owners are experiencing shortage of shipping containers, Hyundai Glovis seeks to utilize its car and truck carriers, the vehicle delivery arm of South Korea’s Hyundai Motor Group, explained. Break-bulk shipping is transporting cargo or goods that cannot fit in standard-size shipping containers or cargo

March 25, 2021

S-Oil donates W100m for burn victims from single-parent families

S-Oil donated 100 million won ($88,200) in total for 10 single-parent households with members who had suffered burn injuries. According to the South Korean refinery, it delivered the donation to the Hallym Burn Foundation at a ceremony at the Hallym University Medical Center on Thursday. Each of the 10 households will receive 10 million won. This is the first donation S-Oil has made to assist burn victims. Established in 2008, the Hallym Burn Foundation helps burn patients with medical and r

March 25, 2021

Eximbank CEO named richest public servant in finance

The state-run Export-Import Bank of Korea CEO Bang Moon-kyu was named the richest public official in a financial institution, with net worth amounting to some 5.9 billion won ($5.2 million) as of end-2020, data by the public service ethics committee here showed Thursday. The data disclosed by the committee under the Ministry of Personnel Management also took assets owned by the officials’ family members into account. The value of Bang’s net assets, including real estate, gained 8

March 25, 2021

Female stock investors double in number in just 4 years

Amid the stock investment boom, the number of women investing in stocks in South Korea has doubled over the past four years, according to data compiled by the Korea Securities Depository on Thursday. While the number of stock investors in Asia’s fourth-largest economy recorded 9.19 million, the number of female stock traders came to 3.88 million as of the end of December last year, up from 1.94 million four years earlier, the data showed. The growth rate for female stock investors, 77.8

March 25, 2021

Shinsegae Department Store’s fruit subscription service proves popular

Shinsegae Department Store’s fruit subscription service is enjoying a surge in popularity as the number of subscribers jumped threefold in 10 months. The service, which began at the retailer‘s Gangnam branch, will be extended to its main store in Myeongdong, the department store said. Those subscribing to the service for a monthly fee of 220,000 won ($194) can have a selection of seasonal fruits worth 260,000 won delivered to their doorstep on a weekly basis. Tips on how to pick,

March 25, 2021

Real estate investment firm Mastern launches US arm

Seoul-based real estate investment firm Mastern Investment Management said on Thursday that its subsidiary in the United States, Mastern America, began operation earlier this week. The launch will help Mastern, which was overseeing 21.7 trillion won ($19.1 billion) worth of assets as of March, to streamline its onsite due diligence for its outbound investment into the US market, enhance its capability for deal-sourcing and portfolio property management in the US and foster partnerships with US

March 25, 2021