Samsung Heavy to appeal arbitration ruling for drill rig

Samsung Heavy Industries Co. said Monday that it plans to appeal a British arbitration ruling that ordered the South Korean shipbuilder to return money received from Swedish company Stena for a shipbuilding deal. The London Court of International Arbitration (LCIA), one of the world's leading arbitral institutions, ruled Friday that Samsung Heavy should refund prepaid money and accrued interest worth 463.2 billion ($409.7 million) to Stena, Samsung Heavy said in an emailed statement. The court

March 8, 2021

S. Korea unveils management plan for fishery resources, overfishing

South Korea's oceans ministry announced Monday a five-year blueprint to better manage the country's fishery resources, as climate change and overfishing have been challenging the sustainability of the local fisheries industry. Under the plan, the combined amount of fishery resources in the country's coastal lines will rise to 4 million tons by 2025, soaring 28 percent from the current estimate of 3.13 million tons, according to the Ministry of Oceans and Fisheries. In detail, South Korea will

March 8, 2021

KITA seeks to operate new convention center in Vietnam

The Korea International Trade Association (KITA) said Monday it has won a new contract in Vietnam to operate a newly built convention center in Vietnam, in line with its efforts to revitalize its virus-hit exhibition business and penetrate deeper into Southeast Asia. Under the agreement, KITA and its convention business arm, the Convention & Exhibition Center (COEX), will operate Vietnam's largest convention center located in Binh Duong, just north of Ho Chi Minh City, for the next three ye

March 8, 2021

Samsung to launch Galaxy A42 5G smartphone in S. Korea this week

Samsung Electronics Co. said Monday it will release a new 5G budget smartphone in South Korea this week to expand its dominant status on home turf. Samsung said the Galaxy A42 5G smartphone will be launched here Friday with a price tag of 449,900 won ($400), the cheapest among 5G smartphone models sold in South Korea. The A42 5G was already released in select markets in Europe and Southeast Asia last year. The latest smartphone, equipped with a 6.6-inch display, comes with a rear quad-camera

March 8, 2021

SK hynix starts mass-production of mobile DRAM offering industry's largest capacity

SK hynix Inc., South Korea's No. 2 chipmaker, said Monday it has begun mass-production of a mobile DRAM that offers the industry's largest capacity. SK hynix said 18-gigabyte low-power double data rate (LPDDR) 5 is in mass production and that the company supplied its very first products to Asus' gaming smartphone, the Republic of Gamers 5. The world's largest DRAM producer said its latest chip will be ideal for premium smartphones to support high-resolution games and videos. The company expect

March 8, 2021

Seoul stocks open higher on strong Chinese data

South Korean stocks opened higher Monday on improved Chinese economic data and slowing bond yield hikes in the United States. The benchmark Korea Composite Stock Price Index rose 9.39 points, or 0.31 percent, to 3,035.65 points in the first 15 minutes. Steel, financial and tech stocks led the KOSPI's hike, while retail and insurance traded bearish. Samsung Electronics added 0.37 percent, and No. 2 chipmaker SK hynix advanced 0.36 percent. Leading chemical firm LG Chem retreated 1.11 perce

March 8, 2021

LG Innotek joins hands with Microsoft for cloud-supporting 3D sensing cameras

LG Innotek Co., a major electronics parts maker in South Korea, said Monday it has joined hands with Microsoft Corp. to better expand its presence in the 3D sensing component market. Under the partnership, the two sides will collaborate on the development and supply of Time of Flight (ToF) modules dedicated for Microsoft's cloud platform Azure. A ToF module is a core 3D sensing camera component that can recognize three-dimensionality, spatial information and movement of an object by using the

March 8, 2021

Foreign investors' stock sell-offs extended in Feb.

Foreign investors remained net sellers of South Korean stocks last month, extending their selling spree for a third consecutive month, data showed Monday. Foreigners sold a net 3.24 trillion won ($2.87 billion) worth of local stocks in February, according to the data from the Financial Supervisory Service (FSS). American investors sold a net 1.37 trillion won of stocks last month, while investors from the Cayman Islands net purchased 840 billion won worth of stocks, according to the FSS. As o

March 8, 2021

[News Focus] No signs of settlement between Korea’s warring battery makers

Nearly a month has passed since the US trade court delivered a victory to LG Energy Solution in its trade secret dispute with crosstown rival SK Innovation, but the two sides appear no closer to ending their bitter war. Quite the contrary. The fight between the world’s two leading battery producers for electric vehicles has now spilled over to the White House, much to the dismay of Seoul officials, who hope for an early resolution to the matter, saying this would help Korea maintain its l

March 7, 2021

Woori Financial Group joins first movers list of ESG bonds

Woori Financial Group plans to issue environmental, social and governance hybrid bonds in South Korean won after gaining top credentials, the company said Sunday, joining a growing list of investment firms tapping into the fast-growing market. The financial company said it plans to issue ESG bonds in the form of hybrid securities after acquiring ST1, the highest grade for sustainable financing in a five-tier grading system, from Korea Ratings, a credit rating company. Woori plans to decide the

March 7, 2021

S-Oil acquires 20% stake in hydrogen fuel cell developer

S-Oil said Sunday it has purchased a 20 percent stake in advanced hydrogen fuel cell developer Fuel Cell Innovations. According to the South Korean refinery, the strategic investment will allow S-Oil to become the biggest shareholder of FCI and secure technologies for next-generation solid oxide fuel cells, or SOFCs. Compared to conventional fuel cells, SOFCs have a competitive edge in price, as they use nickel as a catalyst, instead of platinum, to generate electricity. They can also turn m

March 7, 2021

Hanwha heir to spearhead group’s ‘shortcut to space’

Kim Dong-kwan, the heir apparent of South Korea’s defense-to-finance conglomerate Hanwha and the mastermind behind its advancements in the solar power industry, will lead the group’s space satellite business, the group said Sunday. The 37-year-old chief executive of Hanwha Solutions and the eldest son of Hanwha Group chairman Kim Seung-youn will head aerospace task force “Space Hub,” which will comprise key personnel and engineers from Hanwha affiliates. The move fo

March 7, 2021

Korean golf courses pricier than ever for investors

South Korea‘s golf courses are carrying heftier price tags as investment destinations than ever, and their transactions are becoming more and more active, as the coronavirus pandemic since last year has opened doors to more golfing activities and investors are scrambling for more attractive options for their real asset investments, data showed Sunday. The total investment transaction volume of Korean golf facilities in 2020 reached an all-time-high, rising twofold year-on-year to 1.43 tri

March 7, 2021

Art display at SKT headquarters

  An employee looks at works created by local artists on display at a lobby area of SK Telecom’s headquarters building in central Seoul. The South Korean telecommunications firm said Sunday that the company would continue installing artwork there to support local artists who have been deprived of opportunities to introduce their works amid the COVID-19 pandemic. (SKT)  

March 7, 2021

South Korea to brief firms on ‘Netflix Law’

The South Korean government will discuss with providers of online services to set up detailed guidelines for the country’s “Netflix Law,” industry sources said Sunday. The Ministry of Science and ICT will hold a meeting this week with officials from Google, Facebook, Netflix, Naver, Kakao and Wavve. The companies are expected to use the session to clarify terms in the revised Telecommunications Business Act, which could potentially disrupt their business activities in the

March 7, 2021

S. Korea’s number of ultra-high net worth individuals up 6.3%

South Korea marked the eighth-highest rate of growth in the number of individuals with ultrahigh net worth, recent data compiled by a global property consultancy showed Sunday. The number of ultrawealthy people in Korea -- those with net assets worth $30 million or more -- increased by 6.3 percent on-year to 7,354 in 2020, according to the annual wealth report released by Knight Frank. The number of people around the globe at the same standard of net wealth rose by 2.4 percent on-year to 521,6

March 7, 2021

Minister vows zero-tolerance policy, confiscation of properties in land speculation scandal

South Korea’s Finance Minister Hong Nam-ki on Sunday apologized for the snowballing land speculation scandal involving employees of the state-run housing company and vowed a zero-tolerance policy, including confiscation of any illegally obtained properties. Hong’s statement follows the government’s decision Thursday to probe the allegations concerning more than 10 former and current employees at the Korea Land & Housing Corp. who likely used prior information acquired to

March 7, 2021

[Herald Interview] ‘Women in leadership should be new normal’

Despite South Korea’s slow progress in breaking the glass ceiling, its tobacco industry has seen a leap forward in recent years. Last year, BAT Korea appointed its first female country manager. Philip Morris Korea has also made progress in building an inclusive work environment, with initiatives such as flexible working hours, remote working and half-day Fridays. In Korea, 33 percent of the company’s mid-level and senior management staff are women, with a goal of hitting 40 percent

March 7, 2021

FTC to revise e-commerce law in line with new shopping norms

When Kim Ji-young -- a pseudonym -- purchased a designer bag for 1.96 million won ($1,737) via an online community in 2019, she was told that delivery would take about four weeks as the bag was coming from another country. The bag, however, never arrived and the seller was nowhere to be found. Kim’s case is among the 69,452 cases of online shopping consumer damage reported to the Korea Consumer Agency in the past five years. While the e-commerce retail industry is growing by leaps and b

March 7, 2021

SK Innovation to sell stake in US shale oil mines

SK Innovation Co., South Korea's leading refiner, said Sunday it will sell its stake in US shale oil mines to a local glycerin company as part of its business reorganization strategy. SK Innovation said its US affiliate SK E&P America will finalize the deal this month to sell its entire stake in shale gas mines in Oklahoma and Texas and related facilities to Texas-based BenchMark Energy Corp. The company didn't provide the value of the deal. SK Innovation is stepping up its decarbonizat

March 7, 2021