Texas blackout: A harsh lesson for Korea’s wind power industry?

The recent Texas ice storm, which froze wind turbines and caused massive blackouts, sparked a heated debate on the efficacy of wind power in the United States -- a debate that has spilled over to South Korea as it plans to build the biggest wind farm in the world. Last week, the ice storm in Texas left millions of people without power after wind turbines froze. Vital equipment at gas wells and nuclear power plants was also affected. According to the Electric Reliability Council of Texas, w

Feb. 23, 2021

SK Innovation to liquidate 49% of SK Global Chemical for green transition

SK Innovation said Tuesday that it would sell off 49 percent of its petrochemical subsidiary, SK Global Chemical, as part of a strategy to unload carbon-intensive assets and focus its investments on green businesses. SK Innovation currently controls 100 percent of SK Global Chemical. According to the South Korean battery and petrochemical giant, it selected JP Morgan as a financial adviser in November before making the decision. “SK Global Chemical is reviewing a partnership with glob

Feb. 23, 2021

[Time to Play] JBL Quantum One, for those willing to spend extra to win

Here’s the deal. The JBL Quantum series are decent headphones, but are they worth the price? Launched under the slogan “Sound is Survival,” the Quantum series are JBL’s first-ever headsets, designed exclusively for hardcore gamers to outlast opponents especially in first-point shooter games. After testing active noise-cancelling Quantum One -- priced at 299,000 won ($270) -- and comparing it them over Lunar New Year holidays with Sennheiser HD 4.50 BTNC headset avai

Feb. 23, 2021

FSC chief urges local insurers to join ESG trend

Financial Services Commission Chairman Eun Sung-soo said Tuesday that the emerging environmental, social and governance trend could provide local insurance firms with new business opportunities. “The insurance segment, which often handles long-term services and investment, is closely related to ESG management, which is aimed at achieving long-term sustainability,” Eun said at an event for the CEOs of local insurance companies in Seoul. “ESG-driven management could become a

Feb. 23, 2021

Seoul stocks slump for 2nd day on US inflation concerns

South Korean stocks slumped Tuesday for a second day amid lingering inflation concerns, with major tech and bio stocks coming under heavy selling pressure. The Korean won fell against the US dollar. After veering in and out negative terrain, the benchmark Korea Composite Stock Price Index (KOSPI) fell 9.66 points, or 0.31 percent, to close at 3,070.09 points. Trading volume was moderate at about 2.2 billion shares worth some 17.3 trillion won ($15.6 billion), with losers outnumbering gainers

Feb. 23, 2021

Big Hit's 2020 net soars amid unrelenting BTS popularity

Big Hit Entertainment Co., the management agency behind global superstars BTS, said Tuesday its net profit rose 19 percent last year from the previous year amid the growing popularity of its flagship K-pop group. Net profit stood at 86.2 billion won ($77.6 million) in 2020 on a consolidated basis, compared with 72.4 billion won the previous year, the company said in a regulatory filing. Annual operating profit jumped 44.2 percent on-year to 142.4 billion won, while sales rose 35.6 percent to 7

Feb. 23, 2021

Eximbank to create W200b global ESG fund

The Export-Import Bank of Korea said Monday it plans to set up a global environmental, social and governance-related fund worth at least $200 billion won ($180 million) to support local firms seeking to expand businesses overseas. The size of the fund could be expanded and the state-run bank will invest a combined 50 billion won in the fund. Once the manager of the fund is determined, it would focus on supporting the global forays of businesses under seven areas tied to the Green New Deal an

Feb. 23, 2021

SK Bioscience seeks up to W1.5tr in blockbuster IPO

SK Bioscience, the vaccines unit of South Korea’s No. 3 conglomerate SK Group, said Tuesday it looks to raise up to some 1.49 trillion won ($1.34 billion) in fresh funds via an initial public offering on the nation’s benchmark Kospi bourse. While its market debut is scheduled for next month, the vaccine producer seeks to issue 22.95 million shares in a price band of 49,000-65,000 won. The exact share price will be determined after the book building process before retail investors ca

Feb. 23, 2021

Audio social media app Clubhouse takes off in S. Korea

Clubhouse, an audio social media app that has generated buzz worldwide, has been gaining popularity in South Korea as popular celebrity users, from K-pop artists to politicians, join the invitation-only platform. The iPhone social media app, in which users enter rooms to chat with one another by voice, reached 195,000 downloads in South Korea as of Feb. 16, according to mobile analytics company App Annie on Tuesday. While the app, developed by US-based startup Alpha Exploration Co., ranked at

Feb. 23, 2021

[News Focus] Korea’s household debt grows second-fastest in OECD

SEJONG -- In 2016, South Korea saw collective household debt to net disposable income reach 174.52 percent, according to the research by the Organization for Economic Cooperation and Development. The figure grew further to 181.81 percent in 2017, 184.99 percent in 2018 and 190.59 percent in 2019 amid a continuous climb in financial services firms’ outstanding loans, such as mortgages and credit-based lending, issued to the household sector. The 16.07 percentage point increase of Korea d

Feb. 23, 2021

Samsung Electronics gets first homemade ultrathin copper foils

Iljin Materials said Tuesday it has shipped the first batch of domestically produced ultrathin copper foils to be used for semiconductor packing to Samsung Electronics. According to the electronic material producer of Iljin Group, it became the first South Korean company to commercialize the ultrathin copper foils, which had been produced exclusively in Japan. “When the Great East Japan Earthquake broke out in 2011, Samsung Electronics experienced difficulties importing the copper foi

Feb. 23, 2021

Snack firm Orion completes construction of factory in India

South Korean confectionery maker Orion Corp., famous for the nation’s beloved Choco Pie snack, said Tuesday that it has completed the construction of a production plant in the state of Rajasthan, India, accelerating their efforts to branch out into the world’s second most populous country. 　 The new manufacturing site marks the company’s 10th factory built abroad, following five in China, two in Vietnam and two in Russia. The move will help cut down logistics costs as items,

Feb. 23, 2021

Samsung launches ‘human eye-like’ image sensor ISOCELL GN2

Samsung Electronics announced on Tuesday it is launching the advanced image sensor ISOCELL GN2 with a more true-to-life auto focus function that makes the microchip operate similar to human eyes. ISOCELL is Samsung’s image sensor brand developed by its System LSI Business. Samsung, which is on a path to expand its presence in the system-on-chip market, including the image sensor sector, has been increasing efforts to bolster its product lineup. The newest ISOCELL GN2 boasts a new 5

Feb. 23, 2021

Huawei co-hosts forum on shared prosperity at MWC

Governmental ministers from multiple countries gathered on Tuesday at the Connected for Shared Prosperity forum co-hosted by Huawei and GSMA to mark the opening of Mobile World Congress Shanghai 2021. Speakers, including ministers from Spain, Portugal, Hungary and more, agreed that the global economic recovery is increasing instep with greater enforcement of pandemic control measures. They also agreed that reductions in emissions, more jobs, and more initiatives in facilitating prosperity ar

Feb. 23, 2021

S. Korea ranks 3rd in 2020 economic growth after China, Norway: OECD

South Korea’s economy posted negative growth amid the prolonged COVID-19 pandemic last year, but it ranked third in terms of economic growth rate among major economies, data showed Tuesday.  The local economy shrank 1 percent in 2020 from a year earlier, the worst on-year growth estimate since 1998 when the gross domestic product contracted 5.1 percent in the wake of the Asian financial crisis. The latest figure, however, marked the third-highest among 15 major economies, according

Feb. 23, 2021

Overseas card spending plummets 46.1% in 2020 amid pandemic

South Koreans' overseas card spending plummeted 46.1 percent on-year in 2020, hit by a sharp decline in the number of outbound travelers amid the COVID-19 pandemic, central bank data showed Tuesday. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, totaled $10.31 billion last year, compared with $19.12 billion in 2019, according to the data from the Bank of Korea (BOK). The number of outbound South Koreans plunged 85.1 percent on-year to 4.28 mi

Feb. 23, 2021

2nd-tier cities suffer extended job slump amid pandemic

The employment rates for minor cities and counties in South Korea fell in the six-month period ending in October last year as the job market was hit by the pandemic, data showed Tuesday. The employment rate for smaller cities in nine provinces came to 59.5 percent in the May-October period, down 1 percentage point from a year earlier, according to the data compiled by Statistics Korea. The corresponding rate for counties across the nation declined 0.3 percentage point on-year to 67 percent. T

Feb. 23, 2021

Household credit growth slightly slows in Q4 last year

South Korea's household credit grew at a slightly slower pace in the fourth quarter of last year, as banks tightened rules on unsecured loans, central bank data showed Tuesday. Household credit reached a record high of 1,726.1 trillion won ($1.55 trillion) as of December last year, up 44.2 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial institut

Feb. 23, 2021

S. Koreans spent an hour a day on YouTube in Jan.: data

South Koreans are estimated to have spent an hour on average on the mobile YouTube app a day last month, data showed Tuesday. The average time a local mobile user spent on the video streaming app in January stood at 30 hours and 34 minutes, or 59 minutes a day, according to mobile app tracker WiseApp, based on data of Android and iOS users over the age of 10 in the country. WiseApp said there were 40.41 million mobile users who used the YouTube app at least once last month, with those aged 50

Feb. 23, 2021

S. Korea aims to boost exports of eco-friendly cars

South Korea on Tuesday finalized a five-year plan for the eco-friendly auto industry, which includes expanding exports of such automobiles by threefold by 2025. The country's exports of eco-friendly cars, which includes electric and hydrogen fuel cell models, will reach 830,000 units in 2025, significantly rising from 280,000 units tallied in 2020, according to the Ministry of Trade, Industry and Energy. South Korea shipped $37.4 billion worth of automobiles in 2020, down 13.1 percent on-year

Feb. 23, 2021