SK Materials, Hyosung Chemical’s NF3 gas ‘selling like hotcakes’

SK Materials and Hyosung Chemical’s NF3 gas is enjoying an unprecedented boost in sales as demand for semiconductors and displays have spiked amid the pandemic. NF3, short for nitrogen trifluoride, is a special type of gas used during the manufacturing process of semiconductor, display and solar panels. The gas removes residue left on inner walls of the manufacturing chamber. “Thanks to the recovery of global chip and display industries, NF3 is currently selling like hotcakes,&rd

Feb. 4, 2021

S. Korean research team develops technology able to track down disease onset

A South Korean research team funded by Samsung Electronics has developed a system that can be used to calculate the time that has elapsed since the onset of disease. The research, titled “Recording of elapsed time and temporal information about biological events using Cas9,” has been published in Cell, an international journal publishing research papers regarding life sciences. It is the first time for research funded by Samsung Future Technology Development Project to be publish

Feb. 4, 2021

While auto sector thrives, gap widens between companies

South Korea’s automotive industry was one of the few sectors to weather the COVID-19 pandemic with few ill effects, managing to expand in 2020 with prospects for further strides amid market changes in 2021. Not only did the pandemic encourage consumers to rely on personal cars for transportation, but the fast growth of electric vehicles and autonomous driving technology gave momentum to the industry at a time it was desperately needed. But on a closer view, the rich-get-richer dilemma

Feb. 4, 2021

Seoul stocks snap 3-day winning streak on profit-taking

South Korean stocks snapped their three-day winning streak Thursday, as foreign and institutional investors sought profits following a recent hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 42.13 points, or 1.35 percent, to close at 3,087.55 points. Trading volume was high at about 1.3 billion shares worth around 20.4 trillion won ($18.2 billion), with losers outnumbering gainers 539 to 305. Foreigners sold a net 640 billion won, e

Feb. 4, 2021

FSS slaps heavy sanctions on Woori chief, Shinhan CEO over Lime fiasco

South Korea’s market watchdog has informed top executives at Woori Financial Group and Shinhan Bank they may be punished over a financial fraud scandal involving Lime Asset Management, Financial Supervisory Service officials and industry sources said Thursday.  Sohn Tae-seung, the incumbent Woori Financial Group Chairman and former chief executive of Woori Bank, was informed that he may be suspended from his duties, which is the second-heaviest reproach in the regulator’s five

Feb. 4, 2021

[News Focus] 4.33 million people de facto jobless in Korea

SEJONG --The number of unemployed or underemployed people in South Korea climbed to the second-highest on record in December at 14.6 percent, according to Statistics Korea. Defined as the “extended-based” jobless rate, it refers to the percentage of the unemployed or underemployed of the economically active population under the Supplementary Index III for Employment. The Index III regards “underemployed” people -- who work less than 36 hours a week and want to work mo

Feb. 4, 2021

Extension of shorting ban receives mixed reviews

South Korea’s top financial regulator’s recent decision to extend a temporary ban on stock short selling has garnered mixed reviews from market analysts and retail investors. Financial Services Commission Chairman Eun Sung-soo said on Wednesday that the temporary short selling ban will be lifted from May 3 on 200 stocks listed on the main bourse Kospi and 150 stocks on the tech heavy Koadaq. The government has banned the shorting scheme since March 16 last year over growing concer

Feb. 4, 2021

IK HealMade’s FFP2 masks ready for global market

Korean mask company IK HealMade on Thursday said that it is more than ready for the full-fledged global exports of its FFP2-certified and US FDA-approved masks. The company’s remark is targeted for Europe, as in January the southeastern German state of Bavaria made it compulsory for people to wear FFP2 masks in shops and on public transport. The FFP2 certification signifies the mask has passed some 20 tests and demonstrated successful filtration of more than 94 percent of aerosol conten

Feb. 4, 2021

Jamon becomes most popular emerging food on delivery app Yogiyo

Jamon, a dry-cured ham produced in Spain, was named the fastest emerging item on food delivery app Yogiyo last year, thanks largely to the popularity of wine amid the pandemic. The Spanish ham saw a 515 percent year-on-year jump in order volume, enjoying the biggest growth apart from already-beloved items such as fried chicken, pizza and Chinese food, Delivery Hero Korea, the company behind the app, said Thursday. “It appears record-breaking wine sales that caused an increase in home dri

Feb. 4, 2021

Mirae Asset launches equity fund to bet on clean tech

South Korea‘s investment house Mirae Asset Global Investments said on Thursday it has launched a new equity fund to invest in domestic companies with clean technology prowess. With the launch, Mirae Asset aims to ride on the green wave among financiers that is triggering a seismic shift across the industries. Its portfolio will mainly comprise of Korean firms dedicated to solar, wind and hydroelectric power resources, waste management, electric vehicles, hydrogen cars, as well as smart

Feb. 4, 2021

Hyosung’s Cho Hyun-sang promoted to vice chairman

South Korean industrial conglomerate Hyosung Group, strong in its textile and chemical businesses, has named Cho Hyun-sang its new vice-chairman, the company said on Thursday. The move comes nearly four years after Cho was appointed president in 2016. In an announcement of his new role, the company explained the appointment is to strengthen responsible management and proactively respond to the “changing business environment as a result of the prolonged coronavirus pandemic and the fourth

Feb. 4, 2021

K bank sees record inflow of deposits, new customers in Jan.

South Korea’s first internet-only lender, K bank, saw a hike in term deposits in January backed by new customers looking to invest in bitcoins through the online bank. Under the partnership between K bank and crypto exchange Upbit forged in June, retail investors can open a bitcoin trade account via the online lender. A bitcoin frenzy in January appears to have pushed the number of customers subscribing and depositing cash at K bank, according to market watchers. K bank’s sav

Feb. 4, 2021

KB Kookmin Bank adopts global ESG-related risk management framework

South Korea’s KB Kookmin Bank on Thursday said it has adopted a global environmental, social and governance-related risk-management framework, known as the Equator Principles, to better uphold its environmental responsibilities. By complying with the international convention adopted by financial institutions around the world, KB Kookmin hopes to bolster its ESG standards in its decision-making process. Project financing over $10 million and corporate loans of over $50 million are subje

Feb. 4, 2021

Korea Eximbank sells $1.5b worth of bonds

The state-run Export-Import Bank of Korea (Korea Eximbank) said Thursday that it has issued global bonds worth $1.5 billion to overseas investors. The three-tranche debt is comprised of three-year bonds worth $500 million and five-year bonds worth $700 million, with the remainder maturing in 10 years, the lender said. The three-year bonds carry an annual interest rate of the yield on three-year US Treasurys plus 0.23 percent, and the five-year debt has a rate of the return on five-year US Trea

Feb. 4, 2021

S. Korea to spend more for future cars under New Deal scheme

South Korea's industry ministry said Thursday it plans to raise 200 billion won ($179 million) this year to nurture eco-friendly automobiles and other state-of-the-art technologies, in line with the country's New Deal drive announced last year. The Ministry of Trade, Industry and Energy said it has clinched a memorandum of understanding with a slew of industrial and financial partners, including Hyundai Motor Group. Of the fund, the government plans to chip in 50 billion won, followed by Hyund

Feb. 4, 2021

KT&G Q4 net nearly triples on increased exports

KT&G Corp., South Korea's dominant tobacco company, said Thursday its fourth-quarter net profit nearly tripled as exports increased despite the COVID-19 pandemic. Net profit for the three months ended December jumped to 307.71 billion won ($276 million) from 116.83 billion won a year earlier helped by robust overseas sales of tobacco products, the company said in a statement. "The seven-year supply contract signed with a Middle Eastern company early last year and increased exports to

Feb. 4, 2021

Samsung's Q4 smartphone sales rise in US: report

Samsung Electronics Co.'s smartphone sales in the United States rose in the fourth quarter of 2020 on the back of its budget flagship model, a report showed Thursday, despite overall market decline. Samsung and Apple Inc. were the only smartphone makers to post sales growth in the United States in the last three months of 2020, according to market researcher Counterpoint Research. The South Korean tech giant saw 5 percent on-year growth in its US smartphone sales in the fourth quarter, while A

Feb. 4, 2021

Top court upholds guilty convictions of Samsung executives in union-busting case

The Supreme Court on Thursday upheld the guilty convictions of dozens of former and current Samsung executives accused of sabotaging labor union activities at a subsidiary company in 2013. The court confirmed a 16-month prison sentence for Kang Kyung-hoon, a vice president at Samsung Electronics Co., on charges of violating labor union laws. It also confirmed the acquittal of Lee Sang-hoon, former chairman of Samsung Electronics' board of directors, citing the illegal means by which evidence w

Feb. 4, 2021

Amount of grain brought home by S. Korean agricultural firms doubles in 2020

The amount of wheat and other grains brought home by South Korean agricultural firms more than doubled in 2020 from a year earlier, data showed Thursday, in line with the country's efforts to revamp its national food security. The combined amount of grains excluding rice imported through South Korean agricultural developers reached 110,000 tons in 2020, soaring from just 44,000 tons posted the previous year, according to the Ministry of Agriculture, Food and Rural Affairs. Wheat accounted for

Feb. 4, 2021

Samsung Heavy wins W230b order from Oceania

Samsung Heavy Industries Co. said Thursday that it has won a 230 billion-won ($206 million) order from an Oceanian company. Under the deal, two 13,000 twenty-foot equivalent unit (TEU) container carriers will be delivered from the first half of 2023, the company said. Samsung Heavy has bagged orders of five ships -- one liquefied natural gas (LNG) carrier and four container carriers -- worth a combined $600 million so far this year. The amount of the orders accounted for 8 percent of its orde

Feb. 4, 2021