MBK chairman highlights potential of Northeast Asia

Asia’s largest private equity firm MBK Partners founder and Chairman Michael Byung-ju Kim highlighted China’s recovering domestic consumption and Korea and Japan’s changing demographics triggered by fast aging as key investment points in the region this year, in a letter to investors on Sunday. With its portfolio spanning across Asia, the Seoul-based company manages over $26 billion in the capital. Kim shed fresh light on the quality of growth of the Northeast Asian economies.

April 3, 2023

Liquor shipments down amid cost of living pressures

Shipments of alcoholic beverages in South Korea have decreased over recent years amid inflationary pressures and changes in attitudes to alcohol consumption during the COVID-19 pandemic, government data showed Friday. According to Korea Agro-Fisheries & Food Trade Corporation data, the combined shipments of liquor products in 2021 came to 3 million kiloliters, down 3.5 percent on-year. The figure in 2014 came to 3.8 million kl. Between 2019 and 2021, during the COVID-19 pandemic, shipments o

April 3, 2023

Seoul shares snap 4-day winning streak amid soaring oil prices; Korean won sharply down

South Korean shares ended lower to snap their four-day winning streak Monday as Saudi Arabia and other OPEC+ members' announcement of surprise output cuts are raising renewed concerns over inflation. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.52 points, or 0.18 percent, to close at 2,472.34. Trading volume was moderate at 801.73 million shares worth 11.16 trillion won ($8.5 billion), with gainers outpacing decliners 510 to 370.

April 3, 2023

Biz leaders welcome BIE delegation, reaffirm support for Busan's Expo bid

The Busan Expo bidding committee hosted a welcome lunch on Monday for delegates from the Bureau International des Expositions, who visited the port city for a six-day on-site inspection ahead of its vote for deciding the host city of the World Expo 2030. “Before their busy schedule in Seoul and Busan for the next five days, I hope the delegates have a comfortable time during this lunch. (The inspection) will be a tough process, but I want you know that Korea and Busan are ready for it,&r

April 3, 2023

Incheon Airport likely to turn first profit in 3 years

Incheon Airport said Monday that it is expecting to turn a profit in the first quarter this year for the first time in nearly three years, largely driven by increased management efficiency and the gradual recovery of international travel. The exact earnings will be made available after mid-April, the airport said, adding that they are highly likely to see a profit, considering the January and February earnings as well as the estimated passenger revenue in March. Following the outbreak of the

April 3, 2023

[KH Explains] Why a small non-profit gets funding from Netflix, Google

A South Korean civic group that has advocated for net neutrality for years has recently found itself at the center of controversy, as it is suspected of getting funds from global tech giants like Netflix and Google, according to industry sources on Monday. In February, the non-profit organization, called Open Net, released the results of a survey asking people their opinions about a pending bill that aims to impose fees for network use on streaming service companies -- a thorny issue in the glob

April 3, 2023

[K-Financiers] Mirae Asset sets down roots in Vietnam

This is the fifth installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global expansion. -- Ed. Taking a step beyond simply adapting to the local market, Seoul-based securities firm Mirae Asset Securities’ Vietnamese arm looks to fully establish itself in the Southeast Asian country. Since 2007, South Korea's largest securities firm Mirae Asset Securities has been wor

April 3, 2023

Korea vows all-out efforts to fight trade deficit

Experiencing a trade deficit for more than 13 consecutive months, South Korea will make pangovernmental efforts to lead a turnaround in trade, introducing support programs to foster key industries, the Trade Ministry said Monday. The Ministry of Trade, Industry and Energy said it held a trade inspection meeting in Seoul with related government agencies to find ways to deal with the continuing fall in trade. “While the country logged a massive trade deficit in January, the balance is gradua

April 3, 2023

LS Materials to push for IPO this year

LS Materials, a secondary battery subsidiary of LS Cable & System under the South Korean conglomerate LS Group, will attempt to go public on Korea’s secondary tech-heavy bourse, the Kosdaq, this year, officials said Monday. According to LS Cable & System, LS Materials signed a representative management contract with KB Securities and Kiwoom Securities for its initial public offering. The secondary battery maker plans to file for a preliminary review with the Korea Exchange before t

April 3, 2023

No. of unused credit cards exceeds 15m in 2022

The number of unused credit cards in Korea exceeded 15.55 million as of the fourth quarter of last year, according to data from the Credit Finance Association released on Monday. The association regards a credit card not in use for more than a year as a dormant card. Dormant credit cards made up 17.98 percent of the total number of issued credit cards. Compared to the third quarter of 2022, the number of unused credit cards increased by 913,000 from 14.64 million. Dormant credit cards made up 17

April 3, 2023

OpenAI CEO to visit Seoul as early as next month

The CEO behind the company that created the humanlike chatbot ChatGPT is planning to visit Korea as part of his world tour to meet with users, developers and people interested in artificial intelligence. Sam Altman, co-founder and CEO of California-based startup OpenAI, announced via Twitter Thursday that he has planned to visit 17 major cities around the world in May and June. Altman’s planned stops include Seoul, Toronto, Washington, Rio de Janeiro, Lagos, Madrid, Brussels, Munich, Londo

April 3, 2023

Samsung Heavy wins W674.5b order for 2 LNG carriers

South Korean shipyard Samsung Heavy Industries Co. said Monday it has bagged a 674.5 billion-won ($517 million) order to build two liquefied natural gas carriers for an Asia-Pacific shipper. Samsung Heavy said in a regulatory filing that it will deliver the vessels to the undisclosed shipping company in stages by November 2026. So far this year, Samsung Heavy has clinched orders worth some $2.5 billion, or 26 percent of its 2023 target of $9.5 billion. In early January, Samsung Heavy obtained a

April 3, 2023

Hanwha gets nod from EU for Daewoo Shipbuilding takeover

Hanwha Group has received approval from the European Union for its plan to acquire Daewoo Shipbuilding & Marine Engineering Co., company officials said Monday. The EU's decision came earlier than expected, as it was widely expected to deliver the result of its review in mid-April. Hanwha has obtained the approval from Turkey, Britain, Japan and Vietnam since its takeover announcement in September last year. China and Singapore gave the green light last month. South Korea's Fair Tra

April 3, 2023

Seoul shares open lower despite slowing inflation data

Seoul shares opened lower Monday, bucking gains on Wall Street last week, despite expectations that the Federal Reserve may slow down its monetary tightening mode after key inflation data showed signs of easing. The benchmark Korea Composite Stock Price Index fell 3.93 points, or 0.16 percent, to 2,472.93 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average rose 1.3 percent, and the tech-heavy Nasdaq Composite jumped 1.7 percent The personal consumption expenditure pri

April 3, 2023

[Herald Interview] Porsche makes big electrification push for sports cars

Porsche Korea CEO Holger Gerrmann vowed to gain further traction with sporty electric vehicles from South Korea, the carmaker’s sixth-biggest market, whose appetite for luxury cars is entering the fast lane. “We successfully wrapped up 2022 with close to 9,000 sales volume. We were very humbled by the positive reception from the Korean customers,” said the CEO during an interview with The Korea Herald on Thursday on the sidelines of the Seoul Mobility Show that kicked off earli

April 3, 2023

Korean battery makers relieved by latest US subsidy guidance

South Korean battery makers are breathing a sigh of relief as the US Treasury Department’s newly unveiled guidance on battery sourcing does not require them to change their current production process right away to receive the US government’s subsidies provided to electric vehicle buyers under the Inflation Reduction Act. Under the IRA, EV and battery makers have to meet certain requirements for both the critical minerals and battery components contained in the vehicle to be eligible

April 2, 2023

Paycoin to be delisted from crypto exchanges

A local crypto exchange platform alliance on Friday decided to remove Paycoin tokens issued by PayProtocol, a subsidiary of payment service company Danal, on April 14. The Digital Asset Exchange Alliance consists of five crypto exchanges, and PayProtocol's Paycoin is currently listed on three of them -- Bithumb, Upbit and Coinone. Until recently, Paycoin had been expanding its business in the local market by enabling purchases with its token at over 150,000 merchants. Paycoin’s mech

April 2, 2023

[KH Explains] Refiners aim for survival amid EV boom

South Korean oil refiners are turning to eco-friendly energy and searching for future growth engines to cope with the rise of electric vehicles threatening the current business model of traditional gas stations. According to the Korea Energy Economics Institute’s report on the oil industry’s countermeasures in regard to electric mobility, the number of gas stations in South Korea is expected to drop to 2,980 in 2040 to maintain the level of operating performance to keep their busines

April 2, 2023

[Photo News] Towards carbon neutrality

Carbon Free 100 & Renewable Energy 100, a non-profit organization dedicated to achieving carbon neutrality by 2050, gathered at Seoul National University's Faculty Club Convention Hall on Thursday to hold its first general meeting along with a technical seminar. Over 100 attendees including President Yoo Seong-yub shared ideas and opinions about tackling climate change through education and transitioning to renewable energy.

April 2, 2023

Samsung SDI opens R&D center in Shanghai

Samsung SDI said Sunday that it opened a new research and development center in Shanghai on Saturday, completing its global network of research facilities around the world. The new center, called SDI Research & Development China, or SDIRC, will collaborate with universities and research institutions to secure localized technologies, analyze industry trends and cultivate local talent. Samsung SDI especially pinned high hopes on the nation’s state-backed battery industry. On top of the g

April 2, 2023