Audi Korea expands electric, compact car lineups

Audi sold a total of 25,615 vehicles in South Korea last year, marking the third-largest sales volume among import carmakers here. The German automaker said it has focused on expanding its lineup to include compact vehicles such as the Audi Q3 and A3, as well as electric cars e-tron S and Q4 e-tron. In 2021, Audi sold 1,553 electric cars, the largest number of electric cars sold among premium import car brands. In December, it launched the Audi e-tron GT and RS e-tron GT, which are at the van

July 25, 2022

GS E&C stresses green tech projects in sustainability report

GS Engineering and Construction said Monday it has released its annual sustainability report for 2022, introducing its environmental, social and corporate governance-related activities. In the report, the South Korean builder said it had launched its Research Institute for Future Technology in March. Through its continued investment in future technology, GS E&C said it had developed water saving, biogas facility modulation, carbon dioxide to hydrogen conversion, and eco-friendly water desal

July 25, 2022

Samsung Card's net rises 12 pct in H1 on increased consumer spending

Samsung Card Co., a major South Korean credit card firm, said Monday its net profit increased in the first half of this year, helped by recovery in consumer sentiment amid the pandemic. Samsung Card's consolidated net profit stood at 315.9 billion won ($241 million) in the January-June period, up 12 percent from a year earlier, according to the firm's regulatory filing. Operating profit increased 12.1 percent to 426.1 billion won, with sales revenue rising 10 percent to 1.94 trillion w

July 25, 2022

OECD leading index for S. Korea dips for 13th month in June

A leading economic index for South Korea dropped for the 13th straight month in June, data showed Monday, amid soaring material costs and growing financial instability. The composite leading indicator (CLI) of economic activity for South Korea came to 98.87 for June, down from the previous month's 99.09, according to the data from the Organization for Economic Cooperation and Development (OECD). The index for South Korea had been contracting since May last year, when it rose to 101.95. Sinc

July 25, 2022

Seoul shares open higher amid lingering recession woes

South Korean shares opened higher Monday amid lingering concerns that the global economy is teetering on the brink of a recession. The benchmark Korea Composite Stock Price Index added 9.94 points, or 0.42 percent, to trade at 2,403.08 in the first 15 minutes of trading. Foreigners and institutions went on a buying mode, while retail investors sold shares. Last Friday, U.S. stocks ended lower on tech losses. The Dow Jones Industrial Average fell 0.43 percent, the tech-heavy Nasdaq Composite decr

July 25, 2022

Renault Korea Motors makes car repair service available anytime, anywhere

Renault Korea Motors is hoping to better cater to customer needs with a service that allows car owners to drop off their vehicles at the automaker’s repair shops anytime, anywhere across the country. The carmaker introduced its “Drop the Keys” service in April, which allows drivers to bring in their cars for check-ups and repair anytime of the week. Local auto repair stores usually close around 6-7 p.m. on weekdays and earlier on Saturdays, while most of them do not operate

July 25, 2022

Korea’s postal chief attends alliance meeting in Spain

Korea Post chief Son Seung-hyun, attended the Kahala Post Group chief executive officers meeting held in Madrid on Thursday, the nation’s postal service provider said. The Kahala Post Group is an international alliance of postal administrations created in 2002 to promote international mail delivery and to carry out strategic projects. It currently has 11 member states. The effects of COVID-19 on international mail, and methods to improve its quality were discussed at the meeting, said K

July 25, 2022

Citibank Korea shares currency solutions for corporate clients

Citigroup’s Korean unit Citibank Korea shared its foreign exchange solutions and outlook on the global economy at the Economic Outlook and Market Solutions Seminar held in Seoul on Wednesday. The seminar aimed to have specialists give their latest outlook on the volatile global economy and foreign exchange markets to improve its corporate clients using its global market platforms. Some 20 chief executive officers and finance heads of major multinational companies participated in the ev

July 24, 2022

Rice consumption cut in half over 30 years

The phrase “Have you eaten rice today?” has long been considered equivalent to “How are you?” in South Korea. But it might not be the case much longer, with rice consumption shrinking amid changing eating habits, especially among younger generations. According to data from Statistics Korea, the average rice consumption per person was 56.9 kilograms in 2021, a 17.3 percent fall over the past 10 years. Compared to 30 years ago, rice consumption was almost cut in half.

July 24, 2022

Hyundai Motor Group to get hefty incentives for Georgia EV plant

Hyundai Motor Group will receive benefits worth 2.4 trillion won ($1.8 billion) in tax exemptions and incentives from the US state of Georgia in exchange for building its first dedicated electric vehicles manufacturing plant there. The subsidy package of property and income tax exemptions, as well as other incentives in land, infrastructure and equipment purchases, is the largest-ever offered by the US state. According to the signed deal disclosed on Saturday, the Korean automaker will get a ta

July 24, 2022

China’s BYD eyes foray into Korean EV market

BYD, the world’s largest electric vehicle maker, is getting ready for EV sales in the South Korean market, going head to head against the country’s top automaker Hyundai Motor Group with lower price tags and better performing cars. Industry sources said Sunday that BYD recently inked a deal to rent an office near Seoul Station in central Seoul and started recruiting personnel, including those for vehicle registration, after-sales services and marketing activities.  Since the

July 24, 2022

Hana, SKT ink partnership in ESG, digital financing

South Korea’s Hana Financial Group and SK Telecom signed a share-swap deal worth some 400 billion won ($305.3 million) to set up a new environmental, social and governance model, officials said Sunday. “We have signed a strategic partnership with SK Telecom on Friday to build a new cooperative agreement based on ICT innovation,” Hana said in a statement. Under the deal between the nation’s banking and telecommunications giants, SK Telecom will acquire a 3.1 percent sta

July 24, 2022

Posco shifts to emergency mode over potential global recession

South Korean steel giant Posco Group has put itself on an emergency management footing, its holding company said Sunday, as business units across the group brace for weaker profits amid an expected slowdown of the global economy. The decision came in a Thursday meeting of Chairman Choi Jeong-woo and other top executives of Posco Group, Posco Holdings Inc. said. Posco Holdings said the group's top executives reviewed risk factors for each major businesses unit, such as steel, infrastructure,

July 24, 2022

Hyundai, Kia record robust sales growth in Vietnam, Indonesia in H1: associations

Hyundai Motor Co. and its affiliate Kia Corp. recorded robust on-year sales growth in Vietnam and Indonesia in the first half of 2022, delivering strong performances in the markets traditionally dominated by Japanese automakers, local industry associations' data showed Sunday. The combined sales of Hyundai Thanh Cong Manufacturing Vietnam and THACO Kia -- the South Korean automakers' joint ventures in Vietnam -- reached 71,882 in the January-June period, up 29.3 percent from a year ago

July 24, 2022

Asiana resumes Incheon-Beijing route after 2 years

  Asiana Airlines Inc., South Korea's second-biggest carrier, resumed its Incheon-Beijing route Saturday after suspending it for more than two years due to the COVID-19 pandemic. An Asiana plane carrying 141 passengers left Incheon International Airport in the morning and arrived at Beijing Capital International Airport, the company said. Before the pandemic, the Incheon-Beijing route was a key route between the two countries used by some 1.1 million passengers annually. It was suspended

July 23, 2022

Exporters should brace for advancement of Chinese industries: vice minister

SEJONG -- South Korea needs to brace for a change in trade relations with China, as industries in the global economic powerhouse are undergoing rapid development, First Vice Finance Minister Bang Ki-sun said Friday. At an economy-related vice ministerial meeting in Seoul, Bang said China’s industrial structure has showed “advancement in technologies,” adding that this has been bringing about a change in bilateral trade structure with Korea. The government will spare no effort

July 22, 2022

AmCham welcomes Yoon’s policy to expand corporate tax breaks

The American Chamber of Commerce in Korea on Friday welcomed the Yoon Suk-yeol administration’s policy to expand corporate tax breaks, which are aimed at promoting active investments and job creation. “AmCham greatly appreciates the willingness of the Korean Government to listen and promptly respond to the concerns and recommendations of AmCham and the foreign business community,” Chairman and CEO of AmCham Korea James Kim said in a statement. “I also appreciate that th

July 22, 2022

DSME creditor warns of bankruptcy over shipyard strike

Daewoo Shipbuilding & Marine Engineering may face a court-ordered rehabilitation process unless action is taken on a monthlong strike there, the company’s main creditor Korea Development Bank said Friday. “It would be more difficult for DSME to repay its debts as the strike drags on … we’re not going to help the builder unless it gets back to work,” an executive at the state-run bank said, suggesting that the country’s third-largest shipbuilder would hav

July 22, 2022

SK On, Ford, ECOPRO to jointly invest in US cathode facility

South Korean battery maker SK On Co. said Friday it has partnered with Ford Motor Co. and a domestic cathode firm to jointly invest in a cathode materials production facility in the United States. SK On said it has recently signed a letter of intent with Ford and ECOPRO BM Co. to start the construction of the plant in late 2023. The three companies have yet to decide on the ratio of their investments and the plant site. The cathode materials to be produced in the plant will be supplied to BlueOv

July 22, 2022

LG Energy Solution to supply more batteries to Ford

South Korean battery maker LG Energy Solution is poised to bolster business cooperation with US carmaker Ford. LG Energy Solution said Friday that it would provide more batteries for Ford, which has recently seen growing demand for its electric vehicles, such as the Mustang Mach-E and E-Transit. The battery maker has been supplying batteries for these two models since the second half of 2020. To supply more batteries to Ford, the battery maker will double its battery assembly lines in its bat

July 22, 2022