Korea’s industrial output declines for 2nd consecutive month

SEJONG -- Korea’s industrial output declined for the second consecutive month in the wake of a glitch in imports of raw materials as well as the spread of the omicron variant of the coronavirus, state data showed Thursday. According to Statistics Korea, industrial output decreased by 0.2 percent in February, compared to the previous month. It posted a 0.3 percent drop in January. This marked the first time in 21 months dating to May 2020 that industrial output fell for two consecutive mo

March 31, 2022

Posco International acquires Australian energy firm Senex

South Korean trading firm Posco International said Thursday that it has completed an acquisition of Australian energy company Senex Energy, as part of its effort to put more focus in eco-friendly energy businesses.  The Korean firm clinched a deal in December last year with Senex Energy to own 50.1 percent of shares of the Australian company at 405 billion won ($334 million). It took three months to receive authorities’ approval. The latest acquisition marks the company’s fir

March 31, 2022

Seoul stocks up for 3rd day amid Ukraine crisis

South Korean shares extended their winning streak to a third session Thursday amid the geopolitical uncertainties in Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.91 points, or 0.4 percent, to close at 2,757.65 points. Trading volume was moderate at about 1 billion shares worth some 9.6 trillion won ($7.9 billion), with gainers outnumbering losers 607 to 240. Institutions bought a net 191 billion won, while foreigners sold 17

March 31, 2022

Kimchi with new packaging method on way to captivate the world

Forget about concerns of kimchi keeping its freshness and leaking its “unique smell” when shipped overseas. Korean companies are seeking ways to expand their kimchi exports by adopting new packaging methods, increasing overseas production and obtaining scientific proof that the traditional side dish is beneficial to one’s health. The state-run Korea Agro-Fisheries & Food Trade Corp. announced Thursday it has launched a new kimchi product that can improve bowel movement an

March 31, 2022

[MARKET EYE] S. Korea’s crypto market on path to gain more legitimacy

South Korea’s cryptocurrency market is on a solid path to becoming further legitimized with banks calling for authorization to enter the business and the incoming president pledging to ease regulations. Asia’s fourth-largest economy’s crypto market is booming, with Koreans having invested a total 52.8 trillion won ($43.6 billion) in the digital asset class last year in terms of the combined size of the accounts held by five major crypto exchanges, watchdog Financial Superviso

March 31, 2022

SK Bioscience CEO says financing ready for M&As

SK Bioscience will look to spend “trillions of won” on aggressive mergers and acquisitions in taking the next step to become a vaccine and bio powerhouse, CEO Ahn Jae-yong said Thursday. “We will secure more funding through the assets compiled with the (initial public offering), operating cash and additional acquisition financing,” he said in an online press conference to mark the company’s one-year anniversary of going public. “We will use the funding on

March 31, 2022

LG Innotek display chief wins award

LG Innotek Co. said Thursday its chief of display solution business has won a presidential commendation for contributing toward increasing domestic production of key components and enhancing the global competitiveness of South Korea’s materials and components industry. Koo Han-mo, senior managing director at LG Innotek, was one of the awardees who received the honor on the 49th Commerce and Industry Day on March 16. Having joined LG Innotek in 2007, Koo worked as chief of the tape substr

March 31, 2022

JB Financial chief vows profit jump in 2nd term

JB Financial Group, a Jeonju-based financial holding company offering consumer and commercial banking services, said Thursday that its incumbent chief has been elected for a second term to carry on efforts to improve profit margins. CEO and Chairman Kim Ki-hong, who took over the company headquartered in North Jeolla Province in March 2019, helped to more than double the net income between 2018 and 2021, the group said, noting the board unanimously voted in favor of his second term late last ye

March 31, 2022

Bank mortgage rates hit 9-yr high in Feb. amid central bank's hikes

Rates on mortgage loans extended by South Korean banks rose to the highest level in about nine years in February in line with interest rate hikes by the central bank, data showed Thursday. Banks' mortgage loan rate stood at 3.88 percent per year on average in February, up 0.03 percentage point from a month earlier, according to the data from the Bank of Korea (BOK). This marked the highest since March 2013, when the home-back loan rate rose to as high as 3.97 percent. Mortgage rates have been on

March 31, 2022

Korea Shipbuilding bags W589.5b order for 4 container ships

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has won a 589.5 billion-won ($487 million) order to build four container carriers. Under the deal with a Liberian shipper, Hyundai Samho Heavy Industries Co., a KSOE affiliate, will build those vessels and deliver them by the second half of 2024. KSOE did not disclose the size of those container vessels. KSOE has bagged orders to construct 68 ships worth $7 billion so far this year, or 40 percent of its $17.44 billion year

March 31, 2022

Volkswagen to launch 22 new, upgraded models in S. Korea this year

Volkswagen Group Korea said Thursday it will launch a total of 22 new and upgraded models under its four brands this year to boost sales amid the prolonged COVID-19 pandemic. The 22 models include the Volkswagen ID.4 all-electric SUV, the Audi A3 compact and Q4 e-tron, and several new Bentley and Lamborghini models, the German carmaker said. Audi Volkswagen Group Korea has changed its name to Volkswagen Group Korea (VWGK) in line with its parent Volkswagen Group's global efforts to turn itself f

March 31, 2022

[Graphic News] Number of stock investors jumps over 50% in 2021 on market boom

　The number of stock investors in South Korea spiked more than 50 percent on-year in 2021 to breach the 10 million mark amid a retail investment boom, industry data showed. 　A total of 13.84 million investors held shares in 2,426 companies listed on the country's main and secondary bourses, up 50.6 percent from a year earlier, according to the data from the Korea Securities Depository. 　Those investors owned shares in an average 5.96 companies, up 13.7 percent from a year earlier, but per-cap

March 31, 2022

Seoul stocks open higher on financial, tech gains

South Korean shares opened higher Thursday, buoyed by financial and tech advances, despite overnight falls on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) had increased 9.89 points, or 0.36 percent, to trade at 2,756.63 points of 9:15 a.m. Most large caps traded higher in Seoul. KOSPI's top cap Samsung Electronics traded flat, and battery giant LG Energy Solution grew 0.45 percent. Financial heavyweight KB Financial Group increased 1.17 percent, and mobile messenger opera

March 31, 2022

S. Korea set to jack up natural gas prices in April

Prices of liquefied natural gas (LNG) in South Korea will increase nearly 2 percent in April due to rising international energy prices, the industry ministry said Thursday. LNG rates for households, restaurants, hotels and other commercial users will go up by an average 1.8 percent on April 1, according to the ministry. With the rate increase, households are expected to pay 860 won ($0.71) more per month, with the burden for commercial users likely to rise by the same amount. The rate hike comes

March 31, 2022

S. Korea reviewing whether to further cut fuel taxes

South Korea is reviewing whether to further cut fuel taxes as inflationary pressure has built up amid surging energy costs, the finance minister said Thursday. The government is considering whether to lower fuel taxes by 30 percent from the current 20 percent as oil prices have spiked amid Russia's invasion of Ukraine. Early this month, the country decided to extend fuel tax cuts by three months until end-July in an effort to curb inflation. "We are in the final stage of reviewing whether t

March 31, 2022

Industrial output falls for 2nd month in Feb.

South Korea's industrial output fell for the second straight month in February as economic uncertainty has heightened amid the upsurge in COVID-19 cases and surging energy costs driven by the Ukraine crisis, data showed Thursday. Industrial output declined 0.2 percent in February from the previous month, compared with a 0.3 percent on-month fall in January, according to the data compiled by Statistics Korea. Compared with a year earlier, industrial output rose 4.3 percent. Retail sales, a gau

March 31, 2022

Citibank Korea spent W1.2tr won on voluntary retirement last year

Citibank Korea Inc., the Korean unit of US banking giant Citigroup, said Wednesday it spent a total of 1.2 trillion won ($991 billion) on its voluntary retirement programs last year. Early-retiring employees were paid in advance the salaries that they would have earned until the legal retirement day, with an upper limit of 700 million won, the bank said. According to its regulatory filing, the bank registered a net loss of 796 billion won in 2021, compared with a net profit of 187.8 billion

March 30, 2022

Hyundai E&C start sales of Hillstate apartment in Geomdan

Hyundai Engineering & Construction, the construction arm of Hyundai Motor Group, said on March 22 that it started sales of its new Hillstate apartment complex in Geomdan New Town, Incheon. The apartment complex comprises 13 buildings and a total 1,535 units that range in size from 74 to 125 square meters. Since the Hillstate complex was partially built as public housing, it is subject to a price cap that is expected to push down sales prices compared to average market prices. Notably, apart

March 30, 2022

[Herald Interview] US envoy says 10-year-old KORUS FTA is foundation for a new trade platform

The Korea-US Free Trade Agreement (KORUS FTA) will play a crucial role in taking bilateral trade ties to a new level through a new trade platform designed to tackle challenges stemming from a rapidly changing market environment, a senior US envoy in Seoul said. The KORUS FTA, which marked its 10th year this month, has been the most comprehensive and high-standard trade agreement in the region. “The KORUS represents a turning point in the US-Korea relationship building from our initial sec

March 30, 2022

Seoul stocks up for 2nd day on hope for Ukraine-Russia peace talks

South Korean shares closed a tad higher Wednesday, as investors focused on the recent round of Ukraine-Russia peace talks that ended earlier in the day. The Korean won steeply rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 5.67 points, or 0.21 percent, to close at 2,746.74 points. Trading volume was moderate at about 825 million shares worth some 10.9 trillion won ($9 billion), with losers outnumbering gainers 432 to 416. Institutions bought a net 160 billio

March 30, 2022