SsangYong Motor takeover in jeopardy as buyer fails to pay

A takeover deal of debt-laden SsangYong Motor appears to have fallen into a quagmire again as its buyer, local electric bus manufacturer Edison Motors, failed to pay the bill. The consortium led by Edison Motors failed to pay the remaining payment of 274.3 billion won ($224.1 million) by Friday, local media reported Sunday, quoting industry sources. Without complete payment, the Edison Motors-led rehabilitation plan for the financially troubled SUV maker is rendered meaningless, industry watch

March 27, 2022

[Herald Interview] Open CEO says restaurants are Korea’s next big export item

Despite COVID-19’s lingering impact on the South Korean economy, the country saw a 4 percent growth last year, exhibiting a moderate performance on the back of strong exports and rebound of the global economy. But mom-and-pop businesses, mostly those in the food and beverage industry, have been severely hit by repeated rounds of restrictions on business hours. The pandemic has forced restaurants here to close by 9 p.m. each day under a business curfew, which was introduced to blunt a re

March 27, 2022

Hanwha chief, Pence discuss Korea-US ties

Hanwha Group Chairman Kim Seung-youn met former US Vice President Mike Pence in Seoul last week and discussed a wide range of issues centering on bilateral ties between South Korea and the US, and the growing geopolitical uncertainty over the Ukraine war. On the war in Ukraine, Kim pointed out that companies are going through a rough time due to the economic crisis caused by international conflicts. He also asked Pence to share his thoughts about how global leaders can solve the problems that t

March 27, 2022

LS C&S expands solar cable business

LS Cable & System, LS Group’s cable manufacturing unit, has been solidifying its leadership in the floating solar farm market by developing custom cables and landing large-scale supply contracts, according to the company on Sunday. Earlier this month, the cable maker inked an agreement to supply power cables to Goheung Bay floating solar power plant in South Jeolla Province. The deal covers the full package of cables needed to build a photovoltaic power farm and connect the plant to s

March 27, 2022

Posco’s sustainability recognized by World Steel Association

South Korean steelmaker Posco has been recognized for its sustainability efforts by the World Steel Association, the company said Sunday. The World Steel Association, also known as worldsteel, has picked as Posco as one of the 39 sustainability charter members which proactively embraces the sustainability principles of the steel industry, according to the South Korean steel giant. A total of 142 companies and associations across the world are members of worldsteel. The recognition of the sus

March 27, 2022

KT shares hit 1-year high

The share price of South Korean telecommunications firm KT hit the highest level in a year on Friday, as its shareholder meeting and a carve-out of its key business is drawing to a close next week. A KT common share, which trades on the Korea Exchange, hit the 52-week high at 35,300 won ($28.84) during the intraday trade Friday. The closing price came to 35,000 won apiece, up 1.2 percent from Thursday. KT’s market cap on Thursday exceeded 9 trillion won for the first time in seven months

March 27, 2022

Korean conglomerates delve into digital asset market

South Korean business giants are venturing into the fledgling digital asset market and blockchain-related operations as they seek new business opportunities. On Friday, Ryu Young-sang, chief executive of SK Telecom, said in a shareholders meeting that the company plans to “adopt an economic system” to its own metaverse platform called ifland, a sign that digital currency tradable in the virtual world ecosystem could play a role. The news is in line with an announcement earlier th

March 27, 2022

Yoon warns against tough rules on owners of multiple homes

President-elect Yoon Suk-yeol said Friday that the government should think carefully before enacting tougher rules than needed on those who own multiple homes, a group that has seen a dramatic hike in their taxes imposed by the Moon Jae-in government. Moon focused on heavier taxes and tighter mortgage curbs. “Some say we should carry on with crackdown on owners of multiple homes while others call for a return to market dynamics and let it run its course so those seeking homes find on

March 25, 2022

Union-backed outside director fails again to enter KB boardroom

Efforts by KB Financial Group union members to get an outside director recommended by them fell through for the fifth time on Friday, with the majority of the banking group’s shareholders voting against the plan. The proposal by the union members and KB’s group of employee shareholders – which owns a combined 1.73 percent stake in the firm – to push former Export-Import Bank of Korea Vice President Kim Young-su to become one of the group’s outside directors failed

March 25, 2022

With sales ban looming, Korean shampoo maker mulls relocating to US

South Korean hair care brand Moda Moda said Friday it is considering relocating its core business to the US in the face of a sales ban of its popular hair coloring shampoo by the nation’s drug agency. “If the Ministry of Food and Drug Safety sticks to sales ban on our coloring shampoos, we have no choice but to moving our business to the US,” a Moda Moda official said. The official added the company’s US headquarters is currently located in New York but there are pla

March 25, 2022

Travel ban lifted for GM Korea CEO

The South Korean government on Friday lifted an overseas travel ban on GM Korea CEO Kaher Kazem, almost 16 months after the Australian GM executive was barred from leaving the country on charges of illegally outsourcing labor. Kazen is currently standing trial for violating labor laws after the carmaker was found to have hired some 1,719 workers from 24 subcontractors to work at its local plants between September 2017 and December 2020. The Seoul headquarters is suspected to have directly inst

March 25, 2022

Seoul stocks nearly flat despite Pyongyang's ICBM launch, Ukraine uncertainties

South Korean stocks closed almost flat Friday despite North Korea's intercontinental ballistic missile (ICBM) launch and the Ukraine-Russia war. The Korean won closed unchanged against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index advanced 0.32 point, or 0.01 percent, to close at 2,729.98 points. Trading volume was moderate at about 590 million shares worth some 10.7 trillion won ($8.8 billion), with losers outnumbering gainers 503 to 343. Institutions sold

March 25, 2022

Ham Young-joo named new chairman of Hana Financial Group

Shareholders of Hana Financial Group have officially elected Vice Chairman and sole chairman-nominee Ham Young-joo to lead the company for the next three years, the firm said Friday. Ham’s nomination was supported by the majority of the shareholders at Hana including its largest shareholder the National Pension Service, which owns 9.19 percent in the banking group. Foreign stakeholders, owning a combined 67.53 percent, also voted for Ham, according to Hana. The NPS is Korea’s large

March 25, 2022

Korea, UK to coordinate on tax evasion

SEJONG -- The tax administrative agencies of South Korea and the UK have agreed to closely collaborate on exchanging information on how to track tax evasion by wealthy individuals. The two also discussed ways to share confidential information regarding offshore tax evasion, said the National Tax Service of Korea on Friday. The bilateral agreement came during a meeting between Korea’s NTS commissioner Kim Dae-ji and the UK’s HM Revenue & Customs First Permanent Secretary and Chi

March 25, 2022

Posco Chemical expects to secure full in-house lithium supply in 2024

Posco Chemical Co., a unit under South Korean steel giant Posco, said Friday it expects to be able to secure more than 90,000 tons of lithium through in-house supply, backed by the parent firm's aggressive investment in the key material for rechargeable batteries. By 2024, Posco Chemical will procure from Posco Group all 91,000 tons of lithium it needs to make 225,000 tons of cathode materials annually, the chemical company said. Its self-sufficiency rate is forecast to reach 102 percent, it sai

March 25, 2022

S. Korea logs record low trade deficit in IP rights in 2021

South Korea's deficit in the trade of intellectual property rights touched a record low in 2021 on increased exports of cultural content, central bank data showed Friday. The nation's deficit in the intellectual property account stood at $30 million last year, compared with a $2.02 billion shortfall in 2020, according to preliminary data from the Bank of Korea (BOK). Exports of products and services subject to intellectual property right payments came to $20.86 billion, up from $15.42 billion fr

March 25, 2022

S. Korea to invest over 20tr won in data, network, AI sectors

South Korea plans to invest more than 20 trillion won ($16.4 billion) in data, network and artificial intelligence (AI) sectors over the next three years in a bid to help nurture future-oriented industries, the finance minister said Friday. Along with fiscal spending, the government plans to provide support for research and development, and tax incentives for the development of the three sectors, called the D.N.A. industries, according to Finance Minister Hong Nam-ki. Hong said the development o

March 25, 2022

Kia to build purpose-built vehicle plant in S. Korea

Kia Corp., South Korea's second-biggest carmaker, said Friday it will build a purpose-built vehicle (PBV) plant in one of its domestic plants, as it strives to become a future mobility solutions provider. Kia plans to complete the PBV plant by the end of 2024 and start operations in 2025, according to media reports. "A building in (the company's) Hwaseong plant will be converted into a PBV plant. The timeframe for the plant's construction and production in Hwaseong has yet to be decided,&qu

March 25, 2022

Seoul stocks open tad lower amid Ukraine uncertainties

South Korean stocks opened a tad lower Monday as investors remain wary of the Ukraine-Russia war. The benchmark Korea Composite Stock Price Index had inched down 2.19 points, or 0.08 percent, to trade at 2,727.47 points as of 9:15 a.m. Stocks traded bearish as investors also took a wait-and-see mode after the US Federal Reserve's move to tighten its monetary policies to reign in rising inflation rates. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics slipped 0.14 percent,

March 25, 2022

Hanwha Solutions to add stake in REC Silicon

South Korean energy-to-material firm Hanwha Solutions plans to acquire a 4.67 percent stake in Norway-based polysilicon manufacturer REC Silicon for $44 million to achieve a full-fledged US solar supply chain, the company said Thursday. Hanwha will buy the stake from Norwegian renewable energy investment firm Aker Horizons. With the deal, Hanwha will become the largest shareholder of REC Silicon that is listed on the Oslo Stock Exchange. Earlier in January, Hanwha bought a 16.67 percent stak

March 24, 2022