Producer prices gain 0.9% in Jan. on high energy costs

South Korea's producer prices made an upturn in January amid rising oil and other raw material prices, central bank data showed Thursday. The producer price index, a major barometer of consumer inflation, stood at 114.24 in January, up 0.9 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK). Producer prices remained flat in December after recording the 13th consecutive month of an increase. Compared with a year earlier, producer prices climbed 8.7 percent

Feb. 24, 2022

Kospi slightly gains on institutional, retail buying

The benchmark Kospi rose Wednesday on stock purchases led by institutions and retail investors, who guarded against a sell-off by foreign investors, as investor appetite appeared affected little by developments in the Russia-Ukraine standoff. The Kospi ended 0.47 percent, or 12.74 points, higher than Tuesday’s closing at 2,719.53, reversing the last two days of drops. The index reached an intraday high of 2,729.56 and low of 2,705.31. Institutions and individuals snatched up shares

Feb. 23, 2022

ATKO supplies leather for Hyundai Transys’ future mobility seat

ATKO planning, a Korea-based sustainable leather manufacturer, said Wednesday it has supplied recycled leather to Hyundai Transys’ future mobility seat concept, which was unveiled at the Lineapelle International Leather Fair held in Milan this month. The Lineapelle leather show is the largest of the kind and lays out the future vision of the automotive industry. This year, the trade show was held under the theme “Shift to Regenerative Mobility”, latching onto the global trend

Feb. 23, 2022

Korea wary of ‘long-term’ tension involving Ukraine

SEJONG -- A longer-than-expected standoff between Ukraine and Russia involving a possible war could deal a severe blow to the Korean economy, Vice Finance Minister Lee Eog-weon said Wednesday. During a task force meeting in Seoul, Lee said that particular impacts have yet to be seen in the local market at the current stage, despite the escalating tension between the two countries. “But (worsening geopolitical risk) over a long period would have negative effects on the nation’s over

Feb. 23, 2022

GS Retail latest to adopt chicken-frying robots

GS Retail, the operator of Korea’s convenience store chain GS25, said Wednesday it will deploy chicken-frying robots, joining the recent race to automate food manufacturing. The company forged a partnership with Roboarte, the food tech startup behind Robert Chicken that uses robot arms to fry chicken. GS25 plans to use the startup’s robots to fry frozen chicken from its own brand Chicken 25. “The robot arms will automatically put the bucket full of frozen chicken in a frying

Feb. 23, 2022

Seoul stocks advance amid Western sanctions on Russia

South Korean stocks climbed Wednesday, in the wake of the United States and its European allies' announcement of financial sanctions against Russia over the move to dispatch Russian troops to Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 12.74 points, or 0.47 percent, to close at 2,719.53 points. Trading volume was moderate at about 527 million shares worth some 9 trillion won ($7.5 billion), with gainers outnumbering losers

Feb. 23, 2022

What's behind Shinsegae's W4tr bet on Yeouido landmark?

From eBay Korea to a pro baseball team and vineyards, Shinsegae Group has been on a shopping spree recently, and its latest target is IFC Seoul, a landmark complex in Yeouido, western Seoul. According to industry sources, Shinsegae Property, a developer affiliated with the retail giant, has joined a heated race to acquire the IFC complex worth an estimated 4 trillion won ($3.34 billion) as part of a consortium with IGIS Asset Management. Other suitors shortlisted in a recent second bid inclu

Feb. 23, 2022

Foreign invested companies hold back investment plans as pandemic continues

Most companies with foreign investors in South Korea have not yet been able to make investment plans for this year, due to the prolonged COVID-19 pandemic, according to a survey from the Federation of Korean Industries released Wednesday. Of the foreign-invested companies with more than 100 employees surveyed, 91.1 percent said they are yet to come up with an investment plan (64.4 percent) or do not plan to make an investment this year (26.7 percent). Only the remaining 8.9 percent of them hav

Feb. 23, 2022

HDC Hyundai Development appoints new safety executive

HDC Group’s construction arm HDC Hyundai Development Co. said Wednesday that it has appointed its vice president Jung Ik-hee as its new Chief Safety Officer. Jung, 56, joined the firm in 1995 and has overseen the management at major construction sites until 2019. In 2020, he served an executive role to manage the local projects and engineering technology with his experience on sites.  HDC Hyundai Development Co. said the new CSO was named as part of safety improvement efforts driven

Feb. 23, 2022

Korean youths flock to state-backed savings account

South Koreans aged between 19 and 34 rushed to open a state-backed savings account with a high yield of some 10 percent this week, with the product attracting nearly two million applicants as of Wednesday. The state-backed savings account launched Monday -- dubbed the Youth Hope Savings Product -- is designed specifically for those aged between 19 and 34 with an annual income of or below 36 million won ($30,100). It requires applicants to submit a monthly payment of 500,000 won for a 2-year ter

Feb. 23, 2022

LG to quit solar panel business on rising costs

LG Electronics said Wednesday it is exiting its solar panel business, citing unfavorable market conditions such as rising costs and price competition as the key factors. The Korean tech giant, following a board meeting on Tuesday, said it would stop producing solar panels and modules by June 30, with some 900 employees being relocated to other business divisions, including those of other LG companies. LG started its solar panel business back in 2010 with an emphasis on higher-efficiency prem

Feb. 23, 2022

Korea’s supply chain risks resurface over Ukraine crisis

South Korean companies are closely monitoring the situation as Western sanctions on Russia over the Russia-Ukraine geopolitical crisis may threaten the supply chains of the country’s key exports such as semiconductors, batteries and automotives.  According to industry sources Wednesday, the prices of aluminum and nickel -- key minerals for EV batteries -- hit all-time highs in 14 years and 11 years, respectively, as the United States prepares sanctions against Russia for invading Ukr

Feb. 23, 2022

Samsung Heavy wins W1tr LNG ship order from Africa

Samsung Heavy Industries Co. said Wednesday it has received a 1 trillion-won ($840 million) order to build four liquefied natural gas carriers for an African shipper. Under the deal, Samsung Heavy will deliver the four environment-friendly LNG ships to the unidentified shipper by September 2025, the company said in a statement. "We expect more LNG ship orders this year on increasing demand for LNG shipments and the International Maritime Organization's adoption of stricter environment regul

Feb. 23, 2022

S. Korea joins top-tier group in democratic AI policy index

South Korea climbed to the first-tier group of countries last year in terms of how well its state policies for artificial intelligence are aligned with democratic values, a U.S. nongovernmental organization said Wednesday. In 2021, South Korea moved up by one notch to the first-tier group with 11 points, compared with 8.5 points the previous year, according to a report by the Center for AI and Digital Policy. Canada, Germany and Italy also stayed on the top tier last year. The Artificial Intelli

Feb. 23, 2022

HanmiGlobal acquires TWG to cash in on US infrastructure boom

South Korean project management company HanmiGlobal said Wednesday it has acquired Tarr Whitman Group, a Seattle-based construction support consulting firm, to further expand its business to the US market. TWG will operate as a business unit within Otak, another US subsidiary of HanmiGlobal, and continue to focus on project control services for Otak and TWG clients. Following an integration of the two firms’ human resources, IT, and finance systems, HanmiGlobal hopes to serve a larger cl

Feb. 23, 2022

LIG Nex1 showcases robots, drones in UAE

LIG Nex1 showcased its robots, unmanned surface vehicles and surveillance drones at an international exhibit in the United Arab Emirates, hoping to expand exports to and technological cooperation in the Middle East. The South Korean defense company took part in the Unmanned Systems Exhibition and Conference, which was held in Abu Dhabi from Feb. 21 through 23. Among LIG Nex1’s products on display were nonpowered muscle assistance robots called LEXO, short for lower extremity skeleton, un

Feb. 23, 2022

Renault Samsung SM6 upgrades safety, convenience features

While keeping its overall look intact, the 2022 Renault Samsung SM6 has upgraded safety and convenience features such as LED matrix vision headlamps in all of its trims. Like most European cars, the SM6, which is sold as the Renault Talisman in Europe, has kept its unique design, despite having had minor facelifts over the six years since its launch. The LED matrix vision headlamps are smart headlamps that can automatically adjust their brightness using 18 LEDs on each side depending on traffi

Feb. 23, 2022

S. Korea's overseas financial assets hit all-time high in 2021

South Korea's overseas financial assets reached an all-time high last year on the back of increased stock investments and investment returns, central bank data showed Wednesday. The country's external financial assets came to $2.16 trillion as of end-December, up $198.2 billion from a year earlier, according to preliminary data from the Bank of Korea (BOK). The net international investment position also hit a record high of $637.9 billion at the end of December, up from $466.1 billion the previo

Feb. 23, 2022

Hyundai Motor's executive Luc Donckerwolke picked as 2022 World Car Person of the Year

The World Car Awards has chosen Luc Donckerwolke, Hyundai Motor Group's executive vice president for design and chief creative officer, as the 2022 World Car Person of the Year, the group said Wednesday. Donckerwolke, a Belgian native, was chosen for playing a leading role in designing a number of highly innovative new models, including the Hyundai IONIQ 5, Genesis GV60 SUV and Kia EV6, according to a Hyundai Motor spokesman. The former Lamborghini and Bentley designer was named head of the Hyun

Feb. 23, 2022

Seoul stocks open higher amid looming Western sanctions on Russia

South Korean stocks opened higher Wednesday, as the United States, Europe and the United Kingdom mull sanctions against Russia over its move to dispatch troops to Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) advanced 15.52 points, or 0.57 percent, to 2,722.31 points as of 9:15 a.m. The Kospi rebounded after a two-day retreat from the rising tensions in Ukraine. Washington criticized the Kremlin's decision to dispatch what Russia called "peacekeeping forces" into eas

Feb. 23, 2022