Seoul stocks open sharply lower over escalating Ukraine tensions

South Korean stocks opened sharply lower Tuesday as Russia sent in forces to parts of Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) lost 42.05 points, or 1.53 percent, to 2,701.75 points as of 9:15 a.m. Investors dumped local stocks following reports that Russian dispatched what it called "peacekeeping forces" to eastern Ukraine. Most large caps slumped in Seoul, led by foreign sell-offs. Market bellwether Samsung Electronics decreased 1.89 percent, and No. 2 chipmak

Feb. 22, 2022

Biz sentiment improves for March on eased anti-pandemic rules abroad: poll

South Korea's business sentiment improved for March to exceed the benchmark level for the first time in three months amid relaxed anti-coronavirus measures in major economies, a poll showed Tuesday. The business survey index (BSI) of the country's top 600 companies by sales stood at 102.1 for next month, up 2.4 points from February, the Federation of Korean Industries (FKI) said. It represents the first time since December that the monthly yardstick of business sentiment has been above the bench

Feb. 22, 2022

Market volatility intensifies over Ukraine crisis

Mounting concerns over Russia’s possible invasion of Ukraine are increasingly weighing on an already jumpy local stock market, as investors price in a full-blown geopolitical crisis that could send foreigners holding Korean shares fleeing back home. The benchmark Kospi tumbled to 2,743.80, down 0.03 percent or 0.72 points from Friday’s closing. Foreigners, whose holdings account for a little over 30 percent of all Korean stocks, and institutions were net sellers, offloading 64 billi

Feb. 21, 2022

Budget airlines turn to cargo shipping, long-haul flights for breakthrough

The nation’s low-cost carriers facing financial difficulties caused by the prolonged COVID-19 pandemic are bringing in cargo planes and planes for long-haul flights to diversify their source of revenue. T’way Air, for instance, will introduce on Thursday Airbus A330-300 planes that can cover long-haul distances for more than 300 passengers. The plane will begin to operate within the country in March and then be used for longer routes to Singapore, Australia, Croatia, and Kyrgyzstan

Feb. 21, 2022

Average monthly wage climbs to W3.2m in 2020

SEJONG -- The average monthly salary for Korean employees climbed to 3.2 million won ($2,680) as of 2020 on the back of drastic hikes in the statutory minimum wage between 2018 and 2020, state data showed Monday. According to Statistics Korea, the average monthly wage for salaried workers rose by 430,000 won, or 15.5 percent, in just four years -- from 2.77 million won in 2016. During the period of 2016-2020, the minimum wage per hour surged by 42.4 percent from 6,030 won to 8,590 won, with th

Feb. 21, 2022

Seoul stocks end nearly flat amid hopes of US-Russia summit over Ukraine

South Korean stocks closed almost unchanged Monday after paring most of its earlier heavy losses due to hopes of a summit between the United States and Russia over the Ukraine crisis. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 0.72 points, or 0.03 percent, to close at 2,743.8 points. Trading volume was moderate at about 484 million shares worth some 7.8 trillion won ($6.5 billion), with losers outnumbering gainers 430 to 399. Instit

Feb. 21, 2022

British fashion brand unveils bags inspired by South Korean anime series ‘Run Hany’

British fashion label JW Anderson has unveiled new bags inspired by South Korean anime series “Run Hany.” The accessories, which appear to be a collaboration project as part of the brand’s new season collection, come in at least three colors -- blue, orange and white -- according to a recent post on Instagram. In another photo, one bag has a picture of the face of the series’ main character Hany, along with the JW logo in orange. “Not long till the show,” t

Feb. 21, 2022

South Korean medalists to get chicken ‘pension’

South Korean medalists have shown excitement at not only winning medals, but also free chicken for the rest of their lives. The so-called “chicken pension” is backed by Yoon Hong-geun, CEO of Korea’s fried chicken franchise Genesis BBQ, and also the chief of South Korea’s athletic mission at the Beijing Olympic Games. Yoon promised to give free chicken for the country’s short track speedskating medalists Hwang Dae-heon and Choi Min-jeong at their requests. &ldquo

Feb. 21, 2022

[KH Explains] Why is the auto industry still short on chips?

For automakers in Korea, there is no sign the prolonged automotive semiconductor shortage will abate this year. Those who have purchased a new Genesis, for instance, have been notified that the car will take six to 12 months to be delivered –- if they are lucky. GM Korea’s second Buypeong plant in Incheon cut production volume by half earlier this month. And according to the market, this delay in car production due to the chip shortage may continue in the next year or even the year

Feb. 21, 2022

Posco to launch holding firm in March

Posco Group said Monday that it will launch a new holding firm in March with an aim to improve the sustainability of its core steelmaking business amid the global transition to a low-carbon economy. Following shareholders’ approval of the holding company structure plans, the group will be split off into two entities -- Posco Holdings, the new holding company, and Posco, the steelmaking unit wholly owned by the holding firm. The holding company will nurture new growth engine businesses a

Feb. 21, 2022

[Herald Interview] ‘Korea needs financial backing to become pharmaceutical powerhouse’

The year 2021 was monumental for South Korea’s pharmaceutical and biopharmaceutical industries, as they set a number of records. The country rolled out four new drugs, the most in a year since the first domestically-developed new drug came to light in 1999. Companies also licensed out technologies worth 13 trillion won ($10.9 billion) and exported drugs worth over 10 trillion won. Big firms such as Samsung Biologics, SK bioscience and Celltrion are taking the lead in making the country&r

Feb. 21, 2022

SK chief assumes chairman role at SK Telecom

SK Group said Monday Chairman Chey Tae-won will assume the chairman title of its telecom unit SK Telecom to boost the group’s burgeoning artificial intelligence business. SK said the chairman will play a supporting role as he serves as an unregistered director on the board rather than participating in the daily operations directly. Chey has served as the chairman of SK Inc., the holding unit, as a board member, while taking the chairman post of SK Innovation, the chemicals and energy u

Feb. 21, 2022

Korea Shipbuilding wins LNG carrier worth W260b

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has received an order for a liquefied natural gas (LNG) carrier worth 260 billion won ($217 million). A 174,000-cubit meter LNG carrier will be constructed by Hyundai Samho Heavy Industries Co. in Yeongam, South Jeolla Province, and will be delivered to an unidentified client in the second half of 2024, the company said. Korea Shipbuilding has won 37 ship orders so far this year, valued at a combined $4.37 billion, accomplis

Feb. 21, 2022

Foreign currency deposits dip for 2nd month in Jan.

Foreign currency deposits at banks in South Korea dropped for the second straight month in January due mainly to decreased corporate deposits, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits reached $93.17 billion as of end-January, down $4.1 billion from the previous month, according to the data from the Bank of Korea (BOK). It represents the second consecutive month of on-month decline. In December, the country's foreign currency deposits decreased

Feb. 21, 2022

LG Energy Solution hires Nvidia data scientist as chief digital officer

LG Energy Solution said Monday it has appointed Pyun Kyung-suk, a data scientist from Nvidia, as the new chief digital officer to lead the digital transformation of the South Korean battery giant. Before joining LG Energy Solution, Pyun was one of the five principal data scientists at Nvidia. He has over 20 years of expertise in machine learning, according to the company. “As our new CDO, Pyun will be tasked with the digital transformation of LG Energy Solution’s global battery

Feb. 21, 2022

S. Korean telcos to take part in MWC 2022 next week amid virus fears

South Korea's three major mobile carriers said Monday they will participate in the upcoming mobile technology trade fair in Spain to showcase their latest technologies despite growing coronavirus woes. The three telecommunication companies -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- said their respective CEOs will participate in the Mobile World Congress (MWC) 2022, set to take place from Feb. 28 to March 3 in Barcelona. The MWC is one of the top three tech events in the world, along with

Feb. 21, 2022

Samsung Fire & Marine Insurance net soars 42.5% in 2021

Samsung Fire & Marine Insurance Co. said Monday its earnings soared more than 42 percent in 2021 from a year earlier on the car insurance division's switch to profit. Net income came to 1.09 trillion won ($910 million) last year, up 42.5 percent from a year earlier, the leading non-life insurer said in a regulatory filing. Operating income stood at 1.55 trillion won, up 36.9 percent from a year earlier, with sales edging up 1.9 percent to 19.65 trillion won. Samsung Fire & Marine Insuran

Feb. 21, 2022

Seoul stocks open sharply lower on Ukraine risk

South Korean stocks opened sharply lower Monday, as investors took to the sidelines over the Ukraine risk, which stemmed from concerns about Moscow's potential invasion of Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) lost 43.15 points, or 1.57 percent, to 2,701.37 points as of 9:18 a.m. Most large caps traded lower in Seoul due to foreign and institutional sell-offs, with tech and chemical sectors leading the KOSPI's retreat. Market bellwether Samsung Electronics decreased 2.

Feb. 21, 2022

S. Korea to hold annual meetings with Moody's this week

South Korea will hold its annual consultation meetings with global rating agency Moody's Investors Service this week over the country's economic conditions, Seoul's finance ministry said Monday. The Moody's credit rating team, led by Gene Fang, associate managing director of the agency, will hold a series of meetings with the finance ministry, the central bank and other agencies starting Monday through Feb. 28. During the meetings, the two sides will discuss the country's recent economic situati

Feb. 21, 2022

Exports rise 13% in first 20 days of Feb.

South Korea's exports grew 13.1 percent on-year in the first 20 days of February on the back of demand for chips and petroleum products, customs data showed Monday. The country's outbound shipments stood at $34.30 billion in the Feb. 1-20 period, compared with $30.34 billion a year earlier, according to the data from the Korea Customs Service. Imports rose 12.9 percent on-year to $35.98 billion, resulting in a trade deficit of $1.68 billion during the cited period, the data showed. By sector, ou

Feb. 21, 2022