SK hynix Q4 net up 87.5% on rising chip demand

SK hynix Inc., South Korea's No. 2 chipmaker, on Friday reported strong fourth-quarter earnings, helped by solid memory chip demand for servers and smartphones. Net profit for the three months that ended in December leaped by 87.5 percent from a year earlier to 3.31 trillion won ($2.8 billion). Operating profit rose 340 percent from a year ago to 4.21 trillion won, the highest since the fourth quarter of 2018. Sales jumped 55.4 percent to a quarterly record of 12.37 trillion won, marking the

Jan. 28, 2022

Seoul stocks open higher on bottom-fishing

South Korean stocks opened higher Friday as investors sought to buy oversold stocks after the key stock index's five-day losing streak. The benchmark Korea Composite Stock Price Index (Kospi) advanced 12.58 points, or 0.48 percent, to 2,627.07 points in the first 15 minutes of trading. Stocks came off to a volatile start after the key stock index closed at a 14-month low due to the US rate hike concerns and LG Energy Solution's crash upon its market debut. Market bellwether Samsung Electronic

Jan. 28, 2022

Industrial output grows by most in 11 years in 2021

South Korea's industrial output increased by the most in 11 years in 2021 due largely to a low base effect and robust exports, data showed Friday, in a sign that the country's economy has extended recovery momentum. Industrial output increased 4.8 percent in 2021 from the previous year, a turnaround from a 1.2 percent on-year fall in 2020, according to the data compiled by Statistics Korea. It marked the largest growth since 2010, when industrial output gained 6.5 percent. Service output, onc

Jan. 28, 2022

LG Electronics home appliance sales beat Whirlpool for 2021

LG Electronics saw its home appliance business set a new record in 2021 with revenues jumping 21.7 percent to 27.11 trillion won ($22.92 billion), outstripping the performance of its US rival Whirlpool that showed net sales of $22 billion, its earnings release showed Thursday. The performance of the business -- dedicated to refrigerators, washing machines, air conditioners and hygiene-related products -- drove LG Electronics‘ overall full-year revenue to an all-time high, at 74.72 trilli

Jan. 27, 2022

LG Energy Solution debuts as Korea’s No. 2 company

LG Energy Solution became South Korea’s second-most valuable company, as the electric vehicle battery maker began trading shares on the benchmark Kospi well above the initial public offering price of 300,000 won ($250) apiece on its debut Thursday. The shares closed at 505,000 won after hitting 598,000 won, falling short of reaching the daily price ceiling of 780,000 won.   But shares on the company’s market debut day put its market value at 118 trillion won, second only to Sam

Jan. 27, 2022

KDB chief regrets EU veto of Hyundai-Daewoo merger

The head of the state-run Korea Development Bank on Thursday expressed “strong regret” over the European Union antitrust regulator’s recent decision to block the merger of two Korean shipbuilders, saying that the move undermined Korea’s long-term efforts to normalize the shipbuilding industry. “I apologize and must express strong regret over the EU’s recent decision to veto Hyundai Heavy Industries Group’s proposed acquisition of Daewoo Shipbuilding &a

Jan. 27, 2022

Netmarble to make a big bet on metaverse

South Korean game giant Netmarble said Thursday it will launch metaverse games that allow hyperconnection between the real world and virtual reality, expanding its footing in the fast-growing blockchain industry. “We plan to develop metaverse games that allow users, either individuals or companies, to gain virtual assets that can be exchanged for real assets such as currency through blockchain technology,” said Netmarble Chairman Bang Jun-hyuck. The metaverse concept has been used

Jan. 27, 2022

Science ministry to set up Korean version of US DARPA

The government will introduce the Korean version of the US‘ Defense Advanced Research Projects Agency this year to accelerate future-oriented research on innovative technology, Science and ICT Minister Lim Hye-sook said Thursday. Adapting the US DARPA model -- creator of the computer mouse, drones, the Internet predecessor Arpanet, GPS, and voice recognition -- the Korean agency will have its own independent rights in operation and budget to lead challenging research and development of n

Jan. 27, 2022

Standard Chartered offers up to 1.5% interest rate for new account subscribers

Standard Chartered Bank Korea said Thursday it plans to offer a before-tax interest rate of up to 1.5% per year on savings for those who subscribe to SC Bank‘s My Signature Account for the first time. The promotional event runs through Feb. 28. My Signature Account, launched in July, is a checking account that offers “high yield” in connection to one's transaction performance. The account has been in the limelight for providing a stable yield amidst fluctuating interest r

Jan. 27, 2022

Naver Webtoon aims to lead global content market with Wattpad

The Korean digital comics platform Naver Webtoon plans to fortify its foothold in the North American and ASEAN video content market, capitalizing on an extended IP value chain that now encompasses web novel giant Wattpad and the recently launched Wattpad Webtoon Studios. While Naver Webtoon has long developed expertise in adapting Korean webtoons into films, teaming up with Wattpad is expected to expand its presence to the web novel sector. Wattpad, North America’s largest web novel platf

Jan. 27, 2022

Companies brace for new industrial safety law

With the nation’s new industrial safety law taking effect Thursday, companies across industries are bolstering their safety management systems to avoid being the first punished under the enhanced rules.  Under the Serious Accident Punishment Act, business owners or executives at companies with more than 50 employees could face a criminal penalty of a minimum one-year prison term or fines of up to 1 billion won ($835,000) for fatal industrial accidents under circumstances where safet

Jan. 27, 2022

Currency, stocks lose amid Fed’s remarks on rate hike

SEJONG -- South Korea’s stock index plunged and the currency lost its ground versus the US dollar on Thursday, following US policymakers’ stance overnight signaling an interest rate hike in March. The weaker position in the financial indices comes after senior officials from the Finance Ministry and the Bank of Korea forecasted earlier in the day that the hawkish position of the US Federal Reserve on the local capital market would bring limited effects. Fed chair Jerome Powell clar

Jan. 27, 2022

KB, Hana, Shinhan recognized in 2022 Bloomberg Gender-Equality Index

South Korea’s top banking groups KB, Hana and Shinhan are included in this year’s Bloomberg Gender-Equality Index, which recognizes businesses committed to transparency in gender reporting and promoting women’s rights, the firms said Thursday. This marks KB and Shinhan’s fourth consecutive year, and Hana’s first time to be recognized by the GEI. The GEI was expanded in 2022 to represent 45 countries and regions, and 418 public companies across various sectors, inc

Jan. 27, 2022

S. Korea's rice consumption hits another low in 2021

South Koreans' consumption of rice hit an all-time low in 2021, but the decreasing rate slowed on the back of a growing demand for home meals amid the COVID-19 pandemic, data showed Thursday. The average South Korean consumed 56.9 kilograms of rice last year, down 1.4 percent or 0.8 kilograms from the previous year, according to the data compiled by Statistics Korea. Rice is a key staple food for Koreans, but its consumption has been on a steady decline since 1980 due mainly to changes in diet

Jan. 27, 2022

Retail sales rise over 11% in 2021 amid pandemic

Retail sales in South Korea rose 11.3 percent on-year in 2021 on the back of strong appetite for consumption and growing online transactions amid the prolonged COVID-19 pandemic, the industry ministry said Thursday. The combined sales of local offline retailers climbed 7.5 percent on-year from the previous year, and those of online stores grew 15.7 percent, according to the data compiled by the Ministry of Trade, Industry and Energy. Department stores showed stellar performance, with their sal

Jan. 27, 2022

RCEP pact to take effect for S. Korea next month

The mega free trade pact of the Regional Comprehensive Economic Partnership (RCEP) will take effect for South Korea next month, the industry ministry said Thursday. In November 2020, South Korea inked the trade deal with 14 other countries -- 10 member nations of the Association of Southeast Asian Nations (ASEAN), China, Japan, Australia and New Zealand -- and the National Assembly ratified the pact in December last year. It will come into force on Feb. 1, 60 days after the government submitte

Jan. 27, 2022

Hyundai Mobis invests $4m in US radar startup

Hyundai Mobis Co., South Korea's biggest auto parts maker, said Thursday it has invested $4 million in US radar startup Zendar to develop autonomous driving technologies. Through the stake investment, Hyundai Mobis aims to develop imaging radar optimized for Level 4 autonomous driving technology, the company said in a statement. Imaging radar extends existing radar's ability beyond detecting bulky objects to recognizing a vehicle's environment more precisely by processing data from radars on t

Jan. 27, 2022

[EXCLUSIVE] Hyundai Motor developing ‘marine’ mobility platform powered by seawater

Hyundai Motor will develop a marine mobility platform powered by seawater by 2023 to replace small and mid-sized diesel ships polluting the sea. The project has been directly reported to Hyundai Motor Chairman Chung Euisun. According to industry sources Thursday, the automaker is developing a 15-20 meter-long yacht powered by the firm’s hydrogen fuel cells. The trimaran yacht has three hulls, each of which is installed with equipment to break seawater into hydrogen. Then, hydrogen fuel

Jan. 27, 2022

Taxi sharing to be revived in Seoul after 40 years

Taxi sharing, banned in South Korea for the past four decades, will be revived in a new way in Seoul this week thanks to the development of IT technology, the city government said Thursday. The Seoul government said cab ride-sharing services can be offered legally in the capital starting Friday, when a revision of the taxi industry development law approved last July takes effect. The new law allows only voluntary taxi sharing arranged through online transportation platforms, the government sai

Jan. 27, 2022

Samsung outpaces Intel in chip sales

Samsung Electronics saw revenue of 94.16 trillion won ($78.36 billion) in its semiconductor chip business alone for 2021, up 29 percent from the previous year, its earnings call showed Thursday, beating its US chipmaking rival Intel‘s full-year $74.7 billion in revenue, released a day prior. It was an all-time high sales record from the chipmaking operation by the Suwon, Gyeonggi Province-based tech giant, outdoing the 86.29 trillion won it earned in 2018. Memory chips alone earned 72.6

Jan. 27, 2022