Record high of nearly 3m cars recalled in S. Korea last year: ministry

A record high of nearly 3 million vehicles were recalled in South Korea last year for the replacement of faulty parts and other repairs, government data showed Sunday. According to the data provided by the land ministry, around 2.93 million cars of a total of 2,443 models -- both foreign and domestic -- were recalled in 2021, the largest annual number ever since the recall system was first introduced in 2003. Of the total, some 1.76 million units of 71 domestic models were recalled, with the

Jan. 16, 2022

[Battery+] 'Peanut butter-jelly' tech lets EVs charge in 20 minutes

Porsche Taycan 2019 models surprised the world when they were first released by supporting rapid charging from 0 to 100 percent in 20-30 minutes, which was almost twice as fast as other electric vehicles at the time. Behind this jaw-dropping performance stood LG Energy Solution’s two breakthrough EV battery manufacturing technologies, which are similar to making peanut butter and jelly sandwiches. Now the South Korean battery giant aims to apply the two technologies not only to premium

Jan. 16, 2022

40% of self-employed consider biz closure amid pandemic: survey

Four out of 10 self-employed people in South Korea are considering closing their businesses due to sluggish sales amid the long-enforced strict social distancing rules during the coronavirus pandemic, a survey showed Sunday. According to the survey of 500 people operating restaurants, retail and other service businesses by the Federation of Korean Industries (FKI), a major business lobby group, 40.8 percent said that they are considering discontinuing their operations. Of them, 28.2 percent ci

Jan. 16, 2022

LG Energy Solution to raise W12.75tr in nation’s largest-ever IPO

LG Energy Solution said Friday that heated institutional demand has set its initial public offering price at the top end of its target range at 300,000 won ($252.80). In a regulatory filing, the firm said as many as 1,988 institutions have subscribed to its offering of 41.5 million initial issues. The shares were oversubscribed by more than 2,023 times, with all of the investors proposing to buy at the highest price range. “LG Energy Solution attracted 15.2 quadrillion won in demand

Jan. 14, 2022

Samsung’s removable-battery smartphone returns

Samsung Electronics on Friday debuted its new Galaxy XCover Pro, a rugged smartphone that features a removable battery, a feature long gone in today’s smartphone market. The compact phone, priced at 275,000 won ($231.80), comes in black and white and features a 5.3-inch LCD display as well as a waterproof and dustproof body. The most distinctive feature is a 3,000 mAh replaceable battery that lasts long enough for all-day use and supports a quick charge rate of up to 15 watts. Upon its

Jan. 14, 2022

Seoul stocks dip for 2nd day on rate hike concerns

South Korean stocks extended their losing streak to a second session Friday amid concerns about fast rate hikes at home and in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) declined 40.17 points, or 1.36 percent, to close at 2,921.92 points. Trading volume was moderate at about 523 million shares worth some 10.6 trillion won ($8.9 billion), with losers outnumbering gainers 663 to 209. Institutions sold a net 600 billion w

Jan. 14, 2022

DSME in search for new owner as tie-up with Hyundai Heavy fails

Daewoo Shipbuilding & Marine Engineering is in search of a new owner again after a merger plan with its larger rival Hyundai Heavy Industries failed due to an EU veto on monopoly concerns. The European Commission announced Thursday its prohibition for the merger, claiming that the deal could reduce competition in the global LNG carrier market amid soaring energy prices. Back in 2019, Hyundai Heavy announced it would acquire a 55.7 percent stake in Daewoo Shipbuilding from its largest shar

Jan. 14, 2022

Extra budget of W14 trillion planned for microbusiness owners

SEJONG -- The Ministry of Economy and Finance has unveiled its policy to draw up a supplementary budget worth 14 trillion won ($11.7 billion), most of which will be used to support small business owners including the self-employed. Under constitutional government in Korea since 1948, this will mark the second time a supplementary budget bill has been submitted to the National Assembly in January. This first case was conducted in January 1951 during the inter-Korean War. In a news briefing at G

Jan. 14, 2022

BOK raises rate to pre-pandemic level, hints more rate hikes to come

South Korea’s central bank on Friday raised its base rate by 25 basis points to 1.25 percent, returning it to the level before the pandemic started, with its chief hinting at additional hikes. As a result of its first rate-setting meeting of the year, the Bank of Korea’s monetary policy board delivered its third pandemic-era rate hike, following its previous 25 basis point rate hikes in August and November, respectively. The move in August ended more than a year of record-low inter

Jan. 14, 2022

Celltrion’s COVID-19 antibody gets temporary Swiss approval

Celltrion’s COVID-19 antibody treatment Regkirona has received temporary approval in Switzerland, the Korean biopharmaceutical company said Friday. Celltrion submitted the results from its global third-phase clinical trial and all clinical data on virus variants including the delta variant, according to the company. Swissmedic, which is responsible for the authorization and supervision of therapeutic products in Switzerland, gave the temporary nod Wednesday. The approval is for use Reg

Jan. 14, 2022

Solus Advanced Materials wins incentives for Hungary plant

South Korean materials producer Solus Advanced Materials said Friday it has won incentives worth 24 million euros ($27.5 million) from the Hungarian government for facility expansion in the Central European country. The funds will be granted in cash by 2023. The firm said the funds will be used for the expansion of its plant No. 2 in Hungary that manufactures copper foil for batteries used in electric vehicles. The new incentives come after the Hungarian government provided cash incentives w

Jan. 14, 2022

LG Energy Solution, Honda in talks to set up US joint venture

South Korean electric vehicle battery giant LG Energy Solution and Japanese automaker Honda are in talks to form a joint venture in the US in a rare partnership between Korean and Japanese companies, according to industry sources Friday. The two companies are reportedly in the early stage of discussions to set up a 4 trillion-won ($3.3 billion) EV battery factory in the US with an annual production capacity of 40 gigawatt-hours, which is enough to power 600,000 EVs. Details such as establish

Jan. 14, 2022

Samsung's new portable projector ready for smooth launch with preorders sold out

Samsung Electronics Co.'s all-new portable projector, unveiled at the Consumer Electronics Show (CES) last week, has gotten off to a good start, as preorders were sold out at home and abroad, the company said Friday. The new product, The Freestyle, is a light, portable screen and entertainment device, especially aimed at Generation Z and millennials, with no separate screen required and the cradle rotating up to 180 degrees to enable users to see video anywhere from tables to ceilings. It was

Jan. 14, 2022

SK Networks invests $20m in US vegan leather maker

SK Networks Co., the general trading arm of South Korean conglomerate SK Group, said Friday it has invested $20 million in a US biotech startup specializing in making alternative leather. SK Networks took part in a round of $126 million funding for MycoWorks, a Silicon Valley-based biomaterials company, and it is the largest amount among the strategic investors, SK said in a press release. MycoWorks owns technologies that produce leather-like fabric from engineered mycelium, a biomaterial made

Jan. 14, 2022

Tighter virus curbs to hamper recovery in domestic demand: finance ministry

The South Korean economy is on a recovery track on robust exports, but the spike in COVID-19 cases and strengthened social distancing rules are feared to hurt domestic demand, the finance ministry said Friday. Amid the fast spread of the omicron COVID-19 variant, external economic uncertainty has persisted as global supply chain bottlenecks have deepened and the Federal Reserve is ramping up a shift in its monetary policy, the ministry said in its monthly economic assessment report, called the

Jan. 14, 2022

[Graphic News] S. Korean webtoon market jumps to top W1tr in sales

　The South Korean webtoon industry saw its combined sales top 1 trillion won ($843.6 million) for the first time in 2020, government data showed. 　The total sales of the local web-based comic market amounted to 1.05 trillion won in 2020, up 64.6 percent from a year earlier, according to the data by the Culture Ministry and the Korea Creative Content Agency. 　It is the first time that the annual industrywide sales surpassed the 1 trillion-won threshold since 2017, when the ministry started to

Jan. 14, 2022

Seoul stocks open lower on US tech fall

South Korean stocks opened steeply lower Friday, tracking an overnight stock plunge on Wall Street as US Federal Reserve officials signaled aggressive policies to rein in the rising inflation pressure. The benchmark Korea Composite Stock Price Index (Kospi) declined 26.43 points, or 0.89 percent, to 2,935.66 points in the first 15 minutes of trading. The retreat was led by losses in tech stocks, usually more sensitive to rate hikes compared with other sectors. The tech-heavy Nasdaq composite

Jan. 14, 2022

Gov’t plays down EU decision to block Korean shipbuilders’ merger

The South Korean government said Thursday that a decision by the European Union to block the merger between the two local shipbuilders – Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering – may have a limited impact, citing a recovery in global ship orders. “The industry is seeing much better conditions than in 2019 and we will continue searching for the right ‘civilian’ operator for DSME,” the government said in a statement jointl

Jan. 13, 2022

Kakao forbids stock option exercises by CEOs, executives

Korea’s IT giant Kakao said Thursday it will ban CEOs and executives representing its subsidiaries from selling company shares shortly after their market debuts in an apparent move to quell public criticism over their management ethics.　 According to Kakao’s Corporate Alignment Center, the new control tower that oversees Kakao affiliates, CEOs and executives will be prohibited from exercising stock options within two years and one year after the listing day, respectively. In partic

Jan. 13, 2022

[Market Eye] Why Samsung, LG hold on to LCD panels despite slowing profitability

It appears too soon to say that Samsung Display and LG Display, the nation’s top display makers, will exit from the less lucrative LCD market amid a cutthroat competition with Chinese rivals with cheaper pricing. Until a few years ago, the two firms had hinted at retiring from the old-school LCD business to focus on more advanced technologies such as upgraded LCDs or OLEDs to widen the gap with Chinese runner-ups. But experts here say there has been a sign of change in the attitudes mor

Jan. 13, 2022