Housing prices, debt are major risks to financial stability: BOK

South Korea's financial system has remained stable, but a rise in housing prices and high household debt serve as major potential risks to financial stability, a central bank report showed Thursday. In a biannual report on financial stability, the Bank of Korea (BOK) called for policy efforts to stabilize the housing market and curb the growth of household debt, raising the need to ease the high level of financial imbalances. "Since the first half of this year, the country's financial sy

Dec. 23, 2021

Seoul stocks open slightly higher on auto, chemical gains

South Korean stocks opened slightly higher Thursday, led by advances of auto and chemical heavyweights. The benchmark Korea Composite Stock Price Index (Kospi) edged up 2.58 points, or 0.09 percent, to trade at 2,987.06 points in the first 15 minutes of trading. Top carmaker Hyundai Motor moved up 1.58 percent and its smaller affiliate Kia added 0.36 percent. Chemical giant LG Chem advanced 0.8 percent, and steelmaker Posco climbed 0.71 percent. Market bellwether Samsung Electronics traded fl

Dec. 23, 2021

Hyundai Motor takes robotics tech to center stage at CES

Hyundai Motor Group will present what robotics technology will bring to human life in the future at the upcoming Consumer Electronics Show 2022, in line with its vision of pushing mobility beyond the limits of physical movement, time and space, the automaker said Thursday. Transforming itself from a transportation maker to a smart mobility service provider, Hyundai Motor said the key message of its presentation will include the company’s purpose and direction of expanding robotics techno

Dec. 23, 2021

Main stock market's turnover hits 19-month low in Dec.

Turnover of South Korea's main bourse plumbed a 19-month low in December as retail investors flee stocks for higher returns, data showed Thursday. The average daily turnover of the KOSPI market stood at slightly over 10 trillion won ($8.39 billion) for 16 trading sessions till Wednesday, according to the data from the Korea Stock Exchange. It was the lowest tally since May 2020, when the daily turnover came to 9.9 trillion won. The figure was also down 15 percent from November and nearly half

Dec. 23, 2021

Bristling over virus restrictions, small businesses stage protest

Hundreds of small business owners took to the streets in Seoul on Wednesday to express their pent-up anger over the government‘s retightening of COVID-19 protocols nationwide. Chants of “Stop politically-motivated quarantine measures that kill all business owners” resounded throughout Gwanghwamun Plaza in central Seoul, as the large group of protesters demanded an immediate lift of gathering bans and operation hour limits. “The more than three-month long level four so

Dec. 22, 2021

Will Oppo’s foldable challenge Samsung’s Galaxy Z Fold?

Chinese smartphone brand Oppo’s Find N, the first flagship foldable phone unveiled the previous week, suggests how premium electronic gadget fans have been thirsty for a seamless end-user experience. With Find N, Oppo is looking to prove that consumers can find a foldable phone attractive with creaseless inner screens. But it is unlikely that Oppo’s release would directly challenge Samsung’s leadership in the market, especially since it already has a similar foldable phone, th

Dec. 22, 2021

China finally greenlights SK hynix’s buyout of Intel NAND biz

Chinese authorities have finally approved SK hynix’s acquisition of Intel’s NAND and SSD business, the company said Wednesday. Though SK hynix and Intel signed the $9 billion deal in October last year, it has been waiting for approval from China for more than a year due to tensions with the US. In the chip industry, to prevent one company from dominating the market, mergers and acquisitions require antitrust approval from the US, the European Union, South Korea, Taiwan, Brazil, t

Dec. 22, 2021

Don’t throw away Glo devices, return them, says BAT Rothmans

BAT Rothmans, the Korean business arm of British American Tobacco, is ramping up its recycling campaign in Korea to encourage people not to throw away used Glo devices, the company said Wednesday. The Seoul office of the London-based tobacco company said it has installed return bins for Glo tobacco heating devices at 50 convenience stores in cities nationwide with heavy foot traffic, with more to be added in the coming year. Customers can go to either a 7-Eleven, CU or GS25 convenience store

Dec. 22, 2021

CEO war heats up among big three battery makers

The latest battlefield for the nation’s top three battery makers -- LG Energy Solution, Samsung SDI and SK On -- is their new leaderships. High-profile executives, including a chaebol scion, have stepped in to nurture the battery-making units of LG, Samsung and SK as new growth engines. The Korean trio has seen a surge in battery output capacity this year amid soaring demand for electric vehicles around the world, especially in the all-important US market. Their market share reached

Dec. 22, 2021

FTC fines SK Inc. and SK Group Chairman W1.6b over SK Siltron case

South Korea’s antitrust watchdog announced Wednesday that it would fine SK Inc. and SK Group Chairman Chey Tae-won 1.6 billion won ($1.3 million) over allegations that his personal purchase in LG Siltron shares back in 2017 had violated the law. The decision was made a week after Chey had attended the Fair Trade Commission’s full-member session in person. Chey’s attendance was rare as the watchdog does not require the person involved to be present. Chey, in the session, claime

Dec. 22, 2021

Korea, Vietnam agree to enhance ties on trade, development projects

SEJONG -- South Korea and Vietnam agreed to bolster coordination on trade and development projects during a ministerial meeting in Seoul, Wednesday, the Ministry of Trade, Industry and Energy said. At the meeting, Korea’s Minister of Trade, Industry and Energy Moon Sung-wook signed a memorandum of understanding with Vietnam’s Minister of Industry and Trade Nguyen Hong Dien on urea supply. Under the deal, Korea will import up to 120,000 metric tons of urea from Vietnam per annum ov

Dec. 22, 2021

Seoul stocks up for 2nd session amid tech gains, easing virus scare

South Korean stocks closed up for the second straight session Wednesday, led by chipmaker gains and easing fear about the omicron variant of the new coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 9.45 points, or 0.32 percent, to close at 2,984.48 points. Trading volume was moderate at about 453 million shares worth some 8.6 trillion won ($7.2 billion), with gainers outnumbering losers 486 to 357. Foreigners bought a net 30

Dec. 22, 2021

'Detox' required for computer chips, EV batteries

The world is full of irony. Electric vehicles, which are supposed to be eco-friendly modes of transportation, are mounted with chips and batteries that generate polluting gases in the manufacturing process. To make semiconductors, harmful gases are required, such as CF4, C2F6, SF6 and NF3. These ozone-destroying greenhouse gases take up to 50,000 years to decompose in the atmosphere, and are far more potent than carbon dioxide, which takes 50-200 years to break down. As calls for environmen

Dec. 22, 2021

Samsung takes ‘personalization of technology’ as key CES theme

Samsung Electronics Vice Chairman and CEO Han Jong-hee said Thursday that the global tech giant will unveil innovative technologies centered on customization, seamlessness and sustainability at the 2022 Consumer Electronics Show. In his editorial posted on Samsung Newsroom, the head of Samsung Electronics’ device experience division underscored that the “one-size-fits-all” strategy can no longer apply in the consumer electronics market as users are seeking more personalized,

Dec. 22, 2021

GS Caltex to use oil extracted from plastic waste as clean feedstock

GS Caltex said Wednesday it will utilize oil extracted from plastic waste as a feedstock to manufacture petrochemical products to bolster its environmental, social and governance efforts. According to the South Korean total energy company, it will begin pilot production of petrochemical products with 500,000 tons of plastic waste oil at the firm’s plant located in Yeosu, South Jeolla Province. “If the pilot project proves successful, GS Caltex will review new investments for buil

Dec. 22, 2021

Finance ministry to prioritize stabilizing inflation next year

South Korea's finance ministry said Wednesday it will put the top priority on stabilizing consumer inflation next year as the country faces a buildup in price pressure amid rising prices of raw materials and farm products and the economic recovery. The government plans to beef up the monitoring of the supply of key farm produce closely linked to people's livelihoods and freeze public utility bills in the first quarter of next year. The Ministry of Economy and Finance picked measures to stabili

Dec. 22, 2021

Financial watchdog to seek 'soft landing' for household debt, bring debt increase under pre-pandemic levels

South Korea's financial watchdog said Wednesday that it will continue to prioritize a "soft landing" for soaring household debt and bringing debt growth down to pre-pandemic levels next year. In a report laying out its policy goals for next year, the Financial Services Commission (FSC) also said that it will "preemptively" manage vulnerability risks facing the financial sector amid worries that snowballing corporate and household debt and rising interest rates could hurt the

Dec. 22, 2021

SsangYong signs MOU with BYD for EV battery development

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Wednesday it has signed an initial pact with Chinese electric vehicle maker BYD Auto Co. for EV battery development.SsangYong Motor on Tuesday signed a memorandum of understanding with BYD Auto to develop car batteries and produce battery packs for its models, the company said in a statement. "The partnership with BYD will pave the way for the company's plan to transform itself into an EV maker

Dec. 22, 2021

S. Korea's seaport cargo down 1.9% in Nov.

The volume of cargo processed at South Korean seaports fell nearly 2 percent in November due to delayed handling at major ports, government data showed Wednesday. Cargo handled at the country's ports stood at 128.5 million tons last month, down 1.9 percent from a year earlier, according to the data by the Ministry of Oceans and Fisheries. Handling of export-import cargo also declined 1.9 on-year to 108.8 million tons. Container cargo decreased 7.4 percent on-year to 2.39 million twenty-foot-e

Dec. 22, 2021

S. Korea unveils measures to prevent foreigners' illegal property transactions

Finance Minister Hong Nam-ki said Wednesday the government will closely monitor foreigners' real estate transactions in a bid to prevent cross-border flows of illegal funds and crack down on dubious deals. The government unveiled a set of measures to prevent foreigners from illegally buying real estate as some non-residents are found to have taken undue profits from property transactions. To monitor any illegal money flows, the Bank of Korea (BOK) and the Korea Customs Service will set up an i

Dec. 22, 2021