KB chairman vows to cooperate with ASEAN banks for carbon neutrality

South Korea’s KB Financial Group Chairman Yoon Jong-kyoo vowed to cooperate with ASEAN banks in achieving carbon neutrality at a leadership meeting of the UN-convened Net-Zero Banking Alliance, the firm said Tuesday. “As a representative of Asia in this meeting, KB will focus on spreading and supporting net-zero initiatives in ASEAN nations where we have a vast network of businesses,” Yoon said at the NZBA Steering Group Principals Meeting held via video conference on Monday.

Dec. 14, 2021

Seoul stocks down for 3rd day amid FOMC uncertainties

South Korean stocks retreated for a third consecutive session Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 31.71 points, or 0.46 percent, to close at 2,987.95 points. Trading volume was moderate at about 566 million shares worth some 9.2 trillion won (US$7.8 billion), with losers outnumbering gainers 574 to 284. Foreigners

Dec. 14, 2021

LG debuts hyperscale AI Exaone

LG Group’s AI research hub LG AI Research on Tuesday unveiled its new “ultra-large” artificial intelligence language model Exaone that boasts more parameters than any other similar models created by its South Korean rivals. Exaone, which refers to “expert AI for everyone,” has some 300 billion different parameters or variables that it can tune in. Being large means that the AI model has a better capacity to process data more efficiently and perform more advanced l

Dec. 14, 2021

Dyson’s formaldehyde-busting air purifiers hit Seoul

UK-based home appliance maker Dyson said Tuesday it started selling its air purifiers equipped with technologies to sense and destroy indoor air pollutants including formaldhyde more precisely in South Korea. Its new fanless air purifiers feature algorithm-powered, solid-state formaldehyde sensors that distinguish the colorless gas pollutant from other volatile organic compounds. Dyson said the solid-state sensor, using electrochemical cell technology, is superior to gel-based sensors in that

Dec. 14, 2021

Samsung Biologics to manufacture AstraZeneca’s Evusheld

Samsung Biologics will begin manufacturing AstraZeneca’s COVID-19 antibody combination Evusheld by expanding their earlier deal, officials said Tuesday. The newly expanded deal is estimated at $380 million, up about $50 million from the initial contract of the two pharmaceutical giants’ long-term strategic partnership signed in September 2020. Evusheld, formerly known as AZD7442, is a combination of two long-acting antibodies, tixagevimab and cilgavimab. It has the effect of prev

Dec. 14, 2021

LX Holdings chairman prepares to complete spinoff by selling stake in LG

LX Holdings, a holding company which was established in May by taking four non-electronics affiliates from LG group, said Tuesday that its Chairman Koo Bon-joon has sold his stake in LG Group to complete the spinoff procedure. The company said Koo Bon-joon’s stake in LG Group has reduced to 2.04 percent from 7.72 percent. Together with his family’s stake, Koo’s total stake is now at 2.96 percent, meeting the prerequisite of the chief and relatives owning no more than 3 percen

Dec. 14, 2021

LG Energy Solution, Siemens team up for smart manufacturing

LG Energy Solution, the battery-making unit of LG Group, said Tuesday it has joined forces with German industrial giant Siemens to upgrade its battery plants into more advanced smart factories. Under a deal signed earlier in the day, the battery firm agreed to adopt Siemens’ software and other technologies to build an “intelligent manufacturing system.” Intelligent manufacturing, or smart manufacturing, is designed to optimize energy efficiency and quality control at product

Dec. 14, 2021

Property investment platform operator Kasa attracts W19b

Kasa Korea Co., operator of a digital property investment platform, said Tuesday that it has attracted 19 billion won ($16 million) from six investors to enhance security for trading and other necessary infrastructure. The investment, from investors including PGS Partners, WeMade, Arche Investment and Yuanta Investment, raised the total funds Kasa Korea has received to about 40 billion won, according to Kasa Korea. The fintech startup said it will use 19 billion won to enhance the security sys

Dec. 14, 2021

S. Korea's ICT exports hit new monthly high in Nov.

South Korea's exports of information and communication technology (ICT) products touched a new monthly high in November on brisk global demand for chips and displays, data showed Tuesday. Outbound shipments of ICT products reached $21.49 billion last month, up 30 percent from a year earlier, according to the data from the from the Ministry of Science and ICT. The November tally represents the largest-ever monthly amount and the 18th consecutive month of on-year gains since June last year. ICT

Dec. 14, 2021

[Graphic News] Korea’s whisky imports jump over 70% this year

　South Korea’s imports of whisky soared more than 70 percent in the first 10 months of the year as more people drank at home amid the coronavirus pandemic, data showed. 　The value of whisky imports came to $93.21 million in the January-October period, up 73.1 percent from a year earlier, according to the data from the Korea Customs Service and the local liquor industry. 　It represents the first on-year increase in the country’s whisky imports since 2014. 　Industry sources attribu

Dec. 14, 2021

Seoul stocks open lower ahead of US FOMC meeting

South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.8 points, or 0.46 percent, to 2,987.86 points in the first 15 minutes of trading. The KOSPI dropped below the 3,000-point level as investors weighed the possibility of the Fed quickening its stimulus withdrawal and making hawkish signals about adjusting its key interest rate. Overnigh

Dec. 14, 2021

Import prices down in November for first time in 7 months on cheaper oil, raw materials

South Korea's import prices dropped for the first time in seven months in November as prices of oil and other raw materials declined, central bank data showed Tuesday. The import price index inched down 0.6 percent last month from a month earlier, according to the preliminary data from the Bank of Korea. This marked the first on-month decline in seven months The decline is blamed on a fall in international crude oil prices and other raw materials, including mining products. The central bank

Dec. 14, 2021

Hyundai Oilbank applies for IPO

Hyundai Heavy Industries Group, South Korea's 15th largest conglomerate by assets, said Monday its refining affiliate Hyundai Oilbank Co. filed for an initial public offering (IPO) with local bourse operator Korea Exchange. Hyundai Oilbank aims to trade its shares on South Korea's main KOSPI market in the first half of 2022, the group said. The proposed initial public offering is the third of its kind after the refiner failed to go public in 2012 and 2019. In 2012, a tumble in oil prices t

Dec. 13, 2021

‘Uncertainty’ leading businesses to postpone investment: poll

About half of the highest-earning South Korean companies have no investment plans for next year as they battle “uncertainty” around the omicron coronavirus variant and the disruptions the pandemic has caused, a local think tank said Monday. According to the Korea Economic Research Institute, 49 percent of the 101 companies that responded to the survey said they either do not plan to make new investments in 2022 or have yet to come up with one, citing an uncertain economic outlook.

Dec. 13, 2021

Korea to push for entry to 11-member CPTPP

SEJONG -- South Korea on Monday has expressed its commitment to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which is aimed at multilateral free trade agreements in the Asia-Pacific region. In addition, the nation has unveiled a policy to push for bilateral FTAs with more countries, including Mexico. In a ministerial meeting, Deputy Prime Minister and Finance Minister Hong Nam-ki said that the government “is seeking to collect public opinions and rea

Dec. 13, 2021

[Market Eye] Will Samsung’s anti-OLED campaign end with imminent panel deal?

The market is closely watching Samsung Electronics’ possible move to diversify its panel supplier list amid circulating rumors that the South Korean tech giant is even mulling a deal with its archrival’s panel-making arm for large flat-screen televisions. According to rumors and reports, Samsung is considering placing orders for white organic light-emitting diode panels from LG Display, with which it has locked horns for a long time over who has the technological edge, and that its

Dec. 13, 2021

Han Sung Motor’s Dream Gream marks 10th anniversary

Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Monday that it will hold an exhibition to celebrate the 10th anniversary of its art scholarship program Dream Gream.  Titled “A dream of 10 years,” the exhibition looks into Han Sung Motor’s operation of the scholarship program over the past decade, showcasing artworks by current artists as well as mentors and mentees of the Dream Gream program.  Since 2012, Han Sung Motor has offered support to select

Dec. 13, 2021

Hyundai Mobis to power all worksites with renewable energy by 2040

Hyundai Mobis, an auto parts making unit of Hyundai Motor Group, said it would power all its worksites with renewable energy by 2040 and cut 30 percent of energy use by 2030 in its green campaign announced Monday.  Under a vision of “Green Transformation to 2045 Net-Zero,” the company said it would produce environment friendly products and technology to establish an ecosystem for carbon neutrality and for the future generation.  According to Hyundai Mobis’ 2045 car

Dec. 13, 2021

Seoul stocks retreat for 2nd day ahead of FOMC meeting

South Korean stocks retreated for a second straight session Monday as investors took to the sidelines ahead of the US Federal Reserve's policy meeting later this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 8.57 points, or 0.28 percent, to close at 3,001.66 points. Trading volume was moderate at about 368 million shares worth some 8.5 trillion won ($7.2 billion), with losers outnumbering gainers 495 to 347. Foreigners sold a

Dec. 13, 2021

S. Korea’s exports hit new all-time record: ministry

South Korea’s exports from the beginning of the year to Monday surpassed the record-high annual outbound shipments of $604.9 billion, observed in 2018, setting a new all-time high. According to data compiled by the Trade Ministry and Korea Customs Service, total outbound shipments surpassed the ful-year export record at 11:36 p.m. Monday. It is projected to surpass $640 billion on current trends, the Trade Ministry noted. A Trade Ministry official pinpointed further development in Kore

Dec. 13, 2021