[Newsmaker] Airlines to resume, expand flights between Korea and Hawaii

Korean Air said Wednesday it would resume flights to Hawaii starting Nov. 3 while Hawaiian Airlines announced plans to expand flights on the route to four times a week. Korean Air’s operation on the route was suspended in April last year due to COVID-19. The Incheon-Honolulu KE053 flight will operate three days a week, departing from Incheon International Airport every Wednesday, Friday and Sunday night. The KE054 flight departing from Honolulu for Incheon will also operate on the same

Oct. 20, 2021

KOGAS propels new LNG businesses

As part of its long-term vision to shift to eco-friendly energy, Korea Gas Corp. plans to push ahead with four new businesses using liquefied natural gas. LNG is considered an eco-friendly fuel as it emits 100 percent less sulfur oxides and dust compared to existing fuels for ships, 20 percent less carbon dioxide and up to 99 percent less fine dust. As the International Maritime Organization limited the sulfur content of ships’ fuel oil to 0.5 percent, global demand for LNG-powered ships

Oct. 20, 2021

Korea’s exports to emerging markets to slow after US tapering: KITA

Once the US Federal Reserve begins to pull back next year the stimulus they have provided during the pandemic, it could slow South Korea’s exports to emerging economies that are fiscally fragile, a state-run think tank has warned. A report by the Institute for International Trade under the Korea International Trade Association showed that the US “tapering” after global financial crises in the past increased uncertainties in emerging economies and affected Korea’s exports

Oct. 20, 2021

HMM to launch new service linking S. Korea, S. America in December

South Korean shipper HMM Co. said Wednesday that it will start its new regular container shipping service linking the country's port city of Busan and the eastern coastal cities of South America in December. A 5,000 twenty-foot equivalent unit (TEU) container carrier will be deployed for the service to be launched on Dec. 7, HMM said. It will take 84 days for the container carrier to make a round trip on the Busan-Montevideo route, the shipper said. HMM said the launch of new South Korea-Sout

Oct. 20, 2021

KB Kookmin acquires remaining stake in Cambodia’s Prasac Microfinance

South Korea’s KB Kookmin Bank said Wednesday that it has acquired the remaining stake in Prasac Microfinance Institution, to wholly own Cambodia’s largest microfinance deposit-taking firm. KB Kookmin had acquired 70 percent stake in Prasac Microfinance for $603.4 million from Sri Lanka-based nonbanking lender LOLC Holdings in April 2020, becoming the majority and largest shareholder of the institution. The price of the 30 percent stake which KB Kookmin recently acquired has yet t

Oct. 20, 2021

Genesis GV70 named Motor Trend SUV of the Year

The 2022 Genesis GV70 has been named Motor Trend's SUV of the year, beating a list of high profile contenders from Ford Motor Co. and Stellantis, Hyundai Motor Group said Wednesday. The GV70 outshined 35 competing models such as the Ford Bronco, Ford Mustang Mach-F, Jeep Grand Cherokee and Jeep Wrangler 392 and 4xe in terms of design, sporty performance, value and safety features, Hyundai said in a statement. Stellantis is a 50:50 joint venture recently set up through the merger of US carmaker

Oct. 20, 2021

Number of retail investors' overseas stock accounts soars 74% in H1

The number of overseas stock accounts held by South Korean retail investors jumped 74 percent in the first half of the year from six months earlier amid their brisk investment in foreign shares, data showed Wednesday. Local individual investors held about 3.31 million overseas stock accounts as of end-June, up from some 1.89 million at the end of last year, according to the data submitted to the National Assembly for an annual parliamentary audit by the Financial Supervisory Service. The numbe

Oct. 20, 2021

S. Korea considering temporary fuel tax cut amid surging gasoline prices

South Korea is considering temporarily lowering fuel taxes to ease consumer burden from surging gasoline prices, the country's top economic policymaker said Wednesday. Finance Minister Hong Nam-ki said the government will unveil relevant actions, including a fuel tax cut, as early as next week. "As the international oil prices are on the rise, driving up gasoline prices and putting upward pressure on consumer prices, we are considering such preemptive measures as a fuel tax cut," Hon

Oct. 20, 2021

Seoul stocks open higher on US gains

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.66 points, or 0.19 percent, to 3,034.7 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 0.71 percent to 15,129 points on hopes of strong corporate earnings, and the Dow Jones Industrial Average gained 0.56 percent to 35,457 points. South Korea's new virus cases stayed below 2,000 for the 12th consecutive day Wedn

Oct. 20, 2021

[Herald Interview] Philips in for long-term partnership with Korean partners: CEO

In a world rapidly digitalizing amid the COVID-19 pandemic, Philips seeks to strengthen its partnership with innovative Korean health care providers, said Frans van Houten, the chief executive officer of the Dutch health technology firm. Through a virtual interview with The Korea Herald on Monday, Van Houten highlighted the importance of having long-term partnerships with health care providers around the world, including those in markets like Korea with strong technological prowess and quali

Oct. 20, 2021

Brokerages sharply cut Q3 earnings outlook for major listed firms

South Korean brokerage houses have sharply lowered their third-quarter earnings outlook for major listed firms amid rising inflation and other negatives, a market tracker said Wednesday. The combined net profit forecast for 168 major listed firms came to 29.7 trillion won ($25.2 billion) for the July-September period as of Tuesday, up 4.3 percent from a year earlier, according to financial information provider FnGuide. Yet, it represents a 34 percent plunge from their estimate of 44.9 trillion

Oct. 20, 2021

[Herald Interview] ‘For durable recovery, S. Korea’s monetary policy can remain accommodative’

The Bank of Korea’s August decision to raise its key rate has sent a market signal that the pandemic-triggered liquidity party in South Korea could be nearing an end. The International Monetary Fund, a global organization striving for financial stability, however, remained cautious about the central bank’s hawkish turn to fight rising inflationary pressure and soaring household debt, advising it to slow down the pace of rate normalization. “Korea’s monetary policy stanc

Oct. 19, 2021

Seoul halves recommended agency fees to relieve housing price burden

Legally suggested brokerage fees were lowered around 50 percent starting Tuesday, over implementation of the related law revised to reduce burden on soaring housing prices. For those selling or buying a house worth more than 1 billion won, real estate agents can receive commissions up to 5 million won, 4 million won down from up to 9 million won, according to new guidelines. For “jeonse” and monthly rent contracts worth also over 1 billion won, agents can demand brokerage fees up to

Oct. 19, 2021

Seoul stocks rebound on easing virus woes, stabilizing currency market

South Korean stocks rebounded Tuesday on easing concerns about the new coronavirus and the volatility in the currency market. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.36 points, or 0.74 percent, to close at 3,029.04 points. Trading volume was moderate at about 833 million shares worth some 10 trillion won ($8.5 billion), with gainers outnumbering losers 449 to 381. Foreigners bought a net 146 billion won, while retail investors

Oct. 19, 2021

Falling Samsung shares: what it means to S. Korean investors

A 39-year-old investor in Seoul, surnamed Choi, had a strong belief that the share value of Samsung Electronics would soon reach 100,000 won ($84.80). Despite its continuous fall, recently to below 70,000 won, Choi has no plan to sell shares of the nation’s largest conglomerate and the world’s largest chipmaker. Instead, he sees the falling price as an investment opportunity. “I believe in Samsung Electronics. Although it appeared to go into free fall from some 90,000 won-leve

Oct. 19, 2021

Samsung SDI partners up with Stellantis for joint battery factory in US

Samsung SDI has signed an agreement with Stellantis to form a joint venture to build an electric vehicle battery factory in the United States, industry sources said Tuesday. Samsung SDI’s move draws a parallel with LG Energy Solution, which announced a day earlier that it would a create a joint venture with the same global auto group and construct a 40 gigawatt-hour EV battery plant in the US. While details remain unclear, such as the monetary value of the partnership deal, Stellantis

Oct. 19, 2021

IB Korea launches agave wine-based cocktail

　Beer importer The IB Korea said it has begun local sales of an agave wine-based cocktail named Uptown Margarita, a brand of Texas-based distillery and winery Southern Champion. 　After the 1.5-liter Uptown Margarita showed strong sales, The IB Korea imported the 750-milliliter Uptown Margarita and 750-ml Uptown Pina Colada as well, and plans to begin sales of mini cocktails named BuzzBalls next month. 　The Uptown Wine Cocktails are currently sold at E-mart, GS25, Lotte Big Market and Mega Mar

Oct. 19, 2021

LIG Nex1 showcases satellite navigation, cargo drones

  　LIG Nex1 is showcasing a range of cutting-edge technologies under development, including large cargo drones powered by hydrogen fuel cells at the Seoul International Aerospace and Defense Exhibition, being held from Tuesday through Saturday.   　The defense company is also presenting the Korean Positioning System, a local version of the Global Positioning System, at the biennial defense exhibit at Seoul Air Base.   　The KPS, a 3.72 trillion-won ($3.15 billion) project that wil

Oct. 19, 2021

Samsung SDS rolls out smart shipping platform for exporters

Samsung SDS, an IT solution provider affiliated with Samsung Group, has rolled out a one-stop freight shipping solution for local exporters. Dubbed Cello Square 4.0, the platform is designed to provide a one-stop solution for freight shipping to small and medium-sized companies that experience difficulty keeping up with complex export and import procedures, as well as to track the cargo’s delivery status. Utilizing the latest digital technologies such as artificial intelligence, the in

Oct. 19, 2021

Low-cost carriers prepare for spike in international travel

South Korean low-cost carriers are preparing for a spike in international travel amid growing signs of travel confidence. Air Seoul, one of two budget airlines owned by Asiana Airlines, announced Tuesday it would resume flights between Incheon and Guam after a suspension of some 660 days. Flying twice a week starting late December, the airline said it marks the first air travel route to be resumed for tourists since the COVID-19 pandemic. The last flight to the US island territory by the airl

Oct. 19, 2021