Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Thursday as bargain hunters sought oversold stocks on expectations of a rebound. The benchmark Korea Composite Stock Price Index (Kospi) rose 31.54 points, or 1.08 percent, to 2,939.85 points in the first 15 minutes of trading. The key stock index got off to a strong start after three days of losses. Market kingpin Samsung Electronics added 0.98 percent, but No. 2 chipmaker SK hynix retreated 0.73 percent. Internet portal operator Naver jumped 2.41 percent, and

Oct. 7, 2021

S. Korea sells $1.3b of FX bonds at 2nd-lowest rates

South Korea said Thursday it has sold about $1.3 billion worth of foreign exchange stabilization bonds at the second-lowest ever rates amid solid demand. The government sold US dollar-denominated bonds worth $500 million with a maturity of 10 years and five-year euro-denominated debts worth $700 million, according to the finance ministry. The dollar bonds carry a yield of 1.769 percent, or 25 basis points more than the rate of US 10-year Treasuries, while the euro bonds carry a yield of minus 0.

Oct. 7, 2021

S. Korea logs current account surplus for 16th month in Aug.

South Korea posted a current account surplus for the 16th straight month in August as exports remained robust and revenue from cargo shipping rose amid the global economic recovery, the central bank said Thursday. The current account surplus reached $7.51 billion in August, down from $8.21 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. The current account has been in the black since May last year. In April 2020

Oct. 7, 2021

Samsung unveils tech road map for foundry biz

  Samsung Electronics Co. on Thursday unveiled its technology road map for the foundry business as the company vowed to improve its capacity and advanced manufacturing solutions in the contract chipmaking sector. At the Samsung Foundry Forum 2021, which was held online under the theme of "Adding one more dimension," the South Korean chipmaker revealed its plans for future technology nodes, operations and services. Samsung, the world's No. 2 foundry player behind Taiwan Semiconduc

Oct. 7, 2021

S. Korea to impose tax on virtual assets next year as planned: finance minister

Finance Minister Hong Nam-ki said Wednesday the government will impose a tax on gains from virtual assets, such as cryptocurrencies, next year as planned. Hong reiterated the stance, adding necessary infrastructure is in place and delaying the taxation plan further could hurt the reliability of government policy. 　 “It appears to be difficult to readjust or delay taxation on virtual assets, considering legal stability or policy reliability,” Hong told lawmakers during a parliamentary

Oct. 6, 2021

Korean edtech startups race to catch up with global rivals in robot education

South Korea has been implementing a set of educational policies aimed at helping students and teachers prepare for digital transformation in a wide array of fields. The pandemic that started last year is accelerating the shift in the educational sector toward a digital paradigm, requiring schools and policymakers to rethink the way they teach students as well as what they should teach in a new era. The Korean government, recognizing the sweeping changes sparked by the spread of COVID-19, is

Oct. 6, 2021

Edtech startup Alux aims to take lead in next-generation educational robots

Alux, a startup in the fast-growing field of educational technology, or edtech, is providing next-generation education programs based on big data, artificial intelligence and the metaverse to some 2,000 schools across the country.  Lee Chi-heon, CEO of Alux, said the Seoul-based startup is navigating a whirlwind of changes in the education market, sparked by a pandemic-induced switch from offline programs to what is called “untact” alternatives, referring mainly to contactless

Oct. 6, 2021

Activist fund invests W100b in LIG Nex1 in ESG push

South Korean activist fund Korea Corporate Governance Improvement has bought 100 billion won ($84 million) in exchangeable bonds issued by weapon system developer LIG Nex1, a filing showed Wednesday. The investment is aimed at improving LIG Nex1’s performance under the criteria of environmental, social and governance responsibility and giving birth to LIG Nex1’s new line of business, according to KCGI. The investment manager did not elaborate on its future ESG strategy for the defe

Oct. 6, 2021

[Video] Hyundai’s mini SUV Casper creates buzz

Hyundai Motor’s little mini SUV, the Casper, is here, creating a buzz in the A-segment market, where the competition has long been dull. This new Casper is Hyundai’s first A-segment release in 19 years, and already it’s received record preorders. Even the president lined up to buy one. The Casper is slightly more expensive than its rivals the Chevrolet Spark and the Kia Ray, but there’s a reason for that. It comes with advanced driver assistance functions that are of

Oct. 6, 2021

Samsung foldable phones hit 1 million in sales volume in Korea

The sales volume of Galaxy Z Fold3 and Flip3 has surpassed 1 million in South Korea, according to Samsung Electronics on Wednesday. The tech giant said the total number of units of the two foldable devices sold in the Korean market reached 1 million Monday, 39 days since their debut on Aug. 11. The foldable phones trailed only Samsung’s biggest hits of the Galaxy Note 10 and flagship Galaxy S8 in the pace of reaching the 1 million mark. Of the 1 million units, about 70 percent are

Oct. 6, 2021

LG Innotek showcases new substrate products at KPCA show

LG Innotek said Wednesday the company is taking part in an international trade show for substrates and chip packaging technologies to showcase its newest products and technologies. The electronic parts supplier of LG Group exhibited three new products -- 5G Antenna in Package, RF-System in Package and Chip On Film -- at the Korea International Electronic Circuits and Packaging Show 2021 that kicked a three-day run in Songdo, Incheon on Wednesday. The 5G AiP is a substrate for the antenna mod

Oct. 6, 2021

[Newsmaker] World steelmakers discuss decarbonizing at Posco forum

To respond to the growing pressure to meet net-zero pledges, steelmakers around the world must work together to find ways to decarbonize steelmaking, mostly likely with the use of hydrogen, the chief of South Korea’s top steel manufacturer said Wednesday. Hosting the Hydrogen Iron & Steel Making Forum 2021, the world’s first international forum on hydrogen steelmaking, Posco Chairman Choi Jeong-woo highlighted the need for urgent, concerted action as an industry and an open pla

Oct. 6, 2021

Trade minister voices concerns over chip info disclosure

South Korea’s Trade Minister Yeo Han-koo expressed concern over the US request on Korean chipmakers to disclose sensitive information about technology, clients and inventories, during his meeting Tuesday with US counterpart Katherine Tai, officials in Seoul said Wednesday. Yeo, who is currently attending a council meeting of the Organization for Economic Co-operation and Development in Paris, held bilateral talks with the US trade representative, where he relayed such opinion from local

Oct. 6, 2021

Seoul stocks skid for 3rd day to this year's low

South Korean stocks fell nearly 2 percent Wednesday, while the Korean won fell to a 14-month low against the US dollar amid ongoing investor concerns over the debt crises of Chinese property developers and the impasse in the US Congress on raising the debt limit. The benchmark Korea Composite Stock Price Index (KOSPI) fell 53.86 points, or 1.82 percent, to close at 2,908.31 points, the lowest finish since Dec. 30 last year. Trading volume was moderate at about 887.63 million shares worth some

Oct. 6, 2021

SK Bioscience renews vaccine deal with CEPI

South Korean drugmaker SK Bioscience announced Wednesday the company has updated its capacity reservation contract with the Coalition for Epidemic Preparedness Innovations. Under the new agreement, CEPI can use part of SK Bioscience’s Andong production facility until 2022 for manufacturing COVID-19 vaccines. 　 SK Bioscience’s factory in Andong, North Gyeongsang Province, currently has a total of nine production lines that can produce drug substances for COVID-19 vaccines. Of the to

Oct. 6, 2021

Mexico recalls Buldak instant noodles for false labeling

Authorities in Mexico ordered a recall of a Buldak, or “fire chicken,” ramen product for misleading customers with its label, despite having “no trace of chicken” in it. The Office of the Federal Prosecutor for the Consumer announced the recall decision Monday there, concerning Buldak Ramen Cheese and 11 other instant noodle products from across nine manufacturers.  It targets a total of 129,937 packets distributed on shelves throughout the country. Included wer

Oct. 6, 2021

Seven Eleven prepares drone delivery service

Convenience store chain Seven Eleven has partnered with a local mobility software startup to use drones for product delivery, the company announced Wednesday. According to Seven Eleven, it will develop systems and infrastructure for delivery drones with Pablo Air, with plans to launch a pilot run later this year. The firm will open a new location outside of the greater Seoul area, possibly in Gapyeong, Gyeonggi Province, which will act as a base for the drone’s first test flight. The

Oct. 6, 2021

Unity Korea vows to develop solutions that maximize creativity

Unity Korea on Wednesday vowed to grow together with game developers as well as creators in media and entertainment sectors, offering services that go beyond the conventional gaming realm. During a press conference to mark its 10th anniversary, the Korean branch of the California-based 3D game company introduced a webtoon tablet that allows artists to draw duplicating scenes as an example of its digital solutions for creators. Dr. Frost, a piece uploaded on Naver Webtoon, illustrated massive

Oct. 6, 2021

S. Korea’s housing prices see largest surge in 15 years

South Korea’s housing prices in the first nine months of this year spiked nearly 12 percent, surpassing the annual gains observed in 2001 and 2006, when the instability of the local real estate market triggered by the previous financial crisis concerned onlookers and buyers, data showed Wednesday. According to KB Kookmin Bank’s real estate platform Liiv, the median housing price across Asia’s fourth-largest economy gained 11.98 percent in the January-September period. The fig

Oct. 6, 2021

Shinhan continues investment spree for digital partnership

Shinhan Financial Group said Wednesday it has decided to invest 18 billion won ($15.1 million) into three startups offering cutting-edge technologies as part of its bigger plan to boost the group’s digital capabilities. Three startups that attracted the funding include Galaxy Corp. which owns intellectual property rights to virtual characters for metaverse platforms as well as Xinapse, an artificial intelligence technology-based startup. Shinhan plans to collaborate with the firms to e

Oct. 6, 2021