GS Caltex dispatches robots into hazardous ops with nitrogen asphyxiation risks

GS Caltex said Tuesday that it has deployed robots to maintenance tasks that entail risks of nitrogen asphyxiation, accelerating its digital transformation drive. According to the South Korean total energy company, its robot has successfully conducted a maintenance operation at the firm’s petrochemicals facility filled with nitrogen. The inert gas reduces fire risks during operation, but puts workers at risk of suffocation. Of 65 cases of workplace nitrogen asphyxiation cases in the la

Sept. 14, 2021

LG Chem to produce 75,000 tons of corn-based bioplastic in US

LG Chem said Tuesday it will form a joint venture with Archer Daniels Midland, one of the world’s largest corn processors, to produce 75,000 tons of corn-based bioplastic per year starting in 2025. According to an agreement signed Monday between South Korea’s leading chemical firm and the Chicago-based agriculture company, a joint venture will be launched in early 2022 in the US to produce corn-based lactic acid and poly lactic acid, a biodegradable plastic used for food packaging,

Sept. 14, 2021

Pernod Ricard Korea to inaugurate new CEO

Pernod Ricard Korea said Tuesday that Frantz Hotton has been inaugurated as the new CEO of the Korean subsidiary of global wine and spirits company Pernod Ricard Group. Hotton, who is the current CEO of Pernod Ricard Hong Kong & Macao, was appointed to lead the South Korean unit in July. He joined the company as a marketing manager in 1995 and rose to be a professional C-level executive within the group, having served in various marketing and sales-related roles. Under his leadership, the

Sept. 14, 2021

Chicken burger chain Mom’s Touch to open 100 stores in US by 2025

South Korean chicken burger chain Mom’s Touch said Tuesday it plans to open 100 stores in the United Sates in the next four years. Though the fast food chain opened a test store in the US in 2017, it struck a master franchise agreement with a local business partner and opened its first location in California earlier this year. Following the success of the first store, the company plans to open a drive-thru store sometime this year in the Long Beach area. The first location in California

Sept. 14, 2021

Residents' FX deposits rise in Aug. amid brisk exports

Foreign currency deposits at banks in South Korea gained in August from a month earlier as exporters increased dollar holdings, central bank data showed Tuesday. Residents' outstanding foreign currency-denominated deposits stood at $92.6 billion as of end-August, up $470 million from the previous month, according to the Bank of Korea (BOK). The country's foreign exchange deposits swung to an upturn for the first time in five months. In July, they were down $910 million from June. Residents in

Sept. 14, 2021

Money supply keeps growing in July

South Korea's money supply continued to expand in July on increased corporate fund-raising and household loans amid the COVID-19 pandemic, central bank data showed Tuesday. The country's M2 stood at 3,443.9 trillion won ($2.94 trillion) as of end-July, up 0.9 percent from a month earlier, according to preliminary data from the Bank of Korea (BOK). From a year earlier, M2 soared 20.5 percent, the central bank said. A key economic indicator closely monitored by authorities, M2 is a measure of

Sept. 14, 2021

Samsung releases new monitor designed for video conferences

Samsung Electronics Co. on Tuesday released a new monitor suitable for video meetings as the tech giant aims to expand its presence amid the pandemic-driven stay-at-home trend. Samsung's new monitor, S40VA, comes with a pop-up webcam and microphone on the top of its display. It allows consumers to use it only when needed, offering an enhanced design look and security. The 24-inch monitor, which comes with an IPS display panel with a viewing angle of 178 degrees, is also installed with a buil

Sept. 14, 2021

Samsung Heavy to close one of Chinese plants

South Korean shipbuilder Samsung Heavy Industries Co. said Tuesday it will close one of its Chinese plants due to decreased productivity caused by its superannuated facilities. Samsung Heavy has been in talks with the Chinese government to hand over the land and other assets by Samsung Heavy Industries Ningbo Co. early next year, the company said in an emailed statement. Samsung Heavy has two plants in China -- Samsung Heavy Industries Ningbo with 150,000 ton production capacity and Samsung

Sept. 14, 2021

S. Korea to expand FTAs with more emerging countries in S.E. Asia, Latin America

South Korea said Tuesday it plans to implement or launch negotiations for a set of new free trade agreements (FTAs) with trading counterparts from Southeast Asia and Latin America this year, as part of efforts to reduce its reliance on major economies. The country plans to officially sign the pending FTA with Cambodia in October, seven months after completing related negotiations, according to the Ministry of Trade, Industry and Energy. The ministry said the deal is set to help South Korean fi

Sept. 14, 2021

Seoul, Washington eye closer ties in global supply chain, vaccine delivery

South Korea and the United States have agreed to maintain close ties in the goal supply chain and continue to make joint efforts to speed up the delivery of vaccines around the globe, the trade ministry said Tuesday. South Korean Trade Minister Yeo Han-koo met his US counterpart, Katherine Tai, in Washington on Monday (US time) and shared ideas on ways to cope with the changing business environment amid the COVID-19 pandemic, according to the Ministry of Trade, Industry and Energy. During the

Sept. 14, 2021

Hyundai accepts early orders for mini SUV Casper

Hyundai Motor Co. said it began accepting preorders on Tuesday for the upcoming mini SUV Casper ahead of its launch in South Korea later this month. Hyundai said it is accepting early orders only through its official online channel, the first such attempt by a Korean automaker, to reflect growing demand for contactless car purchases amid the pandemic. In time for its official launch on Sept. 29, Hyundai said it will host a digital showcase event and reach out to customers through various digi

Sept. 14, 2021

Seoul stocks open steeply higher ahead of US inflation data release

South Korean stocks opened steeply higher Tuesday as investors await the release of US consumer price data, seeking more clues about the Federal Reserve's timeline for tapering its stimulus. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.92 points, or 0.51 percent, to trade at 3,143.78 points in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average advanced 0.76 percent, largely on expectations that the Fed would not hurry to roll back its accommodativ

Sept. 14, 2021

Export prices up for 9th month in August

South Korea's export prices rose in August, marking the ninth straight monthly gain amid a strong recovery in exports, central bank data showed Tuesday. The country's export price index, in terms of the local currency, rose 1 percent in August from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the ninth consecutive month of an on-month rise. In July, the index rose 3.5 percent on-month. From a year earlier, the index jumped 18.6 perce

Sept. 14, 2021

Take down antitrust hurdles for mergers: KDB chief

Korea Development Bank’s Chairman Lee Dong-gull called on the government to take down the antitrust hurdles standing in the way of proposed mergers, which he said are crucial for businesses to survive. Lee leads the main creditor behind the business integration of Korea’s flagship air carriers Korean Air Lines and Asiana Airlines, as well as the integration of the world’s largest shipbuilders Daewoo Shipbuilding and Marine Engineering and Hyundai Heavy Industries -- both base

Sept. 13, 2021

[News Focus] Naver, Kakao: How icons of innovation have come under fire

It took two decades for Naver to grow from an internet portal site to a giant in e-commerce, content and mobile payment, and just one decade for Kakao to build a sprawling business empire encompassing commerce, mobility and entertainment, off its mobile messaging app. Both were praised for innovative internet and mobile technologies that changed the way Koreans work, buy and communicate, making life without their services almost impossible to imagine. But just as their dominance is further

Sept. 13, 2021

Ahead of October launch, Toss Bank secures half a million subscribers

Toss Bank, which is poised to become the country’s third internet-only bank, attracted more than half a million subscribers to its pre-registration of their deposit accounts in just three days, the company said Monday. The online bank was able to draw attention from customers by offering an annual interest of 2 percent, higher than the average interest rate offered by commercial banks at less than 1 percent, as a marketing strategy. “We were able to confirm consumers’ demand

Sept. 13, 2021

Hyosung Group Chairman Cho Hyun-joon calls for aggressive US push

Hyosung Group Chairman Cho Hyun-joon called for an aggressive, preemptive approach to increase its business foothold in the US during his recent visit there, the group said Monday. “The US holds the key to new market dynamics in the post-pandemic era,” the chief was quoted as saying by Hyosung officials in Seoul. “With thorough localization and attention to the customers’ needs, we must increase our market presence here.” Seoul officials linked the chairman&rsq

Sept. 13, 2021

Korea’s aging population to sap fiscal health: Fitch

The fast-paced aging of South Korea’s population is likely to undermine the fiscal health of Asia’s fourth-largest economy in the long run amid soaring debt, credit ratings agency Fitch Ratings said Monday. The aging population, coupled with a declining fertility rate of fewer than one child per woman, could leave Korea exposed to higher risks as rising government spending could become a less effective means of boosting nationwide productivity. Fitch urged Korea to carry out midt

Sept. 13, 2021

Seoul stocks inch up after choppy trading amid inflation, political woes

South Korean stocks edged up after choppy trading Monday as investors remained cautious after a fall on Wall Street last week amid concerns about rising inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.1 points, or 0.07 percent, to close at 3,127.86 points. Trading volume was moderate at about 718 million shares worth some 13.3 trillion won ($11.3 billion), with gainers outnumbering losers 579 to 286. Foreigners bought a net 139

Sept. 13, 2021

Luxury imported cars see record sales in August

Consumer appetite for expensive imported cars is bigger than ever in South Korea. According to data from the Korea Automobile Importers & Distributors Association on Monday, total sales of imported cars with a retail price exceeding 100 million won ($85,156) as of August jumped 65.5 percent on-year. The total number of vehicles in that price range sold in the first eight months of the year was 45,042. This exceeds the total number of high-end imported cars sold in all of 2020, when sales

Sept. 13, 2021