Daewoo Shipbuilding swings to loss in H1 on increased costs, allowances

Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Tuesday that it swung to a net loss in the first half from a year ago due to increased costs and allowances. Its net loss came to 1.25 trillion won ($1.1 billion) in the January-June period compared with a net profit of 294 billion won a year ago. Sales fell 45 percent to 2.17 trillion won, with operating loss reaching 1.22 trillion won, shifting from an operating profit of 352 billion won over the cited period. DSME cited a sharp f

Aug. 17, 2021

CJ ENM sues LG Uplus for ‘unpaid’ content usage fees

South Korean entertainment company CJ ENM is suing LG Uplus, accusing the mobile network operator of failing to pay usage fees for the CJ ENM content it provided via its IPTV service. The content arm of CJ Group confirmed Tuesday that it had filed a civil action with the Seoul Central District Court last week. The firm is seeking compensation for the alleged violation of its intellectual property rights over the past 10 years. “From 2009 to March 2019, LG Uplus provided video-on-demand

Aug. 17, 2021

SK Telecom's non-telecom spinoff SK Square eyes active investments

SK Telecom Co., South Korea's largest wireless carrier, said Tuesday its non-telecom spinoff will be launched in November as SK Square with the aim of aggressive investments in new tech and semiconductor businesses. The mobile carrier is currently preparing to split into two after deciding to spin off its non-telecom businesses in June to focus on new investments. While SK Telecom had tentatively called the new company SKT Investment, the carrier said it finalized the name as SK Square. Under

Aug. 17, 2021

KakaoBank's Q2 net soars on accelerated loan growth

KakaoBank Corp., a major South Korean digital-only bank, said Tuesday its net profit more than doubled in the second quarter from a year earlier, reporting robust earnings after it went public earlier this month. Net profit stood at 69.29 billion won ($58.85 million) in the April-June period, compared with a profit of 26.78 billion won the previous year, according to its regulatory filing. Revenue rose 29.3 percent to 253.62 billion won over the cited period, while operating profit increased 2

Aug. 17, 2021

Seoul stocks down for 8th day on disappointing Chinese economic data

South Korean stocks retreated for an eighth straight session Tuesday as disappointing Chinese economic data raised concerns about a slowdown in global economic recovery. The Korean Won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 28.2 points, or 0.89 percent, to close at 3,143.09 points. Trading volume was high at about 680 million shares worth some 21.9 trillion won ($18.6 billion), with losers outnumbering gainers 786 to 117. Foreigners sold a

Aug. 17, 2021

Compliance, chips and vaccine ‘top priority‘ for Samsung’s Lee

Samsung Group’s de facto chief Lee Jae-yong is going full speed ahead after returning to the office Tuesday, tending to tasks waiting for his attention at Samsung Electronics. On Tuesday, the first working day since his release from jail Friday, the Samsung vice chairman reported to his office at Samsung’s headquarters in Seocho, southern Seoul, early in the morning. Of all the items on his agenda, three appear to be of top priority: compliance, chips and vaccine. It was uncl

Aug. 17, 2021

Early-morning delivery platforms rush into IPO race

E-commerce platform companies that gained popularity for their early-morning delivery services in South Korea are rushing to tap the local stock market, which is enjoying high liquidity and increased investors’ appetite for initial public offering shares. Competition among early-morning delivery platforms -- Shinsegae Group’s online mall arm SSG, Market Kurly and Oasis -- is becoming fierce, with some market watchers believing those who go public ahead of their rivals may have

Aug. 17, 2021

[Herald Interview] Yanolja envisions self-check-in hotels with app-controlled rooms

When travel and leisure platform operator Yanolja raised $1.7 billion from SoftBank Vision Fund 2 last month, it drew comparisons with e-commerce giant Coupang, drumming up excitement over the recent startup boom in South Korea. “We have the super app Yanolja at home and a cloud-based automation solution for the international market. They are fast-growing markets with great potential and we believe the funding acknowledges our technology to keep things going and our great team,” Lee

Aug. 17, 2021

FSS to launch probe into e-payment providers amid Mergepoint scandal

South Korea’s financial watchdog will launch an investigation into electronic payment service providers and their operations amid growing concerns over consumer protection in a row involving local discount app operator Mergeplus. The Financial Supervisory Service has been under fire for failing to monitor risks and eliminate legal gray areas on the back of fast-growing electronic payment services in recent months. Angry customers swarmed Mergeplus’ headquarters in Seoul last week

Aug. 17, 2021

Dunamu to unveil travel rule solution next month

Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, on Tuesday said it planned to unveil its own “travel rule” solution in September through its blockchain technology research arm Lambda256. The travel rule is a global standard imposed by the Financial Action Task Force, an intergovernmental anti-money laundering watchdog, on virtual asset service providers such as cryptocurrency exchanges and digital wallet providers. The country’s virtual asset serv

Aug. 17, 2021

Citibank Korea to confirm retail biz exit plan next week

Citibank Korea is likely to make its long-awaited announcement for its retail business exit plan on Aug. 26, after confirming the strategy at a scheduled board meeting, an industry source said Tuesday. The South Korean subsidiary of the US-based global banking giant had initially said it would confirm the plan in July, but the decision-making process was delayed on apparent conflicts of interest among the firm, its potential bidders and unionists. The firm is expected to decide whether it wil

Aug. 17, 2021

Kumho Tire supplies noise-cutting tires for Kia EV6

Kumho Tire is supplying two different types of tires that have been applied with noise-cutting technology for Kia’s electric vehicle EV6, the tire maker said Tuesday. For a quiet driving experience, Kumho Tire said it is providing its Crugen HP71 and Ecsta PS71 for the EV6. The two models have been applied with K-Silent technology, which the company developed in 2014. Kumho Tire said the technology has been patented in Korea and other countries. The K-Silent tires are made with porous

Aug. 17, 2021

From yachts to diamonds, convenience stores take Chuseok gifts up a notch

With the Chuseok fall harvest holiday just about a month away, convenience stores are rolling out some of the most unexpected luxury gift sets to attract customers. On Tuesday, CU, a leading convenience store chain here, said it is presenting some 500 Chuseok holiday gift sets in 16 product categories, including yachts and imported cars. BGF Retail, the firm behind the convenience store chain, said it is rolling out six different Bavaria brand yachts from Hyundai Yachts, with prices varying

Aug. 17, 2021

S. Korea, Kazakhstan sign 23 business MOUs, eye closer economic ties

South Korea's industry ministry said Tuesday it has hosted a business roundtable with Kazakhstan and signed around two dozen business agreements, in a move to enhance economic ties with the Central Asian nation. During the meeting, Seoul and Nur-Sultan signed a set of 23 memorandums of understanding in various industries ranging from automobiles to the development of natural resources, according to the Ministry of Trade, Industry and Energy. The move came during Kazakh President Kassym-Jomart

Aug. 17, 2021

IFC names new regional director of East Asia and Pacific

The International Finance Corp., a member of the World Bank Group, said Tuesday that it has appointed Kim-See Lim as the new regional director of East Asia and the Pacific. The Malaysian national will lead investment and advisory operations across 18 countries including South Korea and oversee the IFC’s strategy in the region. “Given the devastating impacts of the global pandemic, IFC will continue to focus on leveraging the private sector to foster a green, resilient and inclusiv

Aug. 17, 2021

NH NongHyup launches virtual Dokdo branch

South Korea’s NH NongHyup Bank said Tuesday it launched a virtual Dokdo branch, which customers can visit on its mobile app and subscribe to financial products tied to the nation’s easternmost islets. The virtual space, designed to celebrate the bank’s 60th anniversary, offers users of All One Bank app with Dokdo-themed environmental, social and governance-related financial products. Users can also visit a virtual gift shop where they can purchase popular “Dokdo shrimp

Aug. 17, 2021

Chinese top foreign buyers of Korean real estate

Amid the steady growth of property ownership by foreign nationals in South Korea, Chinese acquisition of real estate ranked first for the ninth consecutive year, industry data showed Tuesday. According to data from real estate app company Zigbang, foreign-owned real estate accounted for 0.69 percent of the total property purchases across the nation, as of August, continuing an upward trend from 2010, when it posted 0.2 percent. Among the foreign buyers, Chinese purchased the largest volume of

Aug. 17, 2021

Hyundai Construction Equipment to develop small-sized forklifts

South Korean construction machinery maker Hyundai Construction Equipment Co. on Tuesday said it will develop small-sized forklifts to be powered by hydrogen fuel cells. The subsidiary of Hyundai Genuine Co. will team up with S-Fuelcell Co., a local hydrogen fuel cell maker, to commercialize the 1-3 ton forklifts by 2023, it said. Hyundai Construction Equipment also said it developed 5-ton hydrogen fuel cell powered forklifts in 2020 in cooperation with Hyundai Mobis Co., South Korea's biggest

Aug. 17, 2021

Major firms' workforce declines over 3 years

The number of employees for South Korea's major companies has declined by nearly 30,000 over the past three years, with global tech giant Samsung Electronics Co. having the largest workforce, a corporate tracker said Tuesday. The combined headcount of the country's top 100 firms stood at about 1.39 million as of the end of 2020, down slightly by over 27,000 from three years earlier, according to the CXO Institute. Last year alone, the number decreased by 9,000 from the previous year, marking t

Aug. 17, 2021

SsangYong Motor's losses narrow in H1 on self-help measures

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Tuesday its first-half net losses narrowed from a year earlier on self-rescue measures. From January to June, SsangYong Motor's net losses fell to 180.53 billion won ($154 million) from a net loss of 202.38 billion won during the same period last year, the company said in a regulatory filing. SsangYong's first-half operating losses also narrowed to 177.91 billion won from 215.78 billion won over th

Aug. 17, 2021