E-Land Group appoints younger CEOs in push for online sales

E-Land Group said on Monday that it has appointed two new CEOs for its fashion and food affiliates E-Land Retail and E-Land Eats. An Young-hun, a 40-year-old who has led overseas business in China and Europe since joining the company in 2007, will lead the retail arm of E-Land Group. Having helped raise womenswear brand E-Land’s annual revenue to some 400 billion won ($348.8 million) in China, he was also promoted to become chief human resources officer earlier this year. Hwang Sung-yu

July 19, 2021

CJ OliveNetworks to provide big data and AI tech for small businesses

CJ OliveNetworks, the information technology solution developer of CJ Group, will share its expertise in big data and artificial intelligence with small and medium businesses and startups, the company said Monday. The CJ affiliate is participating in the South Korean government’s Data Voucher Support Project, which is part of the government’s Digital New Deal Initiative. The project aims to invigorate the big data ecosystem for small and mid-size enterprises across the country. S

July 19, 2021

Overseas stock transactions hit new high in H1

South Koreans' transactions of foreign stocks reached a new high in the first half of the year on an overseas investment boom, data showed Monday. Local investors' trading of overseas shares was valued at $207.74 billion in the January-June period, up 63 percent from six months earlier, according to the data from the Korea Securities Depository (KSD). It also represents the largest half-year amount since data tracking began in 2011 and hovers above the $198.32 billion for the entirety of 2020.

July 19, 2021

Budget carriers scurrying to raise funds amid extended pandemic

South Korea's low-cost carriers are planning to raise funds through a capital increase to ride out the prolonged coronavirus pandemic and put them in a better financial position, industry sources said Monday. Budget carriers have suffered the most since early last year due to the COVID-19 pandemic and have been struggling to raise their capital bases as business performance does not show signs of improvement in the face of the prolonged pandemic. Jeju Air Co., the country's biggest budget carr

July 19, 2021

Samsung Heavy wins approval in principle for offshore floater

Samsung Heavy Industries Co. said Monday that it has obtained approval in principle (AIP) for its independently developed offshore floater for wind power turbines from DNV, a Norwegian ship quality assurance and risk management company. Approval in principle (AIP) for the floater means a certification agency has reviewed its basic design and confirmed that it meets the agency's technical requirements and standards for safety. The 9.5-megawatt floater will help reduce the construction period of

July 19, 2021

LG Electronics releases new compact sound bar

LG Electronics Inc. said Monday its new compact sound bar will be available in the market as the South Korean tech giant eyes to beef up its presence in the home audio market. LG Eclair will be launched in North America later this month and will hit the shelves in major European and Asian countries. In South Korea, the premium sound bar comes with a price tag of 899,000 won ($790). The latest product, which was honored at this year's Consumer Electronics Show, is about one-third the size of a

July 19, 2021

Renault Samsung suspends plant on chip shortage

Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday it has temporarily suspended its sole plant due to parts shortages. Renault Samsung will halt the Busan plant, 453 kilometers south of Seoul, from Monday to Tuesday due to lack of semiconductor parts, a company spokesman said. It is the first time for Renault Samsung to suspend the plant on a global chip shortage. In May, the company temporarily closed the plant, as its union continued strikes for a wage hike for

July 19, 2021

Hyundai, Kia's Jan.-May eco-friendly car exports jump 45%

Hyundai Motor Co. and its affiliate Kia Corp.'s environment friendly vehicle exports jumped 45 percent in the January-May period from a year earlier on strong demand for their hybrid sport utility vehicles. Hyundai and Kia shipped a combined 145,781 eco-friendly vehicles in the first five months, up from 100,691 units in the year-ago period, according to data from the Korea Automobile Manufacturers Association (KAMA). Increased overseas sales of hybrid models based on Hyundai's Santa Fe and Tu

July 19, 2021

Kakao Bank set to conduct IPO demand forecasting this week

Kakao Bank, South Korea's largest internet-only bank, said Monday it will carry out a demand forecasting session this week for its planned initial public offering (IPO). Demand forecasting for domestic institutions is slated for Tuesday and Thursday, with that for overseas institutional investors set to take place Monday through Wednesday. Kakao Bank has offered an IPO price range between 33,000 won ($28.9) to 39,000 won per share, while seeking to raise up to 18.5 trillion won via the share s

July 19, 2021

Seoul stocks open steeply lower amid COVID-19 resurgence

South Korean stocks opened steeply lower Monday amid concerns of the resurgence of new coronavirus cases. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 32.26 points, or 0.98 percent, to 3,244.65 points in the first 15 minutes of trading. Stocks retreated as the fourth wave of the new COVID-19 at home weakened investor sentiment for risky assets. The infection of 247 South Korean sailors in waters off Africa -- the worst mass infection case in the virus' recent resurgence --

July 19, 2021

[Top Bankers] Woori Bank seeks out-of-box business strategies for digital innovation

The prospect of big tech firms taking over the realm of retail banking has been setting off alarm bells in traditional banks in South Korea including Woori, one of the big five lenders that has dominated the industry for decades. But Hwang Weon-cheol, Woori’s chief digital officer who has been leading the bank’s digital transformation, believes the bank still has strengths that the newcomers don’t have. The growth of big tech firms like Kakao, operator of the country&rsquo

July 19, 2021

Dunamu and FnGuide announce top 5 digital assets

Dunamu, operator of the country’s largest cryptocurrency exchange, announced on Sunday its top five digital asset index with financial market tracker FnGuide, amid a growing interest in cryptocurrency investment. The index is based on Dunamu’s real time transaction data of digital assets in the Korean won market, while FnGuide analyzes that data to rank the top five cryptocurrencies by market capitalization. The top two cryptocurrencies on Friday were Bitcoin and Ethereum, the ind

July 18, 2021

Power crisis looms in Korea as scorching heat continues

Alarm bells are ringing over power security this summer, as the heat wave has driven electricity demand to historic highs already before August, the hottest month of summer, arrives. The electricity reserve margin, the difference between the supply capacity and demand, fell close to 10 percent last week, recording the season’s lowest 10.1 percent on Tuesday, with the remaining supply capacity dipping to 8.8 gigawatts. A reserve ratio under 10 percent, or a remaining capacity under 10 G

July 18, 2021

Financial watchdog ramps up drive against overvalued IPO

South Korean companies seeking to go public are being sent back to the drawing board time and again, as the Financial Supervisory Service insists on clearer grounds for proposed share prices in its attempt to prevent overvaluation. Whether intended or not, this often leads to the downward revision of the price band by companies seeking initial public offerings, according to market observers, who stress growing macroeconomic uncertainties in the liquidity-driven market and a lack of consistency

July 18, 2021

Majority of cryptocurrencies plummet in value

The majority of cryptocurrencies, which enjoyed records highs only three months ago, are on the downswing, with many of them halving, market data showed Sunday. Out of 102 digital coins listed on Upbit, South Korea’s largest cryptocurrency exchange, only one coin was up since April. Among the 101 coins that lost value, 84 of them plummeted more than 50 percent from three months ago. AXS, developed by Axie Infinity, was the only digital coin that bucked the trend, rising more than 150

July 18, 2021

Emart24 introduces unmanned alcohol vending machine

Emart24 is introducing an artificial intelligence-based alcohol vending machine that would support its fully unmanned operation of convenience stores, the company said Sunday. Installed at its store headquarters in Seongdong-gu in Seoul, the machine looks like a drink refrigerator and requires customers to scan a QR code issued from a mobile app to verify their age before making purchases. Payment is only deducted after the customer takes out the alcoholic beverage from the fridge and close

July 18, 2021

SpaceX to launch Korea’s midsize satellite in 2023

SpaceX will send South Korea’s next-generation midsize satellite into orbit in 2023, Korea Aerospace Industries said Sunday. KAI, the nation’s sole aircraft manufacturer, which developed KF-21 fighters, plans to launch four midsize satellites by 2025 -- No. 2 in 2022, No. 3 and No. 4 in 2023 and No. 5 in 2025. SpaceX rocket will carry the No. 4 into orbit, which will monitor Korean agriculture. KAI selected SpaceX in an open bidding. Though the launch will take place in the US,

July 18, 2021

Investors flock to unlisted stock markets amid IPO competition

After witnessing a string of successful initial public offerings this year, retail investors in South Korea are rushing to trade unlisted shares ahead of their grand market debuts, pinning hopes on large profit-taking. Over-the-counter trading platforms show an upward trend in the prices of unlisted stocks seeking to go public soon due to investors’ stronger demand over early investments on unicorns. According to OTC platform U-stockplus on Friday, game maker Krafton traded at 580,000 wo

July 18, 2021

Leading shipbuilders likely to face earnings shock in Q2

South Korean shipbuilders are forecast to report sluggish earnings in the second quarter of the year due to a sharp rise in prices of steel plates despite brisk orders, analysts said Sunday. POSCO, South Korea's leading steelmaker, has raised the prices of steel plates for ships to 1.15 million won ($1,007) per ton, up nearly two times from a year ago, they said. "A hike in prices of raw materials, including steel plates, will eat into leading shipbuilders' profits in the second quarter,&

July 18, 2021

4th wave of pandemic casts cloud over economic recovery: experts

The fourth wave of the COVID-19 pandemic is likely to put the brakes on South Korea’s economic recovery, darkening the nation’s growth outlook for the third quarter, according to economists Sunday. "Daily new infections rose sharply during the summer vacation season, when private consumption is expected to grow. Possibilities remain that the local economy could contract in the third quarter, affected by the virus resurgence and the toughest Level 4 social distancing," sa

July 18, 2021