Woori Financial to invest W100tr in ESG-related products by 2030

Responding to rising demand for sustainability in corporate management, Woori Financial Group has decided to invest 100 trillion won ($87.3 billion) in financial products associated with environmental, social and governance, or ESG factors, including credit loans and bonds, by 2030, the banking giant said Monday.  The envisioned plan is part of the group’s mid-and long-term ESG strategies to promote sustainable growth under a new company vision titled “Good Finance for the Ne

July 12, 2021

11st to release all Built New York’s BTS tumblers in Korea

E-commerce platform 11st will begin selling an entire line of BTS tumblers and bottles produced by New York-based design company Built New York in collaboration with the South Korean pop group, in Korea on Monday. Though a bottle and a tumbler inspired by BTS’ video for “Idol” were released in June, a total of 16 items will be sold for the first time in the country through a live show known as “Live 11,” the platform said. With each design representing a member of

July 12, 2021

Small businesses devastated by prolonged pandemic, survey says

Sales and net income for small businesses in South Korea dropped nearly 20 percent during the first half of this year, with a majority of business owners expecting worse later this year, a new survey has revealed. Nearly 8 in 10 owners of small businesses, including restaurants, cafes and supermarkets, said their revenue had taken a hit so far this year, the survey released by the Korea Economic Research Institute on Monday showed. It was down by an average of 21.8 percent. Clothing, flower an

July 12, 2021

SK hynix rolls out first Gen.4 10-nm mobile DRAMs with EUV

  SK hynix, the world’s second-largest memory chip provider, said Monday it has started mass-production of the fourth-generation 8-gigabit low power double data rate 4 chips for mobile devices based on the 10-nanometer process using the extreme ultraviolet technology. The announcement puts SK hynix ahead of its bigger rival Samsung Electronics in the race to develop next-generation DRAM chips. And SK hynix has now become the world’s first firm to commercialize “1anm D

July 12, 2021

[Behind the wheel] BMW’s New Mini both practical and powerful

South Korea has been known as a tough market to crack for global compact car brands. But that’s not the case for BMW Group’s Mini. Since its debut in Korea in 2005, the premium compact car brand under BMW has posted steady growth rates each year. In 2019, sales volume hit 10,000 units -- a major milestone for foreign car brands here. Last year, the figure grew more than 10 percent from the previous year. Its latest lineup -- the New Mini Family -- consists of three models, the

July 12, 2021

Large banks' social contributions above W1tr in 2020 amid pandemic

South Korean banks' social contributions exceeded 1 trillion won ($871 million) for the second straight year in 2020 amid a coronavirus-caused economic downturn, a trade association said Monday. The Korea Federation of Banks said its 22 members, including lenders and other financial institutions, spent about 1.1 trillion won on social contribution activities last year. Their social contributions topped the 1 trillion-won mark for the second consecutive year, but the amount was a tad lower than

July 12, 2021

S. Korean banks to tighten lending in Q3 amid pandemic: poll

South Korean banks are likely to tighten their grip on fresh loans in the third quarter of the year amid tougher lending rules and rising household credit risks due to the coronavirus pandemic, a central bank poll showed Monday. The Bank of Korea said its index measuring the banks' attitude toward fresh lending stood at minus 3 for the July-September period, compared with 7 for the previous quarter. The lower the reading, the more likely banks will tighten their restrictions on lending. A read

July 12, 2021

LG Innotek cuts emissions by 11 percent in 2020

LG Group’s materials and components maker LG Innotek managed to cut greenhouse gas emissions by 11 percent last year, from the previous year, the company said in a report released Monday. According to the firm’s 2020-21 Sustainability Report, it reduced emissions by an estimated 45,000 tons, which is equivalent to what 3.9 million trees would have absorbed over a year. In addition to that, the company was able to cut water usage by 7 percent from 2019, by expanding investment in

July 12, 2021

SsangYong workers go on unpaid leave in self-rescue effort

SsangYong Motor Co. said Monday its employees began to take unpaid leave in rotation as part of self-help measures. Last month, SsangYong workers agreed to the company's offer of two-year rotational unpaid leave for 4,700 employees, an extension of a cut in wages and suspended welfare benefits until June 2023. In the first year through June 2022, 50 percent of assembly line workers in the Pyeongtaek plant, 70 kilometers south of Seoul, and 30 percent of office workers will take turns going on

July 12, 2021

SK hynix begins mass production of 1anm DRAM with EUV tech

SK hynix Inc., the world's second-largest memory chip producer, said Monday it has started the mass production of DRAM with the latest 10-nanometer (nm) process technology. SK hynix said its 8 Gigabit Lower Power Double Date Rate 4 (LPDDR4) mobile DRAM is built on the 1anm node, using extreme ultraviolet (EUV) lithography technology. The 1a is the fourth generation of the 10nm DRAM process solution following the 1x, 1y and 1z. The South Korean chipmaker said it plans to supply the latest mobi

July 12, 2021

Exports up 14.1% in first 10 days of July

South Korea's exports rose 14.1 percent on-year in the first 10 days of July on the back of robust demand for chips, autos and petroleum products, customs data showed Monday. The country's outbound shipments stood at $15.1 billion in the July 1-10 period, compared with $13.2 billion a year earlier, according to the data from the Korea Customs Service. The country's exports are set to extend their gains to the ninth straight month in July if the current pace continues. Overseas shipments, which

July 12, 2021

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Monday as investors sought to buy oversold stocks after the benchmark index took a breather the previous session. The benchmark Korea Composite Stock Price Index (Kospi) rose 22.86 points, or 0.71 percent, to 3,240.81 points in the first 15 minutes of trading. Stocks came to a strong start after the Kospi retreated 2.64 percent in the past three sessions amid rising concerns over the fourth wave of the pandemic in the country. Market kingpin Samsung Electroni

July 12, 2021

Finance chief opposes increasing extra budget

Finance Minister Hong Nam-ki has said it is not easy for the government to increase the size of an extra budget currently under review at parliament as politicians made the request amid the fourth wave of the pandemic. In late June, the government proposed an extra budget of 33 trillion won ($28.7 billion) to fund another round of COVID-19 aid packages for people in the bottom 80 percent income bracket and small merchants hit hard by the pandemic. But politicians raised the need to increase th

July 12, 2021

Imported EV sales jump 65% in H1 amid pandemic

Imported electric vehicle sales jumped 65 percent in the first half compared with a year earlier despite an extended COVID-19 pandemic, industry data showed Monday. From January to June, the number of imported EV registrations jumped to 14,295 units from 8,681 in the year-ago period, according to the Korea Automobile Importers and Distributors Association and Carisyou Data Lab. Imported EVs accounted for 54 percent of the country's overall EV sales of 26,632 units in the first six months, the

July 12, 2021

Foreigners remain net sellers of S. Korean stocks in June

Foreign investors unloaded about 500 billion won ($436 million) worth of South Korean stocks in June to remain net sellers for the second consecutive month, data showed Monday. Offshore investors' net selling of local stocks came to 499 billion won last month, according to the data from the Financial Supervisory Service. As of end-June, foreign investors held 842.3 trillion won worth of local listed stocks, accounting for 29.9 percent of the stock market capitalization. The data also showed f

July 12, 2021

Market Kurly opts for Korean market for IPO

Korean fresh food delivery platform Market Kurly has changed the venue for its planned public debut from the US to the Korean market, as recently relaxed listing regulations and market conditions now give them firm reasons to stay home. After exploring options of floating its shares in the US or at home, Market Kurly decided to go for the Korean stock market, it said Friday. “We appreciate domestic customers, producers and suppliers and would like to share the success of the company,&

July 12, 2021

Kakao to introduce paid memberships for taxi drivers with good ratings

Kakao Mobility, the firm behind South Korea’s leading taxi-hailing service, Kakao T, announced Sunday that the company would allow drivers with good ratings from passengers to enjoy a better chance of getting booked. New contract terms will apply to taxi drivers who newly subscribe to Pro Membership, a paid membership program designed to help them pick up more passengers. Under the new terms, Kakao Mobility may deny membership to drivers with low ratings or boot existing subscribers if

July 11, 2021

[Life, Unprepared] Baby boomers, without pension, turn to low-wage jobs

This is the third installment of a series of articles investigating financial activities of seniors during rapid digitalization of the finance industry. -- Ed. Shin Young-sam, a 59-year-old retiree, remembers days at the office working in a tie and suit -- and the glamorous dinners he hosted with clients and colleagues. Leaving his work last year, he now carries a square-shaped backpack and walks around his neighborhood in Yongin, Gyeonggi Province, for his new job -- picking up lunch from r

July 11, 2021

[Feature] Spent batteries could be the next plastics

If batteries end up in landfills, it defeats the purpose of buying electric vehicles for the sake of the environment, which is why battery recycling is getting so much attention. But establishing a circular economy for spent electric vehicle batteries is not an easy task and can’t be compared with doing so for plastic bottles. Due to their complex structures, disassembly can only be done manually, entailing high labor costs and serious safety risks. Inside an EV, battery parts fit to

July 11, 2021

S. Korea proposes to tax 20% of excess profits from multinationals

South Korea’s finance chief said Sunday he had proposed to set tax rates on excess profits of big multinationals at 20 percent in a discussion with his G-20 counterparts over the latest global tax reform. 　 Global financial leaders have reached a consensus on imposing taxes on companies with rates between 20 percent and 30 percent of the profit they generate in different countries beyond a 10 percent baseline. Finance Minister and Deputy Prime Minister Hong Nam-ki pitched the lowest 20 p

July 11, 2021