S. Korean, French finance ministers discuss cooperation ahead of G-20 meeting

The finance ministers of South Korea and France have held a virtual meeting to discuss ways to strengthen bilateral cooperation and agenda items ahead of a key international financial meeting, Seoul's finance ministry said Friday. Finance Minister Hong Nam-ki and his French counterpart Bruno Le Maire had an online meeting on Thursday ahead of next week's meeting of finance chiefs from the Group of 20 (G-20) economies, according to the Ministry of Economy and Finance. The G-20 finance ministers

July 2, 2021

Fleets of Hyundai Xcient fuel cell trucks exceed 1m km driving

South Korean automaker Hyundai Motor Co. said Friday its fleets of Xcient fuel cell trucks have surpassed 1 million kilometers of driving since they hit the roads in Switzerland nearly a year ago. Hyundai Motor has shipped a total of 46 Xcient heavy-duty truck trucks to the European nation since July 2020, which came in service for 25 Swiss companies in logistics, distribution and supermarket fulfillment. Over that distance, the hydrogen-powered trucks, which only emit water, have reduced carb

July 2, 2021

Hyundai, Kia's US sales up 44% in June

Hyundai Motor Co. and its affiliate Kia Corp. said Friday their combined sales jumped 44 percent in the United States last month from a year earlier on strong demand for their SUVs. Hyundai and Kia sold 140,951 vehicles in the US in June, up from 98,005 units in the same month of last year, the companies said in separate statements. Hyundai's sales rose 45 percent to 72,465 units last month from 50,135 a year ago, while Kia's also advanced 43 percent to 68,486 from 47,870 during the cited per

July 2, 2021

Inflation growth hits over 2% for 3rd straight month in June

South Korea's consumer prices grew more than 2 percent for the third straight month in June on higher prices of farm and oil products, data showed Friday, underscoring expectations that a rate hike within this year may become more plausible amid an economic recovery. The consumer price index rose 2.4 percent on-year in June, slowing from a 2.6 percent on-year gain the previous month, the fastest rise in more than nine years, according to the data compiled by Statistics Korea. The inflation gai

July 2, 2021

Seoul stocks rise on Wall Street gains

South Korean stocks opened slightly higher Friday, taking a cue from Wall Street gains that stemmed from positive economic data. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.38 points, or 0.13 percent, to trade at 3,286.44 points as of 9:15 a.m. Stocks advanced despite rising concerns over the new coronavirus outbreaks, backed by hopes of a fast global economic rebound. Overnight, the Dow Jones Industrial Average added 0.38 percent on improving manufacturing and jobless da

July 2, 2021

Krafton lowers IPO price amid overvaluation concern

South Korean game developer Krafton has decided to lower its initial public offering price range ahead of its market debut on the country’s benchmark Kospi next month, following criticism from both financial authorities and market watchers saying that its valuation is “overrated.” The company made some corrections on its prospectus Thursday via DART -- the Financial Supervisory Service’s electronic disclosure board -- by reducing a target price band and the number of ne

July 1, 2021

Hanwha Group chief links up with Heritage Foundation founder

Hanwha Group Chairman Kim Seung-yeon met with Edwin John Feulner Jr., the founder of the Heritage Foundation, in Seoul on Wednesday, continuing their friendship that dates back almost 40 years, the Korean group said Thursday. Meeting over dinner at the Plaza Hotel Seoul, Kim and the former president of the Heritage Foundation exchanged candid thoughts on many things including how relations between South Korea and the US can prosper in the post-coronavirus era, Hanwha said. Kim was accompan

July 1, 2021

Kosdaq refreshes yearly-high closing above 1,035 points

South Korea’s tech-heavy Kosdaq set its new yearly-high closing mark on Thursday, surpassing 1,035 points. The secondary bourse closed at 1,035.64, up 5.68 points, or 0.55 percent, from the previous session’s close. This year’s previous closing high was 1,031.88, set on April 20. The index once reached as high as 1,036.47 in afternoon trading, thanks to foreigners and institutional investors’ extending buying sprees. It was the second highest point in nearly 21 years,

July 1, 2021

KIC vows to increase alternative exposure to 21% by 2024

Korea Investment Corp., South Korea‘s sole sovereign wealth fund, pledged to increase its exposure to alternative assets to 21 percent by 2024, from 16.1 percent as of May 2021, its Chief Executive Officer Jin Seung-ho told reporters Thursday. The institutional investor, managing $183.1 billion in assets as of end-2020, aims to maximize its long-term expected return by capitalizing on the risk of tying up capital in less liquid assets, and to spread out the risk into various asset classe

July 1, 2021

LG Chem receives positive phase 2 clinical study results for gout treatment candidate

LG Chem announced Thursday that the company received positive results from the phase 2 clinical trial of its gout treatment candidate LC350189 in the US. LC350189 is a novel nonpurine selective inhibitor of xanthine oxidase, which oxidizes both hypoxanthine and xanthine to uric acid. High uric acid levels can increase the risk of gout. The phase 2 clinical trial in the US, which involved 156 patients, showed efficacy of the gout treatment candidate in lowering uric acid levels, accordi

July 1, 2021

Seegene inks partnership with Bio-Rad to sell its diagnostic tests in the US

South Korean diagnostics company Seegene said Thursday that the company has partnered with Bio-Rad Laboratories for the clinical development and commercialization of diagnostic products in the US. Under the agreement, Seegene will provide the company’s diagnostic tests for use on Bio-Rad’s molecular diagnostic CFX96 Dx Real-Time PCR Detection Systems. The contract will run for five years from the date that the two companies win approvals from the US Food and Drug Administration.

July 1, 2021

Internet-only banks in war for talent ahead of IPO

South Korea’s internet-only banks are battling to secure top talents as they prepare to take on their next big challenges -- a public listing for KakaoBank and the official launch of Toss Bank. KakaoBank said Thursday that it had exceeded 1,000 employees as of the end of June, more than doubling the workforce of 390 it had in 2017 when it launched. The company is preparing for its initial public offering, which is expected to raise more than 2 trillion won ($1.77 billion). Toss Bank a

July 1, 2021

Nongshim Group inaugurates heir Shin Dong-won as new chairman

Shin Dong-won, the eldest son of the late founder and chairman of Nongshim Group Shin Choon-ho, has been inaugurated as the new chairman of Nongshim Group, the South Korean food company said Thursday. The promotion of Shin, who was formerly Nongshim’s vice chairman, was decided at a temporary board of directors meeting, the company said, to allow him to succeed to the post of his late father who died of chronic illness in March at the age of 92. Under the second-generation leader, Non

July 1, 2021

Exports up 40%, in best June in history

South Korea just had the best June ever in terms of export performance on strong global demand, as vaccine rollouts in major economies raise hopes for a recovery. According to the Ministry of Trade, Infrastructure and Energy, the country’s total volume of exports last month came in at $54.8 billion, up 39.7 percent from a year earlier. It was the best export performance that Asia‘s fourth-largest economy has ever recorded in June, and the third-best performance for any month of

July 1, 2021

GS Caltex to offer ESG consultation to partners, runs supply chain check

GS Caltex said Thursday it will help partner firms across its supply chain to improve business practices in accordance with environmental, social and corporate governance management principles. According to the South Korean total energy company, about 320 partners will conduct self-examinations on their ESG capabilities and submit the results by July 9. After review, GS Caltex will provide risk management consultations. In 2019, GS Caltex developed an ESG questionnaire and 107 partners car

July 1, 2021

Fiscal chief promises blockbuster R&Ds funding to keep battery leadership

South Korea will carry out massive public-private R&D collaboration projects to capture the biggest share of the global rechargeable battery market by 2030, the country’s top economic policymaker said Thursday. Finance Minister Hong Nam-ki said the government will soon announce detailed strategic plans to make the country the largest producer of next-generation rechargeable batteries to stay ahead of global rivals. In 2020, Korean rechargeable battery makers topped the world marke

July 1, 2021

Banks urged to minimize 'unnecessary' household loans

A top financial regulator called Thursday for banks to minimize "unnecessary" household loans as policymakers warn of growing financial imbalances amid a surge in home prices. Eun Sung-soo, chairman of the Financial Services Commission (FSC), made the remarks at a meeting with chief executives of 13 banks earlier in the day. Eun's remarks also came as the Bank of Korea has hinted that it could conduct its first post-pandemic rate hike later this year as the nation's economic recovery

July 1, 2021

80% of South Koreans to receive W250,000 cash relief

Some 80 percent of South Koreans will receive 250,000 won ($220) each in the latest COVID-19 cash handout program, officials said Thursday. After a pangovernmental meeting, officials said they have decided to earmark 10.4 trillion won for the nation’s fifth cash relief program. The money will be funneled from the nation’s 33 trillion-won second COVID-19 extra budget for this year, which the ruling party and government jointly unveiled Tuesday. The “bottom 80 percent income b

July 1, 2021

Renault Samsung’s diesel-powered QM6 offers quiet, eco-friendly driving

Renault Samsung Motors’ sports utility vehicle QM6 is becoming a popular choice for drivers, being offered in three different fuel types -- gasoline, diesel and liquefied petroleum gas -- Renault Samsung said on Thursday. Originally born to serve in battlefields, SUVs were loud and prone to vibration with their larger bodies and wheels, and often diesel-centered. The South Korean unit of the French automaker Renault was one of the fast movers to prepare for the exit of diesel cars, the

July 1, 2021

Korean Air to bid for military aircraft development project

Korean Air said on Thursday its aerospace division plans to bid to be the main contractor on South Korea’s new spy plane development project. The move comes as the country’s Defense Acquisition Program Administration has decided to launch a second project to replace four older Baekdu reconnaissance aircrafts with the newly configured Baekdu aircraft. The project, set to run from 2022 to 2026, is expected to cost around 870 billion won ($768.1 million). The Baekdu aircraft is a key

July 1, 2021