[#WeFACE] Circular economy only answer to post-pandemic world: Gerd Leonhard

Unlike for COVID-19, there is no vaccine for climate change. However, there is a treatment to prevent further damage -- a circular economy that focuses on sharing, reusing and extending the life span of products rather than making mere profit, futurist Gerd Leonhard said in a keynote speech at H.eco Forum held Thursday. “We are going to have more money but there won’t be any planet to spend it on. You can’t do business on the broken planet,” he said, showing global ca

June 10, 2021

Electric vehicles make debut at Seoul Smart Mobility Expo

Automakers and mobility service providers gathered at Seoul Smart Mobility Expo on Thursday to show off their latest electric vehicles and mobility technologies. In the three-day expo that kicked off at the Oil Tank Culture Park in Seoul, the country’s leading automaker Hyundai Motor Group’s Genesis brand unveiled the first electric powertrain variant of its luxury sedan Genesis G80 for the first time in the country. The model made its overseas debut at the 2021 Shanghai Internati

June 10, 2021

Social venture Dot to supply Braille tablets to US schools

South Korean social startup Dot has been picked as the sole supplier of Braille tablet PCs for visually impaired students in the US, the company said Thursday. Through the exclusive contract with the US Department of Education, the Seoul-based startup will provide 30 billion won ($26.9 million) worth of Braille smart tablets, called Dot Pads, to the US schools for four years starting in 2022. The digital devices enable teachers and students to depict shapes, charts and graphs in Braille whil

June 10, 2021

Barogo attracts W80b in series C

Delivery platform operator Barogo has secured 80 billion won ($71.7 million) through its series C funding round, the company said Thursday. The amount of the newly raised funds surpassed the firm’s initial target of 50 billion won, showing the increasing interest of investors in the booming delivery businesses. E-commerce firm 11st and retail conglomerate CJ Group have joined the funding round as strategic investors. 11st invested 25 billion won in the latest scheme, while CJ Group&rs

June 10, 2021

Tycoons to push for launch of CEO-level hydrogen coalition

Leaders of four South Korean conglomerates -- Hyundai Motor, SK, Posco and Hyosung -- have agreed to launch a CEO-level consultation body for the local hydrogen economy. According to officials from the business groups on Thursday, Hyundai Motor Group Chairman Chung Euisun, SK Group Chairman Chey Tae-won, Posco Group Chairman Choi Jeong-woo and Hyosung Group Chairman Cho Hyun-joon met at a Hyundai Motor’s research and development center early Thursday morning, where they agreed to forge

June 10, 2021

‘FSC approval of digital insurance to boost innovation, but intensify race’

An official green light given to the insurance unit of Kakao Pay and three peer-to-peer companies will pave the way for the country’s innovation in finance, industry experts said Thursday.  The Financial Services Commission has given a preliminary approval of Kakao Pay’s insurance subsidiary as an online-only insurance firm, the regulator announced on Thursday. Kakao Pay will become the country’s first digital-only general insurance company. A digital-focused insurance

June 10, 2021

Seoul stocks rebound on tech gains, foreign buying

South Korean stocks rebounded Thursday on the quadruple expiration day of options and futures, buoyed by strong advances in tech stocks and massive foreign buying. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.46 points, or 0.26 percent, to close at 3,224.64 points. Trading volume was high at about 1.9 billion shares worth some 18.8 trillion won ($16.8 billion), with losers outnumbering gainers 426 to 418. Foreigners scooped a net 71

June 10, 2021

SsangYong Motor to send off half of workforce on unpaid leave

South Korea’s financially ailing carmaker SsangYong Motor set to sending its factory workers on rotating unpaid leave for up to two years, in a desperate move to save costs and minimize layoffs under a new buyer. The company and labor union are under talks to shape up the detailed action plan, following the unionists’ recent consent to having half of the workforce on rotating unpaid leave, officials said Thursday. The plausible scenario is to divide the workers according to their

June 10, 2021

[#WeFACE] RE100, Orsted, Amorepacific chiefs say green transition is a matter of will

For 221 of the world’s major companies to source 100 percent of electricity from renewable sources by 2030, they’ll have to spend $98 billion. But make no mistake. These members of Renewable Energy 100 -- a global initiative to use electricity generated exclusively from renewable energy -- are not burning their cash just for the greater good of saving the Earth. They’re doing this for their own good, Sam Kimmins, head of the Climate Group’s RE100 campaign, said at th

June 10, 2021

[Exclusive] Hyundai Motor prepares ‘hydrogen’ robot taxi business in S. Korea

Hyundai Motor Group is developing a hydrogen robot taxi with the aim of launching a commercial service within the next few years. According to the nation’s top automaker, the self-driving taxi will be based on the Nexo, the company’s hydrogen fuel cell-powered SUV. “The hydrogen robot taxi is currently in the design stage. The exterior currently has cameras and sensors protruding from it, so we’re working on it. The model will be ready for mass production in one to tw

June 10, 2021

NH Financial sets up W150b ESG fund tied to Green New Deal

South Korea’s NH Financial Group said Thursday it has created an environmental, social and governance fund worth 150 billion won ($134 million) to finance projects tied to the Green New Deal initiative. According to NH, the “NH-Amundi Green New Deal Infra ESG Fund” will offer an alternative investment portfolio that focuses on exposure to both up-and-coming and less risky assets. Investments on hydrogen, fuel cell-related projects alongside solar and wind energies will be inc

June 10, 2021

Market watchers positive on SKT spinoff decision

On SK Telecom’s key decision of spinning off a new investment company, market watchers have painted a rosy outlook for South Korea’s top wireless carrier on Thursday. “The spinoff plan will boost (SK Telecom’s) corporate value. Under the spinoff to a telecom-focused investment holding firm with stable cash flow and dividends, its affiliated companies that were undervalued will likely be reevaluated,” said Ahn Jae-min, an analyst at NH Investment & Securities.

June 10, 2021

Koramco to buy green office building in eastern Seoul

Koramco REITs & Trust said Thursday that it has been selected as the preferred bidder to buy an eco-friendly office building in eastern Seoul through its new blind pool fund. The investment target, East Central Tower, is a 42-story building with six underground floors and 100,422 square meters of gross floor space. The 4-year-old building houses tenants including Samsung Electronics, Samsung Construction & Trading, Samsung Medison and Fila Holdings. The prime office building has empl

June 10, 2021

Korea's ‘misery index’ worst in 10 years

South Koreans are experiencing greater economic pain in recent months, largely due to soaring consumer prices and higher unemployment rates amid the prolonged COVID-19 pandemic, data showed Thursday.  The nation’s so-called misery perceptions index, calculated by adding the seasonally adjusted jobless rate to the annual inflation rate, stood at 6.6 in May, sharply up from 4.2 estimated a year earlier. The latest figure marked the highest since May 2011 when it hit 7.1, said Rep. Choo

June 10, 2021

Hyundai halts some assembly lines in S. Korea on parts shortage

Hyundai Motor Co. said Thursday it has suspended some assembly lines of its mainstay plants here due to parts supply disruptions following COVID-19 infections at a key parts supplier. Hyundai Motor suspended four out of five plants in Ulsan, 414 kilometers southeast of Seoul, on Thursday afternoon due to lack of auto components from Hyundai Mobis Co., a company spokesman said over the phone. "Several Hyundai Mobis workers were infected with COVID-19, and disrupted supplies of cockpit modu

June 10, 2021

[Exclusive] Hanhwa eyes flying car booking service with No.1 local ride-hailing app

Hanwha Systems is seeking partnership deals with ride-hailing apps, including the industry’s biggest Kakao T, to include flying taxis on the platforms, the company said Thursday. Hanwha Systems, a defense business unit of South Korea Hanwha Group, is racing to debut a flying car by 2024 and Kakao T is one of multiple ground mobility platforms being considered as a reservation service partner. Kakao T, operated by Kakao Mobility, is South Korea’s most popular taxi hailing platfor

June 10, 2021

Housing biz sentiment for June stays above par for 2nd month

South Korea's housing market sentiment remained above the benchmark for the second straight month in June amid rising hopes of business improvements, a poll showed Thursday. The Korea Housing Institute said that its housing business sentiment index (HBSI), based on a survey of about 500 construction firms, came to 113 for this month, up 11.8 points from the previous month. A reading above 100 means the number of companies forecasting better business is larger than the number expecting worse ti

June 10, 2021

S. Korea to foster parts suppliers for next-generation cars

South Korea's top economic policymaker said Thursday the government plans to provide support to help around 1,000 auto parts makers transform into key suppliers of next-generation automobiles by 2030. Finance Minister Hong Nam-ki said the country plans to create a 500-billion won (US$448 million) fund to support research and development and facility investment in the next-generation vehicle sector. "It is very necessary to take the lead in the next-generation vehicle and related parts mar

June 10, 2021

No. of holding companies down in Q4

The number of holding companies in South Korea declined in the fourth quarter despite the government's efforts to encourage firms to have a more transparent governance structure, the corporate watchdog said Thursday. The Korea Fair Trade Commission said a total of 164 holding companies were registered with the antitrust regulator as of end-December last year, down from 167 three months earlier. The registered holding companies consist of 154 general holding firms and 10 financial ones. The fa

June 10, 2021

Banks' household loan growth decelerates in May

South Korean banks' household loans decelerated in May, mainly due to a sharp decline in non-mortgage loans, central bank data showed Thursday. The aggregate outstanding bank loans to local households came to 1,024.1 trillion won ($917.2 billion) as of end-May, down 1.6 trillion won from the previous month, according to the data from the Bank of Korea (BOK). The BOK said the slight decline in bank lending was mainly attributable to repayments of loans by customers after the initial public offe

June 10, 2021