The Korea Herald is publishing a series of interviews with the lineup of speakers who will discuss solutions to the climate crisis at the H.eco Forum, which is scheduled to be held virtually on June 10 under the theme “We Face the Climate Clock.” – Ed. South Korea is a relative latecomer to renewables. Asia’s fourth-largest economy, however, still has time to catch up with its competitors and lead the world in offshore wind power, according to Matthias Bausenwein, who

June 1, 2021

Google’s updated service terms take effect

Google has brought a wide range of changes to its service terms starting from Tuesday, which industry sources say would help give a significant boost to its company revenue. Google now allows YouTube to place ads on videos made by all creators -- be they big or small. Previously small content creators who don’t qualify for the company’s partner program couldn’t put ads on their videos. The latest policy change would boost the YouTube Premium membership, which gives ad-free

June 1, 2021

Local app market operator secure $15m funding from Microsoft, Deutsche Telekom

ONE store, South Korea’s homegrown app market backed by all three mobile carriers, announced Tuesday that it has secured 17 billion won ($15 million) of funding from Microsoft and Deutsche Telekom’s venture capital unit. Of the total, 11.3 billion won will come from Microsoft, while Deutsche Telekom Capital Partners Management GmbH will invest 5.5 billion won to acquire shares in ONE store, which is affiliated with SK Telecom. ONE store will issue 414,900 convertible preferred

June 1, 2021

Late KCC chief’s family donates W200b to promote education, culture

The family of the late KCC Chairman Chung Sang-young has donated over 200 billion won ($180.70 million) worth of stocks, goods and cash to support education and the arts, KCC officials said Tuesday. “The late Chung had always underlined that one of the core functions of a company is to contribute to the nation’s development, and it is in accordance to his wishes that we are returning these profits to society,” the company quoted the family as saying. Of the total, 10 billi

June 1, 2021

[News Focus] Home prices in Seoul, Gyeonggi still rising despite curbs

SEJONG -- Recent housing prices in Apgujeong-dong, Seoul, suggest that a raft of real estate policies from the administration since 2017 to tamp down runaway property prices had little efficacy eventually. According to KB Kookmin Bank and Naver.com, the average trading price of homes, including apartments, in Apgujeong-dong -- which belongs to Seoul’s Gangnam-gu -- surged by 11.4 percent for the first 21 weeks of this year. Prices in the affluent district climbed to 83.58 million won ($

June 1, 2021

[News Focus] Samsung SDI lagging behind in battery expansion race?

In the race for leadership in the battery business, it looks like Samsung SDI is the slowest mover. While global competitors, including crosstown rivals LG Energy Solution and SK Innovation, have announced ambitious tie-ups and expansion plans -- even targeting the world’s largest market, the US -- Samsung SDI has produced no such news. Shares in Samsung SDI, traded on Korea’s main Kospi bourse, took a battering this week following a Morgan Stanley downgrade. In its note, the

June 1, 2021

[Herald Interview] ‘If ESG is a threat, then hydrogen is the answer’

When the world shifted from relying on coal as fuel to oil, the transition reshaped the international order. Now, the world prepares yet another seismic shift -- from oil to renewable energy. South Korea, which is the world’s ninth largest energy consumer and has next to no fossil fuel resources of its own, could step up to take lead in this great transition by facilitating a hydrogen economy, says Lee Seung-hoon, the director of H2Korea, a hydrogen think tank under the Ministry of T

June 1, 2021

Kepco appoints new CEO, Cheong Seung-il

The Korea Electric Power Corp. has appointed Cheong Seung-il, the former vice minister of trade, industry and energy, as its new chief executive, the state-run utility said Tuesday. At an inaugural ceremony held at Kepco headquarters in Naju, South Jeolla Province, the 21st president of Kepco urged staff and executives to “lead the changing paradigm of zero carbon” and “seriously consider an aggressive transition of the energy system.” During the speech, Cheong sugg

June 1, 2021

Seoul stocks up for 3rd day on recovery hopes

South Korean stocks advanced for the third consecutive day Tuesday on the back of strong economic data that fueled investor appetite for risk. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.95 points, or 0.56 percent, to close at 3,221.87 points. Trading volume was moderate at about 1.4 billion shares worth some 15.1 trillion won ($13.7 billion), with gainers outnumbering losers 577 to 272. Foreigners sold a net 37 billion won, while

June 1, 2021

SsangYong's May sales rise 6% on strong overseas performance

SsangYong Motor Co. said Tuesday its sales rose 6 percent last month from a year earlier on increased exports of its SUVs. SsangYong Motor sold 8,750 vehicles in May, up from 8,254 units a year earlier, the company said in a statement. Exports more than quintupled to 3,854 units last month from 711 a year ago, but domestic sales fell 35 percent to 4,956 units from 7,575 over the cited period, the statement said. From January to May, its sales fell 19 percent to 31,660 units from 39,206 units

June 1, 2021

Lotte Rental accelerates Kospi debut in H2

Lotte Rental, the car rental service unit under Lotte Group, is moving for an initial public offering on South Korea’s main bourse Kospi in the second half of this year, according to investment banking sources Tuesday. The company submitted a preliminary application for an IPO to the Korea Exchange the day before to become the first Lotte-affiliated company to make a market debut in nearly three years. The group’s last IPO was Lotte Data Communication’s Kospi-listing in Novem

June 1, 2021

JTBC Studios takes over Wiip, eyes global content industry

Local entertainment giant JTBC Studios said Tuesday it was acquiring an independent US television studio in preparation for a foray into the American market. The deal of an undisclosed amount is the latest in a line of aggressive investments JTBC has made since last year to increase its presence in the global TV market. JTBC Studios said it would engage with the US content maker in the areas of co-production and expanding distribution channels, for example. The company plans to expand to Japa

June 1, 2021

Race to acquire Eastar Jet heats up as more companies enter bidding process

More companies including poultry producer Harim and underwear company Ssang Bang Wool have entered the race to acquire financially troubled budget airline Easter Jet. Around ten companies and private equity funds have submitted a Letter of Intent to acquire the low cost carrier, according to reports citing sources close to the industry. The list includes Kanglim, a crane manufacturer and a subsidiary of Ssang Bang Wool Group, as well as Harim Group‘s shipping company Pan Ocean. The dea

June 1, 2021

Renault Samsung's May sales drop 13% on weak domestic demand

Renault Samsung Motors Corp. said Tuesday its sales fell 13.3 percent last month from a year earlier due to weak domestic demand. The South Korean unit of Renault S.A. sold 10,348 vehicles in May, down from 11,929 units a year earlier, the company said in a statement. Domestic sales tumbled 56.2 percent on-year to 4,635 units last month in the face of toughening competition with other brands. Exports rose more than fourfold to 5,713 units over the cited period as the automaker shipped 4,247

June 1, 2021

NH Financial invests W500b in IT operations

South Korea’s NH Financial Group said Tuesday that it has decided to invest a total 500 billion won ($451.9 million) in improving its information technology operations and services. “To bolster customer protection and services, we have decided to invest a total of 500 billion won in our IT operations,” NH said in a statement. Of the total investment, 320 billion won will be funneled into upgrading IT services of its flagship commercial bank, NH NongHyup Bank, while the res

June 1, 2021

Banks shed 1,200 jobs in Q1

South Korea’s major commercial banks cut over 1,200 jobs in the first three months of the year, as the bruising COVID-19 pandemic pushed them toward online- and mobile-focused services, data showed Tuesday. The combined size of the workforce of major commercial lenders here shed 1.8 percent or 1,244 jobs in the first quarter compared with the last three months of 2020, according to an online data system operated by the Korea Federation of Banks. The total number of executives and employee

June 1, 2021

W64tr funneled through bank accounts for crypto trading

Amid the recent market frenzy surrounding cryptocurrencies like Bitcoin, the volume of deposits and withdrawals made through bank accounts for virtual coin trading has surpassed 64 trillion won ($57.85 billion), data showed Tuesday.  During the first quarter, nearly 64.2 trillion won flowed in and out of real-name bank accounts from commercial lenders, including Shinhan Bank, NH Nonghyup Bank and internet-only K bank, for digital token investments through South Korea’s four major c

June 1, 2021

Shareholder engagement key driver for Asia’s green finance growth: experts

Shareholder engagement in the form of behind-the-curtain dialogues or proxy voting, as well as engagement with asset owner clients, should be a key for asset managers to sustain the concept of green finance in Asia, investment professionals said Monday. There is no shortcut to navigate how to persuade Asian companies to commit to net-zero pledges. Incentives to achieve the sustainable goals have so far remained elusive, while on the other hand, asset prices have yet to fully reflect climate ri

June 1, 2021

S. Korean tech companies to strengthen cooperation for AI server chips

South Korean cloud data center operators have formed ties with local companies that specialize in chips used in servers in a move to cope with growing semiconductor demand and uncertainty in global supply chains, the ICT ministry said Tuesday. The Ministry of Science and ICT said five data center companies -- Naver Cloud, Douzone Bizon, Kakao Enterprise, NHN and KT -- and the Artificial Intelligence Industry Cluster Agency signed a memorandum of understanding with local server chip companies SK

June 1, 2021

S. Korea unveils homegrown space rocket for first time

South Korea unveiled Tuesday a fully assembled model of its homegrown space rocket for the first time since the country started its development in 2010 as it conducts final testing procedures before its launch later this year. South Korea has earmarked 2 trillion won ($1.8 billion) to develop its first homegrown space launch vehicle, named Nuri, and aims for a launch in October this year. In 2013, South Korea successfully launched its first-ever Naro space rocket, though its first stage rocket

June 1, 2021