S. Korea's exports of grapes set fresh high in 2020

South Korea's exports of grapes shot up 35 percent on-year in 2020 to set a new record high, data showed Thursday, on the back of the growing popularity of local agricultural products overseas. Outbound shipments of grapes came to $30.7 million in 2020, compared with $22.8 million posted a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Over the first four months of 2021, exports of grapes came to $7.2 million, also up nearly 50 percent from

May 27, 2021

Regulator approves SK hynix's acquisition of Intel's NAND biz

South Korea's antitrust watchdog said Thursday it has approved SK hynix Inc.'s deal to acquire Intel Corp.'s NAND business. Last October, SK hynix, the country's No. 2 chipmaker, signed a deal to buy Intel's non-volatile memory unit for $9 billion, and submitted an application for approval to Seoul's Fair Trade Commission (FTC) in January. SK hynix previously received approval from regulators in the United States and Europe. Antitrust reviews from five other countries, including China and Bri

May 27, 2021

BOK sharply ups 2021 growth outlook to 4% as recovery gathers pace

South Korea's central bank on Thursday sharply raised its 2021 growth outlook to 4 percent, while holding its benchmark policy rate unchanged at a record low of 0.5 percent, amid a strong rebound in exports. Buoyed by signs of a robust recovery in exports, the Bank of Korea (BOK) raised its growth outlook to 4 percent for this year, and to 3 percent for next year. The BOK's February forecast was that South Korea's economy would grow 3 percent this year. BOK Gov. Lee Ju-yeol said the pace of e

May 27, 2021

Samsung expands presence in NAND flash market in Q1: report

Samsung Electronics Co. further expanded its leadership in the global NAND flash market in the first quarter of the year, a report showed Thursday, despite an overall decline in chip prices. The South Korean tech giant, also the leader in the DRAM sector, had a 33.5 percent share of the global NAND flash market in terms of revenue in the January-March period, up 0.6 percentage point from a quarter earlier, according to market tracker TrendForce. Samsung's revenue from NAND flash products came

May 27, 2021

Seoul stocks open nearly flat ahead of US data release

South Korean stocks opened nearly flat Thursday, as investors continued to wait for the upcoming release of key consumption data in the United States that is widely seen as a gauge for inflation. The benchmark Korea Composite Stock Price Index (Kospi) traded down 0.54 points, or 0.02 percent, at 3,167.89 points in the first 15 minutes of trading. The Kospi got off to a muted start as investor caution grew while waiting for the personal consumption expenditures (PCE) data, or core PCE, known to

May 27, 2021

Exports forecast to rise 47.5% in May on global economic recovery: poll

South Korea's exports are expected to rise a whopping 47.5 percent on-year in May on the back of the global economic recovery, which led to higher demand for chips and automobiles, a poll showed Thursday. Outbound shipments are estimated at US$51.3 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on eight brokerage houses. Imports are estimated to rise 39.8 percent over the period to $48.4 billion, resulting in

May 27, 2021

S. Korea signs US-led moon exploration accord

South Korea has signed a US-led international program to send humans to the moon again and further explore Earth's only satellite, the science ministry said Thursday. Science Minister Lim Hye-sook signed the Artemis Accords as a follow-up on an agreement reached at a recent bilateral summit in Washington, becoming the 10th signatory to the pact, the ministry said. The Artemis Accords is an international agreement among governments participating in the Artemis Program, a US-led effort to return

May 27, 2021

Banks in S. Korea experiment future services at convenience stores

South Korean lenders appear to be seeking ways to develop future-oriented customer services by forging partnership with retailers that have vast sales networks across the country, such as convenient store chains. In the latest development, Shinhan Bank on Monday signed a business agreement with GS Retail, which operates convenient store chain GS25, to design a new business model of mutual interest, officials said. The partnership states Shinhan Bank and GS Retail plan to develop a convenience

May 26, 2021

CPPIB eyes long-term investing opportunities in Korea

South Korea is brimming with long-term investment opportunities as sustainability-driven innovations crystalize in Asia’s fourth-largest economy, a high-ranking official of public pension scheme Canada Pension Plan Investment Board said Wednesday. The pandemic has not only changed the way people live, but also prompted a technology-led transformation across the Asia-Pacific region, said Suyi Kim, head of Asia Pacific at CPP Investments during a virtual conference hosted by the Seoul-base

May 26, 2021

FSC chief urges crypto investors to use real-name accounts for protection

South Korea’s top financial regulator said Wednesday that cryptocurrency investors would be provided protection under the revised financial transaction information law. “The amended Act on Reporting and Using Specified Financial Transaction Information took effect on March 25 and crypto exchanges are to file for regulatory approval by Sept. 25,” Financial Services Commission Chairman Eun Sung-soo told reporters after delivering a keynote speech at 2021 Korea Fintech Week in S

May 26, 2021

Over half of Korean adults under financial stress: survey

More than half of adults in South Korea have suffered from anxiety and depression because of their financial status over the last year, a recent survey showed Wednesday. The survey of 2,000 people aged between 20 and 64, conducted by Korea Financial Consumer Protection Foundation late last year, showed that 58.1 percent of the respondents had experienced high levels of stress and self-injurious behaviors. About 3.2 percent of the participants even thought about suicide due to their worsened fi

May 26, 2021

Korea to build mega biomedical database by 2028

The government will spend some 1 trillion won ($894.8 million) on building a mega database to collect medical information of 1 million people in a bid to foster the biohealth industry as a new growth engine, officials said Wednesday. “In response to the rapidly changing biotechnology industry environment, we will provide all-round support, such as R&D intensive investment in core technologies, including new drugs and innovative medical devices; commercialization support; expansion of

May 26, 2021

Businesses shun hiring amid COVID-19

South Korea’s major businesses saw their total number of staffers shrink by nearly 10,000 since the onset of the COVID-19 pandemic as conglomerates reduced new recruits and distributers carried out restructuring, industry data showed Wednesday. Meanwhile, the number of irregular workers in the country soared by almost 2,000 during the same period, reflecting the overall deterioration in the quality of jobs. According to a survey conducted by corporate tracker CEO Score of 309 of the n

May 26, 2021

Battery makers all out for market initiative in US, EU

As the battery electric vehicle market remains strong, South Korea’s battery makers are aggressively adding momentum to their global investments and are seeking production capacities in the US and EU markets, data showed Wednesday. According to energy market researcher SNE Research, global demand for battery electric vehicles is expected to reach 51.8 million by 2030, up 17 times from the end of 2020. The corresponding demand for batteries will likely expand some 23 times during the

May 26, 2021

Seoul stocks finish slightly lower on investors' wait-and-see mode

South Korean stocks closed slightly lower after choppy trading Wednesday as investors took to the sidelines amid lingering concerns of early post-pandemic inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.89 points, or 0.09 percent, to close at 3,168.43 points. Trading volume was moderate at about 1.3 billion shares worth some 13 trillion won ($11.6 billion), with gainers outnumbering losers 515 to 337. Foreigners sold a net 3

May 26, 2021

Korean-German Chamber of Commerce appoints new president

The Korean-German Chamber of Commerce and Industry announced Wednesday it has appointed Martin Henkelmann as the institution’s new CEO and president. Henkelmann practiced as a lawyer in Germany and has more than 20 years of experience working with private companies and government organizations. He built his career at the German Insurance Association, one of the largest business associations in his home country. Henkelmann later moved on to the public sector, taking leadership roles at

May 26, 2021

SKC aims to be world’s largest copper foil producer by 2025

South Korean chemicals maker SKC is considering a plan to expand its production of copper foil to 250,000 metric tons with a goal of becoming the world’s largest provider by 2025, the SK Group affiliate said Wednesday. SK nexilis, the copper making unit under SKC, will build a new copper foil factory with an annual capacity of 50,000 tons in Europe later this year to meet growing demand for the material, a key component of rechargeable batteries. Copper foil is as thin as one-fifteent

May 26, 2021

Posco begins construction of lithium hydroxide plant in Gwangyang

Posco broke ground on a 760 billion-won plant for lithium hydroxide, a key material for electric vehicle batteries, in Gwangyang, South Jeolla Province, the company said Wednesday. The factory, to occupy a 196,000-square-meter plot inside the Yulchon Industrial Complex in Gwangyang, would have an annual production capacity of 43,000 metric tons of lithium hydroxide, a volume enough to produce 1 billion electric vehicles, the company said. The construction is expected to complete in 2023.

May 26, 2021

K bank’s capital jump to W2.1tr with inflow of new shareholders

K bank, South Korea’s first Internet-only lender, more than doubled its paid-in capital via share purchases from major private equity funds, the bank said Wednesday. The move comes as the company gears up for the further growth amid heightened competition from other digital banks including Kakao Bank and Toss Bank. The board of directors of K bank on Wednesday morning made the decision to increase the amount of capital by 1.25 trillion won ($1.11 billion) or 192.29 million shares, to

May 26, 2021

Coupang Eats offers loyal delivery workers 6,500 won per delivery

Food delivery service Coupang Eats will drastically hike delivery incentives for veteran delivery workers in a trial next month amid growing competition to secure more drivers. In a recent announcement to a select group of its drivers, the company said seasoned delivery workers can claim up to 6,500 won ($5.79) per delivery, more than double the regular delivery fee of 2,500 won given to Coupang Eats drivers per delivery. To receive the higher “Legend” wage, workers must have carr

May 26, 2021