Hyundai to launch Genesis brand in Europe this summer

South Korean carmaker Hyundai Motor said Tuesday it will launch the Genesis brand in Europe this summer to gain a share in the high-end and electric vehicle markets.  Hyundai Motor will initially launch the G80 sedan and the GV80 SUV in European markets, such as Germany, Britain and Switzerland, in June, the company said in a statement.  Hyundai said it also plans to introduce the G70 sedan, the GV70 SUV and a strategic model customized for European markets this year. In its broad e

May 4, 2021

Altcoins back in rally mode after pull-back

Cryptocurrencies have been rallying again with some digital coins, like Dogecoin and Ethereum, hitting record highs recently. The prices of coins tumbled last month as governments around the world hinted that they would strengthen regulations on cryptocurrencies, which have no intrinsic value. Ethereum, the world’s second-largest cryptocurrency, spiked to an all-time high of 4,527,000 won ($4,038) on Tuesday, up 7.12 percent, according to local crypto exchange Upbit The European Inv

May 4, 2021

Kospi may surpass 4,000 if included in MSCI World Index: report

South Korea’s main bourse Kospi could reach 4,035 points if the local market is bumped up into the MSCI World Index, which represents large and mid-cap equity performance across 24 developed nations, a local think tank said Tuesday. The Korea Economic Research Institute predicted that the inclusion, one step up from its current listing as an emerging market, would help the stock market see an inflow of foreign investments, amounting to up to 61.1 trillion won ($54.5 billion). The inclu

May 4, 2021

Renault Samsung shuts down plant amid labor strike

The labor-management feud escalated Tuesday within Renault Samsung, the South Korean unit of the French carmaker, as the company temporarily shut down its plant amid continued union strikes for a wage hike, officials said Tuesday. As the heightened discord has come amid sluggish sales and a prolonged global semiconductor shortage, CEO Dominique Signora sent out a warning signal to union workers, assuming a hard-line stance on the situation. “We are in urgent need to cut down costs dur

May 4, 2021

US trade court lifts import ban on Daewoong’s Nabota

The US International Trade Commission has lifted a 21-month ban on the sale of Daewoong Pharmaceutical’s botulinum toxin product Nabota, or Jeuveau, in the United States, according to an announcement from Medytox on Tuesday. The decision allows Evolus, a US partner of South Korea’s Daewoong, to resume sales of Nabota in the US, after a legal battle between Medytox and Daewoong over misappropriation of trade secrets. The dispute between the two Korean pharmas, Medytox and Daewoon

May 4, 2021

Kakao Games sees net profit jump 68% in Q1

Kakao Games, the gaming unit of the country’s leading messenger app operator, reported a 68 percent jump in net profit to 18.3 billion won ($16.3 million) in the first quarter on-year, the company announced Tuesday. Sales rose 35 percent to 130.1 billion won, while operating profit increased 23 percent to 15.6 billion won in the same period. By division, the firm’s online PC game segment reaped 51.1 billion won in sales, a 19 percent increase on-year, buoyed by the solid perfor

May 4, 2021

Seoul stocks rebound on 2nd day of resumed short selling

South Korean stocks rebounded on Tuesday, the second day of resumed short selling, after a five-session losing streak as institutions scooped up local stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.17 points, or 0.64 percent, to close at 3,147.37 points. Trading volume was moderate at about 1.3 billion shares worth some 15.6 trillion won ($13.9 billion), with losers outnumbering gainers 433 to 422. Foreigners sold a net 74 bi

May 4, 2021

Namyang Dairy chairman resigns after yogurt COVID-19 prevention claims

Namyang Dairy Products Chairman Hong Won-sik offered his resignation Tuesday, after the company came under fire for the claim that its yogurt drink Bulgaris can help protect from COVID-19. Hong, who took over the company from his father, the late founder Hong Doo-young, also said he will not hand over management rights of the company to his children. “We have received much love from the public as the oldest private dairy company. But I failed to fulfill the expectations of the consumer

May 4, 2021

[Market Close-up] War over digital financing looms as traditional banks jump into online-only services

Faster than anyone could have imagined, South Korea’s IT platforms, which have had no banking experience at all, have quickly become a dominant force in the nation’s retail banking scene.  The COVID-19 pandemic has been defining moment for digital transformation, according to industry watchers, with the rising number of consumers preferring non-face-to-face banking services.  According to the Bank of Korea, the volume of money transfers and loan applications carried out

May 4, 2021

[Newsmaker] Retailers accused of being ‘man-haters’ over gesture

Several South Korean retailers including convenience store GS25 and an online fashion store were forced to delete advertisements after critics accused “pinching hand signs” of being a symbol of misandry.　 In a statement to store owners on Tuesday, GS25 CEO Cho Yoon-sung apologized for the design of a poster that caused “pain” and “inconvenience” to customers and vowed to “thoroughly” investigate those involved in making the image. The now-deleted

May 4, 2021

Incheon Airport signs deal with Israel Aerospace Industries to build aircraft conversion center

Incheon International Airport Corporation on Tuesday signed a memorandum of agreement with Israel’s state-owned aerospace and aviation manufacturer, Israel Aerospace Industries, to build an aircraft conversion center at Incheon Airport. The deal will see IIAC begin work on building infrastructure, with production of the first batch of passenger-to-freighter converted aircraft set to begin in 2024 in collaboration with South Korean aviation service company Sharp Technics K. After fending

May 4, 2021

Mirae Asset Securities seeks to enter short-term financing market

South Korea’s regulator Financial Services Commission on Tuesday started to discuss Mirae Asset Securities’ entry to short-term financing market, a decision that would grant the brokerage official status as a mega investment bank. Four trillion won ($3.57 billion) in equity capital is a prerequisite for a mega investment bank to issue a promissory note with a maximum limit of 200 percent of its equity capital with a maturity of one year or less. As of the end of December, Mirae Asse

May 4, 2021

Buyout firm VIG Partners eyes private credit investing

South Korean private equity firm VIG Partners is eyeing private credit strategies with a new team it established Monday, the company said Tuesday. The company, overseeing 3.8 trillion won ($3.4 billion) worth of private funds mainly dedicated to midmarket buyout strategies, added that it had hired Han Young-hwan as head of credit at VIG Partners. The credit arm will focus on special situations in private credit space, looking to take advantage of price dislocation in the belief that the debt a

May 4, 2021

Doosan Bobcat to invest W77b for US plant expansion

Small-sized construction equipment maker Doosan Bobcat Inc. said Tuesday that it will spend 77 billion won ($68.6 million) to expand one of its US plants in a bid to meet growing demand. The plant located in Statesville, North Carolina, produces compact tractors and portable power stations, or compact battery-powered generators, Doosan Bobcat said. The expansion is aimed at meeting steadily increasing demands for grounds maintenance equipment (GME), such as ride-on mowers and hedge cutters, th

May 4, 2021

Kia launches hybrid variant of K8 sedan

Kia Corp., South Korea's second-biggest carmaker, on Tuesday launched the hybrid version of the K8 sedan in the domestic market, completing a four-model lineup for the vehicle. The K8 hybrid comes with a 1.6-liter gasoline turbo hybrid engine, adding to the lineup of 2.5-liter gasoline, 3.5 gasoline and 3.5 liquefied petroleum injection engine models released last month. The hybrid model is priced at 36.98-42.87 million won ($32,950-$38,000) depending on options, the automaker said. Kia said

May 4, 2021

Samsung's presence in smartphone chipset market to decline in 2021: report

Samsung Electronics Co. is expected to lose its share in the smartphone chipset market this year, a report showed Tuesday, as Taiwanese and US rivals are to expand their presence with a rise in the 5G device sector. Samsung was estimated to take an 8 percent share in the global smartphone application processor (AP)/System on Chip (SoC) market in 2021, down 11 percent from a year earlier, to take the fourth spot, according to a report from industry tracker Counterpoint Research, The South Korea

May 4, 2021

SK Telecom to cancel W2.6tr worth of treasury shares

SK Telecom Co., South Korea's largest mobile carrier, said Tuesday it has decided to cancel 2.6 trillion won ($2.32 billion) worth of treasury shares, over 10 percent of its total floated stocks, in a move to boost shareholder value amid plans to split into two companies later this year. The telecom operator said in a statement that it would retire 8.69 million treasury stocks, or 10.8 percent of its total issued stocks, by Thursday. The cancellation would reduce SK Telecom's total floated sto

May 4, 2021

Seoul stocks open lower on inflation concerns

South Korean stocks opened lower Tuesday on inflation concerns and the partial resumption of short selling. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.66 points, or 0.34 percent, to 3,116.54 points in the first 15 minutes of trading. The KOSPI got off to a weak start after a five-session losing streak. Bio and tech shares dropped amid rising inflation, which could help raise market rates, while bank shares performed strong. South Korea's consumer price index rose 2.3 perc

May 4, 2021

Hyundai, Kia sales in US more than double on SUV demand in April

Hyundai Motor Co. and affiliate Kia Corp., South Korea's two biggest carmakers, said Tuesday their combined US sales more than doubled in April from a year earlier on robust demand for their SUV models. Hyundai and Kia sold a total 147,700 vehicles in the United States last month from 65,673 units a year ago, according to the companies' sales data. "April 2021 was the second month in a row that we established a new best ever total and retail sales monthly record. As our all-new Tucson beg

May 4, 2021

Most cash grant recipients spend them on consumption expenditures: poll

SEJONG -- Nearly 94 percent of South Koreans who received state virus relief grants in cash last year spent them on consumption expenditures, a report said Tuesday, in a show of their positive impact on overall consumer spending. In May last year, the government started providing relief handouts of up to 1 million won ($890.5) to every household to cushion the economic fallout from the coronavirus pandemic. Generally, recipients used relief grants through credit cards, check cards, prepaid car

May 4, 2021