T’way Air finalizes lease deal to introduce midsize jetliners early next year

Low-cost carrier T’way Air said Tuesday it has signed a deal to lease three midsized aircrafts A330-300 with plans to roll them out early next year. The plan will see the airline introduce a new fleet of aircrafts gradually between February and May in 2022. With the jetliner boasting a wide body, the airline will offer business and economy seats and a wider range of in-flight amenities. The airline said the move following the signing of a letter of intent in December will bolster its bu

April 20, 2021

LG's Vietnamese smartphone production line to make home appliances

South Korean tech giant LG Electronics Inc. said Tuesday it plans to produce home appliances from its smartphone manufacturing line in northern Vietnam, as the company earlier decided to fully withdraw from the mobile business. Under the plan, the company will complete the transformation within this year while reallocating affected workers, LG Electronics said in a statement. "Exiting smartphone production here is part of LG's plan to restructure our core product portfolio," said Jun

April 20, 2021

Chiefs of 50 biz groups receive W1.8tr in dividends in 2020

Dividends paid to the chiefs of South Korea's top 50 business groups jumped 37.1 percent last year from a year earlier as major companies delivered more returns to shareholders, industry data showed Tuesday. A total of 39 heads of the nation's 50 conglomerates received a combined 1.8 trillion won ($1.6 billion) in 2020, according to the data by the local research firm Korea CXO Institute. Dividends to late Samsung Group Chairman Lee Kun-hee amounted to 862.6 billion won last year, which acco

April 20, 2021

Korean asset managers rush to ramp up green drive

South Korea’s asset management companies are beefing up their drive to take environmental, social and governance factors into account, by endorsing an international climate initiative and by creating an internal body to monitor the green investing process. On Tuesday, three Seoul-based asset management firms -- KB Asset Management, Samsung Asset Management and its subsidiary Samsung Active Asset Management -- announced that they have joined a cohort of some 2,000 organizations from 7

April 20, 2021

Brokerages' overseas operations see profit gain in 2020

Overseas branches of South Korean securities companies saw their combined net profit rise 5.6 percent in 2020 from a year earlier due mainly to increased earnings from commission fees, data showed Tuesday. The combined net profit of 70 overseas branches of 14 securities companies stood at $197.3 million in 2020, up $10.5 million won from 2019, according to the data from the Financial Supervisory Service. The hike in net profit came on the back of increased interest income and earnings from com

April 20, 2021

McDonald's to release BTS meal in nearly 50 countries

Fast food restaurant chain McDonald’s has announced that it is teaming up with popular Korean group BTS for a new celebrity meal which will hit the stores next month globally. The BTS Meal consists of a 10 Chicken McNuggets, medium fries, a medium Coke as well as Sweet Chili and Cajun dipping sauces inspired by popular recipes from the South Korean unit of McDonald’s, which will be available for the first time in the US. The new collaboration, which follows the company’s prev

April 20, 2021

Doosan preparing to tap global hydrogen market

Doosan Group said Tuesday that it has been gearing up to tap the global hydrogen market by forming a task force to conduct market research. Doosan Group formed a task force under its holding company Doosan Corp. to conduct the project that will review the markets of production, distribution and utilization of hydrogen, the group said. Doosan has affiliates under its wing such as power plant builder Doosan Heavy Industries & Construction Co., fuel cell manufacturer Doosan Fuel Cell Co. and

April 20, 2021

S. Korea seeks to tackle rising non-tariff trade barriers

South Korea's trade ministry said Tuesday it plans to cooperate with major trade partners to cope with the growing number of technology barriers in the global market. Members of the World Trade Organization (WTO) issued 1,023 technical barriers to trade (TBT) over the January-March period, up 7 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. TBTs, which include consumer safety standards, energy and environmental requirements, are often

April 20, 2021

Seoul stocks open higher on earnings hope

South Korean stocks opened higher Tuesday on investors' hopes of strong corporate earnings in the January-March quarter amid speculation of a global economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.86 points, or 0.18 percent, to 3,204.7 points in the first 15 minutes of trading. Stocks got off to a strong start despite increased valuation pressure from the six-day winning streak, as brokerages projected strong quarterly performances by local big-name companies.

April 20, 2021

S. Korea to keep tabs on possible global financial instability: senior official

South Korea will keep close tabs on the impact of possible greater global financial volatility on the country's economy and private-sector debt, a senior finance ministry official said Tuesday. Concern has been escalating over the possibility of rising interest rates and consumer prices across the globe, which could make world financial markets more volatile. "The global financial market, which has long been accustomed to low prices and rates, could suffer from a tantrum if worries over h

April 20, 2021

State oil firm falls into complete capital erosion

The state-run Korea National Oil Corp. (KNOC) lapsed into a complete capital erosion in 2020 as its liabilities exceeded assets due to continued losses, data showed Tuesday. KNOC's liabilities stood at 18.64 trillion won ($16.7 billion) as of the end of last year, up nearly 514 billion won from a year earlier, according to the data posted on the state portal All Public Information in One (ALIO). In contrast, its assets amounted to 17.5 trillion won, down 1.12 trillion won from the previous yea

April 20, 2021

Coca-Cola hopeful COVID-19 vaccines will reverse profit slide

NEW YORK (AFP) -- Coca-Cola reported Monday a decline in first-quarter earnings amid continued weakness in away-from-home sales, but said increased vaccine availability was boosting sales in some markets. The soda giant, which relies on sporting events, concerts and other public venues for a significant fraction of its sales, described performance as a mixed bag, depending on the region. Coca-Cola scored stronger volumes in China and India, but lower volumes in the United States and Europe du

April 19, 2021

[Top Bankers] Hard-nosed dealmaker at the crossroads as SsangYong stares down the barrel

This is a part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the fourth installment. -- Ed. Korea Development Bank Chairman Lee Dong-gull, the first KDB chief in 26 years to serve a second term, has sought to change the public image of the state-run investment bank as an inconsiderate spender of unlimited amounts of public money to indebted companies. Since assuming office in 2017, Lee, 68, ha

April 19, 2021

[Feature] Cobalt, China and Korea's battery conundrum

Home to three of the world’s major lithium-ion battery makers, it seems South Korea is well positioned to benefit from the global transition to electric vehicles. A look beneath the surface, however, reveals the local firms’ precarious position in an industry still facing huge uncertainties, ranging from the supply of key raw materials to the future directions of technological innovations. Cobalt, a key component in lithium-ion batteries, offers one way to understand the vulnerab

April 19, 2021

PDI to host summit on private credit investing opportunities in Asia

Private Debt Investor, a publication dedicated to the global private debt investing scene, said Monday it plans to hold a virtual event this week on exploring opportunities and challenges in private debt investing across the Asia-Pacific region. The PDI APAC Summit Virtual Experience 2021 will be held from Wednesday to Thursday. The inaugural two-day virtual event will feature investors Aware Super, Allianz Investment Management, NGS Super, International Finance Corp. and Japan Post Bank,

April 19, 2021

SK Telecom introduces 5G-based disinfection robot at local hospital

SK Telecom announced Monday that the company has introduced a 5G-based disinfection robot at a Severance Hospital branch in Yongin, Gyeonggi Province. It is the world’s first such hospital robot utilizing the next-generation telecommunication technology, the company added. The machine “Keemi” uses a real-time location system, through which it can find the location of missing patients and analyze patient density within the hospital. The robot comes with an artificial intel

April 19, 2021

KIST develops new batteries 40% cheaper, stronger than lithium-ion batteries

The Korea Institute of Science and Technology on Monday said it has developed sodium-ion batteries that are 40 percent cheaper and can store 1.5 times more charge per gram than conventional lithium-ion batteries. The batteries use sodium instead of lithium. As sodium is far more common than lithium -- it’s in regular salt -- this brings down the price significantly. However, sodium ions are bigger and heavier than lithium ions, so existing anode materials -- made of graphite and a small

April 19, 2021

Samsung to finalize US investment plan soon

Samsung Electronics is anticipated to finalize its investment plan for foundry expansion in the United States and South Korea, and make it official as early as next month, according to industry forecasts on Monday. After participating in the meetings with US President Joe Biden and Korean President Moon Jae-in last week, Samsung seems to be accelerating its internal decision-making process to finalize the investment plan both for Korea and the US in response to the two governments’ call

April 19, 2021

[Behind the Wheel] Iconic exterior makes Jeep Wrangler shine

Jeep’s iconic sport utility vehicle Wrangler has undergone changes over the decades, evolving to embrace modern design factors here and there. With the continuing popularity of SUVs among local drivers, the trusty Jeep has maintained its position as a steady seller, with its unique appearance setting the standard for outdoor SUVs. The Wrangler has pulled off a remarkable performance so far this year. It sold 513 units in March, posting a growth rate of 324 percent on-year. That pushe

April 19, 2021

Porsche Korea expands its CSR program to support artists

Into its fifth year of running the social outreach project Porsche Do Dream, Porsche Korea is expanding the scheme to support artists facing difficulties from the COVID-19 pandemic, the automaker said Monday. The Porsche Do Dream campaign, launched in 2017, has so far focused on children, bent on providing them with learning and playing opportunities. On top of that, this year’s program will include art projects or projects tailored for struggling artists, it said. “Over the pas

April 19, 2021