Kia's March sales jump 19% on SUV popularity

Kia Corp., South Korea's second-largest automaker, said Thursday its sales gained 19 percent last month from a year earlier on solid demand for SUVs. Kia sold 251,362 vehicles in March, up from 231,543 units a year ago, the company said in a statement. Domestic sales reached 51,011 units last month, nearly the same level from a year earlier. Overseas sales rose 11 percent on-year to 200,351 units due to the low base effect from last year when the COVID-19 pandemic hit the automotive industry, it

April 1, 2021

[Herald Interview] Brewery serves up sparkling makgeolli in blend of tradition and modernity

Makgeolli, a centuries-old traditional Korean rice wine, is enjoying its new life as a trendy and premium drink as of late. Easily found at convenience stores and casual dining restaurants in Korea, it was once thought to be an “old man’s drink” over its affordability and stereotypes surrounding it. But one man’s journey to revolutionize makgeolli and give it a more youthful and upscale makeover seems to have paid off in triggering a trend in recent year. The Korea Agro

April 1, 2021

S. Korean pharmas eye Nasdaq after Coupang success

South Korea’s pharmaceutical and biopharma companies are ramping up efforts to get listed on the Nasdaq market, hoping to follow in the footsteps of Korean e-commerce giant Coupang with their US market debut. According to industry sources Thursday, CoImmune, a joint venture between SCM LifeScience and Genexine, is preparing for an initial public offering on the tech-heavy Nasdaq Composite. CoImmune’s appointment of biotechnology and finance expert Dr. Edgardo Baracchini to the co

April 1, 2021

Investors flock to unlisted stock markets in search of ‘next Coupang’

On the heels of e-commerce platform Coupang’s listing on the New York Stock Exchange last month, which saw a valuation of over $100 billion, retail investors are seeking out similar opportunities with emerging companies on their way to market debuts. Booming interest in unlisted companies such as Viva Republica, Kurly and Krafton is stimulating support for platforms such as Stockplus Unlisted and Seoul Exchange, which link buyers and sellers of privately held companies’ stocks, ac

April 1, 2021

Hyundai's March sales rise 22% on SUV demand

Hyundai Motor Co. said Thursday its sales jumped 22 percent last month from a year earlier on robust demand for its SUV models despite the COVID-19 pandemic. The country's biggest carmaker sold 375,924 vehicles in March, up from 307,176 units a year earlier, helped by strong demand for the Palisade SUV, the Nexo hydrogen fuel-cell electric vehicle, the Genesis GV70 and GV80 SUVs, the company said in a statement. Domestic sales climbed 2.3 percent to 73,810 units from 72,180 during the same per

April 1, 2021

Renault Samsung's March sales tumble 43% on weak domestic demand

Renault Samsung Motors Corp. said Thursday its sales plunged 43.2 percent last month from a year earlier due to weak domestic deman. The South Korean unit of Renault S.A. sold 8,572 vehicles in March, down from 15,100 units a year earlier, the company said in a statement. Domestic sales tumbled 52.7 percent on-year to 5,695 units last month, and exports slid 6.8 percent to 2,877 units over the cited period, the company said. A total of 102 Renault Zoes, its supermini electric car, were sold i

April 1, 2021

Seoul stocks hit 2-month high on US stimulus plan

South Korea's benchmark stock index closed at the highest in two months Thursday amid hopes for a massive infrastructure project by the United States. The Korean won slightly fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.98 points, or 0.85 percent, to close at 3,087.4 points, the highest since Feb. 4. Trading volume was moderate at about 910 million shares worth some 13.8 trillion won ($12.2 billion), with losers outnumbering gainers 420 to 419. F

April 1, 2021

SsangYong Motor driven into corner as US investor dithers

The fate of SsangYong Motor, the cash-strapped Korean affiliate of Indian carmaker Mahindra & Mahindra, hung in the balance Thursday, as it failed to secure a letter of intent from its likely investor, US-based HAAH Automotive. With the “prepackaged plan” scenario practically eliminated, the SUV-focused automaker now faces the worst risk of market delisting and liquidation. Financial authorities, however, maintained a prudent stance over the issue, leaving room for a last-min

April 1, 2021

[Behind the Wheel] Ford Ranger Raptor, Wildtrak can stand on some of toughest terrains

In South Korea, where a great portion of the population is concentrated in urban areas, pickup trucks are not the most popular vehicle types. But with the rising trend of outdoor activities, and as more adventure enthusiasts find fun in driving through the mountainous terrains of the country, interest in pickup trucks is increasing. According to the Korea Automobile Manufacturers Association, the pickup truck market had hovered around 20,000 units in annual sales, but that number has grown,

April 1, 2021

GM Korea's March sales dip 21.8% amid pandemic slump

GM Korea Co. said Thursday its sales decreased 21.8 percent last month from a year earlier on weak demand at home and abroad. The South Korean unit of General Motors Co. sold 29,633 vehicles in March, down from 37,981 units the previous year, the company said in a statement. Domestic sales sank 31.4 percent on-year to 6,149 units, and exports declined 18.9 percent to 23,484 autos over the cited period, it said. The Detroit carmaker has three Korean plants -- two in Bupyeong and one in Changwo

April 1, 2021

US expected to maintain trade barriers under Biden: KITA

The new US administration is expected to largely maintain its protectionist policies against imported goods, including South Korean products, a report said Thursday, despite President Joe Biden's vision on rebuilding multilateralism. The number of new antidumping investigations rolled out by the US came to 89 in 2020, rising sharply from 55 posted in 2017, according to a report compiled by the Korea International Trade Association (KITA). The number of new investigations against South Korean p

April 1, 2021

S. Korean retail investors’ stock holdings inch closer to foreign ownership

Stocks held by Korean individuals jumped by 58 percent last year, getting closer to be on par with that of foreigners amid an equity investment craze, data showed Thursday. The local investors’ ownership accounted for 28 percent of the total market capitalization as of end-2020, up 3.6 percentage points on-year, according to data compiled by the Korea Securities Depository. Their holdings were worth around 662 trillion won ($584.89 billion), soaring 58 percent from a year earlier. In

April 1, 2021

JB Financial sets up overseas business unit

JB Financial Group, the holding group of Jeonbuk Bank and Kwangju Bank, said Thursday it has launched a new division in charge of overseas business activities to expand its global presence.  The banking giant appointed its incumbent senior executive officer, Yim Young-taick, formerly CEO of the group’s North Jeolla Province-based Jeonbuk Bank, to lead the newly launched global business division.  Yim, 70, served as Jeonbuk Bank CEO since 2014 until his retirement in March.&nb

April 1, 2021

Kakao Mobility attracts $50m investment from Google

Kakao Mobility, Korea’s digital transportation service app operator, said Thursday the company will explore new business opportunities together with Google. Under their partnership, Kakao has attracted investment of $50 million from the US tech giant, which is to be paid completely by April 22, according to the company’s regulatory filing. With the investment, Kakao and Google will work together on advancement of artificial intelligence technologies based on the cloud, create s

April 1, 2021

[#WeFace] EVs, green loans and less paper: S. Korean banks take baby steps toward ESG

This article is part of analysis and interviews by The Korea Herald’s finance desk staff exploring South Korea’s budding ESG investment market, as well as its potential, impact and challenges. -- Ed. Of all the changes stemming from the banking sector’s embrace of environmental, social and governance values in recent years, according to 53-year-old Shin Hae-jin, the one that stands out most is the absence of paper in “paperwork.” “Since last year, I’ve

April 1, 2021

[Newsmaker] Shinhan Bank employee shot in Myanmar, sends jitters across Korea’s finance sector

A Burmese employee at Shinhan Bank’s Yangon branch was shot amid an escalating bloodshed in Myanmar, the South Korean lender and a Burmese news outlet said Thursday. The female employee was shot while heading home in a company vehicle, at 5 p.m. on Wednesday, after work. According to reports, she was taken to a hospital in critical condition. The employee’s current condition is unknown. Shinhan has been operating a branch in Yangon with a minimum number of employees stationed at

April 1, 2021

Samsung lowers price of Galaxy Z Fold2 in S. Korea

Samsung Electronics Co. has lowered the price of its latest foldable smartphone, the Galaxy Z Fold2, industry insiders said Thursday, in an effort to popularize the foldable smartphone category. The ex-factory price for the Galaxy Z Fold2 5G, which was launched last September, has been set at 1.892 million won ($1,675) here, down from 2.398 million won, according to people in the mobile industry. The ex-factory price, or list price, refers to the selling cost of goods from the manufacturer's p

April 1, 2021

S. Korean individuals' stock holdings jump 58% in 2020

Stocks held by South Korean retail investors jumped nearly 60 percent in 2020 from a year earlier amid their investment craze, data showed Thursday. Local individuals owned 662 trillion won ($586 billion) worth of listed shares as of the end of 2020, up 58 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). The on-year increase in the value of retail investors' stock holdings accounted for nearly 38 percent of last year's rise in total market capitali

April 1, 2021

Exports of virus-related medical goods sharply up in 2020

South Korea's exports of test kits for the new coronavirus, protective masks and other virus-related goods sharply increased last year amid the pandemic, data showed Thursday, with the country planning to further expand outbound shipments of such goods down the road. Outbound shipments of such goods reached $5.9 billion in 2020, rising from $1.28 billion tallied a year earlier, according to the data released by the Ministry of Trade, Industry and Energy. In 2020, the country's overall exports

April 1, 2021

S. Korea to speed up growth of power semiconductor industry

South Korea pledged Thursday to support the power semiconductor industry amid growing demand for energy-efficient chips with stronger durability. Under the goal, the country plans to develop at least five power semiconductor products by 2025, according to the Ministry of Trade, Industry and Energy. South Korea also plans to support local businesses to establish the production lines of six- to eight-inch foundry factories. Power semiconductors are used to convert, stabilize and distribute elect

April 1, 2021