Suhyup Bank's pre-tax earnings dip 18% on coronavirus impact

Suhyup Bank, the credit and banking division of South Korea's fisheries cooperative, said Monday its earnings tumbled more than 18 percent in 2020 due to the impact of the coronavirus outbreak. The lender, affiliated with the National Federation of Fisheries Cooperatives, said its pre-tax net profit came to 233.6 billion won ($209 million) last year, down 18.1 percent from a year earlier. The drop resulted mainly from increased loan loss provisions in the wake of the country's COVID-19 outbrea

Feb. 1, 2021

Korea should foster automotive semiconductor industry: report

As electric cars have been the driving force behind the changing automotive industry, South Korea should foster competitiveness in the automotive semiconductor industry, a local think tank said Monday. In its report, the Korea Automotive Technology Institute says there is a need for Korean companies to gear up to meet the rising demands of automotive semiconductors, as cars are developing into “moving IT machines” with new technologies such as self-driving and electric powertrains

Feb. 1, 2021

SK hynix completes first EUV fab for DRAM

SK hynix has completed its first fabrication line equipped with extreme ultraviolet lithography equipment for DRAM chips, the company said Monday. Named M16, the fab on its Icheon campus in Gyeonggi Province is the company’s largest. It has a building area of 57,000 square meters, equivalent to the size of eight soccer fields combined, and is 105 meters high, reaching the height of a 37-floor apartment building. SK hynix has injected 3.5 trillion won ($3.1 billion) and 3.34 million

Feb. 1, 2021

Hyundai Motor, KDB earmark W74.5b to invest in mobility startups

Hyundai Motor Group said Monday it has partnered with state-run lender Korea Development Bank to create a fund of 74.5 billion won ($66.6 million) to support open innovation of the South Korean automaker giant and its supply chain. The fund primarily targets domestic startups dedicated to eco-friendly cars and smart cars, as well as companies with futuristic mobility technologies with regards to urban air mobility and purpose-built vehicles. Major backers of the fund include Hyundai Motor, K

Feb. 1, 2021

S. Korea accounts for 34.7% of global EV battery market in 2020

Three South Korean electric vehicle (EV) battery makers accounted for over a third of the global market last year underscoring their increased presence in the fast-growing sector, a market research firm said Monday. The three -- LG Energy Solution Ltd., Samsung SDI Co. and SK Innovation Co. -- supplied a combined 49.4 gigawatt-hour (GWh) equivalents of EV batteries in 2020, accounting for 34.7 percent of the total, according to the data by SNE Research. Their combined share more than doubled

Feb. 1, 2021

S. Korea to provide W240b in support for logic chip R&D this year

South Korea said Monday it will provide 240 billion won ($214 million) in support for research and development (R&D) in logic chips and the fabless chip sector this year as the country seeks to boost its semiconductor industry. The R&D plan aims to foster fabless chipmakers and bolster the country's competitiveness in artificial intelligence chips and next-generation sensors, according to the science ministry. While South Korea holds a tight grip on the global memory chip market throug

Feb. 1, 2021

Duty-free sales dip 38% in 2020 on coronavirus

Sales at South Korean duty-free stores plunged nearly 38 percent on-year in 2020 due to the spread of the new coronavirus, industry data showed Monday. Combined sales of local duty-free shops totaled 15.5 trillion won ($13.9 billion) last year, down 37.7 percent from a year earlier, according to the data from the Korea Duty Free Shops Association. Foreign shoppers accounted for 94 percent of the sales figure as the coronavirus pandemic kept South Koreans from going abroad. The proportion was

Feb. 1, 2021

SK Biopharm's anti-epileptic drug wins EU drug agency's positive opinion

The European Union's drug agency has recommended the approval of an anti-epileptic drug of SK Biopharmaceuticals Co., paving the way for its sales in the region, the biopharmaceutical affiliate of South Korea's SK Group said Monday. The Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency recommended the application of cenobamate, SK Biopharmaceuticals said in a press release. The European Commission, which is authorized to approve medicines in the region,

Feb. 1, 2021

44 conglomerate affiliates added to antitrust watchlist over past 3 months

The number of South Korean companies affiliated with large business groups under tight supervision rose by 44 over the past three months mainly because conglomerates expanded their eco-friendly energy business, data showed Monday. The total number of affiliates on the Korea Fair Trade Commission's (KFTC) list reached 2,369 as of the end of January, compared with 2,325 three months earlier, according to the antitrust regulator. Major business groups newly launched or acquired 97 new units, whil

Feb. 1, 2021

Celltrion's Remsima SC wins approval in Canada

South Korean biopharmaceutical firm Celltrion Inc. said Monday its drug Remsima SC for the treatment of autoimmune diseases has won sales approval in Canada. The Public Health Agency of Canada gave the green light to Celltrion's application to sell the subcutaneous (SC) version of Remsima, a biosimilar copy of Janssen Biotech Inc.'s Remicade, according to the company. Remsima, administered through intravascular injections, is used in the treatment of a number of diseases, from rheumatoid arthr

Feb. 1, 2021

SK Telecom to launch Facebook's Oculus VR device in S. Korea

SK Telecom Co., South Korea's largest wireless carrier, said Monday it will release Facebook Inc.'s latest virtual reality (VR) device, the Oculus Quest 2, as the telecom operator seeks to expand its presence in the local VR market. The mobile carrier said it will offer the device in South Korea on Tuesday as an extension of its partnership with the US social media giant in 2019. SK Telecom sold the company's previous Oculus Go device through last year. The Oculus Quest 2, which provides aroun

Feb. 1, 2021

Seoul stocks open higher on pharmaceutical gains

South Korean stocks opened higher Monday, led by strong pharmaceutical gains. The benchmark Korea Composite Stock Price Index rose 15.35 points, or 0.52 percent, to 2,991.56 in the first 15 minutes of trading. Top cap Samsung Electronics slipped 0.12 percent, and No. 2 chipmaker SK hynix retreated 1.22 percent. Pharmaceutical giant Samsung Biologics added 1.64 percent, and Celltrion jumped 6.64 percent. Leading chemical firm LG Chem moved up 0.55 percent, and rechargeable battery maker Sam

Feb. 1, 2021

Small merchants' sentiment hits 10-month low amid new coronavirus wave

South Korean small merchants' business confidence sank to a 10-month nadir in January amid a new wave of the novel coronavirus in the country, a poll showed Monday. The Small Enterprise and Market Service said its business survey index (BSI) for small merchants came to 35.8 last month, down 15.8 points from a month earlier. It was the lowest level since March last year, when Asia's fourth-largest economy was gripped by the second wave of COVID-19, whose first local case was reported two months

Feb. 1, 2021

Exports up 11.4% in Jan. on robust chip, auto shipments

South Korea's exports rose 11.4 percent on-year in January to extend their on-year gains for a third consecutive month on the back of brisk demand for chips and cars, data showed Monday, though the global resurgence of new virus cases hindered a full-fledged recovery. Exports came to $48 billion last month, compared with $43 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports edged up 3.1 percent to $44 billion, resulting in a trade sur

Feb. 1, 2021

[News Focus] Female 20-somethings hit hard by pandemic

SEJONG -- Women outnumbered and outpaced men in growth as recipients of unemployment benefits over the past year, when COVID-19 dealt a severe blow to the nation. According to the Korea Employment Information Service, the tally for female recipients of unemployment benefits came to 307,178 in December 2020, up 44.3 percent from 212,780, posted a year earlier. This outstripped the number of male recipients, 299,048, and on-year growth of 40.6 percent over the corresponding period. The ag

Jan. 31, 2021

[Contribution] Asia beckons amid a changing global economic landscape

Every day, we are bombarded with headlines and news flashes. Reading these pings, we can all be forgiven for asking, “will this year be any different from the last?” Infection rates are hitting record highs, with travel restrictions being further tightened and jobless rates facing a lagged hit. The geopolitical landscape appears as febrile as ever. Amid the lackluster news flow, it is easy to overlook the profound shifts which are rapidly taking shape. Here in Asia, there are incre

Jan. 31, 2021

5G subscriptions reach 11.85m

The number of subscribers to 5G network services in South Korea as of last year reached 11.85 million, according to government data, Sunday. Mobile data traffic using 5G networks too surged, due to the increasing number of 5G users, the government also reported. According to the Ministry of Science and ICT, the number of 5G subscribers in December increased 8.4 percent from a month earlier, continuing the upward trend in the previous month. The number of 5G users has increased by more than 90

Jan. 31, 2021

Korea considers extending ban on short selling until June

South Korea’s top financial regulator is likely to extend the temporary ban on short selling by institutional and foreign investors until as late as June, as it plans to establish a system that would enable individual investors to short sell stocks around that time, market officials said Sunday. At a Jan. 25 meeting, the Financial Services Commission reportedly encouraged working-level officials from stock brokerage firms to pick up the pace to set up the short selling system for retai

Jan. 31, 2021

[Herald Interview] Ford’s ambition to become ‘American vehicle of choice’

In 2020 a particular segment of passenger cars enjoyed strong sales in South Korea, reflecting a desire for road trips amid the COVID-19 pandemic. Recreational vehicles, including sport utility vehicles and car-derived vans, accounted for nearly half of all cars sold here last year, according to data from the Transport Ministry. For Ford Sales and Service Korea, this was an opportunity to solidify its position here as a leader in SUVs and pickup trucks, the company’s Managing Director D

Jan. 31, 2021

Electric vehicles challenge traditional concept of gas stations

As South Korea accelerates its transition to electric vehicles, the question arises – is there a future for the country’s more than 10,000 gas stations? Unlike conventional petroleum- or gas-powered cars, electric vehicles run on electricity, which is relatively price stable and easily accessible. This means drivers can charge their car batteries at home, in public parking lots or elsewhere where charging systems are installed. In the face of a fundamental change to the retail

Jan. 31, 2021