Seoul stocks hit new high on US stimulus deal, eased Brexit uncertainties

South Korean stocks set a new record high Monday, backed by a fresh US stimulus deal and eased uncertainties from Brexit. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.74 points, or 0.06 percent, to close at 2,808.6. Trading volume was high at about 978 million shares worth some 23.6 trillion won ($21.5 billion), with losers outnumbering gainers 530 to 315. The index extended its all-time high for a second straight session on strong

Dec. 28, 2020

EV defect claims multiply 46 times in 4 years

As environmentally-friendly vehicles grow in popularity, consumer claims of defects in their electric vehicles have multiplied in recent years, latest data shows. According to the Ministry of Land, Infrastructure and Transport and Korea Transportation Safety Authority on Monday, the number of electric vehicles registered in the country is 131,923 as of November, a 12-fold increase from 10,855 at the end of 2016. Complaints of faulty vehicle parts grew even faster during the period. A total o

Dec. 28, 2020

GS25 rolls out tteokbokki for vegans

Local convenience store chain GS25 is bringing instant vegan tteokbokki to its stores, the company said Monday. Tteokbokki is a popular Korean street food of rice cakes in chili sauces. 　 The products, under the name Veggie Garden, are 100 percent meatless, and have been certified vegan by the Korea Agency of Vegan Certification and Services, a non-profit organization that has been approved by the Ministry of Food and Drug Safety. The company said the products have removed all possible conta

Dec. 28, 2020

S. Korea to maintain nuclear phaseout scheme, scale back coal power generation

South Korea said Monday it will gradually diversify its energy mix by using more sustainable sources, such as solar power, and scale back the use of coal and nuclear power, in line with the country's goal to achieve zero carbon emissions by 2050. Under the ninth basic plan on the electricity supply, which will run through 2034, sustainable energy sources will take up 8.6 percent of the country's energy mix, soaring from this year's 3.3 percent, according to the Ministry of Trade, Industry and E

Dec. 28, 2020

Number of corporate credit rating cut hits highest level in 4 years

The number of South Korean companies that have suffered credit rating downgrades has reached its highest level since 2016 as the COVID-19 pandemic has taken a toll on their finances this year, industry data showed Monday. The debt ratings of 39 companies have been cut down by more than one of the three local credit rating agencies -- Korea Investors Service, NICE Investors Service and Korea Ratings Corporation -- as of Thursday, according to data compiled by Yonhap Infomax. In 2016, the figur

Dec. 28, 2020

China greenlights Daewoo Shipbuilding-KSOE merger

China's antitrust watchdog has approved the merger between two South Korean shipbuilding giants, sources said Monday, possibly paving the way for the creation of the world's largest shipyard. China's State Administration for Market Regulation has recently sent Korea Shipbuilding & Offshore Engineering Co. (KSOE) a notice that its planned merger with Daewoo Shipbuilding & Marine Engineering Co. (DSME) doesn't violate any antitrust rules or hurt fair competition in the world's second-larg

Dec. 28, 2020

11 lenders tapped for won-yuan FX trading in 2021

South Korea selected a total of 11 banks –- six South Korean and five foreign banks –- as institutions responsible for setting prices for direct won-yuan transactions next year, financial authorities said Monday. The banks will be responsible for determining the prices for the transactions and funneling liquidity into the market, the Ministry of Economy and Finance and the Bank of Korea said in a joint statement. The South Korean banks are major commercial lenders KB Kookmin, Shi

Dec. 28, 2020

[Photo News] BTS stars in KB Kookmin's ad for Indonesia

K-pop boy band BTS stars in KB Kookmin Bank’s advertisement for Indonesia, with its megahit song “Dynamite” playing in the background, in this screen capture of the commercial released by the lender on Monday.  BTS has been KB Kookmin's global ambassador since 2018. KB Kookmin has been expanding its presence in Indonesia in recent years and has so far acquired a 67 percent stake in Bank Bukopin, making it the largest shareholder. By Jung Min-kyung (mkjung@heraldcorp.com)

Dec. 28, 2020

Asian shares, credit bonds to outperform in 2021: SC Bank

Asian stocks and credit bonds are forecast to remain bullish next year amid a recovering global economy due to the COVID-19 vaccine progress, according to a Standard Chartered Bank Korea report Monday.  “Global economic activity, which has been halted by the COVID-19 pandemic, will normalize next year thanks to the vaccine distribution,” the bank‘s report said in regards to 2021 financial market prospects.  “As the global economy is expected to rebound, risky

Dec. 28, 2020

Hanwha Solutions acquires US hydrogen tank maker

Hanwha Solutions Corp., a South Korean energy solutions company, said Monday it has signed a deal to acquire US hydrogen tank firm Cimarron Composites LLC as part of a diversification strategy. Hanwha Solutions plans to complete the process to take over an entire stake in the US industrial tank equipment maker by April, the company said in a statement. "The company will invest $100 million, including the acquisition capital, in Cimarron by 2025," the statement said. The acquisition

Dec. 28, 2020

Investment advisory firms swing to profit in H1 on stock rally

Investment advisory firms in South Korea swung to a profit in the first half of fiscal 2020 as the local stock market remained bullish, data showed Monday. The 215 investment advisers reported a combined net profit of 128.3 billion won ($117 million) in the April-September period, according to the data from the Financial Supervisory Service (FSS). It marks a sharp turnaround from a total net loss of 22.7 billion won recorded during the previous six months. The financial watchdog attributed th

Dec. 28, 2020

Naver's V Live streaming platform logs 100m global downloads

South Korea's top internet portal operator, Naver Corp., said Monday its live streaming platform, V Live, has surpassed an accumulated 100 million downloads globally. Launched in August 2015, V Live allows K-pop celebrities to broadcast live videos on the internet and chat live with fans from around the globe. Naver said the service has 85 percent of visitors from overseas and is available online, as well as on Google's Android and Apple's iOS platforms.Naver said the number of live concert sh

Dec. 28, 2020

Seoul stocks open higher on chip gains

South Korean stocks opened higher Monday, backed by strong advances by major tech firms. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.87 points, or 0.6 percent, to 2,823.73 in the first 15 minutes of trading. Stocks traded bullish after finishing at an all-time high the previous session, led by chip and bio advances. The gain came amid investors' optimism over whether the United States, one of South Korea's largest trading partners, would finalize a coronavirus stimulus pac

Dec. 28, 2020

Number of corporate rating downgrades hits 4-year high

South Korean companies have suffered the most credit rating downgrades in 2020 in four years in the wake of the coronavirus pandemic, data showed Monday. Three major credit appraisers here -- NICE Investors Service Inc., Korea Ratings Corp. and Korea Investors Service Inc. (KIS) -- have downgraded credit ratings of 41 firms in separate evaluations, according to the data from Yonhap Infomax, the financial news arm of Yonhap News. It represents the highest number of rating cuts since 2016, when

Dec. 28, 2020

Samsung Electronics top pick of S. Korean retail investors this year

South Korean retail investors have loaded up on shares in top-cap Samsung Electronics Co. this year, reaping a huge return on their investments, data showed Monday. Local individual investors had bought a net 14.7 trillion won ($13.3 billion) worth of common and preferred shares in the global tech giant as of Thursday, according to the data from the Korea Exchange. Retail investors' massive purchase has made Samsung, the world's leading smartphone and memory chip maker, the most-bought stock a

Dec. 28, 2020

[Herald Interview] ‘Fair economy laws’ need adjustment to reflect reality: KCCI chief

The head of South Korea’s leading business lobby group called for additional legislative measures to minimize the side effects of the so-called fair economy laws, which have caused concern among business operators here. He added that Asia’s fourth-largest economy should refrain from relying too much on a fast-paced recovery, as the effects of the pandemic are likely to be enduring, and extraordinary measures entail fiscal repercussions later on. “Thanks to the health authorit

Dec. 27, 2020

KOTRA opens ‘Korea Desk’ in Myanmar to support trade

The Korea Trade-Investment Promotion Agency said Sunday that it has opened a “Korea Desk” in Myanmar to support trade and investment between the two countries. Launched with the backing of South Korea’s Ministry of Trade, Industry and Energy and Myanmar’s Commerce and Investment ministries, the Myanmar Korea Desk will offer help to companies from both countries wishing to branch out into each other’s markets. While Korean businesses in Myanmar can receive new or

Dec. 27, 2020

What now? Nearly on cusp of COVID-19 conquest, virus mutates

Coronavirus variants spreading out of the UK and South Africa are new obstacles for companies struggling to bring forth viable treatments and vaccines for the COVID-19 pandemic. The outstanding question is: Are the treatments and vaccines thus far developed still effective against the coronavirus variants? According to the World Health Organization, the UK variant has a genetic mutation in the S gene, making its binding affinity to human receptor cells more powerful. Simply put, this makes th

Dec. 27, 2020

Posco uses smart technology to make plants safer

Steelmaking is dangerous work that involves heavy equipment and hot materials, including molten iron that gets as hot as 1,500 degrees Celsius. Minor mistakes can lead to deadly accidents. To prevent industrial accidents and to promote safety for its employees, Posco has implemented various smart technologies, the country’s leading steelmaker said Sunday. Recently, for example, the steelmaker introduced drones to its plants. In the past workers had to use ladders and climb about 100 m

Dec. 27, 2020

Hyundai, Kia sell 300,000 eco-friendly cars overseas

Hyundai Motor and Kia Motors, the country’s two largest automakers, witnessed their overseas sales of environment-friendly vehicles surpass the 300,000-unit mark for the first time this year, industry data showed Sunday. From January to November, the two affiliates of Hyundai Motor Group sold a combined 306,266 electric vehicles, plug-in hybrids and fuel cell electric vehicles in overseas markets. The figure shows an increase of 26.8 percent from the 238,155 environment-friendly vehicl

Dec. 27, 2020