SK Geocentric Co., a chemical materials unit of South Korean conglomerate SK Group, said Monday it will build a plastic waste recycling factory in South Korea jointly with a U.S. startup as part of efforts to advance its green business. SK Geocentric said it signed an initial terms agreement with Purecycle Technologies Inc., a Florida-based plastic recycling company, to construct a polypropylene recycling factory in the industrial city of Ulsan, about 400 kilometers southeast of Seoul. The sig

Industry Jan. 10, 2022

Sales of short-term corporate bonds in South Korea jumped more than 20 percent in 2021 from a year earlier amid the coronavirus pandemic, data showed Monday. Local companies issued 1,243.7 trillion won ($1.04 trillion) worth of short-term bonds, up 20.6 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). Short-term bonds refer to those that come due within one year, with the minimum amount of 100 million won or more per issue. Sales of general short-

Economy Jan. 10, 2022

Fine dust plagued most parts of South Korea on Monday due to air stagnation caused by the high atmospheric pressure in the west, weather authorities said. As of 8 a.m., the density of ultrafine dust, called PM 2.5, had hit the "very bad" level for the greater Seoul area, North Chuncheong Province and the central city of Sejong, and the southeastern city of Daegu, according to the Comprehensive Air-quality Index. The level for other parts of the country was "bad," except for

Social Affairs Jan. 10, 2022

Foreign direct investment (FDI) pledges made to South Korea surged 42.3 percent in 2021 from a year earlier to reach an all-time high, data showed Monday. Foreigners pledged to invest $29.51 billion in South Korea in 2021, compared with $20.7 billion a year earlier, according to the data by the Ministry of Trade, Industry and Energy. The 2021 figure hit an all-time high, beating the previous record of $26.9 billion logged in 2018, it added. The amount of investment that actually arrived in So

Economy Jan. 10, 2022

LX International Corp., the general trading arm of LX Group, said Monday 1,100 tons of urea will arrive in South Korea from China this week. The shipment -- the first batch from an import contract with China for 10,000 tons of urea -- will arrive in the southeastern port city of Busan on Tuesday, LX International said. In November, the trading company secured the amount in a move to help address a supply crunch of urea solution, a key fluid needed in diesel cars to cut emissions. The firm sai

Industry Jan. 10, 2022

South Korea's military on Monday reported four additional COVID-19 cases, all of which are breakthrough infections, raising the total caseload among its personnel to 3,444. Of the new cases, three are from the Army and one from a unit under the direct control of the defense ministry. Currently, 191 military personnel are under treatment. Of the total military caseload, 1,631 are breakthrough cases. (Yonhap)

Defense Jan. 10, 2022

South Korea's daily coronavirus cases stayed below 4,000 for the fourth straight day Monday amid tightened distancing rules to curb the spread of COVID-19. The country added 3,007 new COVID-19 infections, including 2,768 local infections, raising the total caseload to 667,390, according to the Korea Disease Control and Prevention Agency (KDCA). South Korea reported 34 more COVID-19 deaths, raising the death toll to 6,071, the KDCA added. The fatality rate was 0.91 percent. The number of crit

Social Affairs Jan. 10, 2022

South Korean stocks opened lower Monday as investors took to the sidelines in the wake of the US Federal Reserve minutes last week that signaled possibilities of aggressive tapering policy. The benchmark Korea Composite Stock Price Index (Kospi) fell 24.17 points, or 0.82 percent, to 2,930.72 points in the first 15 minutes of trading. The tech-heavy Nasdaq Composite lost 0.96 percent and the Dow Jones Industrial Average slipped 0.01 percent amid concerns that the Fed may push harsher-than-expe

Market Jan. 10, 2022

Ruling party presidential candidate Lee Jae-myung is leading his main opposition rival Yoon Suk-yeol by 6 percentage points with the election less than two months away, a survey showed Monday. Lee of the ruling Democratic Party (DP) garnered 40.1 percent, while Yoon of the main opposition People Power Party (PPP) gained 34.1 percent, according to the Realmeter survey of 3,042 adults conducted last week. Lee's support edged down 0.8 percentage point from a week earlier, and Yoon's support fel

Politics Jan. 10, 2022

Foreigners continued to be net buyers of South Korean stocks and bonds in December, data showed Monday. According to the data from the Financial Supervisory Service (FSS), foreigners picked up a net 4.36 trillion won worth of stocks listed on the Kospi and secondary Kosdaq markets last month. Foreigners continued to buy more shares than they sold for the second straight month since November. As of end-December, foreigners owned 785.23 trillion won worth of local stocks, which accounted for 28

Market Jan. 10, 2022

Ahn Cheol-soo, the presidential candidate of the minor opposition People's Party, came out on top in a poll released Sunday in a hypothetical alliance with the major opposition nominee Yoon Suk-yeol. In a survey by Southern Post, Ahn earned 42.3 percent of support as the main opposition candidate in case of a unified presidential bid with Yoon, the People Power Party (PPP) nominee. Lee Jae-myung, representing the ruling Democratic Party, had 28.9 percent support in that scenario. The survey wa

Politics Jan. 9, 2022

Hyundai Motor Co. said it aims for half of its US vehicle sales to be environment friendly models by 2030 while planning to produce electric vehicles in the world's most important automobile market, a company executive has said. Jose Munoz, Hyundai's global chief operating officer, made the comments in an interview with a group of Korean reporters on Wednesday on the sidelines of the Consumer Electronics Show 2022. The South Korean carmaker is fully prepared to raise the proportion of eco-frie

Industry Jan. 9, 2022

Figure skater Cha Jun-hwan is bound for his second straight Winter Olympics after winning the final national team trials on Sunday. Cha handily won the second leg of the two-stage Beijing Olympic trials in Uijeongbu, some 20 kilometers north of Seoul in Gyeonggi Province. Cha finished with 283.31 points overall, with 185.00 points in Sunday's free skate and 98.31 points in Saturday's short program. Cha had also won the first leg of the trials in December with 239.16 points. He had 522.47 combi

Olympic Games Jan. 9, 2022

Lotte Engineering & Construction Co. and Hyundai Engineering Co. said Sunday they have signed $2.39 billion deals to construct a giant petrochemical complex in Indonesia. Under separate deals with Lotte Chemical Corp., Lotte E&C and Hyundai Engineering will build the complex in Cilegon, a coastal industrial city about 90 kilometers northwest of Jakarta, by 2025. Lotte E&C's stake is $1.63 billion while Hyundai Engineering's stake is $757 million. The complex will have an annual ca

Industry Jan. 9, 2022

The captain of a fishing boat that had capsized in waters off South Korea's southwestern coast was found dead Sunday, the Coast Guard said. The Coast Guard said the captain in his 70s was found inside his boat's wheelhouse just before noon Sunday. The vessel, carrying five crew members, capsized after colliding with a bigger fishing vessel in waters 3.5 kilometers northeast of Jang Island in South Jeolla Province at around 1:12 p.m. Saturday, according to the Coast Guard. Of the five, one Ind

Social Affairs Jan. 9, 2022