Hanwha Solutions Corp., the energy arm of chemical-to-financial conglomerate Hanwha Group, said Monday it will acquire a French renewable energy developer in line with its expansion strategy. Hanwha Solutions will purchase an entire stake of French wind and solar power plant firm RES Mediterranee for 984.3 billion won ($860 million) on Oct. 20, the company said in a regulatory filing. "The planned stake purchase is aimed at making a presence in the European renewable energy development ma

Industry Aug. 9, 2021

South Korea is expected to maintain a stable supply of pork products despite the latest outbreak of African swine fever (ASF) at a local farm, officials said Monday, although the country still needs to stay vigilant over the spread of the fatal animal disease. The combined number of domestic pigs at local farms was estimated at 11.1 million units as of the end of June, up 0.6 percent on-year, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. South Korea rep

Economy Aug. 9, 2021

US Secretary of State Antony Blinken showed a willingness to consider different "options" and "possibilities" with North Korea in a renewed call for its return to dialogue during a regional forum last week, a Washington official said Monday. Kin W. Moy, a senior official for the State Department's Bureau of East Asian and Pacific Affairs, made the remarks during a telephone press conference on Blinken's attendance at a series of forums led by the Association of Southeast Asi

Foreign Affairs Aug. 9, 2021

Hyundai Motor Co. said Monday it has resumed production at one of its seven domestic plants after a four-week suspension to prepare for the production of an electric vehicle. Hyundai halted the Asan plant from July 13 to Aug. 6 to upgrade the facilities before it begins production of the IONIQ 6 midsize sedan later this year. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. In February, the maker of the Sonata sedan and the Palisade SUV unveiled the IONIQ5 al

Industry Aug. 9, 2021

Combined service output rose in all 16 provinces and major cities for the first time in six quarters in the April-June period with the South Korean economy on a recovery track, data showed Monday. Service output grew 5.7 percent in the second quarter from a year earlier, the fastest on-year gain since the first quarter of 2008, according to the data from Statistics Korea. Service production increased in all 16 provinces and cities for the first time since the fourth quarter of 2019, the data s

Economy Aug. 9, 2021

South Korea will try to help North Korea with recovery efforts in a flood-hit eastern province while leaving all possibilities open as to how to provide assistance, the unification ministry said Monday. The remark came a day after North Korean state media reported that leader Kim Jong-un ordered full state support for recovery efforts in South Hamgyong Province, hit hard by recent heavy downpours, and that the country held an emergency meeting of the provincial military commission to discuss re

North Korea Aug. 9, 2021

Ex-Prosecutor General Yoon Seok-youl, the front-running opposition presidential contender, saw his approval rating lose ground to become on par with that of Gyeonggi Province Gov. Lee Jae-myung, a poll on prospective presidential hopefuls showed Monday. According to the survey conducted on 1,004 voters nationwide by the Korea Society Opinion Institute on Friday and Saturday, Yoon from the main opposition People Power Party (PPP) garnered 28.3 percent of support, down 4 percentage points from a

Politics Aug. 9, 2021

Samsung Electronics Co.'s upcoming wireless earbuds are likely to be cheaper than its previous model, a report showed Monday, as the South Korean tech giant eyes to expand its presence in the premium segment of wearables. Samsung is expected to unveil its new wireless earbuds, the Galaxy Buds 2, at its online Unpacked event Wednesday, along with new foldable smartphones. Market researcher Counterpoint Research said the new hearables product is predicted to come out with a cheaper price tag comp

Industry Aug. 9, 2021

South Korea's agricultural ministry said Monday it has reached an agreement with Australia to maintain its exports of pears despite the outbreak of fire blight in the country. The country has been shipping pears produced in four designated regions under the condition that the country verifies that farms in the area are free of fire blight infections. The country reported a series of fire blight cases nationwide this year, including regions neighboring the designated farms. Fire blight is a co

Economy Aug. 9, 2021

Video game developer Krafton Inc. is slated to debut on the country's stock market this week, marking one of the largest initial public offering (IPO) events this year. The developer behind the global hit "PlayerUnknown's Battlegrounds" (PUBG) will go public on the main bourse Tuesday, with its offering price set at 498,000 won ($433.99). The firm is valued at 24.35 trillion won based on the offering price, set to become the No. 1 gaming stock here, dethroning the current top cap NCS

Market Aug. 9, 2021

Heavy rains brought by tropical storm Lupit led to flooding in parts of Gangwon Province along the east coast and in the southeastern port city of Busan, authorities said Monday. The eastern coastal city of Sokcho, 213 kilometers northeast of Seoul, received 67.5 millimeters of rain per hour on Sunday afternoon, according to the Gangwon provincial government. Flooding was reported at 26 houses, seven shops and one road, with the city government planning to carry out on-site inspections Monday

Social Affairs Aug. 9, 2021

SEJONG -- Payments made with cards in South Korea expanded 7 percent in July from a year earlier despite a resurgence of coronavirus infections, a report showed Monday. Spending made with credit, debit and prepaid cards issued by major card firm Shinhan Card Co. stood at 14.1 trillion won ($12.3 billion) in July, up from 13.1 trillion won a year earlier, according to the report from the office of Rep. Park Kwang-on of the ruling Democratic Party. It was up 11.4 percent from the same month in 2

Economy Aug. 9, 2021

South Korean stocks opened lower Monday as an estimate-beating improvement in US jobs data increased concerns about an early tapering. The benchmark Korea Composite Stock Price Index (Kospi) fell 15.98 points, or 0.49 percent, to 3,254.38 points in the first 15 minutes of trading. Investor sentiment weakened as US jobs data in July logged a steeper hike than the market consensus, fueling investor worries that the US Fed may pivot from its dovish stance and consider accelerating its timeline fo

Market Aug. 9, 2021

Former President Chun Doo-hwan left for the southwestern city of Gwangju on Monday to attend an appellate court hearing on a defamation case after having failed to show up twice. The 90-year-old Chun, who served as president from 1980 to 1988, departed from his home in western Seoul at 8:25 a.m. to attend his hearing at the Gwangju District Court's appellate division in Gwangju, about 330 kilometers to the south, in the afternoon. He came out of his house in a gray suit, accompanied by his wif

Politics Aug. 9, 2021

South Korea's newly appointed Trade Minister Yeo Han-koo said Monday he will make efforts to promote multilateralism in global trade and cope with the looming protectionism by expanding the country's free trade network. "We plan to play a leading role in establishing a new multilateral economic-trade regime in the Asia-Pacific region, which will emerge as the key pillar of the global economy in the future," Yeo said in his inauguration speech. In line with such efforts, Yeo added the

Economy Aug. 9, 2021