Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Ham Young-joo named new chairman of Hana Financial Group
Shareholders of Hana Financial Group have officially elected Vice Chairman and sole chairman-nominee Ham Young-joo to lead the company for the next three years, the firm said Friday. Ham’s nomination was supported by the majority of the shareholders at Hana including its largest shareholder the National Pension Service, which owns 9.19 percent in the banking group. Foreign stakeholders, owning a combined 67.53 percent, also voted for Ham, according to Hana. The NPS is Korea’s large
March 25, 2022
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Korea, UK to coordinate on tax evasion
SEJONG -- The tax administrative agencies of South Korea and the UK have agreed to closely collaborate on exchanging information on how to track tax evasion by wealthy individuals. The two also discussed ways to share confidential information regarding offshore tax evasion, said the National Tax Service of Korea on Friday. The bilateral agreement came during a meeting between Korea’s NTS commissioner Kim Dae-ji and the UK’s HM Revenue & Customs First Permanent Secretary and Chi
March 25, 2022
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Posco Chemical expects to secure full in-house lithium supply in 2024
Posco Chemical Co., a unit under South Korean steel giant Posco, said Friday it expects to be able to secure more than 90,000 tons of lithium through in-house supply, backed by the parent firm's aggressive investment in the key material for rechargeable batteries. By 2024, Posco Chemical will procure from Posco Group all 91,000 tons of lithium it needs to make 225,000 tons of cathode materials annually, the chemical company said. Its self-sufficiency rate is forecast to reach 102 percent, it sai
March 25, 2022
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S. Korea logs record low trade deficit in IP rights in 2021
South Korea's deficit in the trade of intellectual property rights touched a record low in 2021 on increased exports of cultural content, central bank data showed Friday. The nation's deficit in the intellectual property account stood at $30 million last year, compared with a $2.02 billion shortfall in 2020, according to preliminary data from the Bank of Korea (BOK). Exports of products and services subject to intellectual property right payments came to $20.86 billion, up from $15.42 billion fr
March 25, 2022
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S. Korea to invest over 20tr won in data, network, AI sectors
South Korea plans to invest more than 20 trillion won ($16.4 billion) in data, network and artificial intelligence (AI) sectors over the next three years in a bid to help nurture future-oriented industries, the finance minister said Friday. Along with fiscal spending, the government plans to provide support for research and development, and tax incentives for the development of the three sectors, called the D.N.A. industries, according to Finance Minister Hong Nam-ki. Hong said the development o
March 25, 2022
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Kia to build purpose-built vehicle plant in S. Korea
Kia Corp., South Korea's second-biggest carmaker, said Friday it will build a purpose-built vehicle (PBV) plant in one of its domestic plants, as it strives to become a future mobility solutions provider. Kia plans to complete the PBV plant by the end of 2024 and start operations in 2025, according to media reports. "A building in (the company's) Hwaseong plant will be converted into a PBV plant. The timeframe for the plant's construction and production in Hwaseong has yet to be decided,&qu
March 25, 2022
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Seoul stocks open tad lower amid Ukraine uncertainties
South Korean stocks opened a tad lower Monday as investors remain wary of the Ukraine-Russia war. The benchmark Korea Composite Stock Price Index had inched down 2.19 points, or 0.08 percent, to trade at 2,727.47 points as of 9:15 a.m. Stocks traded bearish as investors also took a wait-and-see mode after the US Federal Reserve's move to tighten its monetary policies to reign in rising inflation rates. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics slipped 0.14 percent,
March 25, 2022
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Hanwha Solutions to add stake in REC Silicon
South Korean energy-to-material firm Hanwha Solutions plans to acquire a 4.67 percent stake in Norway-based polysilicon manufacturer REC Silicon for $44 million to achieve a full-fledged US solar supply chain, the company said Thursday. Hanwha will buy the stake from Norwegian renewable energy investment firm Aker Horizons. With the deal, Hanwha will become the largest shareholder of REC Silicon that is listed on the Oslo Stock Exchange. Earlier in January, Hanwha bought a 16.67 percent stak
March 24, 2022
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KCCI chief willing to join Yoon’s corporate agenda setting
SK Group Chairman Chey Tae-won, who doubles as head of the Korea Chamber of Commerce and Industry, on Wednesday showed high expectations about the private sector playing a bigger role in the agenda-setting process of the incoming Yoon Suk-yeol government. “I think it may be the time to rethink the role of the private sector,” Chey told reporters in an interview marking his first anniversary as the chief of the nation’s largest business lobby. “In the past, the governm
March 24, 2022
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Posco breaks ground on lithium plant in Argentina
Posco Holdings said Thursday that construction of a plant in Argentina kicked off to commercialize lithium, a key material for electric vehicle battery production. With the lithium extraction plant in Argentina and Posco’s mining rights in the South American country, the company will be able to entirely manage production of lithium hydroxide, which is used in the production of cathode material for lithium-ion EV batteries. Lithium is extracted from brine or seawater, which is rich
March 24, 2022
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Seoul shares down on high global oil prices, Ukraine woes
South Korean stocks fell to end its two-day winning streak Thursday as investors weighed a fresh spike in global oil prices and lingering geopolitical concerns surrounding Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.39 points, or 0.20 percent, to close at 2,729.66 points. Trading volume was moderate at 927.75 million shares worth some 11.48 trillion won ($9.42 billion), with gainers outnumbering losers 479 to 361. The Seoul s
March 24, 2022
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[From the Scene] Has frenzy for Chanel died down? Shoppers say rarity factor has faded
Until just a couple of months ago, long lines in front of department store entries connected to Chanel were crowded with shoppers eager to grab bags priced at some 10 million won ($8,200). Some brought their own chairs for a more comfortable wait, while others set up tents to stay warm the night before. But the desire to get hold of luxury fashion items accentuated with the signature Chanel mark, however, appears to be losing steam. It seems an “open run,” a local shopping term refe
March 24, 2022
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BOK chief nominee vows balanced policy against growing inflation risks
South Korea’s central bank chief nominee Rhee Chang-yong on Thursday pledged to carry out a balanced monetary policy as the nation deals with a growing economy and inflation risks. Rhee, director of the Asia and Pacific department at the International Monetary Fund, and tapped by outgoing President Moon Jae-in as the next Bank of Korea governor, expressed concerns of existing external uncertainties -- including the Russia-Ukraine crisis -- that have been fueling high inflationary pressure
March 24, 2022
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SK Biopharmaceuticals working on seizure detection device: CEO
SK Biopharmaceuticals is in the process of developing a new device that can record brain activities to sense signs of seizure as part of the company’s efforts in strengthening its digital therapeutics, CEO Cho Jeong-woo said Thursday. “The drive for digital therapeutics means that we are working on developing AI-driven platforms for new drugs based on the data that we have compiled over the last 30 years of our expertise in (central nervous system),” said Cho in an online pre
March 24, 2022
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SK ecoplant to break ground on Norway’s biggest road project
SK ecoplant, the construction arm under SK Group, will kick off a $2.2 billion road construction project in Norway this year, becoming the first South Korean builder to enter the Nordic market. The company said Thursday it has recently signed a financial close and a concession agreement with the Norwegian Public Roads Administration for building the Rv555 Sotra Connection, a four-lane road that connects Bergen and Oygarden. The Public Private Partnership (PPP) deal marks the largest single con
March 24, 2022
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SPC opens two more Paris Baguette stores in Indonesia
SPC Group said on Thursday it has opened its third Paris Baguette store in Jakarta, Indonesia, and will open a fourth one in nearby Bekasi later this month. The latest bakery cafe opening comes just four months after the South Korean bakery giant opened its first Paris Baguette store in Indonesia in November last year in Jakarta’s Ashta District 8 shopping mall. The third store is located in the center of the ground floor of Pondok Indah Mall, one of Jakarta’s five largest premium
March 24, 2022
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LG Energy Solution commits $2b for North America expansion
South Korea’s battery maker LG Energy Solution on Thursday announced plans to build a 4.8 trillion-won ($4.1 billion) lithium-ion battery plant in Ontario, Canada with carmaker Stellantis and a 1.7 trillion-won cylindrical battery plant in Arizona, a first of its kind in the United States. To support the plan, LG Energy Solution approved a combined capital commitment of $2 billion over the course of the construction, which gained board approval Wednesday, showed filings with the Financial
March 24, 2022
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Samsung chief’s mother sells stakes to pay taxes
Hong Ra-hee, Samsung Electronics Vice Chairman Lee Jae-yong’s mother, reportedly sold her shares in the company worth 1.3 trillion won ($1.06 billion) in a block trade Wednesday, the latest stake sale by the Samsung family being carried out apparently to pay inheritance taxes. According to industry sources on Thursday, Hong entrusted the sale of her 0.33 percent stake in Samsung Electronics to KB Bank in September last year and the stake was sold in a block deal through Morgan Stanley an
March 24, 2022
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Court temporarily suspends punishment imposed on Hana chairman-nominee
The Seoul High Court on Thursday temporarily suspended the punishment imposed by financial authorities on Hana Financial Group Chairman-nominee Ham Young-joo for improper sales of derivatives-linked products. The decision follows Ham’s move last week to file an appeal against a lower court’s ruling that found him guilty of the charges. The Seoul High Court accepted an injunction to delay the implementation of the Financial Services Commission’s punishment, imposed in 2020,
March 24, 2022
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FSS chief urges insurers to beef up loss reserves amid growing uncertainty
South Korea's financial regulator called Thursday for local insurers to increase their loan loss reserves as part of efforts to better cope with potential risks facing the industry amid increasing financial market uncertainty. Jeong Eun-bo, head of the Financial Supervisory Service (FSS), made the call in a meeting with top officials of insurance firms in Seoul and voiced worries that there are signs for a "perfect storm," citing the US's move to tighten monetary policy and the fallout
March 24, 2022