KIC vows to increase alternative exposure to 21% by 2024

Korea Investment Corp., South Korea‘s sole sovereign wealth fund, pledged to increase its exposure to alternative assets to 21 percent by 2024, from 16.1 percent as of May 2021, its Chief Executive Officer Jin Seung-ho told reporters Thursday. The institutional investor, managing $183.1 billion in assets as of end-2020, aims to maximize its long-term expected return by capitalizing on the risk of tying up capital in less liquid assets, and to spread out the risk into various asset classe

July 1, 2021

LG Chem receives positive phase 2 clinical study results for gout treatment candidate

LG Chem announced Thursday that the company received positive results from the phase 2 clinical trial of its gout treatment candidate LC350189 in the US. LC350189 is a novel nonpurine selective inhibitor of xanthine oxidase, which oxidizes both hypoxanthine and xanthine to uric acid. High uric acid levels can increase the risk of gout. The phase 2 clinical trial in the US, which involved 156 patients, showed efficacy of the gout treatment candidate in lowering uric acid levels, accordi

July 1, 2021

Seegene inks partnership with Bio-Rad to sell its diagnostic tests in the US

South Korean diagnostics company Seegene said Thursday that the company has partnered with Bio-Rad Laboratories for the clinical development and commercialization of diagnostic products in the US. Under the agreement, Seegene will provide the company’s diagnostic tests for use on Bio-Rad’s molecular diagnostic CFX96 Dx Real-Time PCR Detection Systems. The contract will run for five years from the date that the two companies win approvals from the US Food and Drug Administration.

July 1, 2021

Internet-only banks in war for talent ahead of IPO

South Korea’s internet-only banks are battling to secure top talents as they prepare to take on their next big challenges -- a public listing for KakaoBank and the official launch of Toss Bank. KakaoBank said Thursday that it had exceeded 1,000 employees as of the end of June, more than doubling the workforce of 390 it had in 2017 when it launched. The company is preparing for its initial public offering, which is expected to raise more than 2 trillion won ($1.77 billion). Toss Bank a

July 1, 2021

Nongshim Group inaugurates heir Shin Dong-won as new chairman

Shin Dong-won, the eldest son of the late founder and chairman of Nongshim Group Shin Choon-ho, has been inaugurated as the new chairman of Nongshim Group, the South Korean food company said Thursday. The promotion of Shin, who was formerly Nongshim’s vice chairman, was decided at a temporary board of directors meeting, the company said, to allow him to succeed to the post of his late father who died of chronic illness in March at the age of 92. Under the second-generation leader, Non

July 1, 2021

Exports up 40%, in best June in history

South Korea just had the best June ever in terms of export performance on strong global demand, as vaccine rollouts in major economies raise hopes for a recovery. According to the Ministry of Trade, Infrastructure and Energy, the country’s total volume of exports last month came in at $54.8 billion, up 39.7 percent from a year earlier. It was the best export performance that Asia‘s fourth-largest economy has ever recorded in June, and the third-best performance for any month of

July 1, 2021

GS Caltex to offer ESG consultation to partners, runs supply chain check

GS Caltex said Thursday it will help partner firms across its supply chain to improve business practices in accordance with environmental, social and corporate governance management principles. According to the South Korean total energy company, about 320 partners will conduct self-examinations on their ESG capabilities and submit the results by July 9. After review, GS Caltex will provide risk management consultations. In 2019, GS Caltex developed an ESG questionnaire and 107 partners car

July 1, 2021

Fiscal chief promises blockbuster R&Ds funding to keep battery leadership

South Korea will carry out massive public-private R&D collaboration projects to capture the biggest share of the global rechargeable battery market by 2030, the country’s top economic policymaker said Thursday. Finance Minister Hong Nam-ki said the government will soon announce detailed strategic plans to make the country the largest producer of next-generation rechargeable batteries to stay ahead of global rivals. In 2020, Korean rechargeable battery makers topped the world marke

July 1, 2021

Banks urged to minimize 'unnecessary' household loans

A top financial regulator called Thursday for banks to minimize "unnecessary" household loans as policymakers warn of growing financial imbalances amid a surge in home prices. Eun Sung-soo, chairman of the Financial Services Commission (FSC), made the remarks at a meeting with chief executives of 13 banks earlier in the day. Eun's remarks also came as the Bank of Korea has hinted that it could conduct its first post-pandemic rate hike later this year as the nation's economic recovery

July 1, 2021

80% of South Koreans to receive W250,000 cash relief

Some 80 percent of South Koreans will receive 250,000 won ($220) each in the latest COVID-19 cash handout program, officials said Thursday. After a pangovernmental meeting, officials said they have decided to earmark 10.4 trillion won for the nation’s fifth cash relief program. The money will be funneled from the nation’s 33 trillion-won second COVID-19 extra budget for this year, which the ruling party and government jointly unveiled Tuesday. The “bottom 80 percent income b

July 1, 2021

Renault Samsung’s diesel-powered QM6 offers quiet, eco-friendly driving

Renault Samsung Motors’ sports utility vehicle QM6 is becoming a popular choice for drivers, being offered in three different fuel types -- gasoline, diesel and liquefied petroleum gas -- Renault Samsung said on Thursday. Originally born to serve in battlefields, SUVs were loud and prone to vibration with their larger bodies and wheels, and often diesel-centered. The South Korean unit of the French automaker Renault was one of the fast movers to prepare for the exit of diesel cars, the

July 1, 2021

Korean Air to bid for military aircraft development project

Korean Air said on Thursday its aerospace division plans to bid to be the main contractor on South Korea’s new spy plane development project. The move comes as the country’s Defense Acquisition Program Administration has decided to launch a second project to replace four older Baekdu reconnaissance aircrafts with the newly configured Baekdu aircraft. The project, set to run from 2022 to 2026, is expected to cost around 870 billion won ($768.1 million). The Baekdu aircraft is a key

July 1, 2021

Samsung Heavy builds world‘s first fuel cell-powered LNG carrier

South Korea’s leading shipbuilder Samsung Heavy Industries on Thursday claimed to have built the world’s first solid oxide fuel cell-powered LNG carrier. It will now begin work on commercializing the ship, the firm said. The company also said it has received an approval in principle from Norwegian and German classification society DNV for the design of the SOFC-powered ship, which has been developed in collaboration with Bloom Energy. An approval in principle, also known as AIP, i

July 1, 2021

LG U+ upbeat about Disney partnership on content streaming

The chief of LG U+, the smallest of the three major mobile carriers in South Korea, on Wednesday expressed confidence that Disney would choose it as the local partner for its Disney+ streaming service launch, slated for September. “Disney puts its top priority on customer convenience and requires very high standards in terms of quality of content service,” said CEO Hwang Hyeon-sik, during his first press conference since taking office seven months ago. His remarks were embargoed un

July 1, 2021

SK Innovation makes battery biz split-off official, Nasdaq IPO on the table

SK Innovation on Thursday officially announced the split-off of its battery business, with plans to list the fast-growing business on the US stock market. During a briefing session held at Conrad Seoul in Yeouido, western Seoul, SKI President and CEO Kim Jun said that the company is mulling an initial public offering of the envisioned battery-focused firm on Nasdaq, or both on Nasdaq and South Korea’s main bourse Kospi. “The exact timing of the split-off and IPO hasn’t bee

July 1, 2021

JB Financial sets ESG goals for sustainable growth

JB Financial Group on Thursday laid out mid-and long-term strategies to step up its sustainable business management focused on environmental, social and corporate governance values. In a statement, the holding group of Jeonbuk Bank and Kwangju Bank introduced its ESG goals under a new company vision titled “Marching toward a better future with JB Financial.”  The company will strive toward adopting a swift response to climate-related risks, achieving carbon neutrality, ethic

July 1, 2021

Hanwha sells partial stake in US-based Nikola

Hanwha General Chemical and Hanwha Energy have sold a 0.74 percent stake in US electric truck maker Nikola Corp. as part of efforts to secure funds for new eco-friendly projects, including hydrogen, a filing showed Thursday. Green Nikola Holdings, Hanwha’s US subsidiary, offloaded 2.9 million shares from its previously owned 22.13 million shares, according to its US Securities and Exchange Commission filing published Wednesday there. Following the transaction, its equity holding in Nikol

July 1, 2021

[Herald Interview] K-water in charge of CO2-free energy for manufacturers

DAEJEON -- South Korea is making full-fledged efforts to be practically cooperative in the global community’s concerted effort to tackle climate change by developing renewable energy and reducing greenhouse gases. A core joint effort by the global community is the “RE100” club, whose member companies have pledged to use 100 percent renewable energy without resorting to fossil fuels. In South Korea, the Korea Water Resources Corp. -- also known as K-water -- is the first

July 1, 2021

Eximbank to extend massive ESG lending by 2030

The state-run Export-Import Bank of Korea (Eximbank) said Thursday it will provide 180 trillion won (US$159 billion) worth of loans related to environmental, social and governance (ESG) by 2030. The state lender made the pledge while announcing its ESG management road map to mark the 45th anniversary of its foundation at its headquarters in Seoul. The road map also includes the issuance of ESG bonds worth $20 billion by that year to extend loans to the ESG sector, Eximbank said. ESG bonds ref

July 1, 2021

S. Korea's 5G users near 16m in May

South Korean mobile users on 5G networks reached nearly 16 million in May, data showed Thursday, as telecom operators seek to expand applications of the next generation networks. As of the end of May, 5G subscriptions stood at 15.84 million, accounting for 22 percent of the total 71.45 million mobile subscriptions in the country, according to the data from the Ministry of Science and ICT. South Korea has a population of around 51 million. Top mobile carrier SK Telecom Co. had the most 5G subsc

July 1, 2021