GS E&C opens Seoul-Munsan highway worth W2.1tr

GS Engineering & Construction has opened a new highway that connects Goyang, Gyeonggi Province, a satellite city just northwest of Seoul, and Munsan, a town within the border city of Paju, Gyeonggi Province, the company said Sunday. A total of 2.1 trillion won ($1.87 billion) was poured into the Seoul-Munsan Expressway, after it broke ground in November 2015. The highway is 35.2 kilometers long, ranging from two to six lanes. The Seoul-Munsan highway is expected to reduce traffic in th

Nov. 8, 2020

[News Focus] Biden’s anti-fracking stokes uncertainties for Korean refineries

Industries are guaging the prospects of their US businesses under US President-elect Joe Biden, and South Korean refineries and petrochemical companies are among them. The sticking points are whether Biden’s anti-fracking policy and renewable energy push will actually impact the global price of oil and their businesses. “Biden’s limit on fracking will curb the production and supply of shale oil and gas. But regardless of Biden’s anti-fracking policy, demand on oil w

Nov. 8, 2020

[Behind the Wheel] Tivoli Air returns for young outdoor enthusiasts

SsangYong Motor’s Tivoli Air returned again a year after its discontinuation to attract young outdoor enthusiasts in the wake of the pandemic. Tivoli, which was introduced as SsangYong’s first compact sport utility vehicle in 2016, was discontinued last year due to weak sales. However, as demand for small SUVs grows among young drivers for low-risk outdoor activities during the pandemic, Tivoli nimbly returned with more cargo space and greater cost efficiency. Tivoli should now

Nov. 8, 2020

Kepco vows downsized coal-fired power projects

Korea Power Corp. on Sunday released its annual sustainability report, which highlighted the state-run utility’s plan to reduce or suspend its coal-fired power plant projects at home and abroad in the future. The release came amid mounting criticism from environmental and investment groups over Kepco’s double-sided business practices -- conducting solar and wind power projects at home in lock step with President Moon Jae-in’s Green New Deal initiative while pursuing coal-fi

Nov. 8, 2020

Number of single-person households surpasses 6 million

The number of people residing alone hit more than 6 million as of this year as the prolonged coronavirus pandemic accelerated a stay-at-home trend while shifting interests towards stock investment from savings, an industry report showed Sunday. According to KB Financial Group’s report on single-person households in South Korea, the tally for one-person households reached 6.17 million, which accounts for 30.3 percent of all households. Relative to the entire population, the figure indica

Nov. 8, 2020

Strong won expected with Biden victory: analysts

Joe Biden's election as US president is likely to keep the South Korean currency strong against the US greenback for a while, which will work to trigger foreign capital inflow to the local stock markets, Yonhap quoted analysts as saying Sunday. The local currency closed at 1,120.4 won against the US dollar Monday, up 7.8 won from the previous session's close and the strongest in 21 months. Analysts said Biden's election victory could further push up the Korean won down the road, as the presid

Nov. 8, 2020

Budget air carriers tipped to post weak Q3 earnings amid pandemic

South Korea budget air carriers are anticipated to post grim earnings for the third quarter of 2020, as the virus pandemic has continued to virtually suspend air travel, with the resurgence of infections around the globe set to further delay the recovery. Last week, Korean Air Lines Co., South Korea‘s biggest carrier, said its net losses widened in the third quarter to 385.93 billion won ($343 million) from a year earlier amid the pandemic. However, it managed to post an operating profi

Nov. 8, 2020

Soaring freight rates set to weigh down exporters

South Korean exporters are expected to suffer from sky-high freight rates throughout next year, as global trade is set to rise down the road amid the pandemic, industry watchers said Sunday. The Shanghai Containerized Freight Index, a barometer of global freight rates, came to a new high of 1,664.56 on Friday, according to industry sources. The previous record was 1,583.18 posted in July 2010. Industry watchers say exporters are anticipated to face heavy shipping costs throughout next year, as

Nov. 8, 2020

Shinhan Financial CSO named as Korea’s first member of UNEP FI Global Steering Committee

    Park Sung-hyun, the incumbent chief strategy and sustainability officer of Shinhan Financial Group has been appointed as a new member to the prestigious Global Steering Committee under the United Nations Environment Programme Finance Initiative, the banking group said Sunday.  Launched in 1992, UNEP FI is a strategic public-private association set up by the UNEP and the global financial sector with the purpose of sustainable management. It is working with more than 300

Nov. 8, 2020

S. Korean economy faces growing downside risks amid global flare-up in COVID-19: KDI

The South Korean economy is on a recovery path, aided by a mild improvement in the manufacturing sector, but it faces growing downside risks amid a global resurgence in new coronavirus cases, a state-run think tank said Sunday. The country's service industry has slackened as people refrained from making in-person contact and going outside, while the manufacturing sector has undergone a limited recovery on improving demand at home and abroad, according to a monthly economic assessment report by

Nov. 8, 2020

Naver, Kakao expected to show brisk performance next year amid pandemic: watchers

Naver Corp. and Kakao Corp., the two major South Korean tech companies, are expected to continue their upward trajectory in earnings projections amid the coronavirus pandemic, market watchers said Saturday. Quarterly sales of Naver -- South Korea's top internet portal operator -- and Kakao -- the operator of the country's top mobile messenger KakaoTalk -- both jumped twofold in just four and three years, respectively. Naver said its sales for the July-September period reached the highes

Nov. 7, 2020

Global IBs upgrade S. Korea’s growth outlook on recovery hopes

Global investment banking giants, including Goldman Sachs, JP Morgan and Citi have raised their 2020 average growth forecasts for South Korea’s economy, a report compiled by the Korea Center for International Finance showed Friday. The report came as the export-driven economy’s outbound shipments have been riding on a path to solid recovery. Korea’s current account surplus hit a two-year high in September as exports rebounded for the first time in seven months amid the global

Nov. 6, 2020

Lotte Shopping swings to black in Q3 amid pandemic

Lotte Shopping Co. said Friday it swung to a net profit in the third quarter on robust performance in its non-department store business amid the new coronavirus outbreak.   Net income reached 3 billion won ($2.7 million) in the July-September period, a turnaround from a net loss of 23.3 billion won a year earlier, the key unit of retail giant Lotte Group said in a regulatory filing. From three months earlier, it swung to the black from a net loss of 199 billion won. Operating prof

Nov. 6, 2020

SmartStudy denies rumors of Nasdaq listing

SmartStudy, best known for its super viral “Baby Shark” song, said Friday that it is not yet considering listing itself on the US tech-heavy Nasdaq market, refuting rumors by some local media reports. “We have not yet decided whether to go public. Discussion on which market to be listed was not even in progress,” the educational entertainment company said. “We’ll look into the initial public offering scenario from various angles based on our firm’s con

Nov. 6, 2020

Seoul stocks up for 5th day on easing US election uncertainties

South Korean stocks extended their winning streak to a fifth day Friday, helped by massive foreign buying amid eased uncertainties over US election results. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.71 points, or 0.11 percent, to close at 2,416.5. Trading volume was moderate at about 812 million shares worth around 12.4 trillion won ($11.1 billion), with losers outnumbering gainers 533 to 294. The KOSPI traded choppy amid profit

Nov. 6, 2020

Prosecutors raid Kumho Asiana Group amid probe into ‘suspicious internal transaction’

The prosecution said on Friday it has raided Kumho Asiana Group and Asiana Airlines’ offices to secure documents for its probe into alleged unfair internal transactions. The group, a large Korean chaebol known for its leisure and construction business, currently stands accused of conducting suspicious internal trading to support its subsidiary Kumho Buslines, of which the owner family has the highest stake.　 According to the authorities, Asiana Airlines signed a 30-year contract to sell

Nov. 6, 2020

Jeju Air, T’way Air resume flights to Tokyo

Budget airlines Jeju Air and T’way Air said on Friday they will be resuming flights between Incheon and Narita following the easing of travel restrictions between the two countries. From Nov. 21, Jeju Air will fly once a week on a Saturday from Incheon to Narita International Airport, nearly three months after the flight was suspended after a spike in the number of COVID-19 cases. The Incheon-Osaka route, which had previously operated two times a day on weekdays, will also change to Frid

Nov. 6, 2020

S. Korea, Uzbekistan agree to push for launch of trade talks

South Korea and Uzbekistan agreed Friday to announce the launch of trade talks at an opportune time in an effort to expand bilateral trade, the government said. The agreement was made between South Korean Minister of Trade, Industry and Energy Sung Yun-mo and Sardor Umurzakov, Uzbekistan's deputy prime minister for investment and foreign economic relations, during a videoconference of a bilateral trade and economic committee, the trade ministry said. The meeting of the committee, the official

Nov. 6, 2020

KRX chief to take post as insurers’ association chief within year

Korea Exchange Chairman Jung Ji-won is set to take the helm at the General Insurance Association of Korea next month, according to the industry sources Friday. GIAK, an organization that represents local general insurance firms, is slated to hold a general meeting on Nov. 13 to discuss the agenda of appointing Jung. The incumbent chief of the bourse operator was recommended Monday as the sole candidate of the association’s next chief. The decision will be made by representatives from the

Nov. 6, 2020

Renault Samsung launches revamped QM6 with new design

Renault Samsung Motors said Friday it launched a revamped model of its bestselling sports utility vehicle QM6. The updated QM6 is the second face-lift for the SUV since June 2019, when it was first upgraded as the QM6 LPe, the country’s first LPG-powered SUV, and the premium trim Premiere. This time, major changes were made to the appearance, with a new chrome radiator grille, Quantum Wing, the automaker said.  “Since the first launch in 2016, QM6 has numerous records in

Nov. 6, 2020