Korean Air raises W3.3tr by issuing new shares

South Korea’s largest airline, Korean Air, said Monday that it had successfully raised 3.3 trillion won ($2.9 billion) by issuing new shares. Of the funds raised through the latest capital increase, some 1.5 trillion won will be used to acquire domestic rival Asiana Airlines, according to the carrier. In the funding round, which ran from March 4 to 5, the right to buy the newly issued shares was given only to the firm’s existing shareholders and members of the employee stock owne

March 8, 2021

Posco International aims to produce 10,000 tons of fuel cell separators by 2027

Posco International aims to increase the production of fuel cell separators for electric vehicles to 10,000 tons by 2027, the company said Monday. The firm, through its wholly-owned subsidiary Posco SPS (Steel Processing & Service), currently produces 1,400 tons of Poss470FC, the stainless separator essential in utilizing hydrogen as an energy source for fuel cell EVs. The current volume covers around 35,000 FCEVs. Poss470FC boasts a thinness of 0.1 millimeters, and it is produced in an

March 8, 2021

Celltrion to soon start overseas clinical study for novel heart disease medicine

South Korean pharmaceutical giant Celltrion is preparing to launch an overseas clinical trial for a new medicine for hypertrophic cardiomyopathy, according to industry sources Monday. Celltrion is currently recruiting participants in Poland for its phase 1 clinical trial for CT-G20, the South Korean biopharmaceutical company’s first-ever chemical drug for HCM, a heart disease for which there is currently no known cure. The firm plans to submit an investigational new drug application t

March 8, 2021

Early bird flight tickets on sale in anticipation of overseas travel restart

E-commerce platform Interpark on Monday started offering air tickets which you can purchase now and fly after quarantine restrictions for international traveling are lifted. The “Early Go” tickets, which are for South Korean low cost carrier T’way Air flights, come with a one-year price freeze after self-quarantine is no longer required between Korea and the destination country, the platform said. Destinations include Cebu, Hanoi, Bangkok, Macau, Taipei and Hong Kong as well

March 8, 2021

Yanolja to give out stocks worth W10m to each staff

Yanolja, the largest accommodation and leisure activity booking platform operator in South Korea, said Monday it would give out 10 million-won ($8,900) worth of stocks in their company to each of its 1,000 staff. The decision will see the stocks given to the company’s current employees and new staff, after CEO and co-founder Lee Su-jin and head of C&D Lim Sang-kyu donated a total of 600,000 stocks. Though the company has previously given stocks to some of its staff through its loya

March 8, 2021

Board approval mandatory for conglomerates’ intracompany transactions over W5b: FSC

As part of the financial authorities’ latest move to bolster monitoring of conglomerates, major firms with financial arms will be legally required to receive board approval for intracompany transactions over 5 billion won ($4.4 million), from June 30, the Financial Services Commission said Monday. South Korean firms, not classified as banking groups, with over 5 trillion won in financial assets and more than two financial units -- mostly insurers and brokerages -- are subjected to the &l

March 8, 2021

Tesla tumble disappoints Korean stockholders

Korean investors holding some $8 billion worth of stocks in US electric vehicle maker Tesla appear to be unnerved after its recent stock price fall. According to the latest data from the Korea Securities Depository, Tesla was Korea‘s favorite foreign stock, holding a combined $8.1 billion worth of shares as of March 2. This was followed by US tech giants Apple, Amazon and Alphabet, the holding company of Google. In the past two months, Korean investors net bought $1.36 billion worth of

March 8, 2021

LG Innotek partners with Microsoft on 3D-sensing camera

LG Innotek said Monday the company has inked a deal with Microsoft to increase its share in the 3D-sensing module market. The South Korean electronic parts supplier signed a memorandum of understanding with the US-based tech mogul to cooperate on the development of ToF modules for Microsoft’s Azure Cloud service. The ToF -- time of flight -- module is a core component of 3D-sensing cameras which perceives three-dimensionality, spatial information and movement of an object by measuring

March 8, 2021

S. Korea’s food prices show 4th-highest increase among OECD states

South Korea’s food prices increased at the fourth-highest rate among members of the Organization for Economic Cooperation and Development in January, largely due to a supply shortage brought on by bird flu, according to data and market experts Monday. January’s prices for groceries and nonalcoholic beverages soared by 6.5 percent on-year, more than twice the OECD average of 3.1 percent, data compiled by the OECD and Statistics Korea showed. Among the 37 OECD member states, steepe

March 8, 2021

4 makers of sewage pipes fined W2.95b over price fixing

South Korea's antitrust regulator said Monday it has decided to fine four manufacturers of sewage pipes and manhole covers a combined 2.95 billion won ($2.6 million) for colluding to fix prices of industrial products. Kolon Industries Inc. and its three smaller rivals colluded to fix their quotations between 2011 and 2016 for 268 rounds of purchase bidding for waste pipes and manhole covers by the state procurement agency and builders, according to the Korea Fair Trade Commission (KTFC). The d

March 8, 2021

Banks' 2020 earnings down 11.5% on loan-loss reserves

South Korean banks saw their 2020 earnings decline 11.5 percent from a year earlier as they set aside more loan-loss reserves amid the pandemic, data showed Monday. Their combined net profit came to 12.3 trillion won ($10.9 billion) last year, compared with 13.9 trillion won the previous year, according to preliminary data from the Financial Supervisory Service (FSS). The decline in net profit came as local banks sharply increased loan-loss reserves last year to cope with the fallout from the

March 8, 2021

Samsung Heavy to appeal arbitration ruling for drill rig

Samsung Heavy Industries Co. said Monday that it plans to appeal a British arbitration ruling that ordered the South Korean shipbuilder to return money received from Swedish company Stena for a shipbuilding deal. The London Court of International Arbitration (LCIA), one of the world's leading arbitral institutions, ruled Friday that Samsung Heavy should refund prepaid money and accrued interest worth 463.2 billion ($409.7 million) to Stena, Samsung Heavy said in an emailed statement. The court

March 8, 2021

S. Korea unveils management plan for fishery resources, overfishing

South Korea's oceans ministry announced Monday a five-year blueprint to better manage the country's fishery resources, as climate change and overfishing have been challenging the sustainability of the local fisheries industry. Under the plan, the combined amount of fishery resources in the country's coastal lines will rise to 4 million tons by 2025, soaring 28 percent from the current estimate of 3.13 million tons, according to the Ministry of Oceans and Fisheries. In detail, South Korea will

March 8, 2021

KITA seeks to operate new convention center in Vietnam

The Korea International Trade Association (KITA) said Monday it has won a new contract in Vietnam to operate a newly built convention center in Vietnam, in line with its efforts to revitalize its virus-hit exhibition business and penetrate deeper into Southeast Asia. Under the agreement, KITA and its convention business arm, the Convention & Exhibition Center (COEX), will operate Vietnam's largest convention center located in Binh Duong, just north of Ho Chi Minh City, for the next three ye

March 8, 2021

Samsung to launch Galaxy A42 5G smartphone in S. Korea this week

Samsung Electronics Co. said Monday it will release a new 5G budget smartphone in South Korea this week to expand its dominant status on home turf. Samsung said the Galaxy A42 5G smartphone will be launched here Friday with a price tag of 449,900 won ($400), the cheapest among 5G smartphone models sold in South Korea. The A42 5G was already released in select markets in Europe and Southeast Asia last year. The latest smartphone, equipped with a 6.6-inch display, comes with a rear quad-camera

March 8, 2021

SK hynix starts mass-production of mobile DRAM offering industry's largest capacity

SK hynix Inc., South Korea's No. 2 chipmaker, said Monday it has begun mass-production of a mobile DRAM that offers the industry's largest capacity. SK hynix said 18-gigabyte low-power double data rate (LPDDR) 5 is in mass production and that the company supplied its very first products to Asus' gaming smartphone, the Republic of Gamers 5. The world's largest DRAM producer said its latest chip will be ideal for premium smartphones to support high-resolution games and videos. The company expect

March 8, 2021

Seoul stocks open higher on strong Chinese data

South Korean stocks opened higher Monday on improved Chinese economic data and slowing bond yield hikes in the United States. The benchmark Korea Composite Stock Price Index rose 9.39 points, or 0.31 percent, to 3,035.65 points in the first 15 minutes. Steel, financial and tech stocks led the KOSPI's hike, while retail and insurance traded bearish. Samsung Electronics added 0.37 percent, and No. 2 chipmaker SK hynix advanced 0.36 percent. Leading chemical firm LG Chem retreated 1.11 perce

March 8, 2021

LG Innotek joins hands with Microsoft for cloud-supporting 3D sensing cameras

LG Innotek Co., a major electronics parts maker in South Korea, said Monday it has joined hands with Microsoft Corp. to better expand its presence in the 3D sensing component market. Under the partnership, the two sides will collaborate on the development and supply of Time of Flight (ToF) modules dedicated for Microsoft's cloud platform Azure. A ToF module is a core 3D sensing camera component that can recognize three-dimensionality, spatial information and movement of an object by using the

March 8, 2021

Foreign investors' stock sell-offs extended in Feb.

Foreign investors remained net sellers of South Korean stocks last month, extending their selling spree for a third consecutive month, data showed Monday. Foreigners sold a net 3.24 trillion won ($2.87 billion) worth of local stocks in February, according to the data from the Financial Supervisory Service (FSS). American investors sold a net 1.37 trillion won of stocks last month, while investors from the Cayman Islands net purchased 840 billion won worth of stocks, according to the FSS. As o

March 8, 2021

[News Focus] No signs of settlement between Korea’s warring battery makers

Nearly a month has passed since the US trade court delivered a victory to LG Energy Solution in its trade secret dispute with crosstown rival SK Innovation, but the two sides appear no closer to ending their bitter war. Quite the contrary. The fight between the world’s two leading battery producers for electric vehicles has now spilled over to the White House, much to the dismay of Seoul officials, who hope for an early resolution to the matter, saying this would help Korea maintain its l

March 7, 2021