Economy

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  Top economic officials demands active corporate investment to help boost growth Finance Minister Hong Nam-ki SEOUL -- Alarmed by an unexpected contraction in gross domestic product (GDP) in the first quarter of this year, South Korea's top economic official called for active corporate investment, saying domestic and external conditions are worse than expected. "It is necessary for the private sector, rather than the government, to actively seek to create investment and employment on its own," Finance Mi 2019-04-25
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  SK hynix promies to increase shipment of DRAMs and NAND products in second quarter SEOUL -- SK hynix promised to increase the shipment of dynamic random-access memory (DRAM) chips and NAND flash products in the second quarter of this year after its first-quarter net profit fell 64.7 percent from a year ago due to falling prices, weak seasonal demand and a high level of inventory. DRAM chip prices fell more than 20 percent on average in the first quarter as major data centers adjusted their high inventory levels, but SK hynix predicted at a conference 2019-04-25
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  Only son of Hanjin's late patriarch becomes new group chairman in quick decision SEOUL -- The 43-year-old only son of Hanjin Group's late patriarch, Cho Yang-ho, became group chairman, a week after he presided over a funeral for his father who died of chronic lung disease at an American hospital. In appointing Korean Air president Cho Won-tae as chairman on Wednesday, the board of Hanjin KAL, the group's holding company, said it was an inevitable decision to minimize the group's leadership vacuum following the unexpected 2019-04-24
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  ​​CJ Cheil Jedang beefs up production of nucleic acid in China SEOUL -- CJ Cheil Jedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, is expanding its nucleic acid production facility in China to meet growing demands. The company runs two plants in China and one in Indonesia to solidify its status as the world's largest nucleic acid producer. The company said in a statement Wednesday that it was expanding its nucleic acid production facility in China to produce about 100,00 2019-04-24
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  Hyundai Heavy launches New Zealand Navy's logistics support ship SEOUL -- Hyundai Heavy Industries, the world's largest shipbuilder launched a 23,000-ton naval logistics support ship for New Zealand. The ship, equipped with a hybrid propulsion system, features ice-resistant capabilities so that it can operate in the Antarctic waters. Hyundai Heavy said that the vessel was launched Wednesday in a ceremony attended by David Proctor, chief of the Royal New Zealand Navy, in the southeastern port city of Ulsan. The ship ordered in 2019-04-24
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  Samsung reveals $116 bln investment to become global leader in logic chip production SEOUL -- Samsung Electronics revealed a massive investment worth $116 billion by 2030 to strengthen its competitiveness in System LSI and Foundry businesses, saying it aims to become the world leader in not only memory semiconductors but also logic chips. The world's largest microchip maker said in a statement on Wednesday that its investment would help create 15,000 jobs in research and development (R&D) as well as production to bolster its technologica 2019-04-24
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  Hyundai Merchant and Russia's FESCO to open direct routes for container ships SEOUL -- In a move that reflects South Korea's growing presence in Russia's far eastern region, Hyundai Merchant Marine, a leading South Korean shipper, has agreed with Russia's largest intermodal transport operator, FESCO Transportation Group, to open two direct routes in May for container ships. On May 11, Hyundai Merchant will start operating a 1,000-TEU container ship between South Korea's southern port of Busan and Vostochny, a co 2019-04-24
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  Doubts linger over effect of extra budget: Yonhap SEOUL -- South Korea demonstrated its commitment to jump-starting its sagging economy and tackling air pollution with the formation of an extra budget, the third of its kind under the Moon Jae-in government, but some experts questioned whether the latest measure will bring about its intended results. The Cabinet approved a supplementary budget worth 6.7 trillion won ($5.8 billion) meant to tackle fine dust air pollution, pre-emptively counter downside economic risks and i 2019-04-24
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  Hyundai Elevator forges strategic partnership with Vietnamese builder HBC SEOUL -- Hyundai Elevator, the largest elevator and escalator producer in South Korea, forged a strategic partnership with a major construction group in Vietnam to become its third-largest shareholder through the acquisition of shares. Hyundai Elevator said Tuesday that it has acquired an 11.3 percent stake in HoaBinh Construction Group (HBC), the second largest builder in Vietnam that built the Vietin Bank Tower in Hanoi. Financial terms were not giv 2019-04-23
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  Asiana Airlines to get $1.4 bln in fresh liquidity from creditors: Finance minister SEOUL -- Asiana Airlines will receive some 1.6 trillion won ($1.4 billion) in fresh liquidity from creditors, South Korea's top economic official said, citing a "reliable" self-rescue plan submitted by the airline's parent group, Kumho Asiana. Last week, the group offered to put Asiana up for sale together with two low-cost carriers in return for an emergency bailout worth 500 billion won. Korea Development Bank (KDB) 2019-04-23
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  Hana Financial emerges as strong candidate to acquire Lotte Card SEOUL -- Hana Financial Group, a major bank holding company, has emerged as a strong candidate to acquire a credit card company which has been put up for sale by Lotte, the fifth-largest conglomerate in South Korea, as part of efforts to realign its corporate structure and enhance governance. The final bid for Lotte Card that opened last Friday drew Hana and two domestic private equity funds, MBK Partners and Hahn & Company. The Hanwha Group was absen 2019-04-22
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  Mirae Asset to invest $243 mln in Hong Kong's Goldin Financial Global Center SEOUL -- The brokerage subsidiary of Mirae Asset, a major financial and asset management group in South Korea, decided to invest $243 million in Hong Kong's Goldin Financial Global Center through mezzanine financing that allows investments in debt. Mirae Asset Daewoo said Thursday that the building in the heart of Kowloon Bay is considered attractive for investments as it is located in a new central business district being developed by the Hong 2019-04-18
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  SK Biopharmaceuticals partners with twoXAR to develop lung cancer treatment SEOUL -- SK Biopharmaceuticals, a pharmaceutical arm of South Korea's SK Group, agreed with twoXAR, an American artificial intelligence-driven drug discovery company, to jointly develop novel and efficacious treatments for non-small cell lung cancer. There are two types of lung cancer -- small cell lunger cancer and non-small cell lung cancer (NSCLC), which accounts for about 85 percent of all lung cancer patients. SK Biopharmaceuticals has establ 2019-04-18
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  Creditors seek package sale of Asiana and two budget carriers together SEOUL -- Asiana Airlines will be put up for sale together with two low-cost carriers to maintain their synergy, but its main creditor, Korea Development Bank, did not rule out the possibility of a split sale through consultations with major shareholders to quickly put South Korea's second-largest flag carrier back on track. Creditors will endorse a fresh self-rescue plan presented by the debt-stricken Kumho Asiana Group to win an emergency bailout wo 2019-04-16
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  Kumho group offers to sell off Asiana Airlines in revised self-rescue scheme SEOUL -- South Korea's troubled Kumho Asiana Group offered to sell Asiana Airlines in a revised self-rescue scheme aimed at receiving an emergency bailout. Creditors led by Korea Development Bank (KDB), a state policy bank, convened a quick meeting on whether to accept the proposed sale of the country's second-largest flag carrier. The group said Monday that Kumho Industrial, the holding company which holds a 33.47 percent stake in Asiana, decided at its boar 2019-04-15