Economy

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  ​LG Chem acquires 5.7% stake in US lithium firm to secure material for EV batteries SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, has signed a deal with U.S.-based Piedmont Lithium to acquire a 5.7 percent stake in the latter for $75 million (96 billion won), the company said February 17. LG said that the contract is aimed at securing a stable supply of lithium, a key material for the production of electric vehicle batteries. Through the investment, LG Chem has won rights to preferential negotiations with Piedmont for the purchase of 10,000 2023-02-17
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  State footwear tech institute commercializes new outsole production technique SEOUL -- A joint research team led by a footwear technology institute operated by the trade ministry has developed and commercialized an outsole production technique that saves time and costs. Outsoles made using the technique is about 27 percent lighter than conventional soles. Normally, an outsole, the most-outer layer of a shoe foot sole, is manufactured through seven or eight steps that involve the molding, cutting, buffing, cleaning and drying of the rubbery layer before it 2023-02-17
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  ​$115 million fund to be created to help develop low-carbon steel products SEOUL -- The Ministry of Industry, Trade and Energy plans to create a 150 billion won ($115 million) fund jointly with domestic steelmakers to help them develop low-carbon products. The ministry announced the plan on February 16 as part of a steel industry development strategy to promote steelmakers' transition to a low-carton production structure. The creation of the fund is aimed at coping with the Carbon Border Adjustment Mechanism (CBAM) adopted by the European Union (E 2023-02-17
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  SK geo centric to build plastic recycling factory in France's northeastern region SEOUL -- SK geo centric, a chemical company affiliated with South Korea's SK Group, will jointly build a plastic recycling factory with SUEZ, a France-based water and waste management company, and Canadian plastic recycling company Loop Industries, in the northeast region of France. The factory with an annual production capacity of 70,000 tons will be completed in 2027. The construction project is followed by SK geo centric's agreement with the two companies in June 2022 to 2023-02-17
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  Samsung develops air purification filter technique capable of simultaneously capturing particulate matter and volatile organic compounds SEOUL -- A research institute affiliated with Samsung Electronics has developed an air purification filter technology capable of capturing particulate matter and harmful air pollutants called "volatile organic compounds (VOCs)" at the same time. Commercialization of the filter that can be used for up to 20 years can help various air conditioning facilities with separate filters for each hazardous material reduce filter regeneration costs and improve space efficiency. Curr 2023-02-16
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  South Korea's sovereign wealth fund suffers largest loss of $29.7 billion in 2022 SEOUL -- South Korea's sovereign wealth fund showed the worst performance last year since it was created in 2005, logging a loss of $29.7 billion (38 trillion won) due to falling stock prices and volatile debt markets, according to the fund's operator Korea Investment Corporation (KIC) on February 15. In a KIC report submitted to Rep. Yang Kyung-sook of the main opposition Democratic Party of Korea (DPK), the sovereign fund posted a 14.36 percent loss in 2022 as it suffered 2023-02-15
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  ​411,000 jobs added in January, posting lowest growth in 22 months amid economic slowdown SEOUL -- South Korea added 411,000 jobs to the economy in January, recording the lowest job growth in 22 months, Statistics Korea said February 15. The slow job growth was attributed to an economic slowdown and the falling population. The number of employed people increased by a mere 1.52 percent, or 411,000, to 27,363,000 last month from a year earlier, according to the statistical office. The payroll increase has continued to slow down since 935,000 jobs were added in May 20 2023-02-15
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  CJ Cheiljedang becomes first S. Korean company to exceed $8 billion in food sales SEOUL -- CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, has recorded 11.1 trillion won ($8.75 billion) in food sales in 2022. The company which gained global popularity through a Korean cuisine brand called "Bibigo" has become the first domestic company to exceed food sales of 10 trillion won. Cheiljedang has strived to gain a competitive edge in the global market and nurture Bibigo as a global brand. The company acquir 2023-02-14
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  Kakao taxi-hailing app fined for giving preferential treatment to franchise caps SEOUL -- The Korea Fair Trade Commission (KFTC) has decided to impose a fine of 25.7 billion won ($20 million) on the tax-hailing service unit of tech giant Kakao Corp. for having manipulated its algorithm since 2019 to give more calls to cabs under its franchise. On February 14, the KFTC said that Kakao Mobility has strengthened its dominant market status in an unfair manner by giving preferential treatment to its franchise taxis under the KaKao T Blue brand, although the company& 2023-02-14
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  50 domestic firms' dividend payments down 13.7% in 2022 amid weak economy SEOUL -- Fifty major domestic companies' combined dividend payments decreased 13.7 percent year-on-year to 15.66 trillion won ($12.35 billion) in 2022 on the back of an economic slowdown, Leaders Index, a corporate analysis institute, said February 14. The institute said the dividend cut was attributed to overall weak corporate performance amid sluggish exports and falling domestic demand in the wake of the global economic slump. Leaders Index selected 50 out of the country 2023-02-14
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  LegoChem secures licensing agreement with Elthera AG to develop anti-drug conjugate therapy SEOUL -- LegoChem Biosciences (LCB), a clinical-stage biopharmaceutical company in South Korea, has signed a license agreement with Elthera AG, a Switzerland-based biotechnology company, to adopt utilize a monoclonal antibody capable of attacking proteins that appear in various types of cancers such as pancreatic and ovarian cancer. Using the antibody, the South Korean company will also develop and commercialize antibody-drug conjugate technology. An antibody-drug conjugate (ADC) i 2023-02-14
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  SK Plasma partners with Janssen Korea to supply cancer medication Dacogen in S. Korea SEOUL -- SK Plasma, a South Korean producer of plasma-derived blood products, will become the domestic supplier of Dacogen, a cancer medication for a group of blood cell-related disorders called "myelodysplastic syndrome," by partnering with the South Korean office of Belgium-based pharmaceutical company Janssen Pharmaceuticals. Myelodysplastic syndrome takes place when bone marrow, soft tissue found in the center of the bones, is unable to produce enough blood cells. Acc 2023-02-13
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  Pulmuone partners with eco-friendly food tech company for commercialization of cultivated meat products SEOUL -- South Korean food product maker Pulmuone has partnered with a domestic green food tech company Simple Planet in a bid to commercialize cultivated meat products targeting vegans and other consumers who do not eat meat because of ethical reasons. According to Euromonitor, a global market research firm, South Korea's alternative meat market stood at about 20 billion won ($15.6 million) in 2022, up 28 percent from 2021's 16.5 billion won. The market is projected to rea 2023-02-13
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  South Korea to invest $391 million in future car technology SEOUL -- The Ministry of Trade, Industry and Energy plans to invest 499.4 billion won ($391 million) in developing future car technology this year as part of efforts to find a new growth engine for the Korean economy. The ministry said February 9 that the investments will be injected into 311 projects ranging from research and development to infrastructure building and manpower training. About 229.3 billion won will be set aside for technology development for eco-friendly cars 2023-02-13
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  ​S. Korea can benefit from China's reopening to boost exports, economic growth: report SEOUL -- South Korea is predicted to benefit from China's reopening from COVID-19 restrictions which can boost exports and economic growth of Asia's fourth largest economy, according to a report released by the Korea International Trade Association (KITA) February 12. The report said that China's reopening is likely to increase Korea's exports by an additional 0.55 percentage point and its economic growth by 0.16 percentage point in 2023. "China's econo 2023-02-13
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  CJ Olive Young captures young Middle Eastern consumers with color cosmetics brand Wakemake SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's CJ Group, has expanded its sales channels for a color cosmetics brand called "Wakemake" to the United Arab Emirates targeting young female Middle Eastern consumers. The South Korean company said Wakemake's eyeliner products are gaining explosive popularity, especially among Emirati female consumers who cover their faces with head coverings and only expose their eyes. According to data r 2023-02-13
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  [Weekly Stock Market] Markets to focus on macroeconomic data, China's reopening SEOUL -- The KOSPI, South Korea’s benchmark stock price index, experienced another volatile week closing slightly lower at 2,469.73 (-0.4 percent). As investors remained focused on overall inflationary trends, the much bette 2023-02-12
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  BTS agency Hybe to emerge as largest shareholder in SM Entertainment SEOUL -- Hybe, the agency of BTS, is expected to become the largest shareholder in entertainment powerhouse SM Entertainment, by purchasing a 14.8 percent stake. The decision was made while SM's founder Lee Soo-man embarked on a legal battle with SM's executive boards for issuing new shares to sell them to Kakao Corp., the domestic internet giant. Through SM, Lee has played a crucial role in popularizing K-pop through talented artists such as Girls' Generation, Super Ju 2023-02-10
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  4 German automakers engage in collusion on emission reduction device: regulator SEOUL -- The Korea Fair Trade Commission (KFTC) has decided to issue an order on four German automakers to correct its collusive scheme that caused their diesel cars to emit more nitrogen oxide (NOx). It has also decided to impose a combined fine of 42.3 billion won ($33.5 million) on three of the carmakers operating here. On February 9, the KFTC said it has found that the German brands -- BMW, Mercedes-Benz, Audi and Volkswagen -- were engaged in the collusive scheme in which they 2023-02-10
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  Woowahan Youths to launch electric motorcycle rental business for delivery workers SEOUL -- Woowahan Yooths, a logistics service provider affiliated with Woowa Brothers, the operator of South Korea's top food delivery service Baedal Minjok, has partnered with A Rental & Service, a domestic motorcycle rental service provider, to make a foray into an electric delivery motorcycle rental business. Motorbikes capable of traveling up to 24 to 31 miles with a fully charged battery will be provided for consumers. As of 2022, some 30,000 food delivery workers rode 2023-02-10