June 29, 2022

• 
• 
• 

EDITOR'S PICKS

• Markets 
  

  Woori Bank faces probe again over wire transfers

  Woori Bank, one of the five largest lenders in South Korea, is under investigation over suspicious money transfers totaling 800 billion won ($623 million) as one of the bank employees is standing a separate trial on charges that he stole 61 billion won in the largest bank theft local lenders have seen. A Woori branch in Seoul had sent the money overseas in the last year in what the bank and authorities suspect to be fraudulent remittances that could involve money laundering, given the transacti

• Markets 
  

  Burden from investor debt binge drags down Kospi: analyst

  Risks stemming from South Korea’s investor debt binge is a key reason behind the local benchmark stock index’s recent lackluster performance, analysts said Monday. This fueled concerns of a possible market crash as the US Federal Reserve’s aggressive rate hikes have been increasing debt burden on retail investors. “Following the outbreak of the COVID-19 pandemic, Korea saw a sharp gain in household and corporate debt,” Heo Jae-hwan, an analyst at Eugene Investment

• Markets 
  

  Kepco raises electricity rate by 5 won per kWh for Q3

  State-run utility Korea Electric Power Corp. said Monday that it would raise the electricity rate by 5 won (0.4 cent) per kWh, the maximum level it can raise, starting July in response to rising fuel costs and record losses. Following the rate hike, both electricity and gas rates will be increased from next month, imposing heavier burdens on businesses and households already being concerned of steep inflation. Under the new pricing system, a household with four members will see an increase of

• Markets 
  

  Korea unveils W1tr spending package for AI chip dominance

  The South Korean government on Monday announced a five-year plan to spend a combined 1.02 trillion won ($794.8 million) in semiconductor chip research and development to maintain its competitive edge in the global chip market. The spending package in the country, home to memory chip powerhouses Samsung Electronics and SK hynix, is aimed at securing a stronger footing in the field of artificial intelligence chips, mainly by developing libraries and compiler software to encourage wider usage of d

• Markets 
  

  Bumpy road ahead for wage talks at Hyundai Motor Group

  A labor dispute is brewing at Hyundai Motor Group, as its unionized workers warned of a possible strike after they failed to narrow differences with management over wage hikes and working conditions amid the automaker’s shifting focus toward electric vehicles, a threat to its manufacturing-focused workforce. According to the industry on Sunday, the labor union with some 47,000 members at the Hyundai Motor Co. branch of the Korean Metal Workers’ Union under the Korean Confederation o

• Markets 
  

  LG Electronics makes foray into EV charging market

  LG Electronics said Sunday it is making its foray into the burgeoning electric vehicle charging market, calling the sector one of its key growth drivers for its next big leap. As part of the big push, the firm said it has acquired a 60 percent stake in AppleMango, a local battery maker, in partnership with GS Energy and GS Neotek that took over 34 percent and 6 percent in the company, respectively. Following the deal, AppleMango has become a subsidiary of LG Electronics. Through the new sub

• Markets 
  

  Approval of South Korea’s 1st homegrown vaccine likely next week

  South Korea is inching closer to approving its first homegrown vaccine with expectations that the government’s official announcement could come as early as next week. According to pharmaceutical industry sources Friday, the Ministry of Food and Drug Safety has been considering the review process for SK Bioscience’s COVID-19 vaccine candidate GBP510 since the company submitted a request for the approval of its biologics license application under the name “SKYCovione” in

• Markets 
  

  Posco apologizes for sexual violence in workplace

  South Korean steelmaker Posco apologized Thursday for a recent case of sexual violence that occurred within the workplace. “We sincerely apologize to the victim and her family for the recent unsavory sexual violations in the company, and the company feels deeply responsible,” Posco Vice Chairman Kim Hak-dong said in a written statement. According to police in Pohang, North Gyeongsang Province, a woman in her 20s working at the steelmaker’s plant in the industrial city filed e