Most Popular
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Will tug-of-war between doctors, government end soon?
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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[Today’s K-pop] BTS pop-up event to come to Seoul
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[Graphic News] More Koreans say they plan long-distance trips this year
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Fed: Elevated inflation will likely delay rate cuts this year
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Korean shares up in late morning trading
South Korean shares traded slightly higher late Thursday morning, aided by foreign buying.The benchmark Korea Composite Stock Price Index rose 2.73 points, or 0.11 percent, to 2,460.89 as of 11:20 a.m.Top cap Samsung Electronics fell 0.84 percent, and global chipmaker SK hynix declined 1.01 percent. No. 1 automaker Hyundai Motor fell 1.29 percent, and its smaller affiliate Kia Motors traded 2.3 percent lower. POSCO, the No. 1 steelmaker, fell 0.95 percent.Naver, the operator of the country'
MarketOct. 12, 2017
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Agro-fishery products smuggling rises sharply in recent years: KCS
The amount of agricultural and fishery products smuggled into the country has risen sharply in recent years, with nearly half of them coming from China, customs data showed Thursday.The amount rose to 123.9 billion won ($109.3 million) last year from 40.3 billion won in 2014 and 67.7 billion won in 2015, according to findings released by the Korea Customs Service. By country, China accounted for 108.5 billion won, or 46.8 percent, of the 231.9 billion won worth of goods smuggled into the country
EconomyOct. 12, 2017
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Korea's economy unlikely to achieve 3% growth this year: foreign IBs
Foreign investment banks predicted South Korea's economy will not be able to achieve 3 percent growth this year, according to a report released Thursday by a South Korean institute.Nine foreign investment banks, including Goldman Sachs, Nomura and Barclays, said that Asia's fourth-largest economy could grow by 2.8 percent on average, according to the Korea Center for International Finance. The center -- set up under the auspices of the South Korean government and the Bank of Korea -- closely mon
EconomyOct. 12, 2017
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Electricity cost to rise with shift to eco-friendly energy: lawmaker
The electricity production cost will surge sharply in the coming decades as the Moon Jae-in administration's plans to halt construction of new nuclear power plants in pursuit of eco-friendly energy, an opposition lawmaker said Thursday.The liberal Moon government has announced plans to decommission several aging nuclear power plants earlier than expected and scrapped plans for the construction of several nuclear power plants.Moon also pledged to close several coal-fired power plants so the count
EconomyOct. 12, 2017
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FDI pledges fall 9.7% in first three quarters of 2017
New foreign direct investment pledged to South Korea in the first three quarters of this year declined due to military tension on the Korean Peninsula and rising protectionist practices by major trading partners, the government said Thursday.South Korea received $13.59 billion worth of FDI commitments from January to September, retreating 9.7 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.The amount of actual investments made by foreign investors and compani
MarketOct. 12, 2017
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LG Electronics to release V30 in US this week
LG Electronics Inc. said Thursday it will kick off sales of the V30 smartphone in the United States this week and gradually expand the global release of the product to play a key role in revitalizing its mobile business.The South Korean tech giant said it will release the LG V30 through five major US mobile carriers Friday.LG Electronics said it also plans to release the V30 in major European countries, including Britain and Germany, in the current quarter. The smartphone will also reach Latin A
TechnologyOct. 12, 2017
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Korea's median income $1,515 in 2015
About half of South Koreans who file tax returns earn an average 1.72 million won ($1,515) a month, data from the tax agency said Thursday, an amount which is just enough to sustain a single temporary worker.The median income in 2015, is derived by dividing the income distribution into equal halves, compared with a monthly average income of 2.69 million won, according to the data provided by the National Tax Service to Rep. Park Joo-hyun for a parliamentary audit. The records cover the years 200
EconomyOct. 12, 2017
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KOSPI opens higher, set to extend record streak
South Korea's main stock index hit a fresh record intraday high Thursday, tracking a strong lead from Wall Street overnight. The benchmark Korea Composite Stock Price Index gained 4.75 points, or 0.19 percent, to 2,462.91 in the first 15 minutes of trading. Most large caps traded mixed, with market kingpin Samsung Electronics rising 0.62 percent.Top automaker Hyundai Motor fell 0.65 percent, while top steelmaker POSCO rose 1.27 percent.The local currency was trading at 1,131.05 won against the U
MarketOct. 12, 2017
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Tourism industry expects continued boost from non-working days in 2018
The number of non-working days in 2018 will be the same as this year, raising expectations of a continued boost in tourism and leisure industries, travel industry sources said Thursday.Next year has 119 days off from work, with a few of them three to five days long if weekends are added at either ends. The Chuseok (harvest moon) holiday, for example, will be five days, while the Lunar New Year holiday will be four days.By taking an extra day off from work, people can connect four holiday periods
IndustryOct. 12, 2017
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Most small merchants closing shop before five years
Less than one-third of self-employed merchants survive past five years, with small shops like restaurants and retailers that are often the lifelines for ordinary families being the first ones to close, government data showed Thursday.Records provided by the Ministry of SMEs and Startups to Rep. Lee Che-ik for parliamentary inspections said that of new businesses that opened in 2009, only 27.3 percent were still open five years later. The survival rate has declined from 30.9 percent for shops ope
IndustryOct. 12, 2017
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Korea's FX reserves down in September on strong US dollar
South Korea's foreign exchange reserves fell slightly in September as the US dollar's strength reduced the value of non-dollar currencies when converted into the greenback, central bank data showed Thursday.As of the end of September, the country's foreign exchange reserves came to $384.67 billion, down $170 million from the previous month, the Bank of Korea said in a statement. Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as Internatio
MarketOct. 12, 2017
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S. Korea’s financial chiefs off to Washington for G-20 summit
Deputy Prime Minister and Finance Minister Kim Dong-yeon on Wednesday left for Washington to attend a series of economic meetings including the Group of 20 summit of financial ministers and central bank governors.During his six-day visit, the top financial policymaker is expected to seek progress in key US-related issues, such as the renegotiation of the Korea-US Free Trade Agreement, and reiterate bilateral partnership in responding to North Korea’s military threats. Accompanied by Bank o
EconomyOct. 11, 2017
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Korean chipmakers reach new highs in stock value
Ahead of third-quarter earnings announcements later this month, South Korean memory chipmakers reached new highs in their stock value Wednesday on expectations of the companies’ largest profits due to the continuing memory chip boom. Samsung Electronics, the world’s biggest memory chip provider, surpassed 2.7 million won ($2,377.6) per share around noon, due to a strong buying spree by foreign investors, two days before the company was set to release preliminary earnings. It was the first time f
TechnologyOct. 11, 2017
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[Herald Interview] Lumens to launch world’s first HD HUD using Micro-LED this year
Market interest toward Micro-LED panels has risen in recent years, following news of Apple working to develop the next-generation display. Micro-LED panels, which feature miniature light-emitting diode arrays with smaller, brighter modules and improved response speed, are also the next-generation target for Samsung and Facebook’s Oculus, but still remain rare in the market due to technical challenges. Samsung’s long-term LED partner Lumens is one of a handful of companies that are ready to comme
IndustryOct. 11, 2017
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[Monitor] Profits of tobacco firms soar
Despite the raise in conventional tobacco taxes in 2015 and a consequent drop in sales, profits reaped by the manufacturers have soared in the past two years, government data showed.The sharp increase is driven by consumers switching to e-cigarettes which are exempted from higher taxes, according to some industry watchers.The government increased taxes on cigarettes by 2,000 won ($1.70) per pack from Jan. 1, 2015, raising the price to 4,500 won per pack, and made it mandatory for tobacco compani
IndustryOct. 11, 2017
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E-mart opens second store in Mongolia
Discount retailer E-mart said Wednesday that it has opened its second store in Ulaanbaatar, the capital Mongolia.E-mart entered the Mongolian market last July through a franchise agreement with Mongolian company Sky Trading. E-mart is the only large-scale discounter that offers one-stop shopping in Ulaanbaatar. Customers at the second E-mart store in Ulaanbaatar, Mongolia (E-mart)Since its opening last July, the first E-mart’s sales have reached 140 percent of expectations.Located on the first a
IndustryOct. 11, 2017
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CJ CheilJedang eyes global market for Korean HMR cuisine
CJ CheilJedang is looking to take its home meal replacement business overseas, the company said Wednesday.“Ultimately, we are looking to compete overseas than domestically. To do that, we must have competitive research and development, as well as R&D for localizing our products,” Kang Sin-ho, the company‘s executive vice president of the food division, told reporters at a press conference Wednesday.The company is pursuing the growing HMR market with three main brands -- Haetban, which offers rea
IndustryOct. 11, 2017
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Household debt, aging threaten economy: report
Indebted households and the projected pace of aging in South Korea are worrisome, raising an urgent need for the country to develop households’ financial systems and access, a report showed Wednesday. Korea had the highest household debt to gross domestic product ratio among 10 Asian countries analyzed in 2016, according to the Allianz Global Wealth Report 2017 released by the German insurance giant. The debt ratio of Asia’s fourth-largest economy came to 95.8 percent, much higher th
MarketOct. 11, 2017
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Korea short on precautions for financial crisis
Calls are rising for South Korea to take full precautions against a possible exodus of foreign capital in the course of tensions escalating over North Korea’s missile and nuclear weapons programs.Government officials have said the impact of the North Korea risk on the local financial market will be limited. Their measured remarks might be intended to avoid exacerbating volatile market sentiment. But many experts including former economic policymakers worry that the government lacks a sense
EconomyOct. 11, 2017
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Korea moves to ease bioethics law to boost gene therapy R&D
South Korea is pushing to ease its bioethics law to allow local scientists and academics to research and develop a wider variety of gene therapies as the country seeks to boost the fast-growing biotechnology sector. Local lawmakers led by Rep. Shin Yong-hyun of the ruling Democratic Party of Korea on Tuesday submitted a motion to amend Korea’s Bioethics and Safety Act to expand the permitted scope of gene therapy research to include all diseases. Right now, the act restricts gene therapy resear
TechnologyOct. 11, 2017