Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Most S. Korean bond experts eye rate hike in Aug.: poll
An absolute majority of bond mavens in South Korea expect the country's central bank to raise its key interest by a quarter point in August in line with the US Federal Reserve's hawkish stance, a poll showed Tuesday. According to the survey of 100 bond experts by the Korea Financial Investment Association, 97 of the respondents forecast the Bank of Korea (BOK) to jack up its policy rate at a policy meeting slated for Thursday. Of the total, 91 percent predicted a 0.25 percentage-point
Aug. 23, 2022
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Global TV sales slip more than 6% on-year in H1, with Samsung being top seller: data
Global TV sales fell more than 6 percent from a year ago in the first half of this year on slow demand and macroeconomic woes, research showed Tuesday, as Samsung Electronics remained the top player in the TV segment. In global markets, 92.6 million units of TVs were sold, down 6.6 percent from a year earlier. By value, the decrease was sharper at 12.5 percent, according to industry tracker Omdia. Consumer electronics companies have been struggling to combat lackluster demand after two years of
Aug. 23, 2022
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Seoul shares open lower on worries over Fed's tightening; won further down
South Korea's stock market opened lower Tuesday as foreigners and institutions unloaded shares following overnight losses amid concerns over the Federal Reserve's monetary tightening. The Korean won continued to lose ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.39 points, or 0.62 percent, to trade at 2,447.11 points as of 9:15 a.m. Investors are awaiting Fed Chair Jerome Powell's comments on inflation and rate increases at the annua
Aug. 23, 2022
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Inflation expectations mark 1st fall in 8 months in August: BOK data
South Korea's inflation expectations declined for the first time in eight months in August, amid hopes that the country's fast-rising inflation hike may peak later this year, a central bank survey showed Tuesday. Ordinary people expected consumer prices will grow 4.3 percent over the next year, which was down from an all-time high of 4.7 percent a month ago, according to the poll conducted by the Bank of Korea (BOK). This marked the first monthly decline since December 2021. "Consumer senti
Aug. 23, 2022
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Korea to review WTO complaint on Biden’s IRA
The South Korean government will review launching a complaint to the World Trade Organization over a new US bill regarding tax credits that immediately scrapped subsidies for electric vehicles made outside the US, South Korean Industry Minister Lee Chang-yang said Monday. Last week, US President Joe Biden signed the $430 billion Inflation Reduction Act, which would allow up to $7,500 of tax credits for “Made in US” EVs only, as part of the scheme to lift the portion of eco-friendly
Aug. 22, 2022
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Won slips anew as investors reassess US rate hike
The South Korean won breached the key psychological threshold of 1,300 won per US dollar, weakening to 1,340.2 won before closing at 1,339.8 won in onshore trading Monday -- a new low in 13 years prompted by a hawkish outlook on a US Federal Reserve’s rate hike in September. The 1,300 mark -- last crossed in April 2009 in the wake of the global financial crisis before June 2022 when it was touched again -- is considered a red flag for the economy. The benchmark Kospi lost 1
Aug. 22, 2022
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Battery material firm L&F to spend W650b on expansion in Daegu
South Korean cathode active material supplier L&F is poised to invest 650 billion won ($483.1 million) in the next two years in a new line of production in Daegu, a filing showed Monday. Once the construction is complete, tentatively by August 2024, the new factory of L&F in Dalseong County, around 240 kilometers southeast of Seoul, will produce nickel-rich cathode active materials for batteries made of nickel, cobalt, manganese and aluminum, with their nickel content comprising at lea
Aug. 22, 2022
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Korea seeks to curb fiscal deficit from 2023
EJONG -- The Yoon Suk-yeol administration would drastically reduce South Korea’s fiscal deficit starting from next year by restricting expansionary policies to improve the nation‘s fiscal soundness. According to government officials on Monday, the Ministry of Economy and Finance has set the goal of slashing the ratio of fiscal deficit to gross domestic product to 3 percent or under -- the first time in four years -- in its national budget plan for 2023. In addition, the Finance Mi
Aug. 22, 2022
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On rising rates, Seoul’s housing market seen entering recession
The housing market in Seoul appears to have entered a period of stagnation not only with the prices of apartments -- the major residential type in the city –dropping, but also the number of transactions falling due to increased interest rates on loans, data showed Monday. According to Zigbang, a local property technology firm, the number of apartment units in Seoul that traded at lower prices than before has surpassed that of apartments that traded at higher prices. Separate data from t
Aug. 22, 2022
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Pulmuone’s tofu sales up 11% in US
Pulmuone’s wholly owned US subsidiary Pulmuone Foods USA said on Monday that sales of its tofu have increased 11 percent this year from last year. The South Korean food giant attributed its sales performance to the construction of its tofu production line at Pulmuone Fullerton plant. The production facility established in November in California contributed to increasing the total production of tofu in the US by 38 percent, according to the company. Pulmuone Foods USA is currently ope
Aug. 22, 2022
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Celltrion establishes R&D office in Boston
Celltrion has opened a research and development office in Boston to speed up its new drug development efforts in the US while seeking and boosting cooperation with other firms, company officials said Monday. According to company officials, the South Korean biopharmaceutical giant completed the establishment of the Boston office earlier this year. The new US office has been exploring the biotechnology industry’s trends while gathering information on startups and pipelines with investment
Aug. 22, 2022
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Naver becomes 1st Korean IT firm to join RE100
Naver has become the first South Korean information technology company to join the global RE100 renewable energy initiative to achieve carbon neutrality, the firm said Monday. The RE100 initiative, which is led by the Climate Group in partnership with CDP -- formerly known as Carbon Disclosure Project -- commits members to using 100 percent renewable electricity. Naver said it plans to initiate its “2040 Carbon Negative” roadmap, which was established last year, to meet the goal
Aug. 22, 2022
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Posco International supports Busan’s Expo bid in Uzbekistan
Posco International, a trading firm under Posco Group, said Monday that it has sponsored performances of the South Korean opera “Chunhyang-jeon” in Uzbekistan, as part of the company’s effort to support Busan’s World Expo 2030 bid. According to the company, the Korean opera was staged at Bolshoi Theater in Tashkent, Sunday, to mark 30 years of diplomatic ties between South Korea and Uzbekistan. Posco International sponsored the performance in collaboration with Busan Me
Aug. 22, 2022
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Lotte chief embarks on 1st overseas trip to Vietnam after presidential pardon
Lotte Group Chairman Shin Dong-bin will visit Vietnam next month on his first overseas trip after a presidential pardon granted last week lifted a legal hurdle that had limited his business activities in recent years. According to the group, Shin will attend the groundbreaking ceremony for Lotte E&C’s construction of Eco Smart City complex in Thu Thiem, Ho Chi Minh, on Sept. 2. Some $900 million have been invested into the construction of the 60-story building on a 680,000-squa
Aug. 22, 2022
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Crypto airdrop subject to gift tax, says Korean authorities
Cryptocurrency airdrop, which refers to a marketing stunt involving sending coins or tokens to wallet addresses, is legally subjected to gift tax, officials said Monday. The Ministry of Economy and Finance’s Tax and Custom’s Office said that crypto issuers delivering coins or tokens to wallets of traders for free is subjected to the nation’s gift tax under the Inheritance Tax and Gift Tax Act. The statement comes amid South Korea’s efforts to set a solid framework for c
Aug. 22, 2022
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No one’s really happy with food delivery platforms anymore
When food delivery platforms first emerged, they were hailed as an innovative new business that would bring convenience to our everyday lives. With just a few taps, foodies were able to enjoy a wide range of dishes delivered right to their doorsteps. Small restaurants could reach a much wider pool of customers. People got jobs as delivery riders. Delivery startups were the darlings of the capital market, receiving huge investments. But after a decade of living with Baedal Minjok, Yogi
Aug. 22, 2022
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Samsung to offer free repairs of over 90,000 defective washing machines
South Korean consumer electronics manufacturer Samsung Electronics has begun to voluntarily offer free repairs of its defective front-load washing machines whose doors are prone to explosion for Korean consumers, according to consumer watchdogs on Monday. The organizations, the Korea Consumer Agency and Korean Agency for Technology and Standards, urged customers who bought three models of Samsung’s Bespoke Grande AI washers to “immediately request a repair” of glass doors to
Aug. 22, 2022
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Samsung to expand Bespoke lineup in Europe
Samsung Electronics said Monday it is unveiling a wider lineup of its Bespoke home appliances at the upcoming IFA trade show in Germany in a renewed sales push in the European market. The Bespoke brand, launched in 2019, has revamped Samsung’s home appliance strategy. Its unique modular concept allows users to customize the material, color, size and door configurations of home appliances. Its flagship refrigerator has seen almost 2 million unit sales worldwide since its debut in 2019,
Aug. 22, 2022
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[Graphic News] Exports of Korean instant noodles hit all-time high
South Korea’s exports of instant noodles hit a fresh all-time high in the first half of the year amid the increasing popularity of Korean pop culture and a rise in demand for home-cooked food, data showed. Exports of instant noodles, or “ramyeon” in Korean, came to $383.4 million in the January-June period, according to data from the food industry and the Korea Customs Service. The figure was up 19.9 percent from the same period a year earlier when ramyeon exports r
Aug. 22, 2022
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Exports up 3.9% during first 20 days of Aug.; trade deficit widens
South Korea's exports rose 3.9 percent on-year in the first 20 days of August on robust demand for petroleum products and autos, but the country saw its trade deficit widen on soaring fuel costs, data showed Monday. The country's outbound shipments stood at $33.4 billion in the Aug. 1-20 period, compared with $32.2 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 22.1 percent on-year to $43.6 billion during the cited period, resulting in a
Aug. 22, 2022