Most Popular
-
1
Exports to US reach all-time high, widen gap with China
-
2
Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
-
3
Opposition-led Assembly unilaterally passes bill to probe Marine's death
-
4
[Music in drama] Rekindle a love that slipped through your fingers
-
5
Inflation eases in April, continues bumpy ride
-
6
Golden chance to liquidate babies’ gold rings?
-
7
Seoul Metro to seek legal action against malicious complaints
-
8
Illit, mired in controversy, remains on Billboard charts for 5th week
-
9
[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
-
10
On May Day, labor unions blast Yoon's foreign nanny proposal
-
Gasoline, diesel prices rise for 4th straight week amid tight supply
The weekly average prices of gasoline and diesel in South Korea both climbed for the fourth consecutive week on a continued energy crunch around the world, industry data showed Saturday. The average retail price of gasoline stood at 2,013 won per liter from May 29-June 2, up 19.3 won from a week ago, according to Opinet, a website operated by the state-run Korea National Oil Corp. In Seoul, where oil prices are usually higher than other regions, the average retail price of gasoline
June 4, 2022
-
KB Chairman, UK deputy minister discuss net-zero partnership
KB Financial Group Chairman Yoon Jong-kyoo and the UK Department for Business, Energy & Industrial Strategy’s Deputy Minister Garry Grimstone discussed partnership in achieving net-zero carbon emissions and green investment, the South Korean bank said Friday. In the meeting held Friday, Grimstone called for KB’s active cooperation with UK businesses in investment of renewable energy, according to the firm. He noted the growing importance of renewable energy in achieving the join
June 3, 2022
-
Seoul stocks rebound on eased inflation woes
South Korean stocks rebounded Friday from the previous session's sharp fall, amid eased inflation concerns after the group of major oil exporting countries announced a plan to increase the crude supply and the US job market showed weaker-than-expected growth. The local currency rose sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) closed up 11.66 points, or 0.44 percent, to 2,670.65. Trading volume was moderate at 552.2 million shares worth 7.45 trillion won (US$
June 3, 2022
-
Mom’s Touch in search for new owner
South Korean chicken burger chain Mom’s Touch is searching for a new owner following its delisting from the nation’s second bourse Kosdaq on Tuesday. Its largest shareholder, local private equity firm Korea F&B Holdings, plans to buy shares at 62,000 won apiece for the next six months in order to protect minority shareholders. Following its delisting, industry watchers say sell-off talks are also expected to gain momentum. “Listed companies have legal obligations suc
June 3, 2022
-
Korean Air kicks off engine development for small satellite launch vehicle
The country’s largest air carrier Korean Air will develop common bulkhead propellant tanks for small satellite launch vehicles by 2027 as part of the Ministry of Science and ICT’s Space Pioneer project, the company said Friday. Under a ministry-led program, some 211.5 billion won ($170 million) will be spent until 2030 on developing the country’s bulkhead propellant tanks for small satellite launch vehicles, a device for umbilical release and mobile launch pad, as well
June 3, 2022
-
Inflation exceeds 5% for 1st time in 13 years
SEJONG -- Korea’s inflation surpassed 5 percent on-year last month in the wake of an ongoing glitch in global supply and rapid growth in domestic demand amid normalization from the pandemic, state data showed Friday. According to Statistics Korea, consumer prices climbed 5.4 percent in May compared to a year earlier. This posted the highest figure in more than 13 years, dating to August 2008, when 5.6 percent growth in prices was reported. This also marked the first time that on-year inf
June 3, 2022
-
[Newsmaker] KB raises awareness of saving bees for World Environment Day
KB Financial Group said Friday it had produced and launched a video highlighting the impact of the declining bee population on the environment for the upcoming World Environment Day. The video titled “Warning of the Bees” portrays how climate change and excessive exposure to pesticides threaten the existence of bees, as well as the alarming consequences for humanity. It also paints the stories of people contributing to the effort to revive the bee population. The video is part o
June 3, 2022
-
Aviation service restrictions to be lifted, more outbound routes approved
South Korea’s Transport Ministry said Friday that it would lift restrictions on the operation of international flights and also expand the number of outbound routes, getting ready to go back to pre-pandemic status. Authorities said measures for aviation industry’s normalization will be applied from Wednesday. The ministry has approved some 762 international flights per week for June, 230 more flights added compared to in May, but said it was also willing to give more approvals if
June 3, 2022
-
Seoul shares open higher on hopes of easing inflation
South Korean stocks opened higher Friday, tracking the overnight US rally partly fueled by the Organization of the Petroleum Exporting Countries' decision to increase the oil supply that helped ease inflation concerns. The Korea Composite Stock Price Index (KOSPI) rose 17.09 points, or 0.64 percent, to 2,676.08 in the first 15 minutes of trading. The OPEC Plus decided Thursday (local time) to add 648,000 barrels per day to the market next month, raising the size from the 432,000 barrels per
June 3, 2022
-
Inflation growth hits nearly 14-year high in May on high energy prices
South Korea's consumer prices rose at the fastest clip in almost 14 years in May due to high energy and food costs over the protracted war between Russia and Ukraine and the economic recovery, data showed Friday. Consumer prices jumped 5.4 percent last month from a year earlier, accelerating from a 4.8 percent on-year spike in April, according to the data from Statistics Korea. It marked the steepest on-year increase since August 2008, when consumer prices soared 5.6 percent. Inflation grow
June 3, 2022
-
Hyundai, Kia's May US sales fall 31% amid chip shortage
Hyundai Motor Co. and its affiliate Kia Corp. said Friday their combined sales in the United States fell 31 percent last month from a year earlier amid the prolonged chip shortage. Hyundai and Kia sold 117,373 vehicles in the world's most important automobile market in May compared with 170,315 units a year ago, according to the companies' sales data. Hyundai's sales plunged 34 percent to 59,432 units last month from 90,017 a year ago, while Kia's declined 28 percent to 57,94
June 3, 2022
-
BOK chief stresses post-pandemic role
Central banks should think about what they should do besides keeping prices stable as emerging economies including South Korea struggle to avert anemic growth once persistent inflation caused by the pandemic cools off, Bank of Gov. Rhee Chang-yong said Thursday at a conference. “To escape a low growth, low inflation trap, should emerging market economies, or Korea for that matter, follow the same advice professor Paul Krugman gave to central bankers in advanced economies, to ‘credib
June 2, 2022
-
Finance minister warns against wage, price hikes
SEJONG -- South Korea’s fiscal chief on Thursday called on businesses to refrain from raising product prices and wages amid lingering fears of rising inflation. The comments from Deputy Prime Minister and Finance Minister Choo Kyung-ho came during his meeting with heads of the nation’s six business lobby groups in Seoul. “Given that hikes in price tags and wages could bring about a vicious circle in inflationary pressure, (the government would like to ask you) to internally
June 2, 2022
-
Seoul shares snap 3-day winning streak amid recession woes; Korean won sharply down
South Korean stocks retreated Thursday, snapping a three-day gaining streak, as worries about the world economy possibly going into a recession continued to weigh on investor sentiment. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) fell 26.91 points to close at 2,658.99. Trading volume was light at 513.1 million shares worth 7.6 trillion won ($6.06 billion), with decliners outnumbering gainers 520 to 322. Institutional investors unloaded a n
June 2, 2022
-
LG, Guggenheim Museum to spur innovation in art world
LG Group said Thursday it has partnered with the Guggenheim Museum, a world-renowned modern and contemporary art museum in New York, to spur innovation in the art world using its technological prowess. The nation’s fourth-largest conglomerate plans to discover and support the convergence of advanced technology and art, and also financially support emerging innovative artists through this partnership. In collaboration with the Guggenheim Museum which is located in New York City, Abu Dhab
June 2, 2022
-
[Photo News] BMW M celebrates 50th anniversary
BMW’s M division vehicles are on display at the BMW Driving Center located in Yeongjongdo, Incheon, on Thursday. BMW Korea plans to hold a series of promotional events, including a special exhibition at the center to celebrate the 50th anniversary of the German carmaker’s high-performance motorsport brand for the next two months. (BMW Korea)
June 2, 2022
-
Coupang adds almost 30,000 new jobs in 2021
South Korea’s e-commerce giant Coupang topped the list of the largest employers here last year, adding almost 30,000 new jobs in the year alone, according to industry data released Thursday. According to market tracker Korea CXO Institute, Coupang hired 29,361 new employees in 2021, with its total workforce standing at 72,763. The figure made up almost half the total 63,740 new hires made by the nation’s 76 largest companies with assets over 5 trillion won ($3.9 billion) last ye
June 2, 2022
-
Rsquare makes foray into Singapore’s real estate market
South Korean real estate platform Rsquare said Thursday it has collected over 65,000 pieces of commercial real estate data in Singapore, officially launching its business in the major Asia-Pacific hub. The company has compiled both quantitative and qualitative data on office buildings, hotels, distribution centers, factories and other commercial buildings in Singapore’s principal districts. “Just like in South Korea and Vietnam, our employees went on foot, visited office buildings
June 2, 2022
-
Talks for alternative trading system gain steam
South Korean brokerages’ yearslong plan to launch the first alternative trading system here has entered a new phase, with more companies expressing support and the exchange’s ownership structure getting clearer, media reports said Thursday. According to local reports, 30 small- and medium-sized brokerages have expressed willingness for the first time to use the ATS, if launched, to the ATS task force. The task force is led by the Korea Financial Investment Association, a self-regu
June 2, 2022
-
Posco International resumes operation of grain export terminal in Ukraine
After a months-long supply disruption due to the war in Ukraine, Posco International said Thursday that it has partially resumed operation of its grain export terminal located in the country’s eastern border area. According to the company, its operation resumption follows its clients’ request for supply. Some 2,000 tons of wheat have been exported its terminal in Mykolaiv this week, where some 115,000 tons of grains including wheats and corns are stored. Transportation of grains wa
June 2, 2022