Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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[Graphic News] 1 in 4 Seoul citizens reports ‘revenge spending’ amid pandemic
One in 4 Seoul citizens turned to “revenge spending” to make up for missed shopping during the coronavirus pandemic, a study has shown. According to a report by the Seoul Institute, a think tank for the Seoul Metropolitan Government, 24.3 percent of those surveyed in the first quarter said they had spent more than usual on certain goods due to pent-up demand during COVID-19 isolation. About a third, or 30.2 percent, said their revenge spending happened in the fourth quarter
April 14, 2021
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S. Korea basks in 1st job additions in 13 months amid recovery hope
South Korea reported the first job additions in 13 months in March in the latest sign that the job market is recovering after a yearlong slump caused by the pandemic, data showed Wednesday. The number of employed people reached 26.9 million last month, 314,000 more than a year earlier, according to the data compiled by Statistics Korea. It marked the first time that Asia's fourth-largest economy added jobs since February 2020, when the number of employed people grew by 492,000. The COVID-19 p
April 14, 2021
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Export prices up for 4th month in March
South Korea's export prices rose in March, marking the fourth straight monthly gain amid a modest recovery in exports, central bank data showed Wednesday. The country's export price index, in terms of the local currency, rose 3.3 percent in March from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the fourth consecutive month of an on-month rise. In February, the index rose 3.1 percent on-month. From a year earlier, the index rose 5.6 pe
April 14, 2021
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Seoul stocks open higher on eased inflation woes, job data
South Korean stocks opened higher Wednesday on eased inflation woes and better-than-expected job data. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 3.86 points, or 0.12 percent, to 3,172.94 in the first 15 minutes of trading. Investors' sentiment improved after the country reported the first job additions in 13 months in March in the latest sign that the employment market is recovering. Also, overnight advances in the US stock market boosted appetite for risky assets. In
April 14, 2021
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Cautious approach needed for YouTube stock investing channels: study
The growing influence of YouTube stock investing channels could have a negative impact on investors’ decisions as well as the stock markets, a study showed on Tuesday. Nam Gil-nam, senior research fellow at Korea Capital Market Institute, said during a seminar titled “The implication of growing retail investors” that information from YouTube channels could distort investors’ decisions. Using an analysis of two YouTube investment channels, Nam suggested that stock pric
April 14, 2021
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Blockchain professionals discuss digital asset trends
Blockchain professionals and experts flocked to Seoul on Tuesday to discuss the latest trends surrounding digital assets. Topics at the seminar, dubbed World Blockchain Summit Marvels Seoul 2021, revolved around wealth transfers with the arrival of digital assets, digital transformation in the world of finance, blockchain-driven business models and regulatory hurdles, as well as the world of decentralized finance. Digital asset wallet developer Bitberry’s Chief Executive Officer Yoo Ja
April 13, 2021
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Samsung Card presents AI-powered customer analysis at Nvidia forum
Credit card issuer Samsung Card said Tuesday that it has delivered a presentation on how it is using artificial intelligence in marketing and customer analysis at an online tech conference held by chipmaker Nvidia. The online Nvidia GPU Technology Conference, which began in 2009, is an event where developers, researchers, and officials from private companies around the world share trends and information on AI, machine learning and supercomputing technologies. In its online presentation avai
April 13, 2021
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Mirae Asset bets on global unicorns eyeing IPOs
South Korean brokerage firm Mirae Asset Securities is betting big on global startups going public on US stock markets. Chinese ride-hailing giant Didi Chuxing recently submitted its regulatory filing to the US Securities and Exchange Commission for its debut on the New York Stock Exchange. According to Bloomberg, the company’s estimated valuation stands at nearly $100 billion. When Mirae Asset invested about 300 billion won ($266.65 million) in the firm in 2018, it was valued at $56 billi
April 13, 2021
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Woori joins Vietnam electronic network for cashless payments
Woori Bank said on Tuesday it has completed a project led by the Vietnamese central bank to jointly set up an electronic network for financial transactions aimed at promoting cashless payments in the Southeast Asian nation. Woori Bank Vietnam was the only foreign lender among nine commercial banks selected to build the Automated Clearing House, a computer-based electronic network for processing transactions designed by the State Bank of Vietnam. The network is a part of the Vietnamese governm
April 13, 2021
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Pressure on Samsung as Biden says he wants plants in US, not China
It’s official: US President Joe Biden wants semiconductor chips to be produced in his own country, not China, posing a dilemma for foreign chipmakers such as Samsung Electronics, which are torn between two strategically important markets. Samsung, the only South Korean participant in Monday’s White House meeting on chips, is the world’s No. 1 producer of memory chips used in computers, smartphones and a growing list of smart devices. It is the world’s No. 2 in the found
April 13, 2021
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Black Yak launches free hiking shoes rental service for foreigners
Black Yak is launching a rental service providing free hiking shoes for foreigners as part of its “Together Mountain” campaign, in partnership with the Gangbuk-gu Office in Seoul, the Korean outdoor clothing brand said Tuesday. On Tuesday, Black Yak Chairman and Chief Executive Officer Kang Tae-sun and Gangbuk-gu Council Chairman Park Gyeom-su held the opening ceremony of the rental shop, located inside the Black Yak Ui-dong branch near Bukhansan Ui Station on the Ui-Sinseol Line.
April 13, 2021
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[Behind the Wheel] Kia’s K8 sporty sedan to challenge Grandeur
In South Korea’s premium luxury sedan market, there is one landmark model that for years has maintained an unrivaled lead -- Hyundai Motor’s Grandeur, which saw 145,000 units sold last year. In a move to grow out of the rivalry frame with the all-time bestseller, Hyundai Motor’s sister brand Kia Corp. has adopted a new strategy, which is to discontinue its semi-large sedan K7 and introduce the K8 as a new, upgraded version to fill in the tier. The all-new K8 also marks the
April 13, 2021
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No Novavax shots until safety proven: government
South Korea has cleared potential roadblocks for the local production of Novavax’s COVID-19 vaccine, but it will have to wait until the drug’s safety is proven, government officials said Tuesday. “We’re not considering putting (Novavax shots) to use prior to the authorization process,” Baek Young-ha, who is in charge of the government’s vaccine procurement, told a press briefing Tuesday. The official also sought to clarify an earlier comment by Health Min
April 13, 2021
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Seoul stocks up for 2nd day on earnings hopes
South Korean stocks rose for the second straight session Tuesday on hopes for better earnings amid a global economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.49 points, or 1.07 percent, to close at 3,169.08. Trading volume was moderate at about 1.7 billion shares worth some 16.1 trillion won ($14.3 billion), with gainers outnumbering losers 477 to 358. Foreigners bought a net 445 billion won, while retail investors p
April 13, 2021
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Coupang senior job openings in Singapore spark speculation of foray into Southeast Asia
South Korean e-commerce giant Coupang is hiring a small number of employees for senior positions in Singapore, a move that has been seen as part of steps to branch out into the Southeast Asian market. The company recently posted several job openings on global recruiting site Linkedin for its office in Singapore including head of retail, head of logistics and head of operations. It is also hiring a senior front-end engineer for its video streaming platform Coupang Play. A Coupang representati
April 13, 2021
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Korea's crypto investors appear to be shifting toward minor virtual coins
An ample amount of investors appears to be shifting toward other minor coins, market watchers here said on Tuesday, citing a sudden decline of trading volume of Bitcoin, the largest cryptocurrency. According to Upbit and Bithumb, South Korea’s two leading crypto exchanges, trading volume of Bitcoins fell 40 percent last month from January apparently due to an abrupt surge in the virtual coin. The price of Bitcoin more than doubled from 31.66 million won ($28,000), the lowest point in
April 13, 2021
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Return of short-selling won’t trigger correction: Morgan Stanley
Ahead of the South Korean government implementing a partial reactivation of short selling from May 3, local retail investors have voiced concerns over possible losses in battles with sophisticated hedge funds. The resumption, however, is likely to have a limited impact on the local indexes, global investment bank Morgan Stanley said Tuesday. “We view a sharp market correction as unlikely and expect the Kospi to remain range bound (2,950-3,250),” the report read, adding that the i
April 13, 2021
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South Korean lottery spending up 7.2%
South Korean households spent a monthly average of 7.2 percent more on lottery tickets last year, compared with the previous year, data from the Korean Statistical Information Service showed Tuesday. Korean households each spent a monthly average of 590 won ($0.52) on lottery tickets last year, according to Kosis. The data also took households that didn’t purchase lottery tickets into account, in calculating the average figure. The increase in lottery ticket spending came amid a recor
April 13, 2021
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First CU store in Malaysia hits jackpot with Korean products
The first Malaysian outlet of CU, the South Korean convenience store chain, has seen more than 11,000 customers in just 10 days since opening, the company said Tuesday. According to BGF Retail, the firm behind the CU chain, an average of 1,000 people have visited the store in Kuala Lumpur daily since it opened on April 1. That is about three times the average number of visitors of CU stores in South Korea, the company added. A typical CU store here is open for 24 hours. But the Malaysian st
April 13, 2021
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Samsung expands dominance in smartphone memory market in 2020: report
Samsung Electronics Co. expanded its dominance in the global smartphone memory market in 2020, a report showed Tuesday, as it represented nearly half of the industry. Samsung, the world's largest supplier of DRAM and NAND chips, accounted for 49 percent of the global smartphone memory market last year, up 2 percentage points from a year earlier, according to a report from industry tracker Strategy Analytics. Samsung was followed by its smaller South Korean rival SK hynix Inc. with a 21 perce
April 13, 2021