Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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BOK chief to meet economic experts to exchange views on economic conditions
South Korea's central bank chief will hold a meeting with economic experts this week to exchange views on recent economic trends, officials said Wednesday. Bank of Korea Gov. Lee Ju-yeol will meet seven economic experts from major think tanks, including the Samsung Economic Research Institute, at a Seoul hotel Thursday, according to the bank officials. Lee occasionally held the "discussion on economic trends" with experts from various economic sectors, but no such meetings have been
Nov. 10, 2021
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Local companies given fewer corporate tax breaks than US, Japanese firms
South Korean companies are given far fewer tax breaks compared to their counterparts in Japan and the US, a report said Wednesday. According to an analysis by the Korea Economic Research Institute, the corporate tax deduction rate in South Korea in 2019 was 8.4 percent, while the rate in Japan was 24.8 percent and 18.6 percent in the US. This means that for every 100 won of tax paid, firms in the US get 18.6 won back and 24.8 won back in Japan, while in South Korea, corporations only get 8.4
Nov. 10, 2021
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Posco to create 25,000 youth jobs over next 3 years: govt.
The steelmaking conglomerate Posco has promised to create 25,000 new jobs over the next three years as part of the government's youth job and education support project, the Prime Minister's Office said Wednesday. Posco and its affiliates will hire 14,000 people annually for three consecutive years and run support programs for partners and startups to recruit 11,000 people over that period. The plan was revealed during a partnership announcement event between Posco and the Prime Minister's Offi
Nov. 10, 2021
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Hollys Coffee CFO promoted CEO, hints at IPO
Hollys Coffee’s Chief Financial Officer Lee Jong-hyun has been named the new CEO of the coffee chain, its operator KG Hollys F&B announced Wednesday. Lee was named the brand’s CFO last year, when KG Group acquired the franchise to bring it under its food and beverages unit, which is now KG Hollys F&B. “Our goal is not to become the brand with the most stores, but a coffee franchise with a low closure rate. We will strengthen our dessert and deli menus, as well as f
Nov. 10, 2021
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Park Yong-maan retires from his last remaining role at Doosan
Park Yong-maan is stepping down from his last remaining post at Doosan Group, bringing official closure to an era for the country’s 15th largest conglomerate. According to Doosan, the 66-year-old tycoon has recently tendered his resignation as chairman of the group’s think tank, the Doosan Business Research Institute. It was his last remaining link to the conglomerate, which he ran as chief from 2012 until March 2016. His two sons who are incumbent executives at Doosan
Nov. 10, 2021
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Foreign ownership of Seoul stocks plunges below 28%
South Korea has suffered continuous capital outflows of foreign stock funds amid the recent lackluster performance of the domestic market. Thanks to their selling spree, Asia’s fourth-largest economy has seen a further decrease in foreign ownership, data showed Wednesday. Offshore investors sold a net 31 trillion won ($26.2 billion) of local stocks from January to October, having already surpassed last year’s combined net sales of 24.3 trillion won, according to data from the Financ
Nov. 10, 2021
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Posco Chemical buys stake in Chinese EV battery material producer
Posco Chemical Co., a unit of South Korean steel giant Posco, said Wednesday it plans to acquire a 15 percent stake in a Chinese manufacturer of artificial graphite anode material as part of efforts to bolster its battery materials business. The decision, reached at a board meeting earlier in the day, enables Posco Chemical to invest 26.1 billion ($22.1 million) in Inner Mongolia Sinuo New Material Technology Co. and participate in the management of the company, the company said in a regulatory
Nov. 10, 2021
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S. Korea’s household debt growth slows down, Treasury yields surge in Oct.
The pace of household debt growth in South Korea slowed down in October, while the yields on both short-term 3-year and benchmark 10-year Treasury notes saw gains in the same period, data showed Wednesday. The outstanding household loans extended by banks here gained 5.2 trillion won ($4.3 billion) on-month to 1,057.9 trillion won, Bank of Korea data showed. The gain was less sharper compared with a 6.4 trillion won on-month gain observed in September, an on-year increase of 10.6 trillion won
Nov. 10, 2021
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KCCI warns S. Korea’s potential growth rate to drop amid low birth rates
The Korea Chamber of Commerce and Industry warned on Wednesday that South Korea’s potential growth rate could drop to the mid-one percent range as a result of low birth rates and a drop in labor productivity. In a report released on Wednesday, the chamber’s sustainable growth initiative division said South Korea’s total fertility rate hit a record low of 0.84 last year as it has been also hit with the fastest aging population among OECD members. Combined with a drop in labor
Nov. 10, 2021
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HHIH to launch W34b fund for digital health care and biotechnology
Hyundai Heavy Industries Holdings Co. (HHIH), the world's largest shipbuilding group, said Wednesday it will launch a 34 billion-won ($28.8 million) fund to support promising startups in the digital health care and bio industries. The fund will help the company advance into the digital health care market and seek new business opportunities, HHIH said in an emailed statement. HHIH will invest in telemedicine, digital therapeutics, artificial intelligence-based diagnostics and new biomedicine de
Nov. 10, 2021
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SHK Smarter 7 develops varnish that inactivates COVID-19
SHK Smarter 7 said it has developed a varnish that inactivates, or virtually kills, more than 99 percent of the novel coronavirus. The eco-friendly paint and varnish producer said that when its Dr. Virus varnish is painted on walls and ceilings, repeated air circulation allows it to inactivate the COVID-19 virus and bacteria in the air. The anti-COVID-19 test of the new product was conducted at a bioveterinary research lab of Wageningen University in the Netherlands, which is an internation
Nov. 10, 2021
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Tobacco harm reduction policy in spotlight
The US Food and Drug Administration recently authorized for the first time an electronic cigarette to be sold in the US, drawing attention to a harm reduction policy, which is designed to lessen the negative social or physical impacts associated with tobacco use. The US FDA last month issued marketing granted orders to vapor company R. J. Reynolds for its electronic nicotine delivery device and accompanying tobacco-flavored e-liquid pods through the premarket tobacco product application (PMTA
Nov. 10, 2021
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Banks' household loans grow at slower pace in Oct. amid tight lending rules
South Korean banks' loans to households grew at a slower pace in October, central bank data showed Wednesday, amid the government's tightened regulations on lending amid worries about soaring household debt. Banks' household loans stood at 1,057.9 trillion won ($897.3 billion) as of end-October, up 5.2 trillion won from a month earlier, according to the data by the Bank of Korea. The on-month growth slowed from a 6.4 trillion won rise in September. It is also much smaller than an increase of 1
Nov. 10, 2021
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SK Telecom Q3 net profit up 88% on equity gain, 5G growth
SK Telecom Co., South Korea's top wireless carrier, said Wednesday its third-quarter net income rose 88 percent on-year thanks to growth in 5G users and equity gains. Net income stood at 736.5 billion won ($623.3 million) in the July-September period on a consolidated basis, compared with 391.8 billion won a year earlier, according to a regulatory filing. Operating income rose 11.71 percent to 400 billion won over the same period, while sales increased 4.99 percent to 4.96 trillion won.The tel
Nov. 10, 2021
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Bond issuance in S. Korea jumps in Oct.
Bond issuance in South Korea rose sharply in October from the previous month due to increased debt sales by financial firms and the government, data showed Wednesday. The value of bonds sold in Asia's fourth-largest economy stood at 65.4 trillion won ($55.4 billion) last month, up 8.4 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Last month's increase compares with a 9.6 trillion-won on-month plunge recorded in September. Sales of fi
Nov. 10, 2021
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BOK board members say inclusion of housing costs will heighten inflation
The members of the South Korean central bank's rate-setting board have voiced concerns inflation could be higher than current levels if housing costs are taken into consideration, minutes from the latest policy meeting showed Wednesday. The Bank of Korea issued the minutes of the Oct. 12 meeting when its seven-member board held its key policy rate unchanged at 0.75 percent. "In August, the consumer prices in the US grew 5.3 percent, much higher than a 2.6 percent rise in our country, whic
Nov. 10, 2021
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[Graphic News] S. Korea‘s seaport cargo up 8.1% in Q3 amid global rebound
Cargo processed at South Korean seaports advanced 8.1 percent in the third quarter of this year as trade gained traction amid the global economic recovery from the pandemic, the Oceans Ministry said. Cargo handled at the country’s ports came to 393.03 million tons during the July-September period, up from 363.53 million tons a year earlier, according to the data by the Ministry of Oceans and Fisheries. Handling of export-import cargo surged 8.6 percent on-year to 338.85 million tons
Nov. 10, 2021
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S. Korean multiplexes still suffer from pandemic-inflicted losses in Q3
South Korean multiplex operators suffered huge losses in the third quarter amid the protracted COVID-19 pandemic, but their bottomline is expected to improve thanks to the nationwide move to return to normalcy, financial data showed Wednesday. CJ CGV, the No. 1 multiplex operator under the wing of entertainment giant CJ Group, said its operating loss reached 77.5 billion won ($65.7 million) over the July-September period, narrowing from an operating deficit of 96.8 billion won a year ago. Its
Nov. 10, 2021
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S. Korean exports to India drop 3.5% from pre-pandemic level
South Korea's exports to India shrank 3.5 percent in the first nine months of this year from 2019 due to import controls and a delay in the recovery of the emerging economy, a top business lobby said Wednesday. Overseas shipments to Asia's third-largest economy came to $11.41 billion in the January-September period, compared with $11.82 billion during the same period two years earlier, according to the Federation of Korean Industries (FKI). The decline contrasts with a 16.5 percent on-year sur
Nov. 10, 2021
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Job growth extended to 8th month in Oct. amid economic recovery
South Korea reported job additions for the eighth straight month in October in the latest sign the country's economic recovery has continued despite the fourth wave of the pandemic, data showed Wednesday. The number of employed people reached 27.74 million last month, 652,000 more than a year earlier, according to the data compiled by Statistics Korea. The reading was lower than an on-year increase of 671,000 in September when South Korea reported the largest job additions in more than seven y
Nov. 10, 2021