Export prices up for 9th month in August

South Korea's export prices rose in August, marking the ninth straight monthly gain amid a strong recovery in exports, central bank data showed Tuesday. The country's export price index, in terms of the local currency, rose 1 percent in August from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the ninth consecutive month of an on-month rise. In July, the index rose 3.5 percent on-month. From a year earlier, the index jumped 18.6 perce

Sept. 14, 2021

Take down antitrust hurdles for mergers: KDB chief

Korea Development Bank’s Chairman Lee Dong-gull called on the government to take down the antitrust hurdles standing in the way of proposed mergers, which he said are crucial for businesses to survive. Lee leads the main creditor behind the business integration of Korea’s flagship air carriers Korean Air Lines and Asiana Airlines, as well as the integration of the world’s largest shipbuilders Daewoo Shipbuilding and Marine Engineering and Hyundai Heavy Industries -- both base

Sept. 13, 2021

[News Focus] Naver, Kakao: How icons of innovation have come under fire

It took two decades for Naver to grow from an internet portal site to a giant in e-commerce, content and mobile payment, and just one decade for Kakao to build a sprawling business empire encompassing commerce, mobility and entertainment, off its mobile messaging app. Both were praised for innovative internet and mobile technologies that changed the way Koreans work, buy and communicate, making life without their services almost impossible to imagine. But just as their dominance is further

Sept. 13, 2021

Ahead of October launch, Toss Bank secures half a million subscribers

Toss Bank, which is poised to become the country’s third internet-only bank, attracted more than half a million subscribers to its pre-registration of their deposit accounts in just three days, the company said Monday. The online bank was able to draw attention from customers by offering an annual interest of 2 percent, higher than the average interest rate offered by commercial banks at less than 1 percent, as a marketing strategy. “We were able to confirm consumers’ demand

Sept. 13, 2021

Hyosung Group Chairman Cho Hyun-joon calls for aggressive US push

Hyosung Group Chairman Cho Hyun-joon called for an aggressive, preemptive approach to increase its business foothold in the US during his recent visit there, the group said Monday. “The US holds the key to new market dynamics in the post-pandemic era,” the chief was quoted as saying by Hyosung officials in Seoul. “With thorough localization and attention to the customers’ needs, we must increase our market presence here.” Seoul officials linked the chairman&rsq

Sept. 13, 2021

Korea’s aging population to sap fiscal health: Fitch

The fast-paced aging of South Korea’s population is likely to undermine the fiscal health of Asia’s fourth-largest economy in the long run amid soaring debt, credit ratings agency Fitch Ratings said Monday. The aging population, coupled with a declining fertility rate of fewer than one child per woman, could leave Korea exposed to higher risks as rising government spending could become a less effective means of boosting nationwide productivity. Fitch urged Korea to carry out midt

Sept. 13, 2021

Seoul stocks inch up after choppy trading amid inflation, political woes

South Korean stocks edged up after choppy trading Monday as investors remained cautious after a fall on Wall Street last week amid concerns about rising inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.1 points, or 0.07 percent, to close at 3,127.86 points. Trading volume was moderate at about 718 million shares worth some 13.3 trillion won ($11.3 billion), with gainers outnumbering losers 579 to 286. Foreigners bought a net 139

Sept. 13, 2021

Luxury imported cars see record sales in August

Consumer appetite for expensive imported cars is bigger than ever in South Korea. According to data from the Korea Automobile Importers & Distributors Association on Monday, total sales of imported cars with a retail price exceeding 100 million won ($85,156) as of August jumped 65.5 percent on-year. The total number of vehicles in that price range sold in the first eight months of the year was 45,042. This exceeds the total number of high-end imported cars sold in all of 2020, when sales

Sept. 13, 2021

Bithumb, Bucket Studio to launch shopping platform

South Korean crypto exchange Bithumb said it has joined hands with Bucket Studio, a local mobile content provider, to launch a commerce platform where customers can purchase products and services in bithumb cash. By incorporating Bithumb’s blockchain payment technology, the commerce platform, named Bithumb Live, will serve as a new online marketplace. Customers will watch a live show promoting a product -- similar to TV homeshopping -- and pay with its currency, bithumb cash, later on, o

Sept. 13, 2021

Korea sees more self-made superrich

South Korea, which has long relied on a few family-controlled businesses for its growth, has recently seen an increase in the number of people entering the league of the nation’s wealthiest, data showed Monday. The average age of entrepreneurs among the 50 richest also has come down during the pandemic, accelerating a generational shift in the corporate world, according to Leaders Index, a local corporate tracker. Leaders Index analyzed the 50 richest stockholders in each of the US, Korea

Sept. 13, 2021

Samsung Bioepis says its trastuzumab biosimilar as safe, effective as original

South Korean pharmaceutical company Samsung Bioepis said Monday its breast cancer treatment biosimilar Ontruzant is proven to be just as safe and effective as the original drug. The Korean drugmaker conducted a follow-up study lasing five years, tracking 367 patients with human epidermal growth factor receptor 2 positive breast cancer. The patients received several cycles of trastuzumab biosimilar Ontruzant or the reference medicine along with chemotherapy and surgery during the period. S

Sept. 13, 2021

Kakao founder under FTC probe for failing to report properly on key affiliate

South Korea’s Fair Trade Commission is probing Kakao Group founder Kim Beom-su for alleged misreporting of the company’s de facto holding company in violation of the country’s fair trade act. According to industry insiders on Monday, the antitrust watchdog recently conducted site investigations at Kakao Corp. and K Cube Holdings, after finding that the group has left out necessary information or falsely reported about K Cube Holdings, an investment firm fully owned by Kim, o

Sept. 13, 2021

Finance chief calls for beefed-up monitoring of housing markets

Finance Minister Hong Nam-ki on Monday raised the need to strengthen the monitoring of the property market as the latest rate hike and the talks of US tapering could increase market volatility. The minister also called for ways to encourage the private sector to take part in the government's efforts to increase the home supply. "There is a need to strengthen the monitoring of the housing market due to changes in real estate market conditions," Hong told a meeting with senior government

Sept. 13, 2021

Nearly half of public companies see staff numbers drop this year: report

Nearly half of publicly traded companies in South Korea saw their number of staff drop during the first half of this year, signaling the continuing impact of the COVID-19 pandemic on the economy, a new report has revealed. Among those 1,816 companies listed on either the main bourse Kospi or tech-loaded Kosdaq between 2018 and 2021, 859 reduced the number of staff from a year ago, according to the report released Monday by the Korea Economic Research Institute. The drop in employee numbers was

Sept. 13, 2021

Samsung Heavy in talks with Russian customers to build ice-breaking LNG carriers

South Korean shipbuilder Samsung Heavy Industries Co. said Monday that it has been in talks with contractors to build liquefied natural gas (LNG) carriers to transport the LNG to be produced in northern Siberia of Russia. But "nothing has yet to be determined in the talks," Samsung Heavy said in a regulatory filing. Samsung Heavy's announcement came shortly after a report by a local newspaper that the shipbuilder is likely to win orders estimated at about 3 trillion won ($2.6 billion)

Sept. 13, 2021

Pandemic cuts S. Korea's 2021-22 potential growth rate by 0.2% point

The COVID-19 pandemic slashed South Korea's 2021-22 potential growth rate by 0.2 percentage point to 2 percent, the Bank of Korea (BOK) said Monday. South Korea's potential growth rate, which refers to the maximum possible rate an economy can grow without triggering inflation, has been on a steady decline due to a shrinking working-age population and mounting household debts. But the pandemic prompted the nation's potential growth rate to further decline as it dealt a heavy blow to small merchan

Sept. 13, 2021

Electronic payments hit record high in H1 amid pandemic

The amount of payments made electronically hit a record high in the first half of this year, central bank data showed Monday, as the COVID-19 pandemic prompted more people to engage in contact-free commerce. The daily average amount of electronic financial transactions came to 863.5 billion won ($738 million) in the January-June period, up 12.8 percent from six months earlier, according to the data from the Bank of Korea (BOK). The reading marked the highest amount since the central bank started

Sept. 13, 2021

S. Korea proposes digital trade pact with ASEAN

South Korea on Monday proposed a new pact on digital trade with Southeast Asia to cope with the changing global business environment and forge deeper economic ties with the region. Trade Minister Yeo Han-koo held a virtual meeting of economic ministers with his ASEAN counterparts to share opinions on various issues, covering trade and the environment, according to the Ministry of Trade, Industry and Energy. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Th

Sept. 13, 2021

S. Korea designates more hydrogen-focused businesses

South Korea's industry ministry on Monday designated eight additional hydrogen-focused businesses eligible to receive state financial support, in line with the country's goal to slowly phase out conventional resources and go carbon neutral by 2050. The country launched a new law on promoting the hydrogen economy in February, under which companies whose business portfolio covers the sector can receive state subsidies of up to 150 million won (US$128,000). So far, 19 companies have been tapped to

Sept. 13, 2021

Hyundai restarts local plant on resumed parts supply

Hyundai Motor Co. said Monday it has restarted production at a local plant on the resumed supply of electronic components. Hyundai Motor halted the Asan plant on Sept. 9 and 10 due to lack of chip parts, resulting in production losses of 2,000 vehicles, the company said in a regulatory filing. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. Previously, the Asan plant suspended operations from July 13 to Aug. 6 to upgrade the facilities before it begins producti

Sept. 13, 2021