Most Popular
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[Latest Updates] Impeachment vote scrapped
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Ruling party leader stands firm on suspending Yoon from his position
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South Korean military says will not obey another martial law
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President Yoon Suk Yeol says will entrust state affairs to ruling party
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Motion to impeach Yoon Suk Yeol scrapped
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Why did martial law troops go to National Election Commission?
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Rights group claims proof of 2nd martial law declaration
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Bill to investigate Kim Keon Hee fails to pass
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[Breaking] Majority of ruling party lawmakers exit after vote on first lady probe
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Nobel Prize winner Han Kang expresses shock over martial law news
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Seoul stocks open lower on US tapering uncertainties
South Korean stocks opened steeply lower Friday as investors await the results of the meeting in Jackson Hole, Wyoming, for clues about the US Federal Reserve's stance about its tapering timeline. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.65 points, or 0.31 percent, to trade at 3,118.88 points in the first 15 minutes of trading. The KOSPI and its global stock peers retreated amid concerns that the Fed could start rolling back its accommodative policies as early as later t
Aug. 27, 2021
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Exports expected to jump 34.5% in August on chips, autos: poll
South Korea's outbound shipments are predicted to increase 34.5 percent on-year in August on strong global demand for chips and automobiles despite the protracted COVID-19 pandemic, a poll showed Friday. Exports are expected to reach $53 billion won this month, according to the survey of seven brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency. Imports are estimated to rise 44.8 percent on-year in August to $51.8 billion, resulting in a trade surplus of $1.2 bil
Aug. 27, 2021
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S. Korea produced only 1 unicorn startup this year: report
South Korea has produced only one unicorn startup so far this year, falling far behind the US and China, according to a report from the Federation of Korean Industries. Across the world, a total of 291 startups have attained unicorn status -- reaching a market valuation of over $1 billion -- during the January-July period, according to the FKI report, citing data from tech market research firm CB Insights. Market Kurly, a food delivery and logistics platform here, was the only South Korean e
Aug. 26, 2021
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FTC to look into problems consumers face on e-commerce platforms
South Korea’s Fair Trade Commission will commission a research project to determine the major problems that consumers face when they use e-commerce platforms, in an effort to seek a better understanding of the booming e-commerce sector. According to government sources Thursday, the antitrust watchdog posted a notice on the state-run Korea ON-Line E-Procurement System on Monday, seeking bidders to carry out the project. The FTC saw the need for systemized research on the issue as e-comme
Aug. 26, 2021
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Posco Chemical, OCI invest W74.5b in battery material
P&O Chemical, a joint venture between Posco Chemical and OCI, will produce petroleum pitch material for lithium-ion batteries, to respond to increasing demand for battery cells around the globe, Posco Chemical said Thursday. Petroleum pitch is used as a base material for anodes when producing lithium-ion batteries. According to Posco Chemical, the company and its partner OCI will invest a combined 74.5 billion won ($63.4 million) in the joint venture’s project, with a goal of secu
Aug. 26, 2021
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SMEs, borrowers brace for impact of rate hike
Businesses and individual borrowers in South Korea voiced criticism on Thursday over the central bank’s decision to raise its key interest rate for the first time in 15 months, due to a possible increase in their debt burdens. In an effort to counter growing inflationary pressure and household debt, the Bank of Korea hiked its key rate by 0.25 percentage point to 0.75 percent. The move is likely to exacerbate debt-servicing burdens, particularly for the self-employed and small business
Aug. 26, 2021
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Korea to deliver W11tr in subsidies before Chuseok
South Korea will launch another round of COVID-19 cash handouts for nearly 90 percent of Koreans, as well as other financial support for small merchants, before the Chuseok holiday in September. Authorities plan to provide 11 trillion won ($9.4 billion) to people in the bottom 88 percent income bracket under this year’s second extra budget, worth 34.9 trillion won. The government aims to distribute 90 percent of the subsidies by the end of September. The beneficiaries will be selected
Aug. 26, 2021
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[News Focus] National debt surges W100tr in just 9 months
SEJONG -- South Korea’s national debt is estimated to have surpassed 900 trillion won ($770 billion) this year for the first time, though the government has yet to publicize the updated official figure. According to calculations by the National Assembly Budget Office, the national debt – debt directly held by the central and local governments -- was estimated at 938.9 trillion won as of Thursday. The latest official figure, unveiled by the government, was 898.1 trillion won as of J
Aug. 26, 2021
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Seoul stocks snap 3-day winning streak on BOK's rate hike
South Korean ended its three-day winning streak Thursday as the central bank delivered its first pandemic-era rate hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 18.28 points, or 0.58 percent, to close at 3,128.53 points. Trading volume was moderate at about 719 million shares worth some 13.2 trillion won ($11.3 billion), with losers outnumbering gainers 488 to 349. Foreigners sold a net 363 billion won, while retail investor
Aug. 26, 2021
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Nexon rookies offer tips for internship applicants
Nexon employees hired within the past two years have created seven-minute video clips to share their experiences with new recruits. The company is hiring interns as part of its six-month Nexon Tutorial program. In the clips, five employees from the game firm’s four divisions -- business, new development, live development and intelligence labs -- briefly introduce their work and offer candid thoughts for people hoping to land internships at the company. Nexon Tutorial, launched this ye
Aug. 26, 2021
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Under inflationary pressure, central bank lifts key rate, hints at more hikes
South Korea’s central bank on Thursday carried out its first rate hike since the pandemic began, marking a major turnaround from its expansionary stance that had been proactively deployed to buttress the nation’s virus-hit economy for the last 15 months. The rate hike marked the first case of a central bank in a major Asia-Pacific economy tightening monetary policy, reflecting concerns over overheated markets and growing inflationary pressure. The Bank of Korea raised its benchma
Aug. 26, 2021
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Hyundai Card launches credit card with Naver
Hyundai Card announced Thursday it has launched a private label credit card in collaboration with IT giant Naver to bolster the credit card issuer’s online retail business. According to the company, the Naver Hyundai Card offers rewards and benefits to customers using online transaction and subscription services via Naver. A PLCC refers to a credit card rolled out by a credit card issuer, but which offers benefits from a specific retailer the issuer has partnered with. The credit card
Aug. 26, 2021
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Korea becomes proving ground for global PEFs
The exit strategies of global private equity firms in South Korea indicate that Asia‘s fourth-largest economy is becoming a new proving ground for capital allocation in the Asia-Pacific region, according to market watchers on Thursday. The latest to do so was Bain Capital Private Equity, which inked a 1.7 trillion-won ($1.4 billion) deal to exit from listed botulinum toxin maker Hugel. Bain Capital Private Equity on Wednesday agreed to sell its 5.4 million shares and some 800,000 convert
Aug. 26, 2021
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Netmarble offloads KakaoBank shares worth W113b ahead of casino game buy
Netmarble sold 133 billion won ($114 million) worth of shares in KakaoBank to secure liquidity, a regulatory filing showed on Thursday, ahead of the payment deadline for its acquisition of a social casino game company. This is the second time the mobile game company unloaded its holding in KakaoBank after it sold 6 million shares for 430 billion won on Aug. 10, just days after the internet-only bank successfully made its market debut on Aug. 6. After the two rounds of offloading, it still hol
Aug. 26, 2021
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Four in 10 travel agency workers lost jobs in past 2 years
Four out of 10 workers at major South Korean travel agencies were laid off in the past two years as the ongoing pandemic battered the tourism industry. According to data from the Financial Supervisory Service on Thursday, the total number of staff members hired at six travel companies listed in the stock market dropped by 39.7 percent compared with June 2019, before the pandemic. Korea’s largest travel agency, Hana Tour, saw the biggest drop of 52.8 percent. Mode Tour, the second-large
Aug. 26, 2021
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Ikea Korea says won’t raise prices in next 12 months
Ikea Korea will not raise product prices in the next 12 months, sticking to its policy of offering quality products at low prices, the Swedish furniture giant’s Korean unit said Thursday. Holding an online press conference, the firm also revealed that in the fiscal year ending this month, it has seen a 23 percent jump in consumer visits to both online and offline stores but sales growth stood at a disappointing 3.4 percent. In the previous fiscal year, the company had reported about 30 p
Aug. 26, 2021
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Jobs for wage workers grow at slower pace in Q1 amid pandemic
The number of jobs for wage workers in South Korea grew at a slower pace in the first quarter than three months earlier due to slumps in in-person service sectors amid the pandemic, data showed Thursday. The number of paid employee jobs reached 18.9 million in the cited period, up 321,000 from a year earlier, according to Statistics Korea. The tally was lower than an on-year increase of 503,000 in the fourth quarter of last year. It also marked the smallest increase since the second quarter of
Aug. 26, 2021
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Hyundai Motor top employer of workers with disabilities in 2020
Leading automaker Hyundai Motor Co. was the top employer of physically challenged workers among 70 major firms in South Korea in 2020, with their total hiring of disabled people continuing to rise, a corporate tracker said Thursday. Hyundai Motor, the flagship of No. 5 global automaker Hyundai Motor Group, had 2,108 employees with disabilities last year, which accounted for 3.12 percent of its head count, according to Korea CXO Institute. The ratio was up from 2.95 percent in 2019, and Hyundai
Aug. 26, 2021
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S. Korea aims to set global tech standards for metaverse
South Korea's standard agency said Thursday it will spare no efforts to lead the global standardization of technologies related to the metaverse as the industry is expected to further expand down the road amid the COVID-19 pandemic. "Online meetings and lectures, along with remote working, have emerged as a new norm amid the pandemic," Lee Sang-hoon, who heads the Korean Agency for Technology and Standards, said during the International Display Standardization Forum held virtually on
Aug. 26, 2021
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Retail sales up 13% in July on strong demand for delivery services
Retail sales in South Korea advanced 13 percent in July from a year earlier, data showed Thursday, on the back of strong demand for food delivery services amid the prolonged social distancing measures. The combined sales of 25 major offline and online retailers reached 12.9 trillion won ($11 billion) last month, compared with 11.4 trillion won tallied in the previous year, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores moved up 7 percent
Aug. 26, 2021