Most Popular
-
1
[Exclusive] Korean military set to ban iPhones over 'security' concerns
-
2
Korean, Romanian leaders discuss defense tech, nuclear energy
-
3
[Graphic News] 77% of young Koreans still financially dependent
-
4
S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
-
5
Yoon’s jailed mother-in-law excluded from latest parole list
-
6
Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
-
7
[Pressure points] Leggings in public: Fashion statement or social faux pas?
-
8
Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
-
9
Korea’s homegrown nanosatellite successfully launches into space
-
10
Aging population to drive down Korea's housing prices from 2040: experts
-
ADB cuts 2022 growth estimate for S. Korean economy to 3%
The Asian Development Bank (ADB) on Wednesday lowered its 2022 growth outlook for the South Korean economy to 3 percent amid the upsurge in COVID-19 cases and the Ukraine crisis. The latest estimate by the Manila-based bank is lower than the 3.1 percent growth forecast made in December last year. The ADB forecast the South Korean economy will grow 2.6 percent next year. Despite the downward revision, the ADB assessed the South Korean economy is expected to "settle into more sustainable grow
April 6, 2022
-
Sanctions on big S. Korean firms rise 10.4% in 2021
Domestic and foreign sanctions on big South Korean firms increased more than 10 percent on-year in 2021 with the amount of fines on them soaring over 50 percent, a corporate tracker said Wednesday. Local and overseas regulators imposed a total of 571 sanctions on 225 large corporations in Asia's fourth-largest economy, up 10.4 percent from a year earlier, according to CEO Score. The companies, which rank among the country's top 500 by sales, were slapped with a combined fine of some 887 billion
April 6, 2022
-
S. Korea steelmaker Posco says its staff back in office as COVID rules ease
Most staff at South Korea's Posco have returned to their offices starting from Friday, a spokesperson of the steelmaker said on Tuesday, making it one of the first major firms in the country to implement back-to-office plans. Posco's move comes as South Korea weighs scrapping social distancing curbs altogether and explores living with COVID-19 amid declining infections. Previously, 50 percent of the company's office-based workforce had worked from home, while its plants in the southern port ci
April 5, 2022
-
Shinsegae looks into whiskey business: reports
Shinsegae’s ambition to enter the soju business appears to have shifted to whiskey instead, as it reportedly submitted a trademark application last week, according to local reports Tuesday. Tentatively named Jeju Whiskey, the retailer is likely to introduce its new brand early next year, considering the application process that takes six to 12 months. According to Korea Customs Service, last year’s whiskey imports increased by 32.4 percent from 2020, on the back of rising demand fo
April 5, 2022
-
Regulator says Google’s billing policy violates Korean law
The South Korean regulator on network and IT services said Tuesday that it has reached the conclusion that Google’s new payment policy violates the Korean law that prohibits app store operators from forcing app developers to use in-app payment systems. Based on its conclusion, the Korea Communications Commission will make a final ruling on whether Google’s new billing system is against the law after reviewing related cases based on the levels of coercion and unfairness. The regulato
April 5, 2022
-
Korean ramen makers’ share prices on rise amid strong exports
Share prices of Korean ramen companies like Nongshim, Samyang Foods, and Ottogi are on the rise, as exports of Korean instant noodles hit new highs last month. Notably, foreign and institutional investors are demonstrating strong interest, according to analysts. Nongshim shares closed at 306,000 won ($252) apiece on Monday, up 2.68 percent from the previous session. The figure indicates a 9.42 percent rise in only half a month since its price stood at 281,000 won on Mar. 15. Institutional inv
April 5, 2022
-
Yoon’s committee starts work on digitizing government work
The transition committee working for President-elect Yoon Suk-yeol on Tuesday discussed digitizing government work with outside experts after being briefed on digital efforts under the current Moon Jae-in government. A task force -- launched by the committee to deliver on Yoon’s promise to change the way the government works by embracing digital technology, mainly big data but also artificial intelligence -- held its first meeting to facilitate the digital shift before Yoon takes office
April 5, 2022
-
Amid steep prices growth, Korea to expand fuel tax cut to 30% from May
SEJONG -- The Ministry of Economy and Finance said Tuesday that it would expand the rate of tax cut on fuel from the current 20 percent to 30 percent, temporarily from May to July, as a contingency plan to alleviate inflationary pressure. The measure, aimed at easing the cost burden on households and some businesses, was unveiled amid growing concerns over consumer price growth reaching the highest figure in more than 10 years. Announcing the plan at a ministerial meeting, Deputy Prime Ministe
April 5, 2022
-
Kakao unveils ‘stock as gift’ service
Kakaopay Securities, the stock brokerage arm of Korea‘s mobile payment platform KakaoPay, said Tuesday it will launch a new service in June through which one can buy stocks as gifts with its payment platform that has over 37 million subscribers. “Users can give both domestic and foreign stocks to friends and family with a gift card featuring Kakao Friends characters,” said Kakaopay Securities co-CEO Lee Seung-hyo during an online press conference. Users receive the stock gift
April 5, 2022
-
Korea’s top 20% own real estate 251 times more valuable than lowest
The gap between people categorized as South Korea’s wealthiest and the poorest groups has been growing sharply in recent years, with houses, buildings and land owned by the top 20 percent valued at an average 251 times higher than that owned by the bottom 20 percent, a report showed Tuesday. The report suggested pandemic-triggered inflation as a key reason behind the widening economic polarization. Koreans in the top 20 percent income bracket had real estate valued at a combined 1.2 bill
April 5, 2022
-
SK hynix, Solidigm launch enterprise SSD for data centers
South Korean memory chip maker SK hynix and its US NAND flash memory solutions arm Solidigm have launched solid-state drives for data centers, the companies said Tuesday. The new product, called P5530, is their first collaborative effort since San Jose-based Solidigm‘s SSD business was acquired by the world’s second-largest memory chip manufacturer in December. P5530 will be a combination of SK hynix‘s 128-layer NAND flash technology with Solidigm’s SSD controller and
April 5, 2022
-
From anti-aging to chip materials: Samsung unveils futuristic projects to fund
Samsung Electronics and its tech foundation said Tuesday they are spending a combined 48.65 billion won ($40 million) this year to fund 27 new research projects on futuristic technologies from anti-aging to new materials for chips. The tech giant has supported local researchers and their work through the Samsung Science & Technology Foundation since 2013. About 1.5 trillion won has been poured into supporting 735 projects involving 14,000 researchers at some 50 schools over the past decade
April 5, 2022
-
9th International EV Expo to kick off in Jeju next month
The annual International Electric Vehicle Expo -- the largest exhibition on electric vehicles in the world -- will kick off next month, bringing industry experts and visitors from around the world to South Korea’s resort island of Jeju. Some 200 companies in the e-mobility sector are to participate in the exhibition, which kicks off on May 3 for a four-day run, according to the organizer. The list of participants includes Tesla and Volvo as exhibitors for the first time. A virtual exhibi
April 5, 2022
-
National debt hits record high in 2021 amid pandemic
South Korea's national debt rose to a record high last year as the government boosted a debt sale to fund its expansionary fiscal spending to ride out the COVID-19 pandemic-caused slump, the finance ministry said Tuesday. The sovereign debt, which covers bond sales and financial borrowing by central and provincial governments, amounted to 967.2 trillion won ($796 billion) last year, sharply up 120.6 trillion won from the previous year, according to a report on the 2021 national settlement. The 2
April 5, 2022
-
Imported car sales dip 8.7% in March amid chip shortages
Sales of imported vehicles in South Korea fell 8.7 percent in March as chip shortages continued to affect vehicle production, an industry association said Tuesday. The number of newly registered foreign vehicles fell to 24,912 units last month from 27,297 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were Mercedes-Benz's E 250 sedan and E 350 4MATIC sedan and BMW's 520 sedan, it said. In March,
April 5, 2022
-
S. Korea to expand fuel tax cuts amid surging energy prices
SEJONG -- South Korea will expand tax cuts on fuel consumption as part of efforts to ease inflation pressure that has been building up amid surging energy prices, the country's top economic policymaker said Tuesday. The government will expand fuel tax cuts from the current 20 percent to 30 percent from early May to end-July as the Russia-Ukraine war has sent crude oil and other commodity prices even higher, Finance Minister Hong Nam-ki told an anti-inflation meeting. The decision came as South
April 5, 2022
-
Jet fuel consumption hits 17-year low in 2021 amid pandemic
Jet fuel consumption in South Korea tumbled to a 17-year low in 2021 in the wake of the coronavirus pandemic, data showed Tuesday. Jet fuel consumption in Asia's fourth-largest economy came to 21.17 million barrels last year, down 2.6 percent from a year earlier, according to the data from the state-run Korea National Oil Corp. The decrease followed a 44 percent on-year nosedive in 2020, which was sparked by the government's strict social distancing measures to prevent the spread of COVID-19. La
April 5, 2022
-
Soaring energy costs push up inflation growth to over 4% in March
South Korea's consumer prices grew more than 4 percent for the first time in more than 10 years in March as energy prices jumped amid Russia's invasion of Ukraine, data showed Tuesday. The consumer prices rose 4.1 percent last month from a year earlier, accelerating from a 3.7 percent on-year gain in February, according to the data compiled by Statistics Korea. Consumer inflation exceeded 4 percent for the first time since December 2011, when consumer prices climbed 4.2 percent on-year. Infla
April 5, 2022
-
Foreign reserves down in March on fall in dollar-converted asset value, dollar selling to ease volatility
South Korea's foreign reserves shrank in March due to a decline in the dollar-converted value of its assets and unloading of dollars aimed at curbing the local currency's steep descent, central bank data showed Tuesday. The country's foreign reserves stood at $457.81 billion as of end-March, down $3.96 billion from the previous month, according to the data provided by the Bank of Korea (BOK). The BOK attributed the decline to a fall in the dollar-converted value of its asset holdings and "m
April 5, 2022
-
Seoul stocks open nearly flat despite overnight US gains
South Korean shares opened nearly flat Tuesday despite overnight rallies on Wall Street as investors remain wary of lingering concerns over the US central bank's monetary tightening and the Ukraine crisis. The benchmark Korea Composite Stock Price Index (KOSPI) had added 0.47 point, or 0.02 percent, to reach 2,758.37 as of 9:15 a.m. Overnight, the US stock market finished higher on strong gains of tech shares. The Dow Jones Industrial Average rose 0.3 percent, and the Nasdaq composite advanced 1
April 5, 2022