Hanwha seeks bigger presence in burgeoning global robotics market

Hanwha Group, South Korea's seventh-largest conglomerate, officially launched its robotics firm Hanwha Robotics on Wednesday, aiming to take the lead in the burgeoning global robotics market. Hanwha Corp./Momentum and Hanwha Hotels & Resorts set up a joint venture for Hanwha Robotics, holding 68 percent and 32 percent of the shares in the new entity, respectively. Hanwha Corp./Momentum will acquire 28,293,195 shares of Hanwha Robotics, valued at about 42.4 billion won ($31.8 million). K

IndustryOct. 4, 2023

S. Korea, UAE hold formal talks for free trade deal

South Korea and the United Arab Emirates have launched formal negotiations for a bilateral free trade agreement, Seoul's industry ministry said Wednesday. The two nations agreed in 2021 to push for forging a Comprehensive Economic Partnership Agreement, and the first round of talks kicked off in Seoul on Monday for a four-day run, according to the Ministry of Trade, Industry and Energy. The CEPA is a type of FTA, which emphasizes a broader scope of economic cooperation and exchanges on top

IndustryOct. 4, 2023

Industrial output rises 2.2% in August on chip recovery

South Korea's industrial output rebounded in August from a month earlier on the back of a robust recovery in the chip sector, data showed Wednesday. The industrial output advanced 2.2 percent in August from the previous month, after slipping 0.8 percent in July, according to Statistics Korea. It was the sharpest growth since a 2.3 percent rise tallied in February 2021. The rebound came after the country's industrial output, retail sales and facility investment all lost ground at the sa

IndustryOct. 4, 2023

Seoul shares open sharply down on US jobs data, rate hike woes

South Korean stocks opened sharply lower Wednesday, tracking an overnight slump on Wall Street, as US jobs data deepened concerns about further interest rate hikes by the Federal Reserve. The benchmark Korea Composite Stock Price Index shed 47.43 points, or 1.92 percent, to 2,417.64 in the first 15 minutes of trading. The secondary KOSDAQ index lost more than 2.2 percent in the first 15 minutes. Overnight, US shares ended markedly lower as an increase in available job openings in August strength

MarketOct. 4, 2023

Why retail investors are flocking to state bonds

The South Korean government has decided to allow retail investors to directly invest in state bonds from next year amid the recent fervor for bond investments among individuals. Last month, the government announced its planned revision to the State Bond Act, which aims to roll out bond products solely for retail investors. Korea issues state bonds worth 150 trillion won ($110 billion) every year, but the market has been largely dominated by institutional investors. As of the end of June, almost

EconomyOct. 3, 2023

Hyundai Ioniq 7 may start production in July next year

Hyundai Motor Company will begin producing the Ioniq 7, the automaker’s all-electric large sports utility vehicle, in July next year, local media reported Tuesday. According to the report citing unnamed industry sources, Hyundai Motor and its employment stability committee recently carried out a series of meetings to confirm the manufacturing plan for the Ioniq 7. Although there are remaining details to be finalized, the report said the EV SUV will begin production at Hyundai Motor’s

MobilityOct. 3, 2023

Korean Air to submit new merger plan to ease antitrust concerns

The high-profile merger between South Korea’s top two air carriers is likely to meet a watershed moment later this month as Korean Air is reportedly scheduled to submit an aggressively revised version of its acquisition proposal for Asiana Airlines to the European Commission to effectively ease the regulator’s antitrust concerns. According to local reports Tuesday, Korean Air’s revised proposal will include the company's sale of the entirety of Asiana Airlines' cargo

IndustryOct. 3, 2023

Samsung chief explores new growth drivers in Middle East

Samsung Electronics Chairman Lee Jae-yong traveled to key locations of Samsung's business in Saudi Arabia, Egypt and Israel during the six-day Chuseok holiday in South Korea to explore new business opportunities in the region, the tech giant said. Lee’s latest trip to the Middle East came nearly 10 months after he visited the construction site of the Barakah nuclear power plant in the United Arab Emirates in December last year as his first official overseas trip as the executive chair

IndustryOct. 3, 2023

SKT’s AI-based veterinary service to debut in Japan

SK Telecom said Tuesday that it has forged a business partnership with Japan’s leading pet insurance company Anicom Holdings, as it eyes global expansion with X Caliber, its flagship artificial intelligence-based medical service for pets. The Tokyo-based pet insurance company owns a top market share of 46 percent alongside running various subsidiaries engaged in diverse pet-related businesses, including an electronic chart solution company and an animal hospital operator. Under the agreeme

IndustryOct. 3, 2023

Household debt to GDP at highest level

South Korea's household debt-to-gross domestic product ratio increased the most last year from 2017 among 26 nations that provided such data, despite financial authorities taking various measures to curb it. According to the International Monetary Fund's Global Debt Database, the ratio reached 108.1 percent last year, an increase of 16.2 percentage points from 92 percent in 2017. South Korea is the only country among the 26 countries included in the data set where private sector debt &

IndustryOct. 3, 2023

[Photo News] LG OLED TV at Frieze London

Media artist Quayola’s animated painting, titled “Jardins d’Ete” ("Summer Gardens"), is played on the iconic Piccadilly screen in London. As part of its ongoing art projects, LG Electronics said its organic light-emitting diode TVs will be used to display the Italian artist’s digital paintings referencing the late works of French impressionist Claude Monet during the upcoming Frieze London art fair that takes place Oct. 11-15. (LG Electronics)

IndustryOct. 3, 2023

'No Japan?' Korea swings from extreme rejection to selective embrace

For one local beer aficionado, the recent increase in the variety of alcoholic beverages available at convenience stores has been noticeable and -- to a moderate degree -- welcome. "Various Japanese beer brands are now part of the 'Buy four cans of imported beer for 10,000 won ($7.50)' deal," 32-year-old Lee Hyun-soo told The Korea Herald. "So I thought, 'Why not relish their rich flavor?' Especially since I haven't been to Japan in ages,” he said. M

ConsumerOct. 2, 2023

Shin-Hanul 2 nuclear reactor on test run for full operation next year

The Shin-Hanul 2 nuclear reactor in southern South Korea began a six-month test operation this month to go into full operation next March, according to a state-run nuclear power agency Monday. The 1.4 gigawatt reactor in the coastal county of Uljin, some 215 kilometers southeast of Seoul, was loaded with fuel and entered into testing last week, Korea Hydro & Nuclear Power Co. said. If the test run goes without a hitch, the reactor is expected to be put into full operation in around March as

IndustryOct. 2, 2023

Japan's Honda beefs up lineup to revive sales in S. Korea

Honda Korea Co. is beefing up its product lineup to revive sales after they plunged nearly 70 percent in the January-August period from a year earlier due mainly to a lack of new models. Honda Korea Co. has recently launched two all-new models -- the 3.5-liter gasoline-powered Pilot and the 2.0-liter gasoline hybrid CR-V SUVs, while planning to add the Accord gasoline hybrid sedan to the lineup next month. The Japanese carmaker had sold only two models, the 3.5-liter gasoline-powered Odyssey min

MobilityOct. 2, 2023

S. Korea's drop in exports eases in Sept. on chip sales recovery

South Korea's exports fell for the 12th consecutive month in September but logged the smallest on-year decline so far this year, as global demand for semiconductors has been on the recovery track, the industry ministry said Sunday. Outbound shipments fell 4.4 percent on-year to $54.66 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Exports have marked an on-year drop since October last year amid aggressive monetary tightening by the United S

EconomyOct. 1, 2023

Households in capital areas hold 70 pct larger assets than non-metropolitan families: data

Assets held by South Korean households in Seoul and the surrounding metropolitan areas were some 70 percent larger than those owned by households in the non-metropolitan regions, data showed Saturday. The average per-household assets in Seoul, the western city of Incheon and the surrounding Gyeonggi Province came to 692.46 million won (US$512,554) as of end-March, some 69.2 percent greater than 409.35 million won owned by each non-capital household, according to the data by Statistics Korea pres

EconomySept. 30, 2023

Inflation driving up costs to eat out

The inflation rate for food prices at dining establishments and prices of processed foods has been increasing at a faster pace than the overall inflation rate for consumer goods, a state-led agency’s data showed Saturday. According to Statistics Korea, the inflation rate for food prices at dining establishments in August came to 5.3 percent, while the inflation of consumer prices reached 3.4 percent. Government data also showed that food prices at restaurants have been increasing for 27 st

EconomySept. 30, 2023

Post-pandemic Chuseok to revive overseas travel, gift giving

In the upcoming Korean Thanksgiving holiday of Chuseok, the first since the official end of the three-year pandemic, South Koreans are eyeing travel to Japan while giving fruit as gifts, a recent analysis showed Tuesday. According to a big data analysis on social media of 2023 Chuseok trends conducted by KPR digital communication lab, there is a growing interest in overseas travel as well as gifts that reflect consumers' personal values. The data revealed an increase in keyword searches rel

IndustrySept. 29, 2023

Whisky imports surge 40% through August, suggesting record-breaking year

South Korea's whiskey imports surged by 40 percent year-on-year through August, signaling the potential for record-breaking annual inbound whiskey shipments this year. Whiskey product imports totaled 22,799 tons in volume from January to August this year, marking a significant increase from 16,267 tons recorded during the same period in 2022, according to data from the Korea Customs Service. If the current import trend continues, this year's volume is likely to surpass the 2002 record

IndustrySept. 29, 2023

S. Korean refiners set for turnaround in Q3 on stronger margins

Major South Korean refiners are expected to post a turnaround in their third quarter earnings, recovering from losses and dismal profits in the previous quarter, on the back of stronger margins amid rising oil prices, according to analysts Friday. SK Innovation Co., the energy unit under SK Group, is forecast to log 667.5 billion won (US$498 million) in the operating profit for the July-September period, turning around from a loss of 107 billion won in the previous three months, according to the

EconomySept. 29, 2023