S. Korean steelmakers seek extension of grace period for EU's carbon tax

South Korean steelmakers asked the government Tuesday to persuade the European Union to allow domestic carbon emission calculation methods for a longer period of time ahead of the full implementation of its new carbon border tax. The EU announced the new carbon-pricing system of the Carbon Border Adjustment Mechanism, which calls for levying an import charge on steel, cement, electricity, fertilizer, aluminum and other related items equivalent to their carbon emissions from production. The regul

EconomyJune 20, 2023

Samsung Electronics holds strategy meetings amid macroeconomic woes

Samsung Electronics Co. held companywide global strategy meetings Tuesday, amid continuing headwinds from the uncertain macroeconomic environment. The biannual event, taking place in June and December, is where hundreds of Samsung's senior executives from home and abroad get together to discuss pending issues, business plans and strategy. The company's device experience division, which oversees the business of mobile phones and home appliances, will hold the meetings until Thursday, wh

IndustryJune 20, 2023

Seoul shares open lower ahead of China's rate decision

South Korean stocks started lower Tuesday, as investors awaited the Chinese central bank's rate decision and its next monetary policy steps. The benchmark Korea Composite Stock Price Index slid 10.18 points, or 0.39 percent, to 2,599.32 in the first 15 minutes of trading. The People's Bank of China is expected to cut its benchmark loan prime rate later in the day amid sluggish growth. Investors are hoping to see Beijing roll out fresh stimulus to boost demand. Market observers will als

MarketJune 20, 2023

S. Korea to open foreign currency account for EDCF projects

South Korea plans to open a foreign currency account for the country's low-interest loan projects for developing nations, the finance ministry said Tuesday, eliminating the need for unnecessary foreign exchange conversion procedures. The revision, passed by the Cabinet, will allow the government to deposit the Economic Development Cooperation Fund in foreign currencies directly into private banks, according to the Ministry of Economy and Finance. The move came as the current fund for the pr

MarketJune 20, 2023

S. Korea committed to cultivating favorable business environment

South Korea's finance minister said Tuesday the government is committed to building a favorable business environment by revamping regulations and offering tax cuts as he asked local firms to proactively roll out investments. Finance Minister Choo Kyung-ho made the remark during a meeting with officials from the Federation of Korean Industries, one of South Korea's biggest business lobbies that speaks for large companies, according to the Ministry of Economy and Finance. "In genera

EconomyJune 20, 2023

[Graphic News] Number of foreign patients increases

According to a report released by the Ministry of Health and Welfare, 248,000 patients from abroad visited South Korea for medical treatment last year, up 70 percent from 146,000 in 2021. In 2019, just a year before the pandemic, 497,000 foreign patients entered Korea. Recently, the ministry has released a set of strategies for attracting up to 700,000 foreign patients a year to Korea by 2027. In order to meet its goal by 2027, the government will implement four different strategies: improving i

TechnologyJune 20, 2023

BOK says inflation will bounce back

Consumer inflation is expected to come down to the 2 percent range mid-year and bounce back to the 3 percent range by the end of this year, while core inflation will be slow to ease off, according to the Bank of Korea on Monday. Consumer price growth has been slowing down after reaching its peak at 6.3 percent in July 2022. Price increases have cooled down in the last few months due to the base effect of a surge in international oil prices last year. Consumer prices came down to 3.3 percent last

EconomyJune 19, 2023

[Photo News] Naengmyeon Index

A restaurant worker carries naengmyeon, or cold noodles, as she delivers it to customers in Myeong-dong, Seoul, on Monday. According to a survey conducted by Korean Price Information, a research institution, on the prices of naengmyeon in 10 representative restaurants across 10 different areas of Seoul, the average price of naengmyeon has increased by 7 percent compared to last year and by 29.5 percent compared to 2018. (Yonhap)

IndustryJune 19, 2023

SK-AstraZeneca's new diabetes drug goes into production

SK Chemical said Monday it has begun commercial production of a new diabetes treatment drug co-developed with AstraZeneca. Under their partnership, SK Chemical will be responsible for production of the diabetes treatment drug that will be supplied here and overseas countries in the future, SK Chemical added. “(SK Chemical’s new diabetes treatment drug) has shown the company’s capability in developing and producing medical products. (The new treatment) is expected to help SK Che

TechnologyJune 19, 2023

Seoul shares close down on Fed's hawkish rate outlook; Korean won dips

South Korean stocks retreated Monday, weighed down by hard-line comments from some US Federal Reserve policymakers advocating more interest rate hikes. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index slid 16.29 points, or 0.62 percent, to close at 2,609.5. Trading volume was moderate at 711.1 million shares worth 10.95 trillion won ($8.54 billion), with gainers outpacing decliners 466 to 401. "The Fed officials with those comments are o

MarketJune 19, 2023

Hyundai Motor's Busan Expo promotional video hits 100 million views

Hyundai Motor Group's promotional videos for Busan’s bid to host the 2030 World Expo racked up over 100 million combined views after the first video was released three months ago, the country's top automotive group said Monday. The promotion campaign comprises 37 videos, which include two videos targeting the global audience, and 35 short-form videos addressing individual member countries of the Bureau International des Expositions, the international body responsible for overseei

TechnologyJune 19, 2023

Eased rules for financial firms' overseas biz to be out in July

Korea's top financial regulator announced that regulatory revisions made to support the overseas expansion of Korean financial companies will be unveiled in July, during a conference organized by Financial Services Commission on Monday at the Korea Federation of Banks building in Seoul. The Financial Services Commission has announced that the regulatory changes will be made based on extensive discussions held during a series of conferences and seminars with insiders from the local financial

IndustryJune 19, 2023

[Beyond Earth] Kolon aims to become global space parts supplier

Kolon Group, a South Korean chemical and textile conglomerate, is looking to become a global space parts supplier as it continues to build upon its strength of developing and manufacturing composite materials. “Our business is to supply all parts that are made up of composite materials, so we are developing technologies that can produce composite-materials-made components that go into a space launch vehicle,” said Bang Min-soo, CEO of Kolon Glotech, in an interview with The Korea Her

CompaniesJune 19, 2023

Ramen firms under pressure to lower prices

South Koreans ramen makers said Monday that it is currently difficult to adjust the prices of their ramen products, in response to the South Korean government's recent call for them to cut prices amid the fall in raw material costs. "Milling companies were supplied with months' worth of raw materials when their costs were high. Even if the prices of wheat and other major materials needed for making ramen have fallen recently, it is difficult to adjust the price of ramen immediatel

ConsumerJune 19, 2023

Samsung adopts AI in product design, opens design lab in US, France

Samsung Electronics has adopted artificial intelligence into its design process, utilizing advanced technology to empower designers to "fully unleash" their creativity, according to the company's chief designer. "With the diffusion of new AI capabilities, new relationships need to be established between people and products. As a result, designers need to master totally new powerful tools," Federico Casalegno, the tech giant's executive vice president of design, said

TechnologyJune 19, 2023

[Photo News] Samsung backs Busan expo bid

The facade of Paris' Palais Garnier is covered in a Samsung Electronics' advertisement promoting its mobile phones and Busan's 20230 World Expo bid, in this photo provided by the tech giant on Monday. Samsung is launching a two-day promotion event on Tuesday supporting Busan's bid in Paris, where the general assembly of the Bureau International des Expositions is slated to take place in November. The host country of the World Expo 2030 will be decided there.

IndustryJune 19, 2023

Hanwha Solution to build W380b industrial park for chips

Hanwha Solution said Monday it is poised to build an industrial complex for manufacturing semiconductors and auto parts in Hwaseong, Gyeonggi Province, in a move to offset its sluggish oil and gas business. According to the company, Hwaseong City has approved its business plan to construct the industrial zone, called H-Techno Valley. With a joint investment worth 380 billion won ($296 million) by the firm and the city government, the construction project is scheduled to be completed by 2027 in t

IndustryJune 19, 2023

[Test Drive] Kia presents first 3-row EV9

Hyundai Motor Group’s smaller affiliate Kia is launching a three-row family electric car, the EV9 -- the first of its kind here -- revamping the brand’s push toward sustainable transportation. The EV9 is the second model to adopt Hyundai’s electric car platform E-GMP, following the mid-sized electrified sport utility vehicle EV6, which debuted in 2021. Kia boasted that the latest EV will become a flagship model with the most advanced electrification technology. Creating a new E

MobilityJune 19, 2023

Daesang acquires US food company Lucky Foods to expand kimchi business

South Korea's leading kimchi maker Daesang Corp. said Monday it has acquired US food company Lucky Foods as part of its efforts to expand its kimchi business in the United States. Daesang said it acquired all of the shares and facilities of Lucky Foods after securing a 38 billion won ($29.7 million) fund through a paid-in capital increase. Founded in 2000, Lucky Foods is an Asian food company based in Oregon whose main products include Seoul Kimchi, Korean-style sauces, including Seoul Goch

IndustryJune 19, 2023

Seoul shares open lower on Fed's hawkish rate outlook

South Korean stocks opened lower Monday, as some US Federal Reserve officials' comments backing additional rate hikes sapped hopes for an end to its aggressive monetary tightening. The benchmark Korea Composite Stock Price Index fell 12.6 points, or 0.48 percent, to 2,613.19 in the first 15 minutes of trading. Fed Gov. Christopher Waller on Friday said the core inflation was not coming down like he expected. Richmond Fed President Thomas Barkin advocated more rate hikes, citing persistent i

MarketJune 19, 2023