Choo highlights role of MDBs in tackling poverty in developing nations

South Korean Finance Minister Choo Kyung-ho emphasized the importance of multilateral development banks' role in tackling poverty in developing nations at a Group of Seven ministerial meeting, the ministry said Saturday. Choo made the remark during a session at the G-7 Finance Ministers and Central Bank Governors' Meeting in Niigata, northwest of Tokyo, which closed Saturday after a three-day run, according to the Ministry of Economy and Finance. Asia's No. 4 economy participate

EconomyMay 13, 2023

Coupang quickly catches up to retail giant Shinsegae

South Korean e-commerce firm Coupang is catching up with Shinsegae, one of the country's largest and oldest retail players, by closing the sales gap to less than 10 billion won ($7.5 million) from 1 trillion won a year ago, according to their earnings reports Friday. The 13-year-old e-commerce operator's increasing number of paid subscribers is the main driver behind its improved performance, posing threats to conventional retail brands like Shinsegae. According to Coupang's lates

ConsumerMay 12, 2023

Mavek, SAP to host global semiconductor webinar on June 8

Investment advisory firm Mavek and multinational software company SAP will jointly host a global semiconductor webinar on June 8, which will shed light on the semiconductor industries in Japan, Korea and Taiwan. Titled “Taiwan, Japan, & South Korea -- Where do they head?” -- the upcoming webinar is the third installment of an ongoing four-part series called “Global Semiconductor Chip Wars & Implications.” The series features speakers from major global institutions

IndustryMay 12, 2023

Hanwha Aerospace, KT added to MSCI Korea Index

Four Korean companies -- Hanwha Aerospace, Cosmo Advanced Materials, KT and Posco International -- were included to the Korean index powered by US index provider Morgan Stanley Capital International on Friday. The much-anticipated inclusion of battery material firm EcoPro fell through due to its recent "extreme" price surge. Hanwha Aerospace, the space business arm of South Korean conglomerate Hanwha; battery material firm Cosmo Advanced Materials; telecommunications firm KT; and Pos

MarketMay 12, 2023

Seoul shares down for 4th day amid rate hike woes

Seoul shares ended lower to extend their losing streak to a fourth day Friday as investors remain concerned about the Federal Reserve taking further tightening steps. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 15.58 points, or 0.63 percent, to 2,475.42. The Kospi has shed 1 percent this week. Trading volume was moderate at 782.19 million shares worth 8.21 trillion won ($6.2 billion), with decliners outnumbering gainers 650 to 233. Institutions

MarketMay 12, 2023

Kepco chief offers to resign amid deficit woes

Korea Electric Power Corp. President and CEO Cheong Seung-il offered to resign Friday, as the state-operated power utility firm announced a 25 trillion won ($18.7 billion) self-rescue measure to overcome swelling deficit. Cheong's resignation came after Kepco announced its self-rehabilitation plan, which includes selling off of property assets and wage freeze to improve financial stability. The CEO was appointed to the post in June 2021, and was set to serve for another year in his term. &q

IndustryMay 12, 2023

HMM joins takeover bid to buy Hyundai LNG Shipping

HMM, South Korea’s largest LNG shipping firm, will join a bid to acquire a 100 percent stake in Hyundai LNG Shipping after selling the LNG carrier operator to a local private equity firm nearly 10 years prior. According to industry sources on Friday, HMM delivered its intent to participate in the takeover bid to IMM Private Equity and IMM Investment, which together own a 100 percent stake in Hyundai LNG Shipping. Hyundai LNG Shipping is the largest LNG carrier operator in the country, op

IndustryMay 12, 2023

Economic slowdown continues on weak exports, manufacturing performance: govt.

South Korea's finance ministry said Friday the country's domestic consumption has been showing a steady recovery, but the economy has continued to slow due to sluggish exports and facility investment. "Recently, inflation has been slowing in South Korea, with the domestic consumption also posting a rebound," the Ministry of Economy and Finance said in a report. In April, the country's inflation grew 3.7 percent on-year, marking its slowest pace in over a year. The minist

EconomyMay 12, 2023

S. Korea to issue travel coupons to boost domestic consumption

South Korea's finance ministry said Friday the government will issue a set of coupons for local accommodations and tour packages in line with efforts to boost domestic consumption. The move came a day after President Yoon Suk Yeol declared an end to almost all COVID-19 restrictions in the latest step to return to pre-pandemic normalcy. Under the measure, the government plans to offer 30,000-won ($22.50) coupons that can be used at local accommodations, along with a 30 to 50 percent discount

EconomyMay 12, 2023

Seoul shares open lower amid rate hike worries

Seoul shares opened lower Friday as investors remain concerned about the US Federal Reserve taking further tightening steps. The benchmark Korea Composite Stock Price Index fell 11.57 points, or 0.46 percent, to 2,479.43 in the first 15 minutes of trading. Institutions and foreigners sold a combined 115 billion won ($86 million) worth of stocks, offsetting individuals' stock purchases valued at 114 billion won. In Seoul, large-cap stocks declined across the board. Market bellwether Samsung

MarketMay 12, 2023

[Graphic News] S. Korea’s whisky imports soar about 80% in Q1

South Korea’s whisky imports shot up nearly 80 percent in the first quarter of this year on the liquor’s surging popularity among young Koreans amid the coronavirus pandemic, data showed. The volume of imported whisky came to 8,443 metric tons in the January-March period, up 78.2 percent from a year earlier, according to the data from the Korea Customs Service. It marks the highest first-quarter tally since 2000, when data tracking began. It is also the largest quarterly figure after

MobilityMay 12, 2023

Hyundai Motor gobbles 55% of hydrogen fuel-cell vehicle market in Q1

South Korean automaker Hyundai Motor captured more than half of the global hydrogen fuel-cell vehicle market in the first quarter, according to energy market tracker SNE Research on Thursday. A total of 3,737 hydrogen fuel-cell vehicles were sold worldwide in the first three months of 2023, up 4.5 percent on-year. Among manufacturers, Hyundai Motor sold a total of 2,042 vehicles, of which it sold 2,013 units of the Nexo -- an 19.8 percent increase on-year. Hyundai’s market share increased

MobilityMay 11, 2023

CJ Logistics to build distribution center in Saudi Arabia

South Korea’s CJ Logistics said Thursday that the company will invest around 60 billion won ($45.4 million) to establish a global distribution center in Saudi Arabia, the Middle East's rising logistics powerhouse. The distribution center will be located in Riyadh’s Special Integrated Logistics Zone, a special economic zone, through which the Saudi Arabian government aims to boost the country’s supply chains. The facility will be built on 18,000 square meters of land within

ConsumerMay 11, 2023

Starbucks Korea delays free gift event after toxic bag debacle

Starbucks Korea is putting off its summer promotional event for 2023 in order to carry out tougher product inspection in the aftermath of the massive recall of a promotional product that contained toxic, carcinogenic chemicals last year. The seasonal promotional event, called the “e-frequency” reward program, has been taking place biannually in South Korea, offering limited-edition goods to its loyal customers since 2013. The coffee chain typically announces the launch of the summer

IndustryMay 11, 2023

Seoul shares down for 3rd day despite eased US inflation

Seoul shares ended lower to extend their losing streak to a third day Thursday as investors remain watchful on whether the US Federal Reserve will put its policy rate on hold next month following improved US inflation data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 5.51 points, or 0.22 percent, to 2,491.00. Trading volume was moderate at 635.97 million shares worth 8.82 trillion won ($6.6 billion), with gainers outnumbering decliners 502 to 3

MarketMay 11, 2023

Google takes aim at Samsung with first foldable phone

US tech giant Google unveiled its first foldable smartphone, the Pixel Fold, at its annual I/O developer conference in California Wednesday, aiming to challenge the dominance of Samsung Electronics in the global market. While Chinese smartphone makers such as Huawei, Oppo, Vivo and Xiaomi have followed Samsung’s footsteps in launching foldable smartphones, Google has become the first major tech firm in the US to make an entry into the growing foldable market. The Pixel Fold is set for a Ju

TechnologyMay 11, 2023

NHN records on-year profits in Q1

South Korean information technology company NHN Corp. on Thursday said its first-quarter operating profit rose 23.1 percent on-year to 19.1 billion won ($14.5 million) mainly owing to steady growth in the revenue of its gaming and payment services. Net income came to 25.6 billion won ($19.3 million), turning from a loss of 4.5 billion won during the first quarter of 2022, according to the company’s regulatory filing. Meanwhile, total sales increased 5.4 percent on-year to 548.3 billion won

MarketMay 11, 2023

Samsung SDS joins hands with o9 Solutions, Emro for SaaS solution

Samsung SDS announced Thursday that it has formed strategic partnerships with o9 Solutions, a US-based planning platform provider, and Emro, a Korean Supplier Relationship Management vendor, in a bid to jointly develop global SRM Software as a service solution. Samsung SDS said it plans to complete the development of the SaaS solution this year, and secure customers by 2024 to cement its position as a market leader. SRM has become a crucial factor in strengthening the firm’s competitiven

CompaniesMay 11, 2023

OLED rivalry of Samsung, BOE expands into patent war

As display panel makers of South Korea and China are vying to win greater global market share, the rivalry appears to be expanding into a patent war. Chinese top display panel manufacturer BOE Technology and two of its subsidiaries recently filed six lawsuits against Samsung Display and its five Chinese entities concerning patent infringement at Chongqing No. 1 Intermediate People’s Court in southwestern China, according to the court. The Beijing-based firm also took two legal proceedings

IndustryMay 11, 2023

KDI slashes Korean economy's growth rate to 1.5% for 2023

The Korea Development Institute, a South Korean state-run think tank, lowered the nation’s growth rate for 2023 to 1.5 percent from 1.8 percent in its previous outlook due to weak exports. The KDI projected Korea's economy will grow by 0.9 percent in the first half of 2023. It is expected to see 2.1 percent growth in the latter half of the year provided that the Chinese economy picks up and the semiconductor industry recovers from its slump. In the previous projection given in Febru

EconomyMay 11, 2023