Owner family of Hankook Tire loses lawsuit on hiding assets overseas

The ownership family of Hankook Tire and Technology, the world’s sixth-largest tiremaker, has lost a lawsuit against the local tax agency concerning a fine of 4.59 billion won ($3.5 million) for allegedly hiding assets overseas. The Seoul Administrative Court recently ruled against the suit brought by Cho Yang-rae, honorary chairman of Hankook & Co., the parent company of Hankook Tire, and his eldest son Cho Hyun-sik, a Hankook & Co. adviser. Cho and his son have argued that op

IndustryJuly 14, 2022

Seoul pressured to join chip alliance against China

The growing call on South Korea to participate in the United States-led chip alliance across East Asia is putting the semiconductor powerhouse, home to Samsung and SK hynix, again in a strategic dilemma. Sitting in the crosshairs of US-China economic warfare, Korea is being pressured to choose a side by joining the new semiconductor alliance of the US, Taiwan and Japan, with Korea making up the fourth in the so-called “Chip 4.” Alternatively, Korea might choose not to join them, con

TechnologyJuly 14, 2022

Ioniq 6 makes world premiere at returning Busan show

BUSAN -- Hyundai Motor’s latest electric vehicle Ioniq 6 made its global debut at the Busan Motor Show Thursday, boasting not only its sleek design but also its single-charge travel capacity of 524 kilometers. The sedan, whose overall design was inspired by airplanes, features energy efficiency at 6 km per kilowatt-hour, which is the highest rate among EVs around the world, the carmaker said. “The Ioniq 6 will create a sensation in the local EV market, currently dominated by EVs wi

MobilityJuly 14, 2022

‘Wage hike pressure due to inflation will be hardest’

An upward pressure on wages caused by inflation will be the biggest ordeal for businesses in the long run, said Chey Tae-won, who is chairman of both SK Group and the Korean Chamber of Commerce and Industry, the nation’s largest business lobby. “Dealing with inflation was expected,” Chey told reporters at the KCCI Jeju Forum which opened Wednesday on Jeju Island. “I think it will be much more difficult especially for small- and medium-sized companies which hire a lot of

IndustryJuly 14, 2022

LG Uplus launches simpler bundle service

LG Uplus has launched a new subscription platform service that offers more convenient access, cheaper bundle deals and a simpler cancellation process in order to maximize customized experiences for its users, the South Korean mobile carrier said Thursday.  The new subscription service‘s name, Udok, is a combination of Uplus and the latter part of the Korean word “gudok” meaning subscription. “Udok has three differentiating factors. First, it does not require contr

TechnologyJuly 14, 2022

Samsung samples world’s fastest GDDR6 memory using EUV tech

Chip-to-smartphone giant Samsung Electronics said Thursday it has unveiled the industry’s fastest GDDR6-standard memory chips for next-generation graphics cards, using the cutting-edge extreme ultraviolet photolithography process. The newest third-generation 10 nanometer-class GDDR6 DRAM is designed to deliver 30 percent faster processing speeds than its predecessor, as they feature 24 gigabits-per-second data transfer rate per pin. The predecessor, featuring speeds of 18 Gbps, has been m

TechnologyJuly 14, 2022

Hyundai unveils 2nd dedicated EV model IONIQ 6

South Korea's Hyundai Motor Co. on Thursday unveiled its second dedicated EV model IONIQ 6 at the Busan International Motor Show ahead of its local launch in September. The IONIQ 6 is the second model embedded with Hyundai Motor Group's EV-only electric-global modular platform (E-GMP) following the IONIQ 5, which launched in April last year. Hyundai will begin receiving preorders for the new model on July 28 and aims to sell 12,000 IONIQ 6 models in the domestic market by the end of th

IndustryJuly 14, 2022

S. Korea's fiscal deficit worsens through May

South Korea's fiscal deficit rose 22.7 trillion won ($17.4 billion) in the first five months of this year from a year ago due largely to increased government spending aimed at tackling the pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 71.2 trillion won in the January-May period, larger than a shortfall of 48.5 trillion won a year earlier, according to the finance ministry. The larger deficit came a

EconomyJuly 14, 2022

SK chief suggests possible changes in investment plans amid rising costs

SK Group Chairman Chey Tae-won has suggested possible changes or a delay in SK's multibillion dollar investment plans for the next few years, citing higher borrowing and raw material costs. Chey made the remarks at a forum in Jeju this week, noting the effect of the global easy-money policy over the past decade, coupled with global supply disruptions, and a surge in energy and commodity prices, triggered by Russia's war in Ukraine, are unraveling. "Costs have risen sharply in mate

IndustryJuly 14, 2022

BOK chief to join G-20 meeting in Bali, discuss inflation, other global issues

Bank of Korea (BOK) Gov. Rhee Chang-yong will take part in a Group of 20 (G-20) meeting of finance ministers and top central bankers this week in Indonesia, his office said Thursday. Rhee will join the G-20 meeting scheduled to be held from Friday to Saturday in Bali, and discuss key economic and financial issues with his counterparts from advanced and key emerging economies, according to the BOK. During the meeting, Rhee and other participants are expected to discuss global inflation, resilienc

EconomyJuly 14, 2022

S. Korea to actively deal with herd behavior in financial market: official

South Korea plans to actively tackle herd behavior in the financial market as market volatility has increased amid monetary tightening drives at home and abroad, a senior government official said Thursday. The government plans to step up its monitoring of the market, as the country's financial market has "sensitively" reacted to concerns about high inflation and global recession fears, according to First Vice Finance Minister Bang Ki-sun. "The government plans to actively deal wit

MarketJuly 14, 2022

Seoul shares open lower on Wall Street losses

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street amid concerns about fast-growing inflation. The benchmark Korea Composite Stock Price Index fell 7.77 points, or 0.33 percent, to trade at 2,320.84 in the first 15 minutes of trading. Overnight, US stocks dropped as the estimate-beating consumer price index for June fanned worries that the Federal Reserve can accelerate its rate hike moves. The Dow Jones Industrial Average declined 0.67 percent, and the tech-heav

MarketJuly 14, 2022

Finance minister concerned about recession after inflation comes under control

  South Korea's chief economic policymaker said Wednesday that he is gravely concerned about a possible recession after soaring inflation stabilizes. His remarks came after the Bank of Korea raised its policy rate by a half percentage point, the largest-ever increase, earlier in the day to combat high-flying inflation. "(The BOK's rate hike) will help rein in rising expected inflation down the road," Finance Minister Choo Kyung-ho said in a forum held in Jeju. "In October

EconomyJuly 13, 2022

'Pace yourselves,' Huh tells students

Korean American mathematician June Huh -- winner of the 2022 Fields Medal, the highest award in mathematics -- encouraged young students to stay patient with themselves when trying to figure out what they like. “If you are trying to like something but it’s hard to do so, I think you should support and wait for yourself. If you push yourself too hard, it’s difficult to purely like something. You should know when it’s time to relax, and I think that is how you can have goo

TechnologyJuly 13, 2022

[Market Eye] Short selling ban back in focus as stocks slide

South Korea’s top financial policymaker on Monday hinted at banning short selling again to prevent a jumpy stock market, but some market analysts say the plan should be reexamined since its effect on long-term market stability is still debatable.　 The ban -- which was temporarily put on the benchmark Kospi and junior Kosdaq in March 2020 over pandemic-induced volatility -- was partially lifted in May 2021, when the bearish investment practice was allowed on the Kospi 200 and the Kosdaq 15

MarketJuly 13, 2022

BOK backs historic rate hike amid growing recession fears

The Bank of Korea delivered a half-point interest rate hike Wednesday, the biggest increase since 1999, to tame unruly inflation, despite growing concerns the move could trigger soaring debt burden and an abrupt economic slowdown. The hike, which comes after inflation hit a 24-year high of six percent in June and takes the current policy rate to 2.25 percent, adds strain to the world’s highest household debt that amounts to a little over 104 percent of Korea’s gross domestic product

EconomyJuly 13, 2022

KFS aims to open forest renaissance

The Korea Forest Service has said it will step up efforts to promote the role of forests in improving the environment, economy and quality of people’s lives by pursuing sustainable forest management. Under its slogan “forest renaissance,” the KFS seeks a balance between development and conservation to secure a sustainable future. “In the forest-driven renaissance, we will make good use of forests to tackle climate change, preserve biodiversity and develop them in a sust

IndustryJuly 13, 2022

[Herald Interview] Korea steps up for sustainable forest management around the world

Having succeeded in reforestation through nationwide tree-planting campaigns in the 1970s, South Korea has been a role model in forest restoration for many developing nations, and is now internationally recognized for sustainable forest management. In a 2020 study by the UN Food and Agriculture Organization’s Committee on Forestry that compared nations’ growth of forest resources per hectare between 1990 and 2015, South Korea showed the highest growth among countries in the Asia-Pa

IndustryJuly 13, 2022

Mint choco craze going overboard? KFC releases mint chocolate dipping sauce

Ever wondered how fried chicken would pair up with mint and chocolate? For those who have, the South Korean unit of fried chicken chain KFC has released a mint chocolate-flavored dipping sauce. The sauce, which is part of a seasonal collaboration with local food delivery app Baemin, will be available until Aug. 8 at locations across the country, excluding a select few. The mixture of “rich and sweet chocolate” and a “fresh mint flavor” has created the new sauce, the

ConsumerJuly 13, 2022

Seoul shares rebound on eased rate hike uncertainties

South Korean stocks rebounded Wednesday on eased uncertainties about the central bank's rate decision. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.85 points, or 0.47 percent, to close at 2,328.61 points. Trading volume was relatively small at about 303 million shares worth some 5.9 trillion won (US$4.5 billion), with gainers outnumbering losers 550 to 298. Institutions bought a net 357 billion won, while foreigners sold 101 bil

MarketJuly 13, 2022