Korea to change expiration date labeling system

South Korea’s food expiration labeling system is set to change for the first time in 38 years, starting January, under a new policy measure to reduce food waste. The revised bill on the food labeling and advertising act that passed last August replaces the current “sell-by” dates with “use-by” dates. Sell-by dates denote the time period in which a retailer must get its products off the shelves, while use-by dates tell consumers up to what point a product can be sa

IndustryJuly 13, 2022

US Treasury Secretary's Seoul visit raises expectation on currency swap

United States Treasury Secretary Janet Yellen is poised to hold talks with South Korea‘s key financial policymakers, raising market expectations of a possible currency swap amid the growing strength of the US dollar against the local currency.　 Her two-day visit to Korea on July 19-20 will take place immediately after the Group of 20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia, scheduled from Friday to Saturday. During her visit, the secretary will also visit L

IndustryJuly 13, 2022

Over 50s make up 85% of job increases

SEJONG -- The number of employed across the nation increased for the 16th consecutive month, with the tally for June climbing by more than 800,000 on-year, state data showed Wednesday. While brisk hiring continued last month, employment by age indicates that young generations still suffer a tough job market despite the normalization process from the pandemic. According to Statistics Korea, the number of employed people increased by 841,000 in June, compared to the corresponding month of 2021,

EconomyJuly 13, 2022

LG Chem reaches out to society as ‘Green Connector’

Under a new vision called “Green Connector,” South Korea’s leading chemicals maker LG Chem is expanding activities to help resolve environmental and social problems. To raise awareness of the importance of biodiversity, the company has refurbished the Bamseom Ecological Experience Center on Mapo Bridge over the Han River, which it built with the Seoul city government in December 2018.  LG Chem also began an online mentoring program, “Like Green,” with college

IndustryJuly 13, 2022

SK Innovation invests $20m in Fulcrum BioEnergy

South Korean chemical firm SK Innovation said Wednesday it has made a $20 million equity investment in US renewable fuels firm Fulcrum BioEnergy. Fulcrum has commercialized a process to produce synthetic oil for transportation by gasifying household waste. With the fresh capital, Fulcrum is expected to reach Asian markets, including Korea, under an exclusive licensing agreement with SK Innovation. Fulcrum began its initial operations of its inaugural biorefinery, the Sierra BioFuels Plant l

IndustryJuly 13, 2022

Korean students abroad, parents tightening belts as won dives to 13-yr low against dollar

South Korean students studying abroad and their parents are taking the brunt of the weakening Korean won, as the home currency is hovering around the lowest level against the US dollar in 13 years. After hitting a 13-year low of 1,301.8 won against the greenback on June 23, the Korean currency further extended losses to close at 1,312.1 won Tuesday amid growing global recession fears. The sharply weaker won means soaring living costs for Korean students abroad who rely on money transfers from ho

EconomyJuly 13, 2022

BOK delivers unprecedented 0.5 percentage-point rate hike to combat inflation

South Korea's central bank on Wednesday delivered an unprecedented 0.5 percentage-point rate hike to fight fast-growing inflation pressure pushed up by high energy and commodity prices. The monetary policy board of the Bank of Korea (BOK) held a rate-setting meeting earlier in the day and voted to increase the benchmark seven-day repo rate from 1.75 percent to 2.25 percent, according to the central bank. This marked the BOK's first "big-step" rate hike ever and the sixth rise

EconomyJuly 13, 2022

[Graphic News] South Korea recaptures No. 1 shipbuilding title in H1

　South Korea has captured the No. 1 spot in global shipbuilding orders for the first time in four years on the back of rising demand for high-priced vessels, such as liquefied natural gas carriers and container ships, data showed. 　The country’s shipbuilders secured a total of 9.79 million compensated gross tons (CGTs) during the January-June period, accounting for 45.5 percent of the orders placed worldwide, the Ministry of Trade, Industry and Energy said, citing data from Clarkson Rese

BusinessJuly 13, 2022

S. Korea's job growth slows in June amid increased economic uncertainty

South Korea reported job additions for the 16th consecutive month in June, but the pace of job growth slowed amid heightened economic uncertainty, data showed Wednesday. The number of employed people came to 28.49 million last month, up 841,000 from a year earlier, according to the data compiled by Statistics Korea. The June reading marked the largest job addition in 22 years for any June. But the pace of job growth slowed compared with May, when the country added 935,000 jobs. The statistics ag

EconomyJuly 13, 2022

Seoul shares open higher ahead of BOK's rate decision

South Korean stocks opened higher Wednesday ahead of the central bank's rate decision. The benchmark Korea Composite Stock Price Index rose 7.88 points, or 0.34 percent, to trade at 2,325.64 in the first 15 minutes of trading. The key stock index rebounded after a two-day loss since Monday, despite an overnight US stock fall. The Bank of Korea (BOK) will announce the results of its monetary policy meeting later in the morning. Investors are wondering if the BOK will take a "big step&qu

MarketJuly 13, 2022

Antitrust watchdog probing Naver, Coupang over alleged misleading advertising: sources

South Korea's antitrust regulator has conducted an on-site probe into internet giant Naver and e-commerce firm Coupang over their allegedly exaggerated or deceptive advertising practices, industry sources said Tuesday. The Fair Trade Commission (FTC) recently sent staff to the headquarters of the two companies located in Seongnam, south of Seoul, and Seoul's eastern ward of Songpa, respectively, to investigate the allegations that they engaged in illegal advertising practices. Naver is suspec

IndustryJuly 12, 2022

Hyundai Motor, labor union reach tentative wage deal

Management and unionized workers of South Korea's top automaker Hyundai Motor Co. reached a tentative wage deal on Tuesday, averting a labor strike for the fourth consecutive year. The two sides agreed to a 98,000 won ($74.80) increase in basic monthly pay, the construction of a new electric vehicle (EV) factory in South Korea and more new hires, among other things, during their 16th round of negotiations held in Ulsan, some 310 kilometers southeast of Seoul. It marked the fourth consecutive

IndustryJuly 12, 2022

Logistics venture DSF signed MOU to support Ukraine

Korean logistics venture DSF L&I has signed a memorandum of understanding with a non-profit organization Eurasian Business Association to implement relief and restoration projects in Ukraine, the company said Tuesday. The signing ceremony was held last month during a seminar on humanitarian aid and post-war recovery in Ukraine that took place in On General Hospital, Busan, it added. The seminar was co-hosted by the Ukraine Support Joint Task Force, Green Doctors Foundation and Eurasian Bu

IndustryJuly 12, 2022

Dunamu to invest W500b for 5 years to create 10,000 jobs

Dunamu, the operator of local crypto exchange Upbit, will invest 500 billion won ($380 million) to create 10,000 new jobs for the next five years. The blockchain company plans to nurture 500 promising startups and create around 8,000 new jobs to operate startup counseling programs, according to Dunamu on Tuesday. Startup counseling programs include “UP Start Incubator” to help those working with Web 3.0, a decentralized online system based on blockchain technology, and “UP St

IndustryJuly 12, 2022

Digital health care for seniors blue ocean in S. Korea: report

With the emerging digital health care market sparked by the coronavirus pandemic, demand for digital health care services for seniors is continuing to grow in South Korea, a report showed Tuesday. According to Samjong KPMG, a Seoul-based consulting firm, the digital literacy level of the elderly here has surged by 4.8 percentage points to 69.1 percent last year, compared to 2019. The report said seniors are emerging as key customer base for digital health care, noting that one out of three Ko

IndustryJuly 12, 2022

Mercedes-Benz CSR donates W530m to support underprivileged kids

The Mercedes-Benz CSR Committee donated 530 million won ($403,000) raised through the ninth Mercedes-Benz Give ’N’ Race to provide medical and education expenses to underprivileged children and teenagers. The donation will be delivered to Gangnam Severance Hospital’s Rare Incurable Disease project, the Kids & Future Foundation’s Children and Youth Welfare project, the SeungIl Hope Foundation’s Lou Gehrig Disease project and Wild Flower Youth Center’s Grou

IndustryJuly 12, 2022

HanmiGlobal acquires UK consultancy Walker Sime

Korean construction management firm Hanmi Global said Tuesday that it has acquired Manchester, England-based construction consultancy Walker Sime. Walker Sime, established in Manchester in 1999, provides specialist services including quantity surveying, project management, employer agents and commercial consultancy. It also has talented employees with diverse consulting experience in the field of construction. Walker Sime has recently been expanding its portfolio by carrying out projects in

IndustryJuly 12, 2022

SPC Group chairman attends Choose France event

SPC Group chairman Hur Young-in attended a global business event held by the French government as the only Korean entrepreneur to have participated in the event twice, the food company said Tuesday The one-day event, called Choose France, invites overseas companies to accelerate their investment in the second-largest economy in Europe. The government-led event has been held since 2018. On Monday, French President Emmanuel Macron hosted a banquet to welcome global entrepreneurs from over 250 c

ConsumerJuly 12, 2022

Seoul shares down for 2nd day on earnings, virus concerns

South Korean stocks retreated for a second straight session Tuesday, weighed by concerns about corporate earnings and a surge in new coronavirus outbreaks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 22.51 points, or 0.96 percent, to close at 2,317.76 points. Trading volume was relatively small at about 374 million shares worth some 6.3 trillion won ($4.8 billion), with losers outnumbering gainers 772 to 129. Institutions sold a ne

MarketJuly 12, 2022

Korea snubs display industry with focus on chips

Flat-panel displays usually come together with semiconductor chips as they are both considered basic elements of the most of the electronic devices in the world. But with the Yoon Suk-yeol administration placing its policy focus on semiconductor chips and as Yoon pivots toward “economic security” based on the Korea-United States alliance, South Korea’s display panel business has largely been sidelined. Experts say such shift could end up endangering Korea’s foothold in

TechnologyJuly 12, 2022