4 out of 10 firms in S. Korea experience raw materials price hikes higher than 20 pct: survey

About 4 out of 10 companies in South Korea saw their raw material prices jump 20 percent or more this year amid fast-rising oil and commodity bills, a central bank survey showed Monday. According to the survey by the Bank of Korea on 570 firms, 40.3 percent said so, with 8.1 percent saying that the prices jumped 50 percent or higher compared with a year earlier. With the raw material price increase, 69 percent of those surveyed raised the prices of their products or services. Of them, 43.1 perce

EconomyJune 27, 2022

BOK deputy chief to attend FSB meeting this week

A top official of the Bank of Korea (BOK) will attend a meeting of the Financial Stability Board (FSB) this week in the Netherlands and discuss global cooperation, Seoul's central bank said Monday. Bank of Korea (BOK) Deputy Gov. Lee Seung-heon will depart for the European country on Tuesday to join the general assembly of the FSB in Amsterdam on Thursday, according to the BOK. The FSB is a consultation body that coordinates and cooperates for global financial market stability. It is made u

EconomyJune 27, 2022

How feeding seagulls became a boat trip selling point

As a cruise ferry on Han River was about to leave the dock on a Tuesday afternoon in June, dozens of seagulls began to gather around. Some sat on the top rails of the ship while others began to fly around as passengers started to come out to the deck. Once the engine starts, you get the sense what they are here for. People were holding snacks with their fingers or throwing them for the birds to eat. Laughter and joyful scream filled the ship as people of all age groups -- from elderly peopl

MobilityJune 27, 2022

SK Bioscience's COVID-19 vaccine candidate inches closer to launch after experts' approval recommendation

South Korea's first COVID-19 vaccine candidate, developed by SK Bioscience Co., has received an approval recommendation from a government advisory group of pharmaceutical experts, officials said Monday, pushing the vaccine candidate one step closer to commercial launch. The Ministry of Food and Drug Safety said GBP510, the vaccine candidate developed by SK Bioscience, was recommended during a meeting of the ministry's Central Pharmaceutical Review Committee on Sunday as being ready for

IndustryJune 27, 2022

Seoul shares open higher on U.S. gains

Seoul shares opened higher Monday, tracking gains on Wall Street last week, with investors staying cautious about high inflation and further rate hikes. The Korea Composite Stock Price Index (KOSPI) rose 10.35 points, or 0.44 percent, to 2,376.95 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average rose 2.7 percent to 31,500.68 points and the tech-heavy Nasdaq climbed 3.3 percent to 11,607.62 points. In Seoul, technology stocks were lead gainers. Market bellwether Sams

MarketJune 27, 2022

SC Bank Korea offers special rate until June 30

Standard Chartered Bank Korea is offering a special interest rate of up to 1.9 percent per annum, before tax, to new customers opening a checking account by the end of this month. Account holders are eligible for the special rate up to 60 days from opening the account, as long as they keep the balance between 100 million won ($77,200) and 2 billion won. The rate is adjusted each day depending on the balance at the end of day. Once new deposits reach 200 billion won, the special offer will ex

MarketJune 26, 2022

Bumpy road ahead for wage talks at Hyundai Motor Group

A labor dispute is brewing at Hyundai Motor Group, as its unionized workers warned of a possible strike after they failed to narrow differences with management over wage hikes and working conditions amid the automaker’s shifting focus toward electric vehicles, a threat to its manufacturing-focused workforce. According to the industry on Sunday, the labor union with some 47,000 members at the Hyundai Motor Co. branch of the Korean Metal Workers’ Union under the Korean Confederation

MobilityJune 26, 2022

LG Electronics makes foray into EV charging market

LG Electronics said Sunday it is making its foray into the burgeoning electric vehicle charging market, calling the sector one of its key growth drivers for its next big leap. As part of the big push, the firm said it has acquired a 60 percent stake in AppleMango, a local battery maker, in partnership with GS Energy and GS Neotek that took over 34 percent and 6 percent in the company, respectively. Following the deal, AppleMango has become a subsidiary of LG Electronics. Through the new su

TechnologyJune 26, 2022

Cyworld launches ‘digital inheritance’ service

South Korean social media platform Cyworld on Sunday launched a new service called “digital inheritance,” which allows the family of a deceased user to inherit digital data. Family members will gain access to published photos, videos and even the diary of the deceased, while other private materials open to friends or the account owner may not be disclosed due to privacy issues. The company added the “inheritance” will be made only if the user agrees to the terms befo

TechnologyJune 26, 2022

Kospi, Kosdaq see sharpest drop among 40 global stock indexes

South Korea’s key stock index and its secondary bourse both saw the biggest drop among 40 global indexes, including inflation-hit Argentina’s Merval S&P, data showed Sunday, prompting concerns of a possible market crash. From the end of last month to Friday, the nation’s main bourse, Kospi, fell 11.89 percent from 2,685.90 to 2,366.60, while the secondary, tech-heavy Kosdaq dropped 15.01 percent from 893.36 to 750.30, according to data from the nation’s sole bourse

MarketJune 26, 2022

Hyundai tops in EV sales in Indonesia last month

South Korea's Hyundai Motor Co. had the highest electric vehicle sales in Indonesia last month, an Indonesian automotive industry association said Sunday. Hyundai sold 196 EVs -- 195 units of the IONIQ 5 and one unit of the IONIQ Electric -- in the Southeast Asian market in May, according to the Association of Indonesia Automotive Industries (GAIKINDO). Hyundai accounted for 98 percent of the entire 200 units of EVs sold in Indonesia last month, it said. In the January-May period, Hyundai&#

IndustryJune 26, 2022

Seoul shares sharply rebound on dip-buying; Korean won gains ground

South Korean stocks rebounded sharply on Friday from a 19-month low the previous session amid growing concerns about a recession. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) spiked 52.28 points, or 2.26 percent, to close at 2,366.60. Trading volume was moderate at 643.76 million shares worth 8.32 trillion won ($6.41 billion), with gainers far outpacing decliners 875 to 44. Institutions bought a net 640 billion won, while foreign and retail investo

MarketJune 24, 2022

Panel expert downbeat on Korean investments in premium TV displays

Further investments on the part of South Korean display panel manufacturers in large OLED panels for televisions, monitors and laptops will be unlikely for the rest of 2022, according to a panel expert on Thursday. Yi Choong-hoon, chief executive officer of display panel research firm UBI Research, cited a slow path to profitability in the cutting-edge panel businesses by Samsung Display and LG Display, despite growing market demand, in a seminar at Coex in Seoul on Thursday. For Samsung, a

TechnologyJune 24, 2022

Government to push retailers for gasoline price cut

SEJONG -- Economic policymakers on Friday said they would ramp up pressure on gas stations in a bid to ease inflationary pressure from surging energy costs, as soon as an expanded fuel tax cut goes into effect next week. The government announced last week that it would further increase tax cuts on fuel consumption from the current 30 percent to 37 percent, the maximum legal cap. “In consultation with the oil refinery industry, (the government) plans to induce a cut in supply prices for g

EconomyJune 24, 2022

Porsche Korea CEO elected new KGCCI head

Porsche Korea CEO Holger Gerrmann was elected as the ninth German chairperson at the 41st Korean-German Chamber of Commerce and Industry Annual General Meeting on Thursday. Run by a co-chairing system, KGCCI will now be led by Gerrmann and Korean Chairperson Park Hyun-nam, who is also the Deutsche Bank CEO. “We will continue to create the foundation for Korean and German companies to grow together, honoring the long-standing successful business relationships of our two countries and emp

MobilityJune 24, 2022

Posco apologizes for sexual violence in workplace

South Korean steelmaker Posco apologized Thursday for a recent case of sexual violence that occurred within the workplace. “We sincerely apologize to the victim and her family for the recent unsavory sexual violations in the company, and the company feels deeply responsible,” Posco Vice Chairman Kim Hak-dong said in a written statement. According to police in Pohang, North Gyeongsang Province, a woman in her 20s working at the steelmaker’s plant in the industrial city filed e

IndustryJune 24, 2022

S. Korea's fuel consumption jumps in May despite higher oil prices: data

Consumption of gasoline and diesel in South Korea jumped more than 40 percent in May from a month earlier, as expanded fuel tax subsidies channeled pent-up demand from the pandemic, data showed Friday. The combined consumption of the two fuel types reached 24.82 million barrels, up 43 percent from 17.35 million barrels logged in April, according to the data by Petronet, an online petroleum information provider run by the Korea National Oil Corp. The surge contrasts with the declining trend seen

EconomyJune 24, 2022

Trade deficit expected to widen in June on fewer working days, strike: official

South Korea's trade deficit is expected to widen this month compared with a month earlier due mainly to fewer working days and a trucker strike, the finance ministry said Friday. The country had national holidays for the June 1 local elections and Memorial Day on June 6, and truckers staged a weeklong strike over a minimum wage scheme and other state supports earlier this month, disrupting and delaying production and outbound shipping. During the first 20 days of this month, the country

EconomyJune 24, 2022

Seoul shares open higher after extended market rout

Seoul shares opened higher Friday after the market plunged to a 19-month low the previous session amid growing concerns about a recession. The Korea Composite Stock Price Index (KOSPI) rose 11.80 points, or 0.51 percent, to 2,326.12 in the first 15 minutes of trading. Overnight, the US stock market inched up on the second day of Federal Reserve Chair Jerome Powell's testimony before Congress, during which he reaffirmed the central bank's commitment to bringing down high-flying inflatio

MarketJune 24, 2022

Construction contracts rise 10.7% in value in Q1

The value of construction contracts in South Korea climbed more than 10 percent in the first quarter of the year on more public and private projects, government data showed Friday. The value of civilian and public work contracts in Asia's fourth-largest economy came to 73.1 trillion won ($56 billion) in the January-March period, up 10.7 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Private deals swelled 14.1 percent on-year to 52

IndustryJune 24, 2022