Kospi dips below 2,600 amid stagflation fears

The benchmark Kospi hit a 17-month low on Tuesday on persistent market concerns over runaway inflation and sluggish growth despite President Yoon Suk-yeol’s optimistic economic outlook at his inauguration. The Kospi closed at 2596.56, the lowest level since Nov. 30, 2020, when it reached 2,591.34. Global efforts to tighten monetary policy, which the US kicked off last week with its biggest rate hike in 22 years to set the range between 0.75 percent and 1 percent, unsettled investors. A f

MarketMay 10, 2022

[Photo News] OLED that folds 360 degrees

This photo unveiled Tuesday shows an 8-inch, 360-degree folding organic light-emitting diode screen for mobile devices by South Korean panel maker LG Display. It was showcased during Display Week 2022 hosted by the Society for Information Display from Sunday to Friday in San Jose, California. According to LG Display, the screen can be folded over 200,000 times without affecting its performance.

TechnologyMay 10, 2022

Seoul shares extend losing streak to 6th session on recession woes; Korean won hits over 2-yr low

The South Korean stock market fell for the sixth consecutive day Tuesday to hit a 17-month low, as investors fretted about high inflation and a global economic slowdown amid the ongoing crisis in Ukraine and China's lockdown of major cities over COVID-19. The local currency hit its lowest point against the US dollar in more than two years. The Korea Composite Stock Price Index (KOSPI) lost 14.25 points, or 0.55 percent, to close at 2,596.56, extending losses to the sixth session in a row. It is

MarketMay 10, 2022

47% of public agencies suffer deficit in 2021

SEJONG -- Almost 1 out of every 2 state-funded agencies in South Korea were in the red last year, state data showed Tuesday, in the wake of the ongoing pandemic and soaring oil prices. Of the 362 public agencies surveyed, 170, or 46.9 percent, suffered operating losses in 2021, according to Alio, a system that publicizes management information of public agencies. They included the Korea Electric Power Corp. and the Incheon International Airport Corp. Kepco posted the largest deficit with an op

EconomyMay 10, 2022

Stolen W61b paid back by government to Iran’s Dayyani

South Korea’s financial authorities recently returned over 61.4 billion won ($48.84 million) owed to Iran’s Dayyani Group, the amount that was stolen in an embezzlement scheme here between late 2012 and 2018, sources said Tuesday. The policymaking Financial Services Commission has returned most of the total 73 billion won owed to Dayyani’s consumer electronics arm, Entekhab, as compensation over the Iranian business’ failed takeover of Daewoo Electronics back in 2010.

MarketMay 10, 2022

With conservative leader taking office, big 4 chaebol groups ready to spend big

  In his inauguration speech on Tuesday, President Yoon Suk-yeol reaffirmed his will to seek a small government and to push for growth and market economy. And South Korea’s top four chaebol groups -- Samsung, SK, Hyundai Motor and LG -- seem ready to fuel momentum. During his presidential campaign, Yoon vowed to create a business-friendly environment by lifting unnecessary regulations and offering full support across industries. He especially stressed “super gap” tech

IndustryMay 10, 2022

Samsung retakes No.1 in Indian market with S22 Ultra in March

Samsung Electronics has reclaimed the No.1 spot by monthly sales in India, buoyed by the return of its Galaxy Note successor Galaxy S22 Ultra, a phablet with built-in stylus S Pen support, data showed Tuesday. Samsung emerged as the leader in overall smartphone sales and shipments for the first time in six months in the world’s second-largest smartphone market, showed data by market intelligence Counterpoint Research. In March, Samsung accounted for 22 percent by volume market share and

TechnologyMay 10, 2022

Geely’s stake buying in Renault Korea seen as official Korean market entry

Chinese automotive manufacturer Geely Auto of Zhejiang Geely Holding Group is acquiring a 34.02 percent stake in Renault Korea Motors, as part of a strategic effort to establish a foothold in the local market for expanding its overseas presence, according to experts.  Hangzhou-based Geely Automobile Holdings is China’s largest privately-owned automotive group. With an above-30 percent share in the Korean carmaker, which recently dropped “Samsung” from its name upon termi

MobilityMay 10, 2022

Samsung upgrades CXL-based memory expander built for future computing

Samsung Electronics said Tuesday that it has developed the industry’s first 512-gigabyte Compute Express Link (CXL) DRAM module for servers that enables a higher memory capacity and lower latency suitable for artificial intelligence and cloud computing. The CXL-standard DRAM memory expander will allow a server platform in data centers and enterprise servers to add new layers of short-term memory capacity compatible with a processor chip without unnecessary costs and complexities, as oppo

TechnologyMay 10, 2022

Researchers visualize floral scent in real time for first time

Researchers at the Korea Advanced Institute of Science and Technology said they succeeded in real-time visualization and measurement of floral scent emission for the first time in the world. Using optical interferometry, research teams led by mechanical engineering professor Kim Hyoung-soo and biological sciences professor Kim Sang-gyu measured the frequency with which lily flowers emit scents. Floral scent sampling methods using gas chromatography-mass spectrometry have been used to measure t

TechnologyMay 10, 2022

SK E&S to chip in $110m in US carbon capture project

SK E&S Co., an energy unit of South Korean conglomerate SK Group, said Tuesday it is investing $110 million in a US carbon capture and storage (CCS) project as it ramps up its push for its renewable energy business. The project, joined by other American energy firms, aims to capture and store up to 12 million tons of carbon dioxide a year from 32 corn ethanol plants in five Midwest states in the United States, the South Korean company said in a release. The construction of the carbon dioxide

IndustryMay 10, 2022

Samsung C&T partners with NuScale to enter global SMR market

Samsung C&T Corp., the construction unit of Samsung Group, has partnered with NuScale, the leading small modular reactor (SMR) technology provider, to expand its SMR business into the global market. Samsung C&T CEO Oh Se-chul and NuScale CEO John Hopkins gathered at the headquarters of NuScale Power in the US state of Oregon on Monday to form a comprehensive partnership for joint global SMR market development and expansion. Samsung C&T has been continuously enhancing its strategic

IndustryMay 10, 2022

S. Korea's bond issuance drops in April on US tapering

Bond issuance in South Korea decreased in April from the previous month due to concerns about the US-led tapering, industry data showed Tuesday. The value of bonds sold in Asia's fourth-largest economy came to 69.8 trillion won ($54.6 billion) in April, down 900 billion won from a month ago, according to the data from the Korea Financial Investment Association. The KOFIA attributed the issuance fall to the US Federal Reserve's hawkish signal to raise the policy interest rates to rein in the high

MarketMay 10, 2022

Seoul shares open sharply lower on inflation, recession woes

South Korean stocks opened sharply lower Tuesday, tracking an overnight crash on Wall Street, on concerns over high inflation and a global economic downturn. The Korea Composite Stock Price Index (KOSPI) lost 46.77 points, or 1.79 percent, to 2,564.04 in the first 15 minutes of trading. Overnight, US shares tumbled as investors remained worried about inflation and the Federal Reserve's monetary tightening, which would slow the economic recovery. The Dow Jones Industrial Average sank 1.99 percent

MarketMay 10, 2022

Umicore sets up rechargeable battery research lab in S. Korea

Belgium-based Umicore N.V. has completed its research laboratory for rechargeable battery materials in central South Korea that could help promote the local industry, the industry ministry said Tuesday. Umicore's central technology center is based in Cheonan, about 90 kilometers south of Seoul, and serves as the company's Asian hub for research and development of key materials for next-generation rechargeable batteries, according to the Ministry of Trade, Industry and Energy. Umicore, an interna

IndustryMay 10, 2022

Geely invests in Renault's Korean unit for new car development

Renault Korea Motors said Tuesday an affiliate of China's Geely Holding Group will invest in the company as part of their parent firms' agreement signed early this year to develop an environment friendly vehicle. Geely Automobile Holdings, China's largest privately-owned automotive group, will acquire a 34.02 percent stake in Renault Korea, the South Korean unit of Renault Group said in a statement. In January, Geely Holding Group and Renault Group announced they will collaborate to launch an al

IndustryMay 10, 2022

Nearly half of S. Korea's public firms lose money in 2021

Nearly half of public institutions in South Korea lost money in 2021 amid the coronavirus pandemic with the state-run power monopoly logging the biggest loss on soaring oil prices, data showed Tuesday. A total of 170 public companies and institutions, or 47 percent of 363 that disclosed their 2021 results, were in the red last year, according to the data posted on the state portal All Public Information in One (ALIO). The state utility Korea Electric Power Corp. (KEPCO) registered the largest op

IndustryMay 10, 2022

Current account surplus shrinks in March amid high energy costs

South Korea continued to post a current account surplus for nearly two years in a row in March, but the surplus contracted as soaring oil prices drove up import costs, central bank data showed Tuesday. The Bank of Korea (BOK) worried there is a possibility of the country posting a "temporary" current account deficit in April due to mounting energy bills and a rise in corporate dividend payouts in the month. According to the preliminary data from the BOK, the current account surplus rea

EconomyMay 10, 2022

Half of Koreans in their 20s prefer child-free marriage: survey

Almost half of South Koreans in their 20s said they would prefer to be part of a couple that does not have children after marriage in 2020, in a jump from 2015, when only 3 in 10 Koreans backed the idea, a local think tank said Monday. In 2015, 29.1 percent of Koreans in their 20s said raising children was not a must, whereas in 2020, 52.4 percent said yes to the same idea, according to the Korea Development Institute. Meanwhile, the number of those who said they would have children after marr

EconomyMay 9, 2022

Over 100,000 temps turn regular workers under Moon

SEJONG -- More than 100,000 temporary jobs in the public sector have been converted into regular jobs during the Moon Jae-in administration, whose term expires Monday midnight, state data showed. According to Alio, a system for publicizing management information of 370 public agencies, 101,720 nonregular jobs were converted into regular jobs between May 2017 and May 2022. The outgoing president had pledged to have “zero irregular jobs” in state-funded agencies. The new permane

EconomyMay 9, 2022