[Interactive] Instant noodles rank 1st in food output in 2020

  　Instant noodles captured the top spot in production among food products in South Korea in 2020 on a surge in exports amid the coronavirus pandemic, data showed. 　The output of instant noodles, or “ramyeon” in Korean, stood at 1.93 million metric tons in 2020, up a whopping 231 percent from a year earlier, according to the data from the Ministry of Food and Drug Safety. 　Ramyeon’s ranking in terms of production was up 12 notches from the previous year. 　Carbonated drink

BusinessApril 1, 2022

Seoul stocks open lower on Ukraine, inflation risks

South Korean stocks opened lower Friday amid still ongoing tensions surrounding Ukraine and rising inflation risks. The benchmark Korea Composite Stock Price Index fell 21.6 points, or 0.78 percent, to trade at 2,736.05 points as of 9:15 a.m. Stocks dropped as Russia's attack on the Ukrainian city of Mariupol fueled pessimism about the two country's peace talks. Most large caps traded lower in Seoul. Market bellwether Samsung Electronics lost 0.72 percent, and No. 2 chipmaker SK hynix declined 0

MarketApril 1, 2022

Inflation growth estimated to pick up in March amid high oil prices: official

South Korea's consumer prices are estimated to have grown at a faster pace in March as Russia's invasion of Ukraine has driven up oil prices, a senior government official said Friday. Inflationary pressure is likely to remain high for the time being as external economic uncertainty has heightened, according to First Vice Finance Minister Lee Eog-weon. "Expectations are growing that inflation growth will pick up in March, led by a jump in prices of petroleum products," Lee said at a gov

EconomyApril 1, 2022

Home transactions sink 50% in Feb. on lending curbs, rising rates

Home transactions in South Korea plunged more than 50 percent on-year in February amid tough lending curbs and rising interest rates, data showed Friday. The number of homes changing hands nationwide stood at 43,179 units in February, down 50.4 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Compared with the previous month, however, the February tally was up 3.5 percent. Home transactions in the greater Seoul area, which includes the w

EconomyApril 1, 2022

‘Errand’ apps, fledgling business born out of pandemic

When 34-year-old Lee Min-ho tested positive for COVID-19, the most immediate concern for his young family was getting food and supplies. Instead of calling up his parents, Lee opted to use what is called an “errand app” on his phone. “I just needed a few items from the local store, and I didn’t want to bother other people. So I requested (an errand runner) to pick up the groceries and leave them at my doorstep,” he said. In the era of social distancing, mobile ap

IndustryMarch 31, 2022

Rare Samsung-LG alliance imminent on OLED TVs: sources

A rare partnership between crosstown rivals Samsung and LG seems imminent, as they are finalizing talks on LG’s panel supply for Samsung’s upcoming OLED TVs, industry sources said Thursday. “Until early this year, the outlook for their partnership was dimming at least for this year. But the talks have recently been speeding up,” said an industry source on condition of anonymity. The source predicted the first panel shipments could start as early as September, considerin

TechnologyMarch 31, 2022

[Weekender] Rise of never-aging young women in Korea

South Korea’s entertainment and commercial fields have seen a rise of beautiful, multi-talented young women capable of doing almost everything -- from acting to fashion design. Despite being in their early 20s, they display impeccable skills and give performances that exceed human expectations. They have no stress, no sleep and no scandals. Though they are labeled as perfect human beings, they have their own limits. They are not actual people, but virtual humans produced by cutting-edge co

TechnologyMarch 31, 2022

Korea’s industrial output declines for 2nd consecutive month

SEJONG -- Korea’s industrial output declined for the second consecutive month in the wake of a glitch in imports of raw materials as well as the spread of the omicron variant of the coronavirus, state data showed Thursday. According to Statistics Korea, industrial output decreased by 0.2 percent in February, compared to the previous month. It posted a 0.3 percent drop in January. This marked the first time in 21 months dating to May 2020 that industrial output fell for two consecutive mo

EconomyMarch 31, 2022

Posco International acquires Australian energy firm Senex

South Korean trading firm Posco International said Thursday that it has completed an acquisition of Australian energy company Senex Energy, as part of its effort to put more focus in eco-friendly energy businesses.  The Korean firm clinched a deal in December last year with Senex Energy to own 50.1 percent of shares of the Australian company at 405 billion won ($334 million). It took three months to receive authorities’ approval. The latest acquisition marks the company’s fir

IndustryMarch 31, 2022

Seoul stocks up for 3rd day amid Ukraine crisis

South Korean shares extended their winning streak to a third session Thursday amid the geopolitical uncertainties in Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.91 points, or 0.4 percent, to close at 2,757.65 points. Trading volume was moderate at about 1 billion shares worth some 9.6 trillion won ($7.9 billion), with gainers outnumbering losers 607 to 240. Institutions bought a net 191 billion won, while foreigners sold 17

MarketMarch 31, 2022

Kimchi with new packaging method on way to captivate the world

Forget about concerns of kimchi keeping its freshness and leaking its “unique smell” when shipped overseas. Korean companies are seeking ways to expand their kimchi exports by adopting new packaging methods, increasing overseas production and obtaining scientific proof that the traditional side dish is beneficial to one’s health. The state-run Korea Agro-Fisheries & Food Trade Corp. announced Thursday it has launched a new kimchi product that can improve bowel movement an

ConsumerMarch 31, 2022

[MARKET EYE] S. Korea’s crypto market on path to gain more legitimacy

South Korea’s cryptocurrency market is on a solid path to becoming further legitimized with banks calling for authorization to enter the business and the incoming president pledging to ease regulations. Asia’s fourth-largest economy’s crypto market is booming, with Koreans having invested a total 52.8 trillion won ($43.6 billion) in the digital asset class last year in terms of the combined size of the accounts held by five major crypto exchanges, watchdog Financial Superviso

MarketMarch 31, 2022

SK Bioscience CEO says financing ready for M&As

SK Bioscience will look to spend “trillions of won” on aggressive mergers and acquisitions in taking the next step to become a vaccine and bio powerhouse, CEO Ahn Jae-yong said Thursday. “We will secure more funding through the assets compiled with the (initial public offering), operating cash and additional acquisition financing,” he said in an online press conference to mark the company’s one-year anniversary of going public. “We will use the funding on

TechnologyMarch 31, 2022

LG Innotek display chief wins award

LG Innotek Co. said Thursday its chief of display solution business has won a presidential commendation for contributing toward increasing domestic production of key components and enhancing the global competitiveness of South Korea’s materials and components industry. Koo Han-mo, senior managing director at LG Innotek, was one of the awardees who received the honor on the 49th Commerce and Industry Day on March 16. Having joined LG Innotek in 2007, Koo worked as chief of the tape substr

IndustryMarch 31, 2022

JB Financial chief vows profit jump in 2nd term

JB Financial Group, a Jeonju-based financial holding company offering consumer and commercial banking services, said Thursday that its incumbent chief has been elected for a second term to carry on efforts to improve profit margins. CEO and Chairman Kim Ki-hong, who took over the company headquartered in North Jeolla Province in March 2019, helped to more than double the net income between 2018 and 2021, the group said, noting the board unanimously voted in favor of his second term late last ye

EconomyMarch 31, 2022

Bank mortgage rates hit 9-yr high in Feb. amid central bank's hikes

Rates on mortgage loans extended by South Korean banks rose to the highest level in about nine years in February in line with interest rate hikes by the central bank, data showed Thursday. Banks' mortgage loan rate stood at 3.88 percent per year on average in February, up 0.03 percentage point from a month earlier, according to the data from the Bank of Korea (BOK). This marked the highest since March 2013, when the home-back loan rate rose to as high as 3.97 percent. Mortgage rates have been on

EconomyMarch 31, 2022

Korea Shipbuilding bags W589.5b order for 4 container ships

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has won a 589.5 billion-won ($487 million) order to build four container carriers. Under the deal with a Liberian shipper, Hyundai Samho Heavy Industries Co., a KSOE affiliate, will build those vessels and deliver them by the second half of 2024. KSOE did not disclose the size of those container vessels. KSOE has bagged orders to construct 68 ships worth $7 billion so far this year, or 40 percent of its $17.44 billion year

IndustryMarch 31, 2022

Volkswagen to launch 22 new, upgraded models in S. Korea this year

Volkswagen Group Korea said Thursday it will launch a total of 22 new and upgraded models under its four brands this year to boost sales amid the prolonged COVID-19 pandemic. The 22 models include the Volkswagen ID.4 all-electric SUV, the Audi A3 compact and Q4 e-tron, and several new Bentley and Lamborghini models, the German carmaker said. Audi Volkswagen Group Korea has changed its name to Volkswagen Group Korea (VWGK) in line with its parent Volkswagen Group's global efforts to turn itself f

IndustryMarch 31, 2022

[Graphic News] Number of stock investors jumps over 50% in 2021 on market boom

　The number of stock investors in South Korea spiked more than 50 percent on-year in 2021 to breach the 10 million mark amid a retail investment boom, industry data showed. 　A total of 13.84 million investors held shares in 2,426 companies listed on the country's main and secondary bourses, up 50.6 percent from a year earlier, according to the data from the Korea Securities Depository. 　Those investors owned shares in an average 5.96 companies, up 13.7 percent from a year earlier, but per-cap

BusinessMarch 31, 2022

Seoul stocks open higher on financial, tech gains

South Korean shares opened higher Thursday, buoyed by financial and tech advances, despite overnight falls on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) had increased 9.89 points, or 0.36 percent, to trade at 2,756.63 points of 9:15 a.m. Most large caps traded higher in Seoul. KOSPI's top cap Samsung Electronics traded flat, and battery giant LG Energy Solution grew 0.45 percent. Financial heavyweight KB Financial Group increased 1.17 percent, and mobile messenger opera

MarketMarch 31, 2022