[Graphic News] Korea’s whisky imports jump over 70% this year

　South Korea’s imports of whisky soared more than 70 percent in the first 10 months of the year as more people drank at home amid the coronavirus pandemic, data showed. 　The value of whisky imports came to $93.21 million in the January-October period, up 73.1 percent from a year earlier, according to the data from the Korea Customs Service and the local liquor industry. 　It represents the first on-year increase in the country’s whisky imports since 2014. 　Industry sources attribu

BusinessDec. 14, 2021

Seoul stocks open lower ahead of US FOMC meeting

South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.8 points, or 0.46 percent, to 2,987.86 points in the first 15 minutes of trading. The KOSPI dropped below the 3,000-point level as investors weighed the possibility of the Fed quickening its stimulus withdrawal and making hawkish signals about adjusting its key interest rate. Overnigh

MarketDec. 14, 2021

Import prices down in November for first time in 7 months on cheaper oil, raw materials

South Korea's import prices dropped for the first time in seven months in November as prices of oil and other raw materials declined, central bank data showed Tuesday. The import price index inched down 0.6 percent last month from a month earlier, according to the preliminary data from the Bank of Korea. This marked the first on-month decline in seven months The decline is blamed on a fall in international crude oil prices and other raw materials, including mining products. The central bank

EconomyDec. 14, 2021

Hyundai Oilbank applies for IPO

Hyundai Heavy Industries Group, South Korea's 15th largest conglomerate by assets, said Monday its refining affiliate Hyundai Oilbank Co. filed for an initial public offering (IPO) with local bourse operator Korea Exchange. Hyundai Oilbank aims to trade its shares on South Korea's main KOSPI market in the first half of 2022, the group said. The proposed initial public offering is the third of its kind after the refiner failed to go public in 2012 and 2019. In 2012, a tumble in oil prices t

IndustryDec. 13, 2021

‘Uncertainty’ leading businesses to postpone investment: poll

About half of the highest-earning South Korean companies have no investment plans for next year as they battle “uncertainty” around the omicron coronavirus variant and the disruptions the pandemic has caused, a local think tank said Monday. According to the Korea Economic Research Institute, 49 percent of the 101 companies that responded to the survey said they either do not plan to make new investments in 2022 or have yet to come up with one, citing an uncertain economic outlook.

EconomyDec. 13, 2021

Korea to push for entry to 11-member CPTPP

SEJONG -- South Korea on Monday has expressed its commitment to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which is aimed at multilateral free trade agreements in the Asia-Pacific region. In addition, the nation has unveiled a policy to push for bilateral FTAs with more countries, including Mexico. In a ministerial meeting, Deputy Prime Minister and Finance Minister Hong Nam-ki said that the government “is seeking to collect public opinions and rea

EconomyDec. 13, 2021

[Market Eye] Will Samsung’s anti-OLED campaign end with imminent panel deal?

The market is closely watching Samsung Electronics’ possible move to diversify its panel supplier list amid circulating rumors that the South Korean tech giant is even mulling a deal with its archrival’s panel-making arm for large flat-screen televisions. According to rumors and reports, Samsung is considering placing orders for white organic light-emitting diode panels from LG Display, with which it has locked horns for a long time over who has the technological edge, and that its

TechnologyDec. 13, 2021

Han Sung Motor’s Dream Gream marks 10th anniversary

Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Monday that it will hold an exhibition to celebrate the 10th anniversary of its art scholarship program Dream Gream.  Titled “A dream of 10 years,” the exhibition looks into Han Sung Motor’s operation of the scholarship program over the past decade, showcasing artworks by current artists as well as mentors and mentees of the Dream Gream program.  Since 2012, Han Sung Motor has offered support to select

IndustryDec. 13, 2021

Hyundai Mobis to power all worksites with renewable energy by 2040

Hyundai Mobis, an auto parts making unit of Hyundai Motor Group, said it would power all its worksites with renewable energy by 2040 and cut 30 percent of energy use by 2030 in its green campaign announced Monday.  Under a vision of “Green Transformation to 2045 Net-Zero,” the company said it would produce environment friendly products and technology to establish an ecosystem for carbon neutrality and for the future generation.  According to Hyundai Mobis’ 2045 car

IndustryDec. 13, 2021

Seoul stocks retreat for 2nd day ahead of FOMC meeting

South Korean stocks retreated for a second straight session Monday as investors took to the sidelines ahead of the US Federal Reserve's policy meeting later this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 8.57 points, or 0.28 percent, to close at 3,001.66 points. Trading volume was moderate at about 368 million shares worth some 8.5 trillion won ($7.2 billion), with losers outnumbering gainers 495 to 347. Foreigners sold a

MarketDec. 13, 2021

S. Korea’s exports hit new all-time record: ministry

South Korea’s exports from the beginning of the year to Monday surpassed the record-high annual outbound shipments of $604.9 billion, observed in 2018, setting a new all-time high. According to data compiled by the Trade Ministry and Korea Customs Service, total outbound shipments surpassed the ful-year export record at 11:36 p.m. Monday. It is projected to surpass $640 billion on current trends, the Trade Ministry noted. A Trade Ministry official pinpointed further development in Kore

EconomyDec. 13, 2021

Beating COVID blues: Koreans open wallets for ‘sweet luxuries’

This year will be the first time Choi Kyung-mi ordered a cake for Christmas. The freelance writer placed an order for a 38,000 won chocolate vegan cake she planned on sharing with friends and family at a party to celebrate the end of the year.  She was one of the lucky ones: Cakes have already been selling out at bakeries across the country. Tous Les Jours bakery franchise operator CJ Foodville said it has seen an explosive growth in reservations for its Christmas cakes this year, as ma

ConsumerDec. 13, 2021

SK, Vietnam agree to boost cooperation in eco-friendly businesses

SK Group, South Korea's No. 3 conglomerate, said Monday it signed a deal with the Vietnamese government to boost cooperation in eco-friendly businesses, such as areas related to carbon emission cuts, hydrogen and digital technologies. SK Group Chairman Chey Tae-won signed the memorandum of understanding during a meeting with top Vietnamese government officials in Seoul, including Deputy Prime Minister Le Minh Khai and Parliament Speaker Vuong Dinh-hue, SK said. Under the MOU, the two sides wi

IndustryDec. 13, 2021

Robotics stocks surge on Samsung’s new team

Shares of robotics tech firms surged Monday following news reports that Samsung Electronics is setting up a new team solely dedicated to the robotics business, one of the frequently-cited new growth engines for the Korean tech giant. Yujin Robot, one of the first-generation robotics companies here with more than 30 years of history, saw a 30 percent jump in its stock price and was trading at 4,150 won ($3.52) as of 2 p.m., as investors cheered for its business potential with Samsung, the natio

TechnologyDec. 13, 2021

1 in 5 under-30s neither in employment nor education

　A fifth of people aged 15 to 29 in South Korea were not in employment, education or training (NEET), a report has shown, which would mark the third-highest level among members of the Organization for Economic Cooperation and Development. 　The estimated number of NEET youth in South Korea is nearly 1.59 million, according to a report by Chung Jae-hyun, head of the youth policy research and development division at the Korea Employment Information Service. 　They include about 778,000 who are se

EconomyDec. 13, 2021

Samsung’s Bespoke water purifier becomes first to remove microplastics

Samsung Electronics said Monday its Bespoke water purifier, whose trade name is RWPaxy1bcde(z), has been certified by NSF International, a US-based product testing and certification organization, for removing microplastics from water – an industry first globally. Microplastics are tiny pieces of plastic, less than 5 micrometers in length, that are extremely difficult to detect. They are known to cause harmful effects to human body, including cell death and allergic reactions. NSF Intern

TechnologyDec. 13, 2021

BOK calls for efforts to 'steadily adjust' high levels of leverage

South Korea needs to "steadily adjust" high levels of leverage maintained to prop up the pandemic-hit economy as excessive indebtedness could result in financial instability and reduce future policy room, a central bank report showed Monday. Rising household debt, in particular, has been cited as a major economic risk factor and the government has been tightening rules on lending amid worries that the financial imbalances caused by increased debt in the private sector could put a damp

EconomyDec. 13, 2021

Number of mid-sized firms increases in 2020 amid waning sales

The number of mid-sized firms in South Korea went up in 2020 from a year earlier, but their sales dipped due to the coronavirus pandemic, government data showed Monday. Asia's fourth-largest economy had 5,526 mid-sized companies as of the end of last year, up 519 from a year earlier, according to the data from the Ministry of Trade, Industry and Energy. Mid-sized firms here refer to those which have average annual sales of 40 billion won ($33.9 million) to 150 billion won over the past three y

IndustryDec. 13, 2021

Daewoo Shipbuilding develops technology to prevent cracks in welded parts of submarines

Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Monday that it has secured a technology to prevent cracks in the welded parts of submarines. DSME has developed the technology after two years of research and development since 2019 in cooperation with steelmaker POSCO and KR, a South Korean ship quality assurance and risk management company, the shipbuilder said. The technology is essential to strengthen the performance of submarines, DSME said. The development of the technology

IndustryDec. 13, 2021

Samsung names mobile, appliance business DX, promotes robotics as future growth driver

Samsung Electronics Co. named its newly merged unit for mobile and appliances the device experience (DX) division, the company has said, in a sign of its resolve to provide its customers with new, meaningful experiences. Last week, the tech giant announced it had merged the consumer electronics and IT and mobile communications divisions, and named a new CEO, Han Jong-hee, a former head of the visual display business, to lead the new division. The new name shows Samsung's "ongoing commitme

TechnologyDec. 13, 2021