S. Korea launches task force on economic security amid supply chain disruptions

South Korea has established a new task force at the foreign ministry to support the pan-governmental campaign to build resilient supply chains of key items and tackle pandemic-driven economic challenges, Seoul officials said Thursday. The "economic security" team was launched earlier this week to collaborate with other government agencies in helping local companies' efforts to resolve ongoing supply chain issues, which has emerged as a hot-button global issue, especially amid the prot

EconomyNov. 4, 2021

Fed's tapering to have limited impact on S. Korean market: official

The US Federal Reserve's latest decision to start to taper its bond purchases is expected to have limited impacts on the South Korean financial markets as the move was widely anticipated, a senior government official said Thursday. First Vice Finance Minister Lee Eog-weon said the government plans to take measures to stabilize the market, if needed, as market volatility could increase if global inflation fears persist longer than expected. At the latest policy meeting, the Federal Reserve on W

EconomyNov. 4, 2021

Seoul stocks open steeply higher over Fed's tapering

South Korean stocks opened steeply higher Thursday, following the US Federal Reserve's decision to start to taper its bond purchases. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.91 points, or 1.01 percent, to 3,005.62 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 1.04 percent and the Dow Jones Industrial Average gained 0.29 percent as the Federal Reserve said it will start to taper its massive asset purchases later this month amid the

MarketNov. 4, 2021

Kakao Q3 net jumps nearly six times on content biz

Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Thursday its third-quarter net profit jumped nearly six times from a year earlier on the back of robust growth of its content businesses amid the pandemic. Net profit reached 866.3 billion won ($733.1 million) in the July-September period on a consolidated basis, compared with a profit of 143.7 billion won a year earlier, the company said in a regulatory filing. The operating income for the cited period came to 168

IndustryNov. 4, 2021

Hybe to raise W700b via stock sale

Hybe Co.on Thursday announced that it will sell stocks to raise 700 billion won. The proceeds from the stock offering will be used primarily to finance stock acquisition. According to a regulatory filing, the company will issue some 2.3 million common shares at a price of 304,008 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)

IndustryNov. 4, 2021

3 foreign car companies to recall over 32,000 vehicles over faulty parts

Mercedes-Benz Korea and two other foreign automobile companies will voluntarily recall more than 32,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The two other companies are Yamaha Sports Korea, which imports Yamaha two-wheelers, and Kiheung International that imports Royal Enfield Himalayan two wheelers, the Ministry of Land, Infr

IndustryNov. 4, 2021

Mirae Asset appoints younger leaders in reshuffle

In a bid to respond more swiftly to changes in the global business environment, South Korean asset managing giant Mirae Asset Financial Group said Wednesday that it has appointed new executives at affiliates as part of a new shake-up. Two chief executive officers -- Choi Chang-hoon and Lee Byeong-seong -- were named as the new chiefs of Mirae Asset Global Investments as part of the firm’s efforts to accelerate innovative growth. “Celebrating the 25th anniversary of the group&rsquo

MarketNov. 3, 2021

12-year-old boy injured from a metal screw found in a fried chicken wing

A boy was reportedly injured from biting into fried chicken that had a metal screw in it, sold from a local franchise. According to local media reports Wednesday, the boy, 12, had to have two teeth pulled out after a screw found inside a chicken wing became stuck in his gums.  The chicken was reportedly from a major Korean fried chicken franchise brand. Included in the media reports were a photo of the boy’s bloody gums and a doctor’s note showing the boy had two of his te

ConsumerNov. 3, 2021

[Photo News] Hyundai Motor, SNU teamp up for next-gen batteries

Representatives of Hyundai Motor Group and Seoul National University pose for photographs after the two organizations signed an agreement to establish a joint battery research and development center at SNU’s campus in Gwanak-gu, southern Seoul, Wednesday.  Hyundai Motor will invest more than 30 billion won ($25.4 million) over 10 years into the research center to develop next-generation batteries with significant improvements in driving range and charging time. From left are SNU Pres

IndustryNov. 3, 2021

[News Focus] Elixir for diesel cars puts Korea’s supply chain policy to test

South Korea faces a potential retail crisis ahead of winter after China imposed a de facto export ban on diesel exhaust fluid -- an emissions control liquid solution essential for most cargo trucks here. According to industry sources Wednesday, Korea is running dangerously low on DEF supplies, after Chinese authorities last month began mandatory customs inspections and practically banned exports of the product. DEF is a liquid solution that goes inside diesel vehicles. The product has to be

IndustryNov. 3, 2021

W70m fine finalized for Samsung Lee’s illegal drug use

Samsung Group’s leader Lee Jae-yong will have to pay a 70 million won ($59,200) fine for illegal use of propofol, an anesthetic medication, judicial sources said Wednesday. The fine was finalized as both prosecutors and the defendant have not filed an appeal by Tuesday, the last day of the seven-day window to appeal the court order. The Seoul Central District Court last week ordered Lee to pay the fine and an additional forfeiture of 17 million won for violating the Narcotics Control Act

TechnologyNov. 3, 2021

[Newsmaker] Conglomerates cut emissions by 9.3% in 2 years

South Korean conglomerates managed to reduce greenhouse gas emissions by 9.3 percent over the past two years, according to a report on Wednesday, suggesting they face a tough task in meeting the government’s 2050 carbon neutrality target. CEO Score, a corporate tracker based in Seoul, said major companies in the country curbed more than 46 million tons of greenhouse gas output in 2020, compared to 2018 figures. The calculation is based on emissions data from 197 companies in South Kore

IndustryNov. 3, 2021

Lotte commemorates 100th birthday of late founder

Lotte Group is commemorating what would have been the 100th birthday of its late founder Shin Kyuk-ho by publishing his memoirs, giving out scholarships and funding for startups, holding a concert, and opening a memorial hall in the Lotte World Tower in Jamsil, Seoul. On Monday, Lotte unveiled a bronze bust of Shin and a memorial hall displaying media and historical records of the conglomerate’s history, a replica of Shin’s office in the early days, his old shoes, reading glasses, p

ConsumerNov. 3, 2021

Seoul stocks shed over 1% ahead of US Fed meeting

South Korean stocks closed more than 1 percent lower Wednesday as investors seek clues on the timeline for the tapering with the US Federal Reserve meeting this week in focus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 37.78 points, or 1.25 percent, to close at 2,975.71 points. Trading volume was moderate at about 649 million shares worth some 12.3 trillion won ($10.4 billion), with losers outnumbering gainers 684 to 187. Foreigners

MarketNov. 3, 2021

Korea unlikely to enter long-term recession: experts

The risk of Korea entering a long-term economic recession is relatively low as Asia’s fourth-largest economy is likely to gradually recover from the pandemic under the “living with COVID-19” strategy, experts said Tuesday. “Many worry that the Korean economy would suffer long-term recession due to huge government debt. But the country is on the move to actively recover from the pandemic by taking its first step, lowering the social distancing measures,” said Lee K

EconomyNov. 3, 2021

CJ Group vows to invest 10 trillion won with focus on culture and platforms

CJ Group said on Wednesday it would invest more than 10 trillion won over the next three years to cultivate four growth engines -- culture, platform, wellness and sustainability. In a video message addressed to employees, Chairman Lee Jay-hyun shared the mid-term business plan – the first time the leader of the conglomerate explained his vision to all employees since 2010, the group said. “With COVID-19 being unpredictable, the world is now going through a fundamental and rapid ch

ConsumerNov. 3, 2021

Instant tteokbokki selling like hotcakes

An instant tteokbokki from Dongwon F&B is on a path to break the 20 billion won ($16.9 million) mark in annual sales by the end of this year, backed by the global popularity of the spicy Korean street food. Sales of “God of Topokki” as of October surpassed 18.5 billion won, the company said. The 10-month figure is a 20 percent increase from total sales generated over all of 2020. A popular Korean snack made with rice cakes and red chili pepper, tteokbokki is often spelled diff

ConsumerNov. 3, 2021

Kakao Pay debuts as 14th in market cap

Kakao Pay, the fintech arm of mobile giant Kakao Corp., became Korea’s 14th-largest stock by market capitalization upon its market debut on the country’s stock market Wednesday, after its opening price doubled from its IPO price. The mobile payment service provider, which offered shares at 90,000 won ($76) for its IPO, began trading at 180,000 won on the main Kospi board and rose to 230,000 won before closing at 193,000 won. If the company remains within the top 50 on the Kosp

MarketNov. 3, 2021

Foreign buyers latest target of real estate ire in S. Korea

While South Koreans’ real estate transactions remain frozen due to a lack of supply and government loan restrictions, transactions of local land and properties by foreigners who face relatively relaxed rules in the first nine months of this year hit an all-time high, data showed Wednesday. With foreigners’ purchases of high-value apartments continuing to make headlines in the news, coupled with the government requesting stricter loan restrictions against locals -- in a bid to curb

EconomyNov. 3, 2021

Regulators vow deregulation for new growth engines in finance

The chiefs of South Korea’s two main financial regulators -- the policymaking Financial Services Commission and the market watchdog Financial Supervisory Service -- have met with the heads of major insurance companies and banking groups here to discuss policy initiatives to support the growth of market players through deregulation, the two said Wednesday. “The rapid digital transformation of finance and the growth of online platform businesses are rapidly changing the nation’s

MarketNov. 3, 2021