BOK chief flags post-pandemic rate hike 'within this year'

The Bank of Korea (BOK) is ready to conduct its first post-pandemic rate hike "within this year" amid the economy's robust recovery from the COVID-19 pandemic, Gov. Lee Ju-yeol said Thursday. Lee has hinted that the BOK could exit from pandemic-era monetary easing if an economic recovery remains solid, but it is the first time that he mentioned the timing of a rate hike. "There is the need to orderly normalize monetary policy within this year," Lee told reporters. Lee a

EconomyJune 24, 2021

Hyundai Motor tops auto sales in Vietnam in Jan.-May period

South Korea's leading carmaker Hyundai Motor Co. emerged as the top auto seller in Vietnam in the first five months of this year, outpacing its Japanese rival Toyota Motor Corp., industry data showed Thursday. Hyundai Motor sold 24,420 units in the Southeast Asian nation in the January-May period, edging out Toyota's 24,112 units, according to the data from the Vietnam Automobile Manufacturers' Association (VAMA). Hyundai's smaller affiliate Kia Corp. sold 23,440 units in Vietnam over the sam

MobilityJune 24, 2021

KAIST teams up with SM Entertainment for metaverse research

KAIST, South Korea's top science university, said Thursday it is teaming up with K-pop powerhouse SM Entertainment Co. to conduct joint research on digital avatars for virtual concerts in an effort to boost development in metaverse technology. The metaverse -- a virtual environment where users interact through digital avatars -- has recently grown in popularity as the pandemic limits in-person contact. K-pop artists have been at the forefront in adopting the technology, holding virtual meetups

TechnologyJune 24, 2021

Consumer sentiment improves for 6th month in June

South Korea's consumer sentiment increased for the sixth consecutive month in June, as exports showed signs of a strong recovery amid progress in COVID-19 vaccinations, central bank data showed Thursday. The composite consumer sentiment index (CCSI) came in at 110.3 for June, up 5.1 points from the previous month, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists. The latest reading marks the sixth on-month gain following a drop in

EconomyJune 24, 2021

S. Korea eyes smooth transition of 52-hour workweek scheme for smaller firms

South Korea's top economic policymaker said Thursday the government plans to provide support to smaller firms, including assignments of foreign workers, as it seeks to make a soft landing for such companies implementing the 52-hour workweek. Starting July 1, the country will expand the shortened workweek scheme to companies with five to 49 workers without a grace period. Since July 2018, the country has enforced the 52-hour workweek system in a phase-in manner. The shorter workweek was devised

EconomyJune 24, 2021

Kospi hits new intraday high on hopes of fast economic rebound

South Korea's benchmark stock index hit a new intraday high Thursday on hopes of a quick economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading. Tech gains led the KOSPI's advance despite lingering market concerns about how soon the US Federal Reserve would start tapering its accommodative policies. Overnight, the Dow Jones Industrial Average lost 0.21 percent as investors digest th

MarketJune 24, 2021

Mercedes-Benz Korea launches its most luxurious sedan, Maybach S-class

Mercedes-Benz Korea has brought its most luxurious sedan, the Mercedes-Maybach S-Class, to the Korean market, as the automaker marks the 100-year anniversary of the launch of its first Maybach vehicle, the company said Wednesday. The newly-launched Mercedes-Maybach S 580 4Matic has undergone a complete makeover from the model that was first launched in 2015, and will strengthen its leadership in the luxury flagship sedan segment, the automaker said. Since its introduction, more than 60,000

MobilityJune 24, 2021

Korea looks to new era as market value nears W3,000tr

Amid continued rallies and a series of blockbuster initial public offerings, the value of South Korea’s stock market is anticipated to reach 3,000 trillion won ($2.65 trillion) soon, raising hope for the market’s advancement on par with other global players. According to Korea Exchange, the combined valuation of the local stock market stood at 2,719 trillion won -- 2,294 trillion won worth of main bourse Kospi market and 425 trillion won worth of tech-heavy Kosdaq market -- as of We

MarketJune 23, 2021

Korea District Heating Corp. pledges to turn plastic waste into hydrogen

The Korea District Heating Corp. said Wednesday that it will launch a circular economy project to turn plastic waste into hydrogen. According to the KDHC -- one of the world’s largest district heating companies that serves over 1.5 million customers here -- it has partnered up with the Korea Energy Agency, SK Ecoplant and GS Power to develop a city model of the circular economy where plastic waste is converted into oil, then finally into hydrogen. The project will heat plastic waste u

IndustryJune 23, 2021

[Contribution] Ministers urge green and inclusive future at OECD

Ko Hyoung-kwon is the ambassador and permanent representative of Korea to the OECD. -- Ed. The 2021 OECD Ministerial Council Meeting, chaired by the United States with South Korea and Luxembourg as vice chairs, was held May 31-June 1 under the theme of “Shared Values: Building a Green and Inclusive Future.” The meeting, at which ministers from 38 member countries of the Organization for Economic Cooperation and Development shared their responses to COVID-19 and plans for a better

EconomyJune 23, 2021

Winia to launch vaccine refrigerator in S. Korea.

Winia Dimchae, a South Korean home appliance brand specializing in kimchi fridges, announced Wednesday that the company would begin local sales of its ultra-low temperature freezer for COVID-19 vaccines, named Medibox. According to Winia, the Ministry of Food and Drug Safety has recently granted approval for the company’s Medibox, developed by WInia‘s telecommunications apparatus affiliate Dayou Plus. The new vaccine storage system has been categorized as a blood bank refrigerato

TechnologyJune 23, 2021

Seoul stocks up for 2nd day on Fed chief's soothing comments

South Korean stocks advanced for the second consecutive day Wednesday as investor concerns of fast tapering was partially eased by the US Federal Reserve's comments that support its accommodative policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.31 points, or 0.38 percent, to close at 3,276.19 points. Trading volume was moderate at about 1 billion shares worth some 17.4 trillion won ($15.3 billion), with losers outnumbering gaine

MarketJune 23, 2021

Local AI startup VoyagerX raises $27m from SoftBank, others

SoftBank Ventures Asia said Wednesday that it has injected $9 million into the series A funding of VoyagerX, a South Korean artificial intelligence software developer. SoftBank was joined by Altos Venture and Yellowdog in the round, which chipped in $9 million each making the total investment at $27 million. VoyagerX will use the funds to develop more advanced AI services and hire 100 more employees by next year. Founded in 2017, VoyagerX builds AI solutions and tools that leverage deep lear

IndustryJune 23, 2021

Gap in market cap between Kakao, SK hynix narrows

Kakao, the operator of South Korean messenger app KakaoTalk, is on a record run on the domestic stock market Wednesday, narrowing the gap in terms of market capitalization with the incumbent No. 2 chipmaker SK hynix. Kakao rose 6.6 percent in closing from the previous day, bringing its total market capitalization to an all-time high of around 75.2 trillion won ($66.1 billion). This solidified Kakao’s position as a No. 3 by market cap on the Korea Exchange after electronics goods maker Sa

MarketJune 23, 2021

Hanwha Defense showcases localized weapons at Korea Defense Component and Equipment Fair

Hanwha Defense on Tuesday displayed weapons that have localized key parts at the Korea Defense Component and Equipment Fair 2021 held in Changwon, South Gyeongsang Province, on Wednesday. At the event, the defense affiliate of Hanwha Group showcased Cheonma, South Korea’s first short-range surface-to-air missile system deployed since 1999. Since this year, Hanwha Defense localized parts that are no longer produced and some of imported parts such as power suppliers, providing business opp

IndustryJune 23, 2021

More Canadian investors betting on Korean real estate market

South Korea is the fastest-growing property investment destination for Canadian investors among the Asia-Pacific countries, data showed Wednesday. Canadian investors’ real estate transactions in Korea from 2016 to 2020, excluding deals smaller than $10 million, came to $3.5 billion, according to data from market intelligence firm Real Capital Analytics. The figure was 12.4 times higher than it was during the previous five-year period, from 2011 to 2015, showing the sharpest uptrend among

MarketJune 23, 2021

Toss operator mulls IPO in 2025, possibly in US

Viva Republica, operator of financial technology app Toss with more than 20 million registered users, said Wednesday it is considering an initial public offering in 2025, hinting at a possible market debut in the US. “We‘re not in a hurry and we will consider an IPO in earnest three years down the road, and could go public around 2025,“ said Lee Seung-gun, founder and CEO of Viva Republica, adding that the IPO could take place either in Korea or overseas. The company expe

MarketJune 23, 2021

Samsung offers 6G vision, private network

Through its first event to introduce an array of 5th generation network technologies late Tuesday, Samsung Electronics has put its emphasis on preemptive investments in 6G to cement its position in the global network industry. Samsung is increasing its efforts on the 6th generation of wireless connections, to bring hyper-connected experiences to users, the tech giant announced during the virtual event streamed live from Seoul to the world. Called “Samsung Networks: Redefined,”

TechnologyJune 23, 2021

A Lotte company introduces ‘workcations,’ allowing remote work from Jeju hotel

Big data consulting firm Lotte Members said Wednesday that it has begun a “workcation” program for its staff this month, offering the opportunity to work from Jeju Island. Some 10 employees will work from one of the country’s most popular holiday destinations for a week during each round of the eight-round program. During the week, participants will only work Monday to Thursday between 8 a.m. and 3:30 p.m., the company said. For safety reasons, workers who are part of the pr

IndustryJune 23, 2021

KRX’s overseas ETFs boost trading of foreign securities

Responding to South Korean investors’ growing interest in direct trading of foreign securities, the nation‘s bourse operator Korea Exchange has listed a wide range of popular overseas exchange-traded funds as well as exchange-traded notes, according to the KRX Wednesday.  As of May this year, a total of 257 overseas exchange-traded funds and exchange-traded notes are listed on the KRX, officials said.  Local investors trading ETFs and ETNs listed on the KRX are not subjec

MarketJune 23, 2021