S. Korean refiners set for turnaround in Q3 on stronger margins

Major South Korean refiners are expected to post a turnaround in their third quarter earnings, recovering from losses and dismal profits in the previous quarter, on the back of stronger margins amid rising oil prices, according to analysts Friday. SK Innovation Co., the energy unit under SK Group, is forecast to log 667.5 billion won (US$498 million) in the operating profit for the July-September period, turning around from a loss of 107 billion won in the previous three months, according to the

EconomySept. 29, 2023

Chuseok food cost hits all-time high

Amid rising inflation, an increasing number of Koreans are opting for more affordable ready-to-eat meals, or meal kit, products over traditional dishes to prepare a table for the Korean Thanksgiving holiday of Chuseok that runs from Sept. 28 through Sept. 30 this year. During Chuseok, setting up a "charye" -- a table full of food offerings including fruits, rice, fish and meat -- is prepared to honor one’s ancestors. However, the cost of preparing a four-person charye is expected

EconomySept. 28, 2023

Long Chuseok holiday to boost domestic trips

South Koreans are more likely to travel domestically than abroad during the upcoming six-day Chuseok holiday, the longest in six years, a recent survey showed Wednesday. According to a weekly survey on travel plans and patterns conducted by the research firm Consumer Insight, among respondents going on trips during the Chuseok break, 16 percent plan to go on domestic trips while 4 percent plan to travel abroad. The survey was conducted on some 2,000 Koreans between two to five weeks before the C

IndustrySept. 28, 2023

Korea Post names new president

The state-run Korea Post said Tuesday that Rep. Cho Hae-keun of the ruling People Power Party has been named president of the national postal service. An expert in administration, Cho studied his undergraduates in the field at Sungkyunkwan University and went on to earn a master’s degree in Public Administration from Syracuse University in the US. After passing the 38th Civil Service Exam, he first embarked on his career in the public sector in 1995 and held several posts at Korea Post,

IndustrySept. 27, 2023

Lotte names ex-Samsung exec as new design chief

South Korean retail giant Lotte Group on Wednesday named Lee Don-tae, former president of the Samsung Art and Design Institute, as its new head of design strategy. Upon his appointment, Lotte announced that its Lotte Design Management Center has been rebranded as the Lotte Design Strategy Center. Lee will be responsible for overseeing the overall design direction and strategy of Lotte, as well as consulting on key projects across its affiliates. Born in 1968, Lee started his career in 1989 at Ta

CompaniesSept. 27, 2023

Lotte increases efforts to give back to society

South Korean retail giant and the nation’s fifth-largest conglomerate Lotte Group has carried on diverse corporate social responsibility projects this year, under the slogan “From heart to heart." Earlier this month, Lotte hosted the “17th Korea Brand Expo” in Jakarta, Indonesia, bringing together small and medium-sized enterprises looking to enter the local market. Over four days, it provided business counseling for 50 Korean enterprises, giving tips about Indonesia

IndustrySept. 27, 2023

Seoul shares snap 4-day losing run; won falls to fresh yearly low

South Korean stocks finished slightly higher Wednesday following recent sharp losses amid concerns about the Federal Reserve's further interest rate hikes and the US economic outlook. The local currency fell against the US dollar to hit a fresh yearly low. The benchmark Korea Composite Stock Price Index added 2.1 points, or 0.09 percent, to close at 2,465.07, ending a four-day losing streak. Trading volume was a bit slim at 354.97 million shares worth 6.26 trillion won ($4.64 billion), with

MarketSept. 27, 2023

[Photo News] LG's Chuseok drive

An LG Magna e-Powertrain technician inspects boxes of power inverter modules, essential parts for electric vehicles, at an LG Electronics plant in Incheon, Wednesday. In order to meet surging demand, LG Electronics said its EV parts production lines will remain operational during the six-day Chuseok break. LG’s Vehicle Component Division is expected to hit 100 trillion won ($73.2 billion) in order backlog by the end of this year. (LG Electronics)

MobilitySept. 27, 2023

House ownership widens wealth gap between young and old

The wealth gap between younger and older adults has widened over the last few years, largely depending on whether they own houses or not, according to the country’s statistics agency, Wednesday. According to the Statistics Korea’s report, the wealth gap between adults aged 40 and above and adults younger than 40 has widened by 45 percent over the last three years, from 160 million won ($118,000) in 2019 to 230 million won in 2022. Kim Mee-roo, a researcher at the Korea Development In

IndustrySept. 27, 2023

Asiana mishandled midair door-opening, ministry rules

Asiana Airlines’ initial response to a recent midair door-opening incident was "inappropriate" and will be fined for it, the South Korean government's investigation showed, Rep. Park Sang-hyuk of the main opposition Korea Democratic Party said Wednesday. According to a report Park received from the Ministry of Land, Infrastructure and Transport, the ministry has imposed a fine on Asiana Airlines and recommended country’s second largest air carrier take corrective actio

IndustrySept. 27, 2023

Hyundai Steel to showcase low-carbon tech at trade show

Hyundai Steel said Wednesday it will showcase its eco-friendly solutions at the Steel & Metal Korea 2023 exhibition, which takes place in Daegu on Oct. 11-13. During the industry’s largest trade show, the company said, it aims to renew its commitment to a low-carbon future, electric blast furnace technologies and its carbon-neutral trajectory. At the heart of the exhibition is the company's “Pathway to Green Steel" concept, charting Hyundai Steel's journey towards

IndustrySept. 27, 2023

BTS agency likely to face tougher disclosure rules

Hybe, the K-pop powerhouse behind the mega success of bands such as BTS and New Jeans, could be obliged to disclose its corporate information if the total assets of the firm and its affiliates continue to surpass 5 trillion won ($3.7 billion) by the end of this year. The combined total assets of Hybe and its 16 affiliates stood at 5.37 trillion won as of end-June, a report by corporate data research institute CEO Score showed Wednesday. Under the Monopoly Regulation and Fair Trade Act, a busin

MarketSept. 27, 2023

The Korea Herald to hold space forum on Oct. 11

The Korea Herald, South Korea's biggest English newspaper, will hold its annual business forum on Oct. 11 to discuss the rising space sector’s present and future by bringing together the country's space leaders and experts. The Humanity In Tech or HIT Forum will feature two keynote speakers -- Sasha Sagan, acclaimed author and daughter of the legendary US astronomer Carl Sagan, and Dr. Yi So-yeon, Korea’s one and only astronaut. Visiting Seoul for the first time, Sagan will

TechnologySept. 27, 2023

Revamped Genesis GV80 and first coupe sibling unveiled

Hyundai Motor Group on Tuesday unveiled the updates to its high-end brand Genesis’ sport utility vehicles, the GV80 and GV80 Coupe, in Korea. “Our latest design masterpieces -- the new GV80 and GV80 coupe -- will play a key role in further establishing Genesis as a truly original Korean luxury brand,” said Graeme Russell, Genesis chief brand officer, during a press conference in Yongin, Gyeonggi Province. “Building upon our foundation here in Korea, our global momentum is

MobilitySept. 27, 2023

Manpower Korea’s unique approach to reference checks

Manpower Korea, the global workforce solutions provider with over two decades of experience, offers a thorough, strategic reference check service, one of the most important phases in the hiring process. Reference checks are conducted to learn more about candidates’ background, experiences and skills, assessing their eligibility and potential for certain positions. The Korean branch of ManpowerGroup shared two examples that showed how vital the role of methodical, expert-led reference check

IndustrySept. 27, 2023

Biz outlook stays flat for October amid slowing economy

South Korea's business sentiment remained unchanged for October amid sluggish exports of the country's key products, a central bank poll showed Wednesday. Local companies' business sentiment index amounted to 73 for the coming month, unchanged from the previous month, according to the survey by the Bank of Korea. The index measures corporate prospects for business conditions the following month. A reading below 100 means pessimists outnumber optimists. The central bank said busine

EconomySept. 27, 2023

Seoul shares open lower on Fed, growth woes

South Korean stocks opened lower Wednesday, tracking an overnight drop on Wall Street, on lingering concerns about further interest rate hikes by the Federal Reserve and the US economic outlook. The benchmark Korea Composite Stock Price Index shed 3.01 points, or 0.12 percent, to 2,459.96 in the first 15 minutes of trading. Overnight, US shares ended markedly lower as data pointed to weaker-than-expected consumer confidence, stoking fears over a slowdown in the world's largest economy. Inve

MarketSept. 27, 2023

[Graphic News] S. Korea’s overseas construction orders rise 20%

Korean construction companies’ overseas orders increased 20 percent in the January to August period from a year earlier to exceed $20 billion, industry data showed. Local builders obtained $21.9 billion in overseas orders between January and August, up from $18.3 billion over the same period last year, according to the International Contractors Association of Korea. It marks the first time that the builders have received overseas projects worth over $20 billion in the first eight months of

IndustrySept. 27, 2023

120,000 more public homes to be supplied by this year

The Korean government on Tuesday said it plans to supply an additional 120,000 public homes by this year to help ease the housing crunch in the sluggish market. The plan came after the government held a meeting earlier in the day attended by Finance Minister Choo Kyung-ho, Land Minister Won Hee-ryong and Financial Services Commission Chairman Kim Joo-hyun. Since the second half of last year, rising construction costs and an increase in real estate project financing borrowing rates have worse

IndustrySept. 26, 2023

S. Korea’s consumer sentiment turns sour in September: BOK index

South Korean consumers turned pessimistic about overall economic conditions in September for the first time in four months, amid woes over weak exports and rising prices. The composite consumer sentiment index (CCSI) in September stood at 99.7, down 3.4 points from the 103.1 a month before, the Bank of Korea’s report showed Tuesday. “The concerns about the weak exports and contraction in purchasing power due to the rise in prices pulled down the composite consumer sentiment index,&

EconomySept. 26, 2023