Coupang on smooth ride for first profitable year

South Korean e-commerce giant Coupang posted record second-quarter earnings amid the thriving performance of its new business initiatives -- extending its dominant run for four consecutive quarters since turning a profit for the first time in 2022. During its earnings call Wednesday, the New York-listed company said it posted record quarterly sales for the April-June period at $5.8 billion, for on-year growth of 16 percent. Operating profits were tallied at $147.6 million, showing a 42 percent

ConsumerAug. 9, 2023

[Photo News] Waiting for samgyetang

People wait in a line to enter a restaurant for samgyetang, or South Korean ginseng chicken soup, in Jongno-gu, central Seoul, Wednesday, a day ahead of malbok. Malbok in Korea refers to the last of the three hottest days of the year, following chobok and jungbok, and is celebrated by eating samgyetang. Amid an increase in production costs such as the price of feed , the retail price of chicken per kilogram stood at 6,151 won ($4.61) as of Tuesday, showing an on-year increase of 8.1 percent from

ConsumerAug. 9, 2023

SK Bioscience acquires 7% stake in Novavax

SK Bioscience, a pharmaceutical affiliate of South Korea’s SK Group, said Wednesday it has acquired a 7 percent stake, or 6.5 million shares, in US biotech firm Novavax in a deal worth some 110 billion won ($83.5 million). The stock deal was inked as a mean of payment for Novavax, which owed SK Bioscience for manufacturing the former's COVID-19 vaccine. On top of the new agreement, the companies also extended their recent license contract on Novavax’s new vaccine targeted at COV

IndustryAug. 9, 2023

Hyundai Motor outpaces Samsung in economic impact for 1st time: data

Hyundai Motor Group’s economic impact on South Korea's economy outpaced that of Samsung Electronics for the first time last year, data showed Wednesday. The combined economic contribution of Hyundai and its smaller affiliate Kia came to 164.6 trillion won ($124.7 billion), going beyond the 148.1 trillion won of Samsung Electronics, according to data from market tracker CEO Score. The economic impact of companies measures the wealth they create and return through local business activit

IndustryAug. 9, 2023

Abnormal weather sends fruit prices soaring

The prices of apples and pears are expected to rise due to decreased fruit yields caused by poor weather conditions, according to data released by government-funded research organization Korea Rural Economic Institute on Wednesday. The projection for the agricultural sector for August raises concerns because the two fruits are typically in high demand in September, as they are the most popular choices for gift sets for the upcoming Chuseok, or Korean Thanksgiving, holiday. The major national har

IndustryAug. 9, 2023

[Photo News] New ambassador for Audi Q4 e-tron

Audi Korea said Wednesday that Hwang Hee-chan, the South Korean midfielder for Wolverhampton Wanderers, has been named the official brand ambassador for the German carmaker’s battery-powered compact sport utility vehicle, the Q4 e-tron. “Our futuristic brand image goes well with world-class soccer player Hwang’s vision and passion,” the company said. (Audi Korea)

MobilityAug. 9, 2023

S. Korea to proactively cope with France's new EV subsidy policy: ministry

South Korea's industry ministry said Wednesday it will proactively cope with France's new subsidy policy for electric vehicles, amid concerns the move may weigh down automobile exports. The move came as France plans to apply a score system that tracks the carbon footprint of the manufacturing process of EVs, which is set to be implemented in January 2024, followed by a six-month grace period, according to the Ministry of Trade, Industry and Energy. France plans to receive opinions on t

EconomyAug. 9, 2023

S. Korea to expand market for pet products to 15tr won by 2027

South Korea's agricultural ministry said Wednesday it plans to expand the size of the pet industry to 15 trillion won ($11.47 billion) by 2027 amid the growing number of households with dogs or cats. The target marks a sharp rise from just 8 trillion won tallied in 2022, according to the Ministry of Agriculture, Food and Rural Affairs. The number of households with dogs or cats came to 6.02 million last year, rising sharply from just 3.64 million in 2012. "To address the evolving marke

MarketAug. 9, 2023

S. Korea to back exports amid signs of recovery: finance minister

South Korea's finance minister said Wednesday the country will spare no efforts to support exports amid signs they are recovering. "Despite some volatility every month, exports are showing signs of improvement," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. South Korea's exports fell for the 10th consecutive month in July due mainly to weak demand for semiconductors, but the country reported a trade surplus for the second straight month.

EconomyAug. 9, 2023

Seoul shares open higher on large-cap gains

South Korean stocks opened a tad higher Wednesday, led by gains in large-cap shares of techs and chemicals despite losses on Wall Street. The benchmark Korea Composite Stock Price Index climbed 16.83 points, or 0.65 percent, to 2,590.81 in the first 15 minutes of trading. On Wall Street, all three major US stock indexes finished lower Tuesday as credit rating agency Moody's downgraded 10 small- and mid-sized US lenders. The Dow Jones Industrial Average lost 0.45 percent, and the tech-savvy

MarketAug. 9, 2023

S. Korea's on-year job additions slow for 4th month in July

South Korea's on-year job additions slowed for the fourth consecutive month in July, data showed Wednesday, with employment remaining challenging for those in their 20s. The number of employed people came to 28.68 million in July, up around 211,000 from a year earlier, according to the data compiled by Statistics Korea. Last month, the country's jobless rate came to 2.7 percent, down 0.2 percentage point over the period. South Korea's on-year job additions slowed for nine consecut

EconomyAug. 9, 2023

8 carmakers to recall over 14,000 vehicles for faulty parts

Kia Corp., Mercedes-Benz Korea and six other companies will voluntarily recall more than 14,000 vehicles due to faulty components, the transport ministry said Wednesday. The companies, including Jaguar Land Rover Korea, Volkswagen Group Korea, Toyota Motor Korea Co., GM Korea Co., Tesla Korea and GM Asia Pacific Regional Headquarters Ltd., are recalling a combined 14,057 units of 21 different models, the Ministry of Land, Infrastructure and Transport said in a statement. The problems that prompt

MobilityAug. 9, 2023

Volkswagen Group Korea ramps up efforts to nurture tech talent

Volkswagen Group Korea continues to make efforts to contribute to the growth of automotive-specific software talent with a series of educational and job-creating initiatives for the local economy, responding to the need for highly trained software professionals in the increasingly digitized automotive industry. One pillar of the initiatives is a partnership with German nonprofit coding school 42 Wolfsburg and Kookmin University in Seoul. The collaboration centers around the "SEA:ME" --

MobilityAug. 8, 2023

Hyundai Motor chief underscores India expansion in EV push

Hyundai Motor Group Executive Chair Chung Euisun has emphasized the importance of India as a foothold for future mobility as the South Korean automaker looks to lead the country’s fast-growing electric vehicle market. According to the Korean automaker Tuesday, the Hyundai Motor chief visited Hyundai Motor Company’s technical center and manufacturing site in India from Monday to Tuesday to discuss mid to long-term growth strategies with local employees. Hyundai Motor said Chung closel

MobilityAug. 8, 2023

Coway air purifier tops US Consumer Reports ratings

South Korean home appliance maker Coway said Tuesday its latest air purifier, called the Coway Airmega ProX, has topped a recent US Consumer Reports rating among 186 air purifier models. The Coway air purifier earned the highest 93 points in performance evaluations conducted by Consumer Reports, a nonprofit consumer organization. It was the first time that a Korean brand air purifier has topped the rating. The Coway Airmega ProX also outpaced its rivals in terms of cleaning performance, energy e

IndustryAug. 8, 2023

Seoul shares down for 5th day; Korean won sharply falls

South Korean stocks ended lower Tuesday as investors took a wait-and-see approach amid concerns over additional rate hikes by the US Federal Reserve and China's worse-than-expected trade data. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 6.73 points, or 0.26 percent, to 2,573.98, extending its losing streak to a fifth day. Trading volume was moderate at 631.5 million shares worth 12.3 trillion won ($9.3 billion), with losers

MarketAug. 8, 2023

[Contribution] Enjoy a safe, exciting summer at Korea’s beautiful beaches

By Cho Seung-hwan, minister of oceans and fisheries As summer arrives, the blazing sun glazes up the asphalt and the summer heat intensifies. Indeed, the season to embark on a well-deserved summer vacation has arrived. And yet, we inevitably mull over the specifics of somewhat vague but long-awaited vacations around this time of the year. In light of the COVID-19 pandemic, travel priorities have shifted, focusing more on nature, outdoor activities, healing, relaxation and unique experiences.

ConsumerAug. 8, 2023

[KH Explains] Will heiress’ abrupt departure spark succession race at Amorepacific?

Suh Min-jeong – the elder daughter of Chairman Suh Kyung-bae of South Korean beauty giant Amorepacific and the prime candidate to inherit the company – recently went into an abrupt yearlong leave of absence, fueling speculation about the company’s business strategy and succession scheme. Having already liquidated all of her stakes in Etude and Espoir, the two budget brands affiliated with the beauty giant, the 31-year-old heiress also donated half of her stake in Innisfree, one

IndustryAug. 8, 2023

Hanwha boasts highest number of overseas units among chaebol rivals

Defense-to-energy giant Hanwha Group operates the largest number of overseas units among the nation’s top chaebol groups, with the figure surging from last year’s 102 to 739 this year, according to a recent report by corporate tracker Korea CXO Institute on Tuesday. Hanwha, the nation’s seventh-largest conglomerate, outpaced its bigger rivals such as Samsung, SK and Hyundai Motor. In particular, the number of affiliates in the US jumped by 45 to 241, while those in Spain increa

IndustryAug. 8, 2023

Trade, overseas dividends bring current account surplus expansion

#Current account surplus for first 6 months shrink 90% compared to a year ago South Korea logged a current account surplus for two consecutive months in June due to a trade surplus and increased dividends from overseas, central bank data showed Tuesday. The country's current account gained $5.87 billion in June, following the $1.93 billion surplus from a month earlier, according to preliminary data from the Bank of Korea. Prime Minister Han Duck-soo assessed that Korea was showing a sound p

EconomyAug. 8, 2023