Choo says economy still solid despite won’s slide

Increasing volatility prompted by changes in the global economy is gripping South Korea’s financial markets, but the economic fundamentals remain strong, Finance Minister Choo Kyung-ho said Monday morning at a meeting of the nation’s economic chiefs. “The won is weakening, but economic indicators like the credit default swap premium are solid,” Choo said, referring to derivative contracts meant to protect investors from a Korean default. The premium on the country's five

EconomySept. 5, 2022

Super typhoon’s approach puts Korean businesses on high alert

Tensions grew sharply among retail, transport and manufacturing sectors on Monday on fears of the possible disruptions that Typhoon Hinnamnor could cause to their businesses, which are already suffering from a weak local currency and persistent economic uncertainty. The country’s three major mobile carriers -- SK Telecom, KT and LG Uplus -- set up emergency centers to monitor hurricane damage and tackle possible power outrage problems. The three companies mobilized emergency power gener

IndustrySept. 5, 2022

Seoul stocks down for 3rd day amid recession woes; Korean won at over 13-year low

Seoul stocks ended lower for a third consecutive session Monday on concerns over the Fed's aggressive rate hikes and a global economic recession. The Korean won tumbled to an over 13-year low against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) fell 0.24 percent, or 5.73 points, to 2,403.68. Trading volume was moderate at 346.4 million shares worth 6.13 trillion won ($4.5 billion), with decliners outpacing gainers 606 to 252. The KOSPI opened higher on

MarketSept. 5, 2022

Hyundai Motor chief returns from US trip over US EV tax credit

  Hyundai Motor Group Executive Chair Chung Euisun returned from a two week US trip where he sought for measures to deal with the latest US tax credit bill that has scrapped subsidies for foreign-made electric vehicles. But market insiders say there isn't room for businesses to resolve the issue and it is a matter that depends heavily on the government’s strategic approach. According to industry experts quoted in local media on Monday, Chung visited New York, Los Angeles, Boston and G

IndustrySept. 5, 2022

[From the Scene] Growing crops under solar panels: Korea tests agrivoltaic farm

HAMYANG, South Gyeongsang Province – A week before Chuseok, the sounds of a combine harvester's revving engine echoed in Gi-dong village of Hamyang, some 240 kilometers southeast of Seoul. The sound is not an unfamiliar one at any farm during harvest season around the country, but the scene was different as the machine cut and threshed grains underneath solar panels. Sleek, rectangular panels are placed on poles five meters above the ground at an agrivoltaic demostration complex in the vil

IndustrySept. 5, 2022

Korea to have more EV charging, self-driving robots at parks

SEJONG -- More and more gas stations are expected to operate charging ports for electric vehicles under state measures to promote supply of eco-friendly vehicles by easing regulations. In addition, businesses will be allowed to operate autonomous mobile robots at parks, while the current rules restrict the range of serving robots to indoor restaurants, government officials said Monday. A task force on deregulations, led by the Ministry of Economy and Finance, unveiled the second phase of dereg

EconomySept. 5, 2022

Kakao launches Tapas Entertainment to boost US market expansion

Kakao Entertainment -- a content subsidiary of South Korean IT giant Kakao -- has launched Tapas Entertainment to accelerate the expansion of its content businesses in North America, the company said Monday. Tapas Entertainment was established after a merger between Tapas Media, the first webtoon platform in North America, and Radish Media, a leading US web novel company, was completed on Aug. 5, according to Kakao Entertainment. Kakao Entertainment acquired the two companies in May last year

TechnologySept. 5, 2022

4 of 5 chip experts say Korea faces 'worst crisis' in decade

South Korea's chip manufacturing industry is facing the worst crisis in a decade, a survey that polled semiconductor experts showed Monday. Twenty-four out of the 30 chip experts surveyed by lobby group Korea Chamber of Commerce and Industry responded that Korea is either facing the threat as grave as, or graver than, Chinese chipmakers' foray into memory chip business in 2016 or the trade war between the United States and China in 2019. Of the respondents, 13 said Korea's situati

TechnologySept. 5, 2022

[Photo News] Chuseok money

Batches of 50,000 won bills are transported from the Bank of Korea on Monday ahead of the Chuseok holiday that kicks off on Friday.

EconomySept. 5, 2022

Samsung vows to take energy efficiency to next level at IFA 2022

Samsung Electronics on Monday pledged to take energy efficiency of its consumer electronics goods to the next level, supported by a combination of technologies from artificial intelligence to connected homes, during Europe's biggest tech show IFA 2022 that wraps up Tuesday. The cutting-edge technologies will allow Samsung to sell the most energy efficient refrigerators and washers among all products sold in Europe, the company claimed, using estimates from Samsung's own test results.

TechnologySept. 5, 2022

Hyundai Mobis to promote EV module in US auto show

Hyundai Mobis Co., South Korea's leading auto parts maker, said Monday it will promote its high-end auto parts at a US auto show this month to strengthen its presence in the world's most important automobile market. Hyundai Mobis aims to explore new opportunities to sell its electric complete chassis platform module (eCCPM) for EVs and other high-end auto components to local carmakers at the North American International Auto Show, the company said in a statement. It will also focus on

IndustrySept. 5, 2022

S. Korea-bound corn shipment departs from war-torn Ukraine

POSCO International Corp., a South Korean commodities trader, said Monday its shipment of Ukrainian corn departed from a port in the war-torn country and will arrive home later this month. A vessel carrying 61,000 tons of corn left Pivdennyi Port in Ukraine on Aug. 16 and is on its way via a sea route to reach Incheon, 27 kilometers west of Seoul, around late September, the trading arm of POSCO Holdings Co. said in a release. "All of the corn will be used for feed, which will help stabilize

EconomySept. 5, 2022

SK teams up with Malaysian firm for cooperation in hydrogen, renewables

South Korean energy-to-telecom conglomerate SK Group said Monday it is partnering with a Malaysian clean energy company to explore collaboration in hydrogen, renewable energy and green mobility, as part of efforts to bolster its green energy transition. Its three affiliates -- SK Materials Inc., SK Ecoplant Co. and SK Signet Inc. -- recently signed a memorandum of understanding with Gentari Sdn. Bhd., a subsidiary of Malaysia's state-run oil company Petroliam Nasional Berhad (Petronas), for

IndustrySept. 5, 2022

S. Korean lunar orbiter's key trajectory maneuver proceeds successfully: KARI

South Korea's unmanned space vehicle Danuri has successfully undergone a trajectory correction maneuver (TCM), a critical procedure in the lunar orbiter's travel to the moon for the country's first lunar mission. Danuri, also known as the Korea Pathfinder Lunar Orbiter, was launched last month aboard a SpaceX Falcon 9 rocket from Cape Canaveral Space Force Station in the U.S. state of Florida for South Korea's first space mission beyond Earth's orbit. The orbiter is curr

TechnologySept. 5, 2022

Current account surplus likely to narrow amid energy costs, slowing demand: minister

South Korea's finance minister said Monday the country's current account surplus could narrow as the trade balance will likely deteriorate amid a hike in energy prices and slowing global demand. Finance Minister Choo Kyung-ho also said the government will take stern actions against foreign exchange market-disturbing behaviors during the extended Chuseok fall harvest holiday amid the won's sharp weakness against the US dollar. The minister made the remark at the start of an emergen

EconomySept. 5, 2022

Seoul shares open higher on bargain hunting

Seoul stocks opened higher Monday on bargain hunting following a decline for two consecutive sessions amid concerns over the Fed's aggressive rate hikes and a global economic downturn. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.5 percent, or 11.98 points, to 2,421.39 as of 9:15 a.m. The KOSPI opened higher after falling 2.5 percent in the past two sessions as large-cap stocks advanced on institutional buying. Tech and auto stocks were the lead gainers, with market bellwe

MarketSept. 5, 2022

Foreign reserves fall in August on strong US dollar

South Korea's foreign reserves fell in August as the strong US dollar reduced the conversion value of euro and other currency-denominated assets, central bank data showed Monday. The country's foreign reserves came to $436.4 billion as of end-August, down $2.2 billion from the previous month, according to the data provided by the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, sp

MarketSept. 5, 2022

GS Group launches promotion to support Busan Expo bid

South Korea’s retail-to-energy conglomerate GS Group said Sunday that it has launched promotional activities to support South Korea’s bid to host the 2030 Busan World Expo. GS Sports, the sports company operating the football team FC Seoul and GS Caltex Seoul Kixx volleyball team, has opened a special fan event Sunday to promote the country’s Busan Expo bid. FC Seoul installed a booth at Seoul World Cup Stadium where visitors can leave supporting comments and look at brochure

IndustrySept. 4, 2022

[Contribution] Korea-Japan partnership more important than ever

    The relationship between Korea and Japan has a huge impact on both our economic growth and security. I am confident that it is a propitious time to strengthen the two countries’ bilateral ties. Given the prolonged global supply chain crisis, close cooperation between the two Asian manufacturing powerhouses will benefit companies in both countries and worldwide. For instance, the global semiconductor shortage caused a tumult in the manufacturing and sale of all kinds of produc

IndustrySept. 4, 2022

Lotte Group to build eco smart city, logistics center in Vietnam

South Korean retail giant Lotte Group said Sunday it will build an eco-friendly smart city complex and smart logistics center in Vietnam, as part of its expansion plan to cement a strong foothold in Southeast Asia. Under the $900 million Thu Tiem Eco Smart City project, the company plans to construct a 60-story building, with another five floors underground, comprising a shopping mall, cinema, office space, hotel, residences and apartments in Ho Chi Minh City. For the residential area, a big

ConsumerSept. 4, 2022