Hankook Tire to supply high-performance tires for German Big 3

Hankook Tire & Technology, the world’s sixth-largest tire-maker, said Friday that it has started supplying its tires for high-performance sedans and sports cars of the so-called “German Big 3”: Mercedes-Benz, BMW and Audi. The tire-maker will supply its Ventus S1 evo Z tires to BMW’s X3 M and X4 M models, while also supplying its Ventus S1 evo 3 and Winter i cept evo 2 tires to Audi’s RS lineup. Multiple SUVs of the Mercedes-Benz AMG lineup, including GLC an

MobilityJuly 17, 2022

Samsung's wind-free air conditioner sales exceed 7 million units

Samsung Electronics Co. said Sunday its accumulated wind-free air conditioner sales have exceeded 7 million units in the domestic market since its launch six years ago. Samsung launched the "no-wind" air conditioner for the first time in the world in 2016 and has expanded its lineup of the product both for commercial and household use, the company said in a statement. The company has been fully operating its domestic production facilities since February to meet soaring demand during th

IndustryJuly 17, 2022

[Photo News] Travelers flock to airport despite surge in COVID cases

Gimpo Airport was busy with passengers on Friday morning as the number of COVID-19 cases continued to rise in South Korea. The photo shows travelers waiting in line to get on board their train. Earlier this month, data from the transport ministry showed that the number of domestic and international flights reached 4.6 million, up 4.6 percent from the previous month. The country saw 41,310 new COVID-19 infections on Saturday, including 287 from overseas, according to the Korea Disease Control

MobilityJuly 16, 2022

Seoul shares end higher on auto, tech gains; Korean won at over 13-yr low

Seoul shares ended higher Friday as investors scooped up auto and tech stocks on bargain hunting amid concerns over further rate hikes to tackle inflation and a global recession. The Korean won sharply fell to the lowest level in over 13 years against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.66 points, or 0.37 percent, to close at 2,330.98 points. Trading volume was moderate at about 310.56 million shares worth some 7.25 trillion won ($5.5 billion), with decl

MarketJuly 15, 2022

Coffee delivery robots roll into Incheon airport

Travelers with little time to wait in long queues at airport cafes can now pick up a cup of coffee and a sandwich from delivery service robots at Korea‘s largest airport. Local food delivery app Baemin said Friday it launched a robot delivery service for airport cafes and bakeries located in Incheon International Airport’s Terminal 1. Air-dilly, a service robot made by LG Electronics, will deliver food and beverages from Baskin Robins, Paris Baguette and two Dunkin’ location

ConsumerJuly 15, 2022

Korean won sinks to 13-year low against US dollar

The South Korean currency fell below the 1,320-won mark against the US dollar for the first time in more than 13 years during morning trading on Friday, with analysts warning that the won could lose further value. The won was trading at 1,326 won against the greenback at around 2:30 p.m., after breaching the 1,320 won-mark per dollar in the morning for the first time since April 30, 2009. The won’s plummeting value came with the weakening of the euro and the Chinese yuan against the s

EconomyJuly 15, 2022

Korea to provide W68tr in policy financing to small merchants, young borrowers

SEJONG -- The government will offer policy financing worth 68 trillion won ($51 billion) to small merchants and the underprivileged on a step-by-step basis, starting from the end of July, the Finance Ministry said Friday. Government-initiated low-interest loans will be divided: 43 trillion won will go to small merchants and 25 trillion won to young people and low income households. “The government has set consumer prices and stability in people’s living conditions as the primary ad

EconomyJuly 15, 2022

Lotte, Shinsegae to build whiskey distilleries in Jeju

Retail giants Lotte and Shinsegae are set to enter the whiskey business by constructing distilleries on Jeju Island, home to some of Korea’s best-quality water. Lotte Chilsung Beverage, Lotte Group’s beverage arm, said Friday that it has recently received the green light from Jeju to change a former tangerine farm into whisky distillery. “After getting advice from experts, we picked Jeju Island because its natural environment, clean water and temperature are optimal con

ConsumerJuly 15, 2022

Policy financing in store for vulnerable people amid rising rates

South Korea said Friday it aims to provide policy financing worth 68.3 trillion won ($51.4 billion) this year to small merchants and other vulnerable people in a bid to help ease the burden of rising borrowing costs. The move is a follow-up to the 125 trillion-won measure that was unveiled Thursday to support people troubled by high inflation and hikes in interest rates amid the central bank's monetary tightening. The government plans to offer policy financing worth 43 trillion won to small

EconomyJuly 15, 2022

FDI pledges to S. Korea fall 15.6% in H1 amid global uncertainties

Foreign direct investment (FDI) pledges to South Korea fell 15.6 percent in the first half of this year from a year earlier amid global uncertainties caused by the prolonged crisis surrounding Ukraine and surging inflation, the industry ministry said Friday. The country received $11.09 billion worth of FDI commitments during the first six months of this year, compared with $13.14 billion logged a year earlier, when the amount hit an all-time high for any first halves, according to the Ministry o

EconomyJuly 15, 2022

Auto exports hit 8-yr high in 1st half on popularity of eco-friendly cars

South Korea's car exports reached an eight-year high in the first half of this year on the back of global popularity of eco-friendly cars, data showed Friday. The value of outbound shipments of automobiles grew 3.2 percent on-year to $24.35 billion during the January-June period, which marked the highest figure since 2014, when the figure came to $25.23 billion, according to the data from the Ministry of Trade, Industry and Energy. In terms of volume, a total of 1.07 million vehicles were s

EconomyJuly 15, 2022

Hyundai to launch 1st all-electric high-performance IONIQ 5 N in 2023

South Korea's Hyundai Motor Co. said Friday it will launch its first all-electric high-performance IONIQ 5 N model in the domestic market next year. Hyundai has strengthened the high-performance N brand and the N Line brand to compete with its bigger rivals in terms of performance cars. The N models bring full performance capability to daily driving, while the N Line brings performance-inspired elements to base model vehicles. The N Line models sit between Hyundai's high-performance N

IndustryJuly 15, 2022

Sales of short-term bonds rise 11.3 pct in H1

Sales of short-term corporate bonds in South Korea climbed more than 11 percent in the first half of 2022 from a year earlier on a spike in securitized debt issuance, data showed Friday. Local firms floated 642.7 trillion won ($486 billion) worth of bonds maturing within one year in the January-June period, up 11.3 percent a year earlier, according to the data from the Korea Securities Depository. Compared with the second half of last year, however, the amount was down 3.5 percent. Short-term bo

EconomyJuly 15, 2022

Seoul shares open lower amid recession woes; Korean won sharply down

Seoul shares opened lower Friday amid concerns over more aggressive interest rate hikes by central banks to tackle inflation and a global economic slowdown. The benchmark Korea Composite Stock Price Index fell 7.96 points, or 0.34 percent, to trade at 2,314.36 in the first 15 minutes of trading. Institutions and foreigners sold a combined 109 billion won ($82 million) worth of stocks, exceeding individuals' stock purchases valued at 101.7 billion won. Foreigners offloaded some risky assets

MarketJuly 15, 2022

Import prices up for 2nd month in June on high energy, raw material costs

South Korea's import prices grew for the second straight month in June as oil and raw material prices remained high, central bank data showed Friday. The import price index edged up 0.5 percent in June from a month earlier, according to the preliminary data from the Bank of Korea (BOK). This marked the second straight month of on-month increase following a revised rise of 3.8 percent in May. Compared with a year earlier, the index jumped 33.6 percent, the 16th consecutive month of on-year increa

EconomyJuly 15, 2022

Yoon vows debt relief for low earners after rate hike

President Yoon Suk-yeol pledged Thursday to help low-income earners with their mounting debt burdens, a day after the central bank made its biggest single rate hike to tame persistent inflation, at a weekly meeting he convened for the second time. The meetings deal with pressing economic issues affecting what they call a “vulnerable group” of self-employed people, small business owners and those fresh out of college. Policymakers discussed inflation last week. This week, they unveil

EconomyJuly 14, 2022

KT, CJ ENM join forces to set up Korea’s largest streaming platform

KT and CJ ENM have decided to merge their over-the-top video streaming platforms -- Seezn and Tving -- to create the largest Korean-made video streaming platform. The merger could accelerate the growth of Korean video content, officials said Thursday. The two companies each held board of directors meetings and decided that KT’s Seezn will be absorbed by CJ ENM’s Tving. KT Studio Genie, which holds a 100 percent stake in Seezn, will become the third-largest shareholder of the newly

IndustryJuly 14, 2022

In face of steep inflation, Koreans ponder samgyetang

For Oh Ju-ha, a housewife in her 50s, having samgyetang, or ginseng chicken soup, has for many years been a way to endure the highest temperatures of summer. But she is having second thoughts this year. “I’m thinking about making kongguksu (soy milk noodle soup) for this chobok, instead. It’s also high in protein, and not as ridiculously expensive as samgyetang,” she said. Chobok is traditionally the beginning of the most sweltering days of the year in Korea. Oh is one

July 14, 2022

HMM to invest W15tr to become worldwide leader in shipping

The country‘s top shipping company HMM is aiming to become a global industry leader by investing 15 trillion won ($11.4 billion) over the next five years. “We consider this investment the least that we can do to make our company a sustainable and stable company amid growing uncertainties in the global shipping market due to environmental regulations and digitalization,” Kim Kyung-bae, CEO of HMM, told reporters on Thursday. HMM will be using 10 trillion won of that investment

IndustryJuly 14, 2022

Seoul shares retreat amid rate hike woes

South Korean stocks retreated Thursday after a choppy session amid jitters about high inflation at home and in major economies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index declined 6.29 points, or 0.27 percent, to close at 2,322.32 points. Trading volume was relatively low at about 344 million shares worth some 6.4 trillion won ($4.9 billion), with gainers outnumbering losers 433 to 418. Institutions sold a net 534 billion won, while foreigners boug

MarketJuly 14, 2022