Seoul housing prices show signs of slowdown

South Korea’s overheated housing market is showing signs of cooling down, as Seoul housing prices have inched down in recent months with persistent inflation and soaring interest rates squeezing household budgets. According to the Land Ministry on Monday, apartment prices in Apgujeong-dong, a wealthy neighborhood in Gangnam-gu, Seoul, dropped by as much as 300 million won ($230,000) in June from the previous month. A price slowdown was palpable in other affluent Seoul districts like Son

EconomyJuly 11, 2022

New FSC chief vows to stabilize markets, ease rules

Kim Joo-hyun, the new chief of the Financial Services Commission, said Monday that he would use all resources and cooperate with authorities for market stability at his inauguration, which took place after a divided National Assembly failed to hold a confirmation hearing.  Kim underscored mounting concerns that aggressive rate hikes by the US Federal Reserve would further dampen investor optimism here. “Rapid inflation is eating into the economy. Economic and political factors,

MarketJuly 11, 2022

[Photo News] 2022 Genesis scottish open

  Hyundai Motor Group Executive Chair Chung Euisun (left) and Hyundai Motor Group CEO Chang Jae-hoon (right) pose with 2022 Genesis Scottish Open winner Xander Schauffele (center) at the Renaissance Club in East Lothian, Scotland, on Thursday.  Genesis became a new title sponsor of one of Europe’s top-tier Rolex Series tournaments last year and renamed the tournament the Genesis Scottish Open this year. Schauffele finished at 7-under 273, one shot ahead of Kurt Kitayama, taki

IndustryJuly 11, 2022

Eco-friendly vehicles make up 30.3% of Korea’s automotive exports

Eco-friendly vehicles were responsible for 30.3 percent of South Korea’s total car exports in the first five months of this year, according to the Korea International Trade Association on Monday. South Korea exported $20.45 billion worth of cars from January to May, and 30.3 percent of them were eco-friendly, showing an 8.7 percentage points increase on-year. According to KITA, such an increase comes from growing global demand for carbon-neutral vehicles and the launch of all-electric m

MobilityJuly 11, 2022

S. Korean convenience stores make forays into Malaysia

South Korean convenience stores are actively making forays into Malaysia, a lucrative market based on growing local demand for consumer goods and convenience stores, along with the Malaysian public’s great interest in Korean food. Korean convenience store chain GS25 said Monday it has partnered with Malaysian retail giant KK Group to open the first GS25 store in Malaysia next year. The two agreed to expand to 500 locations in five years. According to a report from GS25, Malaysia’s

ConsumerJuly 11, 2022

Seoul stocks snap 2-day winning streak on recession, corporate earnings woes

South Korean shares snapped a two-day winning streak Monday as investors took to the sidelines amid woes about a recession and possibly lackluster corporate earnings. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 10.34 points, or 0.44 percent, to close at 2,340.27 points. Trading volume was relatively small at about 369 million shares worth some 6.1 trillion won ($4.7 billion), with losers outnumbering gainers 569 to 295. Institution

MarketJuly 11, 2022

6 in 10 Koreans believe house prices will fall

Six in 10 South Koreans planning to buy homes believe house prices will start to fall in the second half of this year, as rising interest rates will worsen repayment burdens, according to a survey by local property technology firm and listing platform Zigbang. In a survey conducted on 1,727 Zigbang app users from June 20 to July 4, 1,069 respondents (61.9 percent) said they expect the prices of houses in their neighborhood to fall, amid speculation over a sharper-than-expected rate hike the cen

EconomyJuly 11, 2022

[Herald Interview] All-in-one diagnosis of diseases possible, proteomics expert says

More research into proteomics -- the study of the collection of proteins in the human body -- could infinitely upgrade the diagnosis sector so that all types of diseases can be easily detected in the early stages, a proteomics expert said. “There are diseases that have limited relations with DNA and genomics, such as depression and cardiovascular diseases. On the other hand, protein is involved in most biological activities so there is a wide range of areas that can be dealt with proteom

TechnologyJuly 11, 2022

Banks to maintain mitigated lending stance on households with credit risks likely to rise in Q3: survey

Banks in South Korea will likely maintain a mitigated lending stance for households in the third quarter but credit risks for them were expected to rise amid increasing borrowing costs, a survey showed Monday. According to the poll of officials handling credit affairs at financial institutions, including 18 banks, conducted by the Bank of Korea (BOK), the index gauging bank's attitude toward home-backed loans and unsecured household lending stood at 14 and 19, respectively, for the July-Sep

EconomyJuly 11, 2022

Total card spending increases in May amid eased COVID-19 restrictions

Card spending surged more than 20 percent in May compared to the same month last year, according to data from the Credit Finance Association of Korea (CREFIA). CREFIA said Monday in a report that total card spending, including credit, debit and corporate cards, amounted to 99.3 trillion won ($76.3 billion) in May, when COVID-19 restrictions were lifted. This is a 20.7 percent increase from the 82.3 trillion won spent in May 2021. During the same period, the value of personal card spending so

EconomyJuly 11, 2022

Bond sales in S. Korea fall in June amid high interest rates

Bond issuance in South Korea dipped in June from the previous month amid increasing interest rates at home and abroad, industry data showed Monday. The value of bonds sold in Asia's fourth-largest economy came to 71.4 trillion won ($54.9 billion) last month, down 4.4 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Sales of corporate bonds were similar to the previous month's level, but those of state, special and financial bonds

MarketJuly 11, 2022

S. Korea, Ecuador to resume official talks for trade deal in 6 years

South Korea and Ecuador will resume official talks on the formation of a bilateral free trade deal Monday after a six-year hiatus, Seoul's trade ministry said. The two nations launched negotiations for the strategic economic cooperation agreement, a type of free trade pact, in 2016 and held five rounds of talks that year. The sixth round will begin on the day and continue through July 21, and will be held both in in-person meetings and via teleconferencing, according to the Ministry of Trad

EconomyJuly 11, 2022

S. Korea, Central American development bank to expand joint loan facility

South Korea's finance ministry and the Central American Bank for Economic Integration (CABEI), a regional development bank, agreed Monday to expand their joint loan program in a bid to bolster cooperation. The agreement calls for raising the ceiling of the joint loan facility by $200 million to $340 million, and extending its operation by three years until January 2025, according to the finance ministry. The deal was reached as CABEI opened its office in Seoul in an effort to bolster ties w

EconomyJuly 11, 2022

Seoul stocks open slightly higher on tech, auto gains

South Korean shares opened a tad higher Monday, buoyed by strong advances in tech and auto heavyweights. The benchmark Korea Composite Stock Price Index (KOSPI) had added 4.92 points, or 0.21 percent, to trade at 2,355.53 points as of 9:15 a.m. KOSPI's top cap Samsung Electronics moved up 1.02 percent, and No. 2 chipmaker SK hynix increased 0.53 percent. The country's largest automaker Hyundai Motor advanced 1.69 percent, with its smaller affiliate Kia jumping 3.52 percent. The local c

MarketJuly 11, 2022

Exports up 4.7% during first 10 days of July

South Korea's exports rose 4.7 percent on-year in the first 10 days of July on demand for chips and petroleum products, but the country suffered a trade deficit on soaring fuel costs, data showed Monday. The country's outbound shipments stood at $15.8 billion in the July 1-10 period, compared with $15.1 billion a year earlier, according to the data from the Korea Customs Service. Imports grew 14.1 percent on-year to $21.3 billion during the cited period, resulting in a trade deficit of

EconomyJuly 11, 2022

Ratio of green car exports tops 30% for 1st time

Eco-friendly vehicles accounted for more than 30 percent of South Korea's total car exports in the first five months of the year on strong overseas demand and the debut of two major electric vehicles made by local automakers in the US market, data showed Monday. The value of exported green cars amounted to $20.45 billion in the January-May period of this year, taking up 30.3 percent of the country's total auto exports, according to the data from the Korea International Trade Associatio

EconomyJuly 11, 2022

Power trading volume hits record in H1 on eased social distancing restrictions, early heat

South Korea's electricity transaction volume touched a new all-time high in the first half of the year due to eased social distancing restrictions and an early heat wave, data showed Monday. The volume of power traded in Asia's fourth-largest economy stood at 269,432 gigawatt-hours (GWh) in the January-June period, up 3.9 percent from a year earlier, according to the data from the state-run Korea Electric Power Corp. and the Korea Power Exchange. It marks the highest tally for any firs

EconomyJuly 11, 2022

Retail giants race to build shopping complex in Gwangju

Lotte, Shinsegae and Hyundai, the three retail giants in South Korea, are scrambling to be the first to build a new mega shopping complex in the southwestern city of Gwangju, one of the key campaign pledges of President Yoon Suk-yeol that is aimed at facilitating the local economy. Hyundai Department Store on Wednesday announced that it is in talks with Humans Holdings, a local real estate developer, to open a mega shopping mall in Gwangju. The proposed construction site is a 310,000-square-

ConsumerJuly 10, 2022

Only 6.3% of Korea’s board members are women: survey

Women occupied only about 6.3 percent of corporate board positions at South Korea’s 353 largest companies in the first quarter this year, according to a survey released by corporate tracker Leaders’ Index on Sunday. The survey shows there are still fewer than a thousand women in executive positions, with 914 among a total of 14,418 board members in the latest survey, even though the female proportion was on the rise for three consecutive years. Samsung Electronics, the nation&rsq

IndustryJuly 10, 2022

Kakao Mobility at crossroads amid sell-off rumors

A dispute between Kakao Corp. management and its labor union is growing over the IT giant’s rumored attempt to sell its transportation service subsidiary Kakao Mobility to private equity firm MBK Partners. Kakao’s labor union on Wednesday accused the management of giving up on its mobility business, questioning if the sell-off to the private equity fund can help the business grow. According to the union’s statement, Kakao Corp. said its mobility platform cannot grow anymore

TechnologyJuly 10, 2022