Samsung’s upbeat earnings overshadowed by uncertain outlook

Samsung Electronics’ extraordinary win streak over the past three quarters is likely to end in the second quarter this year amid growing uncertainties surrounding the war in Ukraine, rising costs and inflation fears. In its earnings guidance released Thursday, the South Korean tech giant projected its operating profits at 14 trillion won ($10.7 billion) for the April-June period, up 11.38 percent from a year ago. Its revenue also jumped 20.94 percent to 77 trillion won, the highest figu

TechnologyJuly 7, 2022

Korea Exchange to review Kyobo Life's IPO bid

Kyobo Life Insurance Co. on Thursday said the country's bourse operator will begin a preliminary assessment of its initial public offering (IPO). The Korea Exchange (KRX) has said it will launch a panel to review the IPO bid of South Korea's No. 2 life insurer eight months after its filing. Kyobo Life has been pushing to go public since 2018, but opposition from its shareholders has halted the process for years. Kyobo Life Chairman and the largest stakeholder Shin Chang-jae, as well as

IndustryJuly 7, 2022

Economic recovery momentum constrained by external uncertainty: KDI

South Korea's economic recovery momentum has been losing steam in the face of deteriorating external conditions, such as Russia's war with Ukraine and monetary tightening modes in major economies, a state-run think tank said Thursday. Led by in-person services, domestic demand improved as outdoor activities have increased on the back of the lifting of COVID-19 virus curbs, the Korea Development Institute (KDI) said in a monthly economic assessment report. "However, as manufacturin

EconomyJuly 7, 2022

KakaoTalk update on Google Play store suspended for week amid payment link standoff

The latest software update for KakaoTalk, South Korea's most popular mobile messaging app, remained suspended for a week on the Google Play store Thursday, following the refusal by tech giant Kakao Corp. to comply with Google's new in-app payment policy. Google turned down Kakao's submission application for the latest 9.8.6 version of KakaoTalk for Android on Google Play on June 30, citing Kakao's non-compliance with the policy, according to Kakao. The update remained unavail

IndustryJuly 7, 2022

Shipper HMM gets ISO certification for workplace health, safety

HMM Co., South Korea's leading container shipper, said Thursday it has obtained a global certification for its efforts to promote workplace safety and workers' health. HMM said it has secured the top certification for its occupational health and safety management system from the International Organization for Standardization (ISO). The certification ISO 45001, the first ISO standard to address the discipline of occupational health and safety, is meant to help prevent workplace hazards

IndustryJuly 7, 2022

S. Korea logs current account surplus in May, turnaround from April deficit

South Korea posted a current account surplus in May, turning around from the previous month's deficit, but its surplus was still much smaller than a year earlier as import bills remained high amid soaring energy and commodity prices, central bank data showed Thursday. The country's current account surplus amounted to $3.86 billion in May, according to the preliminary data from the Bank of Korea (BOK). It marked a reversal from the previous month when South Korea registered a current ac

EconomyJuly 7, 2022

Samsung Electronics estimates 11.3% rise in Q2 profit on chip biz

Samsung Electronics Co. said Thursday it is likely to report its best second-quarter earnings in four years on the back of solid chip demand. In its earnings guidance, the South Korean tech giant estimated its operating profit at 14 trillion won ($11 billion) for the April-June period, up 11.38 percent from a year ago. Its Q2 operating income estimate is slightly lower than analysts' earnings expectations of 14.5 trillion won in the data compiled by Yonhap Infomax, the financial arm of Yonh

IndustryJuly 7, 2022

Seoul shares open higher after Fed minutes; Korean won losing ground

South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street as the US Federal Reserve's latest minutes reaffirming its intent to rein in inflation through big rate hikes removed uncertainty for investors. The Korea Composite Stock Price Index (KOSPI) rose 23.04 points, or 1.01 percent, to 2,315.05 in the first 15 minutes of trading. The Fed minutes of its June policy meeting, released Wednesday (US time), showed that the Fed needs to raise the interest rate by anothe

MarketJuly 7, 2022

Kolon Group unveils hydrogen vision under ‘Kolon H2 Platform’

Fashion-to-energy conglomerate Kolon Group said Wednesday that its pick of hydrogen fuel cell energy as the group’s core business for the future will expand under its unique, one-stop service platform for hydrogen business with an aim to become the industry’s major supplier.  As part of the “Kolon H2 Platform,” the group plans to expand and renovate the current hydrogen business that involves mass production of polymer electrolyte membranes -- a core material requi

IndustryJuly 6, 2022

LG Innotek to invest W1.4tr to beef up production

LG Innotek said Wednesday that it is investing a total of 1.4 trillion won ($1.07 billion) into its local production facilities by 2023 to beef up the production of circuit substrates and camera modules – its key growth drivers. The company signed a memorandum of understanding for the new investment with the local governments of North Gyeongsang Province and its capital city, Gumi, earlier in the day. The new funding will be used to expand its production facilities in the city, includin

TechnologyJuly 6, 2022

Convenience store owners want late-night surcharges to offset rising labor costs

Convenience store owners are pushing to impose late-night surcharges on items to offset the expected rise in labor costs from next year’s legal minimum wage increase. In a meeting held Tuesday, the National Convenience Store Franchise Association, which represents store owners, decided to officially demand that convenience store franchises support the idea. Under the proposal, owners would impose a 5 percent surcharge on the price of all items sold at their store from midnight to 6 a.

ConsumerJuly 6, 2022

Seoul stocks dip to 20-month low on recession fears; Korean won at 13 yr low

South Korean stocks dipped to a 20-month low Wednesday, as bleak data from Europe and a sharp fall in oil prices underscore worries over a global economic recession. The Korean won fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) retreated 49.77 points, or 2.13 percent, to close at 2,292.01, coming below the 2,300 mark for the first time since Oct. 30, 2020. Trading volume was moderate at 400.3 million shares worth 8.53 trillion won ($6.53 billion) with decliners

MarketJuly 6, 2022

[Test Drive] SsangYong’s Torres: Affordable SUV fit for the outdoors

It’s no wonder SsangYong Motor’s Chilean dealers came up with the name Torres when they first saw the carmaker’s new midsize sport utility vehicle. The Torres looks tough enough to navigate through the soaring mountains of the Torres del Paine National Park in Chile’s Patagonia region. Unlike other SUVs of the same size, like Kia’s Sportage and Sorento which look too sophisticated to be driven on harsh road conditions, the Torres looks like it was made for off-roa

MobilityJuly 6, 2022

Ruling party leaders call on Yoon to prioritize people’s living conditions

SEJONG -- Political heavyweights from the ruling People Power Party said they would not spare any effort to overcome a variety of economic challenges during a meeting with senior government officials and presidential aides in Seoul on Wednesday. Their meeting comes as the nation’s inflation -- 6 percent in June -- hit its highest point in more than two decades. The country is also grappling with rising interest rates, which are posing a heavy burden on households. Some noteworthy re

EconomyJuly 6, 2022

Industry minister stresses nuclear power use to overcome crisis

South Korea should raise export competitiveness and make full use of nuclear power to tide over the global inflation and energy shock, Industry Minister Lee Chang-yang said Wednesday. “The global inflation and the energy price hike have shocked our economy. As Korea is highly dependent on energy imports, we are fully affected by both,” Lee said in a press conference in Sejong. “We need to do two things. We must raise export competitiveness as much as possible, and make full u

IndustryJuly 6, 2022

Look up for dinner: Convenience stores race for drone delivery

South Korean convenience stores are testing their service accessibility to remote areas by deploying drones for delivery use to enhance customer experience. Local convenience store chain CU said Wednesday that it has launched a drone delivery service for the first time at CU’s Yeongwol Gongju branch in Gangwon Province. The delivery drone, which weighs 17 kilograms and measures 70 centimeters in height, will carry products from the CU branch to Oasis Glamping, a camping site located som

ConsumerJuly 6, 2022

Fields Medal winner highlights importance of communication

Korean American mathematician June Huh on Wednesday underlined the importance of communication and collaboration when it comes to solving difficult problems in mathematics, a day after he became the first person of Korean descent to win the internationally prestigious Fields Medal. “The charming point of mathematics is that collaborative research has become very active in today’s mathematics,” Huh said in a press conference at the Korea Institute for Advanced Study in Seoul.

TechnologyJuly 6, 2022

Hana Bank, Kyung Hee Univ. start philanthropic campaign

Hana Bank, one of the five biggest banks in South Korea, and Kyung Hee University launched a philanthropic campaign Wednesday to ask people to bequeath their fortunes to charity, amid growing awareness of charity pledges leaving behind positive social impact. The bank will help those seeking to put money into philanthropic causes draw up a financial plan in advance while the university will look for potential candidates by offering them programs that show how charitable donations have served th

IndustryJuly 6, 2022

Posco Chemical unveils carbon neutrality roadmap

Posco Chemical on Wednesday unveiled a carbon neutrality roadmap for its battery materials business, aiming to meet RE100 standards by around 2035. It aims to replace 100 percent of the electricity it uses for producing cathode and anode materials with eco-friendly sources.  But the company said that does not mean that it will join the RE100 club by 2035. The Korean firm aims to complete its energy goal by transforming its current carbon capture, which is a use-and-storage process, by ad

IndustryJuly 6, 2022

Coway named among top 50 S. Korean brands

South Korea’s home appliance brand Coway was named one of the “Best Korean Brands 2022” by global management consulting firm Interbrand. Interbrand has announced top 50 Korean brands since 2013. This year’s recognition marks the eighth consecutive year that Coway has been named among 50 best South Korean brands. Coway’s rank, which was placed at 27th last year, jumped up three levels to 24th. Coway’s brand value enjoyed a 5.6 percent year-on-year increase a

IndustryJuly 6, 2022