BOK chief stresses post-pandemic role

Central banks should think about what they should do besides keeping prices stable as emerging economies including South Korea struggle to avert anemic growth once persistent inflation caused by the pandemic cools off, Bank of Gov. Rhee Chang-yong said Thursday at a conference. “To escape a low growth, low inflation trap, should emerging market economies, or Korea for that matter, follow the same advice professor Paul Krugman gave to central bankers in advanced economies, to ‘credib

EconomyJune 2, 2022

Finance minister warns against wage, price hikes

SEJONG -- South Korea’s fiscal chief on Thursday called on businesses to refrain from raising product prices and wages amid lingering fears of rising inflation. The comments from Deputy Prime Minister and Finance Minister Choo Kyung-ho came during his meeting with heads of the nation’s six business lobby groups in Seoul. “Given that hikes in price tags and wages could bring about a vicious circle in inflationary pressure, (the government would like to ask you) to internally

EconomyJune 2, 2022

Seoul shares snap 3-day winning streak amid recession woes; Korean won sharply down

South Korean stocks retreated Thursday, snapping a three-day gaining streak, as worries about the world economy possibly going into a recession continued to weigh on investor sentiment. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) fell 26.91 points to close at 2,658.99. Trading volume was light at 513.1 million shares worth 7.6 trillion won ($6.06 billion), with decliners outnumbering gainers 520 to 322. Institutional investors unloaded a n

MarketJune 2, 2022

LG, Guggenheim Museum to spur innovation in art world

LG Group said Thursday it has partnered with the Guggenheim Museum, a world-renowned modern and contemporary art museum in New York, to spur innovation in the art world using its technological prowess. The nation’s fourth-largest conglomerate plans to discover and support the convergence of advanced technology and art, and also financially support emerging innovative artists through this partnership. In collaboration with the Guggenheim Museum which is located in New York City, Abu Dhab

IndustryJune 2, 2022

[Photo News] BMW M celebrates 50th anniversary

BMW’s M division vehicles are on display at the BMW Driving Center located in Yeongjongdo, Incheon, on Thursday. BMW Korea plans to hold a series of promotional events, including a special exhibition at the center to celebrate the 50th anniversary of the German carmaker’s high-performance motorsport brand for the next two months. (BMW Korea)

IndustryJune 2, 2022

Coupang adds almost 30,000 new jobs in 2021

South Korea’s e-commerce giant Coupang topped the list of the largest employers here last year, adding almost 30,000 new jobs in the year alone, according to industry data released Thursday. According to market tracker Korea CXO Institute, Coupang hired 29,361 new employees in 2021, with its total workforce standing at 72,763. The figure made up almost half the total 63,740 new hires made by the nation’s 76 largest companies with assets over 5 trillion won ($3.9 billion) last ye

IndustryJune 2, 2022

Rsquare makes foray into Singapore’s real estate market

South Korean real estate platform Rsquare said Thursday it has collected over 65,000 pieces of commercial real estate data in Singapore, officially launching its business in the major Asia-Pacific hub. The company has compiled both quantitative and qualitative data on office buildings, hotels, distribution centers, factories and other commercial buildings in Singapore’s principal districts. “Just like in South Korea and Vietnam, our employees went on foot, visited office buildings

TechnologyJune 2, 2022

Talks for alternative trading system gain steam

South Korean brokerages’ yearslong plan to launch the first alternative trading system here has entered a new phase, with more companies expressing support and the exchange’s ownership structure getting clearer, media reports said Thursday. According to local reports, 30 small- and medium-sized brokerages have expressed willingness for the first time to use the ATS, if launched, to the ATS task force. The task force is led by the Korea Financial Investment Association, a self-regu

MarketJune 2, 2022

Posco International resumes operation of grain export terminal in Ukraine

After a months-long supply disruption due to the war in Ukraine, Posco International said Thursday that it has partially resumed operation of its grain export terminal located in the country’s eastern border area. According to the company, its operation resumption follows its clients’ request for supply. Some 2,000 tons of wheat have been exported its terminal in Mykolaiv this week, where some 115,000 tons of grains including wheats and corns are stored. Transportation of grains wa

IndustryJune 2, 2022

JM Solution’s skin care products hit European market

JM Solution, the skin care brand from South Korean cosmetics company GP Club, said Thursday that it has recently started supplying products in Europe through local retailers. Its Believe in Nature face mask line is the first to hit the European market. The firm said it will continue diversifying its product lineup in phases. For the latest European push, the firm has partnered with two German retailers, Muller and dm-drogerie markt, which boast a combined 4,359 stores in 15 countries in Euro

ConsumerJune 2, 2022

SK Telecom CEO touts UAM as ‘game changer’

SK Telecom CEO Ryu Young-sang on Thursday showed confidence in debuting the telecom giant’s own urban air mobility (UAM) service by 2025, touting UAM or flying vehicles as a “game changer” that will offer solutions to resolving social costs of traffic-related issues.  “Today’s business environment is being reshaped at an unprecedented speed since COVID-19,” Ryu said in a column released via the company’s website.  “UAM used to be consi

IndustryJune 2, 2022

Samsung, Naver team up for Korea’s first private 5G network

Samsung Electronics said Thursday it is teaming up with internet giant Naver to set up the nation’s first-ever private 5G network. The private wireless 5G network, designed to support secure and data-intensive communications of a specific entity within a specific area, will be deployed in Naver’s second headquarters building, called Naver 1784, in the tech hub Bundang district of Seongnam, Gyeonggi Province. The private network, alongside automated logistics technology by Hyundai

TechnologyJune 2, 2022

Online shopping continues to grow in April amid non-contact trend

Online shopping in South Korea continued to grow in April as eased virus curbs and the economic recovery boosted demand for travel services and foodstuffs, data showed Thursday. The value of online shopping transactions stood at 16.5 trillion won ($13.2 billion) in April, up 11.9 percent from the previous year, according to the data from Statistics Korea. Purchases made through smartphones, tablets and other mobile devices rose 15.7 percent on-year to 12.3 trillion won. Mobile shopping accounted

IndustryJune 2, 2022

BOK chief highlights central banks' post-pandemic role, worries about low inflation, growth in emerging economies

Central banks need to do more than their obligation of maintaining price stability as calls for them taking more social responsibility will continue to rise in the post-pandemic era, Seoul's top central banker said Thursday. At an international conference in Seoul, Rhee Chang-yong, head of the Bank of Korea (BOK), said South Korea and other emerging countries are facing a likelihood of returning to a "very low inflation" and "very low growth environment" after current hi

EconomyJune 2, 2022

Renault Korea, 5 others to recall some 42,000 vehicles over faulty parts, software errors

Renault Korea Motors and five other carmakers will voluntarily recall nearly 42,000 vehicles to fix part defects and software errors to better ensure their safety, Seoul's transport ministry said Thursday. Renault Korea will recall 28,892 cars of two models, including the XM3, as a damaged fuel pump impeller could cause the cars to stall, according to the Ministry of Land, Infrastructure and Transport. It is the second time for the carmaker to recall the models over the impeller problem. Th

IndustryJune 2, 2022

Seoul shares open lower on recession woes

South Korean stocks got off to a weak start Thursday, as worries about the world economy, possibly set for a recession, continued to weigh on investor sentiment. The Korea Composite Stock Price Index (KOSPI) fell 23.52 points, or 0.88 percent, to 2,662.38 in the first 15 minutes of trading. Overnight, Wall Street ended lower amid woes over the potential economic impact of the US Federal Reserve's planned tighter monetary policy. In Seoul, most shares lost ground across the board. Market bel

MarketJune 2, 2022

[Contribution] Why hydrogen alliance among Korea, Japan, and Australia is important

The future of hydrogen looks promising in East Asia, as the region’s largest carbon emitters -- Korea and Japan -- have adopted a stance toward importing substantial amounts of hydrogen from abroad. The two countries have quite similar energy profiles that have resulted in comparable decarbonization approaches, especially with respect to the use of hydrogen to replace fossil energy sources. However, the fact that Korea and Japan lack renewable power, gas production as well as carbon stor

IndustryJune 1, 2022

[Photo news] Egg prices to rise

Egg cartons fill the shelves at a hypermarket in Seoul on Wednesday. South Korea-based Maeil Dairies raised the shipping prices of products ranging from eggs to processed milk and flavored milk up to 11 percent amid inflation woes, beginning Wednesday. (Yonhap)

IndustryJune 1, 2022

Trade deficit continues despite brisk exports

 SEJONG -- South Korea posted a trade deficit for the second consecutive month in the wake of spiraling import prices of raw materials, despite its brisk outbound shipments. According to the Ministry of Trade, Industry and Energy, the nation’s exports increased by 21.5 percent on-year to record $61.5 billion in May. This marked the second-highest in history, behind the $63.8 billion posted in March this year. This was an all-time high performance since the nation started compiling t

EconomyJune 1, 2022

[Market Eye] Qualcomm reignites Arm consortium talks, SK hynix alliance

The latest open remarks by US tech giant Qualcomm’s CEO Cristiano Amon has reignited speculation that the firm would purchase a stake in SoftBank-backed chip designer Arm through a consortium with global chipmaking rivals including South Korean firm SK hynix. This highlights the growing cash pile-up of South Korea-based memory chip designer and manufacturer SK hynix, coupled with its parent SK Group’s 142.2 trillion won ($114.6 billion) spending pledge in semiconductors over the nex

TechnologyJune 1, 2022