Ukraine war, supply snarls feared to dent investment, exports: govt.

The war between Russia and Ukraine, and extended global supply disruptions are feared to sap South Korea's corporate investment and exports, and add upward pressure on inflation, the finance ministry said Friday. The South Korean economy faces heightened external uncertainty, as global economic downside risks have heightened amid major central banks' monetary tightening and China's COVID-19 lockdowns of major cities, the ministry said in its monthly economic assessment report, called the Green

MarketMay 13, 2022

Seoul shares open higher after 8-day losing streak

Seoul shares opened higher Friday as technology stocks rebounded amid concerns over the Federal Reserve's further monetary tightening to tackle high inflation. The Korea Composite Stock Price Index (KOSPI) rose 21.67 points, or 0.85 percent, to 2,571.75 in the first 15 minutes of trading. The KOSPI rebounded following an eight-day losing streak as the Fed is likely to raise interest rates by a half-percentage point at each of its next two meetings. Most large-cap stocks advanced across the board

MarketMay 13, 2022

KRX prepares to launch carbon credit futures

The Korea Exchange is preparing to launch a carbon credit futures contract to help bring price signals to what it says would be the new derivatives market, officials said Thursday. “The spot trading in carbon dioxide quotas has surged, but a lack of liquidity is a cause for price volatility,” an official at the bourse operator said. The new market could also help solidify the government’s commitment to achieving carbon neutrality by 2050, the official added. The bourse operat

MarketMay 12, 2022

Korean-made cryptocurrencies’ collapse shakes up global market

The global cryptocurrency market has been shaken up by the freefalling prices of Korean-made cryptocurrency terraUSD, also known as UST, and its sister token luna, raising concerns that it may lead to the crypto market’s version of the Lehman Brothers collapse. According to crypto market analysis website CoinMarketCap, the prices of terraUSD and luna recorded 857 won ($0.66) and 443 won as of 2 p.m. on Thursday, down 14 percent and 96 percent from 24 hours ago, respectively. Terraform

MarketMay 12, 2022

Korea develops antiviral nasal spray

South Korean researchers have developed a nasal spray that can kill viruses and bacteria including COVID-19, the culprit of the unprecedented pandemic, the Korea Institute of Science and Technology said Thursday. Labeled the “invisible mask” for its capacity to prevent virus infection as if one was wearing a mask, the nasal spray can remove harmful substances from the outside and protect the mucus membrane, according to the KIST. In order for the sprayed liquid to take effect, it

TechnologyMay 12, 2022

Cabinet approves Yoon’s 1st bill on W59tr-extra budget

SEJONG -- The Cabinet endorsed the supplementary budget worth 59.4 trillion won ($46 billion) in its first meeting under the Yoon Suk-yeol administration in Seoul on Thursday. The budget, drawn up by a group of ministries, is mostly aimed at supporting the self-employed and microbusiness owners. But the real scale of the extra budget in terms of utilization for payouts for the people and other segments of the economy would stay at 36.4 trillion won, given that 23 trillion won would be granted t

EconomyMay 12, 2022

Another employee theft puts Woori’s reputation at stake

An employee at Woori Bank embezzled 490 million won ($380,000) earlier this year, reports said Thursday, dampening the lender’s struggle to rebuild its reputation after a separate 60 billion won employee theft was uncovered last month. The employee, whose identity was withheld, stole the money by withdrawing from automatic teller machines from mid-January to early February. Woori recently found out about the theft through internal auditing. The bank detected irregular activities in relat

MarketMay 12, 2022

[Photo News] Season of watermelon

Watermelons are on sale at a traditional market in Seoul on Thursday as temperature went up to 28 degrees Celcius during the day, hotter than the usual.

IndustryMay 12, 2022

KAI eyes Central European market with homegrown fighter jet

Korea Aerospace Industries is seeking to expand to Central Europe, the firm said Thursday, as it promoted the homegrown FA-50 light attack fighter during the International Defense Exhibition Bratislava 2022 in Slovakia. “We are prioritizing looking for new markets in Central Europe for FA-50 as the recent accelerated formation of a new Cold War structure is resulting in an increase of defense spending to realize self-defense in many parts of the world,” said a KAI official. The na

IndustryMay 12, 2022

Korea needs more digital solution providers, CJ tech chief says

Despite rapid digital transformation shaking up industries from manufacturing to finance, South Korea still lacks companies that can provide digital solutions to business challenges, a tech chief executive officer of retail and food giant CJ Group said Wednesday. “It’s the ugly truth that although it is crucial to use cutting-edge digital technologies to improve business operations and satisfy customers, these initiatives are not being delivered fast enough,” said Cha In-hyuc

TechnologyMay 12, 2022

Citibank Korea unveils strategic shift toward corporate banking

Citigroup’s Korean unit Citibank Korea unveiled its strategy to focus on corporate banking at a town hall meeting held last week in Seoul, the bank said Thursday. According to the bank, the new strategy aims to enhance corporate banking capabilities, increase synergy among its core businesses, and protect customers during the wind-down process of its retail banking divisions. The bank said last October that it will shut down its consumer banking units and focus more on its corporate custo

MarketMay 12, 2022

2022 Hyundai Grandeur makes debut

Hyundai Motor on Thursday launched the 2022 Hyundai Grandeur, a facelifted version of its top-selling mid-sized sedan car. Coming back with revamped style and safety functions, a 12.3-inch LCD cluster and a touch-type controller have been adopted for all four trims – Premium, Le Blanc, Exclusive and Calligraphy. The Exclusive trim features advanced safety features like forward collision avoidance assist and smart cruise control, while the highest end Calligraphy is equipped with a head-u

MobilityMay 12, 2022

Airport express train resumes operation on May 30

The airport express train, which runs nonstop from Seoul Station to Incheon International Airport Terminal 1 and Terminal 2, will resume operation from May 30 after a hiatus of about two years due to the pandemic. Check-in for Korean airlines and immigration service will also be available at the City Airport Terminal in Seoul Station. “As we are resuming the express train service after two years, we are preparing new services to enhance customers’ convenience and conducting thoroug

MobilityMay 12, 2022

Seoul shares open lower amid inflation woes

Seoul shares opened lower Thursday, taking a cue from overnight falls on Wall Street amid renewed worries over the Federal Reserve's tougher monetary tightening. The Korea Composite Stock Price Index (KOSPI) fell 27.51 points, or 1.06 percent, to 2,564.76 in the first 15 minutes of trading. The KOSPI had lost ground for the seven straight sessions until Wednesday as investors worried the Fed will deliver a series of big-step rate hikes in the months to come to tame high-flying inflation. Overnig

MarketMay 12, 2022

E-commerce giant Coupang's Q1 loss narrows on bumper sales

South Korean e-commerce giant Coupang Inc. said Thursday its first-quarter operating loss narrowed sharply from a year earlier thanks to record sales. Its operating loss stood at $205.7 million in the January-March period, down 23 percent from a year earlier, the New York-listed e-commerce behemoth said in a regulatory filing. The drastic improvement came as its sales reached a quarterly high in the three-month period amid a global economic recovery from the fallout of the coronavirus pandemic.

IndustryMay 12, 2022

7 carmakers to recall about 12,000 vehicles over software errors

Mercedes-Benz and six other carmakers will voluntarily recall nearly 12,000 vehicles to fix software errors and part defects, Seoul's transport ministry said Thursday. Mercedes-Benz Korea will recall 7,598 cars from eight models, including the S 580 4MATIC, as software flaws in their rear signal acquisition and actuation module could cause the malfunction of blinkers, hazard lights and reversing lights, according to the Ministry of Land, Infrastructure and Transport. Toyota Motor Korea will reca

IndustryMay 12, 2022

One Store pulls IPO plan, SK Square pressured to change course

South Korea’s homegrown mobile app store operator One Store has dropped its plan to go public amid poor stock market conditions, the company said Wednesday. One Store’s decision comes a day after a book building of institutional investors wrapped up, in which the offering price of a common share was below its suggested price band, at between 34,300 won ($26.9) and 41,700 won apiece. The figures have estimated One Store’s equity value at between 910 billion won and 1.1 trilli

TechnologyMay 11, 2022

From Iron Man porridge to tofu ice cream, CJ launches Gen MZ-inspired products

South Korean food company CJ CheilJedang said Tuesday that it will launch 20 products this year that “vibe” with millennials and Generation Z. From high-fiber cookies that look like virtual asset coins to porridge packed in Marvel and Toy Story characters, a team of young CJ employees came up with products made for health-conscious and design-sensitive young adults, according to the company. For its new marketing strategy directly targeting customers in their 20s and 30s, the food

IndustryMay 11, 2022

Yoon likely to expand loan support for ‘vulnerable’ groups

The Yoon Suk-yeol government is looking to make it easier for “vulnerable groups” to take out loans to follow through on his campaign promise, while offering better protection to consumers from predatory lending and unfair corporate practices. The groups refer to self-employed people, small business owners, first-time home buyers and those fresh out of college who the government says need more financial support than all the others. COVID fallout and runaway housing prices have put t

EconomyMay 11, 2022

As first bill, Yoon to offer W6m to pandemic-hit self-employed

SEJONG -- The Yoon Suk-yeol administration is moving to offer 6 million won ($4,700) or more per self-employed person in its supplementary budget, as part of the new government’s first policy to compensate those who suffered financial loss from state-led business restrictions amid the COVID-19 pandemic. President Yoon, who took office on Tuesday, stressed the necessity of implementing a supplementary budget for the support package as promptly as possible while presiding over his first mee

EconomyMay 11, 2022