[Graphic News] 7 in 10 S. Koreans suffered income reduction amid pandemic: survey

　Nearly 7 in 10 South Koreans saw their income fall in the wake of COVID-19, a survey showed.  　In an online survey of 2,016 people aged 18 or above by the Korea Institute of Public Administration from Nov. 15-22, 68 percent said their average monthly income was lower in 2021 than in 2019 before the pandemic struck.  　Only 30 percent said their income rose, while the remaining 2 percent said it remains unchanged.  　Those who earned less lost 1.25 million won ($1,038) per month

BusinessMarch 23, 2022

S. Korea's overseas direct investment hits all-time high in 2021

South Korea's overseas direct investment hit a record high last year as the global economy recovered from the fallout of the COVID-19 pandemic, data showed Wednesday. The value of investments made by South Korean companies reached $75.87 billion last year, up 32.8 percent from a year earlier, according to the data by the Ministry of Economy and Finance. It marked the highest since the government compiled related data in 1968. In the fourth quarter, the country's overseas direct investment jumped

EconomyMarch 23, 2022

Seoul stocks open higher on US gains

South Korean shares got off to a strong start Wednesday, tracking overnight gains on Wall Street, led by institutional investors' purchase of big-cap shares. The benchmark Korea Composite Stock Price Index (Kospi) rose 26.48 points, or 0.98 percent, to reach 2,736.48 as of 9:15 a.m. Overnight, the US stock market finished higher, as investors digested recent hawkish comments by Federal Reserve Chair Jerome Powell on rate hikes. The Dow Jones Industrial Average advanced 0.74 percent, and the Nasd

MarketMarch 23, 2022

S. Korea to ease property-related tax burdens of owners of one home

South Korea said Wednesday it plans to ease tax burdens on owners of a single home amid growing public discontent about the government's housing policy amid skyrocketing home prices in recent years. The measures -- which are set to be announced at 11 a.m. -- are meant to prevent the owners of one home from additionally shouldering the burden of paying real estate-related taxes. The government plans to let the owners of one home pay similar amounts of property-holding taxes to those of last yea

EconomyMarch 23, 2022

Producer prices up for 2nd month in Feb on high energy costs

South Korea's producer prices grew for the second straight month in February, as high energy costs drove up the prices of factory-produced goods, central bank data showed Wednesday. The producer price index, a major barometer of consumer inflation, stood at 114.82 in February, up 0.4 from a month earlier, according to the preliminary data from the Bank of Korea (BOK). It marked the second straight month that the index has risen following January's 1.1 percent on-month gain. From a year earlier,

EconomyMarch 23, 2022

SK On welcomes EU approval on Hungarian aid to its EV battery plant

South Korean battery maker SK On Co. on Tuesday welcomed the European Union’s approval on Hungary’s aid to its electric vehicle battery plant construction in Ivancsa, south of Budapest. “We welcome the EU’s decision,” the company said. “We will do our best to contribute to Europe’s electrification and decarbonization plans, and help the local community‘s development.” Earlier, Reuters reported the European Commission approved Hungary&rsq

IndustryMarch 22, 2022

Hyundai Heavy chief’s entry to boardroom buoys expectation on shipbuilder’s major transition

Chung Ki-sun, the grandson of Hyundai Group founder Chung Ju-young, on Tuesday was named CEO of Hyundai Heavy Industries Group and its subholding company Korea Shipbuilding & Offshore Engineering, opening a new chapter for the world’s largest shipbuilder. Shareholders of the two companies approved the appointment on the eve of the group’s 50th anniversary, when it aims to reestablish its brand identity as a technology-centered group, departing from its decades-old image as a tr

IndustryMarch 22, 2022

Moon-Yoon feud casts doubt on Yongsan makeover plan

The fate of Yongsan-gu, Seoul’s geographically central district set to see a changing landscape in years to come, is clouded again as the feud over whether to house a new presidential office there escalates between the outgoing and incoming presidents. President-elect Yoon Suk-yeol is rushing to relocate the presidential office to the Defense Ministry complex in Yongsan before taking office on May 10. This is to end what he calls the “imperial presidency” Cheong Wa Dae represe

EconomyMarch 22, 2022

Kia EV6 wins Best of the Best award in 2022 Red Dot Design Awards

Kia’s first all-electric vehicle EV6 won the Best of the Best award in the prestigious 2022 Red Dot Design Awards, according to Kia on Tuesday. The Red Dot Design Award is among the world’s most prestigious design awards that reward the most innovative design concepts besides the iF Design Award and International Design Excellence Awards. EV6 also claimed the Red Dot Innovative Products awards. “Kia implemented its new design philosophy ‘Opposites United’ on EV6,

MobilityMarch 22, 2022

Land Ministry likely to brief deregulatory housing measures

SEJONG -- President-elect Yoon Suk-yeol’s transition team is scheduled to receive a policy briefing from the Ministry of Land, Infrastructure and Transport over real estate issues later this week, government officials said Tuesday. In line with Yoon’s earlier pledges to supply 2.5 million housing units nationwide for five years if elected, the Land Ministry’s report could possibly include the market situation in terms of conducting land development as well as deregulations on

EconomyMarch 22, 2022

Seoul shares end higher on institutional buying

South Korean stocks ended higher Tuesday on institutional buying, with investors eyeing the Ukraine war, surging energy prices, and inflationary risks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.95 points, or 0.9 percent, to close at 2,710 points. Trading volume was moderate at about 468.54 million shares worth some 8.4 trillion won ($6.9 billion), with gainers outnumbering losers 578 to 257. Institutional investors bought a net 284

MarketMarch 22, 2022

5 S. Korean CEOs earned more than W10b in 2021: data

Five South Korean CEOs took home more than 10 billion won ($8.2 million) last year, bolstered by either the exercise of stock options or large compensation packages, data released as of Tuesday showed.  The data excludes those who received retirement packages. CJ Group Chairman Lee Jay-hyun earned a total of 21.86 billion won last year, his salary nearly doubling from the previous year and ranking atop the list, data from the Financial Supervisory Service showed Monday. Lee received a 3.

IndustryMarch 22, 2022

Dunamu donates W1b to Ukraine

Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, said Tuesday it has donated 1 billion won ($820,000) to the United Nations World Food Program in a bid to provide food aid for war-torn Ukraine. According to Dunamu, it is the first Korean company to donate to WFP’s emergency assistance program that gives local food and food vouchers to civilians affected by the conflict in Ukraine. The donated funds will provide one day’s worth of food for over 1.6 milli

MarketMarch 22, 2022

[ADVERTORIAL] LG Energy Solution steps up ESG

LG Energy Solution is going all out to practice sustainable management in terms of eco-friendly energy, battery reuse and recycling, and responsible management of supply chains. To tackle climate change, the company is reducing energy use throughout its battery production process and introducing renewable energy to minimize greenhouse gas emissions. The storage battery manufacturer was the first in the industry to join last year both RE100 and EV100, global initiatives to bring together busine

TechnologyMarch 22, 2022

BMW to start sales of all-electric i4 in Korea

BMW will soon kick off sales of its latest electric vehicle model i4 in South Korea, according to the carmaker‘s Seoul branch on Tuesday. Already raking in some 3,700 pre-orders, the i4 saloon is set to boast a strong presence in the Korean EV market. The i4 model, revealed in March 2021, is BMW‘s first four-door all-electric Gran Coupe. It brings together the sporting elegance that characterizes BMW coupes and the comfort and functionality of a four-door model.　 Specifically, the

IndustryMarch 22, 2022

Posco Group chief meets Argentinian president over lithium plant

Posco Group Chairman and Chief Executive Officer Choi Jeong-woo met Alberto Fernandez, president of Argentina, just ahead of the construction of a $830 million lithium plant in the country, the South Korean company said Tuesday. Choi told Fernandez that the Argentinian government‘s support is critical to Posco‘s new growth momentum, as lithium is considered a key material for the battery component that powers ecofriendly vehicles, Korea’s largest steelmaker said in a statement

IndustryMarch 22, 2022

Korea ‘suffers digital skill shortage’

South Korea is now experiencing a digital skill shortage among employers here as the country -- considered one of the most wired in the world -- is seeing local workers’ digital skills largely outdated in the wake of the cloud era, an estimate showed Tuesday. Over the next year alone, roughly 10 million more people in South Korea are estimated to require digital skills training, according to an estimate by consulting firm AlphaBeta. This is equivalent to some 37 percent of the workforce

TechnologyMarch 22, 2022

Samsung heiresses to raise W400b in big share sales

Samsung Group’s two heiresses are reportedly seeking to raise about 400 billion won ($327 million) by selling their shares in Samsung SDS, the IT solutions unit, possibly in a move to secure funds to pay inheritance taxes. According to industry sources Tuesday, a combined 3.9 percent stake in Samsung SDS was sold in a block trade after Monday’s closing through KB Securities and Morgan Stanley. The price ranged between 127,400 won and 129,500 won apiece, about a 7 to 9 percent disco

IndustryMarch 22, 2022

CNP Motors, e.L.e Media sign MOU with Alpha Motor Corporation for future promotions

The parent company of Rolling Stone Korea, e.L.e Media, and South Korean carmaker CNP Motors announced that they had signed a pact with American vehicle company Alpha Motor Corporation on March 12. Global media company e.L.e Media has signed a memorandum of understanding with Alpha Motor Corporation to “promote mutually beneficial business directions,” the company said in a statement. The company, which deals with professional media content, noted that the signing is aimed at pr

IndustryMarch 22, 2022

Doosan Heavy to sell boiler-making overseas unit

South Korean plant builder Doosan Heavy Industries & Construction Co. said Tuesday it has decided to sell its boiler-making overseas subsidiary, in an apparent bid to improve its financial health. In its latest business report, Doosan Heavy Industries said it has finalized a plan to dispose of Doosan Babcock based in Britain during the current fiscal year. Doosan Babcock ranks as one of the world's four companies with original technologies for making boilers for power plants and has provided

IndustryMarch 22, 2022