Exports jump 63.5% in first 10 days of Oct.

South Korea's exports jumped 63.5 percent on-year in the first 10 days of October on the back of robust demand for chips, petroleum products and autos, customs data showed Tuesday. The country's outbound shipments stood at $15.2 billion in the Oct. 1-10 period, compared with $9.28 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 58.6 percent on-year to $17.6 billion, resulting in a trade deficit of $2.46 billion during the cited period, the data s

EconomyOct. 12, 2021

S. Korea's exports of kimchi up 13.8% in Jan.-Aug.

South Korea's exports of kimchi climbed nearly 14 percent in the first eight months of 2021 on growing overseas demand for healthier food amid the new coronavirus pandemic, data showed Tuesday. Outbound shipments of kimchi reached $111.5 million in the January-August period, up 13.8 percent from a year earlier, according to the data from the Korea Customs Service and the food industry. In contrast, imports of kimchi shrank 9.7 percent on-year to $86.1 million over the cited period, resulting i

EconomyOct. 12, 2021

Taxes and more taxes to make Lee’s vision real

Lee Jae-myung, the ruling Democratic Party’s standard bearer in next year’s presidential election, is hoping to establish several new taxes, which would support his basic income plan. And as much as his universal benefit policy would weigh on the country’s fiscal management –- a minimum 1 million won ($890) subsidy to every individual each year -- the liberal politician is talking trillions of won in new tax revenues. A key measures that the Gyeonggi Province governo

IndustryOct. 11, 2021

[News Focus] Ruling party presidential candidate vows universal subsidy

Gyeonggi Gov. Lee Jae-myung, named presidential candidate of the ruling Democratic Party Sunday, vowed to adopt universal basic income if elected, claiming that he would turn South Korea into the world’s first nation offering the subsidy package, even to the wealthy. In his acceptance speech on Sunday, Lee highlighted his “basic agenda package,” which is expected to be the backbone of his economy policy if elected president. The package consists of a universal basic income pla

EconomyOct. 11, 2021

Lawmakers seek delay for crypto taxation

South Korea’s lawmakers are trying to push back controversial taxation on income from investing in cryptocurrencies, which is to be implemented from Jan. 1, 2022. The opposition People Power Party was drafting a proposal that eases capital gain taxes on cryptocurrencies and is expected to submit the bill as early as Tuesday. The People Power Party’s bill suggests a one-year delay for crypto gain taxation to 2023 along with a more generous tax redemption than currently planned. Th

MarketOct. 11, 2021

Hyundai Mobis develops a foldable steering system

Preparing for the era of self-driving cars, South Korean auto parts manufacturer Hyundai Mobis has unveiled a steering wheel that can be folded while not in use. The affiliate of Hyundai Motor said Monday that it has succeeded in developing the foldable steering wheel system that maximizes drivers comfort by allowing more space. It took around 2 years for the company to successfully develop the entirely new technology that has never been globally commercialized before and the company is curr

MobilityOct. 11, 2021

Hyundai Motor chief to mark 1st year in office

Hyundai Motor Group Chairman Chung Euisun on Thursday will mark his one-year anniversary since taking office at the South Korean automotive group. With the new chief at the helm, Hyundai Motor has embarked on a journey of transforming into a future smart mobility company. According to Hyundai officials on Monday, Chung, who inherited the top job from his father and now honorary group chairman Chung Mong-koo last year, has always emphasized that the future lies on resolving problems that peop

MobilityOct. 11, 2021

Hanwha Defense showcases K9A1, Redback at AUSA 2021, eyes US deal

Hanwha Defense said Monday it will showcase its advanced land defense systems at a major defense show in the US to expand its footprint in the market. Participating in the AUSA 2021 defense expo, set to kick off Monday, US time, in Washington, the Korean defense firm will display its flagship land defense platforms, including the K9 Thunder self-propelled howitzer and the Redback infantry fighting vehicle. Hosted by the Association of the United States Army, the event is the largest land power

IndustryOct. 11, 2021

Will OECD's digital tax hurt Samsung Electronics, SK hynix?

A landmark deal to crack down on offshore tax havens, though initially designed to target digital economy behemoths such as Google and Netflix, has spilled over to South Korean chipmakers Samsung Electronics and SK hynix, though the degree of its impact remains unclear. On Friday, the world’s most powerful nations agreed to impose a 15 percent global minimum tax on companies with revenues above 750 million euros ($867.5 million). Also, those with revenues above 20 billion euros and a p

IndustryOct. 11, 2021

Economy needs more attention from presidential runners: KCCI

South Korea’s business leaders on Monday asked political parties to put the economy on the front burner of the presidential election in March, delivering a list of economic agenda that need to be addressed by presidential candidates. The 73 board members of the Korea Chamber of Commerce and Industry, Korea’s largest private economic organization, said the letter outlined three propositions, 10 agenda items, five reform tasks and 70 action plans for political groups to consider in t

IndustryOct. 11, 2021

[Newsmaker] Wealth gap widening among young Koreans: data

The wealth gap among young Koreans has widened, with data showing that familial transfer of wealth, not income differences, are aggregating the divide, a lawmaker said Monday. According to Statistics Korea data of two groups of Koreans between ages 20 to 30, the upper 20 percent of young Koreans accumulated 35 times more wealth than the lower 20 percent last year. The wealth gap increased from 776 million won ($650,000) in 2019 to 846 million won in 2020, according to Kim Hoe-jae, a member of

MarketOct. 11, 2021

GCF board endorses $1.2b for projects to support climate actions

The Green Climate Fund (GCF), an international organization on fighting climate change, has approved $1.2 billion in funding for 13 new green energy projects, South Korea's finance ministry said Monday. The board of the GCF, headquartered in Songdo of Incheon, west of Seoul, endorsed the funding plan for projects to help 44 emerging nations fight climate change, according to the Ministry of Economy and Finance. The UN climate fund also approved a plan to increase the number of its staff member

EconomyOct. 11, 2021

Finance minister to leave for US to attend G-20 meeting

Finance Minister Hong Nam-ki will leave for the United States this week to attend a Group of 20 (G-20) meeting of finance chiefs and central bankers to discuss global economic and financial issues, the finance ministry said Monday. Hong will head to Washington on Tuesday to attend the G-20 Finance Ministers and Central Bank Governors' meeting set for Wednesday, according to the Ministry of Economy and Finance. The gathering is meant to lay the groundwork for the G-20 summit scheduled for Oct.

EconomyOct. 11, 2021

Samsung partners with renowned directors to produce films with Galaxy devices

Samsung Electronics Co. said Monday it has partnered with some high-profile filmmakers to produce movies with its Galaxy smartphones as the South Korean tech giant aims to better promote its mobile devices. Samsung started a campaign called "Filmed #withGalaxy" with an aim to encourage people to expand their creativity with Galaxy smartphones. Joe Wright, who is best known for directing the romantic drama film "Pride and Prejudice," is the first participant of the campaign,

IndustryOct. 11, 2021

[ESG Talk] Overseeing ESG’s social risk: Tips from ‘Squid Game’

South Korean-made “Squid Game,” currently the most popular content on Netflix, reminds us of an important issue about ESG’s social risk. Throughout the series, fair rules are repeatedly emphasized. The stress is made to promote the game to the participants in the beginning, then to punish the guards. There are recurring moments where women and the old are always picked last because “most (even the kid’s) games require strength.” The series constantly evokes qu

EconomyOct. 11, 2021

Asiana to resume business class services on domestic flights after 18-year hiatus

Asiana Airlines Inc., South Korea's second-biggest airline, will resume offering business class services on domestic flights starting next month, industry insiders said Monday, as it tries to improve profitability amid the COVID-19 pandemic. Asiana will begin running business class cabins on select domestic flights Nov. 5, according to company officials. The full-service carrier had removed business class seats on domestic flights in November 2003. Business class services will be available o

IndustryOct. 11, 2021

Countries sign breakthrough deal on corporate taxes, fairer tax scheme

A majority of nations struck a groundbreaking deal to enforce a corporate tax rate of 15 percent and share taxes imposed on the profits of multinational companies to where they actually generate profits, the Ministry of Economy and Finance said Saturday. Some 136 countries and jurisdictions out of 140 involved reached yearslong deals led by the Organization for Economic Cooperation and Development to reform tax schemes that will help countries collect an extra $100 billion in corporate taxes

EconomyOct. 10, 2021

Korea’s edu tech startup Riiid acquires Japanese mobile app distributor

Riiid, a South Korean artificial intelligence-based education tech company, has acquired Langoo, the Japanese distributor of its service, in an effort to expand its business in the world’s third-largest economy, the company said Saturday. The acquisition is coming less than five months after it secured $175 million in series D funding solely raised from Japan’s Softbank’s Vision Fund 2, and is part of the company’s broader strategy to expand through mergers and acquis

MarketOct. 10, 2021

[Photo News] The future of hydrogen

The 2021 Green New Deal Expo was held Oct. 6-8 at Kintex in Goyang, Gyeonggi Province, where 53 firms and organizations presented alternative energy visions and technologies. This year’s theme was the future of hydrogen. Automotive giant Hyundai Motor Group caught visitors’ attention with its electric and hydrogen vehicles, and group affiliate Hyundai Mobis displayed a hydrogen fueling station. The company recently invested 1.3 trillion won ($1.1 billion) to build two hydrogen fuel

IndustryOct. 9, 2021

Samsung family to sell W2tr worth of stocks to pay inheritance tax

The family of late Samsung Group Chairman Lee Kun-hee plans to sell stakes in group affiliates worth 2 trillion won ($1.6 billion) to pay inheritance taxes, regulatory filings showed Saturday. Hong Ra-hee, the widow of the late business tycoon who died in October last year, plans to sell 19.9 million shares in Samsung Electronics Co., which were estimated at 1.4 trillion won as of Friday‘s closing price, according to the regulatory filing. The shares account for around 0.33 percent o

IndustryOct. 9, 2021