ICT exports jump over 30% for 2nd consecutive month in May

South Korea's exports of information and communication technology products soared more than 30 percent for the second consecutive month in May on robust global demand, data showed Sunday. Outbound shipments of ICT products came to $19.05 billion last month, up 31.8 percent from $14.45 billion a year earlier, logging the seventh straight month of increase, according to data compiled by the Ministry of Science and ICT. The country's ICT imports increased 2.4 percent on-year to $11.48 bil

EconomyJune 16, 2024

Household loans from 5 major banks expand over W2.1tr as of mid-June

Household loans extended by five major lenders in South Korea have risen more than 2.1 trillion won ($1.5 billion) so far this month, industry data showed Sunday. Outstanding household loans extended by the five top lenders reached 705.4 trillion won as of June 13, compared with 703.2 trillion won at the end of last month, according to the data compiled by Yonhap News Agency. The monthly tally is expected to grow for the third consecutive month in June, following an on-month increase of 5.2 tril

EconomyJune 16, 2024

[Contribution] Korea offers solutions to combat desertification, drought

By Nam Sung-hyun Minister of the Korea Forest Service Desertification is happening all around the world. According to the "World Atlas of Desertification" released by the European Commission, desertification is underway in 75 percent of the Earth's land area, and a grim prospect looms, in which over 90 percent of the land area will be degraded by 2050. United Nations Convention to Combat Desertification statistics (2023) reveal that more than 100 million hectares of healthy an

IndustryJune 16, 2024

Korea Forest Service and Mongolia forestry alliance reverses desertification

Under the shared goal to tackle the climate crisis, Korea and Mongolia have been pioneering a greenbelt project, a testament to their relationship and a joint effort to rejuvenate desertifying landscapes. The beginning of the Korea-Mongolia Greenbelt Plantation Project dates back to 2006 when the Korea Forest Service, the nation’s forest agency, and Mongolia's Ministry of Environment and Tourism formalized their forestry cooperation to combat yellow dust and desertification prevention

IndustryJune 16, 2024

Record fine on Coupang raises questions about online retail practices

The Fair Trade Commission's decision to impose a record fine of 140 billion won ($102 million) on Coupang has sparked debates about the true role of online retailers in Korea. While Coupang is regarded as a giant online retailer that acts as a middleman between sellers and buyers, it also functions as a seller on its own platform, offering products under its own label. Coupang was slapped with the highest fine ever imposed by the antitrust watchdog on Wednesday for manipulating search ranki

IndustryJune 14, 2024

Daewoo E&C wins international approval for offshore wind turbine foundation

Daewoo Engineering & Construction announced Friday that a floating offshore wind turbine foundation jointly developed by the Korean builder and its partner from the Netherlands has acquired approval in principle from Det Norske Veritas, an international accredited certification body. In 2021, Daewoo E&C and Monobase Wind started a partnership to develop a floating offshore wind turbine foundation. In March 2022, the two companies completed model tests for their wind turbine foundation ca

IndustryJune 14, 2024

High schoolers' green startup Torus offers AI-powered food waste solution

US-based eco-friendly startup Torus said Friday it has offered its food waste handling service to 38 households in West Windsor, New Jersey, to connect waste producers and composting companies through an artificial intelligence-based matching system. This project, supported by Green Matters, a civic organization dedicated to environmental justice including climate issues, officially ran through Sunday, but Torus plans to continue the project afterward. Founded in December 2023 by Zikang Jiang, a

CompaniesJune 14, 2024

Mirae Asset chairman named executive of the year by AIB

Mirae Asset Financial Group said Friday that its founder and Chairman Park Hyeon-joo will be honored with the International Executive of the Year Award at the annual conference of the Academy of International Business slated for next month. AIB, an eminent association of international business scholars and professionals established in 1959, boasts a membership of over 3,400 individuals from approximately 90 countries. Park, who has been integral in transforming Mirae Asset Financial Group into a

EconomyJune 14, 2024

Korea Forest Service, Kazakhstan forge forestry cooperation

The Korea Forest Service and the Kazakh government agreed to enhance bilateral cooperation in forestry management through a memorandum of understanding signed at the Presidential Palace in Astana, Kazakhstan, Wednesday. Under the agreement, formalized on the sidelines of the summit between Presidents Yoon Suk Yeol and Kazakh President Kassym-Jomart Tokayev, the two governments will work on forest disaster response, such as managing forest fires and promoting biodiversity through seed exchange an

IndustryJune 14, 2024

Mirae Asset Global Investments surpasses W170tr in ETF net assets

Mirae Asset Global Investments, Korea’s leading asset management firm, has significantly expanded its global footprint, now managing over 580 exchange-traded funds with net assets totaling 170 trillion won ($133 billion). Since launching its first exchange-traded fund, Tiger ETF in 2006, Mirae Asset has grown into a formidable player in the global market, overcoming initial industrial skepticism toward a domestic financial firm. In 2011, it became the first Korean asset manager to list on

EconomyJune 14, 2024

NPS opposes appointment of Lim Jong-yoon as inside director of Hanmi Pharmaceutical

The National Pension Service has decided to oppose the appointment of Lim Jong-yoon as an inside director of Hanmi Pharmaceutical at the upcoming extraordinary shareholders' meeting of the drug company on Tuesday next week. Lim, however, is expected to take the position as he and his aides hold a controlling stake in the pharmaceutical company, according to industry sources, Friday. The national pension fund, the second-largest shareholder of Hanmi Pharmaceutical, said on Thursday that it

IndustryJune 14, 2024

Seoul shares up for 4th day on revived hopes for Fed's rate cut

South Korean shares closed up for the fourth consecutive session Friday amid hopes for a US rate cut that helped push US stock indexes to record highs. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.53 points, or 0.13 percent, to close at 2,758.42. Trade volume was heavy at 633.1 million shares worth 15.7 trillion won ($11.38 billion), with losers outnumbering gainers 481 to 399. Foreign investors remained net buyers for a third con

MarketJune 14, 2024

Science Ministry to cancel license of Stage X as new mobile carrier

South Korea's Science Ministry said Friday that it will revoke the license of new mobile carrier Stage X for failing to meet legal requirements to run the business, including paid-in capital of 205 billion won ($149 million) that was due last month. The Ministry of Science and ICT will carry out a hearing on Stage X's case to finalize its decision on canceling the designation of the firm as a frequency allocation target corporation. Stage X had been expected to become the country'

TechnologyJune 14, 2024

Doosan Bobcat breaks ground on new plant in Mexico

Doosan Bobcat, a South Korean industrial machinery builder under Doosan Group, has broken ground on a new manufacturing plant in Monterrey, Mexico, to handle increasing demand for loaders in the North American market, the company said Friday. Officials from Doosan Bobcat and the Mexican local government took part in the groundbreaking ceremony held on Thursday local time. The new overseas site will be Doosan Group’s first manufacturing facility in Mexico. Doosan Bobcat will invest $300 mil

CompaniesJune 14, 2024

Nongshim to build W229b logistics center on robust overseas sales

Nongshim, the top ramyeon manufacturer in South Korea, said Friday it plans to invest 229 billion won ($166 million) to build a new logistics center in Ulsan, South Gyeongsang Province, largely driven by increasing overseas sales in recent years. The new Ulsan logistics facility will enhance the company’s distribution network, facilitating connections between ingredient suppliers and its ramyeon production plants in Gumi and Busan. Nongshim said that the company is considering constructing

CompaniesJune 14, 2024

Line Pay service to be terminated in Japan next year: LY

LY Corp., the operator of popular mobile messenger Line, has announced its plan to terminate its Line Pay service in Japan next year, amid criticism over Japan's apparent pressure to shed Naver Corp., South Korea's biggest internet portal operator, from LY. LY, a 50-50 joint venture between Japan's SoftBank and South Korea's Naver, said Thursday the mobile payment service will be terminated by April 30, 2025, in Japan, citing "optimal allocation of management resources.&

CompaniesJune 14, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened slightly higher Friday tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 4.72 points, or 0.17 percent, to 2,759.61 in the first 15 minutes of trading. The Kospi has finished higher for three consecutive sessions, tracking US stock indexes that climbed to record highs amid a slowdown in inflation. The Nasdaq and S&P 500 again reached new highs Thursday, helped by renewed hopes for the start of US rate cuts within the year

MarketJune 14, 2024

KGC taps into Malaysia's top health store chains

Korea Ginseng Corp., the leading ginseng product manufacturer in the country, announced on Thursday its plans to introduce its flagship health functional food products to Guardian and Watsons, the top health and beauty stores in Malaysia, as part of efforts to expand its presence in Southeast Asia. This initiative follows a recent increase in health awareness in Malaysia, a significant economic player in the region, which has led to growth in the health-functional food market from 1.5 trillion w

CompaniesJune 14, 2024

Samsung's Lee meets with CEOs of global tech giants in US

Samsung Electronics Co. Chairman Lee Jae-yong has met with the heads of Meta Platforms Inc., Amazon.com Inc. and Qualcomm Inc. in the United States this week to discuss future technologies and business collaborations, the company said Thursday. Lee, who has been on a two-week business trip in the U.S., was invited to Mark Zuckerberg's home in Palo Alto, California, on Tuesday (U.S. time) and had talks with Meta's founder and CEO, according to Samsung Electronics. It is their second mee

IndustryJune 13, 2024

Coupang’s Rocket Delivery faces antitrust fine

South Korean e-commerce giant Coupang is in trouble, as the nation’s antitrust watchdog has flagged the company for allegedly promoting its own private label products -- particularly those eligible for its signature Rocket Delivery service -- on its platform’s algorithm-driven ranking system. On Thursday, the Korea Fair Trade Commission issued a fine of 140 billion won ($102 million) along with prosecution against Coupang, arguing that the company engaged in "consumer deception&

CompaniesJune 13, 2024