Tesla's China-made Model Y unlikely to receive full subsidy in Korea

Tesla's Chinese-made all-electric sport utility vehicle Model Y is unlikely to be eligible for full government subsidies in Korea, according to the Ministry of Environment. The ministry issued a note saying that the EV subsidy assessment was still ongoing, and that the rear-wheel drive car, manufactured in Shanghai, does not meet two of the four criteria that would qualify them for the full subsidy amount. “As the EV subsidy assessment is ongoing for Tesla’s Model Y, nothing has

July 18, 2023

Seoul shares fall as rate hike concerns linger

Seoul shares finished lower Tuesday as lingering rate hike fears spurred sell-offs among institutions and foreign investors. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 11.38 points, or 0.43 percent, to close at 2,607.62. Trading volume was moderate at 485.85 million shares worth 11.75 trillion won ($9.32 billion), with decliners far outpacing gainers 723 to 171. Institutions and foreigners offloaded a net 300.02 billion won and 187.17 billion

July 18, 2023

Human-free retail is not risk-free

At first glance, South Korea appears to have the right mix for an unmanned retail revolution. The country is known for its swift embrace of technology, widespread adoption of cashless payments, well-developed urban centers and relatively low crime rate. But owners of unmanned shops here say that running an automated store is not as glamorous as it may seem. While the cost and hassle of hiring and retaining human staff are eliminated, new issues arise, ranging from littering and shoplifting, to d

July 18, 2023

SK Biopharmaceuticals eyes $15b market cap by 2026

SK Biopharmaceuticals plans to increase its corporate value to $15 billion by 2026, largely buoyed by burgeoning sales of the company’s seizure treatment Xcopri, or cenobamate, said the company's CEO Lee Dong-hoon during a press conference in Seoul on Tuesday. Lee added that profits from Xcopri could be poured into mergers and acquisitions in the future, through which the company aims to diversify its product portfolio to include more biological medicines. According to SK Biopharmaceu

July 18, 2023

[KH Explains] Entrapment in the 'Kakao Kingdom'

Lee Yu-jin, a 34-year-old office worker who has gone on parental leave, thought about deleting her KakaoTalk account, as she wanted to disconnect from co-workers and acquaintances during her temporary break. But she could not get away from the messaging app, as it has become a crucial conversational tool among moms in her son’s kindergarten. Since its introduction as a free mobile messenger in March 2010 under its vision to “connect everything,” KakaoTalk has quickly dominated

July 18, 2023

Lotte chief convenes CEO meeting to discuss growth strategy

South Korea's fifth-largest conglomerate Lotte Group on Tuesday held its biannual meeting of top executives to review business performances and seek ways for sustainable growth amid increasing market volatility and uncertainty. Some 80 executives, including Chairman Shin Dong-bin and Lotte Corp. CEO Lee dong-woo, attended the meeting, which it refers to as its "Value Creating Meeting," held at the Lotte World Tower in Seoul. According to the holdings unit, the executives examined

July 18, 2023

Racism closely tied to health inequity: US health expert

The three-year COVID-19 pandemic was not only a great disruptor, it also highlighted long-standing problems, including health inequity around the world. “I thought this was the final straw on bragging about our health care system. It showed every weakness, including huge health disparities in mortality and impact,” said Dr. Matthew H. Liang, professor of medicine at Harvard Medical School and professor of health policy and management at the Harvard TH Chan School of Public Health, ta

July 18, 2023

Mirae Asset’s ETF business exceeds $100b

Mirae Asset Global Investments revealed Tuesday that its exchange-traded fund business has surpassed $100 billion in assets under management. As of Tuesday, Mirae Asset manages a portfolio of 538 ETFs across various regions worldwide, spanning Korea, the US, Canada, Australia, and Japan. The total assets under management for these ETFs reached $100 billion, positioning Mirae Asset as the 13th-largest ETF provider globally in that measure. “Our global ETF franchise will serve as a strong fo

July 18, 2023

Choo asks Yellen to consider Korea's requests for IRA

In his meeting with Yellen, Choo delivered his gratitude for the US' efforts to communicate with Korea regarding the Inflation Reduction Act and the CHIPS and Science Act, while requesting the US government’s attention to Korean companies with business in the country. The IRA gives a tax credit to buyers of electric or fuel cell vehicles assembled in North America. To qualify for the tax credit, EVs must have batteries that contain at least 40 percent critical materials extracted or p

July 18, 2023

BC Card to build payment network in Uzbekistan

BC Card announced Tuesday that it has signed a memorandum of understanding with Uzbekistan’s state-run payment network operator National Interbank Processing Center to establish a payment network connecting the two countries. The signing event was held earlier in the day at the Central Bank of Uzbekistan in Tashkent, with BC Card CEO Choi Won-seok and NIPC Shukratbek Kurbanov CEO, in attendance. The latest deal marks the company’s third business expansion into Central Asian countri

July 18, 2023

[Beyond Earth] ‘We are part of something much more grand than we ever imagined’

Scientists know much more about the cosmos now than a few decades ago. But there are still so many uncertainties and unknowns about the universe. Sasha Sagan, daughter of the late Carl Sagan, says what the human species has found out about space so far is already satisfying, but the bigger scope of the universe is awe-inspiring. “It’s amazing. We are part of something that's so much more grand than we ever imagined,” said Sagan in a video interview with The Korea Herald on

July 18, 2023

Tripartite commission set to decide next year's hourly minimum wage

A tripartite commission representing business, labor and the general public was set to meet Tuesday to determine next year's hourly minimum wage amid speculation about whether it would break the 10,000-won mark for the first time. The 27-member Minimum Wage Commission, composed of nine representatives each from the three sectors, was scheduled to hold a plenary session at 3 p.m. at the government complex in the central city of Sejong. The commission is expected to come up with a decision Tu

July 18, 2023

Hyundai unveils all-new Santa Fe SUV ahead of launch in August

Hyundai Motor Co., South Korea's biggest carmaker by sales, on Tuesday unveiled the design of the all-new Santa Fe SUV ahead of its planned world premiere in August. The fifth-generation Santa Fe is a full-change model from the fourth-generation one released in 2018. It comes with a maximized rear cargo capacity in line with the latest outdoor lifestyle trends, the company said in a statement. "The all-new Santa Fe is an SUV that finds a perfect balance between the city and the great o

July 18, 2023

S. Korea to attend RCEP talks in Indonesia this week

South Korea will take part in a joint committee meeting of a regional mega trade pact to be held in Indonesia this week, the industry ministry said Tuesday. The fourth joint committee meeting of the Regional Comprehensive Economic Partnership will take place in Surabaya, Indonesia, from Tuesday through Wednesday, and some 80 officials from 15 member nations plan to discuss the establishment of its secretariat and the overall management, according to the Ministry of Trade, Industry and Energy. Du

July 18, 2023

Seoul shares open lower amid lingering rate hike concerns

The South Korean stock market got off to a weak start Tuesday, despite overnight Wall Street gains led by big tech companies. The benchmark Korea Composite Stock Price Index shed 2.62 points, or 0.1 percent, to 2,616.38 in the first 15 minutes of trading. Overnight, Wall Street closed higher, with the Dow Jones Industrial Average hitting its highest closing level in 2023, as the market anticipated more upbeat second-quarter earnings results following strong performances from some major banks. US

July 18, 2023

[Graphic News] FDI pledges to S. Korea hit record high in H1

Foreign direct investment pledges to South Korea jumped 54.2 percent on-year in the first six months of this year to reach a record high for any first-half period, data showed. The country received $17.09 billion of FDI commitments in the January-June period, compared with $11.09 billion logged a year earlier, according to the Ministry of Trade, Industry and Energy. This year’s figure is the largest ever for any January-June period, with the previous record being $13.14 billion in 2021. Fo

July 18, 2023

[Photo News] All-new Santa Fe unveiled

Hyundai Motor on Tuesday unveiled the all-new Santa Fe, the South Korean automaker's signature midsized sports utility vehicle. The SUV's fifth-generation model underwent a full face-lift for the first time in five years. With the H-shaped headlamps featuring the carmaker's emblem, Hyundai said the vehicle is designed to fit both city and outdoor lifestyles. The automaker plans to disclose the SUV's specifications on Aug. 10.

July 18, 2023

Seoul shares snap 4-day winning streak on profit taking

Seoul shares ended lower Monday, breaking their four-day winning streak amid profit-taking moves and lingering rate hike concerns. The South Korean won declined against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index shed 9.3 points, or 0.35 percent, to finish at 2,619. Trading volume was moderate at 540.02 million shares worth 11.48 trillion won ($9.06 billion), with decliners outpacing gainers 511 to 370. Institutions and foreigners offloaded a net 232.29 b

July 17, 2023

Majority of Korean firms show support for foreign labor: survey

Two major business lobby groups on Monday called on the government to expand the current quotas of foreign labor in 2024 and enhance the foreign labor system to help enterprises grappling with worker shortages. In response to a decreased number of foreign workers in Korea due to the COVID-19 pandemic, the government increased the quota for nonprofessional foreign workers with E-9 visas to a record high of 110,000 individuals this year. In a survey result that the Korea Chamber of Commerce and In

July 17, 2023

Korea's household debt burden ranks No. 2 globally

Korea’s household debt is rising at an alarming pace, coming in second in terms of size and growth rate among major economies, data showed Monday. According to a report issued by the Bank of International Settlements, a financial institution based in Basel, Switzerland, the debt service ratio for households in Korea stood at 13.6 percent last year, the second highest among 17 major countries in the world, just behind Australia at 14.7 percent. The DSR gauges how much a borrower has to pay

July 17, 2023