Economic slowdown continues on weak exports, inflation weakens: government

South Korea's finance ministry said Friday that Asia's No. 4 economy has recently experienced weaker inflationary pressure, although it continued to suffer an economic slowdown. "Recently, the South Korean economy saw its price hikes continue to lose steam. The economic slowdown lingered due to exports and the manufacturing sector," the Ministry of Economy and Finance said in a report. The growth of South Korea's consumer prices slowed for the fourth consecutive month in

June 16, 2023

S. Korea's H2 economy strategy to focus on rebound, livelihood stability

South Korea's economic strategy for the second half is set to focus on solidifying people's livelihoods and seeking a rebound, the finance ministry said Friday. The remark was made in light of the Ministry of Economy and Finance's ongoing efforts to prepare a report on the economic policy direction for the upcoming July-December period, which is set to be released in the near future. "Amid the lingering uncertainties in the global economy, exports and the manufacturing indust

June 16, 2023

Seoul shares open higher amid eased worries over US future rate hikes

South Korean stocks opened higher Friday, after US economic data pointing to solid consumer demand and softening inflation boosted hopes for an early end to the Federal Reserve's aggressive interest rate hikes. The benchmark Korea Composite Stock Price Index rose 5.4 points, or 0.21 percent, to 2,613.94 in the first 15 minutes of trading. Wall Street rallied Thursday as optimism grew that the Fed would loosen its grip on interest rate hikes after the latest economic data showed a stronger-t

June 16, 2023

[Contribution] Korea’s green leadership shines in combating desertification, land degradation

By Nam Sung-hyun Minister of the Korea Forest Service The United Nations General Assembly designated June 17 as "World Day to Combat Desertification and Drought" in December 1994. The annual UN observance day aims to raise awareness of global efforts to combat desertification, land degradation and drought. In 2023, the UN day holds special significance for Korea, as this year commemorates the 50th anniversary of Korea's national reforestation plan launched in 1973. Land and fore

June 16, 2023

Dasan Networks to join infrastructure reconstruction in Ukraine

South Korean telecommunications equipment provider Dasan Networks said Thursday it is seeking to join forces to rebuild the power grid and communication network of Ukraine. The company’s European business chief, Ra Gil-joo, attended the annual conference of the International Energy Cluster held in Kyiv on June 7, during which he introduced the company’s will to help rebuild the war-torn country. “We plan to participate in the prioritized reconstruction of power and communicatio

June 15, 2023

Twice as many millionaires to leave S. Korea in 2023: report

Amid the increasing trend for high-net-worth individuals to migrate to other countries, more than 800 Korean millionaires, which is double the amount compared to last year, are expected to migrate to foreign countries in 2023, a report said. According to a report released by English residence and citizenship investment advisory firm Henley & Partners, Korea's net outflow of high-net-worth individuals, or HNWIs, is estimated to jump from 400 to 800 in 2023. The number marks Korea as the

June 15, 2023

Seoul shares fall for 2nd day after US rate pause

South Korean stocks fell for the second straight day Thursday, as investors digested the US Federal Reserve's first pause in its aggressive rate hikes in more than a year and its signal that the borrowing rates will likely rise more. The local currency inched down against the US dollar. The benchmark Korea Composite Stock Price Index slid 10.54 points, or 0.4 percent, to 2,608.54. Trading volume was moderate at 571.7 million shares worth 11.3 trillion won ($8.82 billion), with decliners out

June 15, 2023

Korea unfazed by new EU battery law

The South Korean government dismissed concerns over the domestic battery makers’ status in the European market after the European Parliament passed a sustainable battery law on Wednesday. “The law does not contain provisions that discriminately apply to certain companies or work against only Korean companies, so it is not expected that the implementation of the law will shake our companies' market status in the EU,” the Ministry of Trade, Industry and Energy said in a stat

June 15, 2023

Top chaebol groups search for breakthrough strategies

Major conglomerates are holding management meetings to review their performance in the first half of the year and to discuss strategies to avoid crisis in the remaining half of 2023. SK Group, South Korea's second largest conglomerate group by revenue, held the 2023 Extended Management Meeting on Thursday, gathering top executives of its affiliates to discuss the group's action plans for the second half of the year, and to share their long-term visions. SK Chairman Chey Tae-won attende

June 15, 2023

Hyundai bets big on future mobility

Hyundai Motor Group said Thursday it has invested 1.3 trillion won ($1 billion) in mobility and tech startups, in a move to expand its presence as the first mover in the global future mobility market. “Unlike the traditional automotive industry, mobility innovation nowadays is happening outside of the manufacturing sector in places like Silicon Valley,” said Hwang Yoon-seong, director of the Hyundai and Kia Open Innovation division, during a press conference at a hotel in Seoul. &l

June 15, 2023

BOK heeds possibility of US rate hikes later this year

The Bank of Korea said it would remain vigilant following the US Federal Reserve’s decision to pause its interest rate hike cycle for the first time in 15 months, noting the possibility of a further increase later this year. The Federal Open Market Committee unanimously kept its key borrowing target range at 5 percent to 5.25 percent, after 10 consecutive rate increases since March last year. The rate freeze was aligned with expectations in the market but the Fed also signaled that addit

June 15, 2023

[Photo News] Most eco-friendly cars in Canada

Hyundai Motor's all-electric Ioniq 6, pictured, and Ioniq 5 have been named this year's Canadian Green Car of the Year and the Canadian Green Utility Vehicle of the Year, respectively, the South Korean automaker said Thursday. Organized by the Automobile Journalists Association of Canada, the awards were based on a review and vote from judges comprising local auto experts and journalists. The automaker said the awards recognize the product value of all-electric vehicles developed on Hy

June 15, 2023

[Photo News] Joining forces to rebuild Ukraine

A delegation from Ukraine, led by Shkurakov Vasyl (front left), the first deputy minister for communities, territories and infrastructure development, tours the plant of HD Hyundai Construction Equipment in Ulsan on Tuesday. According to the Korean firm on Thursday, the visiting Ukraine government officials met with executives to discuss supplies of machinery for its reconstruction projects.

June 15, 2023

Qatar seeks to bolster strategic ties with Korea

Qatar called for investments from South Korea companies amid expanding economic ties between the nations, vowing diverse incentives that include 100 percent foreign ownership of listed firms and drastic tax cuts, at an investment forum hosted by the Korea Chamber of Commerce and Industry and the Embassy of Qatar to Korea in Seoul, Wednesday. "Qatar has grown as the key pillar of the Gulf Cooperation Council economy through the means of diversifying its carbon-dependent economic structure, s

June 15, 2023

IBK, Shinhan, Woori join NH-led STO consortium

NongHyup Bank announced Thursday that the nation’s top three banks -- Industrial Bank of Korea, Shinhan Bank and Woori Bank -- have joined its consortium for security token offerings formed in April. Aside from the lenders, other financial tech firms, including real estate fractional investment company Funble, fintech firm Aton’s subsidiary Trackchain and Artipio, a fractional art investment subsidiary of culture platform operator Yes24, also joined the consortium to increase the tot

June 15, 2023

ING Korea head named ECCK chairperson

Philippe Van Hoof, the head of ING Korea, has been appointed as the new chairperson of the European Chamber of Commerce in Korea, according to the European business lobby group on Thursday. Van Hoof will lead the business lobby group until early 2025, taking over from Dirk Lukat, CEO of Schenker Korea, who concluded his third term ahead of schedule as he is preparing for his career outside Korea, according to ECCK. Since August 2021, Van Hoof has held the position of country manager at ING Bank

June 15, 2023

Korea Forest Service bolsters ties with UNCCD

This year marks the 50th anniversary of South Korea’s postwar land restoration initiative. To commemorate this anniversary and contribute to global restoration and reforestation, the Korea Forest Service is actively engaging in various programs with the United Nations Convention to Combat Desertification, or UNCCD, to prevent the proliferation of land degradation and desertification in developing countries. The Korea Forest Service first joined the UNCCD -- one of the UN’s three en

June 15, 2023

Sharing Korea's experience in forest restoration

June 17 marks the United Nations' World Day to Combat Desertification and Drought, commemorating the adoption of the United Nations Convention to Combat Desertification in 1994. The spread of desertification in Northeast Asia is not only a significant cause of springtime fine dust pollution in Korea but also a transborder issue affecting neighboring countries. In recent years, the incidence and scale of fine dust storms have been increasing due to climate change, desertification and drought

June 15, 2023

Jeju Air to open routes to Oita, Hiroshima

Jeju Air Co. said Thursday it will open routes from Incheon to Oita and Hiroshima to absorb rapidly recovering air travel demand amid a nationwide move to return to pre-pandemic normalcy. South Korea's biggest low-cost carrier will start services on the Incheon-Oita route on June 22 and the Incheon-Hiroshima route on July 13, the company said in a statement. In the January-March period, Jeju Air shifted to a net profit of 48.19 billion won ($36 million) from a net loss of 64.91 billion won

June 15, 2023

Auto exports jump 50% in May on strong eco-friendly car sales

South Korea's car exports soared nearly 50 percent on-year in May driven by vibrant demand for eco-friendly cars, particularly in the US market, the industry ministry said Thursday. The value of outbound shipments of automobiles came to $6.2 billion last month, up 49.4 percent from a year earlier to reach the highest monthly figure for any May, according to the data from the Ministry of Trade, Industry and Energy. The monthly car exports surpassed the $6 billion mark for the first time in M

June 15, 2023