Google fined W42b for abusing market dominance

South Korea’s antitrust regulator said Tuesday it is imposing a fine of 42.1 billion won ($32 million) on Google LLC, Google Korea and Google Asia Pacific, along with a corrective order, for abusing their market dominance to solidify the No. 1 position in the local mobile gaming app market. The move came as the US platform giant pressured South Korean mobile game publishers to launch their new games through Google Play exclusively, prohibiting them from releasing their content on the One S

April 11, 2023

KOTRA vows all-out efforts to meet $685b export goal

The CEO of the state-run trade promotion agency KOTRA on Tuesday vowed the agency would try its best to reach South Korea’s export target of $685 billion this year. “We will strive to provide support to Korean firms, even if it results in just one additional dollar of exports," Yu Jeoung-yeol said during a press conference held in Jongno-gu, Seoul, on Tuesday. Yu’s announcement came after the Ministry of Trade, Industry and Energy said last week that it held a meeting in

April 11, 2023

[KH Explains] Samsung Pay safe 'for now' as Apple Pay enters Korea

Following the initial buzz surrounding Apple Pay's launch in Korea, users have began to discuss the service's limitations. "Why bother launching a service that customers can't use? I only find it (Apple Pay) useful for paying at convenience stores," said a comment on Asamo, a Naver blog for Apple enthusiasts. On the blog, another commenter even derisively dubbed Apple Pay "convenience store pay." Korea was never expected to be an easy market for Apple Pay, part

April 11, 2023

Nuri rocket’s 3rd launch set for May 24

The third launch of Nuri, the Korean homegrown space launch vehicle, has been set to take place on May 24, the Ministry of Science and ICT said Tuesday. According to the ministry, the Nuri rocket, also known as the Korean Satellite Launch Vehicle II, will blast off from the launch pad at 6:24 p.m. at the Naro Space Center in Goheung, South Jeolla Province. The preliminary launch period will be from May 25 to 31. The ministry said that the Nuri rocket had completed the process of assembling the f

April 11, 2023

BOK freezes rate once again

The Bank of Korea kept the base rate unchanged for a second consecutive time, as inflation appears to be somewhat on the wane while the economy remains slow. The central bank decided to hold the rate at 3.5 percent at its rate-setting meeting on Tuesday, matching market expectations that the BOK's rate hike cycle of 1 1/2 years has come to a halt. “Inflation is projected to continue slowing down although it will remain above the target level for a considerable time. Uncertainties su

April 11, 2023

Renault Korea sponsors French photographer to capture Busan’s charm

Renault Korea Motors said Tuesday that it is sponsoring a photo exhibition of Thomas Goisque, a world-renowned French travel photographer, as part of its ongoing efforts to support Busan’s bid to host the 2030 Expo. The exhibition kicked off Monday at the France Art Space in Busan, with Renault Korea CEO Stephan Deblaise, Busan Mayor Park Heong-joon and Goisque, the photographer, in attendance. During his stay in Busan, Goisque also will shoot photos across the nation’s largest port

April 11, 2023

Samsung Display to supply OLED panels for Ferrari cars

Samsung Display, the display arm of Samsung Electronics, has clinched a deal to supply organic light emitting diode panels for Ferrari’s next generation automobiles, the company said on Tuesday. Samsung Display CEO Choi Joo-sun and Ferrari CEO Benedetto Vigna agreed for the Korean display maker to supply the OLED panels and support the luxury automaker’s latest effort for digital transformation, the company said. “Based on our extensive expertise in OLED technology, we are po

April 11, 2023

[Photo News] Korea-Japan business exchanges

SK Group Chairman Chey Tae-won (center), who is also chairman of the Korea Chamber of Commerce and Industry, poses with senior officials of KCCI and its Japanese counterpart, the Japan Chamber of Commerce and Industry, in Seoul, Monday. The two business groups held a working-level meeting for the first time in six years, following a Korea-Japan summit in Tokyo last month.

April 11, 2023

LG CNS, Microsoft bolster ties in AI, cloud tech

South Korean IT solutions provider LG CNS said Tuesday it is bolstering ties with US tech behemoth Microsoft to accelerate collaborations in artificial intelligence, the cloud-based digital transformation, known as DX for short, and other joint projects. According to the company, CEO Hyun Shin-gyoon met with Microsoft Executive Vice President and Chief Commercial Officer Judson Althoff at the US company’s headquarters in Redmond, Washington, last Thursday (local time) to attend a high-leve

April 11, 2023

Seoul shares open higher amid hope for less aggressive US rate hike

South Korean stocks got off to a strong start Tuesday, led by chemical and steel gains, amid growing expectations the US Federal Reserve will go easy on its aggressive rate hikes. The benchmark Korea Composite Stock Price Index rose 12.54 points, or 0.5 percent, to trade at 2,524.62 in the first 15 minutes of trading. Market watchers are increasingly betting the Fed will raise the interest rate by 0.25 basis point at the end of its policy meeting in May, following US jobs data pointing to robust

April 11, 2023

Big firms' borrowing costs soar in 2022 on high interest rates

Large South Korean firms saw their interest expenses spike more than 50 percent in 2022 from a year earlier due to rising interest rates, a corporate tracker said Tuesday. The combined interest cost of 377 out of the country's top 500 firms by sales stood at 39.9 trillion won ($30.2 billion) last year, up 50.2 percent from a year earlier, according to the Leaders Index. The surge came as South Korea's central bank has remained hawkish in an effort to curb persistently high inflation. T

April 11, 2023

Exports down 8.6 % during first 10 days of April

South Korea's exports fell 8.6 percent on-year in the first 10 days of April, data showed Tuesday, due to the continued downcycle in the global chip industry. The country's outbound shipments stood at $14 billion in the April 1-10 period, compared with $15.3 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 7.3 percent on-year to $17.4 billion during the cited period, resulting in a trade deficit of $3.41 billion. In March, outbound shipments fe

April 11, 2023

S. Korea not likely to enjoy strong trade surplus with China anymore: Choo

South Korea's trade surplus with China is expected to be weaker than in the past down the road, although it is unlikely to result in a deficit, the finance minister has said. "It is clear that China will not give our economy a chance to rebound as quickly as it has in the past," Finance Minister Choo Kyung-ho said during a meeting with South Korean reporters in New York on Monday. Exports to China, South Korea's top trading partner, plunged 33.4 percent on-year in March to re

April 11, 2023

Hackers steal W20b worth of coins from crypto exchange

Hackers stole more than 20 billion won ($15 million) worth of cryptocurrencies from GDAC, a South Korean crypto exchange, the company said Monday. The attack occurred at around 7 a.m. Sunday, resulting in the transfer of digital assets, including over 60 bitcoins and 350 Ethereum tokens, to unidentified wallets. The stolen cryptocurrencies were valued at 20.27 billion won, accounting for about 23 percent of total assets under GDAC's custody. GDAC said some of the assets appear to have bee

April 10, 2023

[Photo News] LG at Milan Design Week

LG Electronics’ Objet Collection OLED TV, in collaboration with the Dutch luxury furniture and interior brand Moooi, is displayed at Milan Design Week 2023, the world’s largest design fair that kicks off in the northern Italy city next week.

April 10, 2023

Orion Holdings signs contract to export water product to China

Orion Holdings, the holding company of snack maker Orion Group, announced Monday that it had signed a contract with Chinese partners to export its mineral water product, Jeju Yongamsoo. With its partnerships with Qingdao Yongping Market Management and Qingdao Guoxin Culture and Sports Industry, Orion Holdings aims to increase its sales of the water product in China. "Orion expects the company's production and sales of its water product to significantly increase on the latest signing wi

April 10, 2023

[KH Explains] Zero-sugar drinks reshape beverage market

When a 30-year-old Seoulite surnamed Choi drops by the convenience store before hitting the gym, he makes sure that he chooses a sugar-free soft drink from the cooler. “I have been drinking sugar-free soft drinks instead of regular ones, because I find it more helpful for my workouts,” he said. Choi is one of many young health-conscious consumers whose choices reflect the clear winner in the beverage market -- sugar-free beverages. Sugar-free and low-calorie soft drinks are enjoying

April 10, 2023

[KH Explains] Apple ups ante in Samsung's home ground

US tech behemoth Apple has long maintained a low profile in South Korea, the home of its archrival Samsung Electronics, where the iPhone maker takes up a “modest” share of the market at about 20 percent. More recently, the US company seems to be upping the ante here, possibly pinning its hopes on Generation Z -- those born between 1997 and 2012 -- almost half of whom are believed to be iPhone users. According to a recent survey conducted by Gallup Korea, about 52 percent of people

April 10, 2023

Louis Vuitton posts record sales in Korea amid shopping binge

Global luxury giant LVMH Group, the operator of multiple fashion and jewelry brands such as Louis Vuitton, Christian Dior and Tiffany & Co., logged record sales in South Korea last year, following a slew of price hikes for its flagship products amid the country's increased spending on luxury goods. According to Louis Vuitton Korea, the Korean subsidiary of LVMH's Louis Vuitton, the company's sales last year recorded 1.69 trillion won ($1.2 billion), up 15 percent from 2021. Th

April 10, 2023

Seoul shares hit nearly 8-month high on tech boost, eased inflation woes

South Korean stocks hit a nearly eight-month high Monday, buoyed by strong gains in tech blue-chips and US jobs data signaling a cooling economy that raises the odds for the Federal Reserve to ease up on its monetary tightening. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 21.67 points, or 0.87 percent, to close at 2,512.08, the highest since Aug. 17 last year. Trading volume was high at 708.8 million shares worth 13.4 trillion won ($10.

April 10, 2023