Seoul shares dip nearly 1.5 % on tech losses

Seoul shares ended sharply lower Thursday, led by a drop in big techs, amid renewed concerns about an economic recession. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 35.98 points, or 1.44 percent, to close at 2,459.23. Trading volume was moderate at 736.7 million shares worth 11.1 trillion won ($8.4 billion), with decliners far outpacing gainers 700 to 191. Institutions and foreign investors offloaded a net combined 986 billion won worth of sto

April 6, 2023

W160tr pledged to secure ‘super gap’ technologies

South Korea will invest 160 trillion won ($121 billion) to secure core technologies in the country’s three major sectors -- semiconductor, display and battery -- through 2027, the Ministry of Science and ICT said Thursday. “The semiconductor, display and next-generation battery sectors are the supporting technologies that have stably backed up our economy based on the super capabilities of the private sector,” said Science Minister Lee Jong-ho. According to the government&rsquo

April 6, 2023

[KH Explains] BOK likely to freeze rate again

Local market watchers expect the Bank of Korea to keep the base rate unchanged once again at its rate-setting meeting on Tuesday, in light of the recent slowdown in inflation. However, the recent decision to cut oil production by global oil cartel OPEC+ could complicate the situation, exacerbating inflationary pressures. Recent figures show that inflation has passed its worst peak in Korea, easing the pressure on the central bank, which has repeatedly stressed it prioritizes price stabilization.

April 6, 2023

[Contribution] Korea’s Treasury bond market to take big leap through WGBI inclusion

By Choi Sang-dae Vice Minister of Economy and Finance In the history of Korea’s treasury bond market development, 2002 is remembered as the year that marked a significant milestone -- inclusion into the Bloomberg-Barclays Global Aggregate Index, one of the world's three major bond indices. It was the first step toward globalization of the nation’s treasury market that led to more than a fivefold increase in foreign investment in just one year. For several years into 2002, th

April 6, 2023

[Photo News] On top of the world again

The Ioniq 6, Hyundai Motor Company's all-electric vehicle, took home the World Car of the Year honor at the award ceremony held at the New York International Auto Show on Wednesday. The victory marked the second consecutive win for the carmaker after its predecessor, the Ioniq 5, was given the same award a year ago. The Ioniq 6 also won the World Electric Vehicle and World Car Design of the Year, given by a jury of 100 automotive journalists from 32 countries.

April 6, 2023

FSC urges banks to intensify competition, improve services for customers

South Korea's financial regulator on Thursday urged banks to beef up competition and provide better services amid criticism that they sought easy profits from loan-deposit margins without making sufficient efforts to diversify income sources. Banks have been under fire for reaping record profits from interest income last year and handing out hefty bonuses to employees while people are suffering from high borrowing costs caused by the central banks' monetary tightening to tame inflation

April 6, 2023

Seoul stocks open lower on recession fears

Seoul shares opened lower Thursday amid renewed concerns about an economic recession. The benchmark Korea Composite Stock Price Index went down 16.45 points, or 0.66 percent, to 2,478.76 in the first 15 minutes of trading. Overnight, US stocks closed mixed as investors assessed what the weaker-than-expected jobs data, showing US private job growth slowed in March, says about the health of the broader economy. The tech-heavy Nasdaq Composite shed 1.07 percent, and the S&P retreated 0.25 per

April 6, 2023

[Photo News] Jajangmyeon prices soaring

The signboard of a Chinese restaurant is seen in Myeong-dong, central Seoul, on Wednesday. The average price of a bowl of jajangmyeon, or noodles in black bean sauce, has soared more than 60 times to 6,361 won ($5) over the past five decades, according to market tracker Korea Price Information Corp. Over the last five years alone, the price has jumped 26.9 percent largely due to growing ingredient prices.

April 6, 2023

Tax cut takes edge off vet bills

Medical expenses for pets are expected to go down as the South Korean government is looking to get rid of the value-added tax-imposed pet care services. According to the Ministry of Economy and Finance on Wednesday, the government has recently started an internal review process to scrap the existing VAT on some pet care services. Under the current decree relating to animal healthcare, 10 percent VAT is charged on pet care services here. Some veterinary care services, such as vaccinations, neuter

April 5, 2023

Hyundai Motor unveils 'Busan is Ready!' video

Hyundai Motor Group announced Wednesday it has released a promotional video titled “Busan is Ready!” on several digital platforms for the city’s bid to host the 2030 World Expo. It is the latest installment of the group’s large-scale video campaign series, which has been taking place over the last two weeks. The video aims to show Busan’s appeal as the perfect location to host the World Expo by highlighting its competitiveness and role as a technological, cultural a

April 5, 2023

Korean Air, Delta Air celebrate 5th anniversary of joint venture

Korean Air, the nation’s number one flag carrier, said Wednesday it recently celebrated the fifth year of its joint venture partnership with the US' Delta Air Lines by holding a home repair project in Calauan, the Philippines. Calauan in Laguna province is home to a resettlement site project of 650 houses built by Habitat for Humanity, the non-profit international home-building organization, for low-income families affected by Typhoon Ondoy in 2009. Approximately 110 units remain unoc

April 5, 2023

Seoul shares up on tech, battery gains amid recession woes

Seoul shares ended higher Wednesday on the back of gains in tech and battery makers, though investors remain concerned about a potential slowdown after the release of weak US economic data. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 14.70 points, or 0.59 percent, to close at 2,495.21. Trading volume was moderate at 624.56 million shares worth 9.6 trillion won ($7.3 billion), with decliners outpacing gainers 458 to 415. Investors are closely ke

April 5, 2023

Korean Air resumes more flights to popular European cities

Korean Air said Wednesday it is resuming services to four major destinations in Europe by late April. After a three-year hiatus due to the COVID-19 pandemic, the airline has resumed flights to Prague and Zurich since March 27, while those for Istanbul and Madrid are set to be resumed from April 24. Each route will have three flights per week. The four cities are among the most popular tourist destinations in Korea. Prague in eastern Europe is home to many UNESCO world heritage sites. Zurich, the

April 5, 2023

[Photo News] Samsung's big bet on display

South Korean President Yoon Suk Yeol (center), Samsung Electronics Chairman Lee Jae-yong (third from left) and other government and company officials pose for a photo at Samsung Display’s Asan Campus in Gyeonggi Province on Tuesday in celebration of the tech giant’s new 4.1 trillion won ($3.1 billion) investment into upgrading production lines of high-end display panels by 2026. Samsung said its planned investment could help facilitate related industrial ecosystems as well as the loc

April 5, 2023

LG Energy Solution bolsters battery supply chain in Morocco

LG Energy Solution has secured a supply chain of critical material for making electric vehicle batteries in Morocco in its efforts to bolster its readiness for toughened regulations in its key markets -- the US and Europe. According to the South Korean battery maker on Wednesday, the company signed a memorandum of understanding with Chinese lithium compounds producer Yahua to produce lithium hydroxide in the North African country. The US’ Inflation Reduction Act and EU’s Critical Raw

April 5, 2023

US hinders S. Korea’s nuclear plant export to Czech Republic

The US government has turned down Korea Hydro & Nuclear Power’s report on bidding for a nuclear power plant project in the Czech Republic, raising concerns that the Korean export plans of reactors may fall short due to ongoing litigation with Westinghouse Electric Co. The documents, which were submitted to the US District Court in Washington, showed Wednesday that KHNP submitted the relevant paperwork to the Department of Energy in December in compliance with the US Code of Federal Reg

April 5, 2023

KCCI's online platform offers solutions to global issues

Global solutions platform Wave, launched by South Korea's largest lobby group, will play the role of bridging entities around the world to share ideas on resolving major challenges faced by the international community. Wave was launched by the Korea Chamber of Commerce and Industry on March 17 and was created as part of the strategies for the country's bid to host the 2030 World Expo in Busan. The online site enables visitors to find solutions to pending global issues such as the envir

April 5, 2023

FSS calls for action against money laundering

To prevent money laundering crimes that take place overseas, the Korean financial watchdog highlighted the critical importance of implementing additional measures during a symposium hosted by the US Department of State in the Nuri Ballroom of the Four Seasons Hotel Seoul on Wednesday. “As overseas transactions of domestic financial institutions are expanding, more sophisticated and diversified methods of money laundering are also emerging,” Financial Supervisory Service Deputy

April 5, 2023

Ho-Am Foundation picks prize winners

The Ho-Am Foundation on Wednesday announced the winners of its annual Samsung Ho-Am Prize award for this year in the fields of science, engineering, medicine, arts and community service. This year’s prizes went to Ihm Ji-soon, a distinguished professor at Pohang University of Science and Technology, for physics and mathematics; Choi Kyoung-shin, a professor at University of Wisconsin-Madison, for chemistry and life sciences; Sun Yang-kook, chair professor at Hanyang University, in engineer

April 5, 2023

Busan's historic trade port to turn into BIE big data hub

South Korea has proposed turning its first trade port in Busan, the North Port, into a big data center storing the history and legacy of Bureau International des Expositions, if it succeeds in its bid to host the World Expo in Busan in 2030. The Busan Expo bidding committee made the proposal to the BIE delegation while it was here for on a six-day inspection trip, which began Sunday. The next World Expo will take place in 2030, the year the BIE marking its 100th anniversary. Bidding to host the

April 5, 2023