Seoul shares open sharply lower on renewed US inflation woes

South Korean stocks got off to a weak start Monday, as stronger-than-expected economic data in the United States fueled worries the Federal Reserve will keep raising interest rates for some time. The benchmark Korea Composite Stock Price Index lost 28.85 points, or 1.19 percent, to 2,394.76 in the first 15 minutes of trading. U.S. personal consumption expenditures for January rose 0.6 percent, higher than the 0.2 percent gain in December. Consumer spending also went up at a faster pace in Januar

Feb. 27, 2023

[Test Drive] RAV4 Plug-in Hybrid, Toyota’s latest offering for EV hesitators

After years of supply chain disruptions and diplomatic tensions, Japanese auto giant Toyota is seeking a turnaround in Korea with its first offering to win back customers -- the new RAV4 Plug-in Hybrid, which combines the best qualities of gas and electric cars. The plug-in hybrid model is the latest addition to the carmaker’s popular RAV4 crossover utility vehicle lineup. In Korea, the self-charging RAV4 Hybrid was Toyota’s top-selling hybrid car last year, making up 43 percent of h

Feb. 26, 2023

Medytox's BTX dispute shows no end in sight

Medytox will soon be entangled in another dispute with South Korea’s leading botulinum toxin, or BTX, products maker Hugel, while an ongoing legal dispute with Daewoong Pharmaceutical is expected to continue as the latter appealed to a higher court here. According to industry sources on Sunday, a lawyer from the US International Trade Commission, who is responsible for a pending dispute between Medytox and Hugel, reportedly presented an opinion that objected Hugel's request to close t

Feb. 26, 2023

[Beyond Earth] ‘In space sector, failure is natural’

Innospace, a South Korean startup established in 2017, is gearing up to become the first in the world to successfully launch a hybrid rocket -- its Hanbit-TLV -- from the Alcantara Space Center in Brazil next month. The second trial comes about three months after the first attempt did not get the green light due to a weather issue, problems with a cooling valve and connection errors between systems. “Although the perception has changed a lot, I think the culture that accepts failure is sti

Feb. 26, 2023

Intensive probe launched into liquor prices amid inflation woes

The South Korean government has launched an intensive probe into liquor prices in an apparent move to tackle further price hikes for soju and beer, the two most popular alcoholic drinks in Korea, amid deepening inflation woes among consumers. With prices of beer products expected to go up following a tax hike in April, the local liquor industry is widely expected to raise the prices of soju, too. With concerns over the price hikes adding to the burden of consumers, the Finance Ministry is uppi

Feb. 26, 2023

Woori Financial wins climate award from parliament

Woori Financial Group said Friday its sustainable management efforts have won recognition at the 2023 Korea Green and Climate Award hosted by the National Assembly Forum on Climate Change. The award, which marks its 13th anniversary this year, is one of the highest honors given to organizations or individuals that make a meaningful contribution to creating a sustainable society by setting an exemplary case. Under the slogan “Good Finance for the Next,” Woori Financial has set net-zer

Feb. 26, 2023

Victorinox launches spring-edition Swiss Army Knife

Swiss premium knife brand Victorinox said Sunday it has released the Alox Limited Edition 2023, a lime-colored spring edition of its popular Swiss Army Knife. The knife made in Switzerland, also widely known as the MacGyver knife, is a timeless design icon frequently featured in contemporary art. The company introduces an Alox edition knife every year with a different theme. Alox is a transparent coating using aluminum oxide that enhances the durability and strength of the knife. This year&rsquo

Feb. 26, 2023

Telecom carriers to show off future tech in Barcelona

South Korea’s top mobile service and device suppliers are set to introduce their latest future technologies involving advanced artificial intelligence and next-generation networks at the world's largest mobile tech show, slated to kick off Monday. At this year's Mobile World Congress taking place in Barcelona, Spain through Thursday, leading telecommunications firms SK Telecom and KT will put up exhibitions focused on their latest AI technologies, enabling various services to boo

Feb. 26, 2023

Hyundai, Kia cars win top safety rankings in US

Hyundai Motor Group said Sunday that four of its cars -- Palisade, Sonata, Genesis G90 and Kia’s Telluride -- have won awards in a crash test held by the US Insurance Institute for Highway Safety, one of the industry's top safety honors. The Hyundai Palisade, Kia Telluride and Genesis G90 were named as Top Safety Pick+, the highest ranking, while Hyundai Sonata won the second-highest Top Safety Pick. The Telluride, in particular, received the highest rankings in every test category,

Feb. 26, 2023

Ferry services reopen between Busan, Japan's Tsushima

Ferry services between South Korea's Busan and Japan's Tsushima Island resumed Saturday after a three-year suspension due to the COVID-19 pandemic. The Busan Port Authority said two ferry vessels departed from a port in the southeastern city at 8:30 a.m. and 10:10 a.m., and arrived at Hitakatsu Port on the southwestern Japanese island 1 1/2 hours later. Tsushima is the closest Japanese island to the Korean Peninsula. With the resumption, Busan has now reopened all four sea routes with Japan that

Feb. 25, 2023

Top 0.1 pct of wealthy S. Koreans made 70 times more than median income earners in 2021

The top 0.1 percent of wealthy individuals in South Korea earned nearly 70 times more than the median income earners in 2021, data showed Saturday. Statistics from the National Tax Service cited by Rep. Yang Kyung-sook of the opposition Democratic Party also showed the share of the total income held by the top bracket had increased to 4.8 percent that year from 4.2 percent in 2018. The per capita annual income of the richest 0.1 percent was 1.85 billion won (US$1.4 million) in 2021, 69.5 times m

Feb. 25, 2023

Security token guideline aims to 'allow issuance,' not just to regulate: FSC

Making blockchain-based tokens operational here is a part of South Korea's "serious" efforts in adopting regulatory changes to make its capital market more attractive to foreign investors, the top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young stressed that recently released guidelines on security tokens were created to “allow issuance of blockchain-powered digital tokens," during a press conference with foreign media outlets h

Feb. 24, 2023

Korea Agro-Fisheries and Food Trade Corp. eyes US military bases for K-food expansion

The Korea Agro-Fisheries and Food Trade Corporation, a quasi-government agency, is seeking ways to expand the presence and consumption of Korean food at US military bases. For the globalization of Korean food products, the agency's CEO Kim Chun-jin met with CEO Jacqueline Kim of the US wholesale trade group Kee World at the aT Center in Seoul. They discussed measures for stocking more Korean food products at commissary stores that provide groceries to military personnel, retirees and their

Feb. 24, 2023

Kia to begin EV9 production in 1st half of this year

Kia, South Korea’s second-largest automaker under Hyundai Motor Group, will begin production of EV9 -- a large electric sport utility vehicle -- in the first half of this year, according to officials Friday. The Korean Metal Workers’ Union said Kia’s labor union and management finally came to an agreement on the production plan earlier this week after the two sides began negotiations to discuss the automaker’s EV manufacturing strategy and future employment security in Ap

Feb. 24, 2023

Seoul shares fall on tech losses amid rate hike uncertainty

South Korean stocks ended lower Friday on losses in big-cap tech shares amid caution over the United States' monetary policy path amid high inflation. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 15.48 points, or 0.63 percent, to close at 2,423.61. Trading volume was slim at 363.7 million shares worth 6.86 trillion won ($5.26 billion), with decliners outpacing gainers 662 to 222. The index opened higher, tracking US gains, but fell to n

Feb. 24, 2023

Posco International, Daesang team up to accelerate overseas food biz

South Korean commodities trader Posco International said Friday it will strengthen its food business overseas by cooperating with Korean food giant Daesang. The two companies signed a memorandum of understanding to review joint investments in new overseas starch sugar businesses on Thursday. "We hope that this cooperation with Daesang, who conducts the largest starch business in the country, provides us with the opportunity to expand the value chain of the food business," said Lee Sang

Feb. 24, 2023

LG Innotek promotes shared growth with partners

LG Innotek said on Friday it had signed agreements with more than 100 partner companies to cooperate for fair trade and shared growth in a bid to create a sustainable business environment. In accordance with the contract, the company plans to promote joint cooperation in various fields such as finance, technology, management and education. The agreement was inked as a part of LG Innotek’s 2023 Shared Growth Win-Win Day event held at the LG Sciencepark headquarters in Seoul on Thursday. &ld

Feb. 24, 2023

Hybe warns SM Entertainment of legal actions over deal with Kakao

Hybe, the K-pop powerhouse behind BTS and the largest shareholder of SM Entertainment, said Friday it will take all necessary legal measures against a recent contract that SM struck with its alliance partner Kakao Entertainment in defiance of Hybe's takeover bid. The contract, which gives Kakao the exclusive right to circulate SM's albums and music as well as the preemptive right to purchase new shares in SM, was made known Thursday amid Hybe's ongoing bid to take over SM after be

Feb. 24, 2023

KEPCO suffers record operating loss in 2022 on high fuel costs

The state-run utility Korea Electric Power Corp. said Friday its operating loss more than quintupled on-year to hit a record high last year due to higher fuel costs and limited electricity rate hikes. Its operating loss came to 32.63 trillion won ($25.02 billion) in 2022, compared with 5.85 trillion won a year earlier, the company said in a regulatory filing. It is the largest ever yearly figure the company has logged so far, and the previous record was set in 2021. Sales grew 17.5 percent on-ye

Feb. 24, 2023

Samsung kicks off global tech seminar to introduce QLED, OLED TVs

Samsung Electronics said Friday it had kicked off its annual tech seminar series in Frankfurt, Germany, Thursday, showcasing cutting-edge technologies behind its 2023 TV lineup, which includes Neo quantum dot light-emitting diode and organic light-emitting diode TVs. The tech seminar sessions have served as a platform for picture and sound experts around the globe, delivering detailed information and exclusive hands-on experiences with new Samsung products for the last 12 years. This year&rsqu

Feb. 24, 2023