2022 in numbers

1. Tough living conditions ① COVID cases The number of COVID-19 cases grew by 28.2 million this year due to the highly transmissible omicron subvariant. The figure was 635,253 on Jan. 1 but surged to 28.7 million at the end of this year. ② Inflation Fried chicken: 9.2% Gas: 36.2% Ramen: 12.6% Cooking oil: 43.3% (Nov. 2022, Year-on-year increase) South Korea has been no exception to global inflation, with “everything has risen except my salary” becoming a popular catchphrase. 2. U

Dec. 31, 2022

Korea to see steep hike in power bills in Q1

      The government on Friday decided to raise the electricity rate in the first quarter of 2023 by 13.1 won per kilowatt hour, the largest on-quarter hike ever carried out. This means that four people household that uses around 307 kilowatt hours will have to pay around 4,022 won more per month on average. “From the second quarter on, we plan to decide whether or not to increase rates further by comprehensively reviewing global energy prices, inflation, domestic economic s

Dec. 30, 2022

Invisible finance is ultimate goal for Shinhan Bank: new CEO

The new CEO of Shinhan Bank, one of South Korea's top four lenders by net profit, vowed to put customer-centric service and digital innovation first during his tenure. “Shinhan will manage its soundness through precise data analysis and protect customer value through timely support measures,” said Han Yong-gu, former deputy president in charge of sales management at the lender, who was inaugurated as CEO on Friday. Offering supportive measures for vulnerable debtors such as ow

Dec. 30, 2022

Oasis Market passes preliminary IPO screening

Online grocery delivery platform Oasis Market passed the preliminary approval for its planned initial public offering on the Korean stock exchange. In September, Oasis Market applied for a preliminary review for its IPO with lead managers Korea Investment & Securities and NH Investment & Securities. The Korean e-commerce company is planning to debut on the secondary tech-heavy KOSDAQ markets during the first half of 2023. Established in 2011, Oasis Market entered the online delivery mark

Dec. 30, 2022

Yoon orders finance ministry to consider bigger tax break for chip sector

President Yoon Suk-yeol on Friday ordered ministries to actively consider measures further expanding tax incentives for the semiconductor sector and other national strategic industries. Yoon requested the Ministry of Economy and Finance to come up with ways to further expand tax benefits for national strategic technologies such as semiconductors as they are "our security assets and core technologies," a president office’s deputy spokesperson said. His remark came after the ruling

Dec. 30, 2022

Tax revenue up W50.2t bthrough November

South Korea's tax revenue grew 50.2 trillion won ($39.7 billion) in the first 11 months of 2022 from a year earlier, data showed Friday, on the back of improved corporate earnings. Tax revenue amounted to 373.6 trillion won in the January-November period, compared with 323.4 trillion won tallied the previous year, according to the Ministry of Economy and Finance. In November, the government collected 18 trillion won in taxes, up 2 trillion won from a year earlier. The ministry attributed th

Dec. 30, 2022

Consumer price growth hits 24-year high in 2022

South Korea's consumer prices grew at the fastest pace in more than two decades in 2022, government data showed Friday, as the country felt the pinch of soaring prices of raw materials and energy sources following the Russia-Ukraine war. Consumer prices rose 5.1 percent on-year in 2022, accelerating from a 2.5 percent gain in 2021, according to the data compiled by Statistics Korea. It marked the steepest on-year rise since 1998, when consumer inflation spiked 7.5 percent in the wake of the

Dec. 30, 2022

Kospi tumbles 25 pct in 2022 amid policy tightening, recession worries

South Korean stocks ended the year 2022 sharply down, marking the first annual loss in four years on global monetary tightening and economic recession woes. On Thursday, the last trading session of this year, the benchmark Korea Composite Stock Price Index closed at 2,236.40 points, down 1.93 percent from a day earlier. This represented a 24.9 percent for all of this year. The Kospi got off to a strong start in this year's first session on Jan. 3, higher at 2,988.77 points, but it had bee

Dec. 29, 2022

[KH Explains] Why is Boryung assailed by investors over space vision?

Amid global pharmaceutical companies' efforts to foray into the space health care industry, major South Korean health care company Boryung has likewise released an adventurous vision to establish its footing in the nascent sector. However, the company's business acumen is being questioned by stockholders, as experts say the hefty investment in the space business may still be risky. Since being anointed with the title of CEO for Boryung in January, Jay Kim, grandson of Boryung founder

Dec. 29, 2022

Seoul stocks close at two-month low on China woes, Wall Street tech decline

Seoul stocks closed at a two-month low Thursday, the last trading day of the year, amid concerns that China's reopening could lead to a global economic slowdown. The Korean won advanced for a fourth consecutive session against the US dollar. The benchmark Korea Composite Stock Price Index shed 44.05 points, or 1.93 percent, to close at 2,236.4 points. Trading volume was moderate at about 353.2 million shares worth some 5.9 trillion won ($4.7 billion). Losers outnumbered gainers 791 to 112.

Dec. 29, 2022

Major banks offer voluntary redundancies

As the end of the year approached, local commercial banks have started accepting voluntary retirement applications from employees. In the past, voluntary retirement has been considered a bitter pill banks had to swallow during times of financial stress. However, over the last few years, many banks here have started regularly accepting voluntary retirement applications mainly due to a digitalized environment which led to a decline in clients visiting its branches. Despite record earnings fr

Dec. 29, 2022

Seoul looks to make the best of US Inflation Reduction Act

South Korea will look to make the most of the US Inflation Reduction Act for domestic battery and energy companies while trying to prevent drawbacks for the country’s carmakers, Minister of Industry, Trade and Energy Lee Chang-yang said Wednesday. “Regarding the IRA, it’s a situation where we have to reduce damages and maximize benefits from the law. We are one of the fastest and strongest responding countries,” Lee said in a meeting with reporters. The IRA, which was sig

Dec. 29, 2022

Han Sung Motor committed to nurturing young artists

Han Sung Motor, South Korea's official importer of Mercedes-Benz cars, said Thursday it had completed its annual Dream Gream program that awards talented young artists with scholarships and mentoring opportunities. Under the slogan, “New Earth, New World,” this year’s program aimed to bridge eco-friendly management with the digital world, with environmental, social and corporate governance and the metaverse being main themes. The company said it chose the themes to show it

Dec. 29, 2022

Samsung to offer hefty bonuses to workers at chip business division

Samsung Electronics will provide a maximum of 50 percent of their annual salaries as bonuses to the employees of its chip business unit at the end of January, industry sources said Thursday. The world's biggest memory chipmaker has reportedly informed its executives and employees about the detailed plan for annual incentives, dubbed the overall performance incentive (OPI), a day earlier. Samsung rewards its executives and employees every January with up to 50 percent of their salaries withi

Dec. 29, 2022

KITA vows full-scale support as tough year for export looms

Korea International Trade Association Chairman Koo Ja-yeol on Thursday vowed to make all-out efforts to support export companies in finding new growth opportunities next year, as industries seek to transition toward a digital and carbon-neutral economy. “We will actively strengthen our export foothold in response to the changed trade structure and green and digital transitions that have been accelerated since the COVID-19 pandemic,” Koo said in his New Year's message. Diffic

Dec. 29, 2022

Switzerland's MSC Air Cargo to open Incheon-Indianapolis route

Switzerland's cargo carrier MSC Air Cargo will launch an Incheon-Indianapolis route next year as a complementary service to its container shipping solutions, the operator of the Incheon airport said Thursday. MSC Air Cargo is the cargo airline launched by global shipping firm Mediterranean Shipping Company. MSC followed its rivals French shipping firm CMA CGM and Denmark's A.P. Moller-Maersk in launching the air cargo operations. The cargo carrier plans to begin operating two flights a

Dec. 29, 2022

Imports of party supplies hit record high through November

South Korea's imports of party supplies, such as decorations and balloons, hit a record-high through November this year, customs data showed Thursday, as the country has lifted social-distancing rules. The combined imports of party supplies over the January-November period came to $64 million, up 31.7 percent from a year earlier, according to the data compiled by the Korea Customs Service. The amount far exceeds $56 million tallied for all of 2021. The growth came as people hosted various p

Dec. 29, 2022

S. Korean shipbuilders rank second in new global orders this year

South Korean shipbuilders lagged behind their Chinese rivals in terms of new global orders in 2022 to take the No. 2 spot in the world for the second straight year, industry data showed Thursday. Local shipbuilders clinched a combined 15.64 million compensated gross tons in new orders this year, accounting for 37 percent of the 41.93 million global total, according to the data provided by global market researcher Clarkson Research Service. It was down 11 percent from a year earlier. The global t

Dec. 29, 2022

Industrial output rebounds 0.1 % in November; retail sales down for third month

South Korea's industrial output rebounded for the first time in five months in November, data showed Thursday, while retail sales extended losses for the third consecutive month amid economic concerns. Industrial production edged up 0.1 percent on-month last month, turning around from a 1.7 percent decrease posted in October, according to the data from Statistics Korea. The rebound came as the output in the mining, manufacturing, gas and electricity industries advanced 0.4 percent on-month

Dec. 29, 2022

Seoul stocks open lower on Wall Street declines

Seoul shares were off to a weak start Thursday, as investors took cues from overnight declines on Wall Street. The benchmark Korea Composite Stock Price Index dropped 10.62 points, or 0.47 percent, to 2,269.83 points in the first 15 minutes of trading, as the market heads for the last trading day of 2022. Overnight, major indices on Wall Street sharply fell, weighed down by losses in tech and concerns that the end of China's zero-COVID policy could lead to a global rise in cases and potenti

Dec. 29, 2022