Seoul shares open higher on eased woes over sharp rate hikes

South Korean stocks opened higher Wednesday on cooler-than-expected inflation data in the United States. The benchmark Korea Composite Stock Price Index added 20.06 points, or 0.85 percent, to 2,392.46 in the first 15 minutes of trading. Overnight, US shares finished higher after the consumer price index for November rose 0.1 percent from the previous month and 7.1 percent on-year, while economists forecast a 0.3 percent on-month increase and a 7.3 percent on-year rise. The cooler-than-expected

Dec. 14, 2022

ADB cuts 2023 growth outlook for S. Korea to 1.5%

The Asian Development Bank on Wednesday lowered its outlook for South Korea's growth for next year, citing the slowing global economy and soaring energy prices. In its report on next year's world economy, the Manila-based bank said South Korea's gross domestic product is expected to grow 1.5 percent in 2023, lower than its September forecast of a 2.3 percent rise. The latest outlook is below a 1.8 percent gain estimated by the Organization for Economic Cooperation and Development

Dec. 14, 2022

S. Korea adds 626,000 jobs on-year in November; job growth slows for sixth month

South Korea added jobs for the 21st straight month in November, but the growth continued to slow for the sixth month in a row amid concerns over an economic recession, government data showed Wednesday, The number of employed people stood at 28.4 million last month, up some 626,000 from a year earlier, according to the data from Statistics Korea. It marked the highest growth for any November since the agency adopted the current research methods in 1999. The November figure, however, marked a slig

Dec. 14, 2022

S. Korea's economic policy to focus on taming inflation, creating jobs: minister

South Korea's finance minister said Wednesday the government will put its priority on combating inflation and creating jobs, while taking preemptive measures to cope with economic risks next year. "The South Korean economy is facing challenging situations at home and abroad. Difficulties are likely to further escalate in the first half of 2023," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. "Inflation has passed its peak, and the upward

Dec. 14, 2022

Firms with more foreign shareholders more transparent

Companies with higher involvement of foreigners and small investors are more likely to release more detailed corporate governance reports, demonstrating more transparency, the Korea Exchange said Tuesday. The Korea Exchange, the nation's sole bourse operator, released an analysis on the corporate governance reports of companies listed on the local stock market. As companies with assets between 1 trillion and 2 trillion won ($767 million to $1.53 billion) were required to release corporate

Dec. 13, 2022

Posco named world's most competitive steelmaker for 13th year

South Korean steel giant Posco said Tuesday it was named the world’s most competitive steelmaker for the 13th consecutive year. In an annual global industry assessment of 35 steelmakers from around the world, steel information service provider World Steel Dynamics (WSD) gave Posco an average score of 8.5 points out of 10, according to the Korean company. Established in 1999, the WSD is the only organization to announce the competitiveness index among the world's steelmakers. Based o

Dec. 13, 2022

Seoul shares end nearly flat ahead of Fed's rate-setting meeting

South Korean stocks finished almost unchanged Tuesday as investors remain cautious ahead of the US Federal Reserve's interest rate-setting meeting and the release of key inflation data. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 0.62 point, or 0.03 percent, to close at 2,372.40. Trading volume was a bit light at 438.75 million shares worth 6.39 trillion won ($4.90 billion), with decliners outstripping gainers 436 to 416. The market op

Dec. 13, 2022

[Photo News] CEO becomes Santa

LG Uplus Chief Executive Officer Hwang Hyun-sik, dressed as Santa Claus, delivers a gift to a boy at a Christmas party at an orphanage in Yongsan, central Seoul, Monday afternoon. As part of the telecom carrier's social contribution program that started in 2017, company executives visit welfare facilities every year to donate goods and spend time with children there.

Dec. 13, 2022

[Newsmaker] JTBC’s ‘Reborn Rich’ intrigues with enigmatic chaebol stories

The latest JTBC TV series “Reborn Rich” is a hit in South Korea. The drama's popular “reincarnation” fantasy plot is mixed with real-life stories of chaebol, a subject of both admiration and dislike in South Korea. Three weeks after the first episode aired on Nov. 18, the latest episode saw its viewership rating hit the 20 percent mark over the weekend, the only TV drama to have breached that level this year in Korea. It is also ranked high on other popular global streami

Dec. 13, 2022

[Herald Interview] Going global a matter of survival: Startups minister

After some high-profile success stories like Coupang and Toss, going global is an ultimate goal for South Korean startups -- but many of them are still struggling to tackle decades-old regulatory hurdles and hostile financial investors, even at home. SMEs and Startups Minister Lee Young, who took office in May upon the inauguration of the Yoon Suk-yeol administration, vows to create a more investment-friendly startup ecosystem, saying getting funding should be the starting point of their overs

Dec. 13, 2022

LG-GM joint venture secures $2.5b from US to fund EV battery plants

Ultium Cells -- a joint venture between LG Energy Solution and General Motors -- has secured a $2.5 billion (3.27 trillion won) loan from the US Department of Energy to help finance the construction and expansion of three electric vehicle battery manufacturing facilities in Ohio, Tennessee and Michigan, officials said Tuesday. According to the Energy Department, the announcement marked the first finalized loan exclusively for a battery cell manufacturing project under the Biden Administration&rs

Dec. 13, 2022

Despite hiccups, regulator keeps distance from crypto listing approval

The Financial Services Commission denied a report that it is considering enforcement power to control the listing of cryptocurrencies through mandating approval from the country's top financial regulator. A local news report claimed Monday that financial authorities, including the FSC and Korea Financial Intelligence Unit, are reviewing to hold the authority to approve crypto firms to float their coins. "The report claiming financial authorities are looking into whether to approve the

Dec. 13, 2022

Pre-pandemic level travel rebound yet to come: Incheon Airport CEO

Although the endemic phase is nearing, Incheon International Airport said Tuesday it will take another three years for South Korea's largest airport to recover the number of international passengers to pre-pandemic levels. “Due to the prolonged COVID-19 shutdowns from China and other countries, we expect the travel demand should rebound by 2025,” said Kim Kyung-wook, CEO of Incheon International Airport. “For next year, we predict international travelers will surge by 59

Dec. 13, 2022

Samsung sends limited Galaxy Z Flip 4 to iPhone user Son Heung-min

Samsung has gifted the limited Galaxy Z Flip 4 Maison Margiela edition to Son Heung-min, the captain of the South Korean soccer team, a publicly known iPhone user. Son shared photos of the gifted phone on his Instagram story, last Friday, with a thank you message written over the photo, also tagging the official Samsung handle. The Z Flip 4 gifted to Son is a limited edition made in collaboration with the French designer brand Maison Margiela. This model is priced at 2.25 million won ($1,956), 7

Dec. 13, 2022

Big shot bureaucrat named to lead NongHyup Financial Group

After NongHyup Financial Group announced on Monday it selected Lee Suk-joon, 63, as the new chairman, the news made headlines as Lee is the first former high-ranking official to become a financial group’s head under the Yoon Suk-yeol administration. According to the financial group, it held meetings on Monday with the board and shareholders and approved sole candidate Lee as the new chairman. He will start a two-year term on Jan. 1. Born in 1959 in the nation’s second-largest city,

Dec. 13, 2022

GI Cell inks research agreement with Optieum Biotechnologies

GI Cell, the cell therapy affiliate of South Korean pharmaceutical company GI Innovation, said Tuesday it has signed a research agreement with Japanese bio company Optieum Biotechnologies to study hematological tumors. Hematological tumors refer to tumors that begin in the cells of the immune system or bone marrow. According to the agreement, the Japanese bio company will provide its South Korean counterpart with single-chain variable fragment (ScFv) antibodies that target hematological tumors.

Dec. 13, 2022

Pulmuone supplies plant-based food to 18 US universities

South Korean food giant Pulmuone’s US affiliate Pulmuone Foods USA said Tuesday it has secured deals with 18 major US university campuses to supply plant-based foods. Pulmuone had forayed into the US market in 2014, working with one of the US’ largest college food service providers UMass Dining to supply plant-based food products such as vegan steaks to universities and restaurant chains. Under its partnership with UMass Dining, the food giant signed a contract to supply its plant-ba

Dec. 13, 2022

Plane ticket sales more than triple in November: Interpark

South Korean e-commerce company Interpark Corp. said Tuesday its sales of plane tickets more than tripled in November from a year earlier on the back of pent-up demand for travel. Interpark said sales of plane tickets booked on its website amounted to 121.2 billion won ($92.8 million) in November, up 203 percent on-year. The figure is more than 15 percent higher compared with November 2019, the company added. Interpark attributed such results to seasonal factors and pent-up demand as Japan resum

Dec. 13, 2022

Finance ministry renews calls to reform corporate tax policy

  SEJONG -- South Korea's finance ministry on Tuesday renewed its call for corporate tax reform that centers on simplifying the taxation bracket and cutting taxes for large-sized firms amid the simmering tensions at the parliament over the bill's passage.   The government and the ruling People Power Party have been pushing to lower the maximum tax rate to 22 percent to attract more investment in South Korea, while the main opposition demands to keep the current rate of 25 percent for e

Dec. 13, 2022

Time spent on KakaoTalk messenger back to pre-service disruption level: data

The amount of time Korean people spent on the country's most popular mobile messenger KakaoTalk was restored to the normal level two months after it suffered extensive service disruptions stemming from a fire at a data center, industry data showed Tuesday. Users spent an average of 32.18 minutes using the KakaoTalk app per day as of Friday last week, compared with 33.3 minutes tallied a year ago, according to the data from Mobile Index. The time dropped to 18.2 minutes on Oct. 15 when a fir

Dec. 13, 2022