Seoul shares open higher on US gains

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street, with the US Federal Reserve's upcoming interest rate-setting meeting in focus. The benchmark Korea Composite Stock Price Index added 9.36 points, or 0.39 percent, to 2,382.38 in the first 15 minutes of trading. Overnight, US shares finished higher following last week's deep losses. The Dow Jones Industrial Average jumped 1.58 percent, and the tech-heavy Nasdaq Composite rose 1.26 percent. The Federal Re

Dec. 13, 2022

S. Korea predicted to log record trade deficit this year

  SEJONG-- South Korea is widely expected to post a record trade deficit this year due to soaring international energy prices amid a slowdown in exports, sources said Tuesday. Asia's fourth-largest economy had a trade deficit of $47.46 billion as of Saturday this year, the largest-ever yearly red ink, according to the Korea Customs Service. The figure is nearly 2.3 times the previous all-time high of $20.62 billion recorded in 1996. It is also well above forecasts made by major economic thi

Dec. 13, 2022

Hyundai Motor to supply fuel-cell systems to Germany's Faun

Hyundai Motor Group said Monday it will supply a total of 1,100 hydrogen fuel-cell systems to Enginius, an eco-friendly car brand under the Germany-based Faun Group, in a three-year deal. It is the first time the South Korean carmaker has agreed to provide a massive amount of electric power systems. Under the deal, Hyundai’s 90-kilowatt hydrogen fuel-cell systems will power Enginius’ two brands -- Bluepower for garbage trucks and Citypower for cargo trucks whose market debuts are set

Dec. 12, 2022

Seoul shares fall ahead of Fed's rate-setting meeting

South Korean stocks finished lower Monday as investors remained cautious about the United States' monetary policy direction ahead of a rate-setting meeting amid deepening recession fears. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 16.02 points, or 0.67 percent, to close at 2,373.02. Trading volume was a bit light at 489.54 million shares worth 5.72 trillion won ($4.37 billion), with decliners outstripping gainers 486 to 363. Instituti

Dec. 12, 2022

Regulator looks into possibility of Apple Pay violating privacy law

South Korea's financial regulator is reviewing the possibility of Apple Pay’s payment process violating a law to protect personal credit information, ahead of its launch in Korea. This review came after the Financial Supervisory Service official said it has completed a review of Apple Pay’s terms and conditions last week. When a purchase occurs in local stores using Apple Pay, the American tech company plans to adopt a payment processing method that approves the purchase via the

Dec. 12, 2022

Hyundai Motor eyes top spot with 2nd Vietnam plant

HANOI, Vietnam -- Hyundai Motor has mostly remained No.2 in Vietnam in terms of market share, but it seeks to change that with its new plant in Ninh Binh province, located just South of Hanoi, a senior official at the local unit told The Korea Herald. “Bolstered by our increased annual production capacity due to the second factory that started operating in November, our annual sales in the Vietnamese market next year is projected to jump to at least 85,000 to 90,000 vehicles from the curr

Dec. 12, 2022

Scarcity of cold medicines looms in S. Korea following shortage in China

South Korea may experience trouble in importing raw materials for cold medicines in the near future due to a cold medicine shortage in China, according to industry insiders Tuesday. China, South Korea’s main importer of raw materials for cold medicine, is currently experiencing a dearth of cold medicines with people bulk-buying them following the country's relaxing of quarantine policies. The Ministry of Food and Drug Safety recently cautioned South Korean pharmaceutical companies reg

Dec. 12, 2022

Hyundai inches away from double-digit market share in Brazil

Hyundai Motor Group is a small step from seeing double-digit market share in Brazil, 10 years after it first entered the automobile market there. According to data from the Brazil Automobile Dealers Association, Hyundai sold 171,312 vehicles in Brazil in the January-November period, recording a 9.8 percent market share. It marks its second-highest number, following 9.9 percent in 2016. The top-selling car model was the HB20, a subcompact car model exclusively produced for Brazil, selling 89,

Dec. 12, 2022

[Photo News] Hydrogen fuel-cell alliance

Hyundai Motor Group Vice President Lim Tae-won (left) shakes hands with Patrick Hermanspann, CEO at FAUN Group, at the German carmaker's headquarters in Osterholz Scharmbeck, on Thursday, after celebrating a new partnership, under which Hyundai supplies 1,100 hydrogen fuel-cell systems for FAUN's eco-friendly garbage cars and cargo trucks.

Dec. 12, 2022

Nearly 70,000 under 30s subject to gift tax

More than 70,000 people under the age of 30 are obliged to pay a gift tax for receiving assets in 2021, marking a two-fold increase from the year before, data showed Monday. According to Rep. Jin Sun-mee from the Democratic Party of Korea, 70,115 people under 30 are obliged to pay a gift tax for receiving land, properties or securities in 2021. Jin is a member of the Strategy & Finance Committee at the National Assembly and the data was provided by the National Tax Service. Jin argued the fi

Dec. 12, 2022

KIDP aims to nurture social enterprises

The Korea Institute of Design Promotion held a demo day event last week to allow social enterprises to share their success stories and have opportunities to get funding from investors. The KIDP, affiliated with the Ministry of Trade, Industry and Energy, has been carrying out a project, called "Social Enterprise Design Assistance Program," since 2019, with aims to nurture social enterprises in the design sector. The institution has been providing participating companies with consultati

Dec. 12, 2022

Samsung to hold global strategy meeting amid business uncertainties

Samsung Electronics, which completed its annual executive reshuffle Friday, will embark on a global strategy meeting starting this week to establish business strategies for next year amid persistent uncertainties over the macroeconomic environment. Samsung’s global strategy meeting, which is held biannually in June and December, is a venue where executives at local and global units gather to review business conditions of each sector and discuss new growth engine plans for the upcoming ye

Dec. 12, 2022

Woori Bank offers multilingual service on Sundays

Woori Bank, one of South Korea’s top banks, is offering multilingual services on Sundays at five branches around the country. The five branches -- Ansan, Uijeongbu and Balan in Gyeonggi Province, Gwanghui-dong in Seoul and Gimhae in South Gyeongsang Province -- will be open on Sundays from 10 a.m. to 4 p.m. Foreigners can access general banking services in 10 languages, including English, Chinese, Thai and Indonesian. The services include making deposits, withdrawals, overseas transfers an

Dec. 12, 2022

Auto exports hit record high in Nov. on popularity of eco-friendly cars

South Korea's car exports reached an all-time high in November on strong demand for eco-friendly cars and stable supply of automotive semiconductors, data showed Monday. The value of outbound shipments of automobiles came to $5.4 billion last month, up 31 percent on-year to set the largest monthly record, according to the data from the Ministry of Trade, Industry and Energy. In terms of volume, a total of 219,489 vehicles were sold overseas last month, up 25 percent from the previous year a

Dec. 12, 2022

Shinsegae International acquires exclusive rights to Laura Mercier in Korea

Fashion and cosmetics retailer Shinsegae International Inc. said Monday it has acquired the exclusive domestic license from French cosmetics brand Laura Mercier, as it seeks to expand its imported cosmetics business. Laura Mercier, founded in 1996 by a French makeup artist of the same name, is sold in some 40 countries globally. Asia is one of Laura Mercier's key markets, accounting for 20 percent of the brand's sales, Shinsegae International said. The local rights to the brand were pr

Dec. 12, 2022

Exports down 20.8% during first 10 days of Dec.

South Korea's exports slipped 20.8 percent on-year in the first 10 days of December, data showed Monday, due mainly to weak shipments of chips and mobile devices. The country's outbound shipments stood at $15.4 billion in the Dec. 1-10 period, compared with $19.4 billion a year earlier, according to the data from the Korea Customs Service. Imports also went down 7.3 percent on-year to $20.3 billion during the cited period, resulting in a trade deficit of $4.9 billion. By sector, outbou

Dec. 12, 2022

Seoul shares open lower ahead of Fed's rate-setting meeting

South Korean stocks opened lower Monday as investors were cautious ahead of the US Federal Reserve's rate-setting meeting this week. The benchmark Korea Composite Stock Price Index slid 10.54 points, or 0.44 percent, to 2,378.50 in the first 15 minutes of trading. Several major economic developments from the United States are due this week, as the Fed is to hold a two-day rate-setting meeting starting Tuesday and is likely to deliver a 50-basis point hike. The Fed has raised the interest ra

Dec. 12, 2022

[Graphic News] Imports of leisure equipment up 2.5% through October

South Korea’s imports of camping and hiking equipment rose 2.5 percent on-year through October this year, data showed Wednesday, as more people enjoyed activities avoiding crowds amid the pandemic. The combined imports of leisure equipment, including camping and hiking gear, came to $304 million in the January-October period, rising from $297 million posted a year earlier, data compiled by the Korea Customs Service showed. It also marked a sharp rise from just $148 million posted for all o

Dec. 12, 2022

[Test Drive] All-new Hyundai Grandeur a mix of heritage and future elements

The “square Grandeur” is back. Hyundai Motor’s latest and seventh edition of its flagship sedan combines cutting-edge technology with a heritage design inspired by the first-generation Grandeur. When the Grandeur -- Hyundai Motor’s classic high-end sedan -- made its debut in 1986, the luxury car became an instant hit among CEOs at leading companies across South Korea and became a symbol for successful businessmen. Due to the sedan's front side design, it received the

Dec. 11, 2022

2023 retail outlook worse than pre-pandemic levels: survey

Over half of retail business owners, or 55.3 percent, who were surveyed projected a gloomy outlook for 2023, as business sentiment among them seemed worse than pre-pandemic levels. According to a survey conducted by the Korea Chamber of Commerce and Industry on 300 retail business owners that was released Sunday, respondents predicted an average of 1.8 percent growth in the retail sector next year, compared to this year’s estimated 5.9 percent growth. “Despite expectations about econ

Dec. 11, 2022