FSS chief vows continued efforts to monitor short-term money market, take timely action against volatility

South Korea's financial regulator will keep up its monitoring on short-term money and remain ready to take action in case market volatility spikes amid lingering worries over a liquidity crunch, its chief said Wednesday. "The bond market has been stabilized more or less as a result of taking market stabilization measures in cooperation with relevant agencies, such as the finance ministry, the Financial Services Commission and the Bank of Korea," Lee Bok-hyun, head of the Financial

Dec. 7, 2022

S. Korea's key policy rate likely to peak at 3.5 % next year: S&P

South Korea's central bank will continue raising its key policy rate, possibly peaking at 3.5 percent in 2023, an economist at global credit appraiser S&P Global Rating said Wednesday. The Bank of Korea has hiked the rate by a combined 2.75 percentage points since August last year to tame inflation. The rate currently stands at 3.25 percent. "We expect the APAC central banks not to follow very closely the US Fed policy in terms of how quickly, how aggressively to increase interest

Dec. 7, 2022

Philippines seeks cooperation with S. Korea on nuclear power plant project

The Philippines on Wednesday renewed its calls for cooperation with South Korea regarding its push to resume the long-stalled project to build a nuclear power plant, Seoul's industry ministry said. Mark O. Cojuangco, chief of the Southeast Asian nation's special commission on nuclear energy, made the request during a meeting with senior South Korean industry official Cheon Young-ghil in Seoul, according to the Ministry of Trade, Industry and Energy. The Philippines launched the project

Dec. 7, 2022

Seoul shares open lower on Wall Street falls

Seoul stocks opened lower on Wednesday, tracking overnight falls on Wall Street, amid concerns that the US Federal Reserve may continue its aggressive monetary tightening following strong economic data. The benchmark Korea Composite Stock Price Index fell 7.11 points, or 0.30 percent, to 2,386.05 in the first 15 minutes of trading. The stronger-than-expected US jobs report and service sector activity released early this week are spooking investors amid concerns that the Fed may not imminently sl

Dec. 7, 2022

Apple unveils new pricing policy for Korean app developers

Apple Inc. said Wednesday it will introduce the new pricing policy, including changes in tax calculation for South Korean app developers, from next year in a move to comply with the local antitrust regulator's probe. "Apple today announced the most comprehensive upgrade to pricing capabilities since the App Store first launched, including changes to tax calculation that will allow Apple to reflect taxes in the commission calculation to increase developer proceeds in South Korea and six

Dec. 7, 2022

Moody's cuts S. Korea's 2023 growth outlook to 2%

Moody's Investors Service on Tuesday lowered its outlook for South Korea's economic growth for next year to 2 percent from the previous 2.4 percent. The credit ratings agency said the revision came as South Korea is facing multiple external risks from China's slowdown, global inflationary pressure and aggressive monetary tightening by major economies. It also pointed to the country's rising household and corporate debts as one of major reasons for liquidity shortage to hamper

Dec. 6, 2022

Court puts end to SK chief's high-profile divorce

A Seoul court on Tuesday ordered SK Group Chairman Chey Tae-won to pay 66.5 billion won ($50 million) in property division to Roh So-young, ending the couple’s marriage of 34 years. Chey will also have to pay 100 million won in alimony, the court added. The Seoul Family Court announced its ruling on the divorce suit that was filed by Roh in December 2019. The court dismissed a separate divorce suit filed by Chey, saying he is the person who is responsible for the divorce. The couple’

Dec. 6, 2022

[Photo News] All-new BMW X7

BMW Korea said Tuesday that the German carmaker will begin selling its flagship sports activity vehicle the New X7 here. According to the carmaker, the New X7 will feature almost a complete face-lift as the model dons a new exterior design and a more luxurious interior. Prices of the different New X7 models range from 145.8 million to 179.6 million won ($111,300-$137,100).

Dec. 6, 2022

Samsung chief inspects Barakah nuclear plant site in UAE

Samsung Electronics said Tuesday Chairman Lee Jae-yong visited a Samsung C&T construction site of a new nuclear power plant in the United Arab Emirates and encouraged workers there. The construction unit of Samsung Group is building two nuclear reactors at the Barakah nuclear power plant. During his visit, Lee held a meeting with local employees, most of them in their 20s and 30s. “The Middle East, which is currently pushing for a ‘great transformation’ to find a new growth eng

Dec. 6, 2022

Seoul shares down for 3rd day amid US rate hike worries

Seoul shares closed lower to extend their losing streak to a third day on Tuesday as investors remain concerned that the Federal Reserve may continue its aggressive monetary tightening following unexpectedly strong US services data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index retreated 26.16 points, or 1.08 percent, to 2,393.16. Trading volume was moderate at 359.75 million shares worth 6.3 trillion won ($4.8 billion), with decliners outnumbering ga

Dec. 6, 2022

Samsung, Naver team up to develop AI chips

Samsung Electronics said Tuesday that the company will collaborate with local internet giant Naver to develop next-generation semiconductor solutions for advanced artificial intelligence systems. The two companies will develop chip solutions that have greater capacity to process large-sized data, which existing computing systems have difficulties in dealing with, the firm said. The duo seeks to find new solutions that better address the bottlenecks in advancing AI systems and maximize efficiency

Dec. 6, 2022

All stakeholders blamed for Kakao server shutdown

The Ministry of Science and ICT on Tuesday released the results of its investigation into the nation's worst-ever server shutdown in October, calling for all stakeholders -- SK C&C, Kakao and Naver -- to come up with emergency response system. On Oct. 15, a fire broke out in the battery room on the third basement floor of the SK C&C Pangyo Data Center at Pangyo, Gyeonggi Province. The fire at the data center -- which hosts South Korean online platform giants' data servers -- ca

Dec. 6, 2022

Korea, Vietnam pledge economic alliance

More than 300 business leaders from Korea and Vietnam gathered to attend the Korea-Vietnam Business Forum, held in line with Vietnamese President Nguyen Xuan Phuc’s state visit to Korea, pledging to expand economic ties for bilateral growth. The Korea-Vietnam Business Forum, hosted by the Korea Chamber of Commerce and Industry, was held at Lotte Hotel Seoul on Tuesday to commemorate the 30th anniversary of bilateral diplomatic ties. The Vietnamese president and Korean Finance Minister Choo

Dec. 6, 2022

Samsung promotes execs in 30s, 40s in push for change

Samsung Electronics on Tuesday promoted a total of 187 executives in a year-end reshuffle, including young leaders in their 30s and 40s, in an apparent attempt to push for change amid business uncertainties next year. The total number slightly decreased from last year’s 198, but more research and development specialists were promoted. “We carried out an executive reshuffle based on their performance and growth potential with an aim to strengthen the company’s readiness for the

Dec. 6, 2022

SK On, Ford break ground on largest EV battery plant in US

BlueOval SK, a joint venture between SK On and Ford, has broken ground to build the largest EV battery plant in the US, establishing a strong foothold to expand its market share in the global battery market. According to SK On, about 400 business leaders, US state and federal officials and local residents including SK Group Executive Vice Chairman Chey Jae-won took part in the EV battery plant’s groundbreaking ceremony in Glendale, Kentucky, on Monday. “Right here in Kentucky, Ford a

Dec. 6, 2022

CJ Cheiljedang partners with startup Emmyon to develop health supplements that prevent muscle loss

South Korean food giant CJ Cheiljedang Corp. said Tuesday it has joined hands with a US startup to develop ingredients used to make health supplements that prevent skeletal muscle loss. CJ Cheiljedang inked a license agreement with Emmyon earlier in the day to utilize the US startup's various patents covering ursolic acid. Ursolic acid is a substance found in apple peels and herbs like rosemary and thyme. Emmyon holds a number of patents covering ursolic acid, CJ Cheiljedang said. The two s

Dec. 6, 2022

Samsung Heavy sells 1 drillship for W299.1b

South Korean shipyard Samsung Heavy Industries Co. said Tuesday it has sold one drillship to Italian multinational oilfield services firm Saipem for 299.1 billion won ($230 million). The sale came after Samsung Heavy signed a contract with Saipem in June 2021 to lease the vessel for two years with an option to sell it. A drillship is a maritime vessel with drilling apparatus used to explore for oil and gas wells in deep waters. South Korean companies such as Samsung Heavy are among the few in th

Dec. 6, 2022

Seoul shares open lower after Wall Street falls

Seoul stocks opened lower on Tuesday, tracking losses on Wall Street, as concerns grow that the US Federal Reserve may continue its aggressive monetary tightening following strong services data. The benchmark Korea Composite Stock Price Index fell 16.19 points, or 0.67 percent, to 2,403.13 in the first 15 minutes of trading. US service sector activity unexpectedly picked up in November, raising concerns that the Fed may not imminently slow down the pace of rate increases. Fed Chair Jerome Powe

Dec. 6, 2022

Vietnamese president meets with Korean business leaders

Vietnamese President Nguyen Xuan Phuc on Monday held meetings with a slew of business leaders here, during a state visit to commemorate the 30th anniversary of bilateral ties between South Korea and Vietnam. Jung Won-ju, vice chairman of Jungheung Group, the largest shareholder of Daewoo E&C, was among the business leaders the president met to share the Southeast Asian country’s business outlook and its will to support foreign businesses. “Daewoo E&C is carrying out diverse c

Dec. 6, 2022

Biz moguls join state dinner to celebrate Vietnamese president’s visit

South Korean business moguls joined a banquet hosted by President Yoon Suk-yeol on Monday to commemorate Vietnamese President Nguyen Xuan Phuc’s state visit to Seoul. Following their summit talks earlier in the day, the two presidents held a state dinner, with a slew of business and political leaders in attendance. The list of the attending tycoons included: Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, Jungheung Group Chai

Dec. 5, 2022