Trade deficit likely to hit record high of $48b this year: report

South Korea is expected to post a record high trade deficit of nearly $50 billion this year due to high global energy costs, a report by a private think tank showed Sunday. The country's trade deficit is likely to reach around $48 billion for this year, the largest-ever shortfall since related trade data was compiled in 1964, according to the report by the Korea Economic Research Institute (KERI). The estimated deficit would more than double the $20.6 billion in trade deficit logged in 1996,

Oct. 2, 2022

Korea-China trade ties on key party agenda, Chinese ambassador says

Expanding economic ties between South Korea and China is one of top priorities the Chinese Communist Party will discuss at its October congress, Chinese Ambassador to South Korea Xing Haiming said Thursday. “The economic ties bringing the two countries closer than ever should be a stepping stone to enhanced cooperation on supply chains,” Xing told a forum hosted by the Korea International Trade Association to celebrate 30 years of the Korea-China diplomatic ties. Steps China plans to

Sept. 30, 2022

Hyundai Motor's hydrogen trailer drone concept wins top Red Dot Award

Hyundai Motor Group’s hydrogen fuel-cell trailer drone concept Trailer Drone won the 2022 Red Dot Design Concept Luminary award, according to the company on Friday. It is the first time the South Korean automaker won the Luminary award, the highest level of recognition accorded at the Red Dot Award, it added. The Trailer Drone concept is a hydrogen-powered container transportation system capable of operating fully autonomously, with a double e-Bogie configuration. An e-Bogie serves as a pl

Sept. 30, 2022

Seoul shares sink to over 2-yr low amid recession worries

Seoul stocks retreated to an over two-year low Friday amid the spreading recession fears. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.44 points, or 0.71 percent, to close at 2,155.49. The Friday figure is the lowest closing since the 2,150.25 points on July 10, 2020. Trading volume was moderate at about 933 million shares worth some 7.8 trillion won ($5.4 billion), with losers outnumbering gainers 561 to 321. Institutions bought a ne

Sept. 30, 2022

Fiscal chief pins hopes on Korea’s entry to World Government Bond Index

SEJONG -- The nation’s top economic policymaker on Friday welcomed South Korea’s potential entry to the World Government Bond Index, predicting that if attained, it would foster a better environment for attracting foreign investment. The remarks from Deputy Prime Minister and Finance Minister Choo Kyung-ho came a day after London-based stock index provider FTSE Russell included Korea on the watch list for the WGBI -- a step that comes before a country’s endorsement as a regula

Sept. 30, 2022

LG chairman urges execs to define future of customer experience

  LG Group Chairman and Chief Executive Officer Koo Kwang-mo called on some 30 executives across Korea's fourth-largest business group to define the future of customer experience, and the start of it could be identifying who their future customers will be. "LG's key to having an upper hand in the future lies in our unique customer experience, products, solutions and brand value," Koo told executives at a workshop with executives on Thursday in Gwangju, Gyeonggi Province. "Thi

Sept. 30, 2022

Korean airports to expand operation of biometric check-in system

South Korean nationals traveling through South Korea’s airports are expected to enjoy wider access to a new check-in system that works with biometric information obtained through palm vein recognition technology. The Korea Financial Telecommunications and Clearings Institute (KFTC) said Friday it had signed a business agreement with the Korea Airports Corporation and nine major financial corporations to operate the new biometric check-in system at 14 gateways across the country. Incheon Ai

Sept. 30, 2022

Yoon says govt. will take necessary steps against financial volatility

President Yoon Suk-yeol said Friday the government will take necessary and timely steps to protect the people against increasing financial volatility. Yoon made the remark while presiding over a macrofinancial meeting with government and business officials, citing an "unprecedentedly strong dollar" and the US Federal Open Market Committee's decision last week to raise the interest rate. "The level of shock from the crisis that began from external factors will depend on how we

Sept. 30, 2022

Korean Air to purchase sustainable aviation fuel from Shell

Korean Air Lines Co. said Friday it has signed a five-year deal with Royal Dutch Shell plc. to purchase sustainable aviation fuel (SAF) from the British firm beginning in 2026 to help combat climate change. SAF is non-conventional aviation fuel derived from alternative raw materials, such as cooking oil waste, household waste and industrial waste gas. SAF has emerged as a key carbon reduction tool in the aviation industry to cope with global climate change as it may reduce carbon emissions by up

Sept. 30, 2022

Seoul shares open lower on Wall Street plunge

Seoul stocks opened lower Friday, taking a cue from overnight losses on Wall Street that stemmed from growing recession fears. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 7.64 points, or 0.35 percent, to 2,163.29 points in the first 15 minutes of trading. The market has been in the doldrums, as the key stock index closed at the lowest since July 2020 this week. In Seoul, market bellwether Samsung Electronics slid 0.962 percent, while chip giant SK hynix jumped 2.35 percent.

Sept. 30, 2022

Chip wafer maker SK Siltron to invest W2.3tr by 2026

South Korean semiconductor chip wafer supplier SK Siltron announced Thursday that it plans to invest a combined 2.3 trillion won ($1.6 billion) over the course of five years until 2026. The capital will be used to increase the production capacity for its wafer plants in Gumi, North Gyeongsang Province. SK Siltron will also create 1,000 new jobs for its wafer plants. As part of the plan, SK Siltron's board on Thursday approved a 855 billion won spending plan to expand the production capacity fo

Sept. 29, 2022

Lose your shoes on red dirt trails

On Baebongsan, a low-lying hill in Seoul’s eastern district of Dongdaemun, there’s a section of a trail that draws a particular type of visitors -- the barefoot walkers. Around lunchtime on a recent Thursday, people were traversing on the 350-meter-long path covered with a soft and fine reddish-yellow soil called loess, commonly referred to as "hwangto" here. Surrounded by leafy trees on both sides, the trail looked as if somebody had rolled out an orange-yellow carpet. Fam

Sept. 29, 2022

[Herald Interview] Volvo CE bets big on potential of electric excavators

Volvo Construction Equipment is betting big on its first full-electric excavator ECR25 Electric to take the lead in the construction equipment industry’s nascent but promising transition toward electromobility, according to its Asian chief on Wednesday. “The Korean market already has developed telecommunications infrastructure, and rapidly accepted electric private vehicles during the last few years, so the market also seems to have great potential in case the government strongly sup

Sept. 29, 2022

Balanced approach urged for blockchain industry

Business leaders and experts called for a more balanced approach to regulating the blockchain industry more effectively during a seminar hosted by the American Chamber of Commerce in Korea in Seoul on Thursday. Dunamu CEO Lee Sir-goo criticized the Korean government for putting too much regulatory focus on cryptocurrency assets and their trading even though they are just the “tip of an iceberg.” “We have the technology to provide platforms for token trading and we have the tech

Sept. 29, 2022

Korea's top 100 property owners have 20,000 homes: data

SEJONG -- South Korea's top 100 multiple home owners hold more than 20,000 housing units collectively, worth more than 2.5 trillion won ($1.7 billion) combined, an opposition party lawmaker said Thursday, citing state data. This indicates that an individual was owning 206 units, worth 25.2 billion won, on the average, according to Rep. Kim Hoi-jae of the Democratic Party of Korea, quoting Statistics Korea data. The number of homes owned by the top 100 individuals increased by 20 percent in fou

Sept. 29, 2022

SC Bank, Toss mull compensation for won-dollar rate error

Standard Chartered Bank Korea and Toss Securities are discussing ways to compensate customers who suffered losses due to a faulty won-dollar exchange rate posted on their mobile trading apps, officials said Thursday. The won-dollar exchange rate on Toss Securities’ mobile trading system was frozen at 1,298 won per US dollar from 1:50 p.m. to 2:15 p.m. on Wednesday, when the actual rate hovered around 1,440 won. SC Bank Korea, the London-based financial giant’s Korean unit, which pr

Sept. 29, 2022

[Photo News] The duck returns

A giant yellow rubber duck, created by Dutch artist Florentijn Hofman, sits on Seokchon Lake in Songpa-gu, southeastern Seoul, Thursday. The art installment, which has returned to Korea after eight years, will be on public display until Oct. 31.

Sept. 29, 2022

Hyundai Motor to bring 1,700 hydrogen cars to Jeju by 2030

  Hyundai Motor Group will supply 1,700 hydrogen fuel-cell cars to Jeju Island by 2030 as part of joint efforts to build a green hydrogen ecosystem in the country's resort island. A large green hydrogen production facility is planned to be built in Jeju by 2026. This would enable operations of hydrogen-powered vehicles on the island, according to the company, adding that it is working with Trade Ministry, Jeju Special Self-Governing Province, and Korea Southern Power Co. Currently, Jeju has

Sept. 29, 2022

Corporate card spending on golf reaches W1.9tr

Corporations spent 1.9 trillion won ($1.3 billion) at golf clubs across the country last year, according to a study on company credit card spending released Thursday by the Golf Consumer Agency of Korea. The study, which was conducted based on data provided by Rep. Yun Chang-hyun’s office, revealed that 27.5 percent of all golf course sales in 2021, or 1.9 trillion won out of 6.9 trillion won, came from company credit cards. The proportion of company card payments among golf course sales h

Sept. 29, 2022

Lotte’s overseas spending exceeds W7tr this year

South Korean retail-to-chemical giant Lotte Group said Thursday its overseas investment has exceeded 7 trillion won ($4.9 billion) this year. So far, the largest overseas project is Lotte Chemical’s Line Project, a $3.9 billion megasized petrochemicals production complex in Banten, Indonesia. It aims to produce 1 million metric tons of ethylene, 520,000 tons of propylene, 250,000 tons of polypropylene and other petrochemical products by 2025. The chemicals unit also plans to build its f

Sept. 29, 2022