Seoul shares down for 2nd day amid US inflation rout

South Korean stocks closed lower Thursday, paring earlier mild gains, as investors brace for more rounds of rate hikes by the US Federal Reserve after the strong US inflation data. The local currency fell slightly against the US dollar. After starting a tad higher, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 9.59 points, or 0.4 percent, to 2,401.83. Trading volume was moderate at 417.7 million shares worth 7.3 trillion won ($5.23 billion) with decliners outnumbering gainers 4

Sept. 15, 2022

Nature meets science at Eco Farm City

Having studied eco-friendly farming techniques for 20 years, agricultural corporation Eco Farm City has developed what it calls “KDS convergence farming.” The KDS convergence farming combines primary industries of agriculture, fisheries, livestock, timber and regional specialties with secondary industries of manufacturing and processing, as well as the tertiary industry of service. Unlike conventional farming, the nature-meets-science method uses cutting-edge facilities and technolog

Sept. 15, 2022

LG Uplus vows to go all in on platform businesses

LG Uplus, South Korea’s third-largest telecom operator by market share, has pledged to increase the sales proportion of non-telecommunication services to 40 percent of the total by 2027 with a focus on developing platform businesses. “Now moving beyond the area of traditional telecom businesses, we are looking to open up the era of ‘U+3.0’ that creates data- and technology-based platforms and services centered around customers to discover future growth engines,” sa

Sept. 15, 2022

Incheon Airport's customer service certified with highest mark by ACI

Korea Herald correspondent KRAKOW, Poland-- Incheon Airport has become the world’s first airport to be granted level 5 Customer Experience Accreditation by the Airports Council International on Wednesday, in recognition of its customer service and systematic operations to cope with increased travel demand in the post-pandemic era. This is the first time that the ACI has granted the highest level since Customer Experience Accreditation began in April 2019 to evaluate world airports’ c

Sept. 15, 2022

Woori Card partners with Korean singer IU to attract Gen Z

Woori Card has partnered with K-pop singer and actor IU for a new credit card campaign to catch eyes of Generation Z and millennial customers, the firm said Thursday. The campaign dubbed “Nu I＆U” will involve social media contents featuring the singer and a credit card with a list of perks for its users. The credit card offers its users a maximum 1 percent cashback regardless of the previous month’s total purchases. The annual fee is 12,000 won ($8.61). Other benefits includ

Sept. 15, 2022

VW Korea launches its first electric SUV

In its first debut outside of Europe, Volkswagen Korea launched its pure electric sports utility vehicle, ID.4, in Seoul on Thursday, stressing that the local market is "essential" for the German carmaker's e-mobility business. "Korea is one of the fastest pioneering EV countries. We decided to make sure we have our first ID.4 outside of Europe (in South Korea), as South Korea is essential for Volkswagen's e-mobility business," said Dr. Silke Bagschik, head of product line e

Sept. 15, 2022

Hyundai wins $3.5m for air pollution reduction project in the US

Hyundai Motor Group said Thursday that it has won $3.5 million in funding from the US Environmental Protection Agency (EPA) to participate in an air pollution reduction project. Under the project, the Korean carmaker will replace five diesel trucks with its hydrogen-powered Xcient Fuel Cell trucks, in California, by the third quarter of 2023. Under EPA’s Targeted Airshed Grant funding program, which began in 2015, the US aims to fund experiments for emissions reduction in cities with the

Sept. 15, 2022

NFT to be made available on Samsung's smart TVs

Digital art platform ArtToken said Thursday it has partnered with Samsung Electronics to provide non-fungible token art contents on Samsung’s smart televisions. Customers will now be able to purchase, store and view NFT artworks from home through Samsung’s smart televisions. ArtToken’s NFT platform will be connected to Samsung’s smart hub through a smart TV application, the company said. The app was showcased at Europe’s largest home appliances tech show IFA 2022, h

Sept. 15, 2022

Volvo XC40 makes its Korean debut

Volvo's popular compact SUV XC40 has finally made its South Korean debut -- four years since its official global launch. The model comes with a digital connectivity package the automaker co-developed exclusively for the Korean market with local mobility service firm T Map Mobility. The package, which took two years and 30 billion won ($21.5 million) to develop, includes an information and entertainment platform, a digital key mobile application, and a roadside assistant for troubleshooting

Sept. 15, 2022

Samsung Electronics declares transition to renewables, zero carbon by 2050

Samsung Electronics said Thursday it has joined the RE100 initiative to set net-zero targets by 2050 and ensure the full use of renewable energy, making a major shift in the IT devices manufacturing giant that consumed the largest amount of electricity in the world. By pledging to use less electricity and reuse and recycle resources like plastic and water, the chips-to-consumer electronics giant aims to transition to 100 percent renewables for its operation, and at the same time become carbon ne

Sept. 15, 2022

S. Korea's national debt on steady rise despite revenue growth

South Korea's national debt has risen further despite an increase in tax revenue, due largely to the growing spending on supporting pandemic-hit small merchants and other vulnerable groups, data showed Thursday. The total debt had stood at 1,022 trillion won ($732.88 billion) as of end-July, up 14.5 trillion won from a month earlier, according to the data by the Finance Ministry. As of end-2021, the national debt had come to 939.1 trillion won but had been on a steady rise to surpass the 1,

Sept. 15, 2022

Container rates for US west coast jump over 30% in Aug.

SEJONG -- Shipping costs for container cargo bound for the west coast of the United States soared more than 30 percent in August from a year earlier, but their growth rate slowed from the previous month, government data showed Thursday. The average freight rate for a 40-foot container from Asia's fourth-largest economy to the US west coast reached 14.31 million won ($10,300) last month, up 32.3 percent from a year earlier, according to the data from the Korea Customs Service. Yet the on-yea

Sept. 15, 2022

Seoul shares open marginally higher after US inflation rout

South Korean stocks opened marginally higher Thursday, after the previous day's steep fall on fears of further aggressive rate hikes by the US Federal Reserve following the strong US inflation data. The benchmark Kospi was up 1.51 points, or 0.06 percent, to 2,412.93 in the first 15 minutes of trading. Wall Street managed to end higher Wednesday after wavering between gains and losses, as investors chose to take a pause following the market jolt over the stronger-than-expected US consumer p

Sept. 15, 2022

Relocation to Busan underway: KDB chief

Despite in-house resistance, preparations to relocate the state-run Korea Development Bank to Busan from Seoul are underway, the policy lender’s chief said Wednesday, saying that he would work to persuade employees. “As the man in charge, I do feel for my employees facing potentially a difficult time,” KDB Chairman & CEO Kang Seog-hoon said, referring to workers holding rallies to protest the relocation plan. It is a decision made by the president and the prime minister and is

Sept. 14, 2022

Cosmetics industry goes vegan but what's vegan beauty in the first place?

Korean cosmetics brands have been churning out “vegan” makeup and skincare products, driven by rising consumer awareness. However, different sets of accreditation standards from certification agencies are causing consumer confusion. Han Sung-hee, a 32-year-old office worker, recently started her own research on vegan cosmetics products to discover what she could do to lessen her impact on the environment and animals. “It freaks me out when I think of rabbits being kept in a lab

Sept. 14, 2022

Google, Meta fined W100b for illegal collection of personal data

The South Korean government has imposed a total of 100 billion won ($72 million) in fines against Google and Meta for illegally collecting and using personal information for customized advertisements, officials said Wednesday. The Personal Information Protection Commission under the Prime Minister's Office decided to impose fines of 69.2 billion won and 30.8 billion won against Google and Meta, respectively, after it held a plenary session earlier in the day. According to the PIPC’s inve

Sept. 14, 2022

Ikea Korea's sales fall for 1st time since its entry

Ikea Korea saw its sales falling this fiscal year for the first time since its entry in 2014, the company said Wednesday, citing the lift of social regulations as a key reason for Koreans' reduced spending on home furnishing products. During a media conference, the South Korean branch of the Swedish furniture giant said it had recorded sales of 618 billion won ($444 million) between September 2021 and August 2022, marking a 10 percent decrease from the previous fiscal year. Ikea Korea has shown

Sept. 14, 2022

Korean won sinks to worst level since 2008 financial crisis

South Korea is inching ever closer to a repeat of the 2008-2009 global financial crisis as the local won weakened against the US dollar to close at 1,390.9 won in the onshore market -- a 17.3 won retreat from the previous session and its weakest level since 1,391.5 won in March 2009. Stronger bets on US tightening amid the latest discouraging news on inflation led to the dip. The benchmark Kospi shed 38.12 points or 1.56 percent to 2,411.42 from Tuesday, prompted by a sell-off by foreign and ins

Sept. 14, 2022

Seoul shares dip over 1.5% as US inflation data signals more aggressive rate hikes

South Korean stocks fell more than 1.5 percent Wednesday, as the hotter-than-expected US inflation data fueled concerns over the Federal Reserve's looming sharp rate hikes. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) retreated 38.12 points, or 1.56 percent, to close at 2,411.42. Trading volume was moderate at 454 million shares worth 7.53 trillion won ($5.41 billion) with decliners outnumbering gainers 721 to 167. "The stronger-t

Sept. 14, 2022

SK to invest W67tr to spur provincial economy

SK Group on Wednesday announced new plans to invest 67 trillion won ($48 billion) in provincial areas, including a cutting-edge semiconductor plant, for the next five years as part of efforts to expand production facilities at home and facilitate local economies. Earlier this year, the nation’s second-largest conglomerate had pledged to invest a combined 247 trillion won by 2026, with 179 trillion won of them being poured at home. The new announcement is part of the domestic investment pla

Sept. 14, 2022