BOK says no shift in policy despite hawkish US Fed

The Bank of Korea said Tuesday that it is not expecting a shift in its interest rate policy despite a hawkish US stance on inflation Federal Reserve Chairman Jerome Powell revealed over the weekend, as that was already factored in its decision-making process. At a three-day global symposium of central bankers that ended Saturday in Jackson Hole, Wyoming, Powell made it clear he backs rate hikes as needed to tame inflation even if that means slowing growth – a message some say could push t

Aug. 30, 2022

Coupang to file law suit against NGO on false allegations

South Korean e-commerce giant Coupang said Tuesday it will take legal action against People’s Solidarity for Participatory Democracy, a local NGO, for spreading false information on the company’s audit report. The NGO said in a statement that Coupang is illegally aiding its subsidiary called CPLB by receiving only 2.55 percent commission while demanding around 31.2 percent commission to other sellers. The 31.2 percent includes advertising fee and standard brokerage fee, it claimed.

Aug. 30, 2022

Troubled Optimus Asset Management declared bankrupt

A South Korean court on Tuesday officially declared the bankruptcy of Optimus Asset Management, which had been mired in massive financial fraud leading to losses worth some 560 billion won ($415.8 million) for investors. The Seoul Bankruptcy Court declared the troubled asset manager bankrupt, citing its incapability to make payments due to its “heavy debt.” Optimus filed for bankruptcy with the Seoul court in June. Optimus was found to have raised 1.35 trillion won from more than 3

Aug. 30, 2022

SK’s investment arm to buy back shares worth W200b

SK Inc., the holding company of South Korea’s second-largest conglomerate SK Group, said it plans to buy back 200 billion won ($148 million) of its own shares, which is equivalent to some 1 percent of the market cap, the firm said Tuesday. The firm’s board of directors on Aug. 30 approved the share repurchase to enhance shareholders’ value. It marks the first step to implement the shareholders return policy and strengthen the market confidence, according to the firm. The buyb

Aug. 30, 2022

[Photo News] KT marks 20th anniversary

KT Corp. CEO Ku Hyeon-mo speaks during an event celebrating the company’s 20th anniversary of privatization, titled “Digico KT Making a Better World,” in Seoul on Tuesday. During the event, Ku highlighted the contributions KT made in expanding South Korea's information and communication technology industry, and outlined KT's future road map on how it will foray into the global market as an international digital company.

Aug. 30, 2022

2023 budget includes support for soldiers, young parents

SEJONG -- The Cabinet on Tuesday approved the 2023 budget proposal worth 639 trillion won ($473 billion), which is aimed at securing the fiscal soundness and lowering the ratio of national debt to gross domestic product by minimizing state expenditure. Despite directions to refrain from conducting fiscal expansion, the first budget bill under the Yoon Suk-yeol administration sufficiently reflects its support plan for enlisted soldiers, households with infants, young people in their 20s as well

Aug. 30, 2022

[Photo News] Smart shoe care

LG Electronics said Tuesday it will debut its new shoe care solution, consisting of LG Styler ShoeCase and ShoeCare, at the upcoming IFA trade show in Berlin this week. Using the steam technology of its popular Styler clothing care system, the new appliances aim to cater to the growing demand from young consumers, especially shoe enthusiasts. The ShoeCase, in particular, offers interior features such as transparent panels, a 360-degree rotating turntable and a modular design that makes it possib

Aug. 30, 2022

Seoul stocks end higher amid persistent rate hike concerns

South Korean stocks finished higher Tuesday, as investors moved to buy beaten-down shares while digesting the possibility of the U.S. Federal Reserve keeping its aggressive monetary tightening stance. The Korea Composite Stock Price Index (KOSPI) rose 24.04 points, or 0.99 percent, to close at 2,450.93. Trading volume was rather slim at 327.21 million shares worth 6.69 trillion won ($4.97 billion), with winners far outnumbering losers 647 to 208. Institutions and foreign investors unloaded a net

Aug. 30, 2022

Korean financial groups make aggressive expansion in Vietnam

South Korean banking groups have been picking up the pace of expansion in Vietnam, eyeing financial clout in one of the fastest growing Asian economies. Shinhan Financial Group, South Korea’s No. 2 bank by total assets, is at the forefront of the movement. Its flagship commercial bank’s Vietnam subsidiary, Shinhan Bank Vietnam opened three more branches in a single day on July 29. Shinhan Bank Vietnam currently operates 46 branches across Vietnam. Shinhan Bank Vietnam plans to open f

Aug. 30, 2022

Pay gap among companies returns to pre-pandemic level: data

While the pay gap between large conglomerates and small- and medium-sized firms here may have been narrowing during the pandemic years, the disparity appears to have returned to the pre-pandemic level more recently, a report showed Tuesday. According to a report released by the Korea Chamber of Commerce and Industry, the average wage at SMEs with less than 300 employees remained at 60.78 percent that of larger companies with 300 employees or above in 2019. The disparity inched up to 63.29 per

Aug. 30, 2022

SK, Naver chiefs meet on metaverse cooperation

SK Group Chairman Chey Tae-won recently discussed metaverse cooperation with Naver CEO Choi Soo-yeon in bidding efforts to host the World Expo 2030 in Busan, according to industry sources Tuesday. Chey visited Naver’s recently-built headquarters 1784 in Pangyo, Gyeonggi Province, to meet the IT giant’s leader last month. The exact date of his visit was undisclosed as the visit and the meeting took unexpectedly, SK and Naver officials said. Chey who doubles as chairman of the Korea

Aug. 30, 2022

Scientists develop world's 1st therapy for Charcot-Marie-Tooth disease

Researchers have developed the world’s first electroceutical technology that can be used to treat the Charcot-Marie-Tooth disease, the Daegu Gyeongbuk Institute of Science and Technology said Tuesday. CMT disease is a group of inherited disorders that cause nerve damage. Its common symptoms are weakness in the legs and feet, loss of muscle bulk and curled toes. Although CMT is one of the most commonly inherited neurological disorders -- found in about one in 3,000 people -- there are no a

Aug. 30, 2022

LG Chem to expand CNT production on upbeat battery demand

South Korean chemical company LG Chem said Tuesday it is building its fourth carbon nanotube manufacturing plant to bolster its responsiveness to the rapidly growing demand globally, especially for electric vehicle batteries. Carbon nanotube, widely called CNT, is considered a next-generation material that offers equivalent level of electricity and thermal conductivity as copper and diamond, and has 100 times the strength of steel. Demand for the material has surged recently as it is used as con

Aug. 30, 2022

Daewoo E&C gears up for global expansion

South Korean builder Daewoo E＆C is accelerating its overseas operations, gearing up to become a top global developer. To support Daewoo E＆C's efforts, Jungheung Group Vice Chairman Jung Won-ju, along with a business delegation, met with newly elected Philippines President Ferdinand Marcos Jr. earlier this month to discuss potential roles the construction company could play in developing the island nation’s infrastructure and real estate. Jungheung Group is the largest shareholder of Daewo

Aug. 30, 2022

LIG donates W200m for flood relief

South Korean conglomerate LIG Group said Tuesday that it has delivered a 200 million won ($148,228) relief package to the Hope Bridge Korea Disaster Relief Association to aid flood victims. South Korea recently sustained heavy damages from torrential downpours in early August, leaving over 15,600 residential and retail properties flooded and 1,774 hectares of agricultural lands damaged. Twenty people were reported dead or missing, with over 7,850 people being displaced, according to the Central

Aug. 30, 2022

[Advertorial] Barcelona lures visitors to Europe’s digital and technology capital

[Advertorial] Barcelona is among the most popular cities to live worldwide, and was recently ranked as best place in the world to visit by UK newspaper The Daily Telegraph. The city is also the first destination in the world to obtain Biosphere Platinum certification. Barcelona is ramping up its promotion targeting global visitors after it recently became the permanent home of the Mobile World Congress. The world’s largest mobile tech event has been held in Barcelona every year since 2006.

Aug. 30, 2022

Retail sales up 9.7% in July amid eased virus curbs

Retail sales in South Korea rose 9.7 percent on-year in July amid eased COVID-19 curbs and the growth in people's outdoor activities, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers came to 14.17 trillion won ($10.48 billion) last month, compared with 12.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the fifth consecutive month of on-year growth. Sales from offline stores

Aug. 30, 2022

BOK chief sees no change in Seoul's monetary policy despite Powell's hawkish remarks

The Bank of Korea (BOK) will not change its current monetary policy of pushing for "piecemeal" rate increases to combat inflation despite US Fed Chair Jerome Powell's hawkish remarks at the recent Jackson Hole meeting, its top official said Tuesday. At the annual conference held over the weekend in Wyoming, Powell hinted at continuing the Federal Reserve's rate hikes for some time to rein in runaway inflation, a comment interpreted in the market as raising the possibility of

Aug. 30, 2022

Industry ministry seeks W10.7t in 2023 budget for chip, nuclear sectors

The industry ministry said Tuesday it has requested 10.74 trillion won ($7.95 billion) in its budget for next year to spur semiconductors, nuclear energy and other advanced industry sectors, and to strengthen supply chains. The budget for 2023 marked a 3.7 percent drop from this year's 11.16 trillion won, as the ministry has been focusing on the development of key future strategic technologies while ensuring financial soundness, according to the Ministry of Trade, Industry and Energy. The p

Aug. 30, 2022

S. Korea seeks slowest growth of budget spending in 6 years for next year

South Korea on Tuesday proposed a budget of 639 trillion won ($473.5 billion) for next year in the slowest spending growth in six years as it seeks to implement a belt-tightening policy to improve fiscal health. The proposal represents a 5.2 percent hike from this year's budget of 607.7 trillion won and compares with an 8.9 percent on-year increase for the 2022 state budget. But it marks the slowest growth since a 3.7 percent rise for the 2017 budget and a 6 percent on-year fall from this year's

Aug. 30, 2022