On rising rates, Seoul’s housing market seen entering recession

The housing market in Seoul appears to have entered a period of stagnation not only with the prices of apartments -- the major residential type in the city –dropping, but also the number of transactions falling due to increased interest rates on loans, data showed Monday. According to Zigbang, a local property technology firm, the number of apartment units in Seoul that traded at lower prices than before has surpassed that of apartments that traded at higher prices. Separate data from t

Aug. 22, 2022

Pulmuone’s tofu sales up 11% in US

Pulmuone’s wholly owned US subsidiary Pulmuone Foods USA said on Monday that sales of its tofu have increased 11 percent this year from last year. The South Korean food giant attributed its sales performance to the construction of its tofu production line at Pulmuone Fullerton plant. The production facility established in November in California contributed to increasing the total production of tofu in the US by 38 percent, according to the company. Pulmuone Foods USA is currently ope

Aug. 22, 2022

Celltrion establishes R&D office in Boston

Celltrion has opened a research and development office in Boston to speed up its new drug development efforts in the US while seeking and boosting cooperation with other firms, company officials said Monday. According to company officials, the South Korean biopharmaceutical giant completed the establishment of the Boston office earlier this year. The new US office has been exploring the biotechnology industry’s trends while gathering information on startups and pipelines with investment

Aug. 22, 2022

Naver becomes 1st Korean IT firm to join RE100

Naver has become the first South Korean information technology company to join the global RE100 renewable energy initiative to achieve carbon neutrality, the firm said Monday. The RE100 initiative, which is led by the Climate Group in partnership with CDP -- formerly known as Carbon Disclosure Project -- commits members to using 100 percent renewable electricity. Naver said it plans to initiate its “2040 Carbon Negative” roadmap, which was established last year, to meet the goal

Aug. 22, 2022

Posco International supports Busan’s Expo bid in Uzbekistan

Posco International, a trading firm under Posco Group, said Monday that it has sponsored performances of the South Korean opera “Chunhyang-jeon” in Uzbekistan, as part of the company’s effort to support Busan’s World Expo 2030 bid. According to the company, the Korean opera was staged at Bolshoi Theater in Tashkent, Sunday, to mark 30 years of diplomatic ties between South Korea and Uzbekistan. Posco International sponsored the performance in collaboration with Busan Me

Aug. 22, 2022

Lotte chief embarks on 1st overseas trip to Vietnam after presidential pardon

Lotte Group Chairman Shin Dong-bin will visit Vietnam next month on his first overseas trip after a presidential pardon granted last week lifted a legal hurdle that had limited his business activities in recent years.  According to the group, Shin will attend the groundbreaking ceremony for Lotte E&C’s construction of Eco Smart City complex in Thu Thiem, Ho Chi Minh, on Sept. 2. Some $900 million have been invested into the construction of the 60-story building on a 680,000-squa

Aug. 22, 2022

Crypto airdrop subject to gift tax, says Korean authorities

Cryptocurrency airdrop, which refers to a marketing stunt involving sending coins or tokens to wallet addresses, is legally subjected to gift tax, officials said Monday. The Ministry of Economy and Finance’s Tax and Custom’s Office said that crypto issuers delivering coins or tokens to wallets of traders for free is subjected to the nation’s gift tax under the Inheritance Tax and Gift Tax Act. The statement comes amid South Korea’s efforts to set a solid framework for c

Aug. 22, 2022

No one’s really happy with food delivery platforms anymore

When food delivery platforms first emerged, they were hailed as an innovative new business that would bring convenience to our everyday lives. With just a few taps, foodies were able to enjoy a wide range of dishes delivered right to their doorsteps. Small restaurants could reach a much wider pool of customers. People got jobs as delivery riders. Delivery startups were the darlings of the capital market, receiving huge investments. But after a decade of living with Baedal Minjok, Yogi

Aug. 22, 2022

Samsung to offer free repairs of over 90,000 defective washing machines

South Korean consumer electronics manufacturer Samsung Electronics has begun to voluntarily offer free repairs of its defective front-load washing machines whose doors are prone to explosion for Korean consumers, according to consumer watchdogs on Monday. The organizations, the Korea Consumer Agency and Korean Agency for Technology and Standards, urged customers who bought three models of Samsung’s Bespoke Grande AI washers to “immediately request a repair” of glass doors to

Aug. 22, 2022

Samsung to expand Bespoke lineup in Europe

Samsung Electronics said Monday it is unveiling a wider lineup of its Bespoke home appliances at the upcoming IFA trade show in Germany in a renewed sales push in the European market. The Bespoke brand, launched in 2019, has revamped Samsung’s home appliance strategy. Its unique modular concept allows users to customize the material, color, size and door configurations of home appliances. Its flagship refrigerator has seen almost 2 million unit sales worldwide since its debut in 2019,

Aug. 22, 2022

[Graphic News] Exports of Korean instant noodles hit all-time high

　South Korea’s exports of instant noodles hit a fresh all-time high in the first half of the year amid the increasing popularity of Korean pop culture and a rise in demand for home-cooked food, data showed. 　Exports of instant noodles, or “ramyeon” in Korean, came to $383.4 million in the January-June period, according to data from the food industry and the Korea Customs Service.  　The figure was up 19.9 percent from the same period a year earlier when ramyeon exports r

Aug. 22, 2022

Exports up 3.9% during first 20 days of Aug.; trade deficit widens

South Korea's exports rose 3.9 percent on-year in the first 20 days of August on robust demand for petroleum products and autos, but the country saw its trade deficit widen on soaring fuel costs, data showed Monday. The country's outbound shipments stood at $33.4 billion in the Aug. 1-20 period, compared with $32.2 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 22.1 percent on-year to $43.6 billion during the cited period, resulting in a

Aug. 22, 2022

Seoul shares open lower on rate hike woes; Korean won sharply down

Seoul shares opened lower Monday amid lingering concerns over the US Federal Reserve's aggressive monetary tightening. The Korean won opened sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 33.72 points, or 1.35 percent, to trade at 2,458.97 points as of 9:15 a.m. Investors have been wary of the Fed's policy path, as the minutes of its July meeting released last week showed that the US central bank would continue to push for aggressive m

Aug. 22, 2022

[Herald Interview] Wind of change in workplace culture

A wind of change is blowing in South Korea’s rigid top-down workplace culture as a growing number of local companies, from fledgling startups to traditional manufacturing firms, feel the need to improve the quality of work environments in to attract and retain talent. To name a few changes: simpler decision-making processes, no more forced overtime work until late night or and more openness to outspoken opinions. 　 It’s a trend that Khanzada Temur Khan, director of the people &

Aug. 21, 2022

Lotte Chemical makes bid to acquire Iljin Materials

Lotte Chemical has reportedly submitted a tender to acquire a controlling stake in South Korean copper foil manufacturer Iljin Materials on Friday. The Seoul-based petrochemical firm is considered one of the proposed buyers of the 53.3 percent stake in Iljin Materials from President and Chief Executive Officer Huh Jae-myung, which will cost around 3 trillion won ($2.24 billion). Citigroup Global Markets Korea Securities is the deal manager. Copper foil is one of the key components of seconda

Aug. 21, 2022

Samsung chief's visit to chip plant signals spending boost

Samsung Electronics‘ de facto leader Lee Jae-yong’s visit to the groundbreaking ceremony of its 20-trillion-won ($14.97 billion) research and development center in the southern suburb of Seoul signals a spending boost as part of its “supergap strategy.” Lee told some 100 staff and executives at the ceremony held at Giheung Campus -- the birthplace of Samsung‘s semiconductor business four decades ago -- that Samsung employees should “maintain its tradition of

Aug. 21, 2022

Hyundai Steel bets big on waste recycling in ESG push

Hyundai Steel, the nation’s No. 2 steel maker, said Sunday it is betting big on waste recycling in its renewed push for carbon neutrality. The company has recycled used coffee grounds as part of its social contribution activities. More recently, it signed a memorandum of understanding with the Incheon Yeonsu Rehabilitation Center to accelerate related research. The North Gyeongsang Province Government Public Institute of Health and Environment, the key beneficiary, will carry out a stu

Aug. 21, 2022

Posco chief touts battery materials as future growth driver

Posco Group Chairman Choi Jeong-woo recently touted battery materials as a key growth driver during his meeting with investors in Singapore, the steelmaker’s holding group said Sunday. The pledge came as Choi briefed officials from US-based investment giant BlackRock and the Government of Singapore Investment Corporation – a state-run investment agency – of Posco’s performance so far in management and strengthening its financial soundness on Friday, according to Posco H

Aug. 21, 2022

Korean chipmakers’ reliance on China jumps 13-fold over 20 years

South Korea’s reliance on China for semiconductor exports jumped nearly 13-fold in the last two decades and Seoul needs to take action to resolve any associated risks, a report said Sunday. Semiconductor exports made up 39.7 percent of Asia’s fourth-largest economy’s total exports to China last year, a surge from 3.2 percent in 2000, said the Korea Chamber of Commerce and Industry, a major business lobby that represents some 300 companies including Samsung Electronics and SK

Aug. 21, 2022

[Weekender] The mundane job of teaching AI about the real world

  Tech evangelists say artificial intelligence and robots will one day liberate humans from simple and repetitive physical or cognitive tasks.  But before we are all freed from the tedium of such chores, AI first needs an army of patient workers to teach it the subtleties of the real world, such as how to differentiate between a cat and a dog.  Known as data labelers or data annotators, these workers handle large amounts of raw data, made up of images, videos or audio record

Aug. 20, 2022