S. Korea's inflation at 24-year high in June; sharp rate hike in offing

South Korea's consumer prices rose at the fastest clip in nearly 24 years in June due mainly to soaring energy costs, data showed Tuesday, fanning expectations of a sharp rate hike this month. Consumer prices soared 6 percent last month from a year earlier, accelerating from a 5.4 percent on-year spike in May, according to the data from Statistics Korea. It marked the sharpest inflation rate since a 6.8 percent jump in November 1998, when South Korea was in the midst of the 1997-98 Asian fi

July 5, 2022

Hangover drinks: What are the best choices and do they really work?

Whether it’s soju and beer with colleagues or wine with friends, drinking is an important part of socializing in South Korea. South Koreans drank an average of 8.3 liters of alcohol in 2019, according to the Korea Institute for Health and Social Affairs, citing OECD (Organization for Economic Co-operation and Development) Health Statistics 2021. Though the average amount of alcohol consumed by South Koreans is below the OECD average, 2014 data from market research firm Euromonitor foun

July 4, 2022

Winds of change for Samsung’s militant work culture

A 6:30 a.m. commute bus, three nutritious meals a day at the cafeteria and a pride that runs deep for being a part of South Korea‘s largest and richest conglomerate have been among many features that captured the “Samsung man” -- trained to fit into the gigantic and somewhat militant organization. A shared goal of maintaining Samsung’s superiority has united its 270,000-member workforce so far, not to mention its hefty year-end incentives and other financial benefits fr

July 4, 2022

S. Korea hits record high power demand in June

Early sizzling temperatures that hit the country last month led to record-breaking electricity demand for the month of June, data showed Monday. According to Korea Power Exchange, the country’s average maximum power demand stood at 71,805 megawatts last month, up 4.3 percent on-year -- the highest since records began in June 2005. It is also the first year that the average maximum power demand surpassed 70,000 megawatts. The sudden surge of power consumption resulted from many household

July 4, 2022

Seoul shares down for 4th day to hit fresh 20-month low amid recession woes

South Korean stocks dipped for a fourth consecutive day to hit a fresh 20-month low Monday as investors worry the US Federal Reserve's move to curb inflation may trigger a deeper-than-expected economic recession. The local currency inched up against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) fell 5.08 points, or 0.22 percent, to close at 2,300.34, the lowest since 2,300.16 on Nov. 2, 2020. The index dipped to an intraday low of 2,276.63 points. Tradin

July 4, 2022

[News Focus] Will Korea have authority of independent financial sanctions?

SEJONG -- The Yoon Suk-yeol administration is considering revising the law on foreign exchange transactions for the first time since it was legislated 23 years ago, officials said Monday, drawing market eyes to whether the government would be granted the authority to impose financial sanctions on overseas traders “independently.” Under the current law, the Korean government is only entitled to apply sanctions in accordance with the international community’s joint moves toward

July 4, 2022

Kospi tumbles to new low for the year

South Korea’s key stock index plummeted to a fresh low for the year in morning trade on Monday as recession fears grew ahead of the Bank of Korea’s rate-setting meeting scheduled next week. The benchmark Kospi opened 0.23 percent higher from the previous closing at 2,310.73, but soon fell below the 2,300-mark to hit a new low of 2,288.92 in morning trade. Kospi has plummeted some 22 percent since end-2021 -- when the index stood at 2,977.65 – as of end-June, weighed down by

July 4, 2022

[Photo News] Frozen Assets

A worker moves a large block of ice at an ice making company in Bucheon, Gyeonggi Province. There is growing demand for ice as the nation suffers from a heat wave that came early this year.

July 4, 2022

[Newsmaker] 'Monkeypox test kits may not reap big rewards'

South Korean companies are dashing to develop diagnostic kits for monkeypox as the country confirmed the first case of the rare infectious disease last month. A number of firms that had success with the development of COVID-19 diagnostic kits in the earlier days of the pandemic, including Bioneer, Boditech Med, Genes Laboratories, Seasun Biomaterials, Seegene and Wells Bio, have already developed testing kits for monkeypox. According to companies, most Korean-made diagnostic kits can show th

July 4, 2022

Korea, Japan business leaders echo urgent need for summit

The Federation of Korean Industries held a meeting with its Japanese counterpart Keidanren, or the Japan Business Federation, in Seoul on Monday after a three-year hiatus spurred by the COVID-19 pandemic. The two business lobbies have held an annual meeting, known as the Korea-Japan Business Council, since 1982. However, the last two gatherings were postponed due to the protracted pandemic. Monday’s meeting saw more than 20 business leaders from the two countries coming together to dis

July 4, 2022

Policymakers to check for signs of recession ahead of rate hike

The Finance Ministry said Monday that the government would respond to any signs of economic weakness before it turns into a crisis by closely tracking indicators pointing to a worsening outlook, like inflation or recession, ahead of the Bank of Korea’s rate hike next week. The country’s five economic chiefs -- the finance minister, President Yoon Suk-yeol’s economic adviser and three separate chiefs from the central bank, top financial policymaker and financial watchdog -

July 4, 2022

Korean Police prepare for dystopian future with plans for power armor, robot dogs

South Korea’s National Police Agency appears to be preparing for the worst, as recent plans indicate the deployment of robot patrol dogs and body strengthening power armor within 30 years. The plans were part of a police policy outline obtained by Yonhap News Agency on police use of robotics, artificial intelligence and advanced mobility technologies, and extending operations to the metaverse. According to the policy outline, the national police force plans to deploy self-piloting robots

July 4, 2022

Hyundai’s hydrogen drive faces dilemma

Despite Hyundai Motor Group’s aggressive push for green cars, there has been no clear sign of a breakthrough in its hydrogen drive in the past four years, with seemingly indefinite delays in new model launches.  According to industry sources, the carmaker has suspended plans to produce the next-generation Nexo, a hydrogen fuel cell SUV, which had been planned to be launched in the second quarter next year.  Nexo, succeeding the world’s first hydrogen fuel cell model Hyun

July 4, 2022

S. Korean icebreaker begins 13th Arctic mission

South Korea's sole icebreaker kicked off its 13th Arctic mission Monday to conduct research on clues about climate change in the North Pole, a local polar research institute said. The Araon left the western port of Incheon for a 92-day mission to study the causes of abnormal weather conditions there and the impact of global warming on its ecosystem, the Korea Polar Research Institute said. It is the Araon's first Arctic mission in three years, which had been delayed in the wake of the

July 4, 2022

‘SK Innovation’s green transformation has high potential for success’

SK Innovation’s green transformation strategy, announced a year ago, has “a very high potential for eventual success,” said one US scholar who cited its “clarity of purpose of vision,” “well-reasoned plan of execution” and an “intangible advantage of culture and management systems.” In a column published in SK Innovation’s SKinno News on Friday, Kannan Ramaswamy, chair professor of global strategy at Arizona State University’s Th

July 4, 2022

S. Korea's power demand hits new high in June amid hot weather

South Korea's electricity demand touched a fresh all-time high in June as the country was struck by an early heat wave, data showed Monday. The country's maximum power demand averaged 71,805 megawatts (MW) last month, up 4.3 percent from a year earlier and marking the highest tally for any June, according to the data from the Korea Power Exchange. June also represented the first time the figure has surpassed the 70,000-MW level for the month. The power exchange said unusually hot weath

July 4, 2022

Seoul shares open higher amid inflation woes

South Korean stocks opened marginally higher Monday, tracking a US rebound last week as investors closely watch the US Federal Reserve's next move to curb inflation. The Korea Composite Stock Price Index (KOSPI) rose 9.92 points, or 0.43 percent, to 2,315.34 in the first 15 minutes of choppy trading. Major US indexes on Friday (US time) reversed their earlier losses to end higher, as investors speculated whether weaker-than-expected economic indicators would prod the Fed to slow down on its

July 4, 2022

Seoul-Tokyo summit needed to restore ties, resolve pending issues: biz leaders

Business leaders of South Korea and Japan called Monday for the leaders of the two countries to hold a summit at an early date to address pending bilateral issues and help restore economic ties. The Federation of Korean Industries (FKI) and the Japan Business Federation, or Keidanren -- major business lobbies in the two countries -- made the joint call during their annual meeting that was resumed after a nearly three-year hiatus caused by the COVID-19 pandemic. "We must upgrade the declara

July 4, 2022

Preemptive measures in store to tackle risks from rising rates: chief policymakers

South Korea's finance minister, the central bank chief and financial regulators said Monday they will step up policy coordination to minimize fallout from rising interest rates at home and abroad. In a meeting presided over by Finance Minister Choo Kyung-ho, they discussed economic and financial situations amid heightened external economic uncertainty from the prolonged war between Russia and Ukraine, and the Federal Reserve's aggressive monetary policy tightening. The meeting brought

July 4, 2022

Fiscal chief vows extra W40tr to help exporters

Finance Minister Choo Kyung-ho said Sunday that he would help Korean companies sell more goods overseas by offering more loans at a time when Korea’s exports snapped 15 months of double-digit growth in June, stocking recession worries. The trade deficit in January-June this year reached $10.3 billion, the highest level ever recorded in the first six months of a year, despite record-high exports in the same period, as soaring energy prices offset the export gains. “I am not quite su

July 3, 2022