Stock market's trading volume dips amid growing uncertainty

South Korea's main stock market saw its trading volume shrink more than 16 percent this month from a year earlier, data showed Monday, as investors remained on the sidelines amid inflation worries and other negatives. The daily trading volume of the country's main bourse averaged 940 million shares during 10 sessions between May 2 and Friday, down 16.4 percent from a year ago, according to the data from the Korea Exchange. In particular, the average daily trading volume of the top 10 caps, exclu

May 16, 2022

Seoul shares open higher amid woes over sharp rate hikes

Seoul shares opened higher Monday amid woes over high inflation, rake hikes and an economic slowdown. The Korea Composite Stock Price Index (KOSPI) rose 13.52 points, or 0.52 percent, to 2,617.76 in the first 15 minutes of trading. On Friday, Seoul shares bounced back to snap an eight-session losing streak, as investors scooped up large-cap stocks on bargain hunting. US stocks also closed higher after Federal Reserve Chair Jerome Powell reiterated the Fed was not "actively considering"

May 16, 2022

Govt. to prioritize stabilization of rising product prices

　 Finance Minister Choo Kyung-ho said Sunday the government will make it a top priority to stabilize rising product prices fueled by the Russia-Ukraine war and other external uncertainties. 　The government will set up measures for price stabilization through consultations with related ministries as quickly as possible, the finance minister said in a meeting in Seoul. 　 　“South Korea stands at a serious and urgent stage as the prolonged Russia-Ukraine war, major economies‘ monetary ti

May 15, 2022

After 100 days, 7 out of 10 firms not yet ready for safety law

Even 100 days after South Korea’s new industrial safety law has come into effect, almost 7 out of 10 companies here say they still cannot fully understand the law and face difficulty complying with it, a survey showed Sunday. According to a survey on 930 local companies by the Korea Chamber of Commerce and Industry, 68.7 percent said they still have a hard time coming up with countermeasures to respond to the new law aimed at better protecting workers from fatal industrial accidents. On

May 15, 2022

Hyundai Motor unveils Korean ‘ondol’-inspired mobility concept

Hyundai Motor Group on Sunday unveiled its latest mobility concept inspired by the Korean traditional floor heating system “ondol” that allows passengers to take rest inside or even sleep with a specially designed multifunctional blanket.  According to the carmaker, its new mobility concept, Mobility Ondol, has no driver’s seat, since it was designed based on the fully autonomous driving system. The seats are arranged to face each other, putting the communication of the

May 15, 2022

Air carriers resuming outbound routes ahead of holiday season

Following the government’s eased rules on COVID-19 testing for travelers, air carriers are bracing for the summer holiday season as they reopen suspended international routes and refurbish cargo planes to carry passengers.  On Sunday, the country’s largest flag carrier Korean Air announced that it is adding more than 30 flights per week to Europe and US routes from next month.  The number of flights to popular destinations such as San Francisco, Vancouver, London, Amster

May 15, 2022

Samsung Electronics to roll out Muziktiger edition for Galaxy Z Fold3

South Korean tech giant Samsung Electronics Co. said Sunday it will launch a limited edition of the Galaxy Z Fold3 handset in collaboration with homegrown design brand Muziktiger. The Muziktiger edition, to go on sale from Monday, is priced at 1,280,400 won (US$997). The new edition comes with the handset device, a clear cover and Muziktiger accessories, including a key ring and a pop socket. The Muziktiger edition will be available on Samsung Electronic's website, Galaxy Campus Store, and local

May 15, 2022

[Weekender] Planting for peace of mind

For Kim Yoo-jun, a 31-year-old firefighter, farming is a newfound hobby -- not necessarily to put fresh vegetables on his table, but to regain strength to continue his mission of saving lives. Looking back at the last three years, Kim realized that he was under a lot of stress at his high-risk job. He realized that he desperately needed to do something other than taking pills or counseling to manage his stress. “I run my own little farm near my mother’s house. It’s as small

May 14, 2022

Court picks KG consortium as preliminary bidder for SsangYong Motor

A Seoul court on Friday selected a local consortium led by chemical-to-steel firm KG Group as the preliminary bidder for SsangYong Motor ahead of the auction beginning later this month to find a new investor for the carmaker. The new auction comes two months after local electric bus maker Edison Motors Co. failed to make a full payment of 304.8 billion won (US$249 million) for the debt-laden SsangYong Motor by the March 25 deadline. SsangYong and its lead manager EY Hanyoung accounting firm ac

May 13, 2022

Samsung considers raising chip prices by 20%: report

Samsung Electronics Co. is considering raising chipmaking prices by up to 20 percent, a news report said Friday. Bloomberg reported the South Korean chipmaker is in talks with foundry clients to hike the contract chipmaking prices. Samsung spokespersons, contacted by Yonhap, said they could not officially comment on the matter. Samsung is the world's largest memory chip maker and second largest contract chip manufacturers after Taiwan's TSMC. Samsung's foundry business achieved its highest q

May 13, 2022

KG Group picked as preferred bidder for SsangYong Motor

A Seoul court said Friday that it picked chemical conglomerate KG Group as the preferred bidder to acquire SsangYong Motor, a debt-ridden carmaker whose recent takeover by a local electric automaker fell apart. “We’ve looked at whether the bidder could really deliver the cash promised, given the fiasco months ago when the deal fell apart because of that,” SsangYong Motor said. The KG Group-led consortium, which includes Pavilion Private Equity, has enough cash to make the pur

May 13, 2022

Samsung says 6G critical to XR, hologram, digital replica

While 5G penetration is still largely underway worldwide, it does not mean progress to build a faster wireless network globally has peaked. In order to offer users a full-fledged immersive experience, 6G will inevitably replace 5G networks, experts said in the first Samsung 6G Forum hosted virtually by tech giant Samsung Electronics Friday. Given that it takes about a decade to enable the next generation wireless network, and the world is seeing more applications that require massive data pro

May 13, 2022

[Market Eye] What's behind Hyundai Motor's $7b EV plant plan in US?

On news reports that South Korea’s auto giant Hyundai Motor is set to announce a $7 billion investment plan in US, market experts said Friday that the carmaker appears to have done the math: lucrative state incentives, tax benefits, growing demand for electric vehicles and perhaps, proximity of battery supply from its fellow South Korean company SK Innovation. The world’s fifth-largest carmaker will unveil the plan to build an EV plant during US president Joe Biden’s state vis

May 13, 2022

Seoul shares sharply rebound on bargain hunting; inflation woes remain

Seoul shares bounced back to end higher on Friday, snapping an eight-session losing streak, as investors scooped up large-cap stocks on bargain hunting amid inflation concerns. The South Korean won rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 54.16 points, or 2.12 percent, to 2,604.24. The main index shed 5.4 percent over the past eight sessions through Thursday. The KOSPI had continued to fall as investors expect the Federal Reserve to deliver a series of big-s

May 13, 2022

Korea Electric Power reports record loss in Q1 over high fuel prices

South Korea's state power firm Korea Electric Power Corp. (KEPCO) on Friday reported a record-high operating loss in the first quarter of this year due to high global energy costs and the freeze in electricity rates. Operating loss for the January-March period hit an all-time quarterly high of 7.78 trillion won ($6.06 billion), compared with the operating profit of 565.6 billion won from a year earlier, the state-run firm said in its regulatory filing. The figure is even larger than the company'

May 13, 2022

LG H&H opens microbiome cosmetic R&D center in Hokkaido

LG Household & Health Care (H&H) Ltd., a major South Korean producer of cosmetic and health care products, said Friday it has opened a new research and development (R&D) center in Hokkaido, Japan, focusing on microbiome beauty products. LG H&H said Hokkaido provides the optimal environment for conducting research on useful strains of microbiomes -- which refers to the collection of bacteria, fungi and other microbes that naturally live on the human body -- and is equipped with in

May 13, 2022

Ukraine war, supply snarls feared to dent investment, exports: govt.

The war between Russia and Ukraine, and extended global supply disruptions are feared to sap South Korea's corporate investment and exports, and add upward pressure on inflation, the finance ministry said Friday. The South Korean economy faces heightened external uncertainty, as global economic downside risks have heightened amid major central banks' monetary tightening and China's COVID-19 lockdowns of major cities, the ministry said in its monthly economic assessment report, called the Green

May 13, 2022

Seoul shares open higher after 8-day losing streak

Seoul shares opened higher Friday as technology stocks rebounded amid concerns over the Federal Reserve's further monetary tightening to tackle high inflation. The Korea Composite Stock Price Index (KOSPI) rose 21.67 points, or 0.85 percent, to 2,571.75 in the first 15 minutes of trading. The KOSPI rebounded following an eight-day losing streak as the Fed is likely to raise interest rates by a half-percentage point at each of its next two meetings. Most large-cap stocks advanced across the board

May 13, 2022

KRX prepares to launch carbon credit futures

The Korea Exchange is preparing to launch a carbon credit futures contract to help bring price signals to what it says would be the new derivatives market, officials said Thursday. “The spot trading in carbon dioxide quotas has surged, but a lack of liquidity is a cause for price volatility,” an official at the bourse operator said. The new market could also help solidify the government’s commitment to achieving carbon neutrality by 2050, the official added. The bourse operat

May 12, 2022

Korean-made cryptocurrencies’ collapse shakes up global market

The global cryptocurrency market has been shaken up by the freefalling prices of Korean-made cryptocurrency terraUSD, also known as UST, and its sister token luna, raising concerns that it may lead to the crypto market’s version of the Lehman Brothers collapse. According to crypto market analysis website CoinMarketCap, the prices of terraUSD and luna recorded 857 won ($0.66) and 443 won as of 2 p.m. on Thursday, down 14 percent and 96 percent from 24 hours ago, respectively. Terraform

May 12, 2022