[Interactive] S. Korea’s coffee imports hit new high in 2021

　South Korea’s imports of coffee surged more than 24 percent to hit a new all-time high in 2021 on its growing popularity here, data showed. 　The value of the country's coffee imports stood at $916.5 million last year, up 24.2 percent from the previous year, according to the data from the Korea Customs Service and industry sources. 　It marks the first time that South Korea’s coffee imports have exceeded the 1 trillion-won ($823 million) level in terms of the local currency. 　Last

April 9, 2022

Ssangbangwool submits letter of intent to buy debt-ridden SsangYong Motor

　Ssangbangwool Group, a South Korean underwear company, said Friday it has submitted a letter of intent (LOI) to buy the debt-ridden automaker SsangYong Motor. 　 　Ssangbangwool‘s bid came as a deal to buy SsangYong Motor by local electric bus and truck maker Edison Motors Co. collapsed late last month after its failure to meet the deadline to make the full payment for the proposed takeover. 　 　Ssangbangwool said it has submitted the LOI for the SsangYong takeover and selected accounting f

April 8, 2022

Transition team chief meets with Hyundai Motor chairman

Ahn Cheol-soo, the chief of President-elect Yoon Suk-yeol’s transition team, and Hyundai Motor Group Chairman Chung Euisun met on Friday to discuss the country’s future mobility outlook as well as measures for nurturing and expanding the industry’s workforce. Ahn and other committee member lawmakers visited Hyundai Motor Group’s R&D center in Namyang, Gyeonggi Province.  “A future mobility industry is the next focus of the country’s strategic busin

April 8, 2022

Financial watchdog steps up scrutiny over SsangYong Motor deal

South Korea’s financial watchdog warned potential bidders for the debt-ridden SsangYong Motor on Thursday that authorities would pay close attention to possible signs of stock manipulation along the way. The warning follows after Mirae Corp. -- a local semiconductor equipment manufacturer and affiliate of the nation’s leading underwear maker Ssangbangwool -- sold over 6.47 million of its shares in entertainment company IOK, a SBW subsidiary, for 1.24 billion won ($10.1 million) on M

April 8, 2022

Online luxury sellers strengthen counterfeit inspection amid Musinsa scandal

Korea’s online luxury sellers who have enjoyed the recent resell market boom are strengthening the counterfeit inspection process amid a scandal involving fashion commercial platform Musinsa, industry sources said Friday. On April 1, Naver’s online reselling platform Kream announced that the Essentials T-shirts sold through Musinsa by the brand operator Fear of God were proven to be fake. Musinsa, which has strongly objected to the counterfeit claims raised by Kream and has warned

April 8, 2022

S. Korea "positively" mulling joining US-proposed economic framework: minister

South Korea's top economic policymaker said Friday the government is "positively" considering joining a new US-proposed economic framework in the Indo-Pacific region. The United States is seeking to launch the Indo-Pacific Economic Framework (IPEF) to seek deeper cooperation with partner nations on a wide range of economic and trade issues, including digital trade and supply chains. The move is widely seen as aimed at countering China amid an intensifying Sino-US rivalry. "Discuss

April 8, 2022

Seoul stocks open higher as investors digest Fed's tightening plan

South Korean shares opened higher Friday, as investors digested the US central bank's hawkish comments on monetary tightening. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.84 points, or 0.48 percent, to reach 2,708.70 as of 9:15 a.m. Overnight, the US stock market mostly rebounded as investors assessed the Federal Reserve's minutes of its March meeting, which hinted at more aggressive monetary tightening than had been originally expected. Overnight, the Dow Jones Industrial Av

April 8, 2022

S. Korea to release 7.23m more barrels of oil reserves over Ukraine crisis

South Korea has decided to release 7.23 million barrels of strategic crude reserves, in addition to its recent commitment of 4.42 million barrels, to help bring down high energy prices amid the ongoing Ukraine crisis, the industry ministry said Friday. Last week, 31 member nations of the International Energy Agency (IEA) agreed to release 120 million barrels of oil from their emergency reserves, following their similar decision last month to release 60 million barrels of oil, in response to the

April 8, 2022

Current account surplus narrows in Feb. amid surging energy costs

South Korea posted a current account surplus for the 22nd straight month in February, but the surplus narrowed from a year earlier as soaring oil prices boosted import bills, central bank data showed Friday. The current account surplus reached $6.42 billion in February, down from $8.06 billion the previous year, according to the preliminary data from the Bank of Korea (BOK). The current account has remained in the black since May 2020 on the back of robust exports. But the surplus fell on-year

April 8, 2022

Posco Chemical starts building high-nickel cathode plant

Posco Chemical, a chemical and battery materials producer under steel giant Posco Group, said Thursday that it had kicked off construction for a new plant that can produce 30,000 metric tons of high-purity nickel cathodes, a key material used in electric vehicle batteries. Targeting to begin operations in 2024, the new factory will be established on over 120,000 square meters of land in Pohang, North Gyeongsang Province, with an annual production capacity at 30,000 tons.  The firm, which

April 7, 2022

Grain import prices to climb further: institute

SEJONG -- Import prices of grain will likely continue to climb during the second quarter of the year amid deepening inflationary pressure worldwide, a state-funded agency predicted. According to the Korea Rural Economic Institute, the projection index for import prices for edible grain and fodder grain reached 158.5 and 163.1, respectively, in the period of April to June. This is a rise by 10.4 percent and 13.6 percent compared to a quarter earlier, under the assumption that the price level wa

April 7, 2022

US firms willing to invest more in Korea: AmCham survey

A majority of American businesses in South Korea were optimistic that investment here will continue over the next two years, and picked Korea as the second most preferred location for regional headquarters in Asia after Singapore, survey results showed on Thursday. In an annual survey of member companies by the American Chamber of Commerce in Korea, 44 percent of the respondents said they will increase investment in Korea through 2024, while another 42.9 percent said there will be no change to

April 7, 2022

Samsung poised to beat earnings estimates in Q1

Samsung Electronics said Thursday it was highly likely to report its best quarterly earnings in the first quarter this year on upbeat sales of memory chips and smartphones. According to its earnings guidance, the tech giant projected its operating profits at 14.1 trillion won ($11.5 billion) for the first three months of the year, a 50.03 percent increase from a year earlier. The figure topped estimates consensus of 13.8 trillion won among local securities firms compiled by market tracker Fn

April 7, 2022

Kakao Mobility eyes overseas expansion

Kakao Mobility, the country’s leading taxi-hailing service operator, said Thursday it will expand its domestic-focused business, with its next-generation mobility technology and user-friendly service. “This year will be the starting point of Kakao Mobility to enter the global market, as we move ‘Beyond Korea,’” said Kakao Mobility CEO Ryu Geung-sun in an online press conference. Ryu said the company will expand its taxi-hailing service -- currently available in s

April 7, 2022

Ernst & Young Han Young names Sae-A chairman top entrepreneur of year

Global accounting firm Ernst & Young’s Korean member firm Ernst & Young Han Young (EY Korea) on Wednesday handed its top master entrepreneur award to local apparel manufacturer Global Sae-A Chairman Kim Woong-ki, the firm said Thursday. Kim was recognized at the 15th EY Entrepreneur of The Year Award ceremony held at Seoul Shilla Hotel. Ernst & Young’s annual award – currently stretching across 60 countries and 145 cities worldwide -- recognizes busines

April 7, 2022

Bidding war heats up for SsangYong Motor

Chemical-to-financial conglomerate KG Group has jumped into what has become a fierce bidding war for SsangYong Motor, the debt-ridden carmaker owned by India’s Mahindra Group, in a 1.5 trillion won ($1.2 billion) deal.  According to industry insiders Thursday, KG Group recently submitted its letter of intent to acquire SsangYong Motor to the lead manager of the deal, EY Hanyoung. KG Group was founded in 2003 based on the country’s first fertilizer company Gyeonggi Chemical, w

April 7, 2022

KT bets big on content biz, targets W5tr in sales by 2025

South Korean telecommunications operator KT vowed Thursday to nearly double sales by 2025 through fostering its value chain in the media business focused on original content production and securing intellectual property rights. KT Studio Genie, the firm’s wholly owned content production subsidiary launched last year, will play a key part in the value chain by manufacturing original contents, the telecom operator said in a press briefing. Through the value chain, KT expects to increase

April 7, 2022

[Herald Interview] SK-backed US startup out to empower Asia’s carbon goal

The Asia-Pacific region is responsible for more than half of carbon dioxide emissions worldwide. While net-zero carbon emissions mandates in the region pose promising economic opportunities, green technology players’ expansion to the Asia-Pacific from outside the region may seem like a murky prospect. “There is a choice between trying to build it ourselves, or finding a compatible vision and strategic capability to make engagements with the market more successful,” Cam Hosie,

April 7, 2022

FDI pledges to S. Korea up 15% in Q1 despite global uncertainties

Foreign direct investment (FDI) pledges to South Korea jumped 14.9 percent in the first quarter from a year earlier to reach the highest first-quarter figure ever, data showed Thursday. The country received $5.45 billion worth of FDI commitments in the January-March period, compared with $4.74 billion logged a year earlier, according to the Ministry of Trade, Industry and Energy. The amount of investment that actually arrived in South Korea stood at $4.33 billion, marking a 2.6 percent on-year d

April 7, 2022

Kakao Mobility to invest W50b to support biz partners

Kakao Mobility Corp., South Korea's leading taxi-hailing firm, said Thursday that it will invest 50 billion won ($41 million) to support its business partners to spearhead shared growth. The investment is part of a 300 billion-won fund created by its parent firm, internet giant Kakao Corp., to support small business partners over the next five years. "Kakao Mobility aims to support the mobility ecosystem so that it can accomplish shared growth through the coexistence fund," Ryu Geung-s

April 7, 2022