Galaxy S22 sales expected to top 1 million in S. Korea this week

Samsung Electronics Co. said Wednesday the sales of its latest Galaxy S series are expected to surpass 1 million units in South Korea later this week, two weeks faster than its predecessor did. The Galaxy S22 series was launched on Feb. 25 with three models -- the Galaxy S22, Galaxy S22 Plus and Galaxy S22 Ultra -- promising stronger performance for daytime and nighttime shooting, among others. Samsung said its latest flagship smartphone series passed 900,000 in sales earlier this month on its h

April 6, 2022

Seoul stocks open lower on Fed's hawkish stance, supply disruption woes

South Korean shares opened lower Wednesday, tracking overnight falls on Wall Street, as a key US Fed member hinted at more aggressive monetary tightening. The benchmark Korea Composite Stock Price Index (KOSPI) had lost 16.52 points, or 0.60 percent, to reach 2,742.68 as of 9:15 a.m. Overnight, the US stock market tumbled, after Federal Reserve Gov. Lael Brainard said the Fed would begin rapidly reducing its balance sheet in May and is preparing for "stronger" actions to bring down inf

April 6, 2022

Kia vehicle sales jump 18% in India in March

Kia Corp., South Korea's second-biggest carmaker, said Wednesday its on-year vehicle sales jumped 18 percent in India last month on demand for its multipurpose model. Kia sold 22,622 vehicles in India last month, marking the biggest monthly sales figure since it entered the emerging market in August 2019, according to the company's sales data. The result was helped by increased sales of the Carens MPV. Sales of the Carens jumped to 7,008 units in March from 5,109 in February and 575 in January,

April 6, 2022

ADB cuts 2022 growth estimate for S. Korean economy to 3%

The Asian Development Bank (ADB) on Wednesday lowered its 2022 growth outlook for the South Korean economy to 3 percent amid the upsurge in COVID-19 cases and the Ukraine crisis. The latest estimate by the Manila-based bank is lower than the 3.1 percent growth forecast made in December last year. The ADB forecast the South Korean economy will grow 2.6 percent next year. Despite the downward revision, the ADB assessed the South Korean economy is expected to "settle into more sustainable grow

April 6, 2022

Sanctions on big S. Korean firms rise 10.4% in 2021

Domestic and foreign sanctions on big South Korean firms increased more than 10 percent on-year in 2021 with the amount of fines on them soaring over 50 percent, a corporate tracker said Wednesday. Local and overseas regulators imposed a total of 571 sanctions on 225 large corporations in Asia's fourth-largest economy, up 10.4 percent from a year earlier, according to CEO Score. The companies, which rank among the country's top 500 by sales, were slapped with a combined fine of some 887 billion

April 6, 2022

S. Korea steelmaker Posco says its staff back in office as COVID rules ease

Most staff at South Korea's Posco have returned to their offices starting from Friday, a spokesperson of the steelmaker said on Tuesday, making it one of the first major firms in the country to implement back-to-office plans. Posco's move comes as South Korea weighs scrapping social distancing curbs altogether and explores living with COVID-19 amid declining infections. Previously, 50 percent of the company's office-based workforce had worked from home, while its plants in the southern port ci

April 5, 2022

Shinsegae looks into whiskey business: reports

Shinsegae’s ambition to enter the soju business appears to have shifted to whiskey instead, as it reportedly submitted a trademark application last week, according to local reports Tuesday. Tentatively named Jeju Whiskey, the retailer is likely to introduce its new brand early next year, considering the application process that takes six to 12 months. According to Korea Customs Service, last year’s whiskey imports increased by 32.4 percent from 2020, on the back of rising demand fo

April 5, 2022

Regulator says Google’s billing policy violates Korean law

The South Korean regulator on network and IT services said Tuesday that it has reached the conclusion that Google’s new payment policy violates the Korean law that prohibits app store operators from forcing app developers to use in-app payment systems. Based on its conclusion, the Korea Communications Commission will make a final ruling on whether Google’s new billing system is against the law after reviewing related cases based on the levels of coercion and unfairness. The regulato

April 5, 2022

Korean ramen makers’ share prices on rise amid strong exports

Share prices of Korean ramen companies like Nongshim, Samyang Foods, and Ottogi are on the rise, as exports of Korean instant noodles hit new highs last month. Notably, foreign and institutional investors are demonstrating strong interest, according to analysts. Nongshim shares closed at 306,000 won ($252) apiece on Monday, up 2.68 percent from the previous session. The figure indicates a 9.42 percent rise in only half a month since its price stood at 281,000 won on Mar. 15. Institutional inv

April 5, 2022

Yoon’s committee starts work on digitizing government work

The transition committee working for President-elect Yoon Suk-yeol on Tuesday discussed digitizing government work with outside experts after being briefed on digital efforts under the current Moon Jae-in government. A task force -- launched by the committee to deliver on Yoon’s promise to change the way the government works by embracing digital technology, mainly big data but also artificial intelligence -- held its first meeting to facilitate the digital shift before Yoon takes office

April 5, 2022

Amid steep prices growth, Korea to expand fuel tax cut to 30% from May

SEJONG -- The Ministry of Economy and Finance said Tuesday that it would expand the rate of tax cut on fuel from the current 20 percent to 30 percent, temporarily from May to July, as a contingency plan to alleviate inflationary pressure. The measure, aimed at easing the cost burden on households and some businesses, was unveiled amid growing concerns over consumer price growth reaching the highest figure in more than 10 years. Announcing the plan at a ministerial meeting, Deputy Prime Ministe

April 5, 2022

Kakao unveils ‘stock as gift’ service

Kakaopay Securities, the stock brokerage arm of Korea‘s mobile payment platform KakaoPay, said Tuesday it will launch a new service in June through which one can buy stocks as gifts with its payment platform that has over 37 million subscribers. “Users can give both domestic and foreign stocks to friends and family with a gift card featuring Kakao Friends characters,” said Kakaopay Securities co-CEO Lee Seung-hyo during an online press conference. Users receive the stock gift

April 5, 2022

Korea’s top 20% own real estate 251 times more valuable than lowest

The gap between people categorized as South Korea’s wealthiest and the poorest groups has been growing sharply in recent years, with houses, buildings and land owned by the top 20 percent valued at an average 251 times higher than that owned by the bottom 20 percent, a report showed Tuesday. The report suggested pandemic-triggered inflation as a key reason behind the widening economic polarization. Koreans in the top 20 percent income bracket had real estate valued at a combined 1.2 bill

April 5, 2022

SK hynix, Solidigm launch enterprise SSD for data centers

South Korean memory chip maker SK hynix and its US NAND flash memory solutions arm Solidigm have launched solid-state drives for data centers, the companies said Tuesday. The new product, called P5530, is their first collaborative effort since San Jose-based Solidigm‘s SSD business was acquired by the world’s second-largest memory chip manufacturer in December. P5530 will be a combination of SK hynix‘s 128-layer NAND flash technology with Solidigm’s SSD controller and

April 5, 2022

From anti-aging to chip materials: Samsung unveils futuristic projects to fund

Samsung Electronics and its tech foundation said Tuesday they are spending a combined 48.65 billion won ($40 million) this year to fund 27 new research projects on futuristic technologies from anti-aging to new materials for chips. The tech giant has supported local researchers and their work through the Samsung Science & Technology Foundation since 2013. About 1.5 trillion won has been poured into supporting 735 projects involving 14,000 researchers at some 50 schools over the past decade

April 5, 2022

9th International EV Expo to kick off in Jeju next month

The annual International Electric Vehicle Expo -- the largest exhibition on electric vehicles in the world -- will kick off next month, bringing industry experts and visitors from around the world to South Korea’s resort island of Jeju. Some 200 companies in the e-mobility sector are to participate in the exhibition, which kicks off on May 3 for a four-day run, according to the organizer. The list of participants includes Tesla and Volvo as exhibitors for the first time. A virtual exhibi

April 5, 2022

National debt hits record high in 2021 amid pandemic

South Korea's national debt rose to a record high last year as the government boosted a debt sale to fund its expansionary fiscal spending to ride out the COVID-19 pandemic-caused slump, the finance ministry said Tuesday. The sovereign debt, which covers bond sales and financial borrowing by central and provincial governments, amounted to 967.2 trillion won ($796 billion) last year, sharply up 120.6 trillion won from the previous year, according to a report on the 2021 national settlement. The 2

April 5, 2022

Imported car sales dip 8.7% in March amid chip shortages

Sales of imported vehicles in South Korea fell 8.7 percent in March as chip shortages continued to affect vehicle production, an industry association said Tuesday. The number of newly registered foreign vehicles fell to 24,912 units last month from 27,297 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were Mercedes-Benz's E 250 sedan and E 350 4MATIC sedan and BMW's 520 sedan, it said. In March,

April 5, 2022

S. Korea to expand fuel tax cuts amid surging energy prices

SEJONG -- South Korea will expand tax cuts on fuel consumption as part of efforts to ease inflation pressure that has been building up amid surging energy prices, the country's top economic policymaker said Tuesday. The government will expand fuel tax cuts from the current 20 percent to 30 percent from early May to end-July as the Russia-Ukraine war has sent crude oil and other commodity prices even higher, Finance Minister Hong Nam-ki told an anti-inflation meeting. The decision came as South

April 5, 2022

Jet fuel consumption hits 17-year low in 2021 amid pandemic

Jet fuel consumption in South Korea tumbled to a 17-year low in 2021 in the wake of the coronavirus pandemic, data showed Tuesday. Jet fuel consumption in Asia's fourth-largest economy came to 21.17 million barrels last year, down 2.6 percent from a year earlier, according to the data from the state-run Korea National Oil Corp. The decrease followed a 44 percent on-year nosedive in 2020, which was sparked by the government's strict social distancing measures to prevent the spread of COVID-19. La

April 5, 2022