Foreign reserves down in March on fall in dollar-converted asset value, dollar selling to ease volatility

South Korea's foreign reserves shrank in March due to a decline in the dollar-converted value of its assets and unloading of dollars aimed at curbing the local currency's steep descent, central bank data showed Tuesday. The country's foreign reserves stood at $457.81 billion as of end-March, down $3.96 billion from the previous month, according to the data provided by the Bank of Korea (BOK). The BOK attributed the decline to a fall in the dollar-converted value of its asset holdings and "m

April 5, 2022

Seoul stocks open nearly flat despite overnight US gains

South Korean shares opened nearly flat Tuesday despite overnight rallies on Wall Street as investors remain wary of lingering concerns over the US central bank's monetary tightening and the Ukraine crisis. The benchmark Korea Composite Stock Price Index (KOSPI) had added 0.47 point, or 0.02 percent, to reach 2,758.37 as of 9:15 a.m. Overnight, the US stock market finished higher on strong gains of tech shares. The Dow Jones Industrial Average rose 0.3 percent, and the Nasdaq composite advanced 1

April 5, 2022

Aviation industry readies for rebound as carriers resume mid, long-haul flights

South Korea’s aviation industry is gearing up for a full recovery of operations that were hit hard from the prolonged pandemic for more than two years as the flights resume along long-stalled mid- and long-haul routes.  The Transport Ministry aims to increase the number of international flights this year to the 50 percent level of 2019. As of March, the number of international flights departing the country was at 406 per week, around 8.8 percent of the corresponding figure in 2019 w

April 4, 2022

Batman Cola, Superman Cider hit convenience stores in Korea

South Korean convenience store GS25 said Monday it will launch its own series of sodas -- Batman Cola and Superman Cider -- in collaboration with entertainment giant Warner Bros. Both products will be priced at 1,700 won. “Our customer analysis shows that today’s younger generation no longer blindly goes for nationally recognized brand names but attaches greater value to product content,” the company noted as the reason behind launching a private brand product. According to

April 4, 2022

Import prices of farm, fishery, livestock products grow over 30%

SEJONG -- A spike in import prices of agricultural, livestock and fisheries products is estimated to have propelled a recent sharp growth in the nation’s overall consumer prices, data from a research institute showed Monday. According to the Korea Trade Statistics Promotion Institute, the index for import prices of agricultural, livestock and fisheries products reached 112.6 in February, up 31.7 percent from a year earlier. The index is calculated under the assumption that prices was at

April 4, 2022

Quantit wins Asian Private Banker Technology Award

South Korean fintech company Quantit said Monday it has received the best disruptive solution award at Technology Award 2021 hosted by Asian Private Banker. The firm was recognized for its robo-adviser service, dubbed RABIT, which uses artificial intelligence to offer investment strategies that reduce volatility in the high-risk cryptocurrency market. The service allows for a relatively safe investment in digital assets because it doesn’t require any transfer of assets to the robo-advis

April 4, 2022

SSG.com to launch cross-border shopping service

SSG.com, the digital shopping platform of retail giant Shinsegae Group, said Monday it will launch a cross-border shopping service for international shoppers. The company will sell over 9.6 million fashion and beauty items, as well as processed food on Gmarket Global’s English and Chinese online malls, as part of the first collaborative project following Shinsegae’s acquisition of eBay Korea, since renamed Gmarket Global, last year. International shoppers from over 80 countries in

April 4, 2022

Jim Rogers named inter-Korean project adviser for Paju city

US investor Jim Rogers has been named an inter-Korean project cooperation adviser for the city of Paju, Gyeonggi Province, adjacent to the Demilitarized Zone that separates the two Koreas, officials said Monday. Rogers was tapped to give the city government policy advice on inter-Korean projects and is scheduled to visit the northern border city on Wednesday to sign the related agreement, according to Paju government officials. The officials added that Rogers is expected to contribute to the re

April 4, 2022

SK Square affiliates eye May IPOs

SK Square is poised for two stock market flotations of its key affiliates -- a mobile app marketplace and a security service -- on the Korea Exchange in May, filings showed Monday. The initial public offerings of the subsidiaries will amount to up to 1.33 trillion won ($1.09 billion) if combined, in the first two attempts since SK Square was spun off from Korea’s largest telecom carrier SK Telecom. SK Shieldus, a security service subsidiary of SK Square formerly known as ADT Caps, aims

April 4, 2022

Mirae Asset’s Canadian subsidiary’s asset under management exceeds W20tr

Mirae Asset Global Investment’s Canadian subsidiary Horizons ETFs’ assets under management have exceeded 20 trillion won ($16.4 billion), showing more than a sixfold increase in the last decade. On Monday, the Korean asset manager said Horizons ETFs’ assets under management had reached $18.1 billion, or 22.2 trillion won. The figure has increased more than sixfold since Mirae Asset acquired Horizons ETFs in 2011, when it was managing assets of 3.6 trillion won. Horizons ETFs

April 4, 2022

[CONTRIBUTION] Key to successful digital platform government through lens of big data

Each time a new presidential administration took office, promises surrounding information technology were repeatedly made in a bid to appeal to the public. The military regime and the Kim Young-sam administration’s pledges to foster an information and communications network were followed by the Kim Dae-jung administration’s policies to promote venture businesses. President Roh Moo-hyun envisioned the transition to an e-government, Lee Myung-bak outlined an IT convergence plan, Park

April 4, 2022

Listed firms' on-year net profit jumps 160% in 2021

The net profit of listed firms on South Korean main bourse expanded 160.56 percent last year despite the pandemic, the bourse operator said Monday. The consolidated net profit of 595 firms listed on the benchmark KOSPI totaled 156.6 trillion won (128.6 billion) in 2021, up from 60.1 trillion won the previous year, according to the data compiled by the Korea Exchange (KRX). A total of 595 out of 676 listed companies submitted their consolidated financial statements for the fiscal year of 2021 tha

April 4, 2022

BOK should make more accurate assessments of markets ahead of rate-setting meeting: official

The Bank of Korea (BOK) should step up efforts to make more accurate assessments of current economic and financial situations ahead of next week's rate-setting meeting, the central bank's acting chief said Monday. BOK Vice Gov. Lee Seung-heon, who is serving as acting chair of the central bank after Lee Ju-yeol left office last week, made the call in an internal meeting with senior officials, according to the bank. The chief post is not expected to be filled until the rate-setting meet

April 4, 2022

FTC chief to attend global antitrust regulators' meeting this week

South Korea's antitrust chief plans to participate in a global meeting of regulatory authorities this week to discuss merger guidelines and competition policy, her office said Monday. Joh Sung-wook, chairperson of the Fair Trade Commission (FTC), will take part in the Enforcers Summit on Monday (US time) to be co-hosted by the US Federal Trade Commission and the Justice Department (DOJ), according to the FTC. The summit will be attended by Lina M. Khan, chair of the US antitrust body, DOJ Assist

April 4, 2022

Seoul stocks open lower amid uncertainty over Ukraine crisis

South Korean stocks opened lower Monday as investors unloaded large-cap shares, including tech issues, amid lingering uncertainties over the Ukraine crisis and inflation. The benchmark Korea Composite Stock Price Index lost 11.51 points, or 0.42 percent, to trade at 2,728.34 points as of 9:15 a.m. Investors took to the sidelines as the ongoing crisis surrounding Ukraine has deepened concerns over soaring energy prices and inflation. Moscow said Sunday that it attacked and destroyed key energy fa

April 4, 2022

Bumpy road ahead for SBW’s SsangYong Motor bid

Ssangbangwool Group, best known for its underwear business, is joining an estimated 1 trillion won ($819 million) bidding war to acquire debt-ridden carmaker SsangYong Motor whose takeover deal with Edison Motors has recently been called off.  Ssangbangwool, or SBW, plans to turn in a letter of intent this week to the lead manager of the deal, EY Hanyoung, by forming a consortium led by subsidiary Kanglim, a maker of special-purpose vehicles like firetrucks and cranes.  Other than Ka

April 3, 2022

[Newsmaker] 65% of Millennials, Gen Z choose ethical consumption over price

Some 65 percent of South Korean millennials and Generation Z said they would buy products manufactured by ethical businesses even if they are more expensive than nonethical ones, a survey showed Sunday. In a survey conducted by the Korea Chamber of Commerce and Industry with 380 young people last month, 64.5 percent of respondents said they would choose products from businesses that uphold environmental, social and governance values over price. Some 4 percent said they are willing to pay ove

April 3, 2022

Equity, bond funds remain sluggish over fears of rate hikes

South Korean equity and bond funds have disappointed investors in the first three months of the year, with many seeing noticeable losses in profitability, data showed Sunday. Equity funds with over 1 billion won ($819,000) in assets saw an average 7.89 percent loss in profitability since the beginning of the year as of Sunday, data provided by local financial market FnGuide showed. Korean index funds, which closely tracks local stock market indexes saw an 8.59 percent profitability loss in the

April 3, 2022

‘Workcation’: Mixing work, vacation for both productivity, creativity

Oh Chung-hee, a product designer at Korean fintech startup Toss, was at first reluctant to go on a two-week “workcation,” worrying it was going to be a hassle. But her worries melted away soon after she arrived at the company’s workcation site in the southern coastal region of Namhae, South Gyeongsang Province. Instead of going to work on a jam-packed bus or subway like others in Seoul, Oh started her day by enjoying the vast open scenery and fresh air. “Changing the wo

April 3, 2022

Pulmuone completes 2nd tofu plant in China

Korea’s food giant Pulmuone said Sunday it has completed the construction of its second tofu factory in China, as it looks to accelerate its expansion in the growing market there. Located in the eastern Beijing of Pinggu, the new factory can produce 1,800 kilograms of tofu annually, increasing the productivity by 400 percent compared to the old factory. The second factory will produce a variety of tofu for soup, salad and steamed dish, tofu noodle, and soybean milk, according to the com

April 3, 2022