Korean Air named cargo operator of 2022

National flag carrier Korean Air was selected as cargo operator of the year for 2022 for addressing global cargo capacity shortages with new gateways and freighters, Air Transport World announced Friday. Korean Air has “continued to go from strength to strength, remaining at the forefront of addressing the global cargo capacity shortages resulting from the pandemic,” noted ATW, a publication for the global aviation industry. Korean Air opened two gateways in the United States to a

April 3, 2022

Hyundai, Kia's US sales down 3.7% in Q1

Hyundai Motor Co. and its affiliate Kia Corp. said Saturday their combined sales in the United States fell 3.7 percent in the first quarter compared with a year ago due to the prolonged pandemic and chip shortages. The corporate duo sold a total of 322,593 vehicles in the US in the first three months of this year, according to the companies' sales data. In March alone, the two automakers sold a combined 123,507 units, a 14.8 percent decline from a year earlier. Hyundai's US sales in the fir

April 2, 2022

[Interactive] Grain import prices soar 47% over 2 years

  　South Korea’s import prices of grain has jumped nearly 50 percent over the past two years to a near nine-year high amid the prolonged coronavirus pandemic, data showed. 　Prices of imported grains came to $386 per ton in February, up 26 percent from a year earlier and 47.4 percent from two years earlier, according to the data from the Korea Customs Service and industry sources. 　The February per-ton import price represented the highest level since it reached $388 in May 2013. 　Last

April 2, 2022

Kyobo Life Insurance hits snag over options contract row

Kyobo Life Insurance, Korea’s third-largest insurance company by assets, said Friday that a private equity firm-led consortium is threatening to derail its efforts to go public. The consortium is compelling the insurance company to honor an options contract that Kyobo says could undermine its CEO, the largest shareholder. The consortium -- led by equity firm Affinity Equity Partners -- signed a put option agreement with Kyobo Life Insurance CEO Shin Chang-jae in 2012.

April 1, 2022

Samsung CEO tells staff to ‘call me by my initials’

Samsung Electronics is one of many South Korean companies who have taken on reforming the use of honorific titles in the workplace, aiming for a more horizontal culture and removing hurdles that might have stifled employees’ creativity. The tech giant appears to have made a step toward this goal recently, namely from upper management.　 Samsung co-Chief Executive Officer Han Jong-hee told staff to call him by the initials of his given name rather than honorific expressions for his job ti

April 1, 2022

Underwear maker shares jump on bid to acquire SsangYong Motor

Shares of underwear maker Ssangbangwool rose about 29 percent Friday, as the company announced its bid to acquire SsangYong Motor, a debt-ridden carmaker whose recent takeover by a local electric carmaker fell apart. The company’s shares closed at 1,010 won ($0.83), up 29 percent from Thursday’s closing on the benchmark Kospi board. Ssangbangwool’s key subsidiary Kanglim, which trades on the junior Kosdaq, saw its shares rise by 30 percent. Kanglim manufactures special vehicle

April 1, 2022

Medytox files complaint with ITC against Hugel over botox dispute

South Korean botox maker Medytox has filed a complaint with the US International Trade Commission against its local rival Hugel over allegations of stealing its bacteria and manufacturing processes, the company said Friday. According to Medytox, the company lodged the complaint on Wednesday against Hugel, Hugel America and Croma-Pharma GmbH with top global law firm Quinn Emanuel Urquhart & Sullivan leading the litigation. Croma-Pharma, an Austrian family-owned company based on north of Vie

April 1, 2022

KakaoBank tops in worker productivity

Employees at South Korean mobile lender KakaoBank have higher productivity than their peers at the country’s four banking giants, data showed Friday. A KakaoBank employee was estimated to have earned 349 million won ($280,000), higher than the average figures for Hana Bank and Shinhan Bank, at 315 million won and 271 million won, respectively.  Worker productivity of the other two giants -- KB Kookmin Bank and Woori Bank -- on average was 245 million won and 229 million won, respect

April 1, 2022

Trade deficit seen despite record-high exports in March

SEJONG -- Korea’s monthly exports recorded an all-time high in March on the back of robust performance in outbound shipments of semiconductors and petrochemicals, state data showed Friday. But the nation saw its trade balance in the red, as imports also increased to a record high last month in the wake of a spike in international raw materials prices. According to the Ministry of Trade, Industry and Energy, the country recorded $63.4 billion in exports for March, up 18.2 percent from a y

April 1, 2022

[Interactive] Instant noodles rank 1st in food output in 2020

  　Instant noodles captured the top spot in production among food products in South Korea in 2020 on a surge in exports amid the coronavirus pandemic, data showed. 　The output of instant noodles, or “ramyeon” in Korean, stood at 1.93 million metric tons in 2020, up a whopping 231 percent from a year earlier, according to the data from the Ministry of Food and Drug Safety. 　Ramyeon’s ranking in terms of production was up 12 notches from the previous year. 　Carbonated drink

April 1, 2022

Seoul stocks open lower on Ukraine, inflation risks

South Korean stocks opened lower Friday amid still ongoing tensions surrounding Ukraine and rising inflation risks. The benchmark Korea Composite Stock Price Index fell 21.6 points, or 0.78 percent, to trade at 2,736.05 points as of 9:15 a.m. Stocks dropped as Russia's attack on the Ukrainian city of Mariupol fueled pessimism about the two country's peace talks. Most large caps traded lower in Seoul. Market bellwether Samsung Electronics lost 0.72 percent, and No. 2 chipmaker SK hynix declined 0

April 1, 2022

Inflation growth estimated to pick up in March amid high oil prices: official

South Korea's consumer prices are estimated to have grown at a faster pace in March as Russia's invasion of Ukraine has driven up oil prices, a senior government official said Friday. Inflationary pressure is likely to remain high for the time being as external economic uncertainty has heightened, according to First Vice Finance Minister Lee Eog-weon. "Expectations are growing that inflation growth will pick up in March, led by a jump in prices of petroleum products," Lee said at a gov

April 1, 2022

Home transactions sink 50% in Feb. on lending curbs, rising rates

Home transactions in South Korea plunged more than 50 percent on-year in February amid tough lending curbs and rising interest rates, data showed Friday. The number of homes changing hands nationwide stood at 43,179 units in February, down 50.4 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Compared with the previous month, however, the February tally was up 3.5 percent. Home transactions in the greater Seoul area, which includes the w

April 1, 2022

‘Errand’ apps, fledgling business born out of pandemic

When 34-year-old Lee Min-ho tested positive for COVID-19, the most immediate concern for his young family was getting food and supplies. Instead of calling up his parents, Lee opted to use what is called an “errand app” on his phone. “I just needed a few items from the local store, and I didn’t want to bother other people. So I requested (an errand runner) to pick up the groceries and leave them at my doorstep,” he said. In the era of social distancing, mobile ap

March 31, 2022

Rare Samsung-LG alliance imminent on OLED TVs: sources

A rare partnership between crosstown rivals Samsung and LG seems imminent, as they are finalizing talks on LG’s panel supply for Samsung’s upcoming OLED TVs, industry sources said Thursday. “Until early this year, the outlook for their partnership was dimming at least for this year. But the talks have recently been speeding up,” said an industry source on condition of anonymity. The source predicted the first panel shipments could start as early as September, considerin

March 31, 2022

[Weekender] Rise of never-aging young women in Korea

South Korea’s entertainment and commercial fields have seen a rise of beautiful, multi-talented young women capable of doing almost everything -- from acting to fashion design. Despite being in their early 20s, they display impeccable skills and give performances that exceed human expectations. They have no stress, no sleep and no scandals. Though they are labeled as perfect human beings, they have their own limits. They are not actual people, but virtual humans produced by cutting-edge co

March 31, 2022

Korea’s industrial output declines for 2nd consecutive month

SEJONG -- Korea’s industrial output declined for the second consecutive month in the wake of a glitch in imports of raw materials as well as the spread of the omicron variant of the coronavirus, state data showed Thursday. According to Statistics Korea, industrial output decreased by 0.2 percent in February, compared to the previous month. It posted a 0.3 percent drop in January. This marked the first time in 21 months dating to May 2020 that industrial output fell for two consecutive mo

March 31, 2022

Posco International acquires Australian energy firm Senex

South Korean trading firm Posco International said Thursday that it has completed an acquisition of Australian energy company Senex Energy, as part of its effort to put more focus in eco-friendly energy businesses.  The Korean firm clinched a deal in December last year with Senex Energy to own 50.1 percent of shares of the Australian company at 405 billion won ($334 million). It took three months to receive authorities’ approval. The latest acquisition marks the company’s fir

March 31, 2022

Seoul stocks up for 3rd day amid Ukraine crisis

South Korean shares extended their winning streak to a third session Thursday amid the geopolitical uncertainties in Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.91 points, or 0.4 percent, to close at 2,757.65 points. Trading volume was moderate at about 1 billion shares worth some 9.6 trillion won ($7.9 billion), with gainers outnumbering losers 607 to 240. Institutions bought a net 191 billion won, while foreigners sold 17

March 31, 2022

Kimchi with new packaging method on way to captivate the world

Forget about concerns of kimchi keeping its freshness and leaking its “unique smell” when shipped overseas. Korean companies are seeking ways to expand their kimchi exports by adopting new packaging methods, increasing overseas production and obtaining scientific proof that the traditional side dish is beneficial to one’s health. The state-run Korea Agro-Fisheries & Food Trade Corp. announced Thursday it has launched a new kimchi product that can improve bowel movement an

March 31, 2022