South Korean instant noodle exports hit record high

In a sign of growing popularity, revenue from South Korean instant noodle exports reached a record high of 368.7 billion won ($319 million) during the first half of this year, according to data from the Korea Customs Service. The figure broke the previous record of $302.8 million set the same time one year ago and was up 5.8 percent. When broken down by country, China was the largest importer of South Korean instant noodles where $68.13 million worth was sold. The US was the second-largest m

July 26, 2021

Tax incentives to be expanded for investment in chips, batteries, vaccines

South Korea said Monday it plans to expand tax incentives for corporate research & development (R&D) and facility investment in semiconductors, batteries and vaccines as it seeks to nurture them as key strategic technologies. The government will provide tax benefits worth 1.16 trillion won ($1 billion) for R&D expenditures and investments in chips, electric vehicle batteries and vaccines under a tax code revision bill. The 2021 tax code revision centers on underpinning a fast econo

July 26, 2021

Will US’ HAAH be able to salvage cash-strapped SsangYong Motor?

After HAAH Automotive Holdings, a US-based automobile distributor, confirmed its intention to acquire SsangYong Motor, eyes are on whether the American firm, which just gave up on its Chinese car business with a bankruptcy filing, will be able to close the deal to salvage the financially troubled automaker in Korea. Speaking to a US media outlet, the founder and chief executive officer of HAAH Automotive, Duke Hale, revealed that it has established a new company, Cardinal One Motors, which wi

July 26, 2021

Banking groups post record H1 profits

Major banking groups here have been posting record earnings for the first half of the year amid ongoing COVID-19 woes, buoyed by lucrative earnings from their brokerages, insurers and card issuers, data released as of Monday showed. So far, four out of five major banking groups here – KB, Woori, Hana and NH – have announced robust net profits for the first six months of the year, eclipsing their stellar performances shown in the same period last year. KB’s net profit for th

July 26, 2021

24 producers of concrete piles fined W102b over price fixing

South Korea's antitrust regulator said Monday it will fine 24 producers of concrete piles a combined 102 billion won ($88.4 million) for colluding to fix prices of the products used for construction. Samil C&S and 23 others colluded to fix prices of concrete piles and slash production between April 2008 and January 2017 in a bid to stem price falls and maintain inventory levels, according to the Korea Fair Trade Commission. Concrete piles are used to buttress the ground when building apart

July 26, 2021

Daily FX turnover falls in Q2 as volatility cools

The daily foreign exchange (FX) trading by banks in South Korea fell 5.1 percent in the second quarter from three months earlier, as transactions declined over cooling volatility, central bank data showed Monday. The daily FX turnover came to an average $57.85 billion in the April-June period, down $3.09 billion from the first quarter, according to the data from the Bank of Korea (BOK). The average daily turnover of foreign exchange spots reached $22.88 billion during the second quarter, down

July 26, 2021

Paseco sells over 100,000 window AC units in 3 months

Paseco, the largest window air conditioner-maker in South Korea, sold more than 100,000 units in the past three months, the company said Monday. The sales boost propelled aggregate sales of Paseco’s window ACs to hit 250,000 units since introducing the home appliance in 2019. A window AC is a single-unit air conditioner installed on windows. Paseco, previously more well-known for oil heaters, is a leading player in the market, taking up an estimated 60 percent of the market share. P

July 26, 2021

SsangYong unveils design sketch of new SUV

Financially troubled SsangYong Motor Corp. on Monday revealed a design sketch of its new sport utility vehicle under development as it tries to revive sales with next-generation models. The SUV-focused automaker teased the design sketch of the new SUV codenamed KR10, saying its design language is "Powered by Toughness." SsangYong said its upcoming SUVs will be equipped with "eco-friendly power trains" to meet growing market demand. Last month, the automaker said it will la

July 26, 2021

LG Electronics launches upgraded wireless earbuds

LG Electronics Inc. on Monday unveiled its upgraded wireless earbuds with enhanced sound and hygiene features as the tech giant eyes to increase wearable sales. Three new models of the LG TONE Free -- TONE-TFP9, TONE-TFP8 and TONE-TFP5 -- were launched in South Korea with prices ranging from 169,000 won (US$146) to 249,000 won. They will be available in North America and Europe later this month. In collaboration with Ergonomic Design Technology Lab at POSTECH, a leading science technology univ

July 26, 2021

Relief cash handouts eyed in late Aug. but may be delayed

South Korea said Monday it seeks to provide pandemic emergency funds to most of its citizens next month, but the timing could be flexible depending on the virus situation. The government plans to provide stimulus checks of 11 trillion won ($9.5 billion) to people in the bottom 80 percent income bracket and double-income and one-person households, as the National Assembly approved an extra budget of 34.9 trillion won last week. Parliament endorsed the extra budget larger than the government's p

July 26, 2021

S. Korea's biopharmaceutical exports more than double in 2020

South Korea's exports of biopharmaceutical products more than doubled in 2020 from a year earlier on the back of the growing demand for pharmaceutical products amid the COVID-19 pandemic, a report showed Monday. Outbound shipments of high-end biopharmaceutical products came to $5.1 billion in 2020, compared with around $2.1 billion tallied the previous year, according to the Korea International Trade Association (KITA). Asia's fourth-largest economy stood in seventh place in terms of exports i

July 26, 2021

Seoul stocks open lower amid COVID-19 concerns

South Korean stocks opened slightly lower Monday as investors remain cautious about the country's resurgence of new coronavirus cases. The benchmark Korea Composite Stock Price Index (Kospi) fell 2.02 points, or 0.06 percent, to 3,252.4 points in the first 15 minutes of trading. Stocks retreated after a two-day gain, as the spiking cases sapped demand for risky assets. On Friday, the government extended the highest Level 4 quarantine measures in the Seoul metropolitan area for another two wee

July 26, 2021

S. Korean units of foreign auto trio suffer worst slump in over 2 decades

South Korean units of three foreign carmakers suffered the worst sales slump since 1998 in the first half of this year in the face of toughening competition with their Korean rivals and luxury German brands, industry data showed Monday. The Korean units of GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. together sold 88,625 units in the domestic market in the first six months of the year, plunging 35.4 percent from a year earlier, according to the data by the Korean Automobil

July 26, 2021

Instant noodle exports hit new high in H1 amid pandemic

South Korea's instant noodle exports touched an all-time high in the first half of the year amid the coronavirus pandemic, data showed Monday. Asia's fourth-largest economy exported $319.68 million worth of instant noodles, or "ramyeon" in Korean, in the January-June period, up 5.8 percent from a year earlier, according to the data from the Korea Customs Service. The amount was above the previous first-half record of $302.08 million set a year earlier. Yet the first-half growth rate

July 26, 2021

[Advertorial] Mercedes-Benz accessories enjoy booming sales

Mercedes-Benz Korea is expanding its business beyond cars and car-related items on the back of strong sales: with accessories. The Korean branch of the German automaker currently sells some 4,000 branded accessories and about 1,000 “collection items” made in collaboration with other companies at 41 stores and online. The products are diverse and not limited to car-related uses, such as wallets and clothes. Sales of the accessories have shown steady growth since 2014, Mercedes-B

July 26, 2021

SK Group launches in-house emissions certification body

SK Group has established an in-house body dedicated to reviewing and verifying its subsidiaries’ programs to reduce greenhouse gas emissions, the conglomerate said Sunday. The SK carbon certification center, installed under the auspices of the group’s top decision-making body, the Supex Council, will work to ensure the implementation of the “SK Carbon Standard,” its own set of principles and guidelines to realize the group’s net zero vision. Last month, the chie

July 25, 2021

[Herald Interview] In pandemic drive, procurement agency opens door for SME exports

South Korea’s central government procurement agency has been stepping up efforts to support small and medium-sized enterprises in the health sector eyeing on the international procurement markets in the pandemic era. And its support is adding momentum to the nation’s exports of pandemic-related goods, a state-led recovery model from the virus, its chief said in a recent interview with The Korea Herald. “Since last year, local SMEs producing quarantine products such as face

July 25, 2021

Government spending less on research equipment

South Korean government spending on research equipment and facilities declined during the five years ending in 2019, but the country spent more on research and development during the same time frame, a report said Sunday. According to the paper by the Korea Institute of S&T Evaluation and Planning based on 2019 data, the government spent 678.5 billion won ($588.97 million) on research hardware in 2019, down from 930.2 billion won in 2017 and 971.1 billion won in 2015. Over the 2015-201

July 25, 2021

Eximbank to invest W100b into future mobility business

The state-run Export-Import Bank of Korea said Sunday it will invest 100 billion won ($87 million) in future mobility businesses to ensure local firms can gain an upper hand in those fields amid a rapidly changing global market. The areas it will allocate investments include electronic, hydrogen-fueled or automatic driving cars, urban air mobility, eco-friendly vessels and aerospace craft. The lender made the investment decision in line with the government-led Korean New Deal initiative, whic

July 25, 2021

[Feature] From cows to Rolex, young investors in Korea eye new alternative investment

High liquidity in the market has led some young retail investors on relatively small budgets to look into unconventional, and perhaps “fun,” ways of investing. By joining fractional investments in such areas as livestock and limited-edition Rolex watches, they expect somewhat stable returns, rather than entirely relying on volatile stock markets or cryptocurrencies that carry higher risks, according to industry insiders. What makes this new way of alternative investing possible are

July 25, 2021