S. Korea's imports of crude oil fall 2.5% in 2023

South Korea's imports of crude oil fell 2.5 percent on year in 2023, data showed Friday, as consumption of petroleum products declined last year. South Korea imported 1.01 billion barrels of crude oil last year, down from 1.03 billion barrels in 2022, according to data compiled by the Korea National Oil Corp. The Middle East accounted for 71.9 percent of South Korea's crude oil imports last year, up from 67.4 percent in 2022. South Korea's dependency on the Middle East crude oil h

June 28, 2024

Seoul shares open tad higher ahead of key US data

Seoul shares opened a tad higher Friday ahead of the release of the Federal Reserve's preferred gauge of inflation. The benchmark Korea Composite Stock Price Index added 2.61 points, or 0.09 percent, to 2,786.67 in the first 15 minutes of trading. Overnight, Wall Street closed slightly higher, as the US personal consumption expenditures (PCE) price index for May is set to be released Friday, the latest data for any clues on the Fed's monetary policy direction. In Seoul, market bellweth

June 28, 2024

S. Korea, US discuss supply chain, export control

South Korea's industry ministry said Friday it has discussed ways to expand ties in addressing supply chain and export control issues with Washington under a regular bilateral dialogue. Industry Minister Ahn Duk-geun and his US counterpart, Gina Raimondo, discussed related matters during the Supply Chain Commercial Dialogue in Washington on Thursday, according to the Ministry of Trade, Industry and Energy. The SCCD is a regular ministerial forum, proposed during US President Joe Biden'

June 28, 2024

Korea, US, Japan to prioritize chips, battery supply chain resilience

Top economic policymakers from South Korea, the United States and Japan agreed to deepen their trilateral cooperation on semiconductors and key minerals supply chains in a meeting held in Washington on Wednesday. Korean Minister of Trade, Industry and Energy Ahn Duk-geun, US Secretary of Commerce Gina Raimondo and Japanese Minister of Economy, Trade and Industry Saito Ken held the inaugural three-way ministerial meeting to discuss measures to promote the development of core and emerging techno

June 27, 2024

Sky Labs’ ring-type blood pressure monitor eyes US, Europe debuts

South Korean health care startup Sky Labs said Thursday it is seeking to debut its ring-type blood pressure monitor, CART BP, in the US and Europe next year following its Korean launch in July to enjoy insurance benefits. The announcement comes after the nation’s Health Insurance Review & Assessment Service recently decided to allow the health care ring to get covered by the National Health Insurance Service. CART BP is the first ring-type medical device approved by the Ministry of Foo

June 27, 2024

Fila Holdings releases 5th sustainability report

South Korean-owned sportswear brand Fila Holdings on Thursday released its latest annual sustainability report, “Your Fila Impact -- Fila Integrated Report 2023,” demonstrating its commitment to sustainability management. This is the fifth publication of its kind since Fila established its “Your Fila Impact 2025” sustainability goal in 2019. Last year, the company adopted its sustainability theme: "Change the game: From deuce to victory." In the environmental

June 27, 2024

Seoul shares end lower on chip slump after Micron earnings

Seoul shares closed lower Thursday amid investors' disappointment on Micron Technology's earnings results. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index fell 7.99 points, or 0.29 percent, to 2,784.06. Trade volume was moderate to a little slim at 387.4 million shares worth 10.1 trillion won ($7.3 billion), with losers far outnumbering winners 619 to 262. Foreigners and retail investors purchased local shares worth 509.5 billion

June 27, 2024

Korea-US-Japan trilateral economic consultative group launched

The business communities of Korea, the United States and Japan gathered together in Washington, DC to launch and formalize a trilateral business dialogue, according to the Federation of Korean Industries on Thursday. The FKI, an association for Korean industries, hosted the inaugural Korea-US-Japan Business Dialogue on Wednesday, the first private consultation between the three countries in collaboration with the US Chamber of Commerce and Japan Business Federation, also called Keidanren. At the

June 27, 2024

KCCI embarks on preparing 2025 APEC summit

The Korea Chamber of Commerce and Industry, a major South Korean business lobby, said on Thursday it launched a task force to prepare for business leaders’ meetings to be held on the sidelines of the Asia-Pacific Economic Cooperation summit scheduled to take place here next year. As the 2025 APEC chair, Korea is expected to serve as a bridge between developed and developing economies among 21 member countries, facilitating economic and technological cooperation and capacity building rela

June 27, 2024

Finance minister hints at major inheritance tax cuts in July

The South Korean government is to revise the inheritance tax scheme that imposes up to a 60 percent tax for big companies here as part of the government’s tax code revision slated for late July, Finance Minister Choi Sang-mok said Thursday. “I personally prioritize the inheritance tax reform, which requires more deliberation," Choi said when asked about the government's priority regarding tax reform at a forum hosted by the Korea News Editors' Association. “The i

June 27, 2024

SK chief meets with big tech CEOs in US

SK Group Chairman Chey Tae-won is in the US to meet with leaders of big tech firms, including OpenAI and Microsoft, and discuss collaboration opportunities in artificial intelligence. Via social media on Thursday, Chey posted photos of himself shaking hands with Sam Altman, the chief executive officer of OpenAI, and Microsoft CEO Satya Nadella, taken in separate meetings in the US. "I am traveling in San Francisco and Seattle and meeting with IT leaders every day. They are so welcoming to d

June 27, 2024

Hyundai Motor donates recovery vehicle for Jeju firefighters

Hyundai Motor Group announced Thursday that it donated a hydrogen-powered bus to support the recovery of firefighters in Jeju Island. The donation ceremony took place at the CFI Energy Future Center, located within the hydrogen production demonstration complex in eastern Jeju. Among the attendees were Hyundai Motor Group Executive Chair Chung Euisun and officials from relevant ministries. “We have consistently upheld our responsibilities as a mobility company to prioritize firefighter safe

June 27, 2024

SK Bioscience to acquire German contract manufacturer IDT Biologika for W339b

South Korean biotech firm SK Bioscience is to acquire the German CDMO-specializing company IDT Biologika at 339 billion won ($244 million) to further sharpen and diversify its pipeline for global markets. IDT Biologika is among the top 10 global vaccine contract manufacturers, with a corporate value of some 656 billion won, according to SK Bioscience. "We are confident that our comprehensive process development capacity, which we take immense pride in, will have high synergies with IDT's st

June 27, 2024

[BIMOS 2024] BMW M4, iX2 make Korean debut

BUSAN -- BMW Group Korea exhibited the new high-performance model M4 and the brand’s first all-electric sports activity coupe, the iX2, for the first time in Korea at the 2024 Busan International Mobility Show on Thursday. As the only import auto brand taking part in the local auto exhibition, BMW Korea rolled out 18 models including the new Mini Countryman JCW, the new all-electric Mini Cooper and the new BMW M 1000 XR at the event, which will welcome visitors at Bexco from Friday to July

June 27, 2024

[BIMOS 2024] Kia showcases EV mass appeal

BUSAN -- Kia on Thursday outlined its vision for realizing an all-electric vehicle ecosystem with the lineup of various EVs and purpose-built vehicles, or PBVs, at the 2024 Busan International Mobility Show. The second largest automaker by sales under Hyundai Motor Group displayed its EV portfolio spearheaded by the latest subcompact crossover electric sports utility vehicle the EV3 at the biannual auto exhibition that will be open for the public from Friday to July 7 at Bexco in Busan. The auto

June 27, 2024

[BIMOS 2024] Hyundai Motor premieres Casper Electric

BUSAN -- Hyundai Motor debuted the Casper Electric, the Korean automaker’s newest small all-electric sports utility vehicle, at the 2024 Busan International Mobility Show held at Bexco on Thursday. Hyundai Motor underscored that the Casper Electric is expected to lay out new standards to lead the popularization of EVs, with its unique marketability and affordable price. Equipped with a 49-kilowatt-hour nickel, cobalt and manganese -- or NCM -- battery, the EV boasts 315 kilometers of drivi

June 27, 2024

[BIMOS 2024] Renault Korea eyes breakthrough with new SUV

BUSAN -- Renault Korea premiered the Grand Koleos, the first new car from the French automaker in four years, at the 2024 Busan International Mobility Show on Thursday as the brand vowed to turn around its ailing sales in the local market. “This car perfectly embodies our core values of design: human-centric focus and modernity,” said Renault Korea CEO Stephane Deblaise in a press conference at Bexco. “We are excited to launch the new Grand Koleos as a world premiere, highlight

June 27, 2024

KRX rallies mid-sized firms to ride on 'value-up' program

Korea Exchange CEO Jeong Eun-bo held a roundtable meeting with mid-sized companies listed on the nation’s main bourse Kospi to encourage their active participation in the government-led corporate “value-up” program. This is the third meeting of its kind following Jeong's previous ones with large corporations and financial firms. Earlier this year, the government announced the value-up program aimed at elevating the undervalued stock prices of Korean firms, a phenomenon w

June 27, 2024

MBK-backed Medit appoints medical device veteran as new chief

Medit, a leading provider of dental 3D scanners and digital dentistry solutions owned by private equity fund MBK Partners, said Thursday that it appointed North American business chief Han Ryu as its new CEO. “I am truly honored to lead Medit as CEO. Medit's open innovation model and unwavering passion for care improvement perfectly align with my vision. We will accelerate the digital dental revolution with a customer-centric approach,” Ryu said upon his appointment. Ryu has ove

June 27, 2024

S. Korea, US, Japan voice concerns over 'weaponization' of economic dependencies

Top industry officials of South Korea, the United States and Japan expressed concerns Wednesday over the "weaponization" of economic dependencies on certain supply sources for strategic goods as they held their first trilateral meeting on economic security in Washington. South Korean Industry Minister Ahn Duk-geun, US Commerce Secretary Gina Raimondo and Japanese Industry Minister Ken Saito issued a joint statement following the Commerce and Industry Ministerial Meeting, which undersco

June 27, 2024