Why retail investors are flocking to state bonds

The South Korean government has decided to allow retail investors to directly invest in state bonds from next year amid the recent fervor for bond investments among individuals. Last month, the government announced its planned revision to the State Bond Act, which aims to roll out bond products solely for retail investors. Korea issues state bonds worth 150 trillion won ($110 billion) every year, but the market has been largely dominated by institutional investors. As of the end of June, almost

Oct. 3, 2023

Hyundai Ioniq 7 may start production in July next year

Hyundai Motor Company will begin producing the Ioniq 7, the automaker’s all-electric large sports utility vehicle, in July next year, local media reported Tuesday. According to the report citing unnamed industry sources, Hyundai Motor and its employment stability committee recently carried out a series of meetings to confirm the manufacturing plan for the Ioniq 7. Although there are remaining details to be finalized, the report said the EV SUV will begin production at Hyundai Motor’s

Oct. 3, 2023

Korean Air to submit new merger plan to ease antitrust concerns

The high-profile merger between South Korea’s top two air carriers is likely to meet a watershed moment later this month as Korean Air is reportedly scheduled to submit an aggressively revised version of its acquisition proposal for Asiana Airlines to the European Commission to effectively ease the regulator’s antitrust concerns. According to local reports Tuesday, Korean Air’s revised proposal will include the company's sale of the entirety of Asiana Airlines' cargo

Oct. 3, 2023

Samsung chief explores new growth drivers in Middle East

Samsung Electronics Chairman Lee Jae-yong traveled to key locations of Samsung's business in Saudi Arabia, Egypt and Israel during the six-day Chuseok holiday in South Korea to explore new business opportunities in the region, the tech giant said. Lee’s latest trip to the Middle East came nearly 10 months after he visited the construction site of the Barakah nuclear power plant in the United Arab Emirates in December last year as his first official overseas trip as the executive chair

Oct. 3, 2023

SKT’s AI-based veterinary service to debut in Japan

SK Telecom said Tuesday that it has forged a business partnership with Japan’s leading pet insurance company Anicom Holdings, as it eyes global expansion with X Caliber, its flagship artificial intelligence-based medical service for pets. The Tokyo-based pet insurance company owns a top market share of 46 percent alongside running various subsidiaries engaged in diverse pet-related businesses, including an electronic chart solution company and an animal hospital operator. Under the agreeme

Oct. 3, 2023

Household debt to GDP at highest level

South Korea's household debt-to-gross domestic product ratio increased the most last year from 2017 among 26 nations that provided such data, despite financial authorities taking various measures to curb it. According to the International Monetary Fund's Global Debt Database, the ratio reached 108.1 percent last year, an increase of 16.2 percentage points from 92 percent in 2017. South Korea is the only country among the 26 countries included in the data set where private sector debt &

Oct. 3, 2023

[Photo News] LG OLED TV at Frieze London

Media artist Quayola’s animated painting, titled “Jardins d’Ete” ("Summer Gardens"), is played on the iconic Piccadilly screen in London. As part of its ongoing art projects, LG Electronics said its organic light-emitting diode TVs will be used to display the Italian artist’s digital paintings referencing the late works of French impressionist Claude Monet during the upcoming Frieze London art fair that takes place Oct. 11-15. (LG Electronics)

Oct. 3, 2023

'No Japan?' Korea swings from extreme rejection to selective embrace

For one local beer aficionado, the recent increase in the variety of alcoholic beverages available at convenience stores has been noticeable and -- to a moderate degree -- welcome. "Various Japanese beer brands are now part of the 'Buy four cans of imported beer for 10,000 won ($7.50)' deal," 32-year-old Lee Hyun-soo told The Korea Herald. "So I thought, 'Why not relish their rich flavor?' Especially since I haven't been to Japan in ages,” he said. M

Oct. 2, 2023

Shin-Hanul 2 nuclear reactor on test run for full operation next year

The Shin-Hanul 2 nuclear reactor in southern South Korea began a six-month test operation this month to go into full operation next March, according to a state-run nuclear power agency Monday. The 1.4 gigawatt reactor in the coastal county of Uljin, some 215 kilometers southeast of Seoul, was loaded with fuel and entered into testing last week, Korea Hydro & Nuclear Power Co. said. If the test run goes without a hitch, the reactor is expected to be put into full operation in around March as

Oct. 2, 2023

Japan's Honda beefs up lineup to revive sales in S. Korea

Honda Korea Co. is beefing up its product lineup to revive sales after they plunged nearly 70 percent in the January-August period from a year earlier due mainly to a lack of new models. Honda Korea Co. has recently launched two all-new models -- the 3.5-liter gasoline-powered Pilot and the 2.0-liter gasoline hybrid CR-V SUVs, while planning to add the Accord gasoline hybrid sedan to the lineup next month. The Japanese carmaker had sold only two models, the 3.5-liter gasoline-powered Odyssey min

Oct. 2, 2023

S. Korea's drop in exports eases in Sept. on chip sales recovery

South Korea's exports fell for the 12th consecutive month in September but logged the smallest on-year decline so far this year, as global demand for semiconductors has been on the recovery track, the industry ministry said Sunday. Outbound shipments fell 4.4 percent on-year to $54.66 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Exports have marked an on-year drop since October last year amid aggressive monetary tightening by the United S

Oct. 1, 2023

Households in capital areas hold 70 pct larger assets than non-metropolitan families: data

Assets held by South Korean households in Seoul and the surrounding metropolitan areas were some 70 percent larger than those owned by households in the non-metropolitan regions, data showed Saturday. The average per-household assets in Seoul, the western city of Incheon and the surrounding Gyeonggi Province came to 692.46 million won (US$512,554) as of end-March, some 69.2 percent greater than 409.35 million won owned by each non-capital household, according to the data by Statistics Korea pres

Sept. 30, 2023

Inflation driving up costs to eat out

The inflation rate for food prices at dining establishments and prices of processed foods has been increasing at a faster pace than the overall inflation rate for consumer goods, a state-led agency’s data showed Saturday. According to Statistics Korea, the inflation rate for food prices at dining establishments in August came to 5.3 percent, while the inflation of consumer prices reached 3.4 percent. Government data also showed that food prices at restaurants have been increasing for 27 st

Sept. 30, 2023

Post-pandemic Chuseok to revive overseas travel, gift giving

In the upcoming Korean Thanksgiving holiday of Chuseok, the first since the official end of the three-year pandemic, South Koreans are eyeing travel to Japan while giving fruit as gifts, a recent analysis showed Tuesday. According to a big data analysis on social media of 2023 Chuseok trends conducted by KPR digital communication lab, there is a growing interest in overseas travel as well as gifts that reflect consumers' personal values. The data revealed an increase in keyword searches rel

Sept. 29, 2023

Whisky imports surge 40% through August, suggesting record-breaking year

South Korea's whiskey imports surged by 40 percent year-on-year through August, signaling the potential for record-breaking annual inbound whiskey shipments this year. Whiskey product imports totaled 22,799 tons in volume from January to August this year, marking a significant increase from 16,267 tons recorded during the same period in 2022, according to data from the Korea Customs Service. If the current import trend continues, this year's volume is likely to surpass the 2002 record

Sept. 29, 2023

S. Korean refiners set for turnaround in Q3 on stronger margins

Major South Korean refiners are expected to post a turnaround in their third quarter earnings, recovering from losses and dismal profits in the previous quarter, on the back of stronger margins amid rising oil prices, according to analysts Friday. SK Innovation Co., the energy unit under SK Group, is forecast to log 667.5 billion won (US$498 million) in the operating profit for the July-September period, turning around from a loss of 107 billion won in the previous three months, according to the

Sept. 29, 2023

Chuseok food cost hits all-time high

Amid rising inflation, an increasing number of Koreans are opting for more affordable ready-to-eat meals, or meal kit, products over traditional dishes to prepare a table for the Korean Thanksgiving holiday of Chuseok that runs from Sept. 28 through Sept. 30 this year. During Chuseok, setting up a "charye" -- a table full of food offerings including fruits, rice, fish and meat -- is prepared to honor one’s ancestors. However, the cost of preparing a four-person charye is expected

Sept. 28, 2023

Long Chuseok holiday to boost domestic trips

South Koreans are more likely to travel domestically than abroad during the upcoming six-day Chuseok holiday, the longest in six years, a recent survey showed Wednesday. According to a weekly survey on travel plans and patterns conducted by the research firm Consumer Insight, among respondents going on trips during the Chuseok break, 16 percent plan to go on domestic trips while 4 percent plan to travel abroad. The survey was conducted on some 2,000 Koreans between two to five weeks before the C

Sept. 28, 2023

Korea Post names new president

The state-run Korea Post said Tuesday that Rep. Cho Hae-keun of the ruling People Power Party has been named president of the national postal service. An expert in administration, Cho studied his undergraduates in the field at Sungkyunkwan University and went on to earn a master’s degree in Public Administration from Syracuse University in the US. After passing the 38th Civil Service Exam, he first embarked on his career in the public sector in 1995 and held several posts at Korea Post,

Sept. 27, 2023

Lotte names ex-Samsung exec as new design chief

South Korean retail giant Lotte Group on Wednesday named Lee Don-tae, former president of the Samsung Art and Design Institute, as its new head of design strategy. Upon his appointment, Lotte announced that its Lotte Design Management Center has been rebranded as the Lotte Design Strategy Center. Lee will be responsible for overseeing the overall design direction and strategy of Lotte, as well as consulting on key projects across its affiliates. Born in 1968, Lee started his career in 1989 at Ta

Sept. 27, 2023