Korea sees 3rd-largest GDP per capita fall among major economies in 2022

South Korea saw the third-largest decline in gross domestic product per capita among major economies in 2022 amid a strong US dollar, data released on Wednesday showed. The country's GDP per capita fell 8.2 percent to record $32,142 in 2022 when compared to the year earlier, when it posted $34,998, according to data compiled by the Bank of Korea that was based on information from the Organization for Economic Cooperation and Development and the World Bank. The decline was the third larges

Aug. 2, 2023

Seoul shares snap 4-day winning streak on concerns over US economy

Seoul shares ended sharply lower Wednesday, breaking their four-day winning streak, as the downgrade of the US credit rating stoked investors' concerns. The South Korean won declined against the US dollar. The benchmark Korea Composite Stock Price Index retreated 1.9 percent, or 50.6 points, to 2,616.47. Trading volume was heavy at 694.5 million shares worth 15.7 trillion won ($12.1 billion), with decliners outnumbering gainers 652 to 230. The tech-heavy Kosdaq dropped more than 3 percent.

Aug. 2, 2023

Samsung Bioepis considering takeover of Biogen's unit: reports

Samsung Bioepis is considering acquiring a biosimilar business unit of Biogen for around 1 trillion won ($775.3 million) to improve its presence in the US market, according to local reports on Wednesday. The acquisition will see Samsung Bioepis secure a direct sales network in the US, which could help it boost sales in the world's largest drug market. The reports on Samsung Bioepis’ potential acquisition came as Biogen is in the process of restructuring to cut costs, after the compa

Aug. 2, 2023

Consumer inflation falls to 25-month low

BOK predicts inflation to rebound from August, coming in at 3 percent by year-end Korea's consumer prices showed slowed growth, rising by 2.3 percent in July on-year, mainly due to the decline in international oil prices and base effect from last year, data showed Wednesday. According to Statistics Korea, consumer price growth, a key gauge of inflation, stood last month at 2.3 percent more than a year earlier. It is the lowest increase in 25 months since June 2021. Inflation has been showin

Aug. 2, 2023

[Photo News] Harley-Davidson US tour

Harley-Davidson Korea said Wednesday that a total of 40 riders and company staff completed its US tour held July 12-27, the first tour in four years since the COVID-19 outbreak. Riding on Harley-Davidson motorcycles, the participants crossed Route 66, one of the US' first highways, which connects eight states from Chicago to Los Angeles. (Harley-Davidson)

Aug. 2, 2023

SK hynix expected to offer W1.2m incentives to employees to boost morale

SK hynix, the world's second-largest memory chip maker, is expected to offer financial incentives of 1.2 million won ($926) to each of its employees to boost morale, as the company has been struggling from consecutive losses in quarterly earnings, according to industry sources, Wednesday. SK hynix's labor union held a staff briefing session recently to explain it has come to an agreement with the company management for the company to provide the incentive to employees, according to sou

Aug. 2, 2023

Hyundai Mobis supplies overhead bin-shaped glove compartment for Kia EV9

Hyundai Mobis, the car parts manufacturer affiliated with Hyundai Motor Group, said Wednesday it has supplied newly developed glove compartments inspired by airplane overhead bins to Kia’s three-row family electric car, the EV9. The parabolic motion glove compartment refers to its design that opens and closes following a parabolic trajectory similar to overhead airplane luggage compartments. Unlike typical glove compartments with covers or rotational pull handles, it gradually slides open

Aug. 2, 2023

SK Inc. C&C to build Korea’s 1st alternative trading system

SK Inc. C&C, the IT solutions unit of SK Group, said Wednesday that it will build South Korea’s first alternative trading system, scheduled to launch in the latter half of next year. The IT service provider will construct a comprehensive operation and management system to support the trading, brokerage, solicitation and agency services for listed securities and depositary receipts that Nextrade will carry out with its official authorization in the following year. Nextrade is an alter

Aug. 2, 2023

Osstem Implant to be delisted from Kosdaq

South Korean dental implant maker Osstem Implant will be delisted from Korea's secondary tech-laden bourse Kosdaq starting Aug. 14, according to the company, Wednesday. The final stock trading period for Osstem Implant, which has a market capitalization with 2.93 trillion won ($2.26 billion), takes place from Thursday to Aug. 11. Investors who sell Osstem Implant's shares on the market during the final stock trading period will only have to pay for the securities transaction tax, which

Aug. 2, 2023

Hyundai, Kia record double-digit growth in US sales amid strong EV demand

Hyundai Motor and its sister company Kia both recorded double-digit growth in US sales in July, increasing by over 10 percent on-year, according to the data from the US units of the Korean carmakers. The combined sales of the two carmakers came to 143,787 units in July, 12.1 percent up from a year earlier, Hyundai Motor Group said. Strong demand for electric vehicles is seen as driving a surge in Hyundai’s sales volume in the US. Hyundai sold a total of 72,857 units, 10.7 percent higher

Aug. 2, 2023

Complaints on flight ticket purchases double in H1: data

South Korea's fair trade regulator said Wednesday the number of consumer complaints regarding flight tickets more than doubled on-year in the first half of 2023 amid recovering demand for global travel. The number of such airline complaints filed to authorities reached 834 over the January-June period, rising sharply from the 305 cases tallied a year earlier, according to the data compiled by the Fair Trade Commission and the Korea Consumer Agency. The increase came in line with the rebound

Aug. 2, 2023

Seoul shares open lower on US losses

South Korean stocks got off to a weak start Wednesday, tracking overnight Wall Street losses, as most big-cap shares fell across the board. The benchmark Korea Composite Stock Price Index fell 12.05 points, or 0.45 percent, to 2,655.02 in the first 15 minutes of trading. Wall Street finished mixed Tuesday as investors took a breather from a monthslong rally ahead of earnings reports from major companies, including Apple Inc. and Amazon.com Inc., and US jobs data. The Dow Jones Industrial Average

Aug. 2, 2023

Kakao Bank Q2 net up 44% on expanded customer base, interest income

South Korean online lender Kakao Bank said Wednesday its second-quarter net profit soared 44 percent from a year earlier on growth in interest revenue and an expanded customer base. Its net profit stood at 81.9 billion won ($63.6 million) in the April-June period, up from a profit of 57 billion won a year earlier, the bank said in a regulatory filing. Revenue jumped 65.4 percent to 613 billion won over the cited period, and operating income surged 50.2 percent to 112 billion won. In the first tw

Aug. 2, 2023

Osstem Implant set to be delisted from Kosdaq in mid-August

Dental implant maker Osstem Implant said Tuesday the company is set to be delisted from the tech-heavy Kosdaq stock exchange on Aug. 14. The bourse operator, the Korea Exchange, approved the delisting earlier in the day, Osstem said in a regulatory filing. The company applied for voluntary delisting in late June following approval at a stockholders' meeting. The firm's biggest shareholder -- a consortium of two private equity firms -- has been buying up Osstem shares through a tender o

Aug. 1, 2023

Kakao founder Kim Beom-su named chief of Korea National Opera's board of directors

Kim Beom-su, founder of South Korean internet giant Kakao, was named Tuesday the new chief of the Korea National Opera's board of directors, the Culture Ministry said. Kim, currently the head of Kakao's Future Initiative Center, will start his three-year term Wednesday as the directors' board chief of the national opera company, according to the ministry. The non-executive seat in charge of sponsorship of performances has been served by high-profile corporate heads. Seo Jeong-jin,

Aug. 1, 2023

[Herald Interview] Korea-UK FTA talks to foster business opportunities

Northern Ireland may not have always been a priority market for South Korean firms seeking overseas expansion, but the country has great potential to become an attractive investment destination in the near future, taking advantage of upcoming new free trade talks between Korea and the UK. “We will be starting to renegotiate the UK-Korea Free Trade Agreement this autumn. We already have a free trade agreement that we inherited from the (European Union) but will now be renegotiating that, to

Aug. 1, 2023

SK On names industry veteran as first CCO

South Korean battery cell maker SK On, affiliated with the nation’s second-largest conglomerate SK Group, on Tuesday named Sung Min-suk an automotive veteran as its first chief commercial officer. Sung, the former CEO of Hanon Systems, a Korea-based automotive parts maker, will take the new role to handle client relations as part of the battery maker’s aggressive global expansion. In line with the new appointment, SK On has also restructured its marketing, purchasing and project mana

Aug. 1, 2023

Seoul shares up for 4th day on tech, auto gains

South Korean stocks extended their winning streak to a fourth day Tuesday, thanks to advances in techs and autos. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index advanced 1.3 percent, or 34.49 points, to 2,667.07. Trading volume was at 483.9 million shares worth 15.7 trillion won ($12.2 billion), with gainers outnumbering decliners 626 to 257. Foreign investors purchased a total of 193.9 billion won worth of shares, and institutions bought a combine

Aug. 1, 2023

LG Chem to develop homegrown 6-in-1 vaccine for babies

LG Chem, a Korean chemicals manufacturer and drug developer, said Tuesday that the company is developing the country's first homegrown hexavalent vaccine for babies. A hexavalent vaccine, in which the country is entirely dependent on imports, is a combination vaccine that allows fewer injections for babies. It also provides more protection against six deadly diseases, including diphtheria, tetanus, pertussis, poliomyelitis, Haemophilus influenza type B and hepatitis B. LG Chem said the comp

Aug. 1, 2023

[KH explains] Japan’s reviving chip industry unlikely to pose direct threat to Korea – for now

Japan, which supplied more than half of semiconductors in the global market in the 1980s, is now seen revamping its strategy to reclaim past glory, introducing state subsidies and setting an ambitious goal to mass produce the most cutting-edge chips. As geopolitics is playing out to reshape the global semiconductors industry -- mainly the intense rivalry between the US and China -- eyes are on whether Japan will come to take a meaningful share in the market, where competition is already fierce.

Aug. 1, 2023