KDI slashes Korean economy's growth rate to 1.5% for 2023

The Korea Development Institute, a South Korean state-run think tank, lowered the nation’s growth rate for 2023 to 1.5 percent from 1.8 percent in its previous outlook due to weak exports. The KDI projected Korea's economy will grow by 0.9 percent in the first half of 2023. It is expected to see 2.1 percent growth in the latter half of the year provided that the Chinese economy picks up and the semiconductor industry recovers from its slump. In the previous projection given in Febru

May 11, 2023

Speculation over Samsung Pay turning to paid service intensifies

Samsung Electronics' recent decision not to renew its existing contract with local card companies for its mobile payment service Samsung Pay has sparked speculations that the company might start charging fees for the service. Under the previously signed contract with a local card issuer, Samsung Electronics was not entitled to receive separate commissions for Samsung Pay. Since the initial launch of the Korean tech giant’s digital wallet service in Korea in August 2015, there have bee

May 11, 2023

Exports down 10.1 % during first 10 days of May

South Korea's exports fell 10.1 percent on-year in the first 10 days of May, data showed Thursday, amid the prolonged downcycle of the global semiconductor industry. The country's outbound shipments stood at $14.5 billion in the May 1-10 period, compared with $16.1 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 5.7 percent on-year to $18.7 billion during the cited period, resulting in a trade deficit of $4.2 billion. In April, South Korea

May 11, 2023

Seoul shares open higher after eased US inflation data

Seoul shares opened higher Thursday as investors expect the Federal Reserve to put its rate hike march on hold following eased US consumer inflation data. The benchmark Korea Composite Stock Price Index rose 10.36 points, or 0.4 percent, to 2,506.87 in the first 15 minutes of trading. Individuals bought a net 22.2 billion won ($17 million) worth of stocks, offsetting institutions and foreigners' stock selling valued at 22 billion won. In Seoul, tech, auto and airline stocks led gains. Marke

May 11, 2023

Mirae Asset Securities becomes trading member of Singapore Exchange

Mirae Asset Securities announced Wednesday that its Singapore branch has officially become the 28th securities trading member of the Singapore Exchange. It is the first Korean financial investment company to do so. As a member, Mirae Asset can now trade various financial products within the Singapore Exchange on behalf of its customers. Other notable members include Credit Suisse Securities, Goldman Sachs Futures and HSBC Securities. “Our trading membership will help us earn trust within t

May 10, 2023

Apple Pay available at Starbucks stores

Starbucks Korea, Korea’s top specialty coffee chain, now accepts Apple Pay, Apple’s mobile payment service, as of Tuesday. Starbucks Korea is the second retailer under Korean retail giant Shinsegae Group to implement the near-field communication system for Apple Pay following E-mart24, Shinsegae’s local convenience store. Apple Pay landed in Korea on March 21 with local partner Hyundai Card. “Ninety-six percent of Starbucks cafes, except for the 40 located inside departme

May 10, 2023

Seoul shares end lower amid US inflation data, default woes

South Korean stocks finished a tad lower Wednesday due to rising uncertainties over the upcoming US. inflation data and worries about the US debt ceiling. The benchmark Korea Composite Stock Price Index went down 13.55 points, or 0.54 percent, to 2,496.51. Trading volume was moderate at 623.6 million shares worth 8.76 trillion won ($6.61 billion), with decliners outnumbering gainers 475 to 388. Foreign investors bought 120.7 billion won worth of local stocks, while institutions dumped 123.2 bill

May 10, 2023

Posco International to secure LNG carrier to boost value chain

Posco International said Wednesday it is planning to secure a 174,000-cubic-meter liquefied natural gas carrier to boost its LNG business value chain. The company signed a long-term charter contract with H-Line Shipping, a Korean shipping firm specializing in domestic ocean transport and ship management services. Posco noted that a self-operating LNG carrier will help manage production, storage, and generation of gas more efficiently. “By solidifying our infrastructure for the obtainment a

May 10, 2023

Hana chief aims to double overseas share of profits

Hana Financial Group Chairman Ham Young-joo on Tuesday said that the group aims to increase its profit from overseas operations to around 40 percent of the total in the medium to long term at the "Invest K-finance: Singapore IR 2023" event in Singapore. To reach this goal, Ham said the group will continue to use its current strategy of making strategic investments in minority stakes in overseas financial institutions. “This approach provides the advantage of minimizing financial

May 10, 2023

KB chief seeks to ease concerns over real estate financing

KB Financial Group Chairman Yoon Jong-kyoo said the banking group has been preparing for potential insolvency risks in project financing in the Korean real estate market by increasing its reserve holdings during a global investor relations event held in Singapore on Tuesday. During the "Invest K-Finance: Singapore IR 2023" event, many global investors voiced concern over the rising risks in the real estate project financing market in Korea. The loan exposure of four major Korean fina

May 10, 2023

S. Korea's current account logs first Q1 deficit in 11 years

South Korea’s current account balance in the first three months of 2023 posted a deficit for the first time in 11 years due to sluggish exports, Bank of Korea data showed Wednesday. Though the country posted a current account surplus in March, the first quarter recorded a deficit of $4.46 billion due to a record-high deficit of $4.21 billion in January, followed by $520 million in February. It was the first time the quarterly figure went into the red since the first quarter of 2012. The sl

May 10, 2023

Coupang extends winning streak with record earnings

South Korea’s e-commerce giant Coupang said Wednesday it clocked in record quarterly earnings despite a general slowdown in the retail market, continuing its winning streak for three consecutive quarters since turning to black for the first time in 2022. In its first-quarter earnings call, the US-listed company said it logged record quarterly sales of $5.8 billion in the first three months of this year, seeing on-year growth of 13 percent. Operating profits and net income were tallied at $

May 10, 2023

S. Korea expands funding, support for local shipbuilders

South Korea will expand financial support measures and invest 180 billion won ($135.9 million) in technological development for autonomous vessels and eco-friendly ships to cement local shipbuilders' top position in the global market, the Trade Ministry said Wednesday. Marking the first anniversary of the Yoon Suk Yeol administration, Trade Minister Lee Chang-yang traveled to Ulsan to inspect the shipyards there and go over past achievements. In addition to announcing financial support plan

May 10, 2023

Hanwha Q Cells retains No. 1 spot in US solar panel market

Korean solar energy company Hanwha Q Cells said Wednesday it secured the top position in the US solar module market both for residential and commercial uses last year. The company took up 33.7 percent of the residential module market, cementing its No. 1 ranking for five consecutive years, according to market tracker Wood Mackenzie. Its share in the commercial module market was 17.7 percent, topping the list for four years in a row. Hanwha Q Cells' flagship solar panel series, "Q.peak

May 10, 2023

[Photo News] Reinventing LG brand

LG Electronics’ promotional videos, featuring the company’s refurbished “Life’s Good” slogan, are displayed on billboards in the bustling Hongdae district in western Seoul on Tuesday. The tech giant is starting a two-month campaign to promote its renewed brand identity across 17 key areas in the city.

May 10, 2023

[Photo News] LX Hausys' Europe push

LX Hausys’ exhibition booth is set up at the Interzum 2023, the world’s largest gathering of the building materials industry that kicked off in Cologne, Germany, Tuesday. In its renewed push for expansion in Europe, the company plans to showcase some 70 types of eco-friendly and high-performance furniture films during the four-day trade show.

May 10, 2023

[Photo News] Portable green energy

BMW Korea Future Fund will offer an opportunity to check out the German automaker's green energy technology at the upcoming Seoul Safety Festival taking place from Thursday through Saturday in Yeouido Park, the nonprofit organization said Wednesday. The nonprofit will display its Next Green To-Go mobile energy storage system, which uses electric vehicle batteries, to show the importance and different ways of using eco-friendly energy. The German luxury carmaker set up the fund in 2011 to

May 10, 2023

AI could replace 80% of jobs in few years

RIO DE JANEIRO -- Artificial intelligence could replace 80 percent of human jobs in the coming years -- but that's a good thing, says US-Brazilian researcher Ben Goertzel, a leading AI guru. Mathematician, cognitive scientist and famed robot-creator Goertzel, 56, is founder and chief executive of SingularityNET, a research group he launched to create "Artificial General Intelligence," or AGI -- artificial intelligence with human cognitive abilities. With his long hair and leopard-

May 10, 2023

Seoul shares open lower ahead of US inflation data

South Korean stocks opened slightly lower Wednesday as investors took a cautious approach ahead of US inflation data. The benchmark Korea Composite Stock Price Index declined 3.34 points, or 0.13 percent, to 2,506.72 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed down 0.2 percent, and the Nasdaq Composite lost 0.6 percent. In Seoul, big-cap shares made a mixed start as tech giant Samsung Electronics lost 0.61 percent and leading chipmaker SK hynix stayed f

May 10, 2023

Job additions slow in April amid higher borrowing rate, economic slowdown

SEJONG -- South Korea's job additions slowed in April after a brief rebound a month earlier, data showed Wednesday, amid higher borrowing costs and an economic slowdown, with most new positions taken by seniors. The number of employed people came to 29.23 million in April, up around 354,000 from a year earlier, according to the data compiled by Statistics Korea. In April 2022, the country added 865,000 jobs on-year. South Korea's monthly job additions had been slowing for nine consecut

May 10, 2023