Korea sets sight on real estate, financial reform to spur economy

Finance Ministry offers growth outlook at 1.6%, lower than BOK, KDI estimates The Korean government has vowed to bring back the economy, speeding up regulatory reforms on real estate and financial markets. Deputy Prime Minister and Finance Minister Choo Kyung-ho highlighted the goals while unveiling the economic policy directions for next year at the government complex in Seoul on Wednesday. According to Choo, the four pillars of the state’s economy management will be freedom, innovation

Dec. 21, 2022

7-Eleven speeds up converting Ministop stores

US-originated convenience store chain 7-Eleven is speeding up to complete the ongoing conversion of Ministop stores by the end of next year as the Korean operator owned by Lotte Group aims to cement its market position among the nation’s top three convenience store operators, according to Korea Seven on Wednesday. Lotte CVS 711, a Lotte affiliate, recently transferred an additional 20.5 billion won ($16 million) to Korea Seven, the local operator of 7-Eleven stores, to expedite switching M

Dec. 21, 2022

Hyundai delivers cash prize to World Cup footballers

Hyundai Motor Group said Wednesday it awarded cash prizes to six South Korean soccer players who play for Jeonbuk Hyundai Motor Football Club (JBFC) for their excellent performance at the FIFA World Cup Qatar 2022. The automaker cashed out a total of 240 million won ($186,000) for the players, awarding 40 million won each. The recipients of the award included defenders Kim Jin-su and Kim Moon-hwan, goalkeeper Song Bum-keun, forward Cho Gue-sung, midfielder Paik Seung-ho, and striker Song Min-kyu

Dec. 21, 2022

Hyundai Mobis teams up with Israel’s Ottopia for autonomous driving solution

South Korean auto parts maker Hyundai Mobis said Wednesday it has teamed up with Israeli teleoperations startup Ottopia to develop remote mobility assistance solutions for autonomous vehicles. The RMA solution is a technology that allows mobility companies to remotely control the movements and routes of uncrewed vehicles. The technology is especially effective in responding to emergency situations in real time both for industrial and commercial vehicles. The company said it is developing the tec

Dec. 21, 2022

[Newsmaker] 14 years a miser...to be a home owner in Seoul

An average wage earner in South Korea would have to save up one’s entire income for 14 years to buy a home in Seoul, a government study showed Wednesday. The price-to-income ratio -- the median home price divided by the median annual household income -- for Seoul in 2021 jumped to 14.1 from 12.5 in the year before, according to the 2021 Korea Housing Survey released by the Ministry of Land, Infrastructure and Transport. The figure was higher than that of any other region in the country, wi

Dec. 21, 2022

[KH Explains] Tips to minimize EV range loss in cold weather

Cold wave alerts prompt drivers to take greater caution to stay safe on snowy and icy roads. However, some 370,000 electric vehicle owners face an extra challenge with less driving range. Combustion engine and hybrid cars see their fuel economy fall by 10 to 20 percent in freezing weather. But the impact is much more severe for EVs, experts say. “At minus 10 degrees Celsius, EVs that have heater pumps show 20-25 percent drop in driving range, while those with no heater pumps can decrease i

Dec. 21, 2022

Seoul shares open higher amid global recession woes

Seoul shares opened higher Wednesday amid concerns over a global recession after the US Federal Reserve vowed to continue its monetary tightening to tame inflation. The benchmark Korea Composite Stock Price Index rose 6.35 points, or 0.27 percent, to 2,339.64 in the first 15 minutes of trading. Institutions and individuals bought a combined 53 billion won ($41 million) worth of stocks, exceeding foreign selling valued at 51 billion won. Fed officials last week indicated plans to raise the rate t

Dec. 21, 2022

LG Chem invests in battery recycling startup for N. America venture

Major South Korean chemical firm LG Chem Ltd. said Wednesday it is buying a stake in a local battery recycling startup for a joint venture in North America, accelerating efforts to secure key components for electric vehicle batteries. LG Chem signed the agreement Tuesday with JaeYoung Tech Ltd. to invest 24 billion won ($18.7 million). JaeYoung Tech, located in the South Korean industrial city of Gumi, about 200 kilometers southeast of Seoul, was established in 2016 and engages in the recycling

Dec. 21, 2022

Exports down 8.8% during first 20 days of December

South Korea's exports slipped 8.8 percent on-year in the first 20 days of December, data showed Wednesday, due mainly to weak shipments of chips and mobile devices. The country's outbound shipments stood at $33.6 billion in the Dec. 1-20 period, compared with $36.8 billion a year earlier, according to the data from the Korea Customs Service. Imports moved up 1.9 percent on-year to $40 billion during the cited period, resulting in a trade deficit of $6.4 billion. Outbound shipments of c

Dec. 21, 2022

Loan guarantees among conglomerate units jump 21% this year

Loan guarantees among affiliates of South Korea's top 30 conglomerates surged nearly 21 percent in the first nine months of the year due to a credit crunch stemming from high interest rates, a corporate tracker said Wednesday. The debt payment guarantees among 207 out of the groups' affiliates totaled 87.7 trillion won ($68.1 billion) as of end-September, up 20.7 percent from nine months earlier, according to CEO Score. Compared with the end of 2020, the amount was up a whopping 52.3 p

Dec. 21, 2022

Luxury hotels slash VIP benefits to brace for lackluster year

Popular hotel chains are tightening criteria for VIP memberships and slashing generous benefits in a move to brace for lackluster sales next year, according to industry sources on Tuesday. Starting Jan. 1, Lotte Hotel, the nation’s largest hotel chain, will raise the bar to qualify for its Rewards Membership. Currently, classic, silver, gold and platinum memberships are awarded based on the customer's number of stays at Lotte chain hotels nationwide. A customer must now stay over at a

Dec. 20, 2022

[From the scene] Posco bets big on Argentina saltwater to top battery materials market

SALTA, Argentina -- When Posco purchased a 17,500-hectare salt lake in the Argentinian highlands of Salta four years ago, little did they know they would strike gold -- or something even better. Last year, a survey conducted by US consulting firm Montgomery & Associates found that the lake contains 13.5 million metric tons of lithium reserves, more than six times Posco’s initial estimate of 2.2 million tons in 2018. The Mars-like landscape, 4,000 meters above sea level and some 1,500 k

Dec. 20, 2022

Seoul shares down on recession woes, Japan's yield curve policy change

South Korean stocks ended lower Tuesday dragged down by investor concerns over a global recession and the Japanese central bank's yield curve policy change that heralds a possible monetary tightening. The Korean won sharply strengthened against the US dollar. The benchmark Korea Composite Stock Price Index fell 18.88 points, or 0.80 percent, to close at 2,333.29, extending its losing streak to a fourth session. Trading volume was moderate at 353.63 million shares worth 5.2 trillion won ($4.

Dec. 20, 2022

LG chief stresses customer values in New Year’s message

LG Group Chairman and CEO Koo Kwang-mo urged the company's staff and executives to take the lead in creating customer-friendly values, calling them “customer value creators,” in his New Year’s speech for 2023, Tuesday. Delivering the video speech via email to staff around the world, Koo said employees should promote the "virtuous cycle" of growth -- where staff members’ personal growth create touching experiences for users, which in turn accumulate to suppo

Dec. 20, 2022

Samsung chief heading to Vietnam to inspect new R&D center

Samsung Electronics Chairman Lee Jae-yong is expected to head to Vietnam this week to celebrate the completion of the company’s new research and development center, according to industry sources on Tuesday. Upon the meeting, sources say, the Samsung chief is also likely to hold a meeting with Vietnamese President Nguyen Xuan Phuc. The ceremony is scheduled to be held on Thursday in Hanoi, with key officials of the Vietnamese government in attendance. In order to attend the ceremony, Lee ca

Dec. 20, 2022

[Photo News] Wishing tree

A promotional poster for Paris Baguette's Christmas seasonal cake "Snow Wishing Tree" is pictured. The coffeehouse-to-bakery chain, owned by SPC Group, has unveiled this year's Christmas cake lineup consisting of five tree-shaped cakes.

Dec. 20, 2022

[Photo News] Hyundai's all new Kona

HYUNDAI'S ALL NEW KONA -- Hyundai Motor on Tuesday unveiled the design of the upcoming second-generation compact SUV Kona. It is the car's first face-lift since its debut in 2017. The carmaker plans to unveil the car and its first electrified version earlier next year.

Dec. 20, 2022

Paengiyeon inks W1tr deal to supply firetrucks to Thailand

South Korean export-to-electronic parts company Paengiyeon said Tuesday it has secured a 1 trillion won ($767 billion) deal with the Thai government to supply 2,247 firetrucks to 76 states across the Southeast Asian country. The company said it signed a memorandum of understanding with a local agency representing the Thai government called Consult US on Dec. 19. The firetrucks, equipped with a 35-meter extendable ladder, will be manufactured in Korea, the company added. “Through the latest

Dec. 20, 2022

Hyundai Motor prepares for future with younger executives

Hyundai Motor Group on Tuesday promoted 176 employees to executive positions with a focus on rewarding achievements and preparing for the future as one in three of the newly promoted personnel were in their 40s. The company said the executive promotions were performance-based, as the global carmaker sought to find leaders who can continue to carry out ongoing changes and future innovation in a stable manner to cope with uncertain business environments. Of the 224 new promotions, about 70 percent

Dec. 20, 2022

Monetary policy will keep focus on fighting inflation in 2023: BOK

The Bank of Korea is likely to continue with its aggressive monetary tightening stance next year, as inflation is expected to remain well above its target. The nation's inflation rate is expected to remain at around the 5 percent range "for the time being" and then to be moderate over the next year as oil prices stabilize and higher interest rates slow the local and international economies, said Rhee Chang-yong, governor of the Bank of Korea, at a press briefing at the central ban

Dec. 20, 2022