After soaring past W75tr, can ETF market keep growing?

South Korea's exchange-traded funds combined market cap amounted to 75.5 trillion won ($52.6 billion) as of September, some 220 times larger than 344.4 billion won in October 2002, the latest data from the Korea Exchange showed. ETFs -- a type of pooled investment security that tracks a particular index, sector, commodity, or other assets, which can be traded on a stock exchange -- have managed to capture the attention of Korean investors in recent years. Twenty years ago, ETFs first landed in

Oct. 23, 2022

Policymakers to hold emergency meeting on money market jitters

South Korean Finance Minister Choo Kyung-ho plans to hold an emergency meeting with the country's central bank chief and top financial regulators on Sunday to discuss ways to rein in market jitters stemming from a default on debt linked to the construction of the Legoland theme park. The session will be held amid increased volatility in the money market following a default on municipal government-guaranteed debt worth 205 billion won ($143 million) raised to fund the construction of Legoland Kor

Oct. 23, 2022

[Herald Interview] High-end Champagne RSRV lands in Korea

Global wine and spirits company Pernod Ricard’s luxury wine collection Maison Mumm RSRV made its South Korean debut recently to cater to an ever-evolving, pandemic-fueled drinking culture here: drinking less, but better. “During at-home drinking occasions with a small group of people, you don’t have the social pressure of picking alcohol that is suitable for the moment. It was very interesting to see how people switch from drinking soju and beer -- the rule you must follow when

Oct. 21, 2022

Turning 25, International Vaccine Institute launches new expert advisory group

The International Vaccine Institute, which marked 25 years since its founding on Thursday, launched an advisory group of outside experts to complement its scientific advisory group and help advise on diplomatic matters. The IVI said the Global Advisory Group of Experts, will be chaired by Dr. Deborah Birx, who was formerly the US special representative for global health diplomacy and the White House COVID-19 response coordinator. “The IVI is an international organization, a part of the

Oct. 21, 2022

KakaoTalk raises W2.6tr in ad revenue over 1 1/2 years

KakaoTalk, South Korea’s immensely popular messaging app, has raised nearly 2.6 trillion won ($1.8 billion) in advertising revenue over the past 1 1/2 years, antitrust data showed Friday. According to data submitted by the Fair Trade Commission to Rep. Kang Min-guk of the People Power Party, KakaoTalk’s revenue from its ad platform Talk Biz amounted to 2.558 trillion won until the second quarter this year from January 2021. Talk Biz has two revenue sources -- KakaoTalk Biz Board

Oct. 21, 2022

Public firms to sell assets worth W20tr by 2027: lawmaker

SEJONG -- South Korea’s public firms are poised to sell off assets, including real estate and stocks -- worth more than 20 trillion won ($14 billion) -- over the next five years, state data showed Friday. According to the combined innovation plan, which was handed over to Rep. Koh Yong-jin of the Democratic Party of Korea by the Ministry of Economy and Finance, the nation’s 350 state-run firms were planning to dispose of assets worth 22.5 trillion won by 2027. Assets to go up for s

Oct. 21, 2022

Miracell announces psoriasis case cured with stem cell therapy

South Korean stem cell research company Miracell said Friday it had published the clinical trial results of a new regenerative skin stem cell therapy at a recent conference hosted by the IMCAS held in Bangkok. The clinical trial was conducted on a patient with psoriasis, a skin disease that is generally treated with steroids, but has a tendency to recur over time. The patent was found to have completed recovered after receiving intravenous injections with bone marrow stem cells and cells extract

Oct. 21, 2022

Korean Air named world's 9th best air carrier by Skytrax

Korean Air, the country’s largest air carrier, said Friday it had been named the world’s ninth best air carrier by UK-based airline and airport consultancy Skytrax. The company climbed 13 slots this year to enter the world’s top 10, from 22nd last year. This year’s World’s Best Airline award went to Qatar Airways, followed by Singapore Airlines and Emirates in the second and third, respectively. Skytrax evaluates 390 full-service and 180 budget carriers each year

Oct. 21, 2022

Hyundai Motor wins first MotorTrend award with Ioniq 5

Hyundai Motor’s flagship electric vehicle Ioniq 5 has been picked as MotorTrend’s 2023 SUV of the Year, the first award for the Korean automaker from the renowned US auto magazine with 74 years of history. The Ioniq 5 beat out 44 other models, of which 24 were electric. MotorTrend said the Ioniq 5 stood out for its luxurious exterior, outstanding driving performance, spacious interior and efficient battery pack, along with the fast-charging system. The award for SUV of the year is ev

Oct. 21, 2022

SPC chairman apologizes over death of young factory worker

Heo Young-in, CEO of South Korean bakery giant SPC Group, bowed deep in apology Friday over a young factory worker killed in an accident at one of the company's bread-making factories last week. “I feel strongly responsible for this accident and accept criticism from the public without any excuses. I also send my deepest apology for not caring for the grief and shock of the employees who worked with the deceased,” Heo said during a press conference. As part of prevention measures, He

Oct. 21, 2022

Exports down 5.5% in first 20 days of October

South Korea's exports slipped 5.5 percent from the previous year in the first 20 days of October, data showed Friday, hinting that monthly outbound shipments could decrease on-year for the first time in two years. The country's outbound shipments stood at $32.4 billion in the Oct. 1-20 period, compared with $34.29 billion a year earlier, according to the data from the Korea Customs Service. Imports, on the other hand, moved up 1.9 percent on-year to $37.35 billion during the cited peri

Oct. 21, 2022

Producer prices bounce higher in September amid inflation woes

South Korea's producer prices bounced back in September following the first downturn in about two years a month earlier, as high energy and farming bills drove up costs, central bank data showed Friday. The producer price index, a major barometer of consumer inflation, inched up 0.2 percent in September from a month earlier, according to the preliminary data from the Bank of Korea. From a year earlier, the index jumped 8 percent. The on-month rise came after the index dropped 0.4 percent in

Oct. 21, 2022

Seoul shares off to slow start on weak exports

South Korean stocks opened slightly lower Friday as weak export data fanned concerns about an economic slowdown. The benchmark Korea Composite Stock Price Index had slipped 0.85 points, or 0.04 percent, to 2,217.24 points as of 9:15 a.m. South Korea's exports in the first 20 days of October contracted 5.5 percent from the previous year, indicating that monthly outbound shipments could decrease on-year for the first time in two years. Market bellwether Samsung Electronics inched up 0.18 perc

Oct. 21, 2022

EcoPro-Samsung SDI JV builds world's largest cathode active material plant

South Korean electric vehicle battery material firm EcoPro EM announced Friday that the world's largest cathode material production line has completed construction in Pohang, North Gyeongsang Province. All of the critical material produced in the facility, named CAM7, will be supplied to Samsung SDI, the world's sixth-largest battery supplier, with some 5 percent of the global market share. The facility is ready to go online beginning the first quarter of 2023. The newest facility of E

Oct. 21, 2022

FuriosaAI to begin producing first silicon chip in November

South Korean artificial intelligence-powered chip design house FuriosaAI plans to mass-produce its first-generation product beginning later this year, its Chief Executive Officer June Paik said Thursday. The semiconductor product, dubbed Warboy, will be mass-produced in tech giant Samsung Electronics' chip plant, using Samsung's 14-nanometer node with fin field-effect transistor technology. “Following a series of internal tests and assessments, (Warboy) is ready to begin limited

Oct. 20, 2022

Banks' foreign currency liquidity stable but precaution needed: finance ministry

SEJONG -- Financial policymakers on Thursday said banks' foreign currency liquidity conditions remain stable, but raised concerns that the weak won against the US dollar could undermine the asset soundness of financial firms. The remarks were made at a meeting with senior officials from the Finance Ministry, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service, which was held at the Korea Center for International Finance in Seoul. At the meeting, First Vic

Oct. 20, 2022

Robot dogs, snakes to patrol industrial sites for safety

Robots that resemble animals such as dogs or snakes patrolling industrial facilities will soon be a familiar sight as manufacturers look for high-tech solutions to prevent human casualties or injuries which could hold them legally responsible. Hyundai Steel Co. is testing a four-legged walking robot to help prevent damage to humans in case of accidents or disasters. The robot, called Spot, can check whether oxygen gas valves are open or shut and inspect areas that pose safety risks. Therefore, i

Oct. 20, 2022

Seoul shares down for 2nd day on rate hike woes

South Korean stocks retreated for a second straight session Thursday, as investor sentiment worsened on concerns about aggressive rate hikes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 19.35 points, or 0.86 percent, to close at 2,218.09 points. Trading volume was moderate at about 1.1 billion shares worth some 8.1 trillion won (US$5.7 billion), with gainers outnumbering losers 607 to 273. Institutions offloaded a net 409 billion wo

Oct. 20, 2022

Scientists develop world’s 1st ‘elephant’s trunk-like gripper’

A team of researchers have developed the world’s first gripper that can work like an elephant’s trunk, the Korea Institute of Machinery and Materials said Thursday. Inspired by how an elephant picks up smaller objects by folding the end of the trunk and grabs bigger objects by inhaling air, the newly-developed gripper can pick up things by either gripping or adsorbing them. The researchers put together a flexible structure consisting of a wire that can transform its shape and a flexi

Oct. 20, 2022

SK C&C denies ignoring fire alerts at Kakao data center

SK C&C, the operator of the fire-hit Kakao Corp.’s data center, on Thursday denied a report that it had ignored two fire alerts made hours before the servers went down last week due to a fire in batteries. The company said its battery management system worked properly until the fire broke out at the SK facility in Pangyo, Gyeonggi Province, on Saturday, revealing the actual graph showing a stable movement both in electricity and voltage. A BMS monitors the temperatures across the batte

Oct. 20, 2022