US inflation act likely to benefit solar cell producers: KITA

SEJONG -- Unlike carmakers in South Korea, local producers of solar energy-related items will possibly enjoy benefits from the US Inflation Reaction Act which has strengthened regulations on Chinese products, a Seoul organization representing exporters said Monday. According to a report from the Korea International Trade Association, Korean producers' share of US imports of solar cells surged to 47.8 percent in 2021, compared to 1.9 percent in 2011. Over the corresponding 10-year period, the s

Oct. 17, 2022

Seoul shares advance for 2nd day on dip-buying

South Korea's stock market advanced for a second consecutive session on Monday as investors went on the hunt for undervalued stocks. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) added 7.16 points, or 0.32 percent, to close at 2,219.71 points. Trading volume was moderate at about 487 million shares worth some 6.4 trillion won ($4.5 billion), with gainers outnumbering losers 538 to 322. Foreigners bought a net 264 bil

Oct. 17, 2022

Up to W22b sales loss estimated for Kakao over service disruption

The aftermath of Kakao’s sudden shutdown continued Monday, as South Korea’s largest messenger app operator claimed its service failures due to a fire at SK C&C’s data center over the weekend would have limited financial impacts, while analysts predicted Kakao would suffer up to 22 billion won ($15.3 million) in sales loss in the fourth quarter. Kakao has set up an emergency committee, headed by its co-CEO Hong Eun-taek, to investigate the cause of the disastrous shutdown, c

Oct. 17, 2022

Koreans eat ramen 1.7 times a week on average

A recent report showed Monday that people in South Korea consume ramen 1.7 times a week on average, with Nongshim’s bestseller Shin Ramyun being the top pick. The report, published by the Korea Agro-Fisheries & Food Trade Corp., is based on a survey conducted on 500 people aged between 15 and 65. By gender, men and women ate ramen 1.8 times and 1.5 times per week, respectively. Men in their 20s and 50s were the most frequent ramen consumers, eating ramen twice a week, while women in

Oct. 17, 2022

Financial watchdog launches inspection into Kakao’s contingency plans

South Korea’s financial watchdog launched a probe into the overall contingency plan of Kakao’s financial arms and how they dealt with a service disruption over the weekend caused by a fire at a data center, officials said Monday. The Financial Supervisory Service requested Kakao Bank, Kakao Pay and Kakao Pay Securities to file a report on their hourly countermeasures against the server disruption that lasted more than 30 hours, on top of its existing contingency plan. The FSS noted

Oct. 17, 2022

Plastic bag ban at convenience stores begins late November

Use of plastic bags at convenience stores will be banned from Nov. 24, two years after they were removed from hypermarkets as part of eco-friendly efforts. Like in the large supermarkets, customers will have the option of purchasing standard user-pay trash bags or paper bags at convenience stores to carry what they bought. If a store is found to have used regular plastic bags, it will be slapped with fines of up to 3 million won ($2,086). Convenience store chains such as GS25 and CU have already

Oct. 17, 2022

Samsung opens remote offices to boost hybrid working

South Korean tech giant Samsung Electronics announced Monday it has opened six shared working spaces to nurture a hybrid work environment and flexible work culture. Two of the six spaces are located outside Samsung offices, in Seoul and Daegu, and the other four in Suwon, Gyeonggi Province; Gumi, North Gyeongsang Province; Gwangju; and Seoul are within Samsung office buildings. These co-working spaces, dubbed "d'light," feature open seats, partitioned desks, adjustable standing desks,

Oct. 17, 2022

Goesan int'l organic expo ends with fanfare

GOESAN -- South Korea's sole international organic expo has ended successfully in the central county of Goesan with the number of visitors well exceeding the target, organizers said Monday. The 2022 IFOAM-Goesan International Organic Expo kicked off in Goesan, some 160 kilometers south of Seoul, on Sept. 30 for a 17-day run with the aim of highlighting the importance of organic farming and boosting related industries. The expo, co-hosted by the provincial government, the Goesan County gover

Oct. 17, 2022

T'way Air to open Incheon-Sydney route in December

T'way Air, a South Korean low-cost carrier, said Monday it will open an Incheon-Sydney route in December as pent-up travel demand is unleashed amid eased virus curbs. T'way Air will provide four flights a week between Incheon, 27 kilometers west of Seoul, and Sydney starting Dec. 23, the company said in a statement. In February 2020, T'way Air became the country's first budget carrier to obtain the rights to offer flights on the Incheon-Sydney route dominated by the country&#

Oct. 17, 2022

Growth in container rates for US west coast edges down in Sept.

SEJONG -- Shipping costs for container cargo bound for the west coast of the United States inched down in September from a month earlier amid mounting worries over a US economic downturn, government data showed Monday. The average freight rate for a 40-foot container from Asia's fourth-largest economy to the US west coast fell 0.4 percent on-year to 13.88 million won ($960,000), according to the data from the Korea Customs Service (KCS). From a year earlier, however, the rate rose 19.1 perc

Oct. 17, 2022

S. Korea eyes W1.5t investment by revamping regulations

South Korea plans to overhaul a set of business regulations as part of efforts to bolster investment, the finance ministry said Monday, amid growing fears over an economic slump. The decision was made during a meeting of economy-related ministries presided over by Finance Minister Choo Kyung-ho, according to the Ministry of Economy and Finance. South Korea plans to overhaul 24 business-linked regulations, which is expected to help the country raise investment worth 1.5 trillion won ($1.03 billio

Oct. 17, 2022

Seoul shares open sharply lower after US stock plunge

South Korean stocks opened steeply lower Monday as the recent plunge on Wall Street spooked local investors. The benchmark Korea Composite Stock Price Index (KOSPI) had dropped 29.1 points, or 1.32 percent, to 2,183.45 as of 9:17 a.m. On Friday, the Nasdaq Composite tumbled 3.08 percent and the Dow Jones Industrial Average fell 1.34 percent amid woes over higher inflation. The S&P 500 retreated 2.37 percent. In Seoul, market bellwether Samsung Electronics shed 0.53 percent, and chip giant SK

Oct. 17, 2022

[Graphic News] Chinese account for 62% of apartment purchases by foreigners since 2015

　Chinese nationals have accounted for over 60 percent of apartment purchases by foreign nationals in South Korea since 2015, a government report showed. 　According to a report from the Land Ministry submitted to Rep. Yang Kyung-sook of the main opposition Democratic Party of Korea, the number of apartment purchase deals by Chinese nationals amounted to 18,465 between January 2015 and August of this year. 　The tally accounts for 62 percent of a total of 29,792 apartment purchases by foreigners

Oct. 17, 2022

With Russian airspace shut, long-haul crews at risk of breaching maximum hours

South Korean airlines are considering ways to extend the maximum working hours for crew on board to avoid layovers for long-haul flights such as the New York-Incheon route. Korean Air and Asiana Airlines, two of South Korea’s largest full-service carriers, said the move comes after Russia's airspace was shut down after its invasion of Ukraine, prompting Korean airlines to take a detour for safety. “We are looking to lift the cap on the maximum flying hours for pilots with discus

Oct. 16, 2022

Kakao suffers worst server outage, with no complete recovery in sight

A day has passed since Kakao Corp., the operator of the immensely popular messenger app KakaoTalk, suffered its worst server outage due to a fire at its data center, but there was no complete recovery in sight as of midday Sunday. “The Pangyo data center is our main data facility that operates around 32,000 servers, but only one third of them – 12,000 servers – have been restored,” Yang Hyun-seo, a Kakao vice president, said during a press conference held in the afternoon

Oct. 16, 2022

After server outage, users search out Kakao alternatives

The longest-ever server outage for KakaoTalk, the nation's most popular messenger app, and its affiliated services, is prompting people here to seek alternatives, according to data on Sunday. As of 3 p.m. Sunday, the top downloads on Apple's app store were alternatives for Kakao's popular apps. Naver's messaging app Line topped the list, rising six steps since Saturday, while taxi reservation app UT came in second, with GPS location service Naver Map coming in third. Other mobility apps, such a

Oct. 16, 2022

Kakao, Naver malfunctions leave investors shuddering

South Korea’s retail investors on Sunday were grappling with the fear that the much-favored tech shares of Kakao and Naver might suffer another round of massive falls after their service malfunctions shocked the nation over the weekend. A fire broke out on Saturday at an SK C&C building housing data centers of the two internet giants and disrupted operations of their popular services, including messenger app KakaoTalk and taxi-hailing app Kakao T, for more than 10 hours. As of 2 p.m.

Oct. 16, 2022

Higher pricing, currency rates to boost Hyundai, Kia to record earnings

South Korean automaker Hyundai Motor and its sister company Kia are expected to see continued record-high sales and profits in the third quarter, despite a market downturn and the impact of the industry’s low season. According to market data on Sunday, Hyundai Motor is expected to announce around 36 trillion won ($25 billion) in sales in the July-September period, about a 25 percent increase on-year. Its quarterly operating profit would surpass 3 trillion won for the first time, jumping 10

Oct. 16, 2022

SPC Group’s Paris Baguette debuts in London

  South Korean food conglomerate SPC Group said Sunday that it has opened its first Paris Baguette store in the UK, with an aim to run 20 bakery cafe franchises there by 2025 to expand the brand's presence in Europe. The UK is SPC’s ninth overseas market and the second European country it has entered. “The UK is an important market for us to expand business in Europe and launch more franchises there, ultimately making it one of four pillars for our brand growth globally after th

Oct. 16, 2022

[Breaking] Fire at Kakao data center causes servers to go down

A fire Saturday at a Kakao data center in Pangyo, south of Seoul, has led to a server outage affecting the KakaoTalk messenger app, along with other apps such as Kakao T, Kakao Map, Kakao Metro, Kakao Webtoon, Kakao Bank, Kakao-owned portal Daum and music streaming service Melon. The internet connection for the apps has been unavailable since 3:30 p.m. "There has been a fire at SK C&C data center since 3:30 p.m. Work has begun to put down the fire, but we are uncertain when the fir

Oct. 15, 2022