[Weekender] Strong dollar, weak won: What does it mean for ordinary people?

Over the past year, the Korean currency has lost nearly 20 percent of its value against the dollar. A dollar is equal to about 1,429 won, according to the currency’s closing rate on Wednesday. But a year ago, you needed 19 percent less of the Korean currency, or 1,196.5 won, to buy a dollar. The won’s depreciation, driven largely by the dollar’s gains worldwide, has sent the exchange rate into a territory trodden only during major financial crises. A won-dollar rate above 1,400

Oct. 15, 2022

Job growth slows in Sept. amid recession worries

South Korea posted 19 straight months of job gains in September, although the employment growth has cooled amid worries over a recession prompted by soaring interest rates and slowing exports. According to Statistics Korea data released Friday, the number of the employed rose to 28.38 million last month, up 707,000 from the same month a year ago -- the largest annual gain since 1999 in the month of September. But the monthly increase has been declining since May, when 935,000 jobs were added. A

Oct. 14, 2022

Seoul shares soar 2.3% on Wall Street rally

South Korean stocks rebounded sharply Friday, as investors shook off hotter-than-expected US inflation data and bet price increases would soon peak. The local currency gained ground against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) added 49.68 points, or 2.3 percent, to end at 2,212.55. The index lost 20.29 points, or 0.9 percent, from last week's closing of 2,232.84. Trading volume was moderate at 501 million shares worth 7.01 trillion won ($4.89 billion), with

Oct. 14, 2022

IMF chief downplays possibility in Korea’s financial crisis

SEJONG -- The chief of the International Monetary Fund on Friday dismissed the possibility that South Korea would face a financial crisis, seemingly suggesting that the current economic situation of the nation is different from the 1997 or 2008 crises. According to the Ministry of Economy and Finance, the remarks of IMF Managing Director Kristalina Georgieva came during a meeting with Korea’s Deputy Prime Minister and Finance Minister Choo Kyung-ho in Washington. Georgieva picked the nat

Oct. 14, 2022

S. Korean virtual human to advertise at Thai landmarks

Onmind, a subsidiary of South Korean game-maker Neptune, said Friday its artificial intelligence virtual human model Sua has signed a three-year modeling deal to work with Thai advertising firm DDD. DDD advertises for large Korean conglomerates, Thai Airways and global luxury brands such as Chanel and Dior. It currently has advertisement billboards at major landmarks in Bangkok including Suvarnabhumi Airport, and malls Siam Paragon and MBK Center. Under the contract, Sua will appear on billboard

Oct. 14, 2022

Samsung digital wallet service to arrive at 13 more countries

Samsung Wallet, a digital wallet and digital certificate platform known as Samsung Pay in South Korea, will become available in 13 more countries by the end of this year, tech giant Samsung Electronics announced Friday. The service will be expanded to Bahrain, Denmark, Finland, Kazakhstan, Kuwait, Norway, Oman, Qatar, South Africa, Sweden, Switzerland, Vietnam and the United Arab Emirates. With Samsung Wallet, Galaxy users can organize digital keys, payment cards, boarding passes, as well as ide

Oct. 14, 2022

Auto exports jump 35% in September on popularity of eco-friendly cars

South Korea's car exports jumped 34.7 percent on-year in September on brisk demand for eco-friendly cars, data showed Friday. The value of outbound shipments of automobiles came to$4.79 billion last month, the largest ever for any September, according to the data from the Ministry of Trade, Industry and Energy. It is also the second-largest monthly figure after July 2022 when the amount came to $5.14 billion, it added. In terms of volume, a total of 192,863 vehicles were sold last month, up

Oct. 14, 2022

Seoul shares open higher on overnight Wall Street gains

South Korean stocks opened higher Friday, tracking an overnight surge on Wall Street as investors shook off hotter-than-expected inflation data and bet price increases would soon peak. The benchmark Korea Composite Stock Price Index (KOSPI) added 34.03 points, or 1.57 percent, to 2,196.90 in the first 15 minutes of trading. Overnight, Wall Street made a remarkable turnaround to close higher, after plunging significantly earlier in the session, as investors shrugged off persistently higher-than-e

Oct. 14, 2022

[Graphic News] Deaths in S. Korea hit record high last year amid rapid aging, pandemic

　The number of deaths in South Korea hit an all-time high last year due largely to rapid aging and the fallout of the COVID-19 pandemic, data showed. 　A total of 317,680 people died in the country last year, up 12,732 people, or 4.2 percent, from the previous year, according to the data from Statistics Korea. 　The 2021 tally marked the largest since 1983, when the statistics agency began compiling related data. 　The spike in deaths was mainly attributable to rapid aging, and COVID-19 was the

Oct. 14, 2022

LG Energy Solution to complete commitment for 1st Ultium Cells factory

South Korean lithium-ion battery manufacturer LG Energy Solution is set to complete a $916 million capital commitment for a factory in Ohio under Ultium Cells, LG’s joint venture with General Motors, as the factory prepares for mass production in the near future, a filing showed Thursday. LG Energy Solution's US subsidiary will have its committed capital to Ultium Cells fully earmarked by Friday, as LG's payments first began in January 2020, according to the filing with the Finan

Oct. 13, 2022

SK Innovation marks 60 years with new climate initiative

South Korea's leading refiner SK Innovation celebrated 60 years since its foundation with a new climate initiative to become more carbon-free on Thursday. The company said it would go beyond achieving its 2050 net-zero goals, pledging to drastically reduce its carbon emissions across all workplaces by 2062, its 100th anniversary. Under a new initiative, called "All Time Net Zero," the company aims to offset carbon emissions by recycling plastic, streamlining manufacturing processes and

Oct. 13, 2022

AustCham Korea hosts dinner for trade minister

The Australian Chamber of Commerce in Korea said Thursday it has co-hosted a dinner reception for the visiting Australian Federal Minister for Trade and Tourism, Sen. Don Farrell at the Four Seasons Hotel Seoul on Wednesday. The minister came after his visit to Japan, in a tour that the AustCham explained was a strategic move to engage with Australia’s key partners to strengthen trade ties, promote Australia as a renewable energy superpower and discuss cooperation on economic security. Min

Oct. 13, 2022

Finance minister calls on World Bank to expand ties with Korea

SEJONG -- South Korea’s top economic policymaker on Thursday called for close collaboration between the Korean government and the World Bank Group to address major global issues, such as tackling climate change. In his meeting with WB Group President David Malpass in Washington, DC, Deputy Prime Minister and Finance Minister Choo Kyung-ho stressed the role of World Bank's local liaison office at the Free Economic Zone in Incheon’s Songdo-dong, to bolster the bilateral coordination.

Oct. 13, 2022

Samsung Electronics top stock held by Yoon officials

Samsung Electronics stocks were the most popular among senior officials serving as vice ministers or in higher positions for the Yoon Suk-yeol administration, according to a local data firm report released Thursday. According to Leaders Index, 67 out of 118 officials revealed in their financial disclosures that they were holding shares of either public or private companies, including stocks held by such immediate family members as spouse and children, as of Friday last week. Samsung Electronics,

Oct. 13, 2022

Seoul shares end lower on recession woes

South Korean stocks finished down Thursday amid persistent concerns that combative monetary tightening policies in major economies could drag the global economy into a recession. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 39.60 points, or 1.8 percent, to end at 2,162.87. Trading volume was moderate at 781 million shares worth 6.96 trillion won ($4.86 billion), with losers far outpacing gainers 842 to 73. Institutions offload

Oct. 13, 2022

S. Koreans purchase $600m in real estate properties overseas

  South Koreans bought $600 million worth of real estate overseas last year mostly for investment purposes, a report showed Thursday. The transaction volume of foreign real estate bought by Koreans surged on-year by 53.8 percent to $600 million, according to a report from the Democratic Party of Korea Rep. Jin Sum-mi. The report, which was based on data from the Finance Ministry and National Tax Service, said individuals bought 2,404 properties, while companies purchased 51 in the cited per

Oct. 13, 2022

[Herald Interview] Rainbow Robotics CEO bets big on robot use across multiple industries

  Like many global firms, South Korean robot maker Rainbow Robotics was established in 2011 at a research laboratory. Starting out as a robot platform company founded by a group of researchers from the Humanoid Robot Research Center at the Korea Advanced Institute of Science and Technology, the company now boasts a versatile lineup of collaborative robots, which are built to work hand-in-hand with employees at work. Such robots focus more on repetitive tasks, such as inspecting and picking

Oct. 13, 2022

Scandal-ridden SillaJen’s shares surge following trade resumption

Scandal-ridden biotechnology firm SillaJen’s shares surged by nearly 30 percent on Thursday a day after South Korea’s sole bourse operator decided to resume its trading on the secondary index. The firm's shares jumped nearly 30 percent from the previous closing to 10,850 won ($7.58), effectively ending its 29 months of suspension and quickly picking up speed from its opening price of 8,380 won. Though the closing price on the last trading day before its suspension -- May 4, 2020 --

Oct. 13, 2022

S. Korea's fiscal deficit widens by W15.1tr

SEJONG -- South Korea's fiscal deficit increased 15.1 trillion won ($10.5 billion) in the first eight months of 2022 from a year earlier due to spending on vulnerable groups amid the prolonged pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 85.3 trillion won in the January-August period, larger than a shortfall of 70.2 trillion won a year earlier, according to the Monthly Public Finance report releas

Oct. 13, 2022

Seoul shares open lower amid recession fears

South Korean stocks opened lower Thursday amid persistent concerns over a global economic recession. The benchmark Korea Composite Stock Price Index lost 9.21 points, or 0.42 percent, to 2,193.26 in the first 15 minutes of trading. Overnight, Wall Street closed slightly down ahead of the release of the September consumer price index, one of the key indicators that would determine the pace of the US Federal Reserve's monetary policy tightening going forward. Minutes from the Fed's Septe

Oct. 13, 2022