Govt. considers expanding fuel tax cuts amid surging prices

The government has been considering expanding fuel tax cuts, as part of efforts to ease inflation pressure that has been building up amid surging energy prices, according to officials at the finance ministry Saturday. The government has been mulling expanding fuel tax cuts from the current 30 percent to a legal cap of 37 percent, according to ministry officials. Finance Minister Choo Kyung-ho plans to preside over an emergency meeting with economy-related ministers Sunday, when the expansion

June 18, 2022

Auto biz in focus as Samsung's Lee returns to Seoul

Samsung Electronics Vice Chairman Lee Jae-yong returned to South Korea Saturday, with a renewed focus on the auto parts business. As the de facto leader of Korea‘s largest conglomerate arrived at Seoul Gimpo Business Aviation Center at around 9:40 a.m., Saturday, he told reporters that he “could feel drastic changes in the auto industry.” The remark came as he met German carmaker BMW, a key battery client of Samsung’s secondary battery arm Samsung SDI, and visited Samsu

June 18, 2022

[Interactive] Number of executives at major firms rises 4.5% in Q1

　The number of executives at South Korea’s major firms expanded 4.5 percent on-year in the first quarter of the year despite the coronavirus pandemic, a corporate tracker said. 　A total of 353 leading companies in Asia’s fourth-largest economy had a combined 14,418 executives as of end-March this year, up from 13,803 a year earlier, according to the Leaders Index. 　The figure covers companies out of the country’s top 500 corporations by sales that have disclosed their first-

June 18, 2022

Repaired rocket Nuri to launch Tuesday

South Korea’s homegrown rocket Nuri is all set for liftoff on Tuesday, six days after a last-minute technical glitch was found.　 The Ministry of Science and ICT said Friday the Korea Aerospace Research Institute has identified the problem in one of the electric components of the sensor in the oxidizer tank and replaced it with a new one. After changing the 1.2-meter-long core component of the sensor, the KARI carried out a series of tests on the rocket and concluded that it is ready for

June 17, 2022

Samsung Electronics shares plummet to 52-week low

Samsung Electronics shares, which account for some 18 percent of South Korea’s benchmark Kospi’s market capitalization, closed at a 52-week low on Friday hit by the prolonged global memory chip supply shortage coupled with concerns of an economic slowdown. The market bellwether closed at its lowest price since Nov. 4, 2020 and 1.81 percent lower from the previous day’s trading at 59,800 won ($46.30). This also marks the first time it closed below the 60,000-won threshold sin

June 17, 2022

Rising ‘lunchflation’ drives Korean workers to look for cheaper options

For Kim Sang-ji, a 28-year-old white-collar employee working at a trading company in Seoul, healthy lunch meals had been her usual choice -- until recently. Now, she heads to a convenience store nearby. When picking up a 5,000 won ($3.80) lunchbox or a 2,000 won gimbap roll, she feels unsatisfied. But when thinking about the cost of eating out these days -- particularly in the business district of Gwanghwamun, where her office is located -- plus the extra cost of coffee, she has decided to go o

June 17, 2022

Korea far outpaces OECD average in inheritance tax: report

SEJONG -- South Korea far outstripped the average of the Organization for Economic Cooperation and Development in the ratio of inheritance and gift tax revenues to gross domestic product, a local think tank said Friday. In a report, the Korea Economic Research Institute said Korea posted 0.5 percent in the ratio of revenue from inheritance and gift tax to GDP, which placed the nation at No. 3 among the OECD members as of 2020. While the institute said the level was higher by 0.3 percentage poi

June 17, 2022

Kospi slumps to sub-2,400 points in 19 months on US inflation woes

South Korea’s key stock index plunged below the 2,400-point threshold for the first time in 19 months on Friday, weighed down by risks stemming from the US Federal Reserve’s boldest rate hike in nearly two decades. The benchmark Kospi opened 1.7 percent lower from its previous closing of 2,409.72, but fell to 2,396.47 at one point in early morning trade. This marked the first time the index fell below the 2,400-point threshold since Nov. 5, 2020. Early in the morning, foreign in

June 17, 2022

Overseas direct investment more than doubles in Q1 amid post-pandemic recovery

South Korea's overseas direct investment more than doubled on-year in the first quarter of this year amid an economic recovery from the COVID-19 pandemic, the finance ministry said Friday. The value of investments made overseas by South Korean companies reached $25.4 billion in the January-March period, up from $11.34 billion a year earlier, according to the data by the Ministry of Economy and Finance. The net amount went up nearly threefold to $21.5 billion in the first quarter from the pr

June 17, 2022

S. Korean economy feared to lose steam amid external uncertainty: govt.

SEJONG -- The South Korean economy is at the risk of losing steam as deteriorating external economic conditions are feared to dent investment and export growth amid high inflation, the finance ministry said Friday. Market volatility and global economic downside risks further expanded due to the Federal Reserve's accelerating monetary tightening and global supply chain disruptions, the ministry said in its monthly economic assessment report, called the Green Book. "Amid a continued buil

June 17, 2022

Seoul shares open sharply lower on recession worries

Seoul shares opened sharply lower Friday, tracking big losses on Wall Street, as investors worried that the US Federal Reserve's aggressive monetary tightening could cause a global economic recession. The Korea Composite Stock Price Index (KOSPI) lost 39.79 points, or 1.62 percent, to 2,411.62 points in the first 15 minutes of trading. Overnight, US shares tumbled, following rallies the previous session, on concerns over the possible impact of the Fed's monetary tightening on global ec

June 17, 2022

Elon Musk’s mother hired as face of Ceragem

Ceragem, a South Korean medical appliance company, said Thursday that it has hired Maye Musk, mother of Tesla CEO Elon Musk, as a global ambassador for the brand. Ceragem manufactures and sells back warmers inspired by the traditional Korean floor heating system, known as “ondol.” With the product, which is certified by the US Food and Drug Administration, Ceragem aims to expand into the global market by working with Musk, a renowned model and nutritionist. The 74-year-old model, w

June 16, 2022

S. Korea engulfed by rising stagflation fears

Fears over rapid inflation and sluggish growth are gripping South Korea, with indicators pointing to a gloomy outlook and authorities conceding that Asia’s fourth-largest economy is facing a “full-blown crisis.” The Finance Ministry on Thursday revised up its inflation forecast for this year to 4.7 percent from 2.2 percent, with the estimate surpassing 4 percent for the first time in 11 years. Import prices jumped 36.3 percent in May from the same period a year ago on soaring

June 16, 2022

E-scooter rental service Lime Korea suspends operations amid changing laws

Lime, the world’s leading operator of rented electric scooters and bikes, said in a statement on Wednesday that it will be withdrawing its operations from South Korea on June 30. Constant traffic law revisions and differing local government policies were named by the company as the primary reasons behind this “tentative suspension” of operations. Lime saw a sharp drop in its customers in 2021, when a law that made wearing helmets mandatory for people riding electric scooters

June 16, 2022

Raw, edgy and…under construction?

On a weekday evening, one cafe in western Seoul is about to close for the day while customers are still chatting away and enjoying their coffee. Repurposed from a shoe factory, this cafe is one of several trendy spots across the city that attract coffee drinkers and cafe enthusiasts alike, as numerous Instagram posts tagging the location show. “Industrial interior designs display the appeal of raw materials. Since it can give off a vintage or clean feel depending on the finish, demand i

June 16, 2022

W Concept kicks off global campaign for local fashion brands

W Concept, a South Korean online fashion platform under retail giant Shinsegae, said Thursday that it has started its first global campaign to support the overseas business of the country’s fashion brands. From Friday to June 24, the company will release a series of fashion photo shoots featuring Leandra Medine, a global fashion influencer, wearing items from Korean fashion brand Eenk. The items are from Eenk’s Spring/Summer 2022 collection, which includes patterned tops, dresses,

June 16, 2022

[KH Explains] EV scare building up in Korea over a series of battery fires

Early this month, an electric vehicle caught fire in Busan, sparking safety concerns among drivers of battery-powered cars. It was an Ioniq 5, Hyundai Motor’s all-electric model, that went up in flames just three seconds after crashing into a highway toll gate. The driver and one passenger in the car died in the accident, but investigations are ongoing to figure out whether they died from the crash or whether they were not able to escape from the fire that broke out so quickly. While th

June 16, 2022

Seoul stocks snap 7-day losing streak on eased Fed policy uncertainty

South Korean stocks rebounded slightly Thursday, ending their seven-day losing streak, as uncertainty over the future course by the US Federal Reserve eased somewhat after its sharpest rate hike in almost three decades. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) added 4.03 points, or 0.16 percent, to close at 2,451.41, after erasing most of its earlier gains. The index hit an intraday high of 2,500.36. Trading volume was moderate at 567.50 millio

June 16, 2022

Yoon to carry out deregulations, tax reform to pursue market-oriented economy

SEJONG -- The Yoon Suk-yeol administration on Thursday unveiled a five-year plan to pursue a business-friendly and market-oriented economy by carrying out intensive deregulatory measures and alleviating the corporate tax burden. In a major shift from the previous administration‘s liberal agenda of an income-driven economy, the new government also vowed to minimize state intervention in the market. In addition, the plan includes a series of reforms, such as restructuring the national pensi

June 16, 2022

Posco International expands eco-friendly energy business in Australia

Posco International, the trading arm of Posco Group, is seeking to triple sales at two of its gas fields in Australia by 2025 by leveraging its recently acquired Australian energy company Senex Energy, the Korean firm said Thursday. Posco International CEO Joo Si-bo visited the Senex Energy headquarters on Tuesday and Wednesday to look around the natural gas plants and meet with employees there, the company said. Joo also met with Posco International’s partner firm, Hancock Energy, to di

June 16, 2022