Exports up 24% during first 20 days of May

South Korea's exports rose 24.1 percent in the first 20 days of May from a year earlier on robust demand for chips and petroleum products, but the country suffered a trade deficit on high fuel costs, customs data showed Monday. The country's outbound shipments stood at $38.6 billion in the May 1-20 period, compared with $31.1 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 37.8 percent on-year to $43.4 billion during the cited period, result

May 23, 2022

Seoul shares open higher on summit hope

South Korean stocks open higher Monday, buoyed by the anticipation that the outcome of the South Korea-US summit will give a boost to key industrial sectors. The Korea Composite Stock Price Index (KOSPI) rose 6.88 points, or 0.26 percent, to trade at 2,646.17 in the first 15 minutes of trading. In a joint statement issued after the summit between Presidents Yoon Suk-yeol and Joe Biden on Saturday, the two countries agreed to enhance cooperation in various sectors, from semiconductors, electric v

May 23, 2022

[Market Eye] Chips, batteries, nuclear tech emerge as key agenda in Yoon-Biden summit

US President Joe Biden’s trip to Asia and his choice of South Korea as his first stop underscore Washington’s willingness to address global supply chain uncertainties largely posed by Russia’s invasion of Ukraine, along with efforts to counter dependence on China. This can be achieved by strengthening collaboration with technology powerhouses in Asia’s fourth-largest economy, the summit between President Yoon Suk-yeol and Biden showed. To this end, Yoon and Biden called

May 22, 2022

[Photo News] When Biden was in Seoul

Lotte World Tower, the world’s fifth-tallest building, located in Jamsil, Seoul, is illuminated with images of US and Korean flags and messages welcoming the US president during his three-day visit to Korea. President Joe Biden left Sunday afternoon for the second leg of his Asia tour.

May 22, 2022

At Biden meeting, Hyundai Motor Group unveils extra $5b investment

South Korean carmaker Hyundai Motor Group announced the second round of its investment plan Sunday, adding another $5 billion to collaborate with US firms, only a day after the company unveiled a $5.54 billion plan to build an electric vehicle-only factory in Georgia. “Hyundai Motor Group plans to invest an additional $5 billion through 2025 which will strengthen our collaboration with American enterprises in diverse technologies such as robotics, urban air mobility, autonomous driving a

May 22, 2022

Hyundai Steel joins hands with KIER for advancing carbon neutral tech

Hyundai Steel has signed a memorandum of understanding with the Korea Institute of Energy Research to push for comprehensive cooperation on technologies in the energy and environment sectors with the goal of leading the steel industry’s movement towards carbon neutrality. According to the South Korean steelmaker, Hyundai Steel CEO Ahn Dong-il and KIER President Kim Jong-nam attended the MOU ceremony held at the KIER in Daejeon on Friday. The two sides agreed to work together to develop

May 22, 2022

SK ecoplant acquires 30% shares in Malaysia’s Cenviro

SK ecoplant, the engineering and construction unit of South Korean conglomerate SK group, has partnered with Malaysia’s state-operated waste management firm Cenviro to expand its environmental business in the global market. 　 SK ecoplant inked a share purchase agreement on Friday with Malaysian sovereign wealth fund Khazanah Nasional to acquire 30 percent of Cenviro shares. The Malaysian waste management company is wholly owned by Khazanah Nasional. Cenviro built Malaysia’s first

May 22, 2022

BOK likely to lift rate to tame rapid inflation: economists

The Bank of Korea is likely to raise the benchmark rate by 25 basis points to 1.75 percent this Thursday as Asia’s fourth-largest economy combats persistent inflation and shrinking growth, according to eight out of nine economists polled by The Korea Herald. But the central bank, which usually changes its rate in 25-basis point increments, is unlikely to back a sudden 50-basis point raise because there’s ample room left for more hikes in the latter half of this year when inflation c

May 22, 2022

Biden to meet Hyundai Motor chief on new investment plan

US President Joe Biden will meet Hyundai Motor Group Chairman Chung Euisun on Sunday in Seoul to thank him for investment in the state of Georgia, Washington’s national security adviser Jake Sullivan said Thursday. The US president is scheduled to arrive in Seoul later in the day for his three-day state visit for summit talks with President Yoon Suk-yeol. His planned meeting with the Hyundai Motor chief comes amid reports that the South Korean auto giant will announce a $7 billion inv

May 21, 2022

Hyundai to build $5.54 bln EV, battery plant in Georgia

South Korea's Hyundai Motor Group said Saturday it will invest US$5.54 billion to build a dedicated electric vehicle and car battery manufacturing plant in the United States to further solidify its electrification push in the world's most important automobile market. The announcement comes as US President Joe Biden is visiting South Korea as part of his first trip to Asia amid ongoing tension with China and continued provocations from North Korea. Hyundai Motor Group plans to start constructi

May 21, 2022

[Herald Interview] Korea’s first coloring shampoo seeks breakthrough in overseas markets

Moda Moda, the South Korean producer of the world’s first coloring shampoo using the browning reaction in stale bananas, is seeking a breakthrough in overseas markets to sidestep cumbersome regulations at home. The company is revamping overseas operations to extend its sales network connecting the US, China and Japan. Korean beauty products are increasingly popular in these countries, riding high on the popularity of K-content. Unlike many other K-beauty brands that depend heavily on l

May 20, 2022

Seoul stocks sharply rebound on dip-buying, ahead of Biden visit

South Korean shares advanced Friday as investors scooped up oversold stocks and pinned hopes for expanded business ties between South Korea and the United States. The Korean won steeply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 46.95 points, or 1.81 percent, to close at 2,639.29 points. After a volatile week from high inflation, the key stock index gained 1.35 percent from a week ago. Friday's trading volume was moderate at about 743 million s

May 20, 2022

S-Oil CEO apologizes for Ulsan refinery explosion

S-Oil Chief Executive Officer Hussain A. Al-Qahtani on Friday apologized over the explosion of its refinery in Ulsan, about 415 kilometers southwest of Seoul, and promised to take all measures possible to prevent such incident from happening again. “I would like to express my deepest condolences and apologies to the deceased who lost his life from an incident in S-Oil Onsan Refinery and to his family. My apologies also go out to the injured workers and local residents close to the refine

May 20, 2022

Taiwan’s Fubon Financial becomes third-largest shareholder in Hyundai Card

Taiwanese banking giant Fubon Financial on Friday raised its stake in South Korea’s Hyundai Card to nearly 20 percent, expanding its clout over management of the card issuer. Fubon Financial is now the card issuer’s third-largest shareholder with 19.98 percent after Hyundai Motor with 36.96 percent and Hyundai Commercial with 28.56 percent. Kia Corp. is the fourth-largest stakeholder with 11.48 percent. The latest announcement puts a final stamp on the exit of a consortium led by

May 20, 2022

Engineering veteran Roberto Rempel named new CEO of GM Korea

General Motors on Friday named Roberto Rampel, current president of GM Technical Center Korea, as president and CEO of GM Korea. Rempel, an engineering specialist, will start his term on June 1 when his predecessor Kaher Kazem leaves for his new role as executive vice president of SAIC-GM in China. GM expressed high hopes for the new CEO in winning more customers in both domestic and exports markets, and improving the overall competitiveness of GM’s Korean operations. “The GM K

May 20, 2022

Biden to meet Hyundai Motor chief on new investment plan

US President Joe Biden will meet Hyundai Motor Group Chairman Chung Euisun on Sunday in Seoul to thank him for investment in the state of Georgia, Washington’s national security adviser Jake Sullivan said Thursday. The US president is scheduled to arrive in Seoul later on Friday for his three-day visit for summit talks with President Yoon Suk-yeol. His planned meeting with the Hyundai Motor chief comes amid reports that the South Korean auto giant will announce a $7 billion investment

May 20, 2022

Netflix subsidiary to invest $100m in S. Korea

A subsidiary of Netflix will invest $100 million in South Korea over the next six years to build special visual effects facilities in a move that will help turn the country into an Asian hub for high-tech content creation, Seoul's industry ministry said Friday. Scanline VFX will carry out the investment plan by 2027, according to the Ministry of Trade, Industry and Energy. An event to officially announce the plan took place in central Seoul, with Stephan Trojansky, the head of the global vi

May 20, 2022

S. Korea to face 'grave' inflation risk for time being: official

South Korea is expected to face a "grave" risk from rising inflation for the time being, as the recovery of consumption will further add price pressure amid high energy costs, a senior government official said Friday. The government plans to beef up its monitoring of key items, including cooking oil and petroleum products, in a bid to ease the burden from elevated inflation, according to First Vice Finance Minister Bang Ki-sun. "Price situations facing the South Korean economy are

May 20, 2022

[Graphic News] Imports of home furnishings hit record high last year amid pandemic

　South Korea’s imports of home furnishing products hit an all-time high last year on the back of demand by consumers staying home amid the COVID-19 pandemic, data showed. 　The imports of eight kinds of home furnishing goods, including sofas and lamps, came to $3.5 billion last year, up 15.6 percent from a year earlier, according to data from the Korea Customs Service. 　It rose 26.1 percent from the pre-pandemic year of 2019. 　By country, inbound shipments from China were the largest wi

May 20, 2022

Producer prices up for 4th month in April on energy, raw material price hikes

South Korea's producer prices grew for the fourth straight month in April as hikes in energy and raw material prices drove up costs of manufacturing products, central bank data showed Friday. The producer price index, a major barometer of consumer inflation, stood at 118.02 in April, up 1.1 percent from a revised 116.70 tallied a month earlier, according to the preliminary data from the Bank of Korea (BOK). From a year earlier, the index jumped 9.2 percent, faster than the previous month�

May 20, 2022