Yoon vows to remove obstacles hindering businesses

President-elect Yoon Suk-yeol vowed Monday to remove all institutional obstacles hindering businesses, saying economic growth should be led not by the government but by companies. 　Yoon made the remark during a lunch meeting with the chiefs of six major business lobbies, stressing he is a strong believer in a free market economy. 　“The government‘s job is to remove institutional obstacles so that businesses can decide more freely, invest freely and grow,” he said. “Our

March 21, 2022

‘Retro’ Pokemon Bread craze shows no sign of stopping soon

The craze over Pokemon Bread shows no signs of abating, as the popular pastry series that has recently been revived has induced scenes of people waiting in line at supermarkets and adults posting their search to social media. According to manufacturer SPC Samlip, the supermarket pastry that comes with a sticker of one of the characters from the global hit anime and video game series Pokemon had sold 6.1 million rolls as of Monday. That means some 234,000 rolls were sold each day on average

March 21, 2022

Apple supplier in talks to acquire LG’s in-car wireless charging business

BH, a local display parts supplier for Apple and Samsung Electronics, said Monday it is in talks with LG Electronics to acquire the tech giant’s in-car wireless smartphone charging business. “Discussions are underway to acquire the in-car wireless smartphone charging business as part of efforts to diversity business portfolio and bolster competiveness,” the firm said in a regulatory filing in response to a news report earlier in the day. According to the report, BH is seeki

March 21, 2022

Overseas travel demands to pick up as self-quarantine-upon-arrival lifted

Overseas travel demands in South Korea are expected to increase starting Monday as the government has exempted those vaccinated from the seven-day long self-quarantine when back in the country. The Central Disaster and Safety Countermeasures Headquarters announced that those that have gotten their first dose of the Janssen COVID-19 vaccine within 14 days before arrival to South Korea and those that have completed their second or third dose of other vaccines are to be exempt from self-quarantin

March 21, 2022

Seoul stocks down on uncertainty over Ukraine, Fed rate hike

South Korean stocks ended lower Monday, snapping their three-day winning streak, weighed down by uncertainty over the Ukraine-Russia conflict and worries over the US monetary policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) retreated 20.97 points, or 0.77 percent, to close at 2,686.05 points. Trading volume was moderate at about 495 million shares worth some 8.6 trillion won ($7.1 billion), with gainers outnumbering losers 454 to 394. Ins

March 21, 2022

Yoon’s pledge for seniors, soldiers, married couples to cost W68tr

SEJONG -- The three major cash payment pledges made by President-elect Yoon Suk-yeol are drawing wide attention, as the support targets make up a large portion of the population: seniors, soldiers and young parents. Yoon pledged that he, if elected, would raise the basic pension (also known as age pension) payouts for the elderly and wage for draftees. He also promised to pay parents with newborns wages for a certain period. Market insiders have raised concerns over how to fund Yoon‘s ca

March 21, 2022

CJ ENM to pump W100b into KT’s media arm in K-content push

South Korea’s entertainment powerhouse CJ ENM is investing 100 billion won ($82.3 million) in KT StudioGenie, a media arm of the domestic telecommunications firm, in a bid to establish bilateral ties for media content targeting global audience, a filing showed Monday. The two companies signed a memorandum of understanding the same day, setting a deadline for the acquisition 90 days after the announcement. As a result, CJ ENM will become a minority shareholder with nearly a 10 percent sta

March 21, 2022

Low-income households suffer more from inflation: report

South Korea’s low-income households in the bottom 20 percent have been hit harder by COVID-19-induced inflation than high-income households in the top 20 percent, due to a sharper surge in essential spending on food, housing and utilities than in discretionary spending, a local think tank said Monday. Between 2018-2019 and 2020-2021, consumer prices rose 2.7 percent for the bottom 20 percent, about 1.4 times more than that of the top 20 percent at 1.9 percent, according to the Korea Econo

March 21, 2022

Korean banks expand financial services for foreigners

South Korean banks are notorious among foreign residents here seeking loans and other financial products for their stricter screening and frequent rejections compared to Korean customers. But they have recently started to acknowledge that foreigners here could diversify their revenue sources. At the vanguard of the change is JB Financial Group, a more regional business compared to the four major commercial banking groups here -- KB, Shinhan, Hana and Woori -- but nonetheless has a strong net

March 21, 2022

Naver Webtoon to set up branch in France

Naver Webtoon, South Korean tech giant Naver’s web-based cartoon platform, said Monday it will open a European branch in France by June in a bid to further expand its presence in the global market. “The branch, tentatively called 'Webtoon EU,' will oversee webtoon services in France, Germany and Spain, and discover new business opportunities in other European countries,” a Naver official said. “With Webtoon EU, Naver Webtoon will foster a strong foothold overseas with

March 21, 2022

When Jjapaghetti meets Shin Ramyun

South Korea‘s top instant noodle maker Nongshim announced Monday the launch of Shinbok-ghetti Big Bowl, a cup noodle that combines two of its top-selling ramyun, Shin Ramyun Fried Noodles, Nongshim’s spicy flagship noodle but without broth, and Jjapaghetti, instant black bean ramyun. “Having monitored social media mentions from last October through this February, we learned that Jjapaghetti was the word most frequently paired with Shin Ramyun Fried Noodles. So we officially b

March 21, 2022

SK ecoplant takes steps for IPO next year

SK ecoplant Co., the eco-energy unit of SK Group, said it has begun taking steps for an initial public offering next year by sending requests for proposal to major stock brokerage firms. After receiving proposals from the brokerage houses, the company said it will select preliminary candidates and finalize next month the firms that will manage its IPO process. “Based on an economy of scale strategy, we have pulled off several mergers and acquisitions of environmental companies, and have

March 21, 2022

Brokerage firms see 2021 net profit jump on increased transaction fees

Brokerage firms in South Korea saw their net profit grow sharply last year thanks to increased transactions fees, data showed Monday. According to the data from the Financial Supervisory Service, 58 brokerage firms reported 9.09 trillion won ($7.5 billion) in their combined net profit last year, up 54.2 percent from a year earlier. The spike stemmed in part from increased transactions fees that expanded 23.2 percent on-year to 16.8 trillion won last year, the data showed. Their earnings from fee

March 21, 2022

Foreign currency deposits grow in Feb. on increased corporate savings

Foreign currency deposits at banks in South Korea grew for the first time in three months in February thanks to increased corporate savings, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits reached $98.14 billion as of end-February, up $4.97 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data exclud

March 21, 2022

Construction contracts gain 10.5% in 2021

The value of construction contracts in South Korea gained more than 10 percent in 2021 thanks to more private projects, government data showed Monday. The value of civilian and public works contracts in Asia's fourth-largest economy stood at 288.9 trillion won ($238 billion) last year, up 10.5 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Private deals surged 15.9 percent on-year to 226.9 trillion won, while public-sector contracts co

March 21, 2022

Hyundai Motor Group's key overseas units turn profit in 2021

ajor overseas units of South Korean automaking titan Hyundai Motor Group were profitable in 2021 on brisk sales of eco-friendly vehicles and increased capacity utilization, company data showed Monday. Hyundai Motor Co., the group's flagship, said its US production unit swung to a net profit of 237 billion won ($195 million) from a net loss of slightly over 1 trillion won the previous year. It represented the subsidiary's first black ink in three years. Its net loss came to 228.2 billion won in 2

March 21, 2022

Seoul stocks open nearly flat amid Ukraine uncertainties

South Korean stocks opened nearly flat Monday as investors keep a close eye on ongoing diplomatic efforts over the Ukraine-Russia tensions. The benchmark Korea Composite Stock Price Index had inched down 0.4 points, or 0.01 percent, to trade at 2,706.62 points as of 9:15 a.m. Stocks traded bearish as investors took a wait-and-see mode after a three-day gain that stemmed from hopes of progress in the Ukraine-Russia peace talks. Large caps traded mixed. Market bellwether Samsung Electronics lost 0

March 21, 2022

Exports grow 10% in first 20 days of March

South Korea's exports rose 10.1 percent in the first 20 days of March from a year earlier on the back of demand for chips and petroleum products, customs data showed Monday. The country's outbound shipments stood at $37.3 billion in the March 1-20 period, compared with $33.8 billion a year earlier, according to the data from the Korea Customs Service. Imports gained 18.9 percent on-year to $39.3 billion, resulting in a trade deficit of $2.08 billion during the cited period, the data showed. B

March 21, 2022

S. Korea's coffee imports hit new high in 2021

South Korea's imports of coffee surged more than 24 percent to hit a new all-time high in 2021 on its growing popularity here, data showed Monday. The value of the country's coffee imports stood at $916.5 million last year, up 24.2 percent from the previous year, according to the data from the Korea Customs Service and industry sources. It marks the first time that South Korea's coffee imports have exceeded the 1 trillion-won ($823 million) level in terms of the local currency. Last year's amoun

March 21, 2022

Celltrion USA sales skyrocket 36 times on-year in 2021

The US subsidiary of South Korean biopharmaceutical company Celltrion Inc. logged record high sales in the US market last year on the back of robust sales of its self-diagnostic kit for COVID-19, officials said Monday. The annual revenue of Celltrion USA, Inc., the wholly owned subsidiary of Celltrion, reached 84.6 billion won ($69.6 million) in 2021, sharply up from 2.36 billion won a year earlier. The Celltrion DiaTrust COVID-19 Ag Home Test, co-developed by Humasis Co., received the US Food a

March 21, 2022