9 out of 10 Korean firms ‘not ready’ for supply chain risks

Almost 90 percent of South Korean companies are unprepared for supply chain risks even though they are aware that those risks will continue this year. According to a survey by the Korea Chamber of Commerce and Industry published on Sunday, among 300 companies that import raw materials, only 9.4 percent said they have prepared specific measures to respond to potential supply chain constraints, while 89.1 of them responded they have yet to come up with clear plans. Of the companies that said

Jan. 23, 2022

[Newsmaker] Korea Exchange to decide fate of scandal-ridden Osstem Implant

The Korea Exchange on Monday will decide whether Osstem Implant should undergo an eligibility review to stay listed on the country’s second bourse Kosdaq, making it the third biotech firm facing a possible delisting this year. The dental implant manufacturer’s stock trading was suspended on Jan. 3 as the company announced that it had filed embezzlement charges against an employee for stealing 221 billion won ($185 million) in company funds. The stock market operator can postpone t

Jan. 23, 2022

Woori, Shinhan chiefs pledge to achieve customer centricity

 Chiefs of South Korea’s Woori Bank and Shinhan Bank vowed to pursue customer-centric changes as a key goal for this year, the firms said Sunday. Woori Bank CEO Kwon Kwang-seok asked his employees to cooperate with the firm’s transition into a “customer-centric financial platform,” at a business strategy meeting held on both Zoom and via the metaverse. “The timeless solution toward success for businesses has always been the customers,” Kwon said at the

Jan. 23, 2022

2021 was 2nd hottest year on record: KMA

Last year was the second hottest year for South Korea on record as climate change continued to drive up global temperatures, the national weather agency said Sunday. A report from the Korea Meteorological Administration said South Korea’s average temperature for 2021 reached 13.3 degrees Celsius, becoming the second-hottest year since data were compiled from 1973. The record follows 13.4 degrees reached in 2016. By region, last year was the hottest year on record for Seoul, Incheon, Gye

Jan. 23, 2022

Air traffic up 11% last year but still below pre-pandemic level: data

South Korea's air traffic rose nearly 11 percent last year on increased domestic flights but international travel continued to falter amid the pandemic, data showed Sunday. Over 465,000 domestic and international flights flew over South Korea last year, up 10.8 percent from a year earlier, according to data from the Ministry of Land, Infrastructure and Transport. Air traffic in the country had gradually increased in recent years from around 739,000 in 2016 to 842,000 in 2019 before dipping sha

Jan. 23, 2022

Exports of red pepper paste surge 63% in 4 years on K-pop popularity

South Korean exports of red pepper paste soared nearly 63 percent in the past four years thanks to the global popularity of Korean pop culture, data showed Sunday. Overseas shipments of red pepper paste, called "gochujang" in Korean, came to $50.93 million in 2020, up 62.6 percent compared with 2016 and 35.2 percent from 2019, according to the data from Korea Agro-Fisheries & Food Trade Corp. and the agriculture ministry. Exports of red pepper paste seem to have soared in recent

Jan. 23, 2022

Exports in free trade zones hit all-time high last year: data

Exports by companies in South Korea's free trade zones grew 89.6 percent on-year to hit an all-time high last year, the industry ministry said Sunday. Outbound shipments came to $10.94 billion, surpassing the $10 billion mark for the first time ever, according to the data from the Ministry of Trade, Industry and Energy. The growth is attributable to strong demand for electric and electronic goods, automotive chips, semiconductor-related products and COVID-19 items amid a global economic recove

Jan. 23, 2022

Korean tech firms keep eye on possible Russia export curbs

The escalating geopolitical tension between Russia and Ukraine is drawing attention to whether Washington will pose restrictions on exports to Russia, and the headache that could pose to South Korean electronics giants. The White House National Security Council has informally asked the Semiconductor Industry Association, a chip lobbying group in the United States, to brace for possible actions against Russia if it invades Ukraine, Reuters reported. The Joe Biden administration may attempt to c

Jan. 21, 2022

Lotte acquires Ministop's S. Korean operations

Lotte Corp., the holding company of South Korean retail giant Lotte Group, said Friday it has acquired an entire stake of Ministop Korea Co. for 313.37 billion won ($263 million). Under the deal, Lotte will take over 2,600 Ministop convenience store outlets across the country and 12 logistics centers to strengthen its retail business, the company said in a statement. Lotte operates the country's biggest department store chain and the second-biggest large discount store chain in terms of sales

Jan. 21, 2022

Watchdog to look into stock options row at Kakao Pay

The Financial Supervisory Service is looking to scrutinize whether executives’ decision to exercise stock options that prompted a stock plunge at Kakao Pay was a sign of risk management deficiencies the financial services firm should address, according to an FSS official. The CEO and two other executives at Kakao Pay stepped down Thursday amid criticism that their exercise of stock options in December last year, a month after the firm listed, brought an unwarranted stock dip.  The C

Jan. 21, 2022

Seoul stocks at over 1-yr low on rate hike concerns

South Korean stocks retreated nearly 1 percent Friday, marking the lowest closing since December 2020, due to inflation woes amid heightened expectations of rate hikes by the Federal Reserve. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 28.39 points, or 0.99 percent, to close at 2,834.29 points. Trading volume was moderate at about 524 million shares worth some 10.5 trillion won ($8.8 billion), with losers far outnumbering gainers

Jan. 21, 2022

S. Korea to raise supply of beef, pork ahead of holiday to tame inflation

South Korea plans to increase the supply of beef and pork by around 50 percent on-year ahead of the Lunar New Year holiday in an effort to help stabilize consumer prices, a senior government official said Friday. The government plans to increase the supply of beef and pork, key foodstuff needed to prepare for holiday meals, to 18,700 tons and 67,200 tons, respectively, according to Vice First Finance Minister Lee Eog-weon. South Korea began providing a record amount of 204,000 tons of holiday-

Jan. 21, 2022

Fiscal deficit, national debt to increase from extra budget

SEJONG – South Korea’s national debt and the national debt per capita will likely reach an all-time high of 1,075.7 trillion won ($901.6 billion) and 20.83 million won, respectively, in the wake of the recent extra budget fostered by the government, with planned state funds aggravating the fiscal deficit. The fiscal deficit from the supplementary budget will be widened to 68.1 trillion won, compared to the government’s earlier estimate of 54.1 trillion won under the 2022 regul

Jan. 21, 2022

7-Eleven to provide AI data for potential franchise owners

The convenience store chain 7-Eleven of Korea’s retail giant Lotte Group said Friday it joined hands with Oasis Business, startup solution platform, to develop an Artificial Intelligence solution to support those who wish to start the franchise business. Based on the partnership, the store chain plans to provide more objective data of the commercial area around the new franchise and accurate sales projections. The AI-analyzed data includes the number of the floating population, sales fig

Jan. 21, 2022

Kia EV6 wins Car of Year, Electric SUV of Year in UK

Kia said Friday that its electric SUV model EV6 has been recognized as Car of the Year and Electric SUV of the Year by the UK automotive What Car?’s Car of the Year Awards, Friday. “The EV6 combines a huge real-world range with the ability to charge at speeds that no rival can keep up with, addressing two of the biggest concerns that people still have about electric cars. Kia has been able to take advantage of the compact size of electric motors and produce a car that’s hugely

Jan. 21, 2022

S. Korea's tech trade logs second-highest tally of $29b in 2020: data

South Korea's technology trade reached the second-highest tally ever of $29.9 billion in 2020, down 5.5 percent from the previous year, government data showed Friday. The technology trade refers to the country's international technology transactions, such as the use of patents, licenses and technical services, as opposed to tech products, according to the Ministry of Science and ICT. The ICT ministry said outbound technology transfers amounted to $12.8 billion in 2020, compared with imports of

Jan. 21, 2022

ELS sales in S. Korea gain 4.6% in 2021

Sales of equity-linked securities (ELS) in South Korea expanded nearly 5 percent in 2021 from a year earlier on greater issuance of products tracking overseas stocks, data showed Friday. The value of ELS products floated in Asia's fourth-largest economy stood at 72.2 trillion won ($60.5 billion) last year, up 4.6 percent from the prior year, according to the data from the Korea Securities Depository. ELS refers to hybrid debt securities whose returns are linked to the performance of underlying

Jan. 21, 2022

Exports rise 22% in first 20 days of Jan.

South Korea's exports grew 22 percent on-year in the first 20 days of January on the back of solid demand for chips and petroleum products, customs data showed Friday. The country's outbound shipments stood at $34.4 billion in the Jan. 1-20 period, compared with $28.22 billion a year earlier, according to the data from the Korea Customs Service. (Yonhap)

Jan. 21, 2022

S. Korea to raise low-rate loan ceiling for Egypt to $1b

South Korea plans to raise the ceiling of its low-interest rate loans to Egypt to $1 billion in an effort to strengthen bilateral cooperation, the finance ministry said Friday. South Korea and Egypt have inked a memorandum of understanding to raise the limit of the Economic Development Cooperation Fund (EDCF) in 2022-26 from the previous $700 million for 2016-21, according to the ministry. The preliminary deal was clinched Thursday in Cairo on the sidelines of the summit between South Korean P

Jan. 21, 2022

Seoul stocks open lower on Wall Street fall

South Korean stocks opened lower Friday, tracking an overnight fall on Wall Street amid surging global inflation woes and rising interest rates. The benchmark Korea Composite Stock Price Index (KOSPI) declined 21.6 points, or 0.75 percent, to 2,841.08 points in the first 15 minutes of trading.  On Thursday (local time), the Dow Jones industrial average fell 0.9 percent, the broad-based S&P 500 went down 1.1 percent and the Nasdaq, which is heavily weighted with technology stocks, decre

Jan. 21, 2022