S. Korea to boost domestic reserves of economic security-related items

South Korea plans to announce measures to boost the domestic reserves of key items related to economic security in the first quarter in a bid to cope with risks from strains on the global supply chain, a senior government official said Friday. In a related move, the country plans to boost the stockpile of rare metals to 100 days of use from the current 57 days and raise the reserves of some rare metals to a maximum of 180 days of use in case their supply faces instability, according to First Vi

Jan. 7, 2022

Posco breaks ground for galvanized steel plant in China

POSCO, the world's fifth-largest steelmaker by output, said Friday that it has started the construction of a plant in China that will produce galvanized steel sheets to be used in making cars. The plant in Tangshan in northern China's Hebei Province, whose construction is to be completed by 2023, will have a production capacity of 900,000 tons, according to POSCO. In June last year, POSCO signed a deal with HBIS Group, China's second-biggest steelmaker, to set up a $600 million joint venture i

Jan. 7, 2022

S. Korea-Britain trade volume grows 33% on bilateral FTA

Trade volume between South Korea and Britain grew 33 percent for about one year after the implementation of a bilateral free trade deal, the industry ministry said Friday. Seoul and London clinched the bilateral free trade agreement (FTA) in August 2019, and the pact went into effect in January 2021 following Britain's departure from the European Union. During the first 11 months of last year, their trade volume came to $10.6 billion, up 33 percent from the same period a year earlier, accordin

Jan. 7, 2022

S. Korea to boost supply of foodstuff ahead of Lunar New Year

South Korea plans to increase the supply of key foodstuff needed to prepare for the Lunar New Year holiday starting next week in a bid to help tame inflationary pressure, a senior government official said Friday. The government will begin to supply a record amount of 204,000 tons of holiday-related foodstuff, such as napa cabbages, beef and pork, on Monday for three weeks in the runup to the traditional holiday set for Jan. 31-Feb. 2, according to First Vice Finance Minister Lee Eog-weon. Dema

Jan. 7, 2022

Seoul stocks open higher on tech gains

Seoul shares opened higher Friday as tech stocks advanced despite losses on Wall Street, but investors remain concerned about the US' looming tapering move. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.23 points, or 0.90 percent, to 2,946.76 points in the first 15 minutes of trading. The main index rebounded from a 2.3 percent drop in the past two sessions. The decline was attributable to Fed meeting minutes that suggested the US central bank may raise interest rates sooner

Jan. 7, 2022

Samsung’s 2021 profit soars on robust chips, smartphones business

Samsung Electronics logged an operating income of 51.57 trillion won ($42.89 billion) for 2021, up 43.3 percent from a year prior, as its businesses ranging from semiconductor chips to smartphones and home appliances have seen a surge in global demand, its preliminary filing showed Friday. It was the company‘s largest annual profit since it posted 58.89 trillion won in 2018. It is also the third-largest annual profit it recorded in history. During the fourth quarter alone, the South Kor

Jan. 7, 2022

K Auction to make stock debut this month

K Auction, South Korea’s second-largest auction house by revenue, said Thursday that it plans to go public on Jan. 24, in what its chief said will be the first step to take on its bigger rival Seoul Auction. “A transparent platform that will maximize the positive impact of art and outcompete our rival, that’s what we have in mind,” K Auction CEO Do Hyun-soon said at an online conference. Seoul Auction began trading on the junior Kosdaq exchange in 2008. K Auction, whic

Jan. 6, 2022

P&G’s new detergent cleans both laundry, washing machine

Procter & Gamble has released a detergent with degerming power for customers concerned with laundry that still smells after washing. Humidity is the typical culprit behind musty clothes, but in the winter it could be the machine itself that is to blame, according to the company. The inner tub of the washing machine, which holds the clothes, could be teeming with bacteria that cause a lingering unpleasant odor even after drying, it added. Downy Degerming Power Liquid Detergent offers a p

Jan. 6, 2022

Investors seek suit over Osstem theft case

Individual investors are seeking legal action for damages caused by an employee at Osstem Implant who was arrested Wednesday for having allegedly stolen 188 billion won ($156 million) from the Kosdaq-listed company. The stolen money accounted for 91 percent of the company’s equity as of last year. The shares of the implant maker, worth a little over 2 trillion won in market value, were suspended from trading Monday after the company reported the massive theft to police. “There is

Jan. 6, 2022

[CES 2022] Samsung, SKT execs discuss partnership on 5G, AI, metaverse

SK Telecom CEO Ryu Young-sang and Samsung Electronics’ mobile business chief Roh Tae-moon discussed their potential partnership on a slew of tech areas, including 5G network, artificial intelligence and the metaverse, the company said Thursday. “Samsung has been creating comprehensive services by converging different areas of business into one,” Ryu said at CES 2022 held in Las Vegas. “SK Telecom will continue to push forward to fine-tune its convergence of telecommunic

Jan. 6, 2022

Korean red ginseng, popular Lunar New Year gift idea overseas

Hongsam, Korean red ginseng, has become a popular choice for Lunar New Year gift in overseas markets, stretching from Asia to the United States, Australia, Russia and the Middle East, the company said Wednesday. Korea Ginseng Corp. (KGC), Korea’s leading Red Ginseng manufacturer, unveiled a map of Korean red ginseng markets around the world, showing its best-selling product by country. According to the map, EveryTime, stick pouches of Red Ginseng extract favored for its portability, has m

Jan. 6, 2022

SPC Group chairman stresses sustainability in kickoff meeting

SPC Group Chairman Hur Young-in stressed corporate sustainability during a New Year meeting held Monday, urging executives to carry out the company’s vision of building its legacy as a global enterprise with more than 100 years of history. At the virtual meeting, he suggested three objectives: ensuring unrivaled product quality, innovating corporate culture and integrating environmental, social and governance values into its franchises. Chairman Hur set forth his aspiration to augment R&

Jan. 6, 2022

[CES 2022] At CES, Hyundai Motor presents robots, not cars

LAS VEGAS -- After unveiling its new vision of expanding a human reach to robotics and metaverse, Hyundai Motor opened its CES booth filled with robots, not cars, to present the future of mobility. The exhibition taking place at the tech show featured three Spots, a quadruped robot, dancing in sync to a BTS song titled “Ioniq: I’m on it.” L7, a micro-mobility concept based on a platform that combines 4 large PnD modules, followed Spot’s lead by demonstrating how it can

Jan. 6, 2022

Hanmi Global enters local REITs market

Hanmi Global AMC, a real estate investment arm of Hanmi Global, said Tuesday that it has acquired final approval from the Land Ministry to enter the local REITs market. Hanmi Global AMC has obtained its preliminary approval from the ministry in August and was putting together its team of executives to spearhead its kick-off. REIT, short for real estate investment trust, is a company that pools capital from investors to finance income-generating property assets and return dividends to individu

Jan. 6, 2022

[CES 2022] Samsung says open to manufacturing OLED TVs

LAS VEGAS/SEOUL -- Samsung Electronics vice chairman and CEO Han Jong-hee told reporters on Wednesday that the doors for collaboration with panel supplier LG Display is “wide open” for its launch of organic light-emitting diode television sets. At a press conference in Las Vegas, when asked about the rumored partnership with its archrival in TV industry ahead of the world’s largest tech show CES 2022, Han said, “I cannot say because there is nothing confirmed regarding

Jan. 6, 2022

S. Korea to take steps to stabilize FX market if needed: official

South Korea is ready to take measures to stabilize the foreign exchange market, if needed, a senior government official said Thursday, as the Korean currency has sharply weakened against the US dollar in recent weeks. First Vice Finance Minister Lee Eog-weon said the government plans to closely monitor the forex market amid the prospects for the won's further descent as the US Federal Reserve would raise its policy rate at a faster-than-expected pace. "The government plans to step up effo

Jan. 6, 2022

Top financial regulators vow to bolster measures against lingering COVID risks

Heads of the nation’s financial policymaker and watchdog held their first meeting of the year on Thursday and vowed to cooperate on adopting stronger preemptive measures to counter lingering pandemic risks. Financial Services Commission Chairman Koh Seung-beom and Financial Supervisory Service Gov. Jeong Eun-bo agreed to make risks tied to the nation’s household debt growth, accumulating debt of the self-employed and small business owners and the non-banking sector their top priori

Jan. 6, 2022

Seoul stocks sink for 2nd session on US rate hike woes

South Korean stocks retreated for the second straight session Thursday, largely as the US Federal Reserve minutes stoked concerns that the Fed may push harsher-than-expected rate hikes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 33.44 points, or 1.13 percent, to close at 2,920.53 points. Trading volume was moderate at about 774 million shares worth some 13.1 trillion won ($10.9 billion), with losers outnumbering gainers 665 to

Jan. 6, 2022

Starbucks Korea to raise price of Americano

Starbucks Korea, the nation’s No. 1 specialty coffee chain, said Wednesday it is considering bumping up the price for a cup of Americano in almost eight years due to the price surge in coffee beans imported from overseas. “Even when other franchise coffee shops have increased their coffee prices, we have fixed our price rate. It was bearable back then, but since COVID-19, the price of coffee beans and other materials such as syrups have begun to soar just too much,” an offici

Jan. 6, 2022

[CES 2022] Coway introduces smart sleep and air care technology

Coway introduced its latest home appliances at the Consumer Electronics Show 2022 in Las Vegas on Wednesday, highlighting its smart solution-embedded products such as mattresses, water purifiers, air purifiers and bidets. Under theme of “We innovate for your better life,” Coway showcased the adjustable Smart Care Air Mattress which has been applied with its patented technology.  According to the company, its mattress can detect the user’s body pressure and sleeping posit

Jan. 6, 2022