Inflation growth hits near 10-year high in Oct. amid rising oil prices

South Korea's consumer prices grew at the fastest clip in almost a decade in October due to last year's low base effect and surging oil prices, data showed Tuesday, raising expectations that the central bank will hike its key rate this month. The consumer prices rose 3.2 percent in October from a year earlier, accelerating from a 2.5 percent on-year gain in September, according to the data compiled by Statistics Korea. Compared with a month earlier, consumer inflation inched up 0.1 percent. I

Nov. 2, 2021

Sales of Hyundai's green cars to reach new landmark in Nov.

Hyundai Motor Co., South Korea's top automaker, said Tuesday its annual sales of eco-friendly vehicles will likely exceed 100,000 units this month amid their growing popularity here. It would mark the first time that Hyundai's annual sales of green vehicles have surpassed the 100,000-unit level. The projection comes as domestic sales of Hyundai's hybrids, electric vehicles and fuel cell electric vehicles have spiked nearly 40 percent in the first 10 months of this year from a year earlier. In

Nov. 2, 2021

New home permits jump 22.5% this year

New home permits in South Korea jumped nearly 23 percent in the first nine months of the year amid high housing prices, government data showed Tuesday. Construction permits issued for new homes came to 358,990 units in the January-September period, up 22.5 percent from a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. New construction permits in the South Korean capital of Seoul spiked 62.2 percent to 62,516 over the cited period. New home permits issu

Nov. 2, 2021

Kakao Pay to go public on Wednesday

Kakao Pay, the mobile payment service arm of Kakao Corp., South Korea‘s top messenger app, will make its market debut on Wednesday, the country’s bourse operator said Monday. Kakao Pay has set the IPO price at 90,000 won (US$76.50) per share, which will enable the company to raise 1.53 trillion won through the initial public offering. Kakao Pay‘s market capitalization is expected to reach 11.7 trillion won after its market debut, which would rank the fintech firm among the to

Nov. 1, 2021

[MARKET EYE] NFTs, DeFi investors in Korea may face taxation

It’s not just cryptocurrencies -- South Korea has been witnessing rapid growth of other forms of digital assets such as nonfungible tokens and decentralized finance. Korean movie star Ha Jung-woo is one of the latest artists riding on the growing interest in the market as he sold his first digital artwork for 55.46 million won ($47,060) in August. Hybe, the management company behind K-pop sensation BTS, and Dunamu, the blockchain company that operates Upbit, the largest cryptocurrency

Nov. 1, 2021

VIG Partners seeks exit from Bodyfriend in over 6 years

South Korean midcap buyout fund VIG Partners said Monday it has selected domestic private equity firm Stonebridge Capital as the preferred bidder to sell its stake in massage chair company Bodyfriend. The selling price will be announced when the proposed buyer and seller sign a binding deal by the end of this year, according to VIG Partners. VIG Partners said in a statement the deal will prompt the fund house’s exit from the portfolio companies for its second flagship blind pool fund, c

Nov. 1, 2021

Sheraton Seoul D Cube to be turned into offices in Keppel-led deal

Keppel Investment Management, the South Korean arm of Singapore-based real estate investor Keppel Capital Holdings, has purchased Sheraton Seoul D Cube for 131.7 billion won ($117.9 million) to embark on a redevelopment project to turn the hotel into a commercial office building. In the latest indication that luxury hotels in Seoul are increasingly losing their luster, Sheraton Seoul D Cube, located in Guro-gu, western Seoul, shut down Sunday after opening in 2011, according to the hotel franch

Nov. 1, 2021

Shinhan acquires BNP Paribas’ non-life-insurance unit

Shinhan Financial Group said Monday that it has signed a deal to acquire BNP Paribas Cardif’s non-life-insurance subsidiary in South Korea in a bid to diversify its business portfolio to include the digital insurance sector. Through the share purchase agreement inked Friday, the Korean banking group will hold a 94.54 percent stake in BNP Paribas Cardif General Insurance, a firm that BNP Paribas Cardif and Shinhan Life jointly established in 2014. The transaction price was not disclosed,

Nov. 1, 2021

Kia's Oct. sales fall 19% on chip shortage

Kia Corp., South Korea's second-largest automaker, said Monday its sales fell 19 percent last month from a year earlier as extended global chip shortages weighed on its production. Kia sold a total of 217,872 vehicles in October, down from 268,729 units a year ago, the company said in a statement. Domestic sales dropped 21 percent on-year to 37,837 units last month from 48,009, while exports fell 18 percent to 180,035 from 220,720 during the cited period, it said. Kia said the continued chip

Nov. 1, 2021

Korea's exports hit second-largest ever $55.55b in Oct

South Korea’s exports rose on-year for 12 months in a row to $55.55 billion in October, its second highest monthly figure ever, as recoveries in major markets led to strong demand for semiconductors and petrochemical products. Overseas shipments last month surged 24 percent from a year ago, marking an eighth straight month of double digit growth, the Ministry of Trade, Industry and Energy said on Monday. The largest-ever monthly exports figure was 55.83 billion in September. “Desp

Nov. 1, 2021

GeneOne Life Science wins EMA nod for phase 2 clinical study of COVID-19 treatment

GeneOne Life Science’s investigational oral drug for COVID-19 has received regulatory approvals from the European Medicines Agency and Bulgaria to conduct a phase 2 clinical trial in Bulgaria, the Korean biotech firm said Monday. The Balkan nation is among the five regions where GeneOne Life Science plans to conduct phase 2 studies of GLS-1027. It is also the last of the five to give the company a go-ahead. The four others are the US, South Korea, Puerto Rico and North Macedonia. Gene

Nov. 1, 2021

[News Focus] Korea fastest in growth of household debt in OECD

SEJONG -- South Korea has become one of the several countries among the Organization for Economic Cooperation and Development’s 38 members to see household debt exceed more than double its disposable income. Further, Korea was the fastest member in terms of growth of outstanding household debt in 2020, recent data showed, as well as the fastest for the 2016-2020 period. According to the Paris-based organization, Korea’s outstanding household debt was equal to 201 pe

Nov. 1, 2021

AI can resolve pressing global issues, says Samsung Electronics’ vice chairman

Artificial intelligence may hold the key to many of the world’s pressing issues such as climate change, said Samsung Electronics Vice Chairman Kim Ki-nam on Monday. Speaking at an annual AI forum, hosted by his company, the senior executive stressed the wide-reaching capability of AI, not just for businesses, but for the betterment of humankind. “The advancement of AI is going beyond the electronics industry and expanding to various fields, such as basic science. We expect AI to

Nov. 1, 2021

Seoul stocks snap 3-day losing streak on bargain hunting, strong exports

South Korean stocks advanced Monday after a three-day loss, largely on investors' move to cash in the recent gains and strong exports in October. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.26 points, or 0.28 percent, to close at 2,978.94 points. Trading volume was moderate at about 469 million shares worth some 9.3 trillion won ($7.9 billion), with losers outnumbering gainers 496 to 358. Foreigners sold a net 358 billion won, whil

Nov. 1, 2021

Hyundai's Oct. sales fall 21% amid chip shortage

Hyundai Motor Co., South Korea's biggest carmaker, said Monday its sales fell 21 percent last month from a year earlier due mainly to global chip shortages. Hyundai Motor sold 307,039 vehicles in October, down from 387,197 units a year earlier, the company said in a statement. Domestic sales declined 12 percent to 57,813 units from 65,669, as the lack of semiconductor parts continued to weigh on vehicle production and sales, it said. Overseas sales dropped 23 percent to 249,226 from 321,528 a

Nov. 1, 2021

Renault Samsung's Oct. sales jump 54% on exports

Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday its sales jumped 54 percent last month from a year earlier on strong exports. Renault Samsung sold 11,627 vehicles in October, up from 7,533 units a year earlier amid the extended COVID-19 pandemic, the company said in a statement. Domestic sales fell 30 percent on-year to 5,002 units from 7,141, while exports soared to 6,625 units from 392 on robust sales of its SUV models, it said. Strong overseas demand for th

Nov. 1, 2021

Irregular workers with college degrees hit record high: data

South Korea saw its number of “non-regular” workers with four-year college degrees grow to an all-time high in August, data showed Monday, sparking concerns about the quality of jobs being created. According to data from Statistics Korea, the number of workers holding degrees from four-year colleges but employed on temporary or part-time contracts stood at 2.84 million, up 320,000, or 12.7 percent from a year earlier. It marked the highest since the agency started to compile such da

Nov. 1, 2021

SsangYong's Oct. sales plunge 53% on lower demand

SsangYong Motor Co. said Monday its sales plunged 53 percent last month from a year earlier on weaker demand for its models and a prolonged chip shortage. SsangYong Motor sold 4,749 vehicles in October, down from 10,197 units a year earlier, the company said in a statement. Domestic sales dropped 57 percent to 3,279 units last month from 7,612 a year ago, while exports declined 42 percent to 1,500 units from 2,585 during the same period, it said. From January to October, sales fell 22 percent

Nov. 1, 2021

Food maker Daesang gets new 65th anniversary logo

The South Korean food company Daesang has a new logo to mark its 65th anniversary. The new logo “reflects Daesang’s ambition to use the past 65 years as a steppingstone to leap into a global company continuing on for the next 100 years,” said Daesang Holdings CEO Choi Sung-soo. The group’s name now appears in lowercase letters that form a tree branching out into the sky. The changes signify the group’s commitment to sustainability and to the health of its custom

Nov. 1, 2021

All-out effort to revive spending as ‘living with COVID-19’ begins

As South Korea began “living with COVID-19” on Monday, lifting curfews on restaurants and cafes, major shopping events and discount coupon programs also kicked off in hopes of unleashing pent-up consumer demand. This year’s annual Korea Sale Festa, supported by the central government and 17 local governments, will involve over 2,000 companies -- the largest number since the first event in 2016, according to the Ministry of Trade, Industry and Energy. Tech giants including Sa

Nov. 1, 2021