Shinsegae Group’s anti-protest policy in breach of constitution: lawmaker

Retail giant Shinsegae Group is in breach of the constitution over its workplace policy that prohibits employees from partaking in political activities, lawmaker Song OK-joo’s office said on Tuesday. Supermarket chain Emart has a workplace policy banning staff from distributing handouts or putting up banners and posters as well as staging a protest without permission from the company, a review of the company’s internal rules found. Rep. Song’s office found that a similar work

Oct. 12, 2021

Eastspring's Korea head to serve 4th term

Eastspring Asset Management Korea said Tuesday that its incumbent Chief Executive Officer Park Chun-woong would serve a fourth term and remain in office until 2024. The decision was made in a shareholders meeting Friday, according to the company, which is fully owned by London-based insurance firm Prudential. Park took the helm at Eastspring’s South Korean unit in 2012. Its assets under management came to 11.5 trillion won ($9.6 billion) as of end-September, the 20th-highest amount fo

Oct. 12, 2021

Tax revenue rises for 8th straight month in Aug.

South Korea's tax revenue rose for the eighth straight month in August amid an economic recovery and a boom in asset markets, the finance ministry said Tuesday. The country collected 24.6 trillion won in taxes in August, up 600 billion won from a year earlier, according to the Ministry of Economy and Finance. The government said tax revenue has increased so far this year as corporate tax income has risen in line with the economic recovery, while a boom in the stock and property markets jacked

Oct. 12, 2021

Seoul stocks open lower on US losses

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street, with tech shares weighing on the main index. The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.89 points, or 1.01 percent, to 2,926.41 in the first 15 minutes of trading. The Dow Jones Industrial Average retreated 0.7 percent to 34,496 as a global energy crunch increased concerns about inflation. The tech-heavy Nasdaq composite declined 0.6 percent to 14,486. The Korean stock market closed Monda

Oct. 12, 2021

KT&G to build forest to help tackle climate crisis

South Korea‘s top tobacco maker KT&G plans to build a forest as part of their efforts to help tackle the global climate crisis. The opening ceremony for the project took place last Wednesday with officials from KT&G, Eastern Province Forest Service and social enterprise Tree Planet. The new project is designed to contribute to carbon neutrality with trees planted to pull in carbon dioxide and fine dust, helping reducing greenhouse gas. Once the forest has been built, the plan wi

Oct. 12, 2021

Celltrion seeks European approval for anticancer biosimilar

South Korean biopharmaceutical firm Celltrion Inc. said Tuesday that it has sought European approval for the sale of its anticancer biosimilar candidate. The European Medicines Agency will review Celltrion's application to sell CT-P16, which references Switzerland-based Roche Holding's blockbuster pill Avastin. Avastin, which kills cancer cells by removing blood vessels, is approved to treat numerous cancers, including metastatic colorectal cancer. Avastin raked in sales of 7.7 trillion won (

Oct. 12, 2021

Exports jump 63.5% in first 10 days of Oct.

South Korea's exports jumped 63.5 percent on-year in the first 10 days of October on the back of robust demand for chips, petroleum products and autos, customs data showed Tuesday. The country's outbound shipments stood at $15.2 billion in the Oct. 1-10 period, compared with $9.28 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 58.6 percent on-year to $17.6 billion, resulting in a trade deficit of $2.46 billion during the cited period, the data s

Oct. 12, 2021

S. Korea's exports of kimchi up 13.8% in Jan.-Aug.

South Korea's exports of kimchi climbed nearly 14 percent in the first eight months of 2021 on growing overseas demand for healthier food amid the new coronavirus pandemic, data showed Tuesday. Outbound shipments of kimchi reached $111.5 million in the January-August period, up 13.8 percent from a year earlier, according to the data from the Korea Customs Service and the food industry. In contrast, imports of kimchi shrank 9.7 percent on-year to $86.1 million over the cited period, resulting i

Oct. 12, 2021

Taxes and more taxes to make Lee’s vision real

Lee Jae-myung, the ruling Democratic Party’s standard bearer in next year’s presidential election, is hoping to establish several new taxes, which would support his basic income plan. And as much as his universal benefit policy would weigh on the country’s fiscal management –- a minimum 1 million won ($890) subsidy to every individual each year -- the liberal politician is talking trillions of won in new tax revenues. A key measures that the Gyeonggi Province governo

Oct. 11, 2021

[News Focus] Ruling party presidential candidate vows universal subsidy

Gyeonggi Gov. Lee Jae-myung, named presidential candidate of the ruling Democratic Party Sunday, vowed to adopt universal basic income if elected, claiming that he would turn South Korea into the world’s first nation offering the subsidy package, even to the wealthy. In his acceptance speech on Sunday, Lee highlighted his “basic agenda package,” which is expected to be the backbone of his economy policy if elected president. The package consists of a universal basic income pla

Oct. 11, 2021

Lawmakers seek delay for crypto taxation

South Korea’s lawmakers are trying to push back controversial taxation on income from investing in cryptocurrencies, which is to be implemented from Jan. 1, 2022. The opposition People Power Party was drafting a proposal that eases capital gain taxes on cryptocurrencies and is expected to submit the bill as early as Tuesday. The People Power Party’s bill suggests a one-year delay for crypto gain taxation to 2023 along with a more generous tax redemption than currently planned. Th

Oct. 11, 2021

Hyundai Mobis develops a foldable steering system

Preparing for the era of self-driving cars, South Korean auto parts manufacturer Hyundai Mobis has unveiled a steering wheel that can be folded while not in use. The affiliate of Hyundai Motor said Monday that it has succeeded in developing the foldable steering wheel system that maximizes drivers comfort by allowing more space. It took around 2 years for the company to successfully develop the entirely new technology that has never been globally commercialized before and the company is curr

Oct. 11, 2021

Hyundai Motor chief to mark 1st year in office

Hyundai Motor Group Chairman Chung Euisun on Thursday will mark his one-year anniversary since taking office at the South Korean automotive group. With the new chief at the helm, Hyundai Motor has embarked on a journey of transforming into a future smart mobility company. According to Hyundai officials on Monday, Chung, who inherited the top job from his father and now honorary group chairman Chung Mong-koo last year, has always emphasized that the future lies on resolving problems that peop

Oct. 11, 2021

Hanwha Defense showcases K9A1, Redback at AUSA 2021, eyes US deal

Hanwha Defense said Monday it will showcase its advanced land defense systems at a major defense show in the US to expand its footprint in the market. Participating in the AUSA 2021 defense expo, set to kick off Monday, US time, in Washington, the Korean defense firm will display its flagship land defense platforms, including the K9 Thunder self-propelled howitzer and the Redback infantry fighting vehicle. Hosted by the Association of the United States Army, the event is the largest land power

Oct. 11, 2021

Will OECD's digital tax hurt Samsung Electronics, SK hynix?

A landmark deal to crack down on offshore tax havens, though initially designed to target digital economy behemoths such as Google and Netflix, has spilled over to South Korean chipmakers Samsung Electronics and SK hynix, though the degree of its impact remains unclear. On Friday, the world’s most powerful nations agreed to impose a 15 percent global minimum tax on companies with revenues above 750 million euros ($867.5 million). Also, those with revenues above 20 billion euros and a p

Oct. 11, 2021

Economy needs more attention from presidential runners: KCCI

South Korea’s business leaders on Monday asked political parties to put the economy on the front burner of the presidential election in March, delivering a list of economic agenda that need to be addressed by presidential candidates. The 73 board members of the Korea Chamber of Commerce and Industry, Korea’s largest private economic organization, said the letter outlined three propositions, 10 agenda items, five reform tasks and 70 action plans for political groups to consider in t

Oct. 11, 2021

[Newsmaker] Wealth gap widening among young Koreans: data

The wealth gap among young Koreans has widened, with data showing that familial transfer of wealth, not income differences, are aggregating the divide, a lawmaker said Monday. According to Statistics Korea data of two groups of Koreans between ages 20 to 30, the upper 20 percent of young Koreans accumulated 35 times more wealth than the lower 20 percent last year. The wealth gap increased from 776 million won ($650,000) in 2019 to 846 million won in 2020, according to Kim Hoe-jae, a member of

Oct. 11, 2021

GCF board endorses $1.2b for projects to support climate actions

The Green Climate Fund (GCF), an international organization on fighting climate change, has approved $1.2 billion in funding for 13 new green energy projects, South Korea's finance ministry said Monday. The board of the GCF, headquartered in Songdo of Incheon, west of Seoul, endorsed the funding plan for projects to help 44 emerging nations fight climate change, according to the Ministry of Economy and Finance. The UN climate fund also approved a plan to increase the number of its staff member

Oct. 11, 2021

Finance minister to leave for US to attend G-20 meeting

Finance Minister Hong Nam-ki will leave for the United States this week to attend a Group of 20 (G-20) meeting of finance chiefs and central bankers to discuss global economic and financial issues, the finance ministry said Monday. Hong will head to Washington on Tuesday to attend the G-20 Finance Ministers and Central Bank Governors' meeting set for Wednesday, according to the Ministry of Economy and Finance. The gathering is meant to lay the groundwork for the G-20 summit scheduled for Oct.

Oct. 11, 2021

Samsung partners with renowned directors to produce films with Galaxy devices

Samsung Electronics Co. said Monday it has partnered with some high-profile filmmakers to produce movies with its Galaxy smartphones as the South Korean tech giant aims to better promote its mobile devices. Samsung started a campaign called "Filmed #withGalaxy" with an aim to encourage people to expand their creativity with Galaxy smartphones. Joe Wright, who is best known for directing the romantic drama film "Pride and Prejudice," is the first participant of the campaign,

Oct. 11, 2021