Exports increase 12.4% in Dec. 1-10 period on strong chip demand

South Korea's exports grew 12.4 percent from a year earlier in the first 10 days of this month on strong shipments of chips, data showed Wednesday. Outbound shipments reached $17.6 billion in the December 1-10 period, compared with $15.6 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports gained 11.6 percent on-year to $19.1 billion, resulting in a trade deficit of $1.55 billion. Adjusted for the number of working days, daily average exports increas

EconomyDec. 11, 2024

ADB cuts S. Korea's 2025 growth forecast to 2%

The Asian Development Bank has lowered its 2025 growth outlook for the South Korean economy to 2 percent, Seoul's finance ministry said Wednesday. The latest figure marks a 0.3 percentage-point fall from its earlier projection presented in September, the ministry said, citing the latest report by the Manila-based bank. The projection is on par with the forecasts by the International Monetary Fund and the Organization for Economic Cooperation and Development, both of which have projected 2 p

EconomyDec. 11, 2024

Trade minister promises stable business environment in meeting with US lobby group

Trade Minister Cheong In-kyo vowed efforts to maintain a stable economic environment for foreign companies operating in the country while meeting with representatives from a US business lobby group in South Korea on Wednesday amid lingering political turmoil. Cheong's meeting with officials from the American Chamber of Commerce in Korea (AMCHAM) came about a week after President Yoon Suk Yeol's controversial martial law declaration, which caused significant uncertainties in the local b

EconomyDec. 11, 2024

Seoul shares open slightly higher as martial law probe gains traction

Seoul shares opened slightly higher Wednesday as a widespread investigation into President Yoon Suk Yeol's brief martial law declaration by various law enforcement agencies gained traction. The benchmark Korea Composite Stock Price Index added 6.44 points, or 0.27 percent, to 2,424.28 in the first 15 minutes of trading. The president faces a criminal investigation in connection with insurrection and other charges related to his short-lived martial law order last week. Earlier in the day, he

MarketDec. 11, 2024

S. Korea newly adds 123,000 jobs in November: data

South Korea's job growth picked up slightly in November compared to a month earlier but the manufacturing sector alone shed nearly 100,000 positions, data showed Wednesday, signaling potential challenges for the country's export-dependent economy. The number of employed people aged 15 years and older came to 28.82 million as of the end of last month, up 123,000 from a year earlier, according to the data compiled by Statistics Korea. Despite a slight improvement compared to the previous

EconomyDec. 11, 2024

Passage of budget bill may relieve uncertainties

The National Assembly on Tuesday approved next year's national budget of 673.3 trillion won ($470.5 billion), reduced from the government's original proposal under pressure from the majority-held main opposition bloc. The final package is a 2.5 percent gain from that of this year's but about 4.1 trillion won less than the government’s proposal. The bill passed 183-94 with 1 abstention in an assembly where the main opposition Democratic Party of Korea holds a majority of 170

IndustryDec. 10, 2024

Hana Financial reassures foreign investors amid political unrest

Hana Financial Group on Tuesday announced bolstered engagement with foreign investors and regulators, as market volatility intensifies amid South Korea's ongoing political turmoil. The group said that it sent letters to overseas investors on Monday, assuring them of the implementation of value-enhancement measures based on its commitment to improving shareholder rights and reinforcing its strong fundamentals. In October, the finance giant unveiled a corporate value-up plan, outlining target

IndustryDec. 10, 2024

Doosan's restructuring plan falls apart

Doosan Group’s business restructuring plan has fallen apart once again, after Korea’s martial law turmoil delivered a heavy blow to the stock market. Doosan Enerbility on Tuesday announced that it decided not to hold a temporary shareholders meeting on Friday this week after it held a board of directors meeting earlier in the day, indicating that the attempt to split off Doosan Bobcat, a subsidiary of Doosan Enerbility, and merge it with Doosan Robotics had to be scrapped. “Due

CompaniesDec. 10, 2024

[Photo News] Sound of tomorrow

LG Electronics on Tuesday unveiled its revamped wireless audio brand LG Xboom, in collaboration with US rapper and producer will.i.am as “experiential architect.” The brand’s wireless speakers come with a new sound identity and user-centric designs, including an AI-powered radio app for personalized content. Its Xboom Buds earphones, formerly LG Tone Free, have also been upgraded for their official debut at the upcoming CES tech show in Las Vegas in January. (LG Electronics)

TechnologyDec. 10, 2024

MBK proposes stock split for Korea Zinc

Private equity firm MBK Partners suggested a stock split for Korea Zinc as part of its initiatives to enhance the shareholder value of the troubled zinc smelter, which has been embroiled in a heated power struggle. While the MBK-Young Poong coalition and the current management of Korea Zinc, headed by Chairman Choi Yun-beom, continue a prolonged quarrel over the right to control the zinc smelter, the private equity house unveiled a set of initiatives to boost its shareholder value, including a s

IndustryDec. 10, 2024

[KH Explains] Crypto tax postponed again: Why Korea remains a rare case

Amid the rapidly expanding global virtual asset market, South Korea has decided to push back cryptocurrency trading taxation until 2027. On Tuesday, the National Assembly passed a revised Income Tax Act, which includes a two-year delay on taxing income from virtual asset trading, initially planned for implementation next month. The original plan proposed a 22 percent tax on annual crypto income exceeding 2.5 million won ($1,750) starting in January 2022 but has been delayed three times due to po

IndustryDec. 10, 2024

Samsung, SK’s investment blitz in US hit by soaring won-dollar rate

A sharp rise in the won-dollar exchange rate is deepening concerns among the nation’s top two chipmakers -- Samsung Electronics and SK hynix -- as they face snowballing financial burdens in their massive facility investments in the US. The Korean won has suffered price fluctuations following President Yoon Suk Yeol’s short-lived martial law declaration on Dec. 3. On Monday, the won soared to a two-year high of 1438.8 against the greenback. As of 3 p.m. Tuesday, the won-dollar rate re

IndustryDec. 10, 2024

Korea reaffirms readiness to respond as markets go on wild ride

South Korea’s top economic policymakers said the volatility in the finance and currency markets is excessive, calling on institutional investors to play a responsible role in the fluctuating market as they seek to cushion the blow of political strife incurred by President Yoon Suk Yeol’s declaration of martial law. “Attendees of the meeting agreed that although volatility in the financial and currency markets has been increasing recently, the volatility is somewhat excessive co

EconomyDec. 10, 2024

Corporate Korea braces for 2025 amid political turmoil

South Korea’s major conglomerates are bracing to navigate the economic and political shock waves unleashed by President Yoon Suk Yeol’s fleeting attempt at martial law last week, balancing containing the fallout and preparing for their business strategies for the coming year. The big four chaebol groups, including Samsung, SK, Hyundai Motor and LG, are set to hold strategy meetings later this month to finalize their plans for 2024. These meetings, typically held after annual leader

CompaniesDec. 10, 2024

KAI wins W1.1tr to supply tail wings for Boeing aircrafts

South Korean aircraft maker Korea Aerospace Industries said Tuesday that it has extended its contract with Boeing to produce empennage parts for the US aerospace giant’s 737 Max model. The extension will add 1.12 trillion won ($789 million) in sales to the existing contract. The Boeing 737 Max – the manufacturer's newest narrow-body model for short and medium-haul passenger flights – carries up to 230 passengers. KAI has provided vertical and horizontal stabilizers for the

MobilityDec. 10, 2024

Hanjin Logistics shares market penetration strategies with e-commerce sellers

South Korean logistics company Hanjin Logistics said Tuesday that it has hosted its “Unboxing Day” event, aimed at sharing marketing strategies and insights to help e-commerce sellers enter the global market. The event, which attracted around 390 attendees, featured an awards ceremony, panel discussions and networking opportunities. Following last year's inaugural event, Hanjin continued to honor key clients with awards. In the “Heritage” category, four clients were

IndustryDec. 10, 2024

Hyundai Motor accelerates generational shift in leadership

Hyundai Motor Group announced its annual executive appointments Tuesday, highlighting the global auto conglomerate’s focus on a generational shift to strengthen its pillars for future growth. Of the 239 promoted executives, 41 percent are in their 40s -- an almost twofold jump from the executive promotions in 2020. Hyundai Motor noted that it continued its performance-based approach for the appointments to reflect the efforts of key individuals and capitalize on record-breaking business

CompaniesDec. 10, 2024

Telegram downloads surge in South Korea after martial law

On the day of President Yoon Suk Yeol’s short-lived martial law declaration, the number of South Koreans installing Telegram surged dramatically, according to data released Tuesday. Telegram reached 47.09 percent of all messenger app downloads here on Dec. 3 — totaling 40,576 — nearly four times higher than the 9,016 recorded a day before, data from mobile big data platform IGAWorks showed. Yoon declared emergency martial law on the night of Dec. 3, only to reverse it the next

TechnologyDec. 10, 2024

Milwaukee Tools launches small yet powerful impact wrench

Milwaukee Tool Korea said Tuesday that it has launched a compact cordless impact wrench, powered by a 12-volt system. Founded in 1924 in Milwaukee, Wisconsin, the power tool maker has earned a reputation for producing durable, high-quality tools under the slogan, “Nothing But Heavy Duty.” The company expanded its global presence by establishing a Korean branch in 2022 and has since experienced steady growth here. Its new product, 12V Fuel Impact Wrench 1/2" III, delivers enhance

IndustryDec. 10, 2024

[Photo News] JB Financial eyes new home in Seoul

JB Financial Group Chairman Kim Ki-hong speaks at a ground-breaking ceremony of the Jeonju, North Jeolla Province-based financial group’s new office in Seosomun, central Seoul, Monday. The new 19-story building, set for completion by 2027, is located on a 2,665 square-meter site and boasts 39,963 square meters of floor space. JB’s holding company and key affiliates plan to relocate to the new building. (JB Financial Group)

IndustryDec. 10, 2024