Business
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Samsung Electronics not to slash investment or production this year
SEOUL -- Samsung Electronics has made it clear that it will not reduce investment or production this year in the face of its deteriorating performance and falling global demand for semiconductors. The clarification came on January 31 when Samsung, the world’s largest memory chip and smartphone maker, announced its disappointing earnings results for 2022. The company said that its sales hit an all-time high of 302.23 trillion won ($245.55 billion) last year, up 8.1 percent
February 1, 2023 -
Bio-venture unicorn GI Innovation prepares for stock market debut
SEOUL -- Bio-venture unicorn GI Innovation is preparing for the company's debut in South Korea's stock market in March. The bio-venture said it will submit registration document to the Financial Services Commission and start the listing process in February. The bio-venture unicorn has two main pipelines -- "GI-101," an immunotherapy agent, and "GI-301," an allergy treatment drug candidate. The company forged license agreements with Yuhan, a pharmaceuti
January 31, 2023 -
US utility company AEP to receive $86 mln worth of transformers from Hyundai Electric
SEOUL -- Hyundai Electric, a domestic electrical equipment manufacturer and energy solution provider, has clinched an order worth 106.2 billion won ($86 million) to supply transformers to American Electric Power (AEP), a U.S.-based electricity utility company that oversees power distribution in 11 states. A total of 3,500 transformers crucial in power grids for residential areas will be provided to the U.S. company with some 5 million customers. Data cited by Hyundai Electric showe
January 31, 2023 -
IMF slashes South Korea's 2023 economic outlook to 1.7 percent
SEOUL -- The International Monetary Fund (IMF) lowered its 2023 growth projection for South Korea to 1.7 percent from its earlier figure of 2 percent. The fund made the 0.3 percentage-point downward revision in a quarterly update to its World Economic Outlook report released in Singapore on January 31. It also revised down its 2024 outlook for Korea to 2.6 percent from the previous prediction of 2.7 percent. The lowered projection is in contrast to the IMF’s upward revi
January 31, 2023 -
Industrial output falls 1.6% in December amid economic slowdown
SEOUL -- Industrial production in South Korea decreased 1.6 percent in December 2022 from a month earlier as the manufacturing sector took the brunt of an economic downturn, according to data released by Statistics Korea on January 31. The fall was the steepest since industrial production declined 1.8 percent month-on-month in April 2020 following the outbreak of the COVID-19 pandemic. It came after industrial production increased 0.4 percent in November. Industrial productio
January 31, 2023 -
Marine ministry to invest $295.1 mln to accelerate distribution of eco-friendly vessels
SEOUL -- South Korea's marine ministry will inject 362.3 billion won ($295.1 million) into the private and public sectors in 2023 to accelerate the development and deployment of eco-friendly vessels that use liquefied natural gas, hydrogen, or electricity as their main source of fuel in a bid to reduce the emission of greenhouse gases by 50 percent in 2050, compared to the total amount (11.8 million tons) emitted by ships in 2017. Through a 30-year roadmap to go drastically red
January 30, 2023 -
Domestic service industry suffers cumulative trade deficit of $252 billion
SEOUL -- The domestic services industry needs to take measures to reduce its snowballing trade deficit, the Korea Enterprises Federation (KEF) said in a report on January 29. The KEF estimated the services sector’s cumulative trade shortfall at $252.9 billion (321.3 trillion won) between 2000 and 2021. The figure was in contrast to an average surplus of $727.3 billion for G-7 industrialized countries. South Korea’s loss was less than Germany’s shortfall of $
January 30, 2023 -
Lifting of indoor mask mandate unlikely to help improve consumer sentiment
SEOUL -- South Korea’s lifting of the mask mandate for most indoor places on January 30 is unlikely to help speed up an economic recovery immediately. Economists said it is uncertain if the improved COVID-19 situation will be a shot in the arm for the slumping economy, pointing out that runaway inflation and high interest rates are still weighing on consumer sentiment. Soaring heating bills this winter and an anticipated hike in public utility charges are predicted to force
January 30, 2023 -
South Korea's passenger car exports hit all-time high of $49 billion in 2022
SEOUL -- South Korea’s passenger car exports reached a record high of $49.02 billion last year, helped by rising global demand for eco-friendly models, according to the Korea Customs Service (KCS) on January 30. The sum represented a robust 15 percent increase from 2021. The number of exported cars climbed 10.1 percent year-on-year to 2.31 million units. The KCS said the upbeat performance was attributed to a surge in the shipments of environmental-friendly cars, a stabil
January 30, 2023 -
KT's financial services wing partners with Mongolia's central bank to establish payment linkage system
SEOUL -- BC Card, the financial services wing of South Korea's major telecom company KT, will work with the central bank of Mongolia to establish a payment linkage system between South Korea and Mongolia. Mongolians can use their national payment system using automatic teller machines in South Korea. According to data released by South Korea’s foreign ministry, 39,746 Mongolians were living in South Korea as of June 2022. A total of 113,864 Mongolian tourists visited Sout
January 30, 2023
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Top security officials of South Korea, US, Japan discuss NK troop deployment to Russia
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Veteran actress Kim Soo-mi dies at 75
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VISUALS: Extreme sports festival kicks off at Gwanghwamun
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South Korea, U.S. defense chiefs to hold talks in Washington
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North Korean troops in Russia are Moscow's 'business,' Putin says
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LG Electronics heat pump to win innovation award at US expo
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PHOTOS: Korea observes Dokdo Day
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Hyundai Mobis posts 31.6% jump in Q3 operating profit
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Old movies make comeback to theaters with nostalgic appeal
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Cyclonic storm makes landfall on eastern Indian coast