Business
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BOK raises interest rate again to 3.5% to tame inflation
SEOUL -- The Bank of Korea (BOK) increased its key interest rate by 0.25 percentage point to 3.5 percent to tame inflation on January 13. It marked the seventh consecutive rate hike by the central bank since April 2022. “We concluded that it was necessary to increase the interest rate to ensure price stability as inflationary pressure still remains high and prices are expected to stay above the target rate for a considerable period of time,” the BOK’s rate-setting
January 13, 2023 -
LG Uplus to acquire subsidiary's EV charging service business division
SEOUL -- LG Uplus, a major mobile carrier in South Korea, will make a foray into the country's rapidly growing electric vehicle charging service industry by acquiring the EV charging business division of LG HelloVision, the cable television network wing of the mobile carrier. South Korea with more than 25 million registered vehicles has 340,700 EVs registered as of the third quarter of 2022. According to the trade ministry, the domestic sales of EVs are increasing by some 80 pe
January 13, 2023 -
Korea to increase nuclear energy reliance to 32.4% by 2030
SEOUL -- South Korea has decided to increase the proportion of nuclear energy to 32.4 percent of its total power generation by 2030 and further to 34.6 percent by 2036, according to a long-term energy plan released by the Ministry of Trade, Industry and Energy on January 12. The ministry also plans to raise the share of renewable energy to 21.6 percent by 2030, down 8.6 percentage points from the 30-percent target set by the previous Moon Jae-in administration. The proportion will
January 13, 2023 -
Kakao Entertainment attracts $963.8 million investment from global funds
SEOUL -- Kakao Entertainment Corp., South Korean tech giant Kakao Corp.’s entertainment and media unit, has attracted investment worth 1.2 trillion won ($963.8 million) from two global sovereign wealth funds, the company said on January 12. According to the company, Saudi Arabia’s Public Investment Fund (PIF) and Singapore’s Pwarp Investment PTE have decided to invest 600 billion won equally in Kakao Entertainment. Kakao said that the sum is the largest invest
January 12, 2023 -
Businesses worried about China's potential retaliation following pandemic-related visa dispute
SEOUL -- South Korean businesses are concerned about a potential trade retaliation by China following Beijing’s decision to suspend short-term visas issuance and transit visa exemption for South Korean and Japanese citizens. Such concerns have arisen since the Chinese immigration office said on January 10 that South Korean and Japanese travelers cannot enjoy transit visa exemption which is to allow them to stay in a Chinese city for 72 hours to 144 hours while transiting thro
January 12, 2023 -
Number of jobs increases by 810,000 in 2022, hitting 22-year high
SEOUL -- The number of jobs increased by 810,000 to 28.08 million last year from a year before, boosted by stable economic growth and a return to normal life from the COVID-19 pandemic, according to Statistics Korea. The increase was the largest since 2000 when the number climbed by 882,000. The previous record was set in 1987 when the figure rose by 849,000. Gong Mi-suk, director in charge of social data at the statistical office, said that the boom in the job market was attri
January 11, 2023 -
LINE's subsidiary partners with blockchain company to co-develop global NFT platform
SEOUL -- LINE NEXT, the non-fungible token-based service development wing of global messenger platform operator LINE, has forged a partnership with Finger Labs, a blockchain developer operated by digital marketing company Future Stream Networks, to co-develop a global NFT platform. A blockchain is a decentralized network where all connected users have a virtual ledger. When a change is made to a ledger, the same change is simultaneously made to all other ledgers, making the network
January 11, 2023 -
Businesses reduce production targets amid economic slowdown
SEOUL -- Domestic businesses have begun to reduce their production targets, battered by soaring inflation and high interest rates. Industry sources said that it is inevitable for companies to cut down on production as the economic downturn is likely to persist at least in the first half of this year. They warned that the production reduction could create a vicious cycle of growing unemployment, falling consumption, and sluggish investments. The output target cut by large fi
January 11, 2023 -
SwRI to work with Korean automotive technology researchers for autonomous vehicle-related projects
SEOUL -- The Southwest Research Institute, a Texas-based nonprofit organization specializing in smart mobility, has partnered with an automotive technology research institute in South Korea to gain a competitive edge in self-driving technology. Various projects such as pedestrian behavior prediction and automatic speed control technology will be carried out. The Korea Automotive Technology Institute (KATECH) said in a statement that it has partnered with the Southwest Research Inst
January 10, 2023 -
Current account swings back to deficit in November
SEOUL -- South Korea posted a current account deficit again in November last year amid a steep fall in memory chip exports, according to the Bank of Korea on January 10. The BOK said the deficit was estimated at $620 million, compared to a surplus of $682 million a year before. The shortfall came after the current account returned to a surplus of $880 million in October. The current account, a broad measure of a nation’s global trade in goods and services as well as net e
January 10, 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