Govt. to ease greenbelt restrictions in Seoul

The South Korean government announced it plans to supply more than 80,000 housing units in Seoul and adjacent areas over the next six years by removing restrictions on developing greenbelt areas in the capital for the first time in 12 years. The Ministry of Land, Infrastructure and Transport and Ministry of Economy and Finance on Thursday announced a real estate development plan that aims to stabilize the housing market amid soaring apartment prices in the capital. “The key to stabilizin

Aug. 8, 2024

Celltrion Q2 net profit drops 48%

Celltrion Inc., a South Korean biopharmaceutical company, said Wednesday its second-quarter net profit plunged 48 percent from a year earlier due to costs following a merger with its sales and marketing affiliate last year. Its net profit came to 78.5 billion won ($57.1 million), compared with 150.9 billion won a year ago, the company said in a regulatory filing. Its operating profit also decreased 60.4 percent on-year to 72.5 billion won, but sales jumped 66.9 percent to 874.7 billion won. Desp

Aug. 7, 2024

S. Korea reports biggest current account surplus in about 7 years in June: BOK

South Korea posted its largest current account surplus in about seven years in June, driven by robust exports led by semiconductors, central bank data showed Wednesday. The country's current account surplus reached US$12.2 billion in June, marking a surplus for two consecutive months, according to data compiled by the Bank of Korea. The June surplus is the largest since September 2017, when the surplus was $12.3 billion. The latest performance was driven by a robust goods account, which tot

Aug. 7, 2024

World Bank's digital chief vows to close digital divide

World Bank's new Vice President for Digital Transformation Kim Sang-bu outlined his mission to enhance the impact of digital technologies in accelerating development. "Digital technology has become a critical focus as the World Bank advances initiatives aimed at eradicating poverty," Kim said at a press meeting in Seoul on Tuesday. "A major challenge is ensuring that low-income countries without internet access can benefit from rapid advancements in artificial intelligence.&q

Aug. 6, 2024

Korean shares tank as global rout continues

South Korean shares dived more than 8 percent on Monday, triggering the stock exchange to temporarily halt the main Kospi and secondary Kosdaq markets, as investors were gripped by fear that the US economy may head toward a recession. A record 190 trillion won ($139 billion) was wiped off the Kospi market, as it tumbled 8.77 percent, or 234.64 points, to close at 2,441.55. This is the first time since the benchmark bourse opened that it has fallen by more than 200 points, recording the largest d

Aug. 5, 2024

FSC chief vows to curb household debts, stabilize financial market

The head of South Korea's financial regulator said Monday that he will redouble efforts to reduce high household debts via the implementation of tighter curbs. Kim Byoung-hwan, the chief of the Financial Services Commission, also said the regulator will remain vigilant against potential volatility in the financial market. "The very reason for our financial system's vulnerability to external shocks is relatively high indebtedness and dependence on debts," he said. "We nee

Aug. 5, 2024

China reclaims top spot of S. Korean products amid rising chip demand: data

China has once again become the leading destination for South Korean products in the first seven months of this year, driven by increasing demand for semiconductors, data showed Sunday. Exports to China surged 14.9 percent year-on-year to $11.4 billion in July, marking the highest monthly total in nearly two years since October 2022, according to data from the Ministry of Trade, Industry and Energy and the Korea International Trade Association. As a result of this substantial increase in July, C

Aug. 4, 2024

Seoul shares crash to 2-month low on US slowdown fears

Seoul shares tumbled by more than 3.5 percent on Friday as data fueled concerns over the US economy despite the Federal Reserve's rate-cut signals. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) plummeted 101.49 points, or 3.65 percent, to close at 2,676.19. The KOSPI has fallen 2 percent this week. Trade volume was heavy at 523.78 million shares worth 12.87 trillion won ($9.38 billion), with decliners far outnumbering gainers 868 to 58. I

Aug. 2, 2024

S. Korea's consumer prices rise 2.6% in July

South Korea's inflation picked up pace in July on high prices of fruits and petroleum products, though it stayed below 3 percent for the fourth consecutive month, data showed Friday. Consumer prices, a key gauge of inflation, rose 2.6 percent on-year last month, compared with a 2.4 percent increase a month earlier, according to the data from Statistics Korea. It was the first time in six months that the price growth accelerated. In January, inflation slowed to 2.8 percent, dropping below 3

Aug. 2, 2024

S. Korea's inflation picks up in July on high fruit, oil prices

South Korea's inflation picked up pace in July on high prices of fruits and petroleum products, though it stayed below 3 percent for the fourth consecutive month, data showed Friday. Consumer prices, a key gauge of inflation, rose 2.6 percent on-year last month, compared with a 2.4 percent increase a month earlier, according to the data from Statistics Korea. It was the first time in six months that the price growth accelerated. In January, inflation slowed to 2.8 percent, dropping below 3

Aug. 2, 2024

US Fed’s dovish signal puts Korean rate cut on table

The US Federal Reserve's signal for a key rate cut has paved the path for the Bank of Korea to embark on an interest rate-cutting cycle soon, amid concerns about surging household debts and currency volatility. After keeping the benchmark rate unchanged at a range of between 5.25 and 5.5 percent, US Fed Chair Jerome Powell hinted the Fed could bring down the rate soon on the condition the US economy follows its expected path. Fueled by the anticipation of the Fed’s rate cut, the value

Aug. 1, 2024

Buyout deals surface amid Qoo10 affiliates' exit rush

The local units of the cash-crunched Singapore-based Qoo10 group are scrambling to escape the sinking boat, with possible acquisition deals coming onto the table. Among the speculations was Chinese e-commerce platform AliExpress' buyout of the Korean online marketplace WeMakePrice, yet AliExpress Korea denied the rumor Thursday. "We are not considering acquiring WeMakePrice, and we confirm that we have not been contacted by the company," said an official from AliExpress Korea. Ear

Aug. 1, 2024

Overdue wages hit all-time high in H1: data

South Korea recorded an accumulated over 1.04 trillion won ($764 million) in overdue wages in the first half of this year, marking the highest-ever figure in either half of a year, government data showed Thursday. It marked the first time that overdue wages across the country had surpassed 1 trillion won, according to the Ministry of Employment and Labor. In total, 150,503 employees had overdue wages between January and June of this year. Last year's overdue wages had already marked an al

Aug. 1, 2024

Exports extend gains to 10th straight month in July

South Korea's exports extended on-year gains to the tenth straight month in July on the back of the robust performance of semiconductors, data showed Thursday. Outbound shipments rose 13.9 percent on-year to $57.4 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports added 10.5 percent on-year to $53.8 billion, resulting in a trade surplus of $3.62 billion. South Korea has been maintaining a trade surplus for 14 consecutive months. The com

Aug. 1, 2024

US mulling restrictions to keep Samsung, SK hynix, Micron from supplying HBM chips to China: Bloomberg

The United States is considering a new measure meant to prevent Samsung Electronics Co., SK hynix Inc. and Micron Technology Inc. from supplying high-bandwidth memory (HBM) chips to Chinese firms, Bloomberg reported Wednesday. Citing people familiar with the matter, the news outlet said that the US is weighing the unilateral restrictions on China's access to artificial intelligence (AI) memory chips and equipment capable of making those chips "as soon as next month," though no fin

Aug. 1, 2024

Fed freezes key rate for 8th straight time, hints at September cut possibility

The US Federal Reserve on Wednesday held its benchmark lending rate steady for an eighth consecutive time, while its chair said a rate cut could be "on the table" as soon as September if conditions are met. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to maintain the rate in the 5.25 to 5.50 percent range, a 23-year high, and pointed out "some further progress" toward its inflation target of 2 percent. Albeit in a cautious t

Aug. 1, 2024

Regulators look into shady cash flow within Qoo10

Once a prominent figure in the Korean e-commerce sector, Qoo10 Group's CEO Ku Young-bae is now facing allegations of a Ponzi scheme involving delayed payments amounting to thousands of billions of won for vendors on local online marketplaces Tmon and WeMakePrice. These accusations emerged after Ku disclosed during a National Assembly hearing on Tuesday that the Singapore-based parent company used assets from its Korean subsidiaries to acquire American e-commerce platform Wish in February. Ku dis

July 31, 2024

Bankruptcy fears loom large over Tmon, WeMakePrice

Qoo10 CEO Ku Young-bae pledged a "complete recovery of damages" related to the payment delays affecting its struggling e-commerce affiliates, Tmon and WeMakePrice, with government support. Addressing the National Assembly’s Political Affairs Committee on Tuesday, Ku's commitment followed the companies' court receivership filing the previous day. "We will be at a standstill if business operations halt now," Ku said, adding that, with minimal assistance, complet

July 30, 2024

Cash-strapped Tmon, WeMakePrice file for court receivership

Cash-strapped e-commerce platforms Tmon and WeMakePrice filed for corporate rehabilitation on Monday. The Seoul Bankruptcy Court announced that the two companies, embroiled in controversy over delayed payments amid a liquidity crisis at their Singapore-based parent, Qoo10 Group, have sought court-supervised restructuring. Corporate rehabilitation allows financially distressed companies to restructure their debts and operations. While this process enables the companies to continue their business

July 29, 2024

Industry minister vows to expand free trade portfolio for export target of $700b

Industry Minister Ahn Duk-geun on Monday pledged to make efforts to secure additional free trade agreements with more partners to achieve the annual export target of $700 billion, and offer tailored support for key products including chips and automobiles. Ahn made the remarks during a meeting of the parliamentary committee on trade, industry, energy, SMEs and startups, noting that such measures will help the country enhance its economic security. "We will expand the export market for South

July 29, 2024