Economy

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  ​BOK freezes key rate at 3.5% amid deteriorating economic outlook SEOUL -- The Bank of Korea has decided to freeze its key interest rate at 3.5 percent, halting 17 months of continued rate hikes amid the deteriorating economic outlook. The central made the decision on February 23 after holding a Monetary Policy Board meeting. The rate freeze came as the South Korean economy continues to slow down after it began to contract in the fourth quarter of last year amid sluggish exports and sagging domestic demand. Leaving the rate unchanged at the c 2023-02-23
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  ​Producer prices rose 0.4% in January, driven by soaring electricity charges SEOUL -- Producer prices rose 0.4 percent last month from December, driven by soaring electricity charges, according to data released by the Bank of Korea (BOK) on February 23. The produce price index increased to 120.29 in January, up 0.4 percent from a month before. The rise came after the index fell 0.3 percent in November and 0.4 percent in December. Compared with the January 2021 figure, the price index jumped by 5.1 percent. "The producer price increase was attribute 2023-02-23
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  LG Uplus to release metaverse platform for young children SEOUL -- South Korea's mobile carrier LG Uplus will roll out a metaverse-based platform that enables young children to interact with each other and learn about animals and dinosaurs using avatars. The virtual platform incorporated functions capable of filtering profanity while chatting and reporting those who behave inappropriately. LG Uplus (LGU+) said in a statement that the company will release the open beta version of KidsTopia, a metaverse platform for children aged up to 2023-02-22
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  South Koreans taking brunt of higher inflation and fewer jobs SEOUL -- South Koreans are bearing the brunt of pains arising from higher consumer prices and fewer jobs amid the economic slump, according to an analysis of official data by Rep. Kim Hoi-jae of the main opposition Democratic Party (DP) on February 22. Kim said that the so-called misery index jumped to 8.8 last month, hitting the highest since it peaked at 9.2 in July 2022. The index is calculated by adding the consumer inflation rate (5.2 percent) to the unemployment rate (3.6 per 2023-02-22
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  ​LG Energy Solution ties up with Ford and Koc Holding to build battery plant in Turkey SEOUL -- LG Energy Solution (LGES), the battery-making wing of South Korea's LG Group, will build a battery plant at an industrial zone near Turkey's capital city to solidify its position in the European electric vehicle market. The factory established through a joint venture with a U.S.-based automobile manufacturer, Ford, and Turkey's conglomerate Koc Holding, would produce batteries for commercial vehicles in Europe. Data released by database company Statista s 2023-02-22
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  South Korea suffers 22.6 percent fall in trade with Russia amid war in Ukraine SEOUL -- South Korea's volume of trade with Russia nosedived 22.6 percent to $21.15 billion in 2022 from a year before, affected by the latter's war with Ukraine, according to a report by the Korea International Trade Association (KITA) on February 21. The KITA said that the plunge was in contrast to an average growth rate of 11.4 percent in 36 major countries' trade with Russia. India's trade with Russa skyrocketed 237 percent year-on-year last year, followed by Gr 2023-02-22
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  S. Korea to beef up key strategic industries under 'New Growth Strategy 4.0' SEOUL -- The Ministry of Economy and Finance has announced a new growth strategy to help South Korea keep its technological competitive edge in the country’s three strategic industries -- semiconductors, batteries and displays. On February 20, the ministry unveiled "New Growth Strategy 4.0" aimed at finding new economic engines. It plans to work out more than 30 detailed tasks to support the key industries. The ministry said that it will begin to implement around 2023-02-21
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  Avikus to provide autonomous boat solution 'NeuBoat' for recreational boat owners in US SEOUL -- Avikus, an autonomous shipbuilder affiliated with South Korea's Hyundai shipbuilding group, will demonstrate its autonomous boat solution called "NeuBoat" in the United States. The company will begin a beta-test for its autonomous boat solution involving participants selected from visitors of an annual global boat show held in Miami. According to data released by market research firm Mordor Intelligence, the global recreational boating market which stood at 2023-02-20
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  LG Electronics receives vehicle cybersecurity certificate from UNECE SEOUL -- LG Electronics is seeking to strengthen its global competitiveness in the global automobile market by receiving Cybersecurity Management System (CSMS) certification. The certification allows the electronics giant to provide various components including infotainment systems mainly in Europe. The South Korean electronics maker said in a statement on February 20 that it has received a vehicle CSMS certification from the international certification testing organization, TUV 2023-02-20
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  ​Manufacturing confidence improves for March, raising hope for economic rebound SEOUL -- South Korea's manufacturing confidence for March improved for the fourth straight month, raising hope for a rebound in both exports and domestic demand, a survey by the Korea Institute for Industrial Economics & Trade (KIET) said February 20. The KIET-devised professional survey index (PSI) for the manufacturing sector's business conditions stood at 101 for next month, up from 90 for February. The index showed an upward movement for the fourth straight month. 2023-02-20
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  ​Ticketing agencies Interpark and Triple to adopt luggage tracking service for first time SEOUL -- Interpark, a popular online ticketing agency operated by South Korea's online leisure and accommodation service company Yanolja, and its brother company Triple will adopt a real-time airport luggage tracking service for the first time as a travel and leisure ticket seller in the country. According to Incheon International Airport, South Korea's main gateway, an annual average of 62.6 million luggage is processed at the airport and about two out of every one million 2023-02-20
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  [Weekly Stock Market] Investors to focus on BOK's interest rate decision SEOUL -- The benchmark Korea Stock Price Index (KOSPI) ended last week slightly lower closing at 2,451.21 points (-0.75 percent) pressured by higher-than-expected U.S. inflation and consumer data which all increased the likelihood 2023-02-19
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  ​LG Chem acquires 5.7% stake in US lithium firm to secure material for EV batteries SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, has signed a deal with U.S.-based Piedmont Lithium to acquire a 5.7 percent stake in the latter for $75 million (96 billion won), the company said February 17. LG said that the contract is aimed at securing a stable supply of lithium, a key material for the production of electric vehicle batteries. Through the investment, LG Chem has won rights to preferential negotiations with Piedmont for the purchase of 10,000 2023-02-17
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  State footwear tech institute commercializes new outsole production technique SEOUL -- A joint research team led by a footwear technology institute operated by the trade ministry has developed and commercialized an outsole production technique that saves time and costs. Outsoles made using the technique is about 27 percent lighter than conventional soles. Normally, an outsole, the most-outer layer of a shoe foot sole, is manufactured through seven or eight steps that involve the molding, cutting, buffing, cleaning and drying of the rubbery layer before it 2023-02-17
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  ​$115 million fund to be created to help develop low-carbon steel products SEOUL -- The Ministry of Industry, Trade and Energy plans to create a 150 billion won ($115 million) fund jointly with domestic steelmakers to help them develop low-carbon products. The ministry announced the plan on February 16 as part of a steel industry development strategy to promote steelmakers' transition to a low-carton production structure. The creation of the fund is aimed at coping with the Carbon Border Adjustment Mechanism (CBAM) adopted by the European Union (E 2023-02-17
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  SK geo centric to build plastic recycling factory in France's northeastern region SEOUL -- SK geo centric, a chemical company affiliated with South Korea's SK Group, will jointly build a plastic recycling factory with SUEZ, a France-based water and waste management company, and Canadian plastic recycling company Loop Industries, in the northeast region of France. The factory with an annual production capacity of 70,000 tons will be completed in 2027. The construction project is followed by SK geo centric's agreement with the two companies in June 2022 to 2023-02-17
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  Samsung develops air purification filter technique capable of simultaneously capturing particulate matter and volatile organic compounds SEOUL -- A research institute affiliated with Samsung Electronics has developed an air purification filter technology capable of capturing particulate matter and harmful air pollutants called "volatile organic compounds (VOCs)" at the same time. Commercialization of the filter that can be used for up to 20 years can help various air conditioning facilities with separate filters for each hazardous material reduce filter regeneration costs and improve space efficiency. Curr 2023-02-16
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  South Korea's sovereign wealth fund suffers largest loss of $29.7 billion in 2022 SEOUL -- South Korea's sovereign wealth fund showed the worst performance last year since it was created in 2005, logging a loss of $29.7 billion (38 trillion won) due to falling stock prices and volatile debt markets, according to the fund's operator Korea Investment Corporation (KIC) on February 15. In a KIC report submitted to Rep. Yang Kyung-sook of the main opposition Democratic Party of Korea (DPK), the sovereign fund posted a 14.36 percent loss in 2022 as it suffered 2023-02-15
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  ​411,000 jobs added in January, posting lowest growth in 22 months amid economic slowdown SEOUL -- South Korea added 411,000 jobs to the economy in January, recording the lowest job growth in 22 months, Statistics Korea said February 15. The slow job growth was attributed to an economic slowdown and the falling population. The number of employed people increased by a mere 1.52 percent, or 411,000, to 27,363,000 last month from a year earlier, according to the statistical office. The payroll increase has continued to slow down since 935,000 jobs were added in May 20 2023-02-15
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  CJ Cheiljedang becomes first S. Korean company to exceed $8 billion in food sales SEOUL -- CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, has recorded 11.1 trillion won ($8.75 billion) in food sales in 2022. The company which gained global popularity through a Korean cuisine brand called "Bibigo" has become the first domestic company to exceed food sales of 10 trillion won. Cheiljedang has strived to gain a competitive edge in the global market and nurture Bibigo as a global brand. The company acquir 2023-02-14