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The Korea Herald

Markets

June 15, 2022
As US Fed decision looms, Kospi sinks under 2,500

Simmering fears over a sharper-than-expected US Federal Reserve rate hike amid red-hot US inflation dragged down South Korea’s benchmark Kospi below the 2,500 mark for the first time in 19 months on Tuesday. It closed at 2,492.97 points, after dipping to as low as 2,457.39 at one point. The Fed wi...
June 15, 2022
Large aircraft return to cover rising overseas travel demand

Large-sized aircraft that can fit around 400 passengers are set to return soon, as airliners are facing rapid growth in overseas travel demand. The country’s largest air carrier, Korean Air, will bring jumbo jets -- the B747-8i and A380-800 -- back for routes connecting Incheon to Los Angeles and...
June 14, 2022
Renault Korea Motors vows to stay committed to Korea

With big is beautiful still the mantra for many Korean drivers, small-car specialist Renault Korea Motors faces a challenge in the local market. So as the carmaker commits to the Korean market, new CEO Stephane Deblaise’s priority is designing a new car that suits Korean tastes and taking it to f...
June 14, 2022
Samsung chief cleared of violating work restrictions

Samsung Electronics Vice Chairman Lee Jae-yong has steered clear of a legal risk involving his alleged violation of a restriction on his employment that is effective until 2026. The Seoul Metropolitan Police decided not to refer the case involving the 53-year-old de facto leader of the nation’s l...
June 14, 2022
Kim Jae-youl elected first Asian ISU President

Kim Jae-youl, a council member of the International Skating Union, was elected president of the organization at the ISU Congress held on Friday in Phuket, Thailand. Kim, the brother-in-law of tech giant Samsung’s de facto leader Lee Jae-yong, has become the first non-European to lead the ISU sinc...
June 14, 2022
Gas prices likely to hit record-high in weeks

SEJONG -- Gasoline prices in South Korea are likely to hit an all-time high in the coming weeks in the wake of another spike in international crude prices, with prices climbing for more than 30 consecutive days. According to the Korea National Oil Corp., the nation’s benchmark gasoline price reac...
June 14, 2022
Lotte taps former Samsung Biologics executive to lead bio business

Lotte Biologics has picked Lee Won-jik, a former Samsung Biologics executive, to lead its biologics business as the company’s CEO. Born in 1977, Lee has over two decades of experience in global biologics and the pharmaceuticals industry, including working at the US Department of Health and Human ...
June 14, 2022
BOK chief signals July rate hike amid soaring inflation

Bank of Korea Gov. Rhee Chang-yong on Friday backed a “timely” rate hike to avoid any consequences from acting too late, ahead of a policy board meeting in July. The central bank has lifted interest rates already three times this year, doing so at every policy meeting, which experts say demonstr...
June 14, 2022
Kakao, Shinhan go online to lure young subscribers

South Korea’s tech giant Kakao and financial giant Shinhan are set to launch online- and mobile-only insurers by next month to attract millennial and Generation Z customers with affordable and simple products. Kakao’s mobile payment arm, Kakao Pay, is slated to launch its first general insurance...
June 14, 2022
Kakao Pay employees each lose W20m over stock dip

Kakao Pay employees who own shares in the company each lost an average 20 million won ($15,600) due to the mobile payment firm’s stock price plunge since January, reports said Sunday. The company’s employee stock ownership association purchased a total of 3.4 million shares in Kakao Pay at the p...
June 14, 2022
Cargo truckers’ strike deepens inflation, supply chain woes

South Korea’s unionized cargo truckers continued their sixth day of a general strike on Sunday, posing a fresh threat to the local economy amid lingering woes over higher inflation and supply chain disruptions. Cargo truckers here began a nationwide indefinite strike on Tuesday, urging the govern...
June 14, 2022
McDonald’s Korea back on sale after six years

McDonald’s Korea, the local unit wholly owned by the US fast-food giant, is seeking a new owner -- joining the latest burger chain sales rush here. The company confirmed Friday that its US headquarters is selling its entire stake in the Korean unit as well as its business license after its first ...
June 14, 2022
LG Energy Solution shares through eco-friendly projects

LG Energy Solution has continued to use its eco-friendly projects to enact positive social change. In late 2020, the company completed the construction of its 410-kilowatt solar power plant in Cheongju, North Chungcheong Province. The profit from this plant is expected to be 40 million won ($31,00...
June 14, 2022
Trade deficit hits $5.6b on decline in exports

SEJONG -- South Korea’s trade deficit, posted over the past five months on a cumulative basis, expanded during the first 10 days of June due to a decline in exports as well as a spike in import prices of raw materials including crude. The nation’s exports fell more than 12 percent during the Jun...
June 14, 2022
AMD’s next-gen server CPU standard signals ties with Samsung

The latest announcement of US logic chip designer Advanced Micro Devices’ next-generational processor standard for data center servers indicates that a collaboration with South Korean tech giant Samsung Electronics is imminent. This comes as AMD’s chip architecture in the making is to be compati...

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