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The Korea Herald

Market Now

May 18, 2022
Criticisms grow as car buyers are pushed to pay more on delayed orders

Consumer criticisms are mounting as the country’s carmakers are unable to meet delivery deadlines due to ongoing supply shortages, and even obligating customers to pay more to get the latest edition models. As carmakers like Hyundai Motor stop manufacturing the older versions of a vehicle when a ...
May 18, 2022
Level 4 self-driving Ioniq 5 starts delivering food in California

Hyundai Motor’s Ioniq 5, loaded with Level 4 self-driving technology, has started delivering food in California. Motional, a US autonomous vehicle company that Hyundai Motor Group and US mobility startup Aptiv formed, and Uber Eats began operating their pilot automated delivery service in Santa M...
May 18, 2022
Renault XM3 Inspire comes with better design, more tech

Renault Korea Motors has added a new trim called Inspire to its XM3 SUV, which has been lauded for its distinct, upscale design. Named after the show car unveiled at the 2019 Seoul Motor Show, XM3 Inspire comes in two colors -- cloud pearl and sonic red. The Inspire trim of the compact SUV featur...
May 18, 2022
Corporate Korea expects Biden’s IPEF to resolve supply disruption, Japan ties

Korean businesses have pinned high hopes on the imminent launch of a new US-led economic initiative, called the Indo-Pacific Economic Framework or IPEF, in tackling supply chain disruptions and improving soured ties with Japan. But they remained cautious about the new platform’s anti-Chinese unde...
May 18, 2022
WeWork Korea looks to ‘export’ its premium service overseas

WeWork Korea CEO Patricia Chun said Tuesday that the company is considering launching its premium office service in the global market, driven by soaring demand for worker-friendly and customized official rental services. Launched on May 1, the WeWork premium service is available at its Seoul Squar...
May 18, 2022
Ex-employees of Samsung chip vendor indicted in tech theft case

Two former employees of Semes, a Samsung Electronics subsidiary and key semiconductor chip-related equipment supplier, have been indicted for their alleged involvement in technology theft. The two former Semes staffers were allegedly involved in selling crucial wafer cleaning machines -- believed ...
May 18, 2022
Korean food tours for foreigners launched

SEJONG -- A program aimed at introducing Korean food to foreigners kicked off Monday, the Ministry of Agriculture, Food and Rural Affairs said Tuesday. The program, which consists of a total of 20 food tours, will run between May and November this year in Seoul and across the country. Foreign res...
May 18, 2022
SK inks strategic ties with TerraPower

SK Group said Tuesday it has signed an agreement with TerraPower, a US-based nuclear power reactor design company, to solidify the groupwide push to reduce carbon emission. But the second-largest conglomerate in South Korea did not disclose a plan for investment in the company. Under the plan, SK...
May 18, 2022
Amid buyout talks, SsangYong to launch new electric SUV Torres

South Korean sports utility vehicle maker SsangYong Motor unveiled the Torres on Tuesday, a new mid-size electric SUV to be launched next month. The presentation of the new vehicle came amid growing financial pressure on the SUV maker, which has been struggling to find a new suitable buyer. The n...
May 18, 2022
Surge in embezzlement fuels calls for tougher oversight

A recent report that three employees had stolen 3 billion won ($2.3 million) from South Korea’s biggest cosmetics maker Amorepacific in the wake of other huge embezzlements at the country’s major banks is fueling calls for tougher oversight. The employees at the cosmetics maker had allegedly use...
May 17, 2022
Corporate Korea gears up for Biden’s state visit

More chaebol groups are expected to join a business roundtable meeting held on the sidelines of summit talks between South Korean President Yoon Suk-yeol and US President Joe Biden later this week as a reflection of the growing presence of Korean businesses spending big in the US recently. Preside...
May 17, 2022
Gift tax exemption may expand from W50m

SEJONG -- The Yoon Suk-yeol administration is considering increasing the amount of wealth that can be given to children tax-free, documents from relevant ministries showed Monday. Currently, the authority does not levy gift taxes on capital transfers from parents or grandparents as long as they to...
May 17, 2022
Audi, Volvo vie for No. 3 importer in Korea

Volvo is close to catching up to German automaker Audi, which kept its title as the third top selling foreign car brand in South Korea, data showed Monday. According to Korea Automobile Importers & Distributors Association, Volvo Korea sold a total of 1,332 units in April, overtaking Audi Korea, w...
May 17, 2022
[Newsmaker] Creator of Korean-made cryptos under siege after wiping out $37b

South Korean entrepreneur Do Kwon was a rising star of the global digital asset market when his company Terraform Labs launched the cryptocurrencies UST and luna with the goal of achieving a decentralized economy four years ago. His stardom reached its peak as the price of luna skyrocketed to over...
May 17, 2022
BOK chief says ‘big-step’ rate hike still on the table

South Korea has yet to arrive at a stage where the option of a “big step” or half a percentage point rate hike can be completely ruled out, with the possibility of higher inflationary pressure looming over the economy, the nation’s central bank chief said Monday. Following his breakfast meeting...

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