Economy

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  NCSoft's operating profit jumps 49% to $442 million in 2022, driven by soaring mobile game sales SEOUL -- South Korea's top game publisher NCSoft Corp. enjoyed an operating profit of 559 billion won ($442 million) last year, up 49 percent from a year earlier on the back of soaring sales of mobile games, the company said February 9. NCSoft's sales rose 11.4 percent year-on-year to 2.57 trillion won in 2022 from 2021. Sales of mobile games surged 20 percent to 1.93 trillion won, accounting for 76.8 percent of the company's total sales. Its net profit jumped 14.4 perc 2023-02-09
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  About 70% of S. Korean teenage moviegoers visit theaters twice every month: survey SEOUL -- About 70 percent of teenage moviegoers visit theaters at least twice a month, a survey showed. Young movie enthusiasts also said that their favorite media channel they use to watch films is cinemas. Over-the-top services like Netflix and Disney Plus were their second-favorite media. South Korea's cinema industry was devastated in early 2020 when the first wave of the COVID-19 pandemic hit the country with a monthly average number of moviegoers of about 9.6 million in 2 2023-02-09
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  South Korea to invest $41.6 million in developing technologies for materials, parts, equipment SEOUL -- The South Korean Ministry of Trade, Industry and Energy has decided to invest 52.5 billion won ($41.6 million) in developing technologies in key materials, parts and equipment. The ministry said on February 7 that companies can apply for 96 technology development projects between February 8 and March 9 to get state R&D money. The planned investment is part of this year's state budget worth 937.6 billion won set aside for the technology development of materials, 2023-02-08
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  Kakao to emerge as second largest shareholder in SM Entertainment SEOUL -- South Korea's internet giant Kakao Corp. is expected to become the second largest shareholder in SM Entertainment, a domestic entertainment powerhouse, by purchasing a 9.05 percent stake in the agency, to secure a foothold in the music and content market. Lee Soo-man, the founder of SM credited with pioneering K-pop, heralded a legal battle against SM's executive boards for issuing new shares to sell them to Kakao. Kakao said in a statement on February 7 that the c 2023-02-08
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  ​Apple to release long-awaited digital payment service in S. Korea SEOUL -- American tech company Apple, famous for its iPhone and iPad models, will release its digital payment service in South Korea, about eight years after it was first released in the United States in October 2014. Apple is the last mover in South Korea where digital payment services including Samsung Pay have become part of people's everyday lives. The rumor about Apple Pay coming to South Korea has been around for years and the unproven story became real in early February 2023-02-08
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  7-Eleven's non-face-to-face offline secondhand trading service gains popularity among women SEOUL -- Convenience store franchise 7-Eleven's offline non-face-to-face secondhand item trading service is gaining popularity among women, which accounts for about 70 percent of total users. The convenience store operator said that women who are likely to be sensitive to safety issues favored non-face-to-face transactions. In most cases, secondhand trades in South Korea are done by selecting a place to meet and trade between a seller and buyer. Remote trading using local parce 2023-02-08
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  Current account swings back to surplus in December, helped by growing dividend income SEOUL -- South Korea's current account returned to a surplus in December on the back of growing dividend income after recording a deficit in November, according to data released by the Bank of Korea (BOK) on February 8. The country posted a $2.68 billion surplus in the current account in December, marking a reversal from a deficit of $220 million a month earlier. The sum, however, plunged 57.9 percent from $6.37 billion a year earlier. The current account is a broad measure o 2023-02-08
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  ​Cosmax develops texture perception solution capable of predicting cosmetic usability SEOUL -- Cosmax, a cosmetics original development manufacturer in South Korea, developed texture perception technology capable of predicting the performance of cosmetic products without actually using them. The solution can be used to create personalized products as it evaluates beauty products' spreadability through quantified values without involving subjective opinions. It's been difficult to evaluate the degree of spreadability and moisture as the usability of cosmetic 2023-02-07
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  Simens Gamesa partners with Doosan Enerbility for offshore wind power projects in S. Korea SEOUL -- Doosan Enerbility, a key player in South Korea's power industry, teamed up with Siemens Gamesa, a Spanish-German wind power solution producer, to carry out various offshore wind projects in South Korea. The South Korean manufacturer will adopt the Spanish-German company's offshore direct drive nacelle technology. A nacelle is a component of a wind turbine that houses various equipment including a shaft, gearbox, and generator. Although most wind turbines use a gear 2023-02-07
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  S. Korean firms concerned about possible deterioration in business environment in Vietnam: survey SEOUL -- South Korean companies doing business in Vietnam have concerns about a potential deterioration in the business environment in the Southeast Asian country, according to a recent survey conducted by the Korea Institute for Industrial Economics and Trade (KIET) and the Korea Chamber of Business in Vietnam (Kocham). Out of 326 surveyed Korean firms, 49.7 percent said they predict that the business environment there will get worse down the road. And 38 percent of them cited t 2023-02-06
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  India to benefit from US-China great power rivalry: BOK SEOUL -- The Bank of Korea (BOK) said February 5 that India is likely to benefit from the ongoing great power competition between the United States and China. The central bank said in a report that if China's role is reduced in the global supply chains due to conflicts between the U.S.-led Western democracies and authoritarian countries such as China and Russia, India could emerge as a beneficiary of the rivalry. The BOK took an example of Taiwan's Foxconn, the world 2023-02-06
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  Papa John's Korea releases first vegan pizza products in S. Korea SEOUL -- Targeting South Korea's steadily growing vegan population, the South Korean office of American pizza restaurant chain Papa John's has rolled out vegan pizza products for the first time among domestic pizza brands. The plant-based pizzas will be sold through more than 220 Papa John's stores across the country. South Korea's vegan meat market has been rapidly growing to meet demands from some 2 million vegans. Data released by the Korea Agro-Fisheries & F 2023-02-06
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  Fuel prices surge 31.7% in January, hitting highest level since April 1998 SEOUL -- Fuel prices skyrocketed more than 30 percent in January, driven by high global energy prices, according to the Korea Statistical Information Service (KOSIS). The state data portal said February 5 that the fuel price index surged 31.7 percent year-on-year to 135.75 last month, hitting the highest level since it soared 38.2 percent in April 1998 in the aftermath of the 1997 Asian financial crisis. Electricity charges jumped 29.5 percent, the highest since they climbed 2023-02-06
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  [Weekly Stock Market] Foreigners' buying spree likely to support market rally SEOUL -- Last week, the KOSPI initially began in negative territory with selling pressure experienced during Samsung Electronics’ investor earnings call which provided negative headline newsflow denoting no plans to reduce ca 2023-02-05
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  S. Korean economy to face 'serious slump' due to lack of growth momentum: think tank SEOUL -- The Korea Economic Research Institute (KERI) has revised down its 2023 economic outlook for South Korea to 1.5 percent from its previous projection of 1.9 percent. In a recent report, the institute affiliated with the Federation of Korean Industries (FKI) warned that the South Korean economy could enter the stage of a "serious slump" due to a lack of growth momentum. The think tank said the country will experience a lower growth, hit by sagging domestic dem 2023-02-03
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  Dutch semiconductor equipment firm ASM to invest $100 million in South Korea SEOUL -- Dutch semiconductor equipment manufacturer ASM has agreed to invest $100 million to set up a new factory and expand its research and development center in South Korea, according to the Ministry of Trade, Industry and Energy. The ministry said that it signed a memorandum of understanding (MOU) with ASM on the latter's investment plan in Korea. The MOU was initialed between Trade and Industry Minister Lee Chang-yang and ASM CEO Benjamin Loh at a Seoul hotel on February 2 2023-02-02
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  Foreigners buy 6.5 trillion won worth of local stocks in January, expecting economic recovery SEOUL -- Foreign investors rushed to buy South Korean stocks worth 6.48 trillion won ($5.3 billion) on a net basis in January on the back of the weak U.S. dollar and growing expectations of a global economic recovery, according to data released by the Korea Exchange (KRX) on February 2. The monthly net purchase by foreigners was the largest since they bought 6.95 trillion won in January 2012. Their net buying reached an all-time high of 8.46 trillion won in September 2013. Fo 2023-02-02
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  LGES to supply battery modules to commercial EV battery pack maker Freudenberg SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, signed a supply deal with a U.S.-based commercial electric vehicle battery pack maker called "Freudenberg e-Power Systems" to supply battery modules. Battery modules consist of cells, which are basic units of batteries. Battery cells are put together in a frame to form a module that can protect cells from external shock and heat. When modules are bundled up, they become battery packs, the 2023-02-02
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  SK C&C forges partnership with Microsoft targeting global AI-based healthcare solution market SEOUL -- SK C&C, the software solution-making wing of South Korea's SK Group, partnered with Microsoft's branch in Seoul to establish a bridgehead into the global artificial intelligence-based digital healthcare solution market. SK C&C's cerebral hemorrhage-detecting solution will become available through Microsoft's cloud healthcare platform. AI combined with big data is found to be extremely effective in image-based medical diagnosis as the robots can anal 2023-02-02
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  ​Consumer prices jump 5.2 percent in January, driven by higher utility charges SEOUL -- South Korea's consumer prices jumped 5.2 percent in January from a year earlier, remaining at the 5 percent level for the nineth consecutive month, according to data released by Statistics Korea on February 2. The statistical office said inflationary pressure increased due to rising public utility charges which surged 28.3 percent year-on-year last month, marking the biggest increase since 2010. The upsurge was driven by a hike in the rates of electricity and gas three 2023-02-02