Powered by: Motilal Oswal

News

Top biz lobby urges 33 global counterparts to support South Korean economy  South Korea's main business lobby said on Wednesday it has sent letters calling for support for the Korean economy from its 33 global counterparts amid the political turmoil following President Yoon Suk Yeol's botched martial law declaration this month.  The Federation of Korean Industries (FKI) said it sent the letters to chairmen of the 33 business associations in 31 countries, including the United States, Japan and China, reports Yonhap news agency. "The South...
Top biz lobby urges 33 global counterparts to support South Korean economy
Top biz lobby urges 33 global counterparts to support South Korean economy
Source: IANS
2024-12-25 12:10:27 pm
Santa Fe, EV3 rated among safest cars in South Korea  Hyundai Motor’s mid-size SUV Santa Fe and Kia's EV3 entry-level electric vehicle (EV) were included among the safest cars in this year's government automobile safety evaluation, the transport ministry said on Wednesday.  The Hyundai and Kia models, along with Mercedes-Benz's E200 and Volvo's S60 sedans, received the highest safety rating of grade 1 in the annual Korean New Car Assessment Program evaluation conducted together by the ministry and the state-ru...
Santa Fe, EV3 rated among safest cars in South Korea
Santa Fe, EV3 rated among safest cars in South Korea
Source: IANS
2024-12-25 10:52:33 am
Bakery product exports hit record high on growing popularity of K-food South Korea's exports of bakery-related products, such as snacks, reached a record high this year, bolstered by the growing global popularity of Korean culture and cuisine, the customs agency said on Tuesday.  Outbound shipments of bakery products came to an all-time high of $440 million in the January-November period, up 8.3 per cent from the same period last year, according to data from the Korea Customs Service. Snacks accounted for the largest share of the exports, represen...
Bakery product exports hit record high on growing popularity of K-food
Bakery product exports hit record high on growing popularity of K-food
Source: IANS
2024-12-24 10:55:41 am
US, South Korea conducting joint research to block North Korean crypto heists South Korea and the United States are conducting joint research to strengthen protection against cryptocurrency heist attempts amid growing concerns of such attacks by North Korea-linked hackers, officials said on Sunday.  Based on a recently signed technical annex between the South Korean government and the U.S. Department of Homeland Security, the two sides will jointly develop technologies to prevent cryptocurrency-targeted attacks and to track stolen assets, according to authoriti...
US, South Korea conducting joint research to block North Korean crypto heists
US, South Korea conducting joint research to block North Korean crypto heists
Source: IANS
2024-12-23 09:08:21 am
Monthly 5G traffic in South Korea likely to surpass 1 mn TB for 1st time  The monthly mobile data traffic running on fifth-generation (5G) networks is expected to surpass 1 million terabytes for the first time this month, industry officials said on Sunday, as news viewership soared following President Yoon Suk Yeol's surprise martial law declaration.  Should it exceed the 1 million TB mark, it would be the first time since South Korea rolled out the world's first commercial 5G network in April 2019 with the nation's three carriers -- SK Te...
Monthly 5G traffic in South Korea likely to surpass 1 mn TB for 1st time
Monthly 5G traffic in South Korea likely to surpass 1 mn TB for 1st time
Source: IANS
2024-12-22 11:14:50 am
South Korea holds largest share of US battery material import market South Korea held the largest share of the US import market for battery materials last year, a trade association said on Sunday, outranking rivals China and Japan.  The United States imported $9.7 billion worth of key battery materials -- anode and cathode materials and separators -- from South Korea in 2023, up 93.1 percent from $5.02 billion in 2020, according to the Korea International Trade Association (KITA), which analysed UN trade data. Last year, South Korea held a 33.7 per ...
South Korea holds largest share of US battery material import market
South Korea holds largest share of US battery material import market
Source: IANS
2024-12-22 11:11:25 am
South Korea to develop 100 advanced industry materials within 5 years South Korea will seek to secure technologies for 100 advanced materials for the chip, biology, and other industries within the next five years, the science ministry said on Thursday, a move aimed at strengthening its own supply chains.  According to the Ministry of Science and ICT, the government will support science research and development projects to independently develop 100 advanced materials, including 20 semiconductor-related materials, 23 battery materials, and 10 biomaterials...
South Korea to develop 100 advanced industry materials within 5 years
South Korea to develop 100 advanced industry materials within 5 years
Source: IANS
2024-12-19 06:11:49 pm
South Korean government unveils measures to boost corporate investment amid martial law debacle The South Korean government on Wednesday unveiled a series of measures to stimulate corporate investment in key industries, aiming to address concerns that recent political turmoil could have long-term negative effects on the economy.  The plan was introduced during a meeting chaired by Finance Minister Choi Sang-mok and attended by other economy-related ministers, amid rising concerns following the recent declaration of martial law and the impeachment of President Yoon Suk Yeol, Yonh...
South Korean government unveils measures to boost corporate investment amid martial law debacle
South Korean government unveils measures to boost corporate investment amid martial law debacle
Source: IANS
2024-12-18 02:29:45 pm
South Korea to ease regulations, enable new hydrogen charging stations  South Korea's industry ministry said on Wednesday the country plans to implement eased regulations for hydrogen charging stations next year in line with efforts to support the sector's ecosystem.  The set of new rules is reflected in the revised high-pressure gas safety control act, which will be implemented in May, focusing on lowering barriers for building new hydrogen charging stations, according to the Ministry of Trade, Industry and Energy. Under the updated guid...
South Korea to ease regulations, enable new hydrogen charging stations
South Korea to ease regulations, enable new hydrogen charging stations
Source: IANS
2024-12-18 10:26:39 am
South Korea begins local production of nanotechnology-backed filters for chips  South Korea's industry ministry said on Tuesday the country has kicked off its first domestic production of filters using nanotechnology, paving the way for the self-supply of a critical product needed to produce semiconductors.  The production began at the factory of Synopex Inc. in Dongtan, 40 kilometers south of Seoul, with a capacity that is sufficient to meet the entire domestic demand, according to the Ministry of Trade, Industry and Energy. South Korea has been rel...
South Korea begins local production of nanotechnology-backed filters for chips
South Korea begins local production of nanotechnology-backed filters for chips
Source: IANS
2024-12-17 09:49:14 am
South Korean chip exports face growing competition from China, Malaysia South Korea's semiconductor exports face growing threats from China, Taiwan and Malaysia amid intensifying global competition in advanced industries, an industry report showed on Monday.  The report from the Korea Trade-Investment Promotion Agency, better known as KOTRA, on the export similarity index (ESI) for semiconductors showed China as being South Korea's top competitor in the sector, with an ESI score of 72.2 in the third quarter of the year. Taiwan's ESI with So...
South Korean chip exports face growing competition from China, Malaysia
South Korean chip exports face growing competition from China, Malaysia
Source: IANS
2024-12-16 10:01:03 am
South Korea to invest $1.9 billion in developing tech to tackle climate change The South Korean government will invest 2.7 trillion won ($1.9 billion) in developing technologies aimed at tackling climate change next year, the science ministry said on Sunday.  The figure marks a 3.9 per cent increase from the 2.6 trillion-won investment into the scheme in 2024, according to the Ministry of Science and ICT. The investment comes as part of the government's 10-year plan to advance science technologies by 2032 to respond to global warming, reports Yonhap news ...
South Korea to invest $1.9 billion in developing tech to tackle climate change
South Korea to invest $1.9 billion in developing tech to tackle climate change
Source: IANS
2024-12-15 05:01:58 pm
G20 meeting: South Korea stresses tech innovation, zero-carbon energy South Korea has called on major nations to seek ways of actively using zero-carbon energy resources and joining hands to achieve technology innovation in an effort to address various global economic challenges, the finance ministry said on Friday.  The Seoul government made the point during the Group of 20 (G20) meeting for finance and central bank deputies, which took place in Johannesburg, South Africa, on Wednesday and Thursday (local time), according to the Ministry of Economy and...
G20 meeting: South Korea stresses tech innovation, zero-carbon energy
G20 meeting: South Korea stresses tech innovation, zero-carbon energy
Source: IANS
2024-12-13 12:02:54 pm
Commercial-level air taxis arriving soon in South Korea The transport ministry said on Friday it will conduct a flight demonstration of a commercial-level air taxi model this week, as part of a government project to introduce the urban air mobility (UAM) industry in the country.  The ministry will demonstrate the operation of the S-4 model built by U.S. electric aircraft manufacturer Joby Aviation Inc. at the Korea Aerospace Research Institute's aviation center in Goheung, about 330 kilometers south of Seoul, on Saturday. The demons...
Commercial-level air taxis arriving soon in South Korea
Commercial-level air taxis arriving soon in South Korea
Source: IANS
2024-12-13 09:40:11 am
Korean Air completes Asiana takeover, integrating it as subsidiary Korean Air, South Korea's biggest airline, has successfully integrated local rival Asiana Airlines as a subsidiary, wrapping up a years-long acquisition process, the company said on Thursday.  Korean Air spent 1.5 trillion won ($1.04 billion) to acquire 131.57 million new shares issued by Asiana to take over the country's second-largest full-service carrier in the 1.8 trillion-won merger deal. The acquired Asiana shares account for 63.88 percent of the total, Korean Air sai...
Korean Air completes Asiana takeover, integrating it as subsidiary
Korean Air completes Asiana takeover, integrating it as subsidiary
Source: IANS
2024-12-13 08:56:50 am
Telegram downloads surge in South Korea on fears of state censorship New installations of global messaging app Telegram have spiked in South Korea, data showed on Tuesday, as concerns brewed over possible media censorship following the martial law fiasco.  The number of new Telegram installations came to 40,576 cases last Tuesday, according to data compiled by industry tracker IGAWorks, the day President Yoon Suk Yeol declared martial law, only to have it reversed by the National Assembly within hours. The tally was more than fourfold of 9,016 new i...
Telegram downloads surge in South Korea on fears of state censorship
Telegram downloads surge in South Korea on fears of state censorship
Source: IANS
2024-12-10 09:47:16 am
South Korean battery makers`global market share declines  Three South Korean electric vehicle battery makers saw their combined global market share fall from a year earlier in the first 10 months of 2024 amid robust growth of Chinese rivals, industry data showed on Monday.  The trio -- LG Energy Solution, SK On Co. and Samsung SDI Co. -- held a combined 20.2 percent of the global EV battery market in the January-October period, down 3.5 percentage points from a year earlier, according to the data from market researcher SNE Research. ...
South Korean battery makers`global market share declines
South Korean battery makers`global market share declines
Source: IANS
2024-12-09 10:13:01 am
Asia stocks slugged by South Korea turmoil, China disinflation Asian shares struggled with a slide in South Korea on Monday ahead of a packed week of central bank meetings that should see borrowing costs take a step lower, while U.S. inflation data are the last hurdle to a further policy easing there. Chinese figures out on Monday showed the consumer price index fell a surprisingly large 0.6% in November, pulling annual inflation down to just 0.2% and underlining the need for more drastic policy stimulus. Beijing's Central Economic Work Confere...
Asia stocks slugged by South Korea turmoil, China disinflation
Asia stocks slugged by South Korea turmoil, China disinflation
Source: Reuters
2024-12-09 08:50:50 am
Asian shares cautious on Korea risk, dollar on guard ahead of payrolls Most Asian shares fell on Friday as political ructions in South Korea weighed on sentiment, while dollar bulls waited anxiously to see if U.S. payrolls challenged or cemented expectations of a rate cut this month. Chinese shares, however, climbed to three-week highs as investors scooped up technology shares ahead of a top-level policy meeting next week that will set the agenda and targets for China's economy next year. Europe is looking ahead to a lower open with EUROSTOXX 50 future...
Asian shares cautious on Korea risk, dollar on guard ahead of payrolls
Asian shares cautious on Korea risk, dollar on guard ahead of payrolls
Source: Reuters
2024-12-06 09:07:41 am
`Martial law` most-searched word on Google in South Korea The Korean term for "martial law" was the most-searched word on Google in South Korea on Wednesday, following President Yoon Suk Yeol's short-lived declaration of martial law.  The word topped Google's trends chart with the search volume over the past 24 hours surpassing the 2 million mark, up more than a thousand percent from a day ago. "Currency exchange rate" and "Kim Yong-hyun," the name of the South Korean defense minister who reportedly p...
`Martial law` most-searched word on Google in South Korea
`Martial law` most-searched word on Google in South Korea
Source: IANS
2024-12-05 09:02:36 am
South Korean President vows to ease burden on small merchants from delivery platform commissions  South Korean President Yoon Suk Yeol pledged Monday to introduce measures to ease the burden on small merchants from delivery app commission fees, as part of efforts to boost sluggish domestic consumption.  Yoon vowed to implement measures during a public policy discussion session to support small merchants by addressing business challenges, such as high delivery fees, no-shows, and malicious online reviews, Yonhap news agency reported. He said the government has allocated a ...
South Korean President vows to ease burden on small merchants from delivery platform commissions
South Korean President vows to ease burden on small merchants from delivery platform commissions
Source: IANS
2024-12-03 09:04:24 am
South Korea to boost export of cooling equipment for data centres amid AI boom South Korea's industry minister said on Monday that the country plans to foster cooling equipment for data centres as one of its new export engines amid the growing demand for infrastructure to support the artificial intelligence (AI) boom.  Industry Minister Ahn Duk-geun made the remark during his visit to LG Electronics Inc.'s chiller production line in Pyeongtaek, some 60 kilometers south of Seoul, according to the Ministry of Trade, Industry and Energy. Chillers refer t...
South Korea to boost export of cooling equipment for data centres amid AI boom
South Korea to boost export of cooling equipment for data centres amid AI boom
Source: IANS
2024-12-02 09:36:49 am
South Korea`s exports grow for 14th month on record chip shipments  South Korea's exports extended on-year gains to the 14th straight month in November, data showed on Sunday, on the back of the strong performance of chips.  Outbound shipments rose 1.4 percent from a year earlier to US$56.3 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports shed 2.4 percent on-year to $50.7 billion, resulting in a trade surplus of $5.61 billion. South Korea has been maintaining a trade surplus for 18 ...
South Korea`s exports grow for 14th month on record chip shipments
South Korea`s exports grow for 14th month on record chip shipments
Source: IANS
2024-12-01 09:37:31 am
Registered hybrid cars likely to exceed 2 mn in South Korea this year The number of registered hybrid vehicles is on track to surpass 2 million this year for the first time in the country, data showed on Sunday.  As of October, the number of registered hybrid vehicles in South Korea reached 1,925,001, according to the data from the Ministry of Land, Infrastructure and Transport. The total number of registrations is expected to exceed 2 million before the year's end should the current monthly pace of 40,000 new additions be maintained over the fin...
Registered hybrid cars likely to exceed 2 mn in South Korea this year
Registered hybrid cars likely to exceed 2 mn in South Korea this year
Source: IANS
2024-12-01 09:16:07 am
South Korea`s bio-health exports up 22.5 pc in Q3 South Korea's exports of bio-health products jumped 22.5 per cent in the third quarter from a year earlier, data showed on Friday, driven by growing demand for pharmaceutical goods in European nations.  According to the Korea Health Industry Development Institute, outbound shipments of bio-health products, including pharmaceutical goods and cosmetics, amounted to $6.34 billion in the July-September period, compared with $5.17 billion recorded over the same period in 2023, Yonhap n...
South Korea`s bio-health exports up 22.5 pc in Q3
South Korea`s bio-health exports up 22.5 pc in Q3
Source: IANS
2024-11-29 11:03:04 am
South Korean institutions` foreign securities holdings rise by 5.4 pc in Q3 South Korean institutions' investment in foreign securities climbed 5.4 per cent from three months earlier in the third quarter, partly on the back of an increase in the value of overseas stocks and bonds, central bank data showed on Friday.  According to the data from the Bank of Korea (BOK), the outstanding value of foreign securities held by local institutional investors stood at $427.41 billion as of September end, up from $405.45 billion logged three months earlier, Yonhap ne...
South Korean institutions` foreign securities holdings rise by 5.4 pc in Q3
South Korean institutions` foreign securities holdings rise by 5.4 pc in Q3
Source: IANS
2024-11-29 10:55:45 am
South Korea makes surprise rate cut for 2nd session South Korea's central bank slashed its benchmark interest rate for a second consecutive session on Thursday in a clear indication of its policy focus on reviving economic growth momentum amid slowing exports and uncertainties stemming from the new Donald Trump administration.  In a surprise decision, the monetary policy committee of the Bank of Korea (BOK) cut its key rate by 25 basis points to 3 percent during a rate-setting meeting in Seoul. The rate cut came a month after th...
South Korea makes surprise rate cut for 2nd session
South Korea makes surprise rate cut for 2nd session
Source: IANS
2024-11-28 09:27:50 am
OpenAI signs 1st MoU in South Korea to foster AI ecosystem The state-run Korea Development Bank (KDB) signed an initial agreement on Tuesday with the US artificial intelligence (AI) research firm OpenAI to jointly foster the growth of AI ecosystem in the country, bank officials said.  Under the memorandum of understanding (MOU), the two sides will collaborate to boost the local AI ecosystem and facilitate the development of Korean language-based AI models, they added. This marks OpenAI's first MoU with any South Korean entity, reports ...
OpenAI signs 1st MoU in South Korea to foster AI ecosystem
OpenAI signs 1st MoU in South Korea to foster AI ecosystem
Source: IANS
2024-11-27 09:04:34 am
New wage jobs for young adults drops to lowest since 2018 in South Korea The number of new wage jobs for young adults in South Korea dropped in the second quarter to the lowest amount since 2018, data showed on Sunday.  Those in their teens and 20s received employment at 1.45 million new jobs in the April-June period, down 8.6 percent from a year earlier, according to the data compiled by Statistics Korea. The tally marked the lowest amount since the statistics agency began keeping such records in 2018, reports Yonhap news agency. Meanwhile, South Ko...
New wage jobs for young adults drops to lowest since 2018 in South Korea
New wage jobs for young adults drops to lowest since 2018 in South Korea
Source: IANS
2024-11-25 08:54:16 am
South Korea to closely monitor unfair transactions in crypto market  The Financial Services Commission (FSC) chief said on Sunday the government needs to closely monitor unfair transactions in the cryptocurrency market.  "The price of virtual assets has recently been shooting up in a very short period of time, and with heavy volatility of the market itself, the government needs to closely monitor possible unfair transactions," FSC Chairman Kim Byoung-hwan told public broadcaster KBS. Last week, the combined value of transactions in t...
South Korea to closely monitor unfair transactions in crypto market
South Korea to closely monitor unfair transactions in crypto market
Source: IANS
2024-11-25 08:49:14 am
Haryana Minister urges Korean entrepreneurs to invest in Haryana  Haryana's Minister of Industry and Commerce and Foreign Cooperation Rao Narbir Singh asked the entrepreneurs of Korea to invest in Haryana. “The Haryana government will provide full support to the investors,” said the minister while addressing more than 70 delegates from Korea at the ‘Haryana-Korea Business Connect’ dinner program hosted by Korea Herald in Gurugram. He added that Haryana is adjacent to Delhi on three sides and the possibilities of progr...
Haryana Minister urges Korean entrepreneurs to invest in Haryana
Haryana Minister urges Korean entrepreneurs to invest in Haryana
Source: IANS
2024-11-22 06:11:35 pm
South Korean steelmakers call for thorough strategies for Donald Trump policy South Korean steelmakers on Friday called for establishing a joint consultative body with the government to devise strategies for expected policy changes by the Donald Trump administration, the industry ministry said.  Officials from major steelmakers, including POSCO and Hyundai Steel, made the call during a meeting with Industry Minister Ahn Duk-geun in Seoul, where they discussed potential impacts of new policy measures by the upcoming US government and their responses, according t...
South Korean steelmakers call for thorough strategies for Donald Trump policy
South Korean steelmakers call for thorough strategies for Donald Trump policy
Source: IANS
2024-11-22 11:54:15 am
South Korea has top rated 5G infrastructure among OECD nations South Korea has one of the best fifth-generation (5G) communications network infrastructures among the member states of the Organization for Economic Cooperation and Development (OECD), a report showed on Wednesday.  The country had the highest number of 5G base stations relative to its population, with 593 stations per 100,000 inhabitants, as of last year, followed by Lithuania and Finland, according to the latest OECD Digital Economy Outlook. The OECD average was at around 100 stati...
South Korea has top rated 5G infrastructure among OECD nations
South Korea has top rated 5G infrastructure among OECD nations
Source: IANS
2024-11-21 08:48:51 am
South Korea aims to develop 39 global chip industry standards by 2031 South Korea's standards agency said on Monday it plans to develop 39 new international standards in the semiconductor sector by 2031 to bolster its competitive edge in the field.  The road map was unveiled by the Korea Agency for Technology and Standards (KATS) during an industry forum, as part of a broader strategy aimed at gaining an early lead in the global semiconductor market. KATS outlined its objective to develop more than 15 new international standards in semiconductor ...
South Korea aims to develop 39 global chip industry standards by 2031
South Korea aims to develop 39 global chip industry standards by 2031
Source: IANS
2024-11-18 12:07:58 pm
Foreign currency deposits down for 1st time in 5 months in South Korea Foreign currency deposits fell for the first time in five months in October on sagging corporate demand for U.S. dollar-denominated deposits and increasing import settlements amid a weak Korean currency, central bank data showed on Sunday.  Residents' outstanding foreign currency-denominated deposits reached $98.97 billion as of end-October, down $5.1 billion from a month earlier, according to the data from the Bank of Korea (BOK). The figure had climbed from June through Septe...
Foreign currency deposits down for 1st time in 5 months in South Korea
Foreign currency deposits down for 1st time in 5 months in South Korea
Source: IANS
2024-11-17 10:38:32 am
Foreign ownership of South Korean stocks at yearly low Foreign ownership of South Korean shares fell to the lowest level of this year following Donald Trump's presidential reelection, data showed on Sunday.  Foreign holdings of Korean stocks on the main bourse KOSPI accounted for 32.3 per cent, or 637.48 trillion won ($456 billion), of the market capitalisation worth 1,973.51 trillion won as of Friday, according to the data compiled by the Korea Exchange. Foreign investors held 32.7 percent of KOSPI-listed stocks early this year bu...
Foreign ownership of South Korean stocks at yearly low
Foreign ownership of South Korean stocks at yearly low
Source: IANS
2024-11-17 10:26:36 am
South Korean President proposes forum for AI standards among APEC economies South Korean President Yoon Suk Yeol proposed establishing a forum among Asia-Pacific Economic Cooperation (APEC) members to set standards to promote the integration of Artificial intelligence (AI) and manufacturing industries.  Yoon stressed APEC's significant role in global manufacturing during the APEC CEO summit, a business forum held alongside the APEC summit in Lima, as he noted the world has ushered in an "era of grand AI transition" that affects corporate competi...
South Korean President proposes forum for AI standards among APEC economies
South Korean President proposes forum for AI standards among APEC economies
Source: IANS
2024-11-16 12:09:42 pm
Battery stocks plunge on possible scrapping of US tax credit  South Korean battery stocks plunged on Friday on reports that President-elect Donald Trump's transition team plans to scrap the $7,500 tax credit for EV purchases as part of broader tax legislation.  Trump campaigned on ending the consumer tax credit, a key part of President Joe Biden's Inflation Reduction Act (IRA). And the transition team said Trump would keep his pledges, according to earlier news reports. The news added to woes of local EV battery stocks already s...
Battery stocks plunge on possible scrapping of US tax credit
Battery stocks plunge on possible scrapping of US tax credit
Source: IANS
2024-11-16 09:26:43 am
South Korean banks` loan delinquency ratio falls in September South Korean banks' loan delinquency ratio fell in three months due to more bad loan settlements than new delinquent loans, financial watchdog data showed on Friday.  Bank loans, overdue at least one month, accounted for 0.45 per cent of the total at the end of September, down 0.08 percentage points from a month earlier, according to the Financial Supervisory Service (FSS), Xinhua news agency reported. The bad loan ratio shifted downward after advancing 0.05 percentage points i...
South Korean banks` loan delinquency ratio falls in September
South Korean banks` loan delinquency ratio falls in September
Source: IANS
2024-11-15 04:56:41 pm
South Korean trade minister discusses supply chain at APEC CEO summit Trade Minister Cheong In-kyo attended an economic event for business executives at the Asia-Pacific Economic Cooperation (APEC) summit in Peru, where he exchanged views on the global supply chain with other participants, his office said on Friday.  Cheong also highlighted that his country sought to gain insights from Peru about preparing for the annual summit of 21 global leaders as Seoul is set to host the 2025 APEC summit in Gyeongju, 275 kilometers southeast of Seoul, reports Yonha...
South Korean trade minister discusses supply chain at APEC CEO summit
South Korean trade minister discusses supply chain at APEC CEO summit
Source: IANS
2024-11-15 10:13:40 am
Auto exports set fresh high in South Korea on hybrid models South Korea's car exports rose 5.5 per cent on-year in October to reach a new record, data showed on Thursday, driven by the global popularity of eco-friendly models, including hybrid vehicles.  The combined value of vehicle shipments reached $6.2 billion last month, marking the highest amount for any October, according to data compiled by the Ministry of Trade, Industry and Energy, reports Yonhap news agency. The number of cars shipped totalled 243,367, up 8.1 per cent from a ...
Auto exports set fresh high in South Korea on hybrid models
Auto exports set fresh high in South Korea on hybrid models
Source: IANS
2024-11-14 09:49:43 am
Chinese EV giant BYD enters South Korean passenger car market Chinese electric vehicle (EV) giant BYD on Wednesday officially announced its plan to enter South Korea's passenger car market.  BYD Korea, the company's South Korean sales subsidiary, said in a statement that it has "completed review to release passenger car brands in the domestic market" and officially confirmed its entry with a target date, likely early next year, to be set in the near future. BYD Korea said it is currently working on establishing regional sale...
Chinese EV giant BYD enters South Korean passenger car market
Chinese EV giant BYD enters South Korean passenger car market
Source: IANS
2024-11-13 11:04:58 am
Details of Donald Trump`s trade policy still difficult to predict: South Korea South Korea plans to strengthen inter-ministerial coordination to address uncertainties surrounding trade policies under the incoming US Donald Trump administration, the trade minister said on Monday.  Trade Minister Cheong In-kyo made the remarks during a meeting with trade-related ministries to discuss strategies for addressing potential changes in US trade policies, according to the Ministry of Trade, Industry and Energy, reports Yonhap news agency. "While details of new po...
Details of Donald Trump`s trade policy still difficult to predict: South Korea
Details of Donald Trump`s trade policy still difficult to predict: South Korea
Source: IANS
2024-11-11 10:06:56 am
South Korea prepares for trade impacts during second Donald Trump administration President Yoon Suk Yeol on Sunday called for the launch of finance, trade and industry consultative bodies to brace for the potential impacts of former US President Donald Trump's return to the presidency.  Yoon made the call during an economic and security meeting with ministers and senior aides to discuss preparations before Trump assumes office in late January. "International markets have already begun responding based on anticipated policy directions even before the ne...
South Korea prepares for trade impacts during second Donald Trump administration
South Korea prepares for trade impacts during second Donald Trump administration
Source: IANS
2024-11-10 03:10:51 pm
Diesel vehicle imports more than halved to lowest in 20 years in South Korea The number of diesel cars imported to South Korea has plunged by more than 60 per cent so far this year, with their market share dipping to the lowest in 20 years, data showed on Sunday.  In the January-October period, the number of diesel vehicle imports came to 6,740, down 65.1 per cent from the same period last year, according to the data from the Korea Automobile Importers & Distributors Association (KAIDA). In October alone, the number plummeted 58.7 per cent on-year t...
Diesel vehicle imports more than halved to lowest in 20 years in South Korea
Diesel vehicle imports more than halved to lowest in 20 years in South Korea
Source: IANS
2024-11-10 10:34:35 am
South Korea seeks close communication with Donald Trump for deeper economic ties Foreign Minister Cho Tae-yul said on Thursday that the government will make efforts to closely communicate with people close to US President-elect Donald Trump to further deepen ties with Washington.  Cho made the remarks after the Republican candidate and former U.S. president won the election, a victory that raises expectations in Seoul of major policy shifts from the Joe Biden administration in a way that could shake up the bilateral alliance with Washington. "We plan to re...
South Korea seeks close communication with Donald Trump for deeper economic ties
South Korea seeks close communication with Donald Trump for deeper economic ties
Source: IANS
2024-11-07 03:39:11 pm
South Korea to foster radiopharmaceuticals industry for exports by 2035: Science Ministry South Korea aims to fully self-supply radioactive isotopes by 2030 as part of efforts to foster the local radiobiology industry and begin exporting radiopharmaceuticals by 2035, the science ministry said on Thursday.  "We have devised a strategy to spearhead into the global radiopharmaceuticals market by improving domestic production capabilities of radioactive isotopes and securing infrastructure for new drug development," First Vice Science Minister Lee Chang-yune said, Yo...
South Korea to foster radiopharmaceuticals industry for exports by 2035: Science Ministry
South Korea to foster radiopharmaceuticals industry for exports by 2035: Science Ministry
Source: IANS
2024-11-07 10:23:29 am
South Korean won tumbles after Donald Trump wins US election The South Korean currency fell sharply against the US dollar during intra-day trading on Wednesday after Donald Trump won the US presidential election.  The South Korean won was trading at 1,400.5 won to the dollar as of 8:20 p.m., marking the first time to surpass the 1,400 won threshold since April 16. The won opened at 1,374 won at 9 a.m., up 4.6 won from the previous session. But the won-dollar rate reversed course in the morning, with the U.S. dollar strengthening on news that...
South Korean won tumbles after Donald Trump wins US election
South Korean won tumbles after Donald Trump wins US election
Source: IANS
2024-11-06 06:08:09 pm