Category: About Korea

  • Seoul city starts providing allowances to young job seekers

    Seoul city starts providing allowances to young job seekers

    The Seoul city government started a controversial program that provides allowances to thousands of young job seekers Wednesday, which it said aims to help people maintain basic living standards while they try to find work. The Seoul Metropolitan Government said it has selected a total of 3,000 applicants and will provide them with 500,000 won […]

  • Korea's homegrown drug set to post record sales

    Korea's homegrown drug set to post record sales

    Annual sales of a diabetes drug manufactured by LG Life Sciences Ltd., the pharmaceuticals unit of South Korea’s LG Group, are likely to exceed 50 billion won ($44.9 million) this year, the drug firm said Wednesday. It would mark the first time for the annual sales of a single homegrown drug to breach the 50 […]

  • Korea faces rising protectionism

    Korea faces rising protectionism

    In a meeting of government officials and corporate executives convened last week to discuss how to boost exports, Trade Minister Joo Hyung-hwan called for strengthened efforts to put an end to a record streak of on-year monthly declines in Korea’s outbound shipments since the start of last year. He saw August as a crucial period […]

  • Seoul shares open higher on Wall Street gains

    Seoul shares open higher on Wall Street gains

    South Korean stocks opened higher Monday, taking its cue from gains in Wall Street. The benchmark Korea Composite Stock Price Index added 10.32 points, or 0.51 percent, to 2,026.51 in the first 15 minutes of trading. Tech shares led the gains. Market kingpin Samsung Electronics surged 2.14 percent, continuing its rally after posting robust second-quarter earnings, […]

  • Korean shares up in late morning trading

    Korean shares up in late morning trading

    South Korean shares traded 0.67 percent up in late Monday morning as strong foreign buying boosted local shares. The benchmark Korea Composite Stock Price Index scored 13.43 points to 2,029.62 as of 11:20 a.m. Tech shares led the gains. Market kingpin Samsung Electronics surged 2.14 percent, continuing its rally after posting robust second-quarter earnings, and […]

  • Purchase limits at tax-free shops dampen cosmetics sales outlook

    Purchase limits at tax-free shops dampen cosmetics sales outlook

    The recent decision by the South Korean customs agency to impose a purchase limit at the country’s tax-free outlets is dampening the sales outlook for local cosmetics firms which generate a major part of their sales via duty-free channels. On July 11, the Korea Customs Service notified all Korean duty-free operators — including Lotte, Shilla and […]

  • Outbound travelers jump over 40% in July

    Outbound travelers jump over 40% in July

    The number of South Koreans going overseas for vacation jumped more than 40 percent on-year in July as more people flock to foreign destinations despite a prolonged slump in domestic demand, industry data showed Tuesday. Hana Tour Co., the nation’s leading tour agency, said the number of its clients going abroad came to 289,000 last […]

  • Seoul shares end lower after BOJ's disappointing decision

    Seoul shares end lower after BOJ's disappointing decision

    South Korean shares closed lower Friday as investors remained cautious following the disappointing stimulus measures made by the Bank of Japan. The Korean won rose against the U.S. dollar. After choppy trading, the benchmark Korea Composite Stock Price Index lost 4.91 points, or 0.24 percent, to 2,016.19. Trade volume recorded 361.38 million shares worth 4.96 […]

  • 4 of 10 Korean firms expect worse business conditions in H2

    4 of 10 Korean firms expect worse business conditions in H2

    Nearly 4 out of every 10 major South Korean companies expect their business conditions to further deteriorate in the remainder of the year, while more than 4 in 10 said their H1 earnings fell short of earlier expectations, the outcome of a recent survey released Sunday showed. In a survey conducted by the Federation of […]

  • LG Uplus reports 12.8% rise in Q2 profit

    LG Uplus reports 12.8% rise in Q2 profit

    LG Uplus Corp., South Korea’s third-largest mobile carrier, said Monday its net profit for the second quarter rose 12.8 percent from a year earlier, thanks to curbs in marketing spending. LG Uplus reported a net profit of 130.7 billion won ($117.4 million) for the April-June period, compared with a profit of 115.9 billion won for […]