consumption

Central bank BOK lowers growth forecasts to bolster rate cut expectations

South Korea’s central bank slashed its economic growth forecasts on Monday, adding to views that the monetary authority will cut interest rate...

Travel & Leisure S.Korean overseas card spending posts record $5.71 bn in Q3

With the increase in international travel during the summer, overseas card spending by South Korean residents reached a record high in the third qua...

Economy South Korea’s Economy Picks Up But Still Disappoints

South Korea’s economy was weaker than expected in the third quarter, weighed by lackluster exports, though it improved from the previous quart...

Economy S.Korea’s Q2 GDP slows 0.2%, upholds rate cut expectations

South Korea’s economic growth slowed in the second quarter on weaker domestic consumption and investment by private businesses, heightening ex...

Travel & Leisure S.Korean travelers splurge in Japan on softer yen

South Korean travelers spent a total of 431.4 billion won ($312 million) through debit and credit cards in Japan in the first half of this year, twi...

Economy Korea’s April factory output rebounds amid weak consumption

South Korea’s factory production rebounded in April on healthy manufacturing while domestic consumption and capital expenditures dipped, indic...

Airlines Eastar Jet introduces fuel efficiency analysis program

South Korea's low-cost carrier Eastar Jet announced on Friday that it will be the first domestic budget airline to introduce the Fuel Analytics prog...

Leadership & Management Sindoh to tap ex-STIC Investments exec Seo as CEO, spur M&As

Sindoh Co., a leading manufacturer of multi-functional printers in South Korea, is set to tap an investment banking expert as its chief executive. W...

Economy S.Korea’s factory output, consumption dwindle in October

South Korea’s factory activity waned last month, snapping a recovery streak in the previous two months, largely due to a drop in chip producti...

Economy KDI cuts Korea growth forecasts, ups inflation predictions

A South Korean government think tank has cut its growth forecast in Asia’s fourth-largest economy for this year and next but raised inflation ...

ESG SK Geo Centric switches to recycled materials for petchem packaging

South Korea’s SK Geo Centric Co. is using recycled materials for product packaging as it aims to transform itself into a green petrochemical p...

Electronics Seoul Semiconductor secures key EV LED patents

Seoul Semiconductor Co., the world’s No. 3 light-emitting diode (LED) maker, has secured key patents for LEDs to be used in electric vehicles ...

Travel & Leisure Foreign visitors' portion of Jeju Island consumption increases: report

It has been revealed that spending by foreign tourists visiting Jeju Island has significantly increased since the end of the COVID-19 pandemic.Accor...

Bio & Pharma Discovery in S.Korea promises dieting without limits on eating

A drug candidate in South Korea could allow people seeking to lose weight to eat to their heart's content.The Center for Cognition and Sociality of ...

Economy Korea’s July factory output slows at fastest pace since February

South Korea’s factory output contracted at the fastest rate in six months last month on subdued global demand especially from China, while its...

Economy South Korean exporters jittery as China's slowdown raises red flag

South Korea’s exporting companies are increasingly feeling the heat as its top export market China is sounding alarm bells over the world&rsqu...

Tech, Media & Telecom SK Telecom develops 5G IoT tech RedCap

South Korea's SK Telecom Co. unveiled on Thursday that it has successfully developed and tested Reduced Capability (RedCap) - a pioneering 5G Intern...

Banking & Finance Hyundai Card, Visa form global data alliance

South Korea’s Hyundai Card has launched a data analysis business with Visa. Hyundai Card on Monday said it formed a strategic business partner...

Economy S.Korean overseas card spending near pre-COVID-19 levels

South Korean residents’ overseas card use jumped in the first quarter to nearly recover levesl before the outbreak of COVID-19 on rising inter...

Business & Politics S.Korea to grant visa-free entry to transit passengers from abroad

Transit passengers from select countries from Sunday can enter South Korea without a visa, and this waiver from May 15 will apply to a wider range o...

Economy S.Korea’s 20-somethings tighten belts due to high interest rates: report

The decline in consumption by 20-somethings due to benchmark interest rate hikes is over eight times greater than those in their 60s.Analysts blame ...

Travel & Leisure Chinese buy cosmetics, Japanese pick groceries in Korea: Survey

Foreign visitors to South Korea show different purchasing preferences by nationality, a survey found. A majority of Chinese travelers' top picks are...

Economy Korea avoids recession on strong consumption; outlook still tough

South Korea averted a recession as Asia’s fourth-largest economy rebounded more than expected in the first quarter on strong private consumpti...

Private equity MBK Partners eyes China’s local consumption: Letter to investors

Private equity giant MBK Partners focused on defending its portfolio last year, especially Chinese companies during the lockdown, while being active...

Korean chipmakers Korean research team develops AI chip to cut power use

South Korean scientists have developed a chip that needs less electricity for advanced efficiency and data processing to help the country’s se...

Tech, Media & Telecom SK Telecom establishes 5G open RAN indoor demonstration network

South Korean telecom giant SK Telecom Co. has established a 5G open RAN indoor demonstration network at its Bundang headquarters, according to an an...

Retail Korea's BGF Retail to cut power use with smart devices

BGF Retail, the operator of South Korea’s largest convenience store chain CU, said on Thursday that it had signed a memorandum of understandin...

Electronics LG Electronics makes 100 millionth unit of core motor for washing machines

LG Electronics Inc. on Sunday said it produced late last month its 112 millionth unit of the inverter direct drive (DD) motor for its washing machin...

ESG Chanel Korea to power its stores with renewable energy

Chanel Korea has taken a step toward reducing its carbon footprint by signing a memorandum of understanding (MOU) with Korea East-West Power. The ag...

AgTech Rice consumption in S.Korea hits record low in 2022

Last year, per-person annual rice consumption in South Korea fell by half from 30 years ago, marking a record low.According to the results of the 20...