Page 61 - South Korea

Global stocks higher with China, Korea closed for Lunar New Year

Global stocks rose Monday following a big Wall Street gain at the start of a week when China, South Korea and Southeast Asian markets will close for the Lunar New Year holiday. London and Frankfurt opened higher. Tokyo and Hong Kong advanced while Sydney declined. Markets in China, South Korea and Taiwan were closed. Hong Kong and Southeast Asia were due to close later in the week. Wall Street's benchmark S&P 500 index rose 2.4% on Friday, breaking a three-week losing streak and giving major indexes their biggest gains this year. Investors have been rattled by the Federal Reserve's decision to try to cool inflation by accelerating plans to raise interest rates and wind down bond purchases and other stimulus that is boosting stock prices. Prospects of rising rates and shrinking global liquidity compressed within a much shorter time-frame brings with it appreciable risks of unsettling markets, Vishnu Varathan of Mizuho Bank said in a report. In early trading, the FTSE 100 in London

South Korean startup Zigbang acquires Samsung SDS' home IoT business

South Korean proptech startup Zigbang is acquiring Samsung SDS' home internet of things unit for an undisclosed sum

Covid-19 pandemic: South Korea's daily caseload hits record high

The recent resurgence was attributable to cluster infections in the Seoul metropolitan area amid the spread of the Omicron variant, which the health authorities said became a dominant strain here

LG Energy Solution jumps in debut to become S Korea's second-most valuable

LGES shares opened at 597,000 won versus an IPO price of 300,000 won. But the shares fell as much as 25% in early trading

S Korea's daily Covid count tops 8,000 for first time amid Omicron spread

The new record came amid the spread of the more transmissible but less deadly Omicron variant, which became dominant in the country last week

South Korea's GDP growth at 11-year high in 2021 as exports boom

Bank of Korea data on Tuesday showed GDP expanded 4.0% in 2021, as demand for exports soared

South Korea sets high of 8,000 new virus cases ahead of holiday

Omicron has become the dominant variant in many countries and more easily infects those who have been vaccinated or had COVID-19 previously.

S Korea air traffic rose 10.8% in 2021 while international travel declined

South Korea's air traffic rose 10.8 per cent last year on increased domestic flights but international travel continued to falter amid the Covid-19 pandemic, data showed

Iran pays delinquent UN membership fee with funds frozen in S Korea

Iran has paid its dues to the UN with the country's funds frozen in South Korea in a move to immediately restore its voting power, Seoul's Finance Ministry said

On K-pop popularity, South Korea's exports of red pepper paste surge 63%

South Korean exports of red pepper paste soared nearly 63 per cent in the past four years thanks to the global popularity of Korean pop (K-pop) culture, data said

South Korea's IPO boom leaves investment banks short changed

Hong Kong IPOs generally pay fees of 2%, in line with the New York Stock Exchange, while Nasdaq listings net bankers an average of 3.4%,

South Korea to lower age of eligibility for Covid pills from 65 to 60

The government will lower the age of eligibility for Covid-19 treatment pills from 65 to 60 to better contain the spread of the omicron variant, PM Kim Boo-kyum said

S Korea unveils $12 bn extra budget to help business in Covid-19 curbs

Some 11.5 trillion won will be used to help small business owners and compensate their losses caused by the extension of virus-related measures.

South Korea's instant meals market skyrockets 145% over 4 years

The South Korean instant meals market jumped more than 145 per cent in 2020 from four years earlier on the increased number of convenience stores and the coronavirus pandemic

South Korea sticks to youth vaccine pass despite restraining orders

The planned expansion of the South Korea's Covid-19 vaccine pass system to include 12- to 18-year-olds will be implemented in March as scheduled\

South Korea signs deal to sell M-SAM surface-to-air missiles to UAE

South Korea has signed a preliminary deal with the UAE to sell Seoul's mid-range surface-to-air missiles to the Gulf nation

S Korea builds pressure on Netflix to pay for network usage costs

South Korean lawmakers have called for the speedy passage of a bill that would oblige overseas content providers, including Netflix, to share the burden of network usage costs.

India proposed air bubble to South Korea in July 2021: Scindia

Scheduled international passenger flights have been suspended in India since March 23, 2020 in view of the Covid pandemic.

North Korea fires projectile in third launch this month, says South Korea

S Korea said N Korea fired at least one projectile in its 3rd weapons launch this month, as it continues to demonstrate its military might amid pandemic border closures and stalled diplomacy with US.

S Korea's LG Energy Solution plans US battery JV with Honda: Report

The potential battery JV between LGES and Honda could cost as much as 4 trillion won ($3.4 billion) and have an annual production capacity of up to 40 gigawatt hours (GWh) of batteries